Questions:
Global competitive landscape for the organisation refer to the five competitive forces• Describe and justify the use and purpose organisation mission and vision statements
• Resource & capabilities application
• Analyse the internal and external environment with a SWOT analysis;
• Application of strategy (business or corporate)
• Analyse the various businesses level strategy, corporate level and/or a new corporate or business level strategy.
Answers:
1. Five competitive forces for Cochlear on a global competitive landscape
Porter’s five forces:
According to Michael Porter, the five forces that create an impact on the proper running of the business process of the organizations can be:
Threat to new entry
The company is the leading manufacturer of the implantable hearing devices industry and has been able to gain a good reputation in the global deaf community by providing effective and safe products (Gollan et al., 2014). This makes the industry harder to enter by new companies.
Threat to substitute
The Government backed trails of most of the developing countries including India, have been gearing up to manufacture and produce the hearing devices at a much cheaper rate. This could be the main reason for increasing the competitiveness in the market (Fraser et al., 2015).
Industry rivalry
Nurotron, a Chinese company has been gearing up to gain huge market share on the global basis where the company has been producing cheaper products in the market which is almost half the price of what Cochlear is producing (Berketa et al., 2013).
Bargaining power of buyers
The demand for the medical products for the company comes from the various medical companies, affluent individuals, and government organizations (Kitterick et al., 2014). Hence, there is a potential market for the company in the middle to upper income groups without the needs of any governmental help.
Bargaining power of suppliers
As a manufacturing company, the company requires the send their works to the suppliers. Owing to the low customization of the production, the company has a less power in bargaining with the suppliers.
2. Mission and vision statements of Cochlear
The mission of the Cochlear is to innovate and create a product in the market, which could transform the procedures for the treatment of hearing losses (Sorkin, 2013). The range of the hearing impairments as manufactured by the company would be helping in providing implantable hearing solutions for delivering the lifetime of the outcomes relating the disability in hearing. The vision of the company is to have the clinical team and recipients for embracing the company as their partners.
3. Resource and capabilities application
|
Resources |
Capabilities |
|
CEO |
Increasing the productivity and profitability of the company for both the short and long term |
|
Management board |
Supervising the production and management of the manufacturing proves of the products |
|
Managers |
Enhancing the profitability and productivity of the company by implementing the purchasing and procurement |
|
Employees |
Implementing the target of the orders such that to execute the manufacturing process within the estimated timeline |
|
Sponsors |
Investing on the procurement related to the manufacturing process that is required to produce quality products |
|
Suppliers |
Supplying with the materials required for the products ion of quality products |
|
Government |
The FDA authority to implement regulations and policies that could be governing the business processes of the company |
Table 1: Resources and capabilities for the Cochlear
Source: Created by author
4. Internal and external environment with SWOT analysis
Internal analysis
Strengths
The company is the leading manufacturing company of the hearing devices in the market and is a recognized innovator in the niche related to the high technology within which it operates.
Weaknesses
The company lacks an appropriate strategy that could help in exploiting on taking the advantages form the external opportunities and overcoming the external threats being imposed to the company.
External analysis
Opportunities
The analysis of the key activities of the value chain helps in providing the opportunities to understand the external trends, which helps in affecting the specific activities of the firm.
Threats
The Cochlear Company belongs the medical technology industry and hence, is required to be governed by the regulations of the Australia Food and Drug Administration (FDA) (da Costa et al., 2014). There have been several issues which the company has been facing related to the use of technology to aid the hearing disability in the community. The major issue rose when the FDA issues notification of the connection with the hearing impairment with the meningitis.
5. Application of strategy
The strategic mission as applied to the business process of the company would be helping in creating a unique intent and scope for its operations in the market. In addition, the implementation of the innovative business strategy would be indicating the stakeholders of the company to get a glimpse of its business objectives which it needs to accomplish in the future (Gollan et al., 2014). The efficient strategy as implemented within the business environment would be reflecting on the individuality of the company, which helps in revealing its leadership quality. The unique strategy as implemented by the company would be helping in distinguishing it form the other competitor companies in the market.
6. Various strategies of Cochlear
Business level strategy
Business level strategy for the company is to implement the latest technology in the manufacturing of the hearing impairment devices. In order to implement the latest technology, the company needs to evaluate its R&D activities (Fraser et al., 2015). Moreover, the company is also looking to market its functional activities such that to manufacture its products laced with the latest technology, which could be helping the patients to regain the hearing loss. The company is also planning to improve on its financial health by analysing the financial ratios, profitability, advantages, liquidity, return from the shareholders, and related activities for improving its financial status (Hanson, 2016).
Corporate level strategy
The corporate level strategy for the company is to initiate the strategic growth in the market such that to improve on its end to end customer experience. The company is implementing the “direct to customer” engagement strategy by utilizing a professional approach in order to help strengthen the relationship with the customers (Fraser et al., 2015). The strengthening of the relationship with the customers would enable the company to get an opportunity to establish a customer care for the patients after the surgery of the cochlear implant. Moreover, the company is also planning to make contracts with the professional partners such that to establish clinics and care centers.
References
Berketa, J., James, H., Langlois, N., & Richards, L. (2013). Cochlear implants in the forensic identification process. Forensic science, medicine, and pathology, 9(3), 422-426.
da Costa Monsanto, R., Bittencourt, A. G., Neto, N. J. B., Carolina, S., Beilke, A., de Lima, N. F. G., ... & Salomone, R. (2014). Auditory Brainstem Implants in Children: Results Based on a Review of the Literature. Journal of International Advanced Otology, 10(3).
Fraser, L., Shanks, M., Wardrop, P., & Allen, A. (2015). Cochlear implantation and alcohol misuse. Cochlear implants international, 16(1), 51-56.
Gollan, P. J., Kalfa, S., Agarwal, R., Green, R., & Randhawa, K. (2014). Lean manufacturing as a high-performance work system: the case of Cochlear. International Journal of Production Research, 52(21), 6434-6447.
Hanson, D. (2016). A summary of the case analysis process.
Kitterick, P. T., O’Donoghue, G. M., Edmondson-Jones, M., Marshall, A., Jeffs, E., Craddock, L., ... & Nunn, T. (2014). Comparison of the benefits of cochlear implantation versus contra-lateral routing of signal hearing aids in adult patients with single-sided deafness: study protocol for a prospective within-subject longitudinal trial. BMC Ear, Nose and Throat Disorders, 14(1), 1.
Sorkin, D. L. (2013). Cochlear implantation in the world's largest medical device market: utilization and awareness of cochlear implants in the United States. Cochlear implants international, 14(s1), S12-S4.
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