Tata Group: A Global Conglomerate

1.0 Introduction

Tata group is an Indian multinational conglomerate holding company which was founded in 1868 and possesses it’s headquartering in India. It has interest in steels, information technology, communication, tea, power, hospitality, and automobiles (Kannan, 2006). The Tata Group is operating in more than 85 countries and its company’s exports products and services to 80 nations. It comprises of 114 companies and subsidies in seven business sectors wherein 27 are listed publicly. Some of the companies of Tata groups are Tata Steel, Tata Motors, Tata Consultancy Services, Tata Communication, etc. (Sharma, 2014).

The Tata group has planned to expand its operation in European countries like the UK. The company has planned to expand its Tata Steel Company in the UK with new technology and innovative products. Tata Steel is a publicly traded company with Indian origin which was founded in the year 1907 and is a subsidiary of its parent’s company Tata group. Tata Steel has expanded its operations in larger context via associates, ventures, and subsidiaries. SAIL, POSCO, JSW Steel are some of the competitors of Tata steel (Tata Steel, 2019).

2.0 Strategic Marketing Plan

2.1. SWOT analysis of Tata Steel

The essential needs of any corporation are to evaluate the SWOT analysis to develop effective strategies. The SWOT analysis is a structural method of planning which is used to point out the strengths, weaknesses, opportunities, and threats of an organization (Chandler, 1962). The SWOT analysis of Tata steel is as follows:

Strength: The internationalization strategy of Tata Steel has kept the local managers in newer acquisitions. It has transplanted only a few of the senior managers from India in the new market. The benefit of Tata Steels is its ability to exchange the expertise staffs. The well-trained staffs of the company are also the strength of the company (Sharma, 2014). The company possesses a strategy for another stage of expansion wherein it not only focuses on new products and acquisition but it also has intensive management development in practice. Moreover, the main strength of the Tata group is resources and capabilities such as people and raw material whereas vast experience in steel and automobile also gives additive values to the company (Tata Steel, 2019).

Weaknesses: It had been analyzed that Tata organizational structure is not compatible with all the business models which limit its expansion in product segments. The unique selling proposition and positioning of the brand is not defined clearly which enhances the greater chance of attack. The demand forecasting system of the Tata group is not effective and thus the company faces higher inventory both in-house and in the channel. Financial planning is also not found to be effective in this company.

Opportunities: The development of the market leads to minimization of the advantage of competitors and also enables Tata Company to enhance its competitiveness. The newer trends in the behavior of consumers could help the Company to open up its way forward. The newer taxation policy has a significant influence on the process of doing business and could build newer opportunity for Tata Company to enhance its profitability.

Threat: Newer technology which is developed by competitors is a serious threat for the industry for the long term. The increased trends of isolationism have a negative impact on international sales. Since Tata is making its operation in a number of countries so its exposure towards currency fluctuation brings lots of issues. Although the company comes up with different products there is no regular supply of innovative products thus leading to lower swings in the sales over a specified period of time.

2.2. Macro Environmental Analysis

Political Factors: In recent years, the UK steel environment is not working effectively because of the unfavorable agreement of trade. As per the trade agreement, UK’s companies can purchase the steel from the international company which has resulted in a challenging situation. Although, the demand for steel has enhanced in past 5 years after the implication of the agreement various domestic steel producers are not able to execute its operation effectively. The maximum of the steel is exported from China which is hampering the steel business of UK. In addition to that, the formation of Brexit also have enhanced the costs of the raw materials and finished products. Moreover, the UK possesses the highest tax rates on the price of industrial electricity in the European Union and is the one which charges a higher cost to do business. Thus, Tata Steel could face higher issues while doing its operation in the European Union of the UK.

Economic Factors: As per the World Steel Association (WSA), the demand for steel has declined all over the world due to a substantial decline in the price of commodities and other different economic factors. Moreover, the fall in the economy of China had resulted in fall in the domestic demand for steel. China government had dumped the products into the global market at a recorded lower price which causes issues for another steel manufacturer to compete and survive in a competitive environment.

Social Factors: The increasing level of urbanization has enhanced the demand for steel. Moreover, the people of the UK are very ethical in behavior and presume to make their business relationship with one who is ethical in nature. It is thus important for the Tata Steel Company to possess ethical image so as to achieve social capital.

Technology Factors: All British and European operations are willing to improvise their energy efficiency. At the present time, only certain initiatives are being implemented to reduce CO2 emission and allocate resources and thus, they are planning to implement certain initiatives which can improve energy. There is an implementation of new iron making technology which enhances resource allocation and reduction of cost. Moreover, there is also a higher risk of process failure and international cyber thief in the UK.

2.3. Stakeholder Analysis

Stakeholder analysis is the process of recognizing the effectiveness of the key people which have an important impact on the planning of organizational business and also take active participation in making of decision (Chandler, 1962). For Tata group, it is essential to acknowledge the strength of stakeholders to develop or make necessary changes in the strategy for the enhancement of the business. For executing the newer project and implementation of change in the present strategy of the business, Tata needs to analyses the stakeholders which will assist in assessing the potential, issues, attitude, and interest of the stakeholders. It had been analyzed that balance in power has an impact on decision making (Tata Steel, 2012). The shareholders and activist investors are termed as the key players of the company as they have a crucial role in enhancing business finance and in the conduction of investments. Government, partners, and suppliers are kept under keep satisfied section as their reviews and actions affect the results of analysis and decisions. Competitors are those stakeholders which fall under minimal efforts as their actions have lower power in chaining of decisions. Employees, media, and consumers fall under keep informed category as they have a higher level of interest and power in the action and decision of the company. Tata should keep its employees, consumers, and media well informed regarding all the newer decision and plans to have effective execution.

2.4. Strategic Marketing Plan for Recommendation

Taking in consideration the external and internal factors after analysis, the creation of higher quality steel products with lower price by the usage of newer technology is found to be appropriate so as to have successful operation in UK.

2.4.1 Marketing Objective

The main objective of marketing is to bring a new product in the UK market with lower cost which can compete the price of Chinese products. A new product is an advance portfolio of higher quality strip and long products with metallic coated steels which can be used by Engineering, Automotive and construction industry. It has focused to supply the high-quality products at reasonable prices (Tata Steel, 2019).

2.4.2 Market Segmentation

Market segmentation is the research which determines the way organization divides its customers. Segmentation of customers helps in optimizing its products and advertising to different range of customers (Porter, 1980). The Key Market segments of Tata steel are Construction, Automotive, General Engineering, Industrial and Agriculture. Rural roofing, infrastructure, panel and appliances, Furniture’s, Individual House builders are some of the sub-segments of the market.

2.4.3 Market Targeting

Tata steel have aimed to give focus on sales and marketing approach wherein consumers from construction, infrastructure, automobile, engineering and packaging sectors of UK, Europe have been targeted. The company is investing higher amount of money in improvising products mix and services being offered to customers (Tata Steel, 2019). Tata group is also transforming its internal supply chain to improvise its customer’s level services. The team of the company is also working closely with the customers of UK so as to understand their needs which could dictate their production, delivery activities and supply chains. Moreover, the Tata steel company is pursuing the strategy of market differentiation to maximize differentiated products and services. Thus, it could be said that Tata steel can satisfy all its targeted customers of construction, automobiles, packaging, engineering and infrastructure with their effective services and innovation strategy (Tata Steel, 2019).

2.4.4 Market Positioning

Positioning helps in determining the position of the products and services in the market so as to develop effective strategic marketing plans. Since, Tata group possess larger number of companies in its umbrella so positioning of all the companies have been executed. It had been analyzed the products and services of Tata group is very different from its competitors and thus, they are always positioned at the higher position. Taking in consideration Tata Steel from Tata group into consideration, it can be seen that Tata steel possesses higher quality products at lower prices compared to other competitors (Tata Steel, 2019).

The competition is very higher and each of the company can take the position of Tata if they also possess well organized distribution network and superior quality of products. The wider ranges of grade and its super thickness with uniform mechanical properties make this company to position in higher quality products. Moreover, the company also makes the usage of the cost saving strategy with the help of optimum chemistry and clean surface which makes it to position at lower cost areas (Puratchimani, 2007). Thus, its higher quality and lower price keeps it’s at topper position in perceptual mapping Thus, as a whole, it can be stated after reviewing positioning map of Tata steel that that if Tata group wants to expand its operation both national and internationally then it should provide the good quality products at lower price. The consumers always consume those products and services which are lower in price but there is no compromise in its quality.

2.5. Market Branding

The profitability of the steel industry is highly linked with the variations prevailing in the business cycle. Branding is not very common in the steel industry and thus differentiation possess in between their products. Tata steels had set up a team for branding in 2003 and in few years, company had looked forward to brand its finished products (Tata Steel, 2019). However, in present context, The Tata steel has made an adoption of unified branding strategy for its upcoming projects so as to reduce confusion among its consumers.

2.6. Marketing Mix

Marketing mix of Tata steel helps in analyzing the company by covering Products, Price, Place, Promotion, Physical evidence and process which also describes the marketing strategy of Tata Steel’s new products.

Product: A new product is an extended product of Tata Steel which possesses higher quality raw materials. Moreover, it also possesses lower maintenance costs. Customers are always willing to make the usage of qualified products. The USP of the products is its usage of innovation technology and its higher quality products. This has enabled the firm with both perceived value and experiential values which ensure that this product could make link up with target customers.

Price: The price of these products is comparatively higher as compared to the other steel company. It has reflected the pricing strategy. Since the target customers are highly concerned with the price of the products so products of Tata steel are less preferable. Hence, the price reduction strategy might be suitable. By taking in consideration the new product launch strategy, the higher promotion of steel products is not required since higher promotion contains higher cost price of products.

Place: There is no requirement of any physical brand shops to sell the Steel products in UK. The opening of the company and its online shopping sectors could be sufficient to have significant growth. Customers or the targeted segments are likely to review the products timely in the online sectors.

Promotion: company can make the usage of its websites to promote its products. The usage of online social media sites could also help the company to achieve success. Pamphlets and other media advertising could also be used to promote the products.

2.7. Value and value creation

The comprehension of the brand’s values and value proposition is very important so as to make the conduction of the good marketing plan. Value is known to have distinct benefits to the marketing plan and identification of brand values also helps the marketers to set the value proposition. On the other hand, value proposition is the benefits of customers regarding how the value is framed and is communicated to its customers (White, 1986). The Tata steel possesses higher experiential value due to its effective quality and Perceived values due to its well renowned and trustworthy brand images. Moreover, the holistic value proposition of the Tata steel towards their customers and vendors makes them popular and effective metals trading partners (Tata Steel, 2019). They possess global team, deliver values, customer’s services, innovative products and also manage risk in an effective manner.

2.8. Challenges

Challenges exist when there are negative perceptions of consumers towards the brand image. Although, the brand image of all the company of Tata group is very higher however, the non-implication of the cost reduction strategy has brought about negative impact on the brand image and its profitability. The economic values of Tata steel are very lower and its entry in UK could only be possible and effective if company works on pricing strategy. Moreover, the decline of the market share of the Tata group also will act as a barrier while preceding the market plan and could affect the decision making.

2.9. Ethical Issues

The European customers mainly of United Kingdom are highly concerned regarding energy consumption factors. They only prefer those products which consume lesser energy due to lesser supply of natural resources and raw materials at UK. Although, the Tata Steel have come up with new products with higher technology but it requires higher electricity in its supply chains. Moreover, the company is also not ready with the ideas of recycling the waste products which comes while manufacturing the end-products. There is highly applied policy for corporate social responsibility in UK. Thus, Tata Steel Company needs to assess all the environmental and social issues which disturb the sustainability and need to address it.

3.0. Profit Impact Marketing (PIMS) Methodology

For the effectiveness of the marketing planning and to ensure better results in the business PIMS is being considered. PIMS is being used to create and determine the relationship amid business strategic decision and its effective results. The main factor is to attain better insight about the business environment for sustainable advantage. In this case, for the effective marketing plan PIMS strategies are used to study about the related strategies leading to profitability, revenue along with cash flow for greater sustainability (Almanza, 2010). The marketing plan of Tata is to attain success through effective implementation of the strategies. The main idea is to augment the marketing strategies is by determining the impact on the profitability. PIMS is considered to determine the corporate strategy along with the effectiveness of the marketing policies. The marketing strategies that have been planned have an impact over the level of profit and it is measured through PIMS. For analysing the effective of the business and strategies it is vital to consider upon the management, applications, and creations along with information management. Marketing planning by the company is revealed through analysing the basis characteristics so that the business practices are close as well as relevant. After analysing the PIMS it is noted that various dimensions of market structures are being modelled upon the judgements based upon the strategies implemented (Farris & Moore, 2004). Owing to PIMS Tata has been able to understand the deeper along with systematic aspects towards attracting along with influencing people through marketing. Thus PIMS impacted the marketing plan based upon the factors which stated that marketing business creating higher added value by employees are profitable in nature that companies with employees having opposing characteristics (Wind & Lilien, 1993). For marketing organisation employees offers value by creating business opportunities. Another aspect that is determined through the use of PIMS in the marketing planning is that growth is related with the flow of cash both negative and positive. ROI is considered to attain the relationship. . Contextually, it is determined that business that has high marker participation provides higher profitability with the stated level of effectiveness. PIMS information are positively influencing the business purposes, strategies and along with profitability for attaining valuable aspects. Tata is implementing several business marketing strategies to offer high quality products even in the market which is declining through the use of PIMS data (McDonald & Wilson, 2011). The main intention is to analyse the strategic initiatives that affects the performances of the business in the declining markets. The data that are revealed by the PIMS data base are effective for improving the sustainability of the business position. The planning is being done based upon PIMS databases that help in determining the business future and performance levels.

3.1. Revenues and Cost associated with Plan

For the success of the business the main aspect is to meet the corporate goals so that the revenue performance measurement is optimised. The intention is to gather data and budget accordingly to avoid discrepancies amid actual spending and revenue generation. For the purpose of marketing it is important that the services and products are priced properly. Pricing strategies based upon the revenue and cost is challenging to be determined. The marketing plans are determined through the evaluation of revenue and costs.

Break Even Analysis

This implies that marketing impacts the business and augments the sales owing to effective marketing campaigns. The marketing plans are to reduce the price of the products and meet the changing needs (Gupta, 2014). Through the help PIMS the business is able to market its plan by identifying its costs and revenues so that the business is able to maintain its position. Marketing is about advertising products and services through the use of social media and print media. Based upon the financial aspects it is determined the marketing plan is to use social media for advertising services and products along with effective campaigns. The idea is to reach target audiences and create a strong position in the market. As per the marketing expenses budget is concerned it is planned that:

3.2. Marketing Expense Budget

This implies that the budgeting is effective for better marketing plan and growth opportunity. The PMIS will analyse the changing aspects on the basis of revenues and costs thus helping to attain better financial forecast. Another insight is about the development of ROI which is part of the financial forecast. It is worthy to note that return on investment is effective if the return is more and it is vital to measure the profit upon the investment. The marketing plan will be effective if the expected return is more than investment so that the value is created for offering reliable forecasting for better results.

3.3. Associated Risk

Risk is high for the marketing planning to be effective. For the marketers to effectively manage the campaigns it is vital to utilise revenue planning. Marketing risks are high and it is linked with potential losses along with failures that are part of the marketing. The risks are associated with market as it leads to various market factors in terms of recession. There are potential risk factors in the marketing plan which includes misunderstanding the target market. If the target market are not analysed properly it leads to failure creating negative impact over marketing. Another risk that is associated is linked with the changing trends and regulations in order to stay competitive in the changing business environment (Farris & Moore, 2004). The marketing plan faces risks if the tracking method is not effective as per the strategies. The plan of marketing is to augment growth through planning proper marketing as well as promotional activities so that the business strategies are managed accordingly. The risk is regarding the failure and inability to meet the expenses. Another risk is related to not being able to meet the high profit margins and ROI.

4.0 Key External and Internal Areas of Risk- Task 3

4.1. External Analysis

It had been analyzed that economic factor and technological factor which had been described on section 2.1.2 could act as the emerging risk while developing the marketing plan. Although, the application of agreement in UK have increased the demand of steel but the emergent of Chinese steel in UK have brought negative effects on business. Moreover, the excess supply of steel by China at lowest price has diminished the business of steel. The insecurity of the data and process failure will also act as barrier while making marketing plan as security of data is highly important for any organization to execute its operation (Mukherjee, 2008). Technology advancement is also another issue in marketing plan. It is thus analyzed that to minimize the above mentioned risk, Tata Steel have to give the higher quality products at lower rates in UK so as to compete the China’s steel price. Tata can execute this strategy by reducing all the extra costs of supply chain. The usage of the software and high-technology gadgets could also be helpful for the company to get rid of data theft and failure of processing system. Since, Tata Steel is famous for its higher technological advancement so even smaller efforts on technological advancement can even be assisting the Tata steel in performing its business in UK (Puratchimani,2007).

4.2. Internal Risk

The key internal risk while developing the marketing plan is the power to tackle the issues which is being prevailing in an organization. Although, the Tata group have executed its operation all around the world the execution of Tata steel business in UK is quite tougher for the Tata Company. Tata steel is not highly furnished with new technology and makes the usage of various outdated machines. This could be a barrier for the company and could even result into minimization of the profit. Moreover, since there is periodical fluctuation in currency exchange rates so it becomes very difficult for the company to make its operation in emerging economies of UK (Mukherjee, 2008). Thus, currency fluctuation and lack of technology could be a critical factor to precede the newer plan of marketing. In addition to that, since Tata steel doesn’t come with any newer technology and new innovation products so customers doesn’t gets influenced by it and there is a chance of maximizing the risk. It is thus important for the Tata steel company to make a higher emphasis on the new technology and update their employees with it. The manufacturing of the new type of steel with new innovative technology could help the company to differentiate its products from its competitors. The production and supply of higher quality steel products at reasonable price could enable the customers to meet their requirement in a sufficient manner (Lala, 2007). Company could also recycle the unwanted waste coming out from the production units to some finished products as it could help in meeting a responsibility of the corporate social responsibilities for sustainable future.

5.0. Alignment with Corporate Strategy to Increase Corporate Value-Task 4

It is very important for each of the organization to make an alignment of various aspects such as innovation, communication, data strategy with the corporate strategy to enhance the values of corporate. It is important for the business development leaders to be sure that their team makes an alignment with the mission and objectives of the organization (Williamson, 2010). The figure below shows the vision, mission and corporate strategy of Tata group. Tata group have designed its corporate strategy as “To consistently focus on driving and maintaining excellence in its operations through a relentless drive for improvement in process, product and people.”

Corporate strategy possesses the highest position in the strategic plans of an organization which also defines the goals, vision and ways to achieve them within the strategic management (Williamson, 2010). A vision and mission are the main part of the strategy. There is application of various analytical techniques such as PESTLE, SWOT, etc. are utilized. The BSC is used while implementing the strategy. Based on the SWOT analysis of TATA, it is reviewed that they make their strategies by their own so as to capture the larger share of market and also minimize the competitor’s threat. Tata’s vision which is “To be globally significant in each of our chosen businesses by 2025” is influenced by the strategies which are being developed by them so as to get rid of their weakness and to achieve newer opportunities. The present corporate strategy of Tata is to expand its business globally by merger and acquisition (Tata Steel, 2012). The group has intended to make an acquisition with the raw materials industry so that they can supply those raw materials to their other industry at lower prices. This can help the company to achieve good quality products at reasonable prices. This can also help the Tata group to overcome the issues of distribution as exporting of the products like steel and cements possess higher distribution and transportation costs. The group is also planning to capture the higher share of market with the usage of Acquisition and Mergers. The Tata group is also applying its ‘experience’ to enter the newer markets in UK.

However, to fulfill the corporate strategic objectives, Tata requires higher degree of the value drivers. The goal of Tata group can be achieved when it acquires the industries like steel so as they can get contact to the suppliers of raw materials so as to serve the other sectors of the Tesco Group. However, the Tata group’s needs to ensure are they possess strategic capabilities and resources to fulfill their corporate strategic objectives (Kannan, 2006). The core value of the Tata group is to serve the higher quality of life to its customers and cost efficiency is its strategic capability. The cost efficiency sources are supply cost, Economies of Scale, Product/ Process design and Experience. The company is trying to expand its operation in country like UK so as to assist it’s highly profit sectors such as Automobiles, Technology and Chemicals. It is thus important for the company to analyses the strategic position and business model of a company in order to achieve cost efficiency strategy of the group (Tata Steel, 2012). The strategic positioning of an organization confesses the overall intended objectives and approach to a situation. Most of the managers of business carefully developed a strategic position and take the desirable steps so as to communicate with staffs in a clear manner so that each part of the business could operate towards the stated goals of the firms. Strategic positioning could be analyzed with the help of Porters SWOT analysis approach and Boston Consultants Group Matrix (Porter, 1980). The BCG product portfolio matric of Tata group have indicated after reviewing the operational and financial performance of each of the company that Tata steel, Tata Motors and Tata Power have emerged as stars (higher market growth, higher market share). Thus, these companies should be taken into consideration and investments should be increased. However, Tata communication, Voltas and Tata Tele services are in Question Marks section where there is higher market growth but lower market shares. Tata Tea and Tata chemicals are emerging as Cash cows and thus should be held on for some time span.

Thus, it had been analyzed that operation of Tata steel in UK could be effective if company review its cost of production and continuously improvise the productivity taking in consideration the corporate strategy of expanding its business all around the world (Lala, 2007). Although the alignment of corporate strategy with cost reduction aspects have helped in increasing the corporate values, yet the new marketing plan could be difficult if there is not effective process of decision-making and policy of the company. Tata can set the effective expectations, build team and communicate the plans with its stakeholders so as to achieve secure approval for marketing plans within your organization. The influence of human resources plans a higher impact on directing the goals of the marketing plans.

6.0. Reflection-Task 5

The aim of this section is to critically reflect my own learning in this module by evaluating the ways theories and concept which will influence my role as a leader and manager. This part will identify the effects will be prevailing on development of my personal and professional skills.

6.1. Learning Outcomes and Influence (What?)

Acknowledging the role of marketing and its impact on decision-making has made me to analyses that marketing plays an essential role in creating relationships in between customers and the organization which offers products and services to the market. When I acknowledged the concepts, models, techniques and theories related to marketing then I analyzed that there is a close relationship in between marketing value practices and decision making concepts. When I was performing this marketing strategic task then I analyzed that marketing strategy is very important for the business to achieve success. Thus, I analyzed that ability to make an effective decision on data-driven is important for number of business operation all around the organization.

6.2. Potential Impact on My Organization (So what?)

Since I aspire to be a manager in the future, it is very essential to utilize marketing concept and decision-making in an effective manner. I had analyzed from this marketing strategy task that business management is totally linked with decision making concept and each of the decision is surrounded by uncertainties and also risk. Moreover, I reviewed that marketing, impact and outcomes of marketing are very important so as to produce and show good connection with its consumers. This strategy of building competitive advantage, productivity and profitability will act as organizational competencies. I have evaluated that knowledge regarding marketing have helped me in suggesting ideal marketing plans and policies for those companies which will have lower performance.

6.3. Personal and Professional Development and Potential Barrier (Now what?)

In the present scenario, managers and leaders have to deal with larger issues so as to achieve the business goal successfully. There are leaders who just take an approach to achieve the results for shorter period of time but analyzing the knowledge regarding the marketing and decision making process, long-term benefits can be achieved by an organization. When I will be a manager in my future, I can utilize this knowledge and maximize the assets of the organization so as to deliver required assistance to its clients and customers. I will make the usage of risk management techniques while making decision so as to lower the risk and achieve higher return. I have analyzed after executing this module assignment that I need to make various reforms in my performance so as to achieve the required positive outcomes. I have also reviewed that decision making at the time of different internal and external issues could be difficult for me so prior knowledge regarding upcoming issues is required. I need to review more theory knowledge on the marketing concept as it can then help me in making my concept strong regarding marketing. I have also acknowledged after this module assignment that I need to solve other different case studies to get in-depth knowledge regarding marketing and its effects.

References

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