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A.C. LLOYD is an Asset Management Company and a privately possessed property investment and growing organization in the Royal Leamington Spa, Warwickshire. The company has been operating for 50 years and has been dealing in commercial development schemes like the building and design of warehouses, offices, retail units, and more. Moreover, it has a qualified and skilled team of individuals who carry out the build and design projects offering extremely effective turnkey processes (A.C.LLOYD 2020).
SWOT Analysis is the best framework to examine the internal environment of the business organization. Furthermore, it assists the organizations to do situational analysis and useful for assessing its strengths, weaknesses, opportunities, and threats (Gürel and Tat 2017).
Strengths
The company has made its robust reputation in the local environment over the years. The company’s strength is its good contacts of people at the strategic levels. Furthermore, the quality that it offers to its clients in the designs of houses is also one of its strengths. Additionally, it has robust relationships with the contractors due to its behavior and timely payment to them.
Weaknesses
A.C. Lloyd does not possess a big team of people on the commercial side due to which it is able to focus less on this aspect of the business. It is not good at forecasting the demand for the products that lead to a greater rate of missed opportunities relative to its rivalries.
Opportunities
Expansion and growth opportunities can be found in the commercial development side of the company’s business. Moreover, the company can focus more on its portfolio business along with maintaining its other businesses.
Threats
The threat may be in the form of a recession period where the company has to lay a limited number of staff members off. It is a terrible thing for business as some good employees might be laid off just because of economic circumstances. There may also have a situation of liquidation for the company.
PEST Analysis is a suitable framework for examining the external environment in which the business operates. Further, it is a useful technique used by marketers to analyze the macro-environmental factors (Vlados and Chatzinikolaou 2019).
Political of Country where A.C. Lloyd operates
The political environment of the UK is stable and there are immense opportunities available in that nation. London is the capital of the nation that is an internationally influential center of culture and finance. Additionally, there has been a Brexit movement that means the exit of the British from the EU (European Union) that would lead to bring economic prosperity of the nation (Matti and Zhou 2017).
Economical of the country where A.C. Lloyd operates
The economic environment of the nation in which A. C. Lloyd Company operates is also a stable one due to factors like the GDP of the nation. In the year 2019, the GDP of the nation was 2.7444 trillion US dollars and that has positioned the nation in sixth place in the world. Furthermore, due to the decline in the tax rates in the nation, more investors are attracted to the country and it will lead to bringing prosperity in the nation (Karagianni, Pempetzoglou, and Saraidaris 2019).
Social of the country where A.C. Lloyd operates
Social factors comprise population, education status, and income level, and lifestyle status of the country (Bouma 2016). As far as education is concerned, its universities and schools use modern information and method of learning. Also, the nation's education system is well-recognized all over the world that leads to generating talented and skilled candidates to work in the job sector (Clark 2016). The population is also going to rise in the nation and reach up to 74 million by 2039. It is likely to create more job prospects and assist companies to fill the requirements of more individuals (Office of national statistics 2020).
Technological of the country where A.C. Lloyd operates
The world's most leading research and development institutions belong to the UK nation as its people are constantly putting efforts into inventions and developments. Technological aspects are also progressively improving in the nation in terms of modern technologies like artificial intelligence, IoT, big data, and more. The building or construction industry has more opportunities that they use in the form of designing and construction of units (Nemlioglu and Mallick 2017).
Leadership indicates to the most essential competency that might help any person to bring fruitful decisions in the business activities (Ejimabo 2015). In the A.C. Lloyd Company, there is effective leadership strategies are being utilized by management that pulls the company in the right direction. The strategy behind effective leadership is secured planning in the business aspects. As far as the communication strategies of the company are concerned, all the staff members are communicated about an important project or any aspect via meetings, emails, and more. Furthermore, email is the most used strategy to communicate the company’s project and contracts. The information for the outside environment is to be communicated by the staff members itself. The meetings are conducted in the head office at the headquarters to secure the future of the company.
Culture of the company defines its employees and it refers to the behaviors of an organization and its workers (Belias and Koustelios 2014). It is true that A.C. Lloyd Company is a family-owned business where all staff members are provided with targets and objectives. Further, they are dedicated and motivated to achieve those within the specified strict deadlines. Additionally, due to its decent culture, its employees desire to stay there for the long-run. As far as ethics and moral values are concerned, the company has strong ethics as it trusts its workers and also the staff has trust in the company. Lloyd is of the view that if a company treats its employees well then they are more motivates to work at an organization.
Since A.C. Lloyd was operating for 50 years, it has positioned itself in a sustained manner in the industry. Further, it has preserved a recognized competitive position in the market via its quality offerings for numerous years. It has a strong reputation locally over the years. Everyone in the geographical area of the company knows it very well due to its presence for many years.
Strengths of SWOT Analysis
The strength of using this tool is that it is a simple one and can be applied to any organization in any sector. Furthermore, it assists leaders to create opportunities for effectiveness. Additionally, it helps the company to generate a plan of the outbreak of exploiting the strengths or handling the threats and weaknesses.
Limitations of SWOT Analysis
Limitations are in the form of reliability meaning that there is a lack of clarity in using this tool. Further, it can reflect the biases as it is based on subjective analysis. It does not prioritize issues as it is designed in such a manner that It can only address pertinent issues (Rahman 2014).
Strengths of PEST Analysis
PEST tool is best in the way that it offers a simple and easy to use the technique for the analysis. Moreover, it assists in minimizing the influence and effects of probable threats to the company. Also, it encourages the development of strategic thinking within the company
Limitations of PEST Analysis
The external factors may change promptly and it becomes difficult for analysts to examine the impact. Furthermore, it may be possible that there is a lack of easily available information hence analysis is based on assumptions (Shabanova et al., 2015).
Client expectations necessarily belong to new designs and new developments in the project. Further, they require all the benefits like quality, timely delivery, best treatment, and more. Their needs from the company's services are in the form of time certainty, flexibility, cost certainty, speed, responsibility, quality, complexity, and risk avoidance.
Economic Issues
There are usual economic issues that A.C. Lloyd Company is facing like recession period, and lack of finance. Furthermore, these issues may entail interest rates, inflation, cost of employee benefits, and more.
Mortgage availability
There are issues that the company is facing at national and international levels in the form of nervousness of clients in respect of buying and lease commercial units. Besides that, they are not even confident that they get a mortgage for the same as there is a shortage of availability.
Shortage of land
The company has to search for land for both its commercial and residential activities. There are fewer development opportunities available in the nation in this regard.
It is suggested to A.C. Lloyd Company that it must do strategic planning to deal with the economic issues like recession period. Further, it is advisable to cut on its expenses by reviewing the company’s existing policies. It should think for the long-term by providing leaders with tools for training, efficiency, communication, and alleviation (Ruddock, L., Kheir and Ruddock 2014). It should figure out what the employees want most so that they can be motivated by the company. Build morale and motivation by clearly communicating with employees what is happening with the business and try to involve them in decision-making to find innovative solutions. A proper human resource plan would work in that situation so that staffing costs can be determined accurately and the company is able to set prices for its services and goods in an economic downturn (Osabiya, 2015).
Partnership with mortgage providers is the best suitable suggestion for the company so that it can overcome the mortgage availability issue existing in the market. It helps the company to increase the people's confidence in looking more for buy or lease options and can drive the company’s business (Van Tulder et al. 2016). Furthermore, it is recommendable to hire an expert or advisor who can guide suitable to clients about buy or lease options and make them able to take appropriate decisions. There must be a separate portal where clients can raise their concerns and expert can guide them in overcoming their queries in a short span of time. This would ultimately increase the client’s confidence in taking services from A.C. Lloyd’s business and increase its profitability (Nagy et al. 2017).
There must be a right of tools and techniques to search for better and small sites for land. Again, leadership strategies would work here to guide its employees to look for suitable options available in the market. Research activities are also a part of this suggestion that assist the company in examining the market opportunities. Investing in advertisement and marketing can help a company to look for more land options as it will target a larger audience via social media marketing, and advertisements. Additionally, it is recommended to the company to join construction based groups on social media platforms where it can partner with numerous people and can get the solution to its issue of land accessibility. Having a robust partnership and association with subcontractors may also assist the company is looking for land solutions easily as contractors have further contacts with identical businesses (Aichner and Jacob 2015).
To cut on the expenses of the company, there can be the utilization of a concept called as strategic leadership as an implementation strategy (Aarons, Ehrhart and Farahnak 2014). A strategic leader is the one who has the ability to inspire others to create those choices that bring improved prospects for the long-run success of the organization, without harming its short-run financial constancy. This is an extremely useful notion to deal with the economic issues facing the company as strategic leaders know the significance of moving out of the transactions of business even though the inducement to go sooner in times of economic insecurity. Strategic leadership further fosters a culture of open and transparent communication that assists everyone in the company to implement the change in a suitable and effective manner. Strategic leaders assess the changeable external environment and start the rules that upsurge the performance of the business which results in building a competitive edge in the market (Özer and T?naztepe 2014).
Furthermore, this leadership style plays a significant role in the change management policies of the business. The strategic leader cultivates the novel approaches according to continuing situations affecting the external environment. These leaders do so to make the workforces adapt to the deviations from time to time and encourages them by bulging the creative consequences of the deviations. Additionally, there must a proper communication plan also to convey the strategies to the staff members made by the leaders. Strategic leaders have strong communication skills thus they can communicate the vision they planned via having an open door policy or via conducting one-on-one meetings with the members of the team and the key stakeholders. Furthermore, strategic leaders can deal with the economic recession by shifting their focus of approach from simply growth in market share to development in lucrative market share. These leaders definitely bring a positive impact on the organizational direction as they work in an unclear state on very complicated matters that affect and are influenced by instances and establishments outer to their own (Simsek et al. 2015).
The recommendation for increasing the confidence of people in choosing the suitable option is the hiring of a property expert adviser who can guide the clients in regards to their queries. Furthermore, in order to effectively boost their confidence in leasing and buying options, the expert must have suitable lead passionate about the subject and updated about the evolving environment of property and construction so that they can guide people appropriately. Further, better results can be achieved if these leaders as property expert advisor possess the analytical ability. This is required traits of experts as the client’s desire planners to be experts, to carry information about all the things, and to know how to smear that knowledge to clients’ exclusive set of conditions (Jimenez 2019).
The communication strategy that can be used by experts to communicate their suggestions to the clients may be via a separate website or portal made for the purpose. Moreover, social media platforms can be used for conversation purpose and leaders as experts can make robust relations with clients by keeping in touch with them frequently (Luo, Jiang and Kulemeka 2015). Additionally, in this respect, expert advisors act as the effective guide for the clients and find out where they desire to go, and plans the nonviolent, most active way to get them there, and directs the way. Another way to get positive results is that the company must hire advisors that carry emotional intelligence leadership skills. These leaders are pleasant, empathic, sympathetic, and proficient to establish robust relations with the people and clients. Also, they are approachable, practical, and responsible in everything they do (Lowman and Thomas 2015).
Since the recommendation for this issue is to adopt the approach where employees are provided with accurate tools and techniques in searching land therefore the company is to put efforts into bringing transformational leaders into the organization. This is due to the fact that they are the ones who can foster teamwork in the company and bring positive results effectively. It is the best leadership style to implement the recommended strategy to overcome the land issue (Wang, Demerouti, and Le Blanc 2017). Further, the transformational leadership theory states the procedure where leaders look after the desires and goals of their team members and bring about an inspirational environment for them. It is so because there are four aspects that are linked with this leadership style namely idealized influence, inspirational motivation, intellectual stimulation, and individual consideration. Effective communication skills are required to connect with the people on social media platforms and the people on construction groups so that they can suggest the best possible available options for land (Gyanchandani 2017).
Additionally, not only the leaders have the transformational leadership traits, but also members of the company do possess self-leadership and emotional regulation strategies to attain the goals effectively in respect of land issues. Further, all employees to work passionately in the company must be gratified all the time by their supervisor. It can be done by providing them with both intrinsic and extrinsic rewards for their extraordinary performance in solving the issue under the transformational leadership of their supervisors. The organizational direction in respect of looking for better land options can be made successful by adopting the transformational leadership strategy due to the reason that it involves all staff into the decision-making process of the company and also communicate clearly the goals and direction of attaining them in an efficient manner (Yi et al. 2019).
Gibb's reflective cycle is the best suitable model to discuss the learning from experiences. This model enables an individual to think about his experiences and make him aware of his own activities and how to apply the learning in the future (Bass et al. 2020).
Description
While gaining knowledge from the module, I came across with certain tools that are helpful in examining the internal and external environment of the company. There were two tools that were taught to me namely SWOT analysis, and PEST analysis. Educators taught these tools in an effective manner and all students including me were extremely attentive to learn these models.
Feelings
The educator told me that he is going to teach these tools and demonstrate how important these are like marketing tools that help business organizations. After, I got to know about those interesting facts about the tools; I took much interest in learning the same. Additionally, all my peers also learned those effectively as they thought these tools to be helpful for them in a future career.
Evaluation
That experience of mine was undoubtedly amazing however; there were certain challenges that occurred while learning these models. The challenges were in the form of hostile nature of my peers and their incorporative behavior towards me. As I was not a quick learner so I took help from my peers to understand the models. However, they did not help me in learning those topics. I learned by myself by taking help from my educator.
Analysis
I took this incident to reflect upon as this involves the most crucial models that are useful and can be applied by the marketers to study the internal and external environment of the company. Further, I learned about both the strengths and limitations of those models so I can now apply them in my future by considering both aspects.
Conclusions
From the entire incident of learning, I understood the importance of teamwork, collaboration, and trust in learning a particular topic or subject. Further, it made me understand the concepts like PEST and SWOT analysis in such a manner that I will never forget those. One thing that I learned was how to apply those techniques effectively as a marketer within an organization.
Action Plan
As far as my action strategies are concerned, I would like to apply both these models in my near future in an organization to study its internal and external factors impacting it. I would like to adopt strategic planning by developing my critical thinking skills, communication, time management skills, and more. Additionally, I would like to be a transformational leader in the future to implement the strategies effectively and efficiently.
References
A.C.LLOYD (2020). About us. [Online] Available at https://aclloyd.com/about-us/ Accessed on 30 July 2020.
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Bass, J., Sidebotham, M., Creedy, D., and Sweet, L. 2020. Midwifery students’ experiences and expectations of using a model of holistic reflection. Women and Birth, 33(4), pp.383-392.
Belias, D., and Koustelios, A. 2014. Organizational culture and job satisfaction: A review. International review of management and marketing, 4(2), p.132.
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Clark, G.L. 2016. The components of talent: Company size and financial centers in the European investment management industry. Regional Studies, 50(1), pp.168-181.
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Gürel, E., and Tat, M.2017. SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).
Gyanchandani, R. 2017. The effect of transformational leadership style on team performance in the IT sector. IUP Journal of Soft Skills, 11(3), pp.29-44.
Jimenez, M. 2019. Professional Competence Is a Condition Precedent to Effective Management-An Argument for Practice Leaders in Legal Service Organizations. International Journal of Law and Public Administration, 2(2), pp.34-40.
Karagianni, S., Pempetzoglou, M., and Saraidaris, A.2019. Government Expenditures and Economic Growth: A Nonlinear Causality Investigation for the UK. European Journal of Marketing and Economics, 2(2), pp.52-58.
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Matti, J., and Zhou, Y.2017. The political economy of Brexit: Explaining the vote. Applied Economics Letters, 24(16), pp.1131-1134.
Nagy, A., Kemény, I., Sz?cs, K., Simon, J. and Kiss, V.2017. Are opinion leaders more satisfied? Results of a SEM model about the relationship between opinion leadership and online customer satisfaction. Society and Economy, 39(1), pp.141-160.
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Osabiya, B.J. 2015. The effect of employees' motivation on organizational performance. Journal of public administration and policy research, 7(4), pp.62-75.
Özer, F., and T?naztepe, C. 2014. Effect of strategic leadership styles on firm performance: A study in a Turkish SME. Procedia-Social and Behavioral Sciences, 150, pp.778-784.
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Ruddock, L., Kheir, A., and Ruddock, S. 2014. UK construction companies’ strategies in the face of business cycles. International Journal of Strategic Property Management, 18(3), pp.225-237.
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Simsek, Z., Jansen, J.J., Minichilli, A., and Escriba?Esteve, A. 2015. Strategic leadership and leaders in entrepreneurial contexts: A nexus for innovation and impact missed?. Journal of Management Studies, 52(4), pp.463-478.
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