Part A
Bright Dairy and Food Company limited is
a Chinese based company with its headquarters in Shanghai (Bright Food Group, 2008). It
produces, processes, and distributes dairy products and mainly serves the
Chinese market with its main market being in the Shanghai region. The product range includes
fresh milk (flavour milk, ordinary milk, and children’s products), UHT or ultra
heated milk (flavour milk, ordinary milk, and children’s products), yoghurt
(fruit yoghurt and ordinary yoghurt), milk powder (infants’ products, adults’
products and industrial milk powder products), juice (apple juice, orange
juice, vegetable juice, carrot juice, and grape juice), and cheese products
(Bright Food Group, 2008). Bright Dairy
& Co was first listed in the Shanghai stock exchange in 2002 and currently
has slightly over 1.6 billion shares with a market capitalisation of
approximately 9.01 Billion Yuan (Bloomberg, 2011).
Bright’s expansion plan in the recent
past entailed the implementation of the ‘light asset strategy’ which is believed
to be responsible for their rapid expansion between 1998 and 2004 where their
revenues grew from a dismal 1.1 billion Yuan to 6.79 billion Yuan (Bloomberg,
2011). This strategy involved the acquisition of smaller market players that
would use their already established market bases and distribution channels to
distribute their products while the central organisation remained focused on
production and quality control. The effectiveness of this strategy is self
evident. The company’s revenues are expected to rise to 8.26 billion by the end
of 2011 with a net profit of about 160 million Yuan (Winthrop Corporation,
2010). The company has however suffered from the effects of ineffective
management and poor quality controls: a factor responsible for their worst
performances in 2005 and 2008 (Winthrop Corporation, 2010). These management
inadequacies are believed to have resulted in the breaking down of some of the
strategic alliances that the company has been part of in the past. An example
of this breakdown is the decision by France’s Groupe Danone to sell its
stake in Bright Dairy in 2010 only to form an alliance with the company’s
rival, the China Mengniu Dairy (Kwok, 2010). Future prospects for Bright Dairy
remain positive in the face of a growing demand for dairy products in China. Their
recent appetite for international expansion as witnessed in their takeover of
one of New Zealand’s major players in the Dairy and Food industry (Synlait
Milk) is expected to drive their performance even higher in the coming years
(Reuters, 2011b).
Bright Dairy & Food Company is among
the largest 3 players in the dairy industry in China among other players such as
Yili and Mengniu (China Business Intelligence, 2008). The company has maintained
its focus in its bid to foster growth by pursuing means of competing and
gaining a higher market share domestically as well as venturing into
international markets (China Business Intelligence, 2008). Their traditional
approach has been to pursue acquisition of smaller players in the dairy
industry. This approach offers a number of merits to the company. Firstly, they
get to inherit the already existing goodwill between the customers and the
acquired organisations making it easier for them to directly acquire the market
shares of the smaller firms (Bell and Salmon, 1996). Secondly, it revamps their
distribution channels without the need to engage in massive capital investments
to achieve the same. This choice of strategy has also been cited as one of the
ways in which organisations can cash in on deflated assets where firms already
facing liquidity issues may be available for sale at prices that are actually
lower than their real values (Bell and Salmon, 1996). It allows the companies
to make strategic acquisitions at discounted prices raising the profitability
potential of the acquiring company. The success of this strategy was observed
in the period between 1998 and 2004 where their revenues grew from a dismal 1.1
billion Yuan to 6.79 billion Yuan (Reuters, 2011b).
Bright Dairy and Food Company also seeks
to improve its performance by entering into international markets. One of the
best options of entering into such markets is through acquisitions where the
company chooses to acquire controlling stakes in players already operating in
the selected markets (Bell and Salmon, 1996). This aggressive approach of entry
into international markets may be further underscored by its planned
acquisition of one of the largest global retail chains GNC at a price of about
$ 3 billion with a strong distribution network of not less than 7100 stores
globally (Business Spectator, 2011). Its bid to acquire another global brand,
Yoplait yoghurt further illustrates their international expansion agenda. This
is further illustrated by their move to acquire the New Zealand’s Synlait Milk in 2010
(Reuters, 2011b). This acquisition was made in order to tap into the growing
demand in China for products
that were imported from New Zealand
and Australia
which generally tended to be of higher quality than the locally processed dairy
products.
Bright company is also keen to project
itself as a producer of quality milk products and has taken initiatives to
project its image in the same light. The Chinese market for premium products whose
quality is assured has been growing in the recent past and Bright Dairy is keen
to capitalise on the changing trend (Rabobank, 2006). These changes have been
necessitated by the occurrence of quality flaws in the industry that involved
the inclusion of harmful chemicals in the processing of the milk products. This
is as seen in the milk scandal of 2008 where elements of melamine were used in
the production of dairy products leading to a loss of over a quarter million
children deaths with over a million others hospitalised (BOABC, 2011). These
scandals, apart from diminishing the general demand for dairy products, have
led to an emphasis for quality among clients. Accordingly, Bright Dairy has
invested heavily in research and development in order to ensure that their
products meet the highest quality standards (Bright Food Group, 2008). Constant
studies are carried out to monitor changing consumer preferences as well as the
developments of other market players in order to enable the company to come up with
measures aimed at sustaining its strategic position in the market. The
maintenance of the desired brand image is also emphasised. It entails makes use
of accurate findings of the research and development processes which entail
both the acquisition of the relevant information and getting the organisational
production and processing designs to conform to the emergent preferences (Bell
and Salmon, 1996). Their acquisition of other well respected brands globally is
also seen as an attempt to revamp its brand image and portray itself as a
reliable producer of high quality products in the Chinese market as well the in
the global markets.
SWOT which stands for Strengths,
Weaknesses, Opportunities and Threats helps managers to focus both on the
internal capabilities of the organisations as well as the external factors that
may threaten the organisation’s survival (Hill and Westbrook, 1997). These are
as outlined below:
One of the strengths of Bright Dairy and
Food Company is in their product diversity. These products cover a wide range
of preferences in the market making it easier for them to build their brand and
maintain their strategic advantage in the market ahead of their competitors (Reuters,
2011). The company also maintains a reputable research and development
divisions (Reuters, 2011). These improve the capacity for the organisation to
gather information on the changing preferences in the market with relative
accuracy and also aid in the development of products that can best cater for
these dimensions of demand. Bright Dairy also boasts of a strong financial
performance which keeps investors and potential investors interested in the
company enabling them to mobilise capital with relative ease. Strong
performance indicators such as a Profit to Equity Ratio of 45.8, a 0.19 Yang in
Earnings per Share and a Dividend Yield of 1.4% sets the company apart from
most of their competitors (Bloomberg, 2011). The 2010 financial reports reveal
that the company’s net profit margin stood at 2.38%, with an operating margin
of 2.18%. The EBITD margin was 4.87%, return on assets at 4.51% with a return
on equity of 8.76% (Bloomberg, 2011).
One of the main weaknesses is in their
operation procedures that fail to identify the faults that occur in their
production processes from time to time. Lack of adequate quality controls has
in recent times negatively impacted the company’s image especially when it was
discovered that some of the equipment used to recycle some of their products
were outdated and defective (Kwok, 2010; Tian, et al, 2004). Their management
inefficiencies are believed to be behind the pullout by France’s Groupe Danone
in 2010 only to acquire a stake in Bright’s main competitor Mengniu shortly
after (Kwok, 2010). These weak leadership and management practices have also
seen the motivation levels among the organisation’s employees hit an all time
low. This makes it difficult for the organisation to deliver on its objectives
as de-motivated do not identify with the company or its strategies.
The opportunities presented by the
external environment mainly have to do with the changing demand trends in the
Chinese market. It has been observed that more and more of the Chinese people
are consuming dairy products and the growth is expected to continue for several
years (OECD and FAO, 2011). The market consumption rate of dairy products has
grown at approximately 10% with the growth between 2011 and 2015 projected to
hit the 20% mark (KPMG, 2009). The move by the government to encourage
consolidation in the industry also presents a great opportunity for companies
with the ability to mobilise capital such as Bright Dairy to acquire smaller
players in the market hence taking over their market share and improving their
performance. The increased globalisation occasioned by the increasingly open
policy by the Chinese government towards international trade also gives the
Chinese companies the opportunity to venture into the international markets and
meet their performance objectives.
The liberalisation of the Chinese
markets opens up the industry to entry by international firms especially from New Zealand and Australia. This heightens the level
of competition hence threatening the livelihood of the organisations already
operating in the market. Recent surveys reveal that there are over 1500 players
in the dairy industry in China
(KPMG, 2009). However, 50% of the market share is controlled by the three
leading industry players which include Bright Dairy among others (China
Business Intelligence, 2008). This means that the larger corporations have to
contend with the smaller players who often have a firm grip on their small
batches of customers in their localities. Technological advancements also make
it difficult of significant measures of differentiation making price
competition the most convenient avenue for competition. This greatly works to
suppress profitability. The cost of raw materials has also been on the rise
pushing up the cost of producing the products. This situation is compounded by
the inability of the market players to raise their prices due to the prevailing
stiff competition hence leading to reduced profits.
The Porter’s 5-Forces compares the five
elements to establish the level of rivalry in the industry and therefore inform
organisation on the best strategic approaches to assure success (Pearce and
Robinson, 2005). These forces include: degree of rivalry, supplier power,
threat of new entrants, threat of substitutes, buyer power.
The degree of rivalry is determined by
the industry concentration. Higher levels of rivalry tend to drive down the
profitability of organisations towards zero. The concentration ratio is
measured by the percentage of market share taken by the largest players in the
market with the occupation of large market share by a few indicating low
rivalry (Johnson, Scholes and Whittington, 2005). The three largest players in
the industry take up a market share of more than 50%. This makes the rivalry
low. The rivalry is however heightened by the fact that the market players are
many: over 1500 players (KPMG, 2009). However, the fact that industry market
leadership is established reduces the level of rivalry since there is no
apparent competition for market leadership. The growing Chinese market also
reduces rivalry due to the fact that organisations are able to grow by simply
taking advantage of the expanding demand (KPMG, 2009).
Suppliers for dairy industry players
include suppliers of feeds, veterinary services, and in some cases, milk
storage facilities among others. These suppliers are in plenty and are in
competition with each other (China Business Intelligence, 2008). Moreover, the
supplies are not differentiated. The inability of the suppliers to unanimously
determine prices means that the supplier power is low.
The consumers of dairy products are
mainly the millions of household in China. Individual buyers therefore have an
insignificant market share (China Business Intelligence, 2008). The buyers
therefore have little influence over the products’ prices (on top of the normal
market forces). The supplier power is therefore low. However, the switching
cost to other foods is very low for the buyers. The average buyer power is
therefore average.
Substitutes to products are derived from
other industries. The availability of close substitutes makes it easy for
consumers to replace products in favour of the substitutes. The main
substitutes for dairy products include soy milk, nut milk, oat milk, hemp milk,
rice milk, almond milk, potato milk, olive oil, and others (China Business
Intelligence, 2008). These substitutes are available in most retail outlets in
China and the buyers are able to switch with little switching costs. The threat
of substitutes is therefore high.
The threat of new entrants is raised by
the fact that the dairy industry is relatively easy to enter into with moderate
expenditure. The liberalisation of the Chinese market also makes it much easier
for global dairy players to enter into the market (FAO, 2010). The technologies
used in the industry are not rare and can be acquired with relative ease (China
Business Intelligence, 2008). Therefore the threat of entry is high.
On the whole, the level of rivalry in
the industry is moderate, making chances of survival for the industry players
average.
The main challenges facing business
organisations often involve factors that affect their continual survival in any
market at any given time. One of the main challenges that are faced by Bright
Dairy is mounting competition both locally and internationally (China Business
Intelligence, 2008). This heightened competition reduces the capacity for
profits and diminishes their prospects. Bright Dairy is also faced with the
challenge of ensuring that their brand remains untainted by any incidences
involving questionable quality of their products (Bright Food Group, 2008).
This requires that proper steps be taken to ensure rigorous quality controls in
the production processes. The importance of remaining true to one’s brand
cannot be over emphasised. Brand awareness is one of the crucial tools
available for businesses in their bid to outdo each other in the market,
especially where the level of homogeneity is quite high (Armstrong, 1982). Most
of the products supplied by Bright Dairy can easily be substituted by their
competitors’ products due to the fact the technology for the production of the
same is fairly easy to replicate. This makes it difficult to maintain a product
differentiation strategy over the long run. However, branding could easily
provide the ace that Bright Dairy could use in matching up to the competition.
With a market that just recently faced the consequences of poor quality checks,
emphasis on quality in the branding campaigns of the organisation would be
expected to pay off. The external challenges can be easily overcome when
appropriate measures are taken within the organisations. However, this needs a
well developed leadership and management culture that not only inspires the
employees to embrace the organisational objectives, but also maintains a close
grip on the operation processes with the aim of ensuring that all quality
controls are met as required (Armstrong, 1982). In the case of Bright Dairy and
Food Company, this crucial aspect of the organisation seems to be in need of
revamping if the company is to survive the turbulent environment in which it
operates.
The McKinsey’s 7s framework is one of
the most useful models to use when analysing the leadership and management
practices of any organisation. This model outlines seven elements of any
organisation that must be harmonised in order to ensure sustained success of
such an organisation. These elements include strategy, structure, systems,
skills, style, staff, and shared values (Mind tools, 2011). The elements can
either be hard or soft. Hard factors are easily defined or identified and are
directly influenced by the management. These include strategy, structure, and
systems. The soft elements are elusive and intangible. They are more of a
product of culture and therefore not directly influenced by the management.
The strategy of Bright Dairy can
wholesomely be summarised through their vision to provide their market with
high quality products while ensuring a good financial performance (Bright Food
Group, 2008). The vision gives birth to the strategy embraced by the company
which has seen them invest substantially in research and development in order
to keep abreast with changing market trends and customer preferences. Customer
preferences is at the heart of Bright Dairy’s strategy as evidenced by their
regular enquiries into the same through their extensive distribution channels
and other researching tools which they put into effect from time to time. The
generic strategies and the guiding objectives are clear as enumerated in the
company’s publications.
The structure of the company is a
functional structure which is also metaphorically a tall structure. It is led
by a Chairman of the board who also acts as the Chief Executive officer. The CEO
presides over the Chief Financial Officer and the General Manager who then
oversees the day to day operations of the organisation (Reuters, 2011). Five
Deputy General Managers report to the general manager and are involved in the
running of various functions within the organisation. These deputy managers
preside over the different product lines that are offered by the organisation
such as fresh milk and UHT, Yoghurt, Cheese products, juice and grocery
division, and milk powder divisions (Reuters, 2011). Under these Deputy General
Managers are varying management layers depending on how extensively the various
divisions are advanced. The Human resources and the Research and development
divisions as well as the marketing divisions serve all the other divisions
equitably. This structure is replicated internationally with the country
General Managers reporting to the Chairman of the board who also acts as the
CEO of the organisation (Bright Food Group, 2008). This structure provides the
organisation with the opportunity to ensure that the product lines are well
monitored and that some level of effort is put into place to ensure that each
of the product lines performs well enough to sustain themselves. It is also
useful in ensuring that foreign branches remain accountable and are focussed
towards achieving their performance targets. However, this structure is highly
bureaucratic with very little emphasis placed on gathering the views of the
employees within the organisation. Being under the influence of the Chinese
culture, communication is more implicit than explicit and therefore tends to
pose a challenge in the generation of meaning in the foreign subsidiaries.
Moreover, there is danger of duplication of roles in the face of the fact that
many of the divisions may have similar functions. Major decisions such as the
decision to modify products or one to target a new market segment as often
referred to the chairman before endorsement hence slowing down the decision
making processes.
The company is organised into functional
divisions with a central financial function, human resource management function
and a shared research and development function (Bright Food Group, 2008).
Employees are assigned specific tasks and are presided over by supervisors who
are charged with the responsibility of ensuring that the tasks are carried out
as required. Quality controls are dependent on the specific product lines and
are determined by the specific divisional heads who then delegate their
supervisory authority to the supervisors who ensure that the jobs are done
(Bright Food Group, 2008). The human resources functions are concerned
primarily with recruitment, effecting promotions as recommended by the
presiding general managers and carrying out training programs as demanded from
time to time. The human resource function plays little role in determining the
promotion procedures and reward schemes occasioning a lack of uniformity across
the organisation and a level or arbitrariness that lowers the morale of the
employees. The HR function is taken as a support function and not necessarily
as an integral part of the organisation. Consequently, recruitments and
promotions tend to be non-standardised with most recruitments done by
recommendation and promotion or reward schemes carried out with very little
level of transparency (Tian, et al, 2004). This, predictably, reduces the
levels of employee motivation in the organisation.
Management structures are supposed to be
designed in ways that not only enable the smooth functioning of the
organisation, but also in a manner that facilitates prompt and effective
decision making (Armstrong, 1982). Most factors in the market happen
arbitrarily and often without notice. This calls for a speedy reaction by the
organisation in order to optimise on the opportunities presented by the
circumstance or to smart from the likely damage that could result from the
subject factors. Where decision making is convoluted and involves seeking of
permission from higher authorities, decision making becomes slow and often
detrimental to the organisation (Zelog, 2011). A slightly shorter management
structure would be appropriate where the divisional heads report directly to
the CEO and where the ranks within the divisions are reduced to the bare
minimum. Authority should also be delegated to managers as appropriate in order
to ensure that decisions do not unnecessarily get delayed pending
consultations. The involvement of the chairman to the board in the operations
of the business robs the board of directors of their supervisory role over the
affairs of the organisation. For accountability to abound, the board of
directors would execute its role more objectively if the board chairman
remained strictly at the board level (Bell and Salmon, 1996).
The strategic importance of the human
resource management functions in organisations cannot be over emphasised.
Organisations around the world are increasingly looking inwards to find ways of
using their internal resources (including human resources) in their endeavour
to build a competitive advantage that would help them compete in the market
(Bell and Salmon, 1996). The human resource management function should
therefore be at the core the organisational functions at any particular point
with the officer in charge of the function accorded the same rank and prestige
as the other senior managers. Introduction of such a change in the management
structure would ensure harmonised practices in recruitment, training, reward
systems and promotions. Even though the Chinese culture is a high context
culture and therefore recruitments tend to be done on recommendation
(Hestflatt, 2011), it is important that an objective department be given a
chance to evaluate the suitability of such candidates in order to ensure that
all employees are up to the required standards. The concept of strategic fit
refers to the integration of HR practices to the generic strategies of the
organisation. Where the concept is accurately implemented, the human resources
in the organisation could easily become the source of competitive advantage
that the organisation would need to compete in the increasingly competitive
markets. In the increasingly globalised markets, it is no longer convenient to
adopt the practices of a domestic culture in complete oblivion of the
prevailing best practices around the world (FAO, 2010). These practices should
be put into practice albeit delicately in order to ensure some level of
compatibility with the domestic cultures.
The organisation communicates with the
employees on the mission and vision of the organisation and occasionally
communicates to all employees the steps being taken to advance the company
objectives (Bloomberg, 2011). It is around these objectives that company values
are developed. The values outlined as the corporate values include diligence,
integrity, and teamwork among others. As can be seen, work discipline and team
spirit are emphasised on. However, the organisational culture that these
employees are intended to embrace tends to be in discordance with the
aspirations of individual employees (Reuters, 2011b). These values are
therefore only partially embraced and are only adhered to where there is fear
of encountering certain punitive measures. The management style on the
operational levels is to a large extent participative where common operational
problems are solved collectively within the work groups (Bright Food Group,
2008). However, this participative approach is not replicated high up the
ladder with the main decisions made at the board level taken in oblivion of the
opinions of the junior members of the organisation (Kwok, 2008). This makes the
employees feel left out of the organisation’s core function of determining the
direction that they must take. As observed earlier, most of the recruitments
are made through recommendation with only a few of the jobs such as senior
management jobs actually advertised for interested applicants to express
interest. The level of skills possessed by individual employees is observed in
the course of their duties by the line managers who then make appropriate
recommendations to the Human resources department on any need for the provision
of additional trainings (Bright Food Group, 2008). The line managers are also
empowered to pair up unskilled employees together with the skilled ones in
order to encourage ease of mastery of the lacking skills.
The extent to which employees identify
with the corporate values is dependent on a number of factors. Firstly, the
organisation needs to take measures to ensure that their employees’ aspirations
are compatible with the aspirations of the organisations (Bell and Salmon,
1996). This requires that there be a certain level of engagement between the
employees and the managers in order to determine their aspirations and how
these aspirations can be accommodated in the pursuit of the organisational
goals. For instance, employees with the urge to develop their careers in line
with skills useful to the company should be facilitated to do so where their
additional skills end being of benefit to the organisation (Bell and Salmon,
1996). The same would apply to financial goals where employees wishing to make
an additional buck are given the opportunity to prove themselves and in turn
gain the promised rewards. The reward schemes need to be transparent and
reliable in that those participating should always know what to expect after
completing the requirements and such rewards should always be made available
when needed (Bell and Salmon, 1996). The introduction of individual
responsibility is crucial in ensuring that such reward schemes yield positive
fruit.
However, care should be taken to ensure
that the benefits of teamwork are not lost in the face of individualistic
schemes whose original intention is to boost motivation and productivity.
The general approach that can be taken
by Bright Dairy is the low pricing, cost cutting, optimisation of internal
capabilities, and the enhancement of their brand image. The low pricing
strategy is limited by the presence of competitors and the firm’s operational
costs. This leaves the firm with the alternative to engage in cost cutting to
ensure higher profitability levels. The firm may also opt to engage in training
and empowerment of their staff in order to increase productivity levels thereby
contributing to efficiency, quality and cost reduction. However, in the view of
the recent developments in the industry that brought the quality of dairy
products into question, the most effective approach would be to conduct product
re-launch together with a mass brand enhancement campaign. The provision of
quality products together with a brand image would effectively lead to a higher
performance by organisations.
In terms of leadership and management,
the organisation should act as outlined below. They should firstly adopt an
appropriate management structure as outlined above would go a long way in
ensuring that the company reacts to various impetuses in an appropriate and
timely manner giving the company an edge over their competitors. A further step
to ensure that employees are properly skilled and motivated would also enable
the company build its brand with more ease. Research proves that consumers are
generally willing to pay a premium on the brands that they find suitable to
them (Tian, et al, 2004). The company would therefore not have to contend with
diminished returns as a result of the downward pressure that competition exerts
on prices. That would also solve the problem associated with homogeneity due to
the difficulty in differentiating products as a result of technological
advancements. Branding the company as a reliable producer of high quality
products; a brand promise that the organisation would be bound to honour. It
would therefore call for the realignment of all the management elements with
emphasis on quality control in order to realise the desired brand image. The
company could also wish to increase its production capacity in order to
maximise on the growing demand for dairy products both domestically and internationally.
For them to achieve this, they would need to get their decision making
processes right.
Bright Dairy & Food Company operates
in a challenging environment where competition is rife and threatens their very
survival. The increased threat of new entrants due to good government policies
and the lack of differentiation of the products further heighten these
competitive forces. However, Bright Dairy could choose to embark on brand
awareness campaigns in order to retain its strategic advantage. This change
needs to sweep across all the functions of the organisation and must impact on
all the elements of management as named above in order to assure the success of
the survival strategy.
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http://ti.uni-due.de/ti/de/education/teaching/ss09/managecultureEastAsia/studentischeArbeiten/15.Chinese%20management%20style%20of%20SOEs.pdf
(Accessed 9 July 2011)
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