Strategic Directions Assignment – Sea Life
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Table of Content
Introduction………………………………………………………..…………………….3
Strategy Models………………………………………………….………………………3
Balanced Scorecard……………………………………………………………….………4
SWOT Analysis………………………………………………………………………….4
Strengths………………………………………………………………………………….5
Weaknesses……………………………………………………………………………….5
Opportunities………………………………………………………………………………6
Threats…………………………………………………………………………………….6
PESTLE Model……………………………………………………………………………7
Political Factors……………………………………………………………………………7
Economic Factors………………………………………………………………………….8
Social Factor……………………………………………………………………………….8
Technological Factors………………………………………………………………………9
Legal Factors……………………………………………………………………………….9
Environmental Factors……………………………………………………………………..10
Blue Ocean Strategy………………………………………………………………………..10
Porter’s Five Forces…………………………………………………………………..……11
Threat of New Entrants…………………………………………………………………….12
Rivalry among Existing Operators…………………………………………………………12
Buyer Power………………………………………………………………………………..12
Supplier Power………………………………………………………………………………13
Threat of Substitutes…………………………………………………………………………13
Scenario Planning……………………………………………………………………………………………………14
Whether the Models have Changed or Not………………………………………………………………….15
Whether the Strategies Adapt to the Current Environment………………………………….15
If Current Timeframes for Decision-Making has Connections with Strategy……………….16
Determining the Role of E-Modelling at Sea Life……………………………………………16
Conclusion…………………………………………………………………………………….17
References……………………………………………………………………………………..19
Appendices…………………………………………………………………………………….22
Strategic Directions Assignment – Sea Life
Sea Life, a five-star hotel in Bosnia and Herzegovina uses strategy models such as the balanced scorecard, SWOT analysis, PESTLE model, blue ocean strategy, Porter’s five forces, and scenario planning. Each of the model requires special consideration because they are unique in their own way. Implemented appropriately, these models have the capacity to notify the firm how business environment impact on operations, as well as to respond to changes. The group uses these strategic models because they have continued to play critical functions not only at the organization, but also in other firms that operate within the hospitality as well as in other sectors. The strategic models are flexible and can adjust to the present internal and external environments and the pressures emanating from these areas. Moreover, the analysis describes how Sea Life applies a time frame for decision-making that permit for a reflective aspect insinuated in the idea of strategy. More fundamentally, the essay explains why the company pays considerable attention to advancing its e-model at a time when many other multinational corporations are investing in this area significantly. Being able to apply the models as effectively as possible provides an opportunity to respond to factors within the micro and macro environment more effectively and reposition the firm on track it deals with a difficult situation.
Strategy Models
Balanced Scorecard
A balanced scorecard is a strategy performance model that can be utilized by organizational leaders to monitor the execution of operations by staff members within their operational area and to examine the effects emanating from the operations. Seal Life pays considerable attention to the balanced scorecard model that provides much information to the company concerning ways of identifying and improving key operations in the internal business environment. Often, businesses rely on the technique to come up with helpful information that guide decision-making (Gomes & Ramao 2017, p. 3). Regarding learning and growth, which is a key aspect of a balanced scorecard, the company pays consideration to training its staff members to equip them with helpful skills about their work. The team believes that paying considerable attention to this aspect provides a suitable chance to build highly competitive individuals and strategies. Concerning business processes, the relevant groups, including the Operational Management, engage in investigating how appropriately services are issued. The team in charge of operations in this area analyzes evident gaps, constraints, and concerns that require attention to return the business on tract. Also important when examining the balanced scorecard is the need to understand consumer perspective (Georgiev, 2017, p. 36). The team responsible for customer relations gather and gauge buyer satisfaction by considering the availability, price, and quality of services or products. The information buyers give about their satisfaction and experience with current services and products help the firm to make key strategic decisions that impact significantly on organisational operations. Also part of Sea Life’s balanced scorecard is the need to focus on financial data. The groups strives to ensure that it maintains its income estimates, budget, and ratios within reasonable targets because the information is key in determining the course the group embraces when it comes to planning for current and future operations. Hence, the balanced scorecard serves a crucial role in ensuring that the business operations are in accordance with the strategic model’s requirements.
SWOT Analysis
In an attempt to face its competitors more effectively and also understand how its external environment impact on its operations, Sea Life performs a SWOT analysis of its operations to understand how its strengths, weaknesses, opportunities, and threats determine its activities. Other than viewing the model as a source of information for effective strategic planning, Sea Life regularly perform SWOT analysis as an approach to building the firm’s strengths and reverting its weaknesses (Gurel 2017, p. 997). In addition, Sea Life pays special attention to the strategy model because it presents an avenue to enhance organisational response to existing and emerging opportunities. More fundamentally, the multinational firm pays much attention into this area and invests considerable resources in it to gain strength in averting the company’s threats and identifying core competencies of the hotel. The following is a SWOT analysis of Sea Life;
Strengths
Sea Life takes advantage of its strengths to perform its operations in the hospitality sector believing that it will emerge as a competitive operator. A key strength for the hotel is that it has established its operations in foreign nations, which increases its likelihood for generating more revenue and making the brand stronger in foreign markets. The other strength is that the company is highly flexible, which makes it possible to embrace emerging ideas and concepts. More fundamentally, the firm benefits from its democratic leadership style that permits staff members to give their views concerning what needs to happen and how they should take place (Pinnington & Tourish 2009, p. 30). Hence, the strengths and Sea Life play vital functions in fostering performance.
Weaknesses
The weaknesses at Sea Life impact significantly on organisational operations. An evident weakness at the company is that it lacks presence in many developing economies, particularly in Asia and Africa. The absence denies it the chance to venture into markets that have high potentiality, and which are likely to be more influential in the near future. The other weakness at the firm is that it is yet to embrace proper diversity and the various workstations, a deficiency that puts it at risk of building a hostile environment that can contribute to increased turnover (Krithi & Pai 2021, p. 165). Hence, the group should identify ways for dealing with the weaknesses to make significant strides in its operations.
Opportunities
Sea Life takes its opportunities seriously because it understands the value associated with the process. An opportunity at Sea Life that would help it to advance in its activities is the advancement in technology that Mgunda (2019, p. 150) believes makes it possible to engage in operations that were not possible before the growth. For example, today the company interacts with a significant portion of its consumers and stakeholders via online avenues, which improves how it engages consumers from foreign markets. Changing consumer taste is another crucial factor that benefits the firm because buyers are increasingly calling for additional services that present a better chance to generate needed revenue.
Threats
The team pays much attention to enacting measures that would help it counter threats that could disrupt how the firm approaches its actions. A major threat at the company is the competition it faces from other operators in the sector. In Bosnia and Herzegovina, leading players such as Hotel Hills Sarajevo Congress & Thermal Spa Resort and Malak Regency Hotel are major rivals of Sea Life. For example, Hotel Hills Sarajevo Congress & Thermal Spa Resort tries to appeal to its buyers by offering different appealing services, including 24-hour room services, parking, high-speed Internet, and easy-to-real receptions (Hotel Hills 2022). Sea Life may have to pay more attention to the threat to conduct its activities smoothly. A summarised table of the SWOT analysis appears in the appendix section.
It is possible to apply SWOT analysis to the present external and internal pressures, a practice that shows the relevance of the framework to the organization. The framework is suitable for addressing factors in both the micro and macro business environment because it becomes easier to know how strengths, weaknesses, opportunities, and threats in both environments influence operations (Mgunda (2019, p. 152). A SWOT analysis is relevant because in any business context it is possible to experience factors that either facilitate organizational practices or distort practices. Thus, paying more attention to a SWOT analysis presents a suitable chance to address disturbing factors.
PESTLE Model
Political Factors
Sea Life employs the PESTLE model that allows it to understand how key factors in the macro-environment influence the organisation’s activities. The group while running its operations, and while expanding its actions to foreign markets consider various key political factors, which refer to the aspects that can be changed by the government’s intervention on a nation’s infrastructure, and possible the firm’s resources. Sea Life pays more attention to a government’s tax regulation because this could influence income production (Rastogi & Trivedi 2016, p. 385). Besides, the hotel in its domestic and foreign operations pays attention to trade policies and tariffs, and examines how this could determine its importations and exportations. Another crucial political aspect the group considers, particularly when seeking to expand its operations, is the political stability of the target market. The firm would not want to venture into a place where political uncertainty affect policy formation or cause physical confrontations that end up disrupting key activities. Overall, the identified political factors impact on the firm because it the company is obliged to abide by all these factors to avoid being termed as noncompliant or inconsistent with outlined directives. Thus, the hotel pays much attention on the political aspect when using the PESTLE analysis as a strategic model.
Economic Factors
Economic influencers are equally essential in the case of Sea Life. The group pays considerable attention to how fluctuations in interest rates influence its activities because it relies of loans as a crucial avenue of generating its funds. The hotel both domestically and globally considers individuals and households’ income level because this would serve a fundamental function in determining how consumers purchase the firm’s goods and services. In addition, Sea Life pays considerable attention to how the prevailing economic factors impact on wage rates. Whereas the firm acknowledges the need to pay its workers well, it also appreciates the significance of achieving a revenue margin that is beneficial to the company. Consequently, it would be comfortable serving in an environment where workers demand a reasonable share as their revenue.
Social Factors
Social factors are equally influential and determine how Sea Life performs locally and internationally. A critical social factor that the group considers, and which Buye (2021) identifies as a vital social component is how the cultural practices and beliefs of a particular society or community will influence their decision to purchase. It is much easier for the residents of a particular place or consumers in a particular market to accept an organisation’s provision’s when the society already embraces and accepts the brand. However, this would not be easy to achieve in scenarios where the culture fails to acknowledge what the firm does. The other essential social factors that impact on the hotel’s operation are safety and health concerns because both workers and consumers would want to associate with a group that is not likely to create a safe and healthy workstation.
Technological Factors
Technological factors impact significantly on the operations of Sea Life, and the management pays considerable attention into this area. Present companies operate at a time when invention serves as a grave aspect of organizational processes (Shabanova et al. 2015, p. 708). More innovative groups have a better chance excelling in their activities as opposed to groups that do not pay considerable attention to using IT and related forms. The technological aspect is a crucial component because it offers the chance to develop quality products that are highly likely to attract buyers. The team pays more attention to incorporating international standards because this help to be at par with other groups that seek to secure a considerable share of the global economy.
Legal Factors
The legal aspect is a crucial one for Sea Life that aspires to perform its activities without indulging in acts that contravene existing laws. For instance, the group adheres to laws on HRM practices, as well as focuses on what the tax policy says. Moreover, the group pays much attention to creating a workstation that follow work health and safety rules, which are often impacted by legislation either nationally or locally. Other legal factors that Sea Life considers in the course of its operations include zoning laws, which may influence where the firm establishes its operations, civil rights laws that seek to prevent staff members and other stakeholders against discrimination, and intellectual property laws that restricts the firm against contravening intellectual properties such as films, music, and books. The team understands that failure to adhere to particular laws could cause legal battles that may only inflict more financial burden onto the company.
Environmental Factors
The environment aspect of the PESTLE model is a crucial one for Sea Life that focuses on achieving environmental sustainability as one of its chief objectives. Consequently, the company has its environmental policy that emphasizes the need to prevent actions that could potentially cause pollution, thus ending up contaminating water bodies, land, and air. Hence, the hotel deploys the 3Rs concept that calls for reduction of waste generation, reuse of parts and products, and recycling resources for reuse. Specifically, Sea Life has a plan and objective for minimizing its carbon footprint, which according to the paper by Buye (2021) forms a key basis of other companies. The hotel appreciates the value of embracing practices that help to reduce the rate and which climate change happens, which is the reason why it invests much resources into minimising its release of GHGs in the atmosphere. The other environmental factors that Sea Life considers because of their influence on the organization include increased attention to renewable sources of energy and adherence to environment-related legislations.
Blue Ocean Strategy
Overall, the blue ocean strategy entails developing new market spaces and making the rivalry in the sector less relevant. Yunus and Sijabat (2021, p. 4) argue with regard to the blue ocean strategy that to prosperously get away from unfavorable competitions to new market spaces where competition is not likely to harm organisational operations it is essential to consider certain critical factors. Hence, Sea Life while expanding to foreign markets seeks to venture into places that have the potential to attract more buyers while presenting little rivalry at the same time. Specifically, the group explores markets where there are not pricing pressures because this could sway it into setting rates that may not be favorable for the company. In addition, Sea Life works on lessening the implications of competition on its operations by embracing factors that differentiate it from other operations thereby increasing its likelihood for appealing to buyers. For instance, it tries to offer unmatched customer services to make it unique in the sector. Sea Life pays much attention to the blue ocean strategy because of the merits associated with it. For instance, the approach permits brands to form and thrive within unmatched market spaces, while at the same time rendering competition less relevant.
Whereas the blue ocean strategy has certain limitations it is relevant to the organization. The weakness is that there is a probability that the consumer might not comprehend what the firm is trying to sell and how advantageous the products might be. In addition, the technology and the consumer desires might not be formed up to the level where the firm can generate profit. Nonetheless, the model is relevant to the organization because it aspires to make the rivalry less relevant by reconstructing organizational boundaries and limits (Rahman & Choudhury 2019, p. 93). Whereas traditional strategic techniques drive firms to describe their sector similarly, and pay attention to being the best within it, the model triggers them to get out of the accepted limits that determine how they compete.
Porter’s Five Forces
Sea Life, in an attempt to improve how it understands the influence of the external environment on its operations, considers the Porter’s five forces that are equally effective in determining factors that could determine the trajectory the business takes. The model is relevant in today’s world because it offers guidance in evaluating and assessing the position and competitive strength of a business establishment (Bhaskar et al. 2019, p. 1441). Often, business deploy this technique with the intention of assessing general competitive landscape of a specific organisational sector because each of the five forces gives a reflection of the market intensity. The following is a detailed analysis of Sea Life’s Porter’s five force;
Threat of New Entrants
This aspect looks into how easy or hard is it to venture the market for emerging brands. While the company may be at par with all its market analysis, this component demands continuous evaluation and assessment. While Sea Life is considerably stable, the emergence of new operators could impact on its position and standing in the market because new operators are likely to appeal to a considerable number of buyers (Bhaskar et al. 2019, p. 1441). Fortunately, the possibility of reaching the height of a five-star hotel is not easy and not many operators would want to venture into this area unless they have the capacity and resources. Otherwise, the market entry barriers associated with entering the sector offers Sea Life an opportunity to expand its practices and impact on buyers.
Rivalry among Existing Operators
The high competition among operators is a key element of the Porter’s five forces that Sea Life takes seriously. The company, as already noted, faces considerable competition from other five star hotels in Bosnia and Herzegovina where tourism is a fundamental contributor to the economy. The competition is stiff in both online and offline activities, and only those that can keep up with the rivalry maintain their position or record significant strides in their activities (Bruijl 2018, p. 2). As a result, Sea Life focuses on acts that would keep it above or at par with its rivals in the sector where competition is high.
Buyer Power
Buyer power refers to when buyers have the influence to determine organisational prices. Typically, the consumer power is high when they have more alternatives and low when their choices are limited (Mugo 2020, p. 37). Sea Life notes that the buyer power in the sector where it functions is relatively higher because consumers can easily get similar services from other five star hotels in Bosnia and Herzegovina or other markets where the company operates. Hence, the group enacts measures to preventing buyer power from escalating to levels that deny it the chance to generate its target revenue. For instance, the company focuses on developing quality services and products as well as upholding positive relationship with all consumers as a way of maintaining buyer position at acceptable levels.
Supplier Power
Offline or online, organisations largely depend on other businesses or suppliers for the smooth progress of their activities. It is the reason why it is essential to consider how level of supplier power could determine a company performs. It is important to confess that the vendor power is high when purchasers have few alternatives when choosing a supplier and low when more suppliers presenting a particular merchandise are existing in the marketplace (Isabelle et al. 2020, p. 30). A high supplier power impact on the organisational operations, especially in terms of financial commitment because this calls for remitting more money to get necessary supplies. Thus, an approach the hotel uses to avoid high supplier power is that it sticks with particular suppliers whose rates are constant and not likely to distabilise the company’s financial position.
Threat of Substitutes
In addition to acknowledging the effort competitors put in their operations in an attempt to strengthen their brand, Sea Life is also aware of the idea that it might also competing with a substitute service or product. An operator who competes indirectly may be influencing on the company’s profitability as buyers are switching to different services or products. Often, a substitute product amounts to a threat if it is of a lower price with a considerably superior quality or similar function and if it provides a similar price but is more operational or of high quality (Bruijl 2018, p. 4). Thus, in an attempt to avoid the adverse effects of substitute products, Sea Life ensures that it appeals to consumers through quality services that would keep consumers coming back.
Scenario Planning
Scenario planning is a key aspect of operations at Sea Life that enables the group to determine how operations are likely to change going forward. Scenario planning according to Dean (2019, p. 6) is an approach to asserting control over an unpredictable world by recognising assumptions concerning the future and finding out how the company will react. Hence, the corporation following the key steps of scenario planning to achieve impressive results. To begin with, the team responsible for the exercise brainstorms future scenarios to acquire an overall picture of how things are likely to change going forward. The second step Sea Life follows when engaging in scenario planning is that it identifies the relevant driving forces that are likely to impact its operations. Thus, it uses models such SWOT analysis that make it possible to determine how factors in the internal and external environments would impact on business activities. Afterwards, the team develops a planning template to guide it on how to handle future operations more effectively. The team then formulates a scenario of future business operations before evaluating it using applicable techniques. The final process in scenario planning at Sea Life is updating strategies and policies as accordingly as possible. Therefore, scenario planning is an indispensable strategy model for Sea Life that it has continued to use over the years. The chart in the appendix identifies the key components of scenario planning at Sea Life. It shows how the group pays considerable how future operations is likely to be in terms of organisational strategy, environmental analysis, and forecasting.
Various factors make scenario planning relevant to the firm. The approach allows the group to make the firm able to adapt to various circumstances. It also reveals the results of chief corporate variables. Moreover, using scenario planning allow the company to respond more effectively to various issues in a rapid and precise manner (Benedict 2016, p. 306). For instance, it is easier to understand how internal and external transformations such as organizational restructuring, supply chain issues, and increase in the price of raw materials can be addressed more effectively. Hence, scenario planning is a key tool for Sea Life.
Whether the Models have Changed or Not
The argument in this section is that Sea Life has continued to stick with the identified strategy models because of the key roles that they play in guiding organisational practices. What the company does, therefore, is that it continues to acquire relevant knowledge regarding how the various models would work effectively when put into good use. The hotel promotes the training of its workers because Rodriguez and Walters (2017, p. 208) argue that this approach improves their capacity to use the various strategy models more effectively to foster overall performance. The training and personal researches enable staff members to identify changes in how these models work, and be able to apply them in conducting key business practices.
Whether the Strategies Adapt to the Current Environment
The other reason why the hotel chooses to stick with the strategy models is that that have the capacity to effectively adjust to the business environment that keeps changing from time to time. For example, it would not reach a time when the SWOT or PESTLE analysis will become less influential and important to companies because they would always want to understand how factors in the internal and external environments impact on their activities. For example, the aspect of technology will always be a crucial factor for businesses to consider (Owens 2006, p. 26), particularly when they want to fit in into the current business setting where the level of technology a company deploys determine how they appeal to consumers and compete with other firms.
If Current Timeframes for Decision-Making has Connections with Strategy
A critical assessment of Sea Life suggests that its present timeframes for decision-making has considerable connection with business strategy. Overall, corporations are increasingly embracing e-modelling, which refers to a company’s representation of its online activities, and comprises of three core aspects; business structure, organisational strategy, and ICT because of various compelling reasons (Benitez et al. 2018, p. 121). Some of the key factors that make e-modelling appealing to Sea Life is that the approach is easy to establish in terms of cost and resources. Whereas some of the hardware and software could be costly at the time of purchase, their return on investment (ROI) is considerably high and have long-term effects on the business (Amit & Zott, p. 495). For instance, a firm may have to purchase a powerful server, router, and applicable software when installing Internet at the company. Some of these items are usually costly but once the company acquires and installs these components it becomes easier to run business functions for a long time without having to repair or replace the gadgets. The fact that indulging in online activities does not limit an organisation to geographical boundaries make e-modelling an indispensable tool for Sea Life.
Determining the Role of E-Modelling at Sea Life
The company considers e-modeling to be a vital constituent of its activities, especially now that more companies are turning their attention to digital platforms. Various factors compel Sea Life to expand its online presence. A key driver is that the approach eradicates boundary limitations because the Internet spreads across the globe and spans all regions and time zones. Furthermore, the group ventures into the area because it offers the chance to conduct business activities without using much time and resources (Beno 2021, p. 14). Eventually, it is possible to achieve customer satisfaction when relying on the e-modelling framework. Besides, exploring the e-model presents an appropriate chance to keep the organization important in a context where various firms compete to persuade customers using the latest methods (Chen et al. 2019, p. 857). Thus, Sea Life has adopted initiatives that would enable it to excel in this area. Specifically, it has made considerable advancements in its website, an improvement that makes it possible to engage buyers more effectively and actively. The website is self-interactive, user-friendly and engaging at the same time. In addition to using its website, Sea Life is making its presence on social media much stronger because this also makes it possible to engage consumers from foreign markets in real-time. More fundamentally, the framework improves efficiency at the workplace because employees do not have to be physically present at the workplace to conduct their functions. However, the group acknowledges that it may have to make certain adjustments in this area to achieve impressive results.
Conclusion
Some of the models that form the basis of this essay, and which are essential in determining operations at Sea Life include the balanced scorecard, SWOT analysis, PESTLE model, blue ocean strategy, Porter five forces, and scenario planning. Each of the model requires special attention, which is the reason why it is important to commit enough resources to each of the process. The analysis reveals how Sea Life has remained attached to the strategy models it uses after realising that their value and implications on improving performance hardly change. Moreover, the adaptability of the models to the changing business conditions make the models still relevant to the company. The analysis also explain how Sea Life is committed to enhancing its e-model at a time when Internet-based activities are becoming more appealing because of the capacity to reach buyers and other stakeholders without restriction. The ability to engage stakeholders through online platforms presents an opportunity to perform key operations in real time, including responding to the needs of consumers.
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Appendices
Appendix 1 – Summary of SWOT Analysis
| Strengths Global presence Flexibility Democratic leadership | Weaknesses Lack of presence in developing economies Poor diversity |
| Opportunities Technological growth Changing consumer interests | Threats Stiff competition |
Appendix 2 – Key Areas of Scenario Planning at Sea Life