LITERATURE REVIEW 2.0 Introduction In a fast changing world, with unpredictable demand cycles, strategic flexibility can produce huge profits by helping a company stay completely tuned to the market and avoid getting trapped in dead-end business models. Rauyruen and Miller (2017) states that a winning strategy must be based on originality, which is being diverse from competitors in ways that customers value. Kotler and Armstrong (2015) stated that BOC Gases Zimbabwe can do better than its rivals only if it can set up a difference of value to customers that can be preserved over time. A company with a broad offering maybe tougher in the face of speedily shifting customer priorities than a more narrowly focused competitor. Over the past decade or more, companies at different periods have had to overcome the impact of inflation and deflation, as well as recession and recovery. More lately globalization of businesses and the swift introduction of new technologies have further compounded these economic events. Against this background of such rapid and extraordinary changes, which can be expected to continue with the same intensity into the foreseeable future, organizations are faced with the ultimate challenges how to cope with this constantly changing business environment and yet prosper from it. There must be adequate flexibility in any approach, and it must balance the needs of an unpredictable marketplace and economy. The solution lies in strategic thinking, planning and timeous execution. Kotler and Keller (2015) stated that the best strategy for a given firm is ultimately a unique construction reflecting its particular circumstances. Understanding the relationship of the firm and its capabilities to its competitors and industry, and the economic, social, and political environment, and other powerful forces taking place in the world will provide the foundation of strategic thinking, thus determining the shape of an industry and the future of a business. It is therefore these forces that will drive a companys vision. To achieve this vision BOC Gases Zimbabwe may use various strategic tools to shape the direction it should be pursuing, and steer it to attain sustainability of the business. 2.1 Theoretical framework The major proponents of cost cutting initiatives, Kepner-Tregoe, describe their strategies as effective principles or methods for increasing operational efficiency. Kepner-Tregoe are global leaders in training and consulting services and they provide specifically designed services to get to the root cause of problems and permanently address organizational challenges. As business success relies on operational success, Kepner-Tregoe helps organizations take a strategic approach to reduce operations costs. It is argued that their cost reduction strategies provide additional benefits that ripple throughout the business by eliminating waste, accelerating processes, and utilizing resources effectively. With reduced cost in production, the organization can refocus budgeted resources on expanding operations or new market expansion and hence these strategies can give the operation the competitive edge in the modern global market place. ExxonMobil (2014) stated that, cost cutting strategy is referred to as, A philosophy of manufacturing based on planned elimination of all waste and continuous improvement of productivity. It encompasses the successful execution of all manufacturing activities require to produce final product from design engineering to delivery and including all stages of conversion from raw material onward. The primary elements include having only the required inventory when needed to improve quality to zero defects to reduce lead time by reducing setup times, queue lengths and lot sizes to incrementally revise the operations themselves and to accomplish these things at minimum cost. Yergin (2016) stated that, cost cutting is a philosophy of manufacturing based on planned elimination of all waste and continuous improvement of productivity. He goes on to say that it is about meeting customer needs when required and doing so by using minimum people, materials and machinery resources. Zeithaml and Bitner (2015) defined it as a system whose concept is inspired by the notion that nothing is produced unless it is needed. Furthermore, it is a technique that depends on technology to eliminate waste in the time of production, purchase time and materials in a manner that leads to lowering the costs of the production process and satisfying customers needs in the right time with the right quantities. There is also literature that points to the down side of cost cutting strategies. Fleisher (2013) argues that there is a need for the right blend of resources for quality to be maintained. Organizations may end up creating an inferior product due to cost cutting measures and the resulting decrease in sales will hurt profits further. It costs less to keep less staff on the floor, but if your customers have to wait too long for service they are likely to take their business elsewhere. Dickens (2015) contends that the problem with cost cutting is that it is based on the assumptions that costs are known and can be controlled directly. He further argues that much of the cost of doing business is hidden which means we are not even aware of it because there is no way to measure it and the aggregate financial outcomes that we measure can be very difficult to connect to individual sources or cost drivers. 2.2 Strategy, preparation strategy planning The undertaking of crafting, implementing and executing cost cutting strategies is the heart and soul of running a business enterprise. Company strategy becomes the game plan that management will employ to wager out market position, carry out operations, and be a magnet for and satisfy customers. The fundamental nature of strategy formulation is coping with competition (Parfit 2015). The state of competition in an industry depends on the five indispensable forces as described by Porter. Knowledge of these primary sources of competitive demands provides the groundwork for a strategic agenda of action. It also highlights the significant strengths and weaknesses of the firm, and animates the positioning of the company in its industry, illuminating the areas where strategic changes capitulate the greatest payoff. Furthermore, it highlights the places where trends promise to hold the greatest significance as either an opportunity or threat. Planning is dealing with an unsure future. However, choices have to be made, and the conclusion on the choice made is determined by how one interprets the environment, the time frame used and the adaptation to affect the choice. The planning process helps to recognize the gap between where the company is today and where it wants to be in the future and develop a realistic plan for closing the gap and achieving its purpose. The company cannot become a successful organization (winner) without a stable display place in a lively environment. 2.2.1 Reasons for preparation Planning is tactical in order to put on direction towards a long-term benefit within the environment. The effort to establish strategic plans is carried out in tactical plans (operational plans), which cover the short term. The reward for managers that engage in planning are that they offer direction lay down the standards to make possible control lessen the impact of change decrease waste and redundancy 2.3The business atmosphere The current economic, social and technological environment has drastically changed the life of many organizations including BOC Gases Zimbabwe. In this context of speedily changing technological developments and environment dynamism, it has become necessary for organizations working in this environment to cut the spiraling costs or be left behind to deal with the aftermath. Time and again, failures were credited not to the lack of an in-house capability per se, but to the incapability of the organization to be familiar with and take advantage of the events transpiring outside its width of power. The internal analysis can identify the firms strengths and weaknesses, while the external analysis reveals opportunities and threats. A profile of the strengths, weaknesses, opportunities and threats is generated by means of a SWOT analysis. An industry analysis can be performed using a framework known as Porters Five Forces. This framework evaluates entry barriers, suppliers, customers, substitute products, and industry rivalry. 2.4 The macro atmosphere According to Robbins (2016) a companys experiences and research recommend that the outside environment affects the expansion and prosperity, and the exterior environmental conditions produce threats and opportunities that, in turn, have key impacts on a firms strategic actions. In order to accomplish strategic competitiveness, it is necessary for BOC Gases Zimbabwe to be aware of and react to the diverse magnitude of the outer environment. The exterior environment in which a business operates is a product of the existing economic, political and social conditions. Strategic formulation takes this into account and assesses their repercussion to the industry and corporation . The distant environment is usually beyond the firms control and can pose a threat to the firm, however a change in this environment can also create new opportunities. 2.5 Developing the marketing mix to support strategies Implementation is the link between the marketing strategies and the achievement of organizational objectives. For BOC Gases Zimbabwe to be triumphant and to meet its objectives through the strategies that it has opted to put into practice and follow, it now relies on the marketing managers to persuade the level, timing, and composition of demand to meet the organizations objectives. Marketing managers have the daunting task of creating a successful marketing mix that will enhance results, as well as fulfilling the consumer needs. 2.5.1 Synopsis of the Marketing Mix A companys marketing mix is a mixture of marketing tools that are used to satisfy customers and company objectives. Consumers often look at the marketing mix as the offering. The first 4 Ps of the formula (product, price, place and promotion) normally manage this offer. By joining together these four components in a best possible way, BOC Gases Zimbabwe will have the capacity to get in touch with numerous consumers within the target market. It is imperative to comprehend that these four variables are controllable and the marketing mix can be more without difficulty altered to go well with the changing needs of the target group and the other dynamics of the marketing environment. This marketing mix framework was particularly useful in the early days of the marketing concept, when physical products represented a larger portion in the economy. Today, with marketing more incorporated into organizations, and with a wider variety of products and markets, a further 3 Ps were introduced as components to the marketing mix being people, process and physical evidence. These components complement each other and when used in its correct grouping will result in greatest results for the business (Heinberg 2014). 2.5.2 Product The product is the basis of a flourishing marketing campaign. Marketing is about identifying, anticipating and pleasing your customer needs as well as cutting spiral costs at the organization. Using market research, the BOC Gases Zimbabwe needs to identify who will be attracted in the products, what are they looking for and where it needs to be purchased from. The critical question that company managers need to ask is Is the current product or service, or mix of products or services, appropriate and suitable for the market and the customers of today Managers need to scrutinize packaging, design, material used, size and quantity, to see if they are complying with consumer appropriateness. This will permit the BOC Gases Zimbabwe to see if they are meeting the consumer needs. Compared to competitors, is the product or service superior in some significant way to anything else available. If so, what is it If not, could the BOC Gases Zimbabwe build up an area of dominance Should they be offering this product or service at all in the market place By analyzing the market and its necessities, the BOC Gases Zimbabwe will be in the position to change the product or develop the product in order to match the requirements of the people they are targeting (Lackner and Sachs (2015). Similarly consumers needs are likely to change, and therefore products should continually change to reproduce this. Another significant factor to be considered in product strategy is to identify what stage of the product life cycle the products have reached. The concept of the product life cycle is to assert four things. Products have a limited life. As products pass through the diverse distinct stages, it poses different challenges and opportunities to the firm. Productivity on the product may rise or fall at the different stages. Due to this products need different marketing, financial, manufacturing, and purchasing strategies at each stage of the life cycle. This is one way to determine how the marketing mix will link jointly, as each stage will require a different mix to suit the stage in the life cycle. 2.6 Branding Strategic brand management is about sustaining and enhancing brand equity, which represents the strength of the brand in the market. Understanding the requirements and wishes of consumers and developing products to meet those needs, requires brand equity that is consumer based, from a consumers viewpoint. The influence of the brand resides in the consumers minds what they have learned, felt, seen and heard as a result of their experiences over time. According to William Lever, of Lever Bros, one the principle architects of brands, Brands exist because they are useful to consumers. They make available conviction, dependability, another satisfying experience in a disorganized, bewildering and messy world. Marketers must therefore ensure that consumers have the right type of experiences with their products and services that they then link to the brand. Leading brands are ground-breaking, spending huge amounts of money on product and services expansion. They recognize that consumers desires change over time and are able to tap into the emotional trends that sweep their markets (Roberts 2014). 2.6.1 Building Customer Relationships Outstanding customer service is the unique feature that identifies a business from its competition. Developing a well-built customer-focused culture is therefore an influential requirement ensuring business growth. Schiller (2015) briefly advocates, its not enough to merely satisfy customers, customers must be delighted, surprised by having their needs not just met but exceeded. Customer loyalty is more vital than ever in a more competitive marketplace. 2.6.2 Relationship Marketing Is an idea of conducting business that focuses on maintaining and improving customers rather than on acquiring new customers. This is indispensable to put up and keep up a base of loyal customers who are profitable for the organization. One of the benefits of customer maintenance is improved purchase over time. The cost of marketing can also be lessened because customers will be less likely to look elsewhere if all their needs are being satisfied. These dependable customers can also become ambassadors for BOC Gases Zimbabwe by influencing their friends and family to make use of its products and services. Research conducted by Cooper et al (2013) found that customers become more commercial over a period of time due the reasons given above. There has been less research on satisfied customers to decide what it takes for a satisfied customer to change. 2.7 Industry setting Compared to the general atmosphere, the industry setting has a more straight effect on the firms strategic competitiveness and above average returns. Mintzberg (2014), defines an industry as a group of firms producing products that are close substitutes. In the gas industry the main players are Redan Gas, Kensys Gas, Jeisa Gas. According to Lynch (2015), an industry analysis provides a structural analysis and an outline of an industrys participants and characteristics. It helps to identify the profit likely of an industry and also rendering the forces that would damage the probable prosperity. The analysis gives the BOC Gases Zimbabwe insight on possible defense tactics to make use of to guard against competition and changes in the operating industry structure. 2.8 Porters Five Forces Several options are on hand to strategists in quest of conducting an industry analysis. Assuming that the operating environment is steady, most important economic and technological forces can be analyzed using Porters Five Forces, being one of the most dominant analytical models for assessing the nature of competition in an industry. Porter explains the five forces that shape competition in an industry. This well distinct analytic framework helps strategic managers link isolated factors to their effects on a firms operating environment. They highlight the decisive strengths and weaknesses of BOC Gases Zimbabwe, animate the positioning of the company in its industry, make clear the areas where strategic changes may yield the greatest payoff and emphasize the places where industry trends promise to hold the greatest implication as either opportunities or threats (Johnson and Scholes 2015). 2.8.1 Threat of new Entrants New entrants to an industry can elevate the level of competition, thereby tumbling its attractiveness. The threat of new entrants for the most part depends on the barriers to entry. High entry barriers are present in the gas industry whereas other industries are very easy to enter (e.g. estate agency, restaurants). In the LPG business, barriers to entry are high as it is highly capital intensive. 2.8.2 Bargaining Power of Buyers The bargaining power of customers determines how much customers can impose pressure on margin and volumes. 2.8.3 Bargaining Power of Suppliers The cost of items bought from suppliers can have a major impact on a companys profitability. If suppliers have high bargaining power over a company, then in theory the companys industry is less attractive. 2.8.4 Competitive challenge between existing Players The intensity of competition between competitors in an industry will depend on the structure of competition, the makeup of industry costs, level of differentiation, switching costs, strategic objectives, and depart barriers Porters model of Five Competitive Forces Porters model of Five Competitive Forces allows a systematic and structural analysis of market structure and competitive position. The model takes into account supply and demand, complementary products and substitutes, the relationship between volume of production and cost of production and market structures like monopoly, oligopoly or perfect competition. However, the chief weakness in this tool results from the historical context in which it was developed. At that time, most industries were fairly stable and conventional compared with todays dynamics. Overall, Porters Five Forces model has some key restrictions in todays market environment. It is not able to take into account new business models and the dynamics of markets. The value of Porters model is that it enables managers to think about the current situation of their industry in a structured, effortlessly comprehensible way, as a initial point for further analysis 2.9 The in-house environment The strategy of BOC Gases Zimbabwe is the roadmap towards accomplishment of its long-term goals and objectives. Its strategy facilitates in gaining a sustainable competitive advantage. BOC Gases Zimbabwe operates in an outside and an internal environment. The internal environment of the firm consists of the intrinsic strengths and weaknesses of the firm. It also contains the internal resources and possesses internal capabilities and core competencies. BOC Gases Zimbabwe needs to conduct the internal examination to identify the strengths, weaknesses and figure out loopholes in resources, capabilities, and core competencies. This will enable the firm to work out appropriate strategies for leveraging its strengths and overcoming its weaknesses and closing the gaps in the aforementioned internal components 2.10 The competitor situation Changes in the business environment and moves by competitors wear down the competitive position of organizations, which in turn, act in response with countermoves. Competition moves through cycles and competitive advantage is momentary (Fleisher et al 2013). Attractive strategies must be based on innovation or being different than competitors in ways that customers value. The quest of unique competencies, defined as those resources and capabilities owned by the organization which are matchless by competitors, are what leading businesses like BOC Gases Zimbabwe look for to be able to maintain their competitive advantage. A competitive advantage is the distinct way an organization is positioned in the market in order to obtain an advantage over its competitors. Organizations, which identify these opportunities to produce the environment of disequilibria, will permit BOC Gases Zimbabwe to gain influence in its profitability. The challenge that faces firms is to maintain and guard this position for as long as possible, to give them a competitive advantage in the market. Finding the means for achieving this fit or congruence between an organization and its business or competitive environment is a decisive task of management in business today 2.10.1 Competitive Intelligence While strategy and planning can put in the picture an organization in which direction to head, competitive intelligence is the tool that will recognize, making the right choice. Having the correct information often spells the difference between success and failure. Competitive Intelligence encompasses the potential effects (i.e. threats and opportunities) fashioned by all exterior elements of the business environment that impact on the present competitiveness and future competitive capability of an organization. Intelligence is the value add product resulting from the collection of data, evaluation, analysis, integration and most significantly the analysis of the information 2.11 Appraisal of companys strategic intent Once a company has analyzed its environment and has recognized what its strengths and weaknesses are, as well as its opportunities and threats, it has information that is necessary to put together the companys strategic objective and its mission. Strategic intent is a high level statement of the means by which a company will accomplish its vision. Simply put, its the companys vision of what it wants to attain in the long term. To achieve this BOC Gases Zimbabwe has to leverage its resources, capabilities, and core competencies to complete the companys goals in a competitive environment. An example of expression of strategic intent would be Coca Colas dream of putting a coke within arms reach of every consumer in the world. If BOC Gases Zimbabwe well-defined mission and vision statements and hangs them on the wall and there are no execution plans to put these statements into effect, then thats where they will hang about One of the key responsibilities of management is to energize their employees to work towards corporate goals. The logic, exceptionality and discovery that make your strategic intent come to life are fundamentally important for employees. They have to appreciate, consider and live according to it. Strategic intent is most efficiently shaped when employees deem passionately in their companys product and when they are alert completely on their firms ability to do better than the competitors (Hitt 2014). 2.12 Benefits of cost cutting strategies While layoffs will obviously reduce expenses in the short term, they may have serious long term ramifications for BOC Gases Zimbabwe- by making it harder to take advantage of opportunities for growth. Some alternate strategies might include reducing employees hours or overtime and requiring monthly or quarterly days. Also delaying hiring to fill new or open jobs instead, distribute the work to existing employees or use freelancers or contractors. By holding onto the best and brightest employees, its easier to take advantage of opportunities during inevitable economic rebound. Cost cutting in this gas industry should be done very carefully, as it could severely impact sales and revenue. Instead BOC Gases Zimbabwe should consider increasing its advertising and marketing budget to gain strategic advantage over competitors.BOC Gases should involve its vendors and suppliers know about the cost cutting initiatives and ask them to suggest ways that we can be worked together more cost-efficiently. The continuing lack of harmonization between sector actors (Ministry of Energy, suppliers, retailers, fabricators) has resulted in meager quality service and equipment provided to Zimbabwean households. Given the degree of issues such as cylinder condition and associated safety concerns, persistent discussion and synchronization among stakeholders is necessary and profitable. An early step could be to engage industry stakeholders in preparation of the Specific Law on LPG Markets. Create a committee including private LPG companies and pertinent government stakeholders to meet, debate, coordinate and define key actions for the sector, including the Law on LPG Markets. Consumers reported receiving no information or instruction on safe installation or proper use of LPG. The quality of services provided by gas retailers (stove installation, cylinder handing) needs perfection. Gas retailers are sometimes badly dressed, untaught and reflect badly on Industry. Not all gas retailers are licensed which may add to low standards. Ministry of Energy is aware of this shortfall. Reasons include the lack of information about licensing requirements and the involvedness of the process. When delivering the license, Ministry of Energy reported that they supply retailers with information on proper LPG use, cylinder maintenance and safety measures. The relationship between gas retailers and suppliers differs by company. Some retailers sell LPG from a sole supplier, and sometimes are employed by that supplier. Other gas retailers operate independently, buying LPG wherever they get the best deal. These relationships are an imperative deliberation for capacity building programs. Finally, a higher number of gas retailers in the country would contribute to better consumer proximity. The Ministry of Energy should build up a safe cylinder handling and LPG installation program and train gas retailers. Recent inspections conducted by the Ministry of Energy have found partially-filled cylinders in the marketplace, a practice widely experienced by consumers. Such experiences contribute to consumer doubt of both gas retailers and LPG suppliers. Consumers reported feeling subjugated, irritated and incapable to change the situation. Consumers experience getting less LPG than they pay for creates unfriendliness toward Industry and in the end limits market growth. On the other hand, contented consumers who talk positively about LPG with family members and friends often end up recruiting new customers. Unfinished supplier refills, unlawful cylinder use by gas retailers before delivery, and leakage are all likely reasons for partially-filled cylinders. Some say that cylinders are full when shipped from the suppliers and that losses are taking place at gas retailers. Others report that gas retailers receive cylinders that are not full. Moreover, cylinder seals that purport to put off access are not tamper-proof. They are easily detached and replaced, after LPG has been siphoned off, so have little reliability with consumers. Some gas retailers have started weighing cylinders at the point of sale, proving to consumers that they are supplying fully-filled tanks. Some companies are using cylinder weight as a marketing tool, indicative of their frankness and customer service. As more distributors make lawful cylinder weight, consumers will come to be expecting and perhaps even insist it. Participants recognized the need for both Industry self-regulation and Government monitoring and regulation. Ministry of Energy has started conducting unsystematic inspections to confirm scale accuracy and cylinder weight and issuing fines when appropriate. These spot checks have attracted media attention. Some in industry, however, object to Government taking part in consumer protection and human rights organizations in monitoring industry. Increased LPG consumption is likely to necessitate infrastructure expansion, particularly import competence. Virtually all of Zimbabwes LPG is imported (Pearce and Robinson 2013). 2.13 Chapter summary This chapter dwelled on the theoretical framework suitable for this research. Al the literature reviewed paves way for this kind of research to be carried and fill the gaps within the scholarly views. The literature reviewed in this chapter confirms extensive research on the strategies aimed at reducing spiralling costs at BOC Gases Zimbabwe. References Cooper D R, Pamela S. Schindler 2013, Business Research Methods, 8th Ed. McGraw Hill ExxonMobil, A Report on Energy Trends, Greenhouse Gas Emissions and Alternative Energy, February 2014. 20 p. Fleisher C S., Babette and Bensoussan 2013, Strategic and Competitive Analysis, Prentice Hall Heinberg, R,2014. Power Down. BC Canada New Society Publishers, 2014. 209 p. Johnson G. Scholes K., 2015, Exploring Corporate Strategy 5th Edition, Prentice Hall Europe Hitt, I and Hoskisson. 2014, Strategic Management, Competitiveness and Globalisation concepts and cases 6th Edition Power point slides R Dennis Middlemist. Kotler, P., Armstrong, G. (2015). Principles of marketing. Boston Pearson Prentice Hall. Kotler, P., Keller, K. L. (2015). Marketing Management (14 ed.) Prentice Hall. Lackner, K. S., and Sachs,J 2015. A Robust Strategy for Sustainable Energy, Brookings Institute, Brookings Papers on Economic Activity, 22015. pp. 215 284. Lynch R 2015, Corporate Strategy 2nd Edition Prentice Hall, Europe. Mintzberg, H .2014. The Rise and Fall of Strategic Planning. The free press, New York. Parfit, M, 2015 After Oil Powering the Future in National Geographic, August 2015 2-31. Pearce lA. Robinson RB. 2013, Formulation, Implementation, and Control of Competitive Strategy 8th Edition, Irwin, USA. Rauyruen, P., Miller, K. E. (2017). Relationship quality as a predictor of B2B customer loyalty. Journal of business research, 60(1), 21-31. Roberts, P,2014. The End of Oil On the Edge of a Perilous New World. Houghton Mifflin, 2014. 400 p. Robbins, S.P. and Decenzo, D.A., 2016, Fundamentals of Management, 3rd Edition, Prentice Hall, Europe Schiller B.P.,2015, The Economy Today 8th Edition, McGraw Hill, USA. Yergin, D, 2016.Ensuring Energy Security in Foreign Affairs, March/April 2016, pp. 69-82. Zeithaml V A., Bitner,M 2015, Services Marketing 2nd Ed. McGraw Hill cZWvkXfkMTEy
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