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Business Strategy for Hayleys BPO Limited

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Business Strategy for Hayleys BPO Limited

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Description

You are working for a well-established conglomerate group as the Head of the Product/Service SBU. Your Chief product/service development officer is of the view that its existing marketing network within the country has to be enlarged by introducing a sound product development/service development plan. As part of your assignment, you should make clear what the proposed product or service is. To make this forward looking strategy very positive, you need to complete the following tasks;

  1. A) Describe the Ansoff’s product market vector matrix and its relevance to your new development strategy. (suggested word count 400 words)
  2. B) Discuss a suitable entrepreneurship model that is relevant for your new product or service introduction plan. (suggested word count 400 words)
  3. C) Discuss how an effective market research strategy can be put in place to assess the feasibility of introducing this new product or service. (suggested word count 500 words)
  4. D) Explain a suitable financing strategy for this new product or service. (suggested word count 400 words
  5. E) Discuss the procedures involved with regard to the introduction of the new product/service. (suggested word count 400 words)
  6. F) Explain how will you measure customer benefits of your product or service and why it is important to get customer feedback. (suggested word count 400 words)

 

Additional information

Table of Contents

1. Introduction
2. Ansoff Matrix
2.1. Market Penetration
2.2. Market Development
2.3. Diversification
2.4. Product/Service Development
2.4.1. Relevance to Development Strategy
2.4.2. Strategic Recommendations
3. Business Canvas Model
3.1. Key Partners
3.2. Key Activities
3.3. Value Propositions
3.4. Customer Relationships
3.5. Customer Segments
3.6. Key Resources
3.7. Channels
3.8. Cost
3.9. Revenue Streams
4. Market Research Strategy
5. Financing Strategy
5.1. Estimated expenditure
5.2. Pecking Order Theory
5.3. Sources of Finance
5.3.1. Long Term Loans
5.3.2. Equity Funding
5.4. Additional Factors
5.5. Challenge
5.6. Recommendations
6. New Product Development Stages
6.1. Idea generation
6.2. Idea education
6.3. Strategic analysis
6.4. Concept definition
6.5. Service development
6.6. Market testing
6.7. Pricing
6.8. Service launch
7. Customer Feedback and Its Importance
7.1. Importance of customer feedback
7.2. The Balanced Scorecard (BSC)
8. Scope for further research and conclusion
9. List of Abbreviations
10. References
Preview

Executive Summary

This report will analyze a business expansion model for Hayleys BPO Limited. Hayleys BPO, being a fully owned subsidiary of Hayleys group is providing Business Process Outsourcing (BPO) services to both local and international clients. The BPO services provided include accounting and finance services, IT services and HR related services. The new business development will be a related service development for the existing markets. It will be in the same line of services provided which is secretarial services and business process re-engineering services for the existing market.
The service development concept will be followed as per the Ansoff matrix. Then the business model canvas model will be used to identify the business process and the components involved in the whole process. The market research will be vital prior initiating the new business, where a detailed market research will need to be conducted. The model to follow at such instance will be discussed.
The finance will be also important, since the ultimate objective of this whole service development is to increase the profitability of the group. Thus, the methods available for the company to fund its operations will be evaluated in line with the pecking order theory and it is suggested to obtain long term funds to reduce the exposure to higher interest rate risk which is created as a part of the adverse economic conditions currently prevailing in the country. As per the cost benefit analysis, it will be the best for the company to obtain an intercompany loan to fund this expansion. The product development stages which the process followed will finally be discussed with conclusion where points for further research will also be discussed.

1. Introduction
Hayleys Group of Companies is a well-established conglomerate in Sri Lanka. They have marked their presence in many industries within Sri Lanka. One such industry is the services industry, where Hayleys provides business process outsourcing services (BPO) to their clients. Under this BPO they offer different services such as financial & management accounting, payroll & HR processes, procurement services, digital marketing and call center operations.

2. Ansoff Matrix
Ansoff matrix provides strategies for organizations to develop their products and market. The matrix focuses on main two factors in defining the strategy to follow as the markets and the products. (Loredana, 2016)
2.1. Market Penetration
Providing the existing products to existing markets and capturing the market share. The main objectives targeted to achieve via this strategy are,
• Increase the market share
• Securing the dominance in the market
• Driving the competition out and building oligopolies
• Pushing products to existing customers to increase their product usage
This strategy will not require much new investments since its focus is limited to its current operating environment.

2.2. Market Development
Providing the existing products to new markets is the strategy focused here. The business is seeking to develop new markets and increase its potential market share here. (Clarissia, 2019) The new markets could be developed using
• New geographical markets
• New distribution channels
• New packaging and or rebranding the products
• Different pricing policies for new segments

2.3. Diversification
Focuses on new products and new markets. The organization will be developing both new products which will cater new markets. In comparison this will be more costly and risky for the organization since it will be operating in a new territory, and it may create operational issues for the company. (Clarissia, 2019) Depending on the types of diversification, there are related diversifications which is diversifying to the same industry or market segment and unrelated diversification which will be diversifying to a totally new industry or market segment.

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