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Research Statement
This report will analyse the current strategic approaches that are being employed by Amazon so that to determine its future management sustainability.
Purpose
The purpose of this report is to evaluate the strategies taken by Amazon to ensure that the company retains its profits in the future. This will focus on its strategic investment approach on physical resources, human resources, and the company's current management strategies.
Background and significance
A company’s sustainability is considered a strategic approach that a company takes to run its future operations despite the changing market trends. Currently, the world is faced by the issues that have been brought by the pandemic. Some of the clients have lost their jobs which means that their purchasing power is low.
The company is also targeting ensuring that social distance is retained in the workplace while other employees have developed physiological issues because of the period of time that they have remained at homes with uncertain futures ahead of them. According to Vugt and colleagues in the year 2021, employees are still struggling at workplaces due to psychological issues that have been brought by the pandemic. This means that the company must work towards making improvements on managing and motivating the employees so that to enhance their productivity.
According to Shankar and colleagues, the retail industry is changing very first because of the developing technology. This means that various companies must focus on the most effective ways of retaining their profits in the future despite the changing trends. Through the initiation of various strategies, the company will be at a position of improving its operations hence creating a more sustainable operating future.
For years, Amazon has dominated the world’s market through supplying a variety of products to its clients all over the world. Some of the target countries includes the United States, European countries, India, China and several others. However, there is still a gap that need to be closed so that to improve the company’s profits. An example is the case of Russia which is also a major technologically advanced countries in the world.
One of the company’s sustainable goals is to target such a market before its competitors therefore strategies should be set to carry out the expansions to the new countries. One of the strategic moves that the company employed to capture the Chinese marker despite of major competitors such as Alibaba was to purchase a company that aligned with its goals and then brought in new strategic moves. This contributed to its success whereby it was able to capture 10% of the country’s highly populated market.
The world technology has also been affected by the problem of cloud insecurity whereby organizations feel uncertain on where to take their operations to cloud computing services or handle them through hard drive storage systems. Amazon has been working on providing a safe cloud computing system for the clients. However, improvements should be made so that to reduce the losses incurred by the companies in case an attack occurs.
The company’s success has also been attained from its highly motivated employees from all parts of the world. The company has been at a position to create intrinsic motivation out of them through making them feel at home. However, the company has several competitors in some of its operations such as Apple. Walmart and several online bookstores around the world. The company should focus on improving its operations in such a highly competitive world so that to secure its future operations.
Literature Review
Using technology to enhance a business
The world is being controlled by technology, whereby all operations are managed and enhanced through employing technological strategies. Technology is used in accessing clients regardless of how remote they are which means that a company does not only have to depend on operating physical stores. (Pereira & Liker, 2021). Technology is also being used in organizing the market so that to determine which products are in high demand within the market and which ones are not. Through this, the organization can plan what to invest on during different seasons of the year, hence maximizing sales.
A company that has adopted an efficient technological system can manage its projects easily and efficiently, which controls the company’s productivity level. Through an effective database, it is easy to point out on wasteful activities and productive ones and by cutting down on the liabilities, the company can enhance its amount of assets which are key to its future growth.
The technology has also offered companies an opportunity to track their operations such as their previous operations which can help the company to predict future profits or losses. This can be achieved through the use of various applications that track the company’s performance. Through such a strategy, the necessary changes can be made to its operations so that to control the losses and to increase the expected profits from the company’s operations. The company can also track details on individual performance, which will also assist in determining areas that need to be improved. (Pereira & Liker, 2021).
The most important strategy that can benefit a company when it comes to enhancing its profits is enhancing the customer experience. Technology offers companies a platform to interact with their clients constantly, especially when they have an issue with one of the company’s products. By solving the problems, the company has an opportunity to retain its return clients hence increasing its profits.
Traditional means of advertisement use newspapers and television broadcasting to reach out to clients. Today, there are several platforms that have been created so that reach out to clients from all over the world such as YouTube, Twitter and Facebook. This means that the company can reach out to clients from all parts of the world through the platforms hence increasing its market.
A company that focuses on utilizing the available technology can increase its profits. It is also important to note that the world is changing due to technology which means that for a company to maximize its profits, it should focus on incorporating the changes in its strategies hence increasing the amount of earned profits.
Expanding the market
Market expansion is a process whereby the current state of the product’s market is expanded so that to earn higher profits. The marketing team sets strategies for approaching the new market through assessing the existing gaps, which they work on creating the most appropriate strategies of approaching the market. The main strategy employed involves looking into the current market of the product so that to identify possible gaps that can be closed. The most effective strategies are put in place so that to close the gaps hence increasing the performance of the product in the market. (Zhou et al 2018).
The next strategy is analysing the product’s local market so that to take it to the international market. If the product is doing well in the local market, it means that there is a wide range of clients from other parts of the world who can benefit from it. The marketing team should start setting up strategies that will be used to expand into foreign nations. It is important to begin with supplying a small number of products to the new country so that to assess how well the customers will appreciate it. After that, strategies of expanding the market can be put in place to launch the product fully in the new market.
The next strategy that can be used in improving the state of the current product. This involves acquiring feedback from the clients so that to understand how well a product is doing. The marketing team captures the possible improvements as per the clients’ recommendation so that to add the necessary features to the product. By meeting the demands of clients, there is a likelihood that they will come up to purchase the improved versions of the products.
The market expansion can also be done from the information that will be shared by the retailers, whereby the marketing team will conduct a SWOT analysis from the feedback obtained from retailers. They are the ones who get first-hand information from customers which means that they understand the strengths and weaknesses of the product. Planning of improving the strengths can be done so that to improve the products’ performance.
Workplace safety
One of the most important strategies that an organization should always put into consideration is the safety of the organization. This determines its level of profits and also its future performance. Some companies have been operational for over a hundred years and because of their strategic approaches to the market, they have been able to face downfalls but still have remained operational. (Wu & Fang, 2017).
For a company to remain operational, it must comply with national standards that are set for the welfare of all employees. This means that in case of a physical accident, few injuries will be mitigated instead of solving different types of injuries and property destruction. If the right measures are not taken, the company might incur too many losses to the extent that it will close down its operations. Organizations set risk mitigation strategies that enable them to get back on their feet in case of a risk that might threaten their future.
To avoid the impact of high risk, the organization should put in place the necessary risk equipment which can be accessed easily in case of a risk. The organization should avoid risks in ways such as counselling its employees and offering them safety training programs that will assist them to survive in case a risky incident occurs.
The company's safety is the first determinant of its future therefore, it is important for the management to ensure that all operations run in a safe manner. Work safety also includes ensuring that employees within the institution interact in the right manner so that to avoid some problems such as workplace bullying and any form of harassment. By providing a conducive working environment for all workers, they will be motivated to give their best their responsibilities.
Technological systems safety
Technology offers an organization the opportunity to enhance its performance in various ways. First, through cloud computing strategies, the organization can store large sums of data at lower costs compared to when using physical storage devices. The organization also gets the opportunity to analyse as much data as possible through the well-maintained database so that to predict future demands and market trends. Other technological activities include storing clients’ personal details, such as the details stored in the credit cards.
The developing technology comes with the risk of system hacking, where attackers launch ransom ware into the systems hence putting all the stored data at risk. In case such data is accessed, the organization might be affected to the extent that it might not recover its operations in the future. Others might recover but after incurring a lot of losses.
It is important to set up systems safety by installing safety applications and Firewalls, which will be used to detect harmful applications that might damage the system. This also includes coming up with policies that will govern all employee activities so that to prevent any harmful activities that might allow attackers into the system. An example is preventing the unauthorized installation of applications that are received through emails which might put the systems at risk.
Mitigating of risks
Every business operates under risk since predictions of profitability can be made, but predicting when a risk will face the organization might be impossible. It is important to budget for such risks so that to prevent the downfall of the organization in case of problem attacks. The organization can begin by setting aside a team of experts who should look into some of the risks that might come up. The right budget for solving the problem should also be put in place to counter the expected problems.
The organization should also consider training its employees on the most appropriate ways of mitigating risks in the organization. This includes risks associated with physical damage and also technological systems, especially in the case of a ransom ware attack. By setting up the risk-mitigating strategies, the organization will incur minimal costs of restoration in case the attack takes place.
Improving supplier performance
Suppliers act as the link between the business and customers. If the suppliers benefit from the sales that they make after selling a certain number of products, they are motivated to keep on selling, but if the profits are low, they might opt to sell other products from competing companies. (Zhang et al., 2020). That is why it is important for a company to keep its suppliers contented by offering friendly deals for them to benefit from.
A company should develop prediction strategies that will enable it to assess the shifting market by analysing the customer demand. By doing this, it will be easy to determine products with the highest demand so that to focus on their production and then supplying them to suppliers within the right period of time. This will reduce the amount of time that will be taken by the suppliers to sell the products hence promising them high returns.
The next strategy is to work closely with the suppliers so that to make the necessary improvements to the product. (Zhang et al. 2020). Suppliers can access large volumes of feedback from buyers, which they can share with the company so that to address the most critical issues. This includes collecting data on when it is more appropriate to produce certain types of products depending on the existing market demand.
Ways that can be used to attract investors
A future-oriented company is supported by investors who should come in to provide the necessary financial resources for the company so that to enhance its performance. The first strategy is to eliminate the number of losses that a company can incur. The company can begin by analysing its production line so that to determine areas that can be changed so that to reduce the cost of operations. This will increase the profits that will be earned by the company. A profit-making company highly attracts investors as they are assured that their investments will yield a large number of returns. (Khouroh et al. 2019).
The next strategy is to set up realistic objectives that can be achieved by the company. Before investing, investors tend to assess the set objectives by the company and how well they can be achieved. In case they feel that the objectives cannot be achieved, there is a high likelihood that they will not commit their resources to the institution.
Investors take their time to assess the kind of leadership that is being used to govern an institution. Good leadership comes with proper management of resources hence assuring investors profits. The company should run under the right leaders who foster innovation, especially when it comes to technology development in the institution.
Accountability is key to making profits. Investors believe that they will earn a high income when they invest their resources in an accountable organization. Accountability should also be accompanied by setting up future strategies that can be achieved within the set scope. The organization should also ensure that the assets are actionable when necessary. (Khouroh et al. 2019).This increases the investors’ investment security hence making them free to invest as much resources as they can.
The organization should also work towards achieving its annual budget. Doubts are created any time that the company fails to meet its set target since the investors begin to question whether the promised returns will be achieved. This reduces the number of investors who fear the undefined future of the organization. In a state where the company achieves its set target before the end of the year, investors invest more resources into the organization as they would be willing to earn profits from the interest generated by the company.
The management should target on training sales team on how to increase the number of sales. If the entire team is in a position to make a large number of sales, then more profits will be earned hence increasing the returns for investors. The more profits that can be earned, the larger the number of investors who will commit their resources to the organization.
Through the above strategies, the company will have enough financial resources which will enable it to run its operations hence earning a large amount of income. Investors also contribute to advisory advantage whereby most of them bring the earned experience from their organizations hence influencing the development of the organization.
Workplace environment
Positive-minded employees are key to an organization’s good performance. An organization that fails to motivate its employees faces the problem of poor performance as the employees lack self-drive when it comes to delivering the services. (Rashed, 2017). When it comes to improving the state of a company, it is important to consider different strategies that can be used to improve the nature of the workplace so that to encourage everyone to deliver the necessary services. Below are some of the strategies that can be adopted to improve the workplace environment.
Designing the most suitable workplace structure
The first impression is important to how employees will treat a certain workplace. There are several workplace designs that can be adopted to make the working experience better. However, it is important to look into modern workplaces so that to determine some of the key features that can be included in the workplace so that to make it more interesting for all workers.
The workplace should create a comfortable experience since the workers are spending several hours in the environment. This includes equipping the institution with proper washrooms and also comfortable furniture. The more the workers are comfortable in the workplace, the higher the number of hours they will be willing to spend, hence generating intrinsic motivation.
Developing a company culture
The culture of a company is determined by the style of leadership, employees’ behaviour, communication and the structure of a company. By combining all the elements, the organization is able to develop the right mind-set for all employees who will work towards achieving the company’s objectives hence contributing to its development. (Nouban & John, 2020).
There are several types of leadership styles that a company can adopt. The most effective is the autonomous style, where employees work towards meeting the set goals by the organization with minimal supervision. At the same time, the style should incorporate everyone’s ideas such as how certain technical problems should be handled. An example is incorporating technological strategies in solving the problems that are facing an organization. In a situation where one contributes to the most significant steps taken by a company, there is a high likelihood of avoiding mistakes, hence making it easy to achieve the organization's goals. . (Nouban & John, 2020).
In a case where the organization promotes its culture through nurturing employees’ talents, it facilities their growth hence increasing their level of experience, which helps in handling various problems that might face the organization. It also leaders to employee retention as a comfortable environment has been created for all employees. They feel accepted hence increasing their value to the organization.
Considering the welfare of the employees
Healthy employees will be more productive when it comes to delivering the necessary services. This includes both physical and mental health. The organization can promote physical wellbeing by providing employees with quality foods. The safety of the food should be assessed so that to avoid poor employee turnover due to illnesses. (Ahmad & Islam, 2019).
When it comes to their mental health, they should also be in a position to hold positive interactions with other employees in the workplace and also to serve customers in the most appropriate manner. This can be achieved by offering them a work-life balance. Proper staffing reduces overworking, which in turn promotes the quality of services offered in the institution.
Employees also face stressful issues such as work pressure and family-related problems. The organization can promote their performance by employing a counsellor who should attend to the needs of the employees so that to ensure that they are at the right mind set to deliver the allocated services. The counsellor should also be used to control some problems such as chronic absenteeism by addressing some of the problems that might be leading to such a problem.
Enhancing diversity within a workplace
Globalization in workplaces has closed gaps among various citizens in the world whereby the younger generation workers are working towards expanding their circles to accept global trends. (Roberson, 2019). An example is a situation whereby they use social media platforms to communicate with other people around the world.
This strategy can be used in various activities such as using social media to interact with other people in other regions so that to determine how they handle problems that might arise when solving an issue at work. This also includes widening the company’s market through the use of various methods of advertisement to reach out to citizens in various parts of the world. This means that the company will have an opportunity to expand its operations beyond what it can achieve currently.
Suppose the company can do away with differences such as religion, ethicises, traditions and social structures within a workplace. In that case, it means that a lot will be achieved as they will bring in different perspectives when it comes to addressing a problem that is facing the institution. This includes bringing in different ways of improving products before they can be taken to the market to various buyers without considering their backgrounds.
Developing the employees
Every employee dreams of working in an institution that values their career progress. After youthful students leave their higher learning institutions, they are energetic and willing to deliver the needs of an institution. However, they lack experience, which means that their productivity is limited and so are the opportunities to get promotions. (O'Bryan & Casey, 2017).
The institution should target the most appropriate strategies for developing the employees when it comes to career development. This can be done through workshop training and other platforms which will enhance their development. After the training sessions, the new career levels of each employee should be recognized through awarding certificates.
An institution that values its employee training will get the opportunity to improve the quality of services delivered hence enhancing the organization’s goal. This is because they will be in a position to handle tasks in a more advanced manner. An example is training the employees on the most effective ways of handling tasks using the improving technology. The organization will also increase the capability to retain its employees as they are assured growth in career development. The organization will also attract development-oriented employees through its continuous employee development strategies.
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