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Introduction: Strategic Planning and Foresight Methods PKSH Project Report
Strategic forecasting and foresight techniques are organized addresses employed to foresee future obstacles and possibilities, allowing companies to create operational long-term plans for achievement and adjust to shifting circumstances. The aim of this project is to do a strategic evaluation and in-depth investigation into Pippa the Knight's PK Sports Horses (PKSH), a significant participant in the horse business. The goal of this project is to assess PKSH's assets, company structure, and competitive position in order to make strategic suggestions that will guarantee long-term development and profitability.
This report will include an array of significant elements. It will start with a stakeholder analysis that will give details about the major players in PKSH, such as Chris Mortimer, Pippa Knight, customers, and rivals. Secondly, a PESTLE study of the outside factors—political, economic, social, technical, ecological, and legal that are affecting PKSH will also be included in the report. In order to analyze PKSH's competitive environment in the horse sector, the project will additionally incorporate a Porter's five-force study. This research will look at factors such as vendor and consumer power, risks from new competitors, and competitiveness amongst current players. The report will examine PKSH's internal operations, including a SWOT analysis, a business model and resource evaluation, and a competitive performance evaluation. The project will conclude with strategic suggestions that will provide direction on how to capitalize on strengths, rectify weaknesses, and take advantage of opportunities in order to guarantee PKSH's long-term success and competitiveness in the constantly evolving equine sector.
METHODOLOGY
In this scenario, the consultant will be guided through a methodical study and formulation of the future of PK Sports Horses (PKSH) by employ of an arranged Business Strategy Process. Addressing Pippa Knight's evolving objectives and values, searching into chances for business expansion and innovation, and eventually increasing the company's effectiveness are the main objectives.
Inception
A thorough discussion with Pippa Knight, the consumer, kicks off the project. This first stage is essential to grasping the problem the definition, the project's scope and field of interest (George, et. al. 2019). In this meeting, Pippa and the consultant will collaborate closely to establish the goals, approaches, and strategies that will be applied throughout the project. Timelines, expenses, and the individuals involved—as well as other interested parties who could be impacted or have information to share will also be included in the conversation.
Problem Definition
The main purpose of the initiative is to assist Pippa Knight in expanding and modifying PK Sports Horses to more accurately represent her changing beliefs and aspirations. This necessitates an in-depth knowledge of the potential and problems in the present business model. This is centered on horse manufacturing, competition livery, riding coaching and horse attire. Pippa and the expert will collaborate extensively to identify the precise issues or pain spots Pippa is facing within the company.
Data Collection and Analysis
The consultant will collect a great deal of knowledge regarding PKSH's current operations, finances and marketplace circumstances after the first meeting. This information-gathering will include a review of the competitive environment, an analysis of the success and viability of every service provided. I includes a review of the current infrastructure and resources, an evaluation of the consumer the base and a SWOT for the evaluation of company's operations (Smith, 2020). The consultant will carry out market research to find possible competitors, business patterns and potential competitors in order to have an improved awareness of the business climate. The purpose of this study is to assess the current business model's viability as well as assess if it can be improved or whether other avenues need to be investigated.
Strategic Planning
After gaining a thorough grasp of the company and its competitors, the consultant will collaborate with Pippa in developing a strategy plan. This strategy will list potential adjustments, breakthroughs, and areas of concentration or development. In keeping with adviser Chris Mortimer's goals, it will take into account prospective income sources, alternative models for business, and the viability of digitization and online services. The viability, possible hazards, and anticipated returns of the suggested solutions will all be taken into consideration. In order to make sure the solutions are both financially feasible and in line with Pippa's beliefs and aims, the consultant will collaborate extensively with her.
Financial Analysis and Investment Considerations
Considering Chris Mortimer's experience in digital startups, the group will evaluate PKSH's readiness for digitization and integration of technology (Ahmad and Ahmad, 2019). This might entail looking at potential online service alternatives, automating management systems or using technology from the fourth industrial revolution (4IR) to improve operations. The group will carry out a financial study that will evaluate PKSH's present financial situation. This stage includes assessing expenses, earnings and profitability as well as pinpointing possible areas for investment or cost-cutting.
Recommendations and Strategy Development
Pippa Knight will get suggestions from the team according to the analysis and assessments. These suggestions will lay out a thorough plan that complements her changing objectives and core beliefs. The plan will provide PK Sports Horses a defined course for the future.
ANALYSIS
Situation mapping
A stakeholder analysis refers essential to comprehending the important people and organizations with a stake in PK Sports Horses (PKSH).
- Founder and Management Director: Pippa is PKSH's major leader and its source of inspiration. The organization's strategy revolves upon her own goals, which include participation in prominent competitions and changing the company. Pippa's enthusiasm, riding prowess, and changing objectives significantly influence the company's course.
- Staff: The "head girl," “laboring rider apprentice," and on a full- yard staff are crucial to the every-day functioning of the company. Their direct accountability for the upkeep, instruction, and overall wellness of the horses affects the caliber of services rendered. Their performance, drive, and work fulfillment are essential to the company's success.
- Clients: They use PKSH services for horse production, competition costume, riding coaching, and horse livery are crucial stakeholders (Bryson and George, 2020). Revenue expansion and the long-term viability of the firm depend heavily on their happiness and continuing support. Pippa must meet their requirements and fulfill their expectations, particularly for those who are looking for competition gear.
- The consultant: Chris provides important business advice. He provides an alternative viewpoint, focusing on financial gain and technical advancement. Though Pippa's driven manner often conflicts with Chris's ideas regarding digitization and online services, they are crucial for increasing the company's effectiveness and investigating new income streams.
- Competitors: Pippa has not formally researched her rivals, but it is important to identify those in the equestrian sector that provide comparable services. The market position, pricing approach, and general competitiveness of PKSH are affected by these rivals. Making decisions in the future requires a comprehension of the competitive environment.
External environment
PESTLE Analysis
Political Factors |
The legal framework in which PK Sports Horses (PKSH) is working has the ability to have a big influence on its business. Land use restrictions, government backing for equestrian activities and legislation pertaining to animal welfare are just a few of the political factors that affect the horse business. PKSH's activities may be impacted by changes to these rules, which might call for changes to comply with the requirements for compliance. |
| Economic Factors: |
An important part of PKSH's business environment is the economy. Economic changes, such shifts in the marketplace, might affect prospective customers' discretionary money (PESTLE analysis, 2023). Clients may decide to pay less on luxuries like training and competitive livery throughout downturns in the economy. |
| Social Factors |
Social dynamics and demographics are crucial factors for PKSH. The need for services provided by the business might be influenced by the ages and income bracket of owners of horses and rider (Fuertes, et. Al, 2020). It could be necessary to modify the services offered in response to shifts in the demography of prospective consumers. |
| Technological Factors |
The equestrian sector is driven by technology. Technological developments that improve productivity and customer interaction can help PKSH. Using digital solutions for online booking, horse wellness tracking and marketing may expedite processes and enhance customer satisfaction. To safeguard private customer and corporate information, the organization must also handle technology issues such as data security. |
| Environmental Factors |
The importance of environmental factors in the equestrian sector is rising. Pressure to adopt eco-friendly practices, such as waste disposal and eco-friendly amenities, may be put on PKSH. Refusing to perform so can harm the business's standing and appeal to customers who care about the environment. The ability to stage outdoor activities and the welfare of horses are also greatly impacted by the climate. |
| Legal Factors |
Operating within a legal system that offers unique possibilities and difficulties is PKSH (Porter 5 forces analysis, 2023). Insurance for liability and other legal protections are essential for the safety of the business since the horse sector is linked with possible legal obligations resulting from mishaps and injuries. Furthermore, to stop illegal usage by rivals and preserve the distinctiveness of PKSH's products and offers, proprietary information, such as training programmes, horse care practices, and branding, must be safeguarded. |
Porter 5 forces analysis
| Bargaining Power of Suppliers |
Suppliers in the equestrian sector include companies that offer machinery, medical supplies, horse feed, and infrastructural upkeep services (Shammi, et. al. 2021). To keep up its programmes, PK Sports Horses (PKSH) requires a variety of vendors. Even though these categories include a number of vendors, their dependence on particular suppliers for essential commodities can give such suppliers considerable clout. The broad selection of substitute suppliers, however, lessens suppliers' total negotiating leverage, particularly if PKSH is able to get advantageous terms or transfer to another provider. |
| Bargaining Power of Buyers |
Much of PKSH's customers consist of horse owners that make use of its services, which include rider instruction, livery, competition costume, and horse development. Due to the fact that they have several substitutes for comparable services, purchasers have a fair amount of negotiating power. Consumers can simply go to rival brands or decide to take care of their horses independently. To keep these clients, PKSH must continue to provide high-quality services and prioritize their needs. |
| Threat of New Entrants |
Although, it takes a large initial investment to create a firm like PKSH, the risk of competitors coming into the horse market is comparatively modest. One significant obstacle is building the infrastructure required, hiring qualified personnel, and enhancing PKSH's standing and knowledge. The horse industry is extremely highly controlled, which might provide further difficulties for outsiders. The well-established status and reputation of PKSH serve as a disincentive to prospective competitors. |
| Threat of Substitutes |
Direct substitution is challenging due to the specialized nature of PKSH's offerings, the danger of alternatives in the horse sector is minimal. It is doubtful that customers looking for coaching and competitive livery would find direct alternatives (Hansen, et. al, 2019). Horse owners do, however, have additional alternatives for services including horse livery, such as self-care or using other carriage companies. These alternatives do exist, however they might not have the same facility and degree of knowledge as PKSH. |
| Rivalry Among Existing Competitors |
PK Sports Horses is up against rival equestrian enterprises providing comparable services. In the horse industry, competition may be intense especially in areas where a lot of equestrian activity is concentrated. Reputation, service caliber, and cost are frequently the focal points of competition. Pippa's experience as an expert competition riders as well as the reputation she has accumulated over decades have set PKSH apart. On the other hand, if new firms join the market or if established rivals improve their products, competitiveness can get fiercer. |
Opportunities and threats
Opportunities
- Digital improvement: Chris Mortimer's advice to embrace tech and digitization can help PKSH find new prospects. Revenue creation and efficiency in operation might be improved by online services, advertising, and consumer involvement.
- Sustainability and eco-Friendly Practices: As the focus on durability grows, PKSH has a chance to implement environmentally friendly practices that will appeal to clients who care about the surroundings and suit changing consumer tastes.
Threats:
- Competition: There are a lot of well-established firms in the highly competitive equestrian market (Butt, 2020). PKSH's pricing strategy and market position may be put to the test by increasing rivalry.
- Resource intensity: The company's need on resources, particularly for maintaining its facilities and horse care, threatens its capacity to grow and be profitable, thereby placing a burden on its financial resources.
Internal review of the business
Business Model Analysis
Within the equestrian sector, PK Sports Horses provides a variety of services, such as rider instruction, competition livery, equine livery, and sports equine production. The company's business strategy relies on a variety of revenue sources, serving riders, horses owners, and equestrian sports enthusiasts.
Strengths
- Ranged revenue streams: PKSH offers a variety of services as part of its varied business strategy. By spreading risk, this diversification lessens the business's dependence on a single revenue stream.
- Experience and repute: Pippa Knight's professional event riding experience and industry repute are two of her biggest advantages. This establishes PKSH as a high-end service provider and draws in customers looking for livery and coach services of the highest caliber.
Weaknesses
- Dependency on Pippa's presence: Pippa's active involvement in contests, instruction, and horse training is a major component of PKSH's financial plan. She recognizes that the future of her riding career is restricted and this dependency is a weakness.
- Competition: Although PKSH enjoys a good image, it nonetheless faces competitors from other widely recognized horse enterprises. Because of the industry's intense competition, retaining a competitive advantage is a constant battle.
Resources
Strengths
- Skilled workers: Two on a full- yard workers, a "head girl" and a “laboring rider apprentice," is employed by PKSH. These knowledgeable people are essential to the every-day functioning of the firm since they look out for the horses' training and well-being.
- Facilities: The yard has a number of amenities, such as an all-weather arena, fields, canter classes, an animal walker, and twenty stables. The many services that PKSH provides are supported by these buildings.
Weaknesses
- Resource dependency: The organization uses a lot of resources, especially when it comes to personnel pay, building upkeep, and horse care. This may put a strain on available funds and reduce flexibility (Stephen J. Bigelow, 2023).
- One Business strategy: PKSH has concentrated mostly on its current business strategy. If there are any changes or interruptions to the equestrian sector, this lack of diversity in revenue sources might become dangerous.
Competitive performance review
Strategy Canvas Analysis
In the equestrian sector, PK Sports Horses offers a variety of offerings, such rider instruction, competitive livery, horse manufacturing, and horse livery. By mapping PKSH's strategic profile in relation to rivals based on important value criteria, a strategy canvas assessment helps in evaluating the company's performance in the marketplace (Allahar, 2019). PKSH sets itself apart by capitalizing on the experience and status of professional event rider Pippa Knight. Due to its experience, the company is positioned as an outstanding service supplier with a focus on competitive livery and training of the highest caliber. The company is also proud of its cutting edge equipment and high standards for horse care.
Assessment of Competitive Performance
Advantages
- Expertise and reputation: Pippa Knight's extensive knowledge and solid reputation in the equestrian sector provide PKSH an edge over its competitors. Clients looking for elite training and competitive livery solutions find her expertise and abilities to be very appealing.
- Client loyalty: Strong client ties are advantageous to PKSH, especially in the competitive livery market. Pippa's dedication to her clients' achievement builds the company's brand, encourages word-of-mouth recommendations, and increases client loyalty.
Opportunities
- Resource dependency: The business's reliance on Pippa's involvement, particularly in competitions, presents a possible risk (Carmona, 2019). The business has to look at ways to lessen this reliance and guarantee sustainability within the long run.
- Innovation and diversification: PKSH has prioritized maintaining its current business strategy. The business should think about diversifying its income streams, investigate the potential provided by digitization and sustainability practices, and adjust to shifting market conditions in order to preserve and improve its competitive competitiveness.
RECOMMENDATIONS
Analysis Results
Pippa Knight's constant involvement, particularly during contests, is a major source of risk for PKSH. In order to deal with this, the company should create a succession strategy and assign tasks when it can. This will guarantee that the company can prosper even when Pippa's position changes. PKSH has done well with its current business strategy, but it has to think about increasing its sources of income. Adopting sustainable practices and taking use of digitization's potential, such online services, may boost productivity and keep up with changing market trends. Because the horse sector is so competitive, PKSH needs to keep improving its competitive advantage in order to stay in its current market. This entails continuous attempts to provide top-notch services, investigate possible specific markets and have an intense emphasis on customer satisfaction.
Recommendations
- Succession Planning: Create a succession strategy to lessen Pippa Knight's reliance on the company. Find and develop talent within the company to fill important leadership and coaching positions. In the event that Pippa decides to discontinue her engagement, this will minimize disruptions and preserve the long-term existence of the firm.
- Diversity and Digital Transformation: Make investments in digital tools including advertising strategies, customer engagement platforms, and online reservation systems. Examine ways to extend the company's reach beyond physical boundaries by providing online training and instruction materials. To provide extra cash streams, think about branching out into adjacent industries like online courses or horse care goods.
- Sustainability Initiatives: To be compatible with the sector's rising focus on sustainability, use sustainable procedures. This might involve upgrading facilities in an eco-friendly manner, managing trash, and using energy from renewable sources. Share information about these initiatives to draw in clientele that value ethical company practices and are concerned about the environment.
- Ongoing Quality Enhancement: Continue to put a lot of emphasis on providing top-notch services. To stay at the top of the field, evaluate and improve the coaching programmes, amenities, and horse care requirements on a regular basis. Invite input from your clients and adapt to their changing requirements and expectations.
- Market analysis and niche enquiry: Look into undeveloped horse industry segments or possible niche markets. Determine the habits and missing requirements of these niche markets and then customize services or goods to meet their demands. This approach may lessen rivalry and boost sales.
References
Books and Journals
- Ahmad, I. and Ahmad, S.B., 2019. The mediation effect of strategic planning on the relationship between business skills and firm’s performance: Evidence from medium enterprises in Punjab, Pakistan. Opción: Revista de Ciencias Humanas y Sociales, (24), pp.746-778.
- Allahar, H., 2019. A management innovation approach to project planning. Technology Innovation Management Review, 9(6).
- Bryson, J. and George, B., 2020. Strategic management in public administration. In Oxford Research Encyclopedia of Politics.
- Butt, J., 2020. A strategic roadmap for the manufacturing industry to implement industry 4.0. Designs, 4(2), p.11.
- Carmona, M., 2019. Principles for public space design, planning to do better. Urban Design International, 24, pp.47-59.
- Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R. and Sabattin, J., 2020. Conceptual framework for the strategic management: a literature review—descriptive. Journal of Engineering, 2020, pp.1-21.
- George, B., Walker, R.M. and Monster, J., 2019. Does strategic planning improve organizational performance? A meta?analysis. Public Administration Review, 79(6), pp.810-819.
- Hansen, R., Olafsson, A.S., Van Der Jagt, A.P., Rall, E. and Pauleit, S., 2019. Planning multifunctional green infrastructure for compact cities: What is the state of practice?. Ecological Indicators, 96, pp.99-110.
- Shammi, M., Bodrud-Doza, M., Islam, A.R.M.T. and Rahman, M.M., 2021. Strategic assessment of COVID-19 pandemic in Bangladesh: comparative lockdown scenario analysis, public perception, and management for sustainability. Environment, Development and Sustainability, 23, pp.6148-6191.
- Smith, R.D., 2020. Strategic planning for public relations. Routledge.
- Online
- PESTLE analysis, 2023. Online. Available through. :<https://pestleanalysis.com/what-is-pestle-analysis/>
- Porter 5 forces analysis, 2023. Online. Available through. :<https://www.mindtools.com/at7k8my/porter-s-five-forces>
- Stephen J. Bigelow, 2023. SWOT analysis. Online. Available through. :< https://www.techtarget.com/searchcio/definition/SWOT-analysis-strengths-weaknesses-opportunities-and-threats-analysis>
