LIST OF TABLES, CHARTS, FIGURES
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Table 2.1 Business performance results of company 44
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Vision, Mission, Core Values, Business Strategy of Vib
period 2017 – 2019 44
2.2 Current status of business strategy of Binh Minh irrigation technology joint stock company 45
Table 2.2 SWOT matrix of Binh Minh Irrigation Technology Joint Stock Company 50
Diagram
Diagram 2.1: Organizational structure of Binh Minh 37 company
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Figure 1.1 Value chain model (M. Porter, 1985) 12
Figure 1.2 Model of providing value to customers 15
Figure 1.3 Corporate-level resource planning and allocation 27
INTRODUCTION
1. Urgency of the topic
Business strategy plays a very important role in the existence and development of each business. The right business strategy will create a good direction for the business, the business strategy can be considered as a compass to guide the business in the right direction. In fact, many business people thanks to the right business strategy have achieved many successes, surpassed competitors and created a position for themselves in the market.
Lack of strategy or strategy not clearly established, with arguments will make the operation lose direction, only see the short term but not the long term, only see the local but not the whole. The business activities of an enterprise are always affected by external and internal factors. Therefore, business strategy helps the enterprise orient its future activities through analyzing and forecasting the business environment. Business strategy helps the enterprise to be both flexible and proactive to adapt to market fluctuations, while also ensuring that the enterprise operates and develops in the right direction. That can help the enterprise strive to achieve the goal of improving its position in the market.
With more than ten years of experience in high-tech agriculture, Binh Minh Company has contributed significantly to changing the agricultural production method in Vietnam. Originating from the fact that the enterprise has not fully exploited its available capabilities and has not had a suitable business strategy. From the awareness of the importance of business strategy planning, I chose the topic: "Business strategy of Binh Minh Irrigation Technology Joint Stock Company" as my graduation thesis with the desire to apply theoretical knowledge into business practice to contribute to continuing the existing successes of the enterprise and together come up with a suitable business strategy.
2. Overview of research situation
The topic of business strategy of enterprises has received much attention from students of business administration. There have been many master's theses researching business strategy. However, at Binh Minh Irrigation Technology Joint Stock Company, there is currently no research project on this issue. Some documents can be named as follows:
-Vo Quoc Huy (2007), "Business strategy of Kinh Do Joint Stock Company until 2015" analyzed the current situation of production and business, and proposed the goals of Kinh Do Joint Stock Company. From there, he focused on building a business strategy for Kinh Do Company until 2015.
- Nghiem Dinh Dat (2013), Perfecting the business strategy of non-life insurance services of Bao Viet Company, Master's thesis, University of Commerce. The thesis systematizes some theoretical and practical issues on business strategy planning of enterprises in non-life insurance services. Analyze the current situation to draw out the successes, limitations and causes of limitations of the business strategy and business strategy planning of non-life insurance services of Bao Viet Company.
- Le Anh Tuan (2014), Developing business strategy of Vietnam Multimedia Corporation (VTC), Master's thesis of University of Commerce. In theory: Clearly establishing some basic theoretical arguments for developing business strategy in enterprises. In practice: through the application of modern research methods, appropriate research models have identified and clarified practical arguments for developing business strategy of VTC. Regarding the research purpose, it has been completed, providing options for developing business strategy.
-Nguyen Thi Thanh Hoa (2016), "Business strategy of Tran Phu Electromechanical Joint Stock Company" has provided solutions to perfect business strategy and research orientation of electric cable product lines.
- Tran Duc Van (2020), "Business strategy of Lam Dong Pharmaceutical Joint Stock Company - Hanoi Branch", found out the strengths, weaknesses, and problems.
The company's survival through analysis and evaluation of the elements that make up the company's business strategy. From there, groups of solutions are proposed to perfect the content of the business strategy and develop business strategy resources such as perfecting the strategy of selecting and positioning value, the strategy of providing value as well as enhancing capacity and resources to create competitive advantages for Lam Dong Pharmaceutical Joint Stock Company.
- Scientific report: "On the method of building business strategy of construction corporation" by MSc. Dinh Xuan Vinh - Construction Corporation of Traffic 6 mentions the research on applying business strategy management theory to building business strategy of Construction Corporation of Traffic 6 and the issues that need to be solved.
- In the book "Business Strategy" by Michael Porter, the model of 5 competitive pressures is analyzed: Competitors in the industry, potential competitors, customers, suppliers, substitute products. The book has pointed out the impacts that affect the decision making of business strategy of the administrator. In the book "Competitive advantage" by Michael Porter, he pointed out the methods to maintain the competitive advantage of the enterprise, how to increase the competitive advantage with competitors in the industry, create differences, and provide value chains for customers.
Based on the study of some theoretical and practical issues, I have focused on researching and learning about the method of building a business strategy for Binh Minh Irrigation Technology Joint Stock Company. Researching the advantages and limitations in the process of implementing the business strategy. Finally, the goal is to propose some solutions to contribute to perfecting the business strategy of Binh Minh Company in the coming time.
3. Research objectives and tasks
Specific tasks of the research topic:
- Systematize basic theories on strategy and business strategy of current enterprises.
-Analyze the current business strategy of Binh Minh Irrigation Technology Joint Stock Company in recent years. Evaluate the advantages, limitations and causes.
- Propose some solutions to perfect the business strategy for Binh Minh Irrigation Technology Joint Stock Company for the period 2020-2030
Research objectives:
-Analyze the current business situation and business strategy of Binh Minh Irrigation Technology Joint Stock Company
-Propose specific business strategies for Binh Minh Irrigation Technology Joint Stock Company
4. Research object and scope
4.1. Research subjects
Theoretical and practical issues related to the business strategy of Binh Minh Irrigation Technology Joint Stock Company.
4.2.Scope of research
Research scope on space: The research mainly focuses on issues of business strategy of Binh Minh Irrigation Technology Joint Stock Company in the domestic market.
Research scope in terms of time: Research data from 2018-2020. Develop strategic proposals for the period 2020-2030.
Research scope: Focus on researching theoretical and practical issues on business strategy of Binh Minh Irrigation Technology Joint Stock Company.
5. Research methods
5.1 Data collection method
Secondary data collection methods
- Collect data from website, text documents, summary reports, figures from Binh Minh Irrigation Technology Joint Stock Company
- Collect data from websites of businesses providing irrigation systems and high-tech agricultural greenhouses and net houses
5.2 Data analysis methods
The research methods used in the thesis are qualitative methods, synthesis methods, methods of data processing, comparison, synthesis, analysis, simple statistics to carry out the topic... on the basis of applying theory combined with business practice at Binh Minh irrigation technology joint stock company.
Combine specific research methods to collect appropriate information including document research methods, legacy research, using excel software to calculate and analyze collected primary data. Students also combine matrix analysis tools in proposing optimal strategic options.
6. Structure of the thesis
In addition to the Declaration; Acknowledgements; Table of Contents; List of Abbreviations; List of Tables, Diagrams, and Figures; Introduction; Conclusion; References and Appendices; the main content of the thesis is divided into 3 chapters:
Chapter I: Some basic theoretical issues on strategy and business strategy of enterprises
Chapter II: Current status of business strategy of Binh Minh irrigation technology joint stock company
Chapter III: Solutions to perfect the business strategy of Binh Minh Irrigation Technology Joint Stock Company for the period 2020-2030
CHAPTER I: SOME BASIC THEORETICAL ISSUES ON ENTERPRISE STRATEGY AND BUSINESS STRATEGY
1.1. Some basic concepts and theories
1.1.1 Concept of strategy and strategic levels of an enterprise
“Strategy” is a term derived from the Greek word “Strategos” used in military. Modern military theorist Clawzevit also said: military strategy is the art of commanding in a position of advantage. An edition of the Larous dictionary considers strategy as the art of commanding means to win.
In the Vietnamese dictionary it is written: strategy is a plan set out to win on one or more fronts. Thus, the concept of "Strategy" in the military field has been considered an art of command to win in war.
According to Chandler (1962), strategy is "the determination of the basic long-term goals and objectives of an enterprise and the adoption of a course of action and the allocation of resources necessary to carry out these goals" (Chandler, A. 1962).
By the 1980s, Quinn had come up with a more general definition: “Strategy is the pattern or plan that integrates an organization's major goals, policies, and action sequences into a cohesive whole” (Quinn, J., B. 1980).
Then, Johnson and Scholes redefined strategy in the context of a rapidly changing environment: “Strategy is the direction of an organization's scope over the long term to gain competitive advantage for the organization through its configuration of resources in a changing environment, to meet the needs of markets and to fulfill stakeholder expectations.” (Johnson, G., Scholes, K. (1999).
Besides, each strategist has different views and assessments of strategy. Bruce Henderson, strategist and founder of the group
Boston Consulting Group (USA) has connected the concept of strategy with competitive advantage. According to him, “Strategy is the deliberate search for a plan of action to develop and combine the organization's competitive advantage. The many differences between you and your competitors are the basis for your advantage”. He believes that two competitors cannot coexist if their business methods are identical. It is necessary to create differences to survive. Michael Porter, a strategist, professor emeritus at Harvard University, also agrees with Henderson's opinion. He said that “Competitive strategy is about differentiation. It is the careful selection of a different set of activities to create a unique set of values”.
Nowadays, the term strategy has been used quite commonly in Vietnam in many fields at both macro and micro levels. In the business scope, we often encounter the term business strategy or enterprise strategy... Strategic concepts all originate from the objective necessity in the management practices of enterprises in the current market mechanism.
Strategy can be managed at many different levels within a business, but there are typically three basic levels of strategy: corporate-level strategy, business unit-level strategy, and functional strategy.
Corporate level strategy
Corporate level strategy or business level strategy includes the general orientation of the enterprise on the issue of growth, management of member enterprises, allocation of financial resources and other resources among these member units; Determining a desired structure of products, services, and business areas in which the enterprise participates; Determining the business sector (or business sectors) that the enterprise is or will have to conduct; how each sector needs to be conducted (for example: linking with other branches of the company or doing business independently...)
Business unit level strategy
Business unit level strategy focuses on improving the competitive position of the Company's products and services in the industry or