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BlackBerrys Current Mission
- Blackberrys mission has been revised to reflect the current nature of the market.
- The current mission statement reads as follows: To be the leading telecommunication and wireless company in the world.
Blackberry Limited has revised its mission statement in order to reflect its current focus in the market. Although the firm is known for its quality Smartphone and tablets, the management has been focusing most of its attention towards the telecommunication and wireless industry. Its software has been popularly used in organizations across the world, including governmental departments. The management of BlackBerry has been struggling to expand its telecommunication services to various parts of the world beyond North America. The mission was adjusted to reflect its decision to expand its telecommunication services to the global market. Currently, the firm is planning on how to enter the Chinese and Indian markets.
BlackBerrys Objectives and Strategies
- To achieve global market coverage
- To continue offering high quality products
- To improve its income from the sale of its products
BlackBerry has developed its objectives based on its mission statement. The firm seeks to achieve global market coverage with its high quality products. The industry is highly competitive, and that explains why the management has come up with the strategy of offering high quality products. With the current market competition, this firm can only achieve success if its products are superior to those of the existing competitors. The management also seeks to improve its income through improved sale of its products. In order to manage the challenges posed by the external environment, this firm would need a strong financial base. This can only be achieved through increased sales in its current markets.
BlackBerrys Current Financial Condition
Importance of the Financial Ratios
- Current Ratio = Current Assets/Current Liabilities = 5,057,000/2,268,000 = 2.23
- Quick Ratio = (Current Assets -Inventory)/Current Liabilities = 5,057,000 -244,000)/2,268,000 = 2.12
- Debt Ratio = Total Debt/Total Assets = 7,552,000/ 3,927,000 = 1.92
Financial ratios play an important role when analyzing a firms performance. BlackBerrys financial ratios shown above helps in determining the firms current financial position. These rations are important to the investors in determining the financial health of a firm. The current ratio calculated above indicates that this firm is able to pay its short-term debts without straining. Short-term creditors will always be willing to offer financial assistance to a firm with such an impressive current ratio. This impressive performance is confirmed by the quick ratio that has been calculated. It shows that BlackBerry may not necessarily depend on its inventory when planning to meet its short-term financial obligations. Finally, the debt ration that has been calculated reveals that this firm does not heavily rely on debts to finance its operations. Despite this positive image, analysis of the financial documents reveals that there has been a consistent drop in revenue, operating income, net income, and total assets of this firm within the past three years.
External Opportunities
- SWOT Analysis Model
- Improved economy
- Increasing population of the middle class
- Improved technology
In order to analyze the external and internal environmental factors that affect the operations of BlackBerry, a SWOT Analysis Model would be appropriate. The external environment poses a number of opportunities that this firm should capitalize on. The improved world economy following the end of the recent recession means that the purchasing power of the consumers has increased. The increasing population on the middle class in China, India, and other emerging markets is another opportunity that BlackBerry can capitalize on. The middle class form the main target market for most of the BlackBerry products. Improved technology has also been beneficial to this firm. Technology improves the production and marketing strategies of the firm. Improved means of transport through air and sea helps in ensuring that products reach the market within a short period.
External Threats
- Competition from the market rivals
- Increasing cost of production
- Fluctuating market prices
- The legal environment in the international market
The external environment has a number of threats that should be monitored and managed in order to avoid their negative consequences. There is a stiff competition in the market that BlackBerry has to manage. Firms such as Apple and Samsung offer very stiff competition in the Smartphone market. The increasing cost of production is very worrying. It forces the firm to increase its prices in order to remain profitable in its operations. This may drive some customers away from the products of the firm. The fluctuating market prices is another issue that is causing serious issues to many firms in this industry. Sometimes the fluctuation may cause serious loss of profit to the firm. The legal environment in the international market is also posing challenge to the BlackBerry, especially in cases where the firm has to follow bureaucratic processes to get operating license.
Internal Strength
- Strong market brand
- Strong financial base
- Experience in the market
- Pool of highly talented employees
BlackBerry has some internal factors that give it strength to manage forces that may affect it in the market. Its BlackBerry brand is one of the best known brands in the Smartphone industry. The popularity of this brand in both developed and emerging economies has offered the firm acceptance in the global market. It also has a strong financial base following a long period of positive sales in the market. Being one of the first firms to venture into the Smartphone industry, it has enough experiences about the forces in the external environment and how to manage them. A large pool of dedicated and highly talented employees has also enabled this firm to remain innovative in its product designs and marketing strategies. These factors have helped the firm to remain competitive.
Internal Weaknesses
- Slow adaptation to changing environmental factors
- Inability to manage competition
- High employee turnover
BlackBerry has a number of weaknesses that have affected its ability to be successful in the market. One of the main shortcomings of this firm is its slow adoption to change. Although it is one of the first firms to venture into the Smartphone industry, it has failed to come up with better versions of these products, allowing its main competitors such as Apple and Samsung to surpass it. The firm is has been slow in managing some of the emerging technologies in the market. This has largely been seen as an inability to manage market competition. The recent cases of high employee turnover are another weakness that needs to be addressed. When the skilled employees leave the firm, they transfer the knowledge experience to other rival firms.
How BlackBerrys Strategy is Aligned with Market Conditions
- The current market environment of electronic and telecommunication industry
- BlackBerrys market strategy in this industry
- How BlackBerrys strategy is aligned with the market condition
The market environment of electronic and telecommunication industry has become very competitive. The emergence of new technologies and small more flexible firms have been exerting pressure on existing firms such as BlackBerry to come up with superior production and marketing strategies. BlackBerry has been keen on using production strategies that emphasizes on reduced production cost. The firm has failed to invest in research, one of its core values in the market. Some of the strategies this firm is currently using to produce and market its products is not consistent with the market conditions. For instance, the firm is yet to make serious investment into the production of touch-screen phones. However, the management has been keen to ensure that its strategies are based on market research.
Revising the Firms Mission and Objectives
- The effectiveness of the current mission
- Application of the current mission and objectives
- The need to revise the firms mission and objectives
The mission of an organization is meant to provide a path through which a firm would take to achieve its objectives. The mission should offer a practical and precise approach that a firm should take in meeting the needs of its stakeholders. The current mission statement of this firm is effective and does not need any revision. Its objectives also capture what the firm needs to achieve in order to be successful in such a competitive market. What needs to be done in this firm is proper application of the current mission and objectives that are set in its website. The mission will ensure that the firm remains innovative in its production and marketing strategies. The current objectives can also make it manage the current competition effectively.
Corporate and Business Strategies
- The current position of the firm
- Changing communication strategies
- Changing the current marketing strategies
- Using Porters generic strategies
- Using corporate social responsibility to improve its image
BlackBerry has been overtaken as the market leader in the Smartphone industry. It is position three in this industry, having been overtaken by Samsung and Apple. From the above analysis, BlackBerry has a superior mission statement, but its the strategies used to implement it are not effective. The management should change its bureaucratic communication system. In its place, it should embrace an open system of communication where a junior employee can communicate directly with the top management without having to go through the middle managers. This will allow the top management unit to have a clear picture of what is happening on the ground. The firm should also embrace online marketing strategies, especially the social media. While using Porters generic strategies, the firm has emphasized on cost leadership. However, its current position cannot allow it to pursue the same route. It should now focus on differentiation. The marketing unit should also consider using corporate social responsibility as a tool that can help it improve its public image.
Marketing and Finance Strategies
- Social media marketing
- Using Porters Five Forces strategy
- Increasing sources of funds
- Allocation of funds
BlackBerry should employ innovating marketing strategies that will help it improve its sales in the market. The firm currently uses mass media marketing in order to reach its customers. This strategy is effective in reaching the target group within regional borders. However, when it comes to reaching the global consumers, social media is the most appropriate platform that BlackBerry should use. The marketing unit should use Porters Five Forces to define its strategy in the market. It should manage threat of new entrants by expanding its market share to new markets. The bargaining power of the buyers can be managed by delivering superior products in the market, while the power of the suppliers can be managed by forming partnership with them. Majority of the youth, who make the bulk of the firms customers, can easily be reached through the social media. The best way of increasing the funds for this firm is through increased sales. When allocating the funds, priority should be given to research and development projects.
Human Resource and Operation Strategies
- Employees management strategies
- Maintaining a pool of talented workforce
- Improving operational strategies
Managing employees is critical in achieving success at this firm. This process starts with hiring of the needed workforce. The human resource management should be keen on hiring highly skilled employees to participate in various activities in all the departments of this organization. Emphasis should be laid on the educational background of the applicants, their experience in the field applied for, determination, talents, and other special skills. Once hired, the management should make an effort to ensuring that it maintains its pool of talented workforce. Stressors at workplace or other factors that may make the employees consider moving to other companies should be eliminated. The management should consider using emerging technologies as a way of improving its operational activities in the production, finance, logistics, and marketing departments.
Human Resource and Operation Objectives
- To maintain a pool of dedicated employees
- To promote teamwork and innovation among employees
- To improve efficiency in operation
Employees play an important role in a firms quest to achieve its objectives in the market. It is important for the firm consider coming up with human resource objectives that will make the workforce more productive. The first objective based on the above analysis should be to reduce employee turnover rate. The firm should make an effort to reduce the rate at which it is losing its skilled workforce to other firms. This means that the firm will need to find a way of maintaining motivation in the firm. Another objective would be to promote teamwork and innovation among employees. The employees need to work as a team when addressing various tasks. The firm also needs to work on the efficiency of its production. At this stage, the objective should be to improve the efficiency of operations by using new technological tools.
Expected Results based on Financial Statements
- Having skilled workforce
- Improved production strategies
- Better marketing strategies
- Increased flow of income
This firm has managed to maintain a pool of highly talented workforce because of some of the strategies it has employed. This will eliminate high employee turnover rate and improve their productivity. The use of emerging technologies will make the production more efficient and less costly. Use of the social media will help improve the marketing strategies of this firm. It will be able to reach many global customers who do not have access to the local mass media. The use of corporate social responsibility will also improve the image of the firm in the market. These factors will help in improving sales and profitability of BlackBerry. Improved sales and profitability will in turn improve the inflow of income into the firm.
Recommended Procedures for Strategy Review and Evaluation
- Individual performance review
- Departmental performance review
- Use of external evaluators
- Conclusion
It is important to ensure that the set strategies are followed in order to achieve the desired objectives. For this reason, it is important to establish procedures for strategy review and evaluation that can be used to monitor the performance of individuals, departments and the entire firm.
- There should be a performance contract that will help in evaluation of the performance of individual employees in meeting personal targets by the end of every year.
- The management should develop a quality assurance unit for every department to determine their performance based on the objectives set for them.
- The firm should use external evaluators such as Ernst & Young to evaluate the performance of the departments and the firm on a yearly basis to help identify areas of weakness.
From the above analysis, it is clear that Blackberry has made an effort to ensure that its strategies are aligned with the market conditions. However, the analysis shows that there are some issues about communication and marketing procedures that should be addressed to achieve perfect alignment.
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