I am a student in my final class. In this assignment, I am taking the strategic advisor role to advise Boeing Company about a strategic decision based on different models. I chose the strategic management subject because it is the central operation for most businesses in different environments and sectors. Strategic management offers an overview of essential issues to the business and corporate strategies (Guo et al., 2021). In this case, strategy creation and management help companies develop through competitive and sustained advantages. Hence, I believe that learning about the competitive global environments would help me understand strategic principles with analysis and techniques on implementation to enhance performance. Here, the subject would introduce strategy choices, actions, formulation, and implementation techniques.
Current business contexts depend on intense pressures of sustainability concerns, global market integration, competition, resource conflict intensification, massive institutional transformations, and technological changes. In this case, the current business world is a realistic representation of hardline challengers due to the newly designed borderless markets globally. The entire world is currently an enormous global market (Cham et al., 2021). Since companies involve huge investments, strategizing is vital for supporting successful internal operations to attain viable investment returns. Modern companies must develop competitive strategic policies to be successful. A strategy in business outlines the company’s plans to place itself in a competitive situation to attain its long-term and immediate business goals. It is a form of thinking that influences the power of firms, markets, firms, and individuals to improve an organization’s effectiveness. The strategies merge the mission statement’s idealism with the decision-making certainties of each operation in a defined business model. Thus, strategies are roadmaps that small companies use to customize their working plans to their competitive market’s unique conditions. Companies use various analyses, including external and internal, to shape their strategy. While each corporate strategy is unique, most include stated business objectives, self-assessment, target market identification, and strategic management plans. There are also different strategic levels, including operational, business, functional, and corporate.
Boeing is a potential company within the aerospace industry. Thus, it has the most competitive and efficient strategies. Boeing holds its leading position and serves community needs worldwide regardless of the economic crisis. Part of the company’s strategic management focuses on creating adjustable business models to fit the changing market needs (Gaudenzi & Qazi, 2020). Developing models, including the cargo and low-cost carrier model, proves the company’s strategic tactic to doing business. A relevant instance is the Boeing Corporation’s pursuit of establishing alliances and partnerships in their industry to facilitate its overall growth. The corporation also bestows much effort to predicting and planning. The act involves a series of strategic plans to align with the industry’s evolving market and technological progress. This paper aims to recommend an improvement strategy for Boeing Company’s effective management after critically evaluating its current external and internal business environment and reviewing the strategy’s suitability, acceptability, and feasibility.
The Boeing Company (BA) is among the world’s prominent aerospace firms that manufacture defense and commercial aircraft as well as defense, space, and security systems. Since 1930, it has produced the utmost amount of military and commercial aircraft worldwide. William Boeing founded the company in 1916, although it was only a timber-oriented manufacturer in the beginning. Boeing became legendary during the 1940’s battle days when the U.S. Army demanded a rapid B-17 war aircraft production. Unfortunately, the army canceled their vast amount of orders after the war rendering Boeing experience a humbling state to the extent of cutting-offs about 70,000 off its employees. Later, the company began to get military orders during the cold war, which faced disruption at the recession time in the 1970s. During the recession time, it failed to get domestic orders and ended up cutting its workforce. Fortunately, Boeing overcame the challenging periods with great endurance, whereby it started to manufacture commercial and military jetliners. The upsurge in fuel prices made Boeing innovate energy-saving and faster aircraft during this time. In 1992, the company earned a contract to make the first intercontinental space station. Afterward, Boeing continuously collaborated with other companies. Boeing aviation has five primary divisions: Engineering, technology, and operations; Boeing Commercial Airplanes (BCA); Boeing Capital; Boeing Shared Services Group; and Boeing Space, Defense, and Security (BDS). The company’s headquarter is in Chicago (USA), where it produces aircraft that transport about 107 to 433 passengers. Boeing employs about 160,000 individuals worldwide as of Jan 2020.
Vision, Goals, Mission, and Objectives
Boeing is an integrity and quality-oriented company through its devotion to delivering world-class products and serving the global society. The Boeing leadership’s core aim is to “focus on the execution today and into the future,” which straightforwardly addresses the company’s vision of “people working together as a global enterprise for aerospace leadership.” Boeing’s long-term mission is more future-oriented and comprises of “to become the number one aerospace company in the world and among the premier industrial concerns in terms of quality, profitability, and growth” (Dias et al., 2019). The commercial airplane subdivision participates in “developing, producing and marketing commercial jet aircraft and providing related support services, principally to the commercial airline industry worldwide.”
Boeing’s fundamental goal is to advance the profitability, performance, and quality of every product or service where quality and performance measurement depends on customer satisfaction. In this case, the profitability measurement occurs by reviewing the augmented shareholder’s value and wealth. Boeing recognized a set of objectives, including financial strength, continuous improvement, competent and focused management, extraordinary skilled and motivated staff, technological excellence, and commitment to future integrity to achieve the specific strategic goals and address the company’s mission and vision.
When initiating a talk, aviators first begin with is aircraft, particularly the largest, innovative, efficient, and newest. In this case, the firms concentrate only on a few products rather than an extensive product line. However, some managers adopt a strategy that focuses on the established custom-built product family. The act provides an option for clients to choose their needed product. Boeing is one of the companies that focuses on delivering customized family products (Cusumano, 2020). The company offers the 747,737, 767, 787, and 777 families of business jets and airplanes for commercial purposes. The segment also offers aircraft modifications, aviation services support, training, spare parts, and technical advice to government and commercial customers worldwide. Boeing is continuing development undertakings relating to its 777X program, 737 MAX, and 787-10 derivatives. Customers like Boeing because it also gives options for their clients for a particular category. For instance, Boeing 747 comprises 747-400 Freighter, 747-400 ER, 747-400, 747-400 Combi, 747-400 Domestic, and 747-400 ER Freighter with altered engine capacity. Nearly 12,000 profitmaking jetliners are in service worldwide, nearly 75% of the world fleet.
According to Woo et al. (2021), the way a company applies resources is essential because the available resources determine an organization’s internal capacity. Since resource utilization largely influences a company’s success in a competitive market, Boeing aerospace support systematically uses a resource-based view theory. According to resource-based theorists, institutions can establish competitive advantage depending on how they develop and apply resources towards organizational goals. A company does not require owning resources possessed by other competitive companies to have a competitive advantage. Technological advancement is an example of how Boeing aerospace utilizes the resource-based view. State-of-art technology is a resource that Boeing uses to outdo its competitors. Unfortunately, to attain advanced technology necessitates much money that most companies cannot raise. In this case, the elaborate technology has helped Boeing offer services and products that its rivals cannot provide, both in quality and monetary value. As a result, Boeing develops a competitive advantage to become the market leader.
On the other hand, employees are the key determinants of any organization’s failure or success. For instance, competent staff’s availability helps an organization execute obligations with much competency and professionalism (Rutkowski, 2020). Additionally, highly trained and qualified staff reduces unnecessary operating costs resulting from redundant errors and mistakes. Hence, Boeing attempts to improve its workforce’s efficiency and effectiveness by creating a conducive learning environment. The company trusts that high skilled employees can help it attain its long and short-term goals. As a result, Boeing mainly invests in staffs education, development, and training. The investment comprises charitable tuition and distinctively tailored program, including online and formal training. Staff who successfully finish the courses get a company certificate showing their grades.
For Ravi (2020), the current business environment is unpredictable and volatile for a company to flourish. The tendency results from a world economic shock, affecting businesses globally regardless of monetary worthiness or size. In this case, only those businesses that adapt to change overcome such volatile circumstances. Boeing is strategically strong than its competitors because it remains the leading plain manufacturer despite its hardship experience. Among the strategies that Boeing takes advantage of is its capability to adapt faster when changes occur. The company understands the appropriate technology whenever consumers change their demands, leaving its opponents incapacitated financially.
Despite the daily increase in fuel prices, Boeing successfully manages its growth and revenue within the airline industry. For instance, its total revenue rose by 8% in 2007 compared with 2006. Boeing also recovered well from its 2008 financial crisis. Following the Covid-19 pandemic, 2021 was Boeing’s rebuilding year as it overcame hurdles and reached fundamental milestones across its defense, commercial, and services portfolios. For instance, the company increased 737 MAX deliveries and production, returning it to service in almost all global markets. Boeing also generated robust commercial orders, such as record freighter sales, as the market recovery gained traction. The company returned to facilitating positive cash flow during the fourth quarter of 2021, demonstrating progress in its overall recovery.
Porter’s Five Forces Model
Boeing can apply the five forces analysis to shape its strategy. The analysis assists businesses in assessing the competitive forces and involving them in strategic planning, accounting for the industry structure and power of buyers or suppliers. The analysis’s creator, professor Michael Porter, encourages companies to look beyond their immediate industry competition and perform a comprehensive industry analysis to attain a view of their growing capabilities. Porter’s Five Forces Model entails an older plan execution framework based on forces that affect the profitability of a market or industry. The model pinpoints the five competitive powers that can mold every market and industry to help managers analyze their specific sector. The five forces examine the threat of substitute services and products, suppliers’ bargaining power, competitive rivalry amongst existing firms, and the threat of entry.
The threat of new entrance: The danger to entry in the airline industry is shallow as it requires substantial financial investments as well as highly professional, skilled, and educated human resources. Other barriers to market entry include technology research, legal regulations, and innovations.
The threat of substitutes: There exist many airline substitutes such as cruises, trains, cars, and buses. Currently, trains are becoming suitable, faster, and cheaper traveling sources. Boeing is also facing competition from Embraer and Airbus.
Bargaining power of suppliers: Boeing is facing increased suppliers’ bargaining power by losing its effective control. Boeing accused its suppliers of interruptions in the commercial airplanes’ delivery in the past. If Boeing expands its production capacity in the future, it may lose its bargaining power.
Bargaining power of customers: Costumers have low bargaining power because Boeing and Airbus are the only two major companies in the global competition. Customers are uneasy about switching between the airlines since both companies differ in their control systems.
Competitive rivalry between competitors: Boeing considers the commercial airplane division imperative because it accounts for approximately 65% of its total income. Thus, losing the market share can profoundly influence the company’s profitability. Hence, Airbus’s competition has great implications for Boeing.
Generally, Boeing experiences pressure from clients like Southwest Airlines to offer more innovative and efficient aircraft like their competitor Airbus. A push-pull relationship exists between Airbus and Boeing, where every company responds to the other’s innovations. In this case, the pressure determines Boeing’s future developments.
Boeing is a worldwide operating company, with its customers located in each country with an air fleet. Thus, the PESTEL analysis will make the company understand factors that affect its operation.
Political: Government policies, laws, and regulations affect most aircraft companies. For instance, Boeing has strong agreements and deep relations with the Federal Aviation Administration (FAA) and U.S. Government. Thus, the U.S. government’s policies may be a dominant driving force in receiving new aircraft orders (Welch, 2020). Additionally, political intervention may also influence the company’s sales. An example involves restrictions on trading specific airplanes or equipment to particular nations.
Economical: Although Boeing manufactures different products, its main product is the airlines’ airplane. The airline industry is a competitive element of the transportation market. In this case, airplanes with better characteristics than Boeing have more demand, which affects its profitability. The changes in consumer requests also influence new aircraft sales (Frost, 2020). Generally, Boeing relies on worldwide economic fluctuation, including load factor, local airlines’ economic conditions, and exchange rate in foreign nations.
Social-cultural: The U.S. Army and other nations often purchase war aircraft from Boeing. Since Boeing customers are different, the company’s productions and operations rely on socio-cultural patterns. For instance, some airlines and nations demand exclusive and large aircraft. On the other hand, developing countries seek low-priced and small planes. Generally, the social factor might influence Boeing in markets (Carayannis, 2018). Here, U.S. antipathy may result from military conflicts or economic embargo in the past.
Technological: The airplane manufacturing industry depends on high-end technology. However, technology is changing each moment. The most significant technical factor involves computer-aided technological advancement. Boeing is uniquely applying these technologies in its newly developed aircraft. The research and development expenses, including design, test, development, and experimentation activities, were $3.2B in 2017 (Barney & Mackey, 2018). The expenditures need to be competitive within the market. Thus, the cost level is not subject to reduction due to the airline’s new options for new airplanes.
Environmental: Boeing’s aircraft engines necessitate regular up-to-date regulations and restrictions. The rules and restrictions relate to air pollution and noise abatement requirements. For instance, the regulation might hamper the exploitation and purchasing of certain aircraft.
Legal: Any accident or incident with Boeing airplanes results in the manufacturer’s investigation. The answerable government agency that carries out the investigations has the authority to suspend entire flights. Since the state and federal laws regulate the airplane industry, any changes might limit airline operation and influence the manufacturer’s production line.
Strengths: As a pioneer within the aerospace field, Boeing has many powers. One of them is its strong market position. The company is among the most significant aerospace companies in the world and the chief manufacturer of commercial airplanes as well as security, defense, and space systems (Khan et al., 2021). A robust market position assists Boeing in attaining economies of scale and advances the company’s brand image. Boeing is also highly Innovative. The company is the foremost inventive player in the industry and sets standards for other companies to follow. Boeing caters to many customer needs by offering a wide variety of products, from airlines to commercial jets and tiny private jets. Any client who desires a plane can have one from Boeing. Another strength arises from Boeing’s resilient development and research:The aircraft manufacturer has a strong emphasis on development and research, particularly in its technology, engineering, and operations efforts. Boeing’s development and exploration advance its ability to manufacture its services and product range while retaining its market position. Additionally, the company has strategic partners. Boeing partners with innovation because it understands victory relies on technological prowess and the number of partners in a technology-intensive industry. Finally, Boeing facilitates the expansion of sustainable fuels and merchandise. Boeing continuously improves its line to fulfill customer needs. The company also specializes in sustainable fuels to reduce emissions and become environmentally friendly.
Weaknesses: Boeing experiences various inadequacies. First,Boeing has roughly 38% of its entire workforce as a labor union neighborhood, which causes work slowdowns from time to time (Gupta et al., 2021). The act affects productivity and timely delivery, worsening the relationship with customers. Second, the company outsources the manufacturing of most of its planes’ parts and components. Spirit Airlines lately let off 2800 staffs who often worked on the defective 737 Max, stressing Boeing’s outsourcing. Moreover,like all global operators, Boeing has many supply chain matters because of its management practices. The case is a considerable setback for Boeing as it largely depends on suppliers. Boeing also suffers from higher reliance on U.S. Government deals. The U.S. administration forms an essential neighborhood for Boeing’s total sales. For instance, it formed around 27% of the total sales in FY 2015. Unfortunately, long-term government deals are subject to varied economic and political factors, which is threatening. Finally, the company suffers due to unsafe and flawed design. Boeing 737 Max caused an accident twice in Ethiopia and the Java Sea, killing all aboard in 2019. Both planes had an equivalent malfunction ascribed to Boeing’s 737 Max design defect. Thus, Boeing’s unsafe and flawed design of 737 is a significant weakness.
Opportunities: Boeing has various external options. An example is an increasing demand for commercial airplanes.Passenger numbers are growing with increasing globalization and the need to connect. In this case, there is an increased requirement for new commercial planes (Li, 2018). Another opportunity results from more eco-friendly planes. Boeing started a mission to lessen its planes’ carbon footprint as a contribution to global efforts in combating environmental pollution. The company is testing modern cutting-edge technologies to reduce noise pollution and emissions. Additionally, there is a growing defense and aerospace market. The defense and aerospace market is increasing globally. Researchers predict further market growth in the future. The progress will provide Boeing with excellent opportunities to boost revenue within the longer term. The final prospect arises from strategic expansion. Boeing must expand to cater to the expansion in orders. For new projects, the company previously collaborated with various companies, including Lockheed Martin, General Electric, and Raytheon. For instance, it joined Volkswagen (Porsche) to develop the super-rich’s flying cars.
Threats: With some opportunities, Boeing also experiences some external threats. One of the threats is intense competition. Boeing experiences strong competition in all its product categories from most global companies worldwide. The competition erodes Boeing’s market share. The other threat involves the Covid-19 pandemic. Currently, most individuals make many considerations before boarding a plane because of the pandemic’s deaths, devastation, pain, and deaths. Another threat results from fixed-priced contracts. Nearly 72% of Boeing’s income comes from its BDS trade, which follows fixed-price agreements (Bhattacharya & Nisha, 2020). Although it helps in price reductions and improving efficiencies, it risks lower margins that affect its financials. Terrorist attack is also another cause of the threat. The danger posed by terror groups clings over all airlines and airplane manufacturers. Additionally, the looming recession is a challenge for Boeing. Nations across the globe are already deep into stagnation. Boeing’s commercial consumers will struggle to remain afloat during economic condition times as consumers evade non-essential travels or pursue cheaper options like buses and trains. Finally, Boeing suffers from a trade war.Boeing and Airbus are in the middle of the UCS-EU business tussle. Cyber-attacks by terrorists, rogue nations, and cyber criminals pose a substantial threat to airlines globally.
Future Strategic Direction
A company’s future relies entirely on strategizing its production pattern. Companies should build planes that match the global community’s needs. Aircraft manufacturers can reduce costs and match the requirements through various means (Devinney, 2019). For instance, they can develop planes that will incorporate more people. In this case, Boeing must consider its financial position when selecting the appropriate strategy.
Appropriate Strategic Choice
Cost leadership Strategy
For attaining its goals, Boeing necessitates a re-branding and restructuring campaign. In this case, Boeing needs a precious plan. Cost leadership refers to a technique applied by companies to reduce products’ costs and gain a more significant profit and marketplace (Kharub et al., 2019). All businesses need marketing strategies to attain brand recognition in the current competitive market. Offering goods at the lowest available cost is a technique businesses apply to stimulate growth. Cost leadership happens when an organization is the category front-runner for low pricing. The company’s profit margin increases as the product’s popularity increase among clients. In this case, companies remain more competitive by offering low-priced products. Hence, it is an institution’s plan for being a cost leader within its market or category. A business needs to lessen costs in all business areas like packaging, distribution, and marketing, to successively attain leadership without cutting revenue.
Cost Leadership Benefits
Increase in profit margin: Being a cost leader has many benefits. For instance, it is possible to charge the least amount for a product while retaining profitability. Boeing can earn more revenue than expected when the product’s popularity and recognition increase because of low pricing. In this case, a product’s production cost will also lessen due to resources’ affordability. All these factors will lead to an upsurge in the company’s profit margin. Other organizations may have to trade their goods at a loss when competing with Boeing’s prices.
Increases Business Sustainability: Boeing’s financial threats can reduce when its business costs are low. Through the cost leadership plan, the company is safer whenever a product’s market collapse due to minor losses. As a result, the strategy will be advantageous for Boeing and help it sustain itself within the market for long.
Facilitates Flexibility: Similarly, Boeing can be flexible. Since cost leaders’ costs are low, it is possible to discount prices regularly or try out product offerings that other firms cannot offer (Roy, 2019). As a result, the company may end up attracting a large customer base.
Reduce Competition: Through the cost leadership plan, it would be challenging for new entrants to join the aircraft industry. Companies that use cost leadership creates booming markets for their sustainability that any new firm in the market cannot disturb (Roy, 2019). Here, the increase in profit and consumers reduces company’s competition within the existing marketplace. Hence, a company using a cost leadership strategy enjoys the position and success gained within the market for some time.
Increases Market Size: Again, implementing cost leadership creates a diverse market size for every industry and product. The customers’ nature remains similar for years, whereby they prefer products with high quality and less price. Therefore, customers can choose Boeing’s products if they are standard and at an affordable price.
Cost Leadership Formulation
Cost leaders depend on various techniques at the same time to maintain the cost leadership status and retain extremely low operational costs. For instance, cost leadership necessitates effective management to bring in company profits and brand recognition within the market. Before implementing the strategy, Boeing should understand the requirements (Hughes, 2019). In this case, Boeing can use some or all of the following methods to be a cost leader.
Increasing Production Scale: For instance, the company may increase production scale. Business scaling can have an essential effect on the company’s capability to be a cost leader. The act happens when a company decreases costs by increasing material volume (Li, 2018). For instance, if Boeing purchases many raw materials rather than the required amount, it can lessen the cost of products with less per-yield price. Business scaling helps secure large orders of supplies and raw materials, reducing the cost of products. Scaling can also give the firm more power over supplies because its large orders make a bigger portion of the supplier’s trade operations. Additionally, business scaling can insulate Boeing against the competition. Scaling cost leaders have more negotiating power, the ability to withstand competition, and flexibility with pricing. Since the BA is in an industry with intense competition, it can use scaling to provide prices that competitors cannot. The firm can also gain the capability to deliver inventory on a larger scale to capture a bigger market segment without worrying about inventory.
Sourcing Raw Materials: The other tactic necessary for Boeing to be a cost leader involves sourcing raw materials. Purchasing raw materials for the industrial process can be costly as suppliers mark their prices up to profit. Whenever possible, reducing the dependence on third-party products and sourcing raw materials can lower operational costs (Jong & Broekman, 2021). Again, sourcing materials directly gives an organization the capability to supply other institutions. If the business’s raw material supply vastly exceeds Boeing’s necessities, it can resell it to manufacturers at a market price to create another income source.
Implementing Advanced Technology: Another way that Boeing can be a cost leader is by implementing advanced technology. Investing in or creating innovative technology helps organizations become cost leaders. Here, Boeing can lower cost by developing a technology that manufactures more products each hour, provide manufacturing process’s efficiency, or limits the number of workers needed for production. Patenting an exclusive technology will also guarantee that other competitive companies cannot apply it for their benefit (Oehmen et al., 2020). Additionally, Boeing may sell its patented technology to generate more revenue in future. Boeing can sometimes benefit from the already existing software programs by reducing costs or saving time. The programs are worth an investment if they can lessen the needed employees or errors in the operational process.
Improving Efficiency: Similarly, Boeing can be a cost leader by enhancing its efficiency, which often results in operational cost savings. One example is by using software to lessen the number of individuals needed to work on a manufacturing process, reducing salary payments. Unfortunately, reducing staff members is not the only means of reducing costs and improving efficiency. Faster manufacturing times for recurring orders means that an organization can charge more money for speedy service even if the firm does not have to pay excess for product making expenses. Here, better efficiency can also assist Boeing without custom products (Hunger, 2020). For example, one can assume that Boeing makes 100 security systems per hour in its manufacturing factory daily. One may also assume that it costs $3,000 per day to cover expenses, including paying the staff members and running the plant. Suppose the firm escalates efficiency through technology by reorganizing the process and using bulk cut materials rather than a single piece once. In that case, it can produce 200 security materials per day for $3,500. In this case, Boeing will have lessened the operational cost per material sold with less effort.
Limiting services and products: Finally, Boeing can become a cost leader by limiting its services and products. The firm can focus on a few highly profitable services or products here. The act will make it easier for the company to scale its undertakings and attain the lowest supplies and raw materials costs.
Critical Review of Feasibility, Suitability, and acceptability
Feasibility: Boeing’s current retained earnings and financial position shows it should not experience financial challenges when implementing the change. Nevertheless, the present economic condition may hinder the company’s choice in implementing the strategy (Haddad et al., 2020). Again, the recommended approach will improve customers’ relationships. Unfortunately, the uncooperative staff may hinder improvements to supplier’s relationships, resulting in incomplete support and training.
Acceptability: Based on Boeing’s financial position, the organization is experiencing competition problems due to a lack of competitive advantage strategies. The suggested method is highly acceptable to Boeing as it will help the organization to fill the competitive market gap (Kim & Park, 2019). As a result, the company will increase its product awareness, sales, and profitability.
Suitability: According to the SWOT analysis, the cost leadership strategy is suitable for Boeing due to its recent weak performance. Customers consider taking other alternative airplanes, including the Airbus (Baxter et al., 2018). The cost leadership strategy will be suitable for Boeing to develop interactions with new clients.
Cost Leadership Strategy Implementation
Analyzing existing operations: Creating an effective cost leadership plan takes persistence, research, and time. Officials at Boeing will probably need to update their cost leadership strategy more often to account for new competitors, changes in the market, and price increases in raw materials and labor. One activity that Boeing should do in developing a cost leadership plan is analyzing its existing operations. According to Pandian et al. (2020), it is vital to understand the actual costs of each material that the company purchases. The company should also know the software, administration, and labor that goes into the production of services and goods. Here, the staff should look for overlooked costs, including word processing software, grammar-check subscriptions, and invoicing software. If Boeing requires the expense to develop its products, it is necessary to account for these costs in the sales prices.
Identifying Techniques to Reduce Costs: Boeing should also identify ways to can develop actionable plans and drive down costs for implementing new approaches into the business operations. The activities may include creating larger supply orders, presenting the latest technology to the firm, and following up with suppliers. For instance, after pressure from staff concerning compensation, Boeing may implement touch screen ordering shops in select stores (Cruz & de Oliveira Dias, 2020). The technology can make the existing workforce available to perform other tasks by reducing the number of workers required to operate the cash register.
Researching Competitors: Similarly, Boeing should find out more about other companies’ costs and processes to identify competitors. In this case, evaluating the competitors’ operations can assist the company in improving its undertakings and expenses, even if it fails to be a cost leader.
Keeping Track of Progress: Finally, Boeing’s leaders must find ways to monitor and measure progress as they implement the cost leadership strategy.
Strategic management is among the essential hard skills in business. Throughout the course, I learned various ways to manage projects and enterprises proactively while focusing on long-term strategies instead of reacting to daily hiccups. As a student, the professor taught me to think linearly concerning strategy. My previous training considered having a strategic thought practice depending on a methodology that espouses strategic concepts, resources, and objectives. Fortunately, I have learned that an organization’s objectives and goals are in continuous variation and suffer the absence of adaptation. The company fails to adjust based on the drift in direction. Through the course, I also learned about strategic management’s role in running a business, recommending a resilient business strategy, taking a strategic position, and the difference between aggressive and defensive business strategies. I understood that strategic management depends on many processes, whereby various companies with diverse backgrounds can offer diverse lessons.
Additionally, the course taught me ways to incorporate factors such as market movements and competitor behavior into my decision making. I now know how to look out for healthy development and bad plan within an organization. Generally, this course presumes the embedment of the strategic practice of cooperation and competition in institutional, regulatory, and societal contexts. Therefore, I will use its teachings for practice by appreciating ways to craft wins and power effectively to benefit the society and firm instead of focusing on organization constraints.
This report evaluated Boeing’s external and internal business environments to identify the extent to which the company is strategically harmonious with its present business environments. From the analysis, Boeing is currently experiencing a competition challenge. Although Boeing is the number one aircraft producer in the world, its competitors are also coming with their full potential to perform better. Moreover, the present economic condition pressures the overall Boeing operations. In this case, the report recommended an improvement strategy to eliminate or minimize competition after reviewing the strategy’s suitability, feasibility, and acceptability. The recommended strategy depended on Boeing’s current financial position. In this case, a cost leadership strategy will be the best suitable business-level strategy. The strategy will assist Boeing to attain some stable competitive advantage.
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Mediators And Moderators Sample Essay
According to Fairchild & MacKinnon (2008), there is often a more complex association between variables than the relations between criterion and predictors. However, the associations can be modified or informed by adding third variables such as mediators and moderators in a research design. Analyzing mediators and moderators separately for the same data type has been instrumental in research design. However, simultaneous examination of these two effects variables allows the investigation of more complex and varied research hypotheses. Moderators are variables that affect the direction and strength of the relationship between two variables. In this case, a moderator may either strengthen or weaken the relationship or change the direction of the relationship. On the other hand, mediator variables account and specify why or how a relationship occurs. A mediator often describes the psychological process that occurs when creating a relationship, and thus they are often dynamic properties of individuals such as behaviors and emotions.
The research article utilizes both mediator and moderator variables. Mediator variables used in this study include income, school enrollment, and mother’s post-secondary degree attainment. Additionally, the article utilized moderating variables, including heterogeneity, smoking, gender, global mental health, self-rated overall health and parenting stress. The author extensively analyzes the mediator, income, to check whether or why there is a relationship between income level and mothers returning to schools. The author examines income level to test for any indirect effects of income that is the main driver for the mothers’ decision to go to school. Research findings indicate that though income levels were primarily related to the associated health outcomes, they did not mediate the link between associate and vocational degree attainment and maternal health. However, income level indirectly associated the links between wave five bachelor completion and maternal health at a minor effect.
As discussed earlier, moderating variables affect the direction, strength and relationship between two variables and in this study, I identified heavy drinking, heterogeneity, measures of depression in the study. Notably, the author examines how heterogenicity affects the mothers’ primary levels of education through enhancing an association between education and time-variant measures in the field effects of the model. However, the study did not reveal a significant relationship between heterogenicity and baseline education. In addition, smoking is another moderating variable discussed used in this study. However, the study found no significant association between reduced smoking and bachelor level completion among mothers with high school degrees.
From this study, I learnt that mediating and moderating variables are significant. They assist a researcher in studying beyond the primary relationship between two variables, thus enhancing deeper understanding and getting the whole picture in the relationship between any variables. The article deploys various moderate and mediating variables, including parent stress, income, and age, to expound on maternal health and maternal education. Furthermore, employing mediation analysis within a study enhances the researcher to investigate whether the interventions in the study produced a change in the mediating variables that it was designated to change. For instance, in this study, if a bachelor’s degree was supposed to increase awareness of the mother’s maternal health, the study effects on norms should be observed. On the other hand, moderation analysis enhances the specificity of a study’s results. This enhances the researcher to identify which intervention in research has a significant effect and which does not. Notably, such information helps target groups and improves intervention.
Augustine, J. M. (2021). Mothers’ Out-of-Sequence Postsecondary Education and Their Health and Health Behaviors. Journal of Health and Social Behavior, 62(1), 2–18. https://doi.org/10.1177/0022146520979664
Fairchild, A. J., & MacKinnon, D. P. (2008). A General Model for Testing Mediation and Moderation Effects. Prevention Science, 10(2), 87–99. https://doi.org/10.1007/s11121-008-0109-6
Medication Administration Safety Risk Sample Paper
When specific work environment factors are present, medication delivery errors and other safety hazards are more likely. The critical source of unnecessary patient damage in the healthcare system around the globe has been the hazardous pharmaceutical practice. The majority of which takes place during the administration of medicine. Preventing and preventing medicine delivery problems depends heavily on nurses. Errors in medicine have been a major source of death and illness in the past, according to the goal of guaranteeing the safety of the health care system. It has become increasingly difficult to monitor patient safety in healthcare since doctors have invested more effort into improving patient safety. Due to the nature of their work, most nurses are expected to maintain a high standard of safety in the workplace. Healthcare mistakes and other sentinel occurrences, such as infection, have been a major concern for each organization surveyed (Hughes, 2018). Daily actions of nurses have led to more doctors harming patients; thus, it is necessary to shed light on the problem.
Baccalaureate general management nurses provide direct and indirect care. Nurses serve as both advocates for their patients and educators in this capacity. To fulfill their patient advocacy responsibilities, nurses must provide high-quality care, assess patient outcomes, and take the lead in improving patient care. Estimates suggest that as many as 98,000 people die each year due to medical errors in the hospital. Because of this, the issue is receiving more attention than even the deaths that result from the accidents linked to it. Indeed, more people die each year due to medication errors than as a result of injuries sustained in the place of work. Therefore, the financial costs of the tragic human event and medical mistakes have risen to the top of the priority list. It is the responsibility of nurses to explain and identify each patient’s specific risk (Masters, 2019). To provide better patient care and safety, nurses must use solutions based on scientific evidence.
In the case of medicine administration, several contributing elements have contributed to the unique patient safety risk. In a multivariate logistic regression analysis, the following characteristics were shown to be substantially linked with MAEs: professional experience, the existence of a guideline for MA, participation in training, disruption during MA, and working at night. In healthcare working circumstances, interruptions during medicinal administration might have a detrimental effect on patient safety. Following the publication of the Error is a human report, there has been more attention paid to deaths caused by pharmaceutical errors in certain targeted system difficulties, such as high noise levels and the presence of heavy workloads. OM discusses how there is an idea of faulty designs that is putting the workplace up to fail, despite the efforts made by the employees. When it comes to medical mistakes, there is a link between not getting information and not adhering to policy and procedure (Hughes, 2018). The availability at certain times to safety has placed a strong emphasis on the human experience of fallibility and on predicting errors that may arise in the system.
Another problem has been the failure of medicine administration equipment. Because of equipment failures, nurses have been put in danger of injury and patient safety due to the study’s technologies and process factors interfering with medical administrations. Another problem affecting the medicine delivery procedure and resulting in patients’ mistakes is a lack of expertise. An ongoing difficulty has been the lack of understanding of the latest drugs, necessitating ongoing education efforts (McInnes, 2018). It results in a lack of knowledge of the drugs and the patient’s state, as well as inadequate training for the staff.
Evidence-based practices solutions improve patient safety on medications administration and reduce costs.
Mandatory training should be provided to reduce medication errors. It’s because new diseases, new treatment methods, and new medications have been discovered. Nursing practice and evidence-based training are often a bridge between the two (Masters, 2019). There is a need for medication administration guidelines to help nurses provide better care and reduce their risks. Major improvements are required to reduce medication administration errors and adverse events, and healthcare facilities should be more actively involved in numerous efforts. Rather than concentrating on an individual’s shortcomings, a culture change is needed that focuses on the system’s problems. Quality management that is both explicit and visible is essential if we provide adequate responses to the data. Nurses must also be more vigilant about the frequency and type of errors that frequently occur in medication administration (Bates, 2018). No one other than the patient is in a better position to catch medication errors than the nurse, which necessitates extra caution to prevent mistakes from occurring.
With the assistance of drug administration, nurses contribute to improving patient safety while also lowering expenses. It is the nurse’s job to ensure that the correct medicine is prepared in the correct dosage and given to the right patients at the appropriate time and through the appropriate channel. Many hospitals use a single-dose approach to minimize the chance of medication mistakes. The hospital in this study achieved successful systems-based investigation and discovery of pharmaceutical mistakes. Technology can’t fix all human faults when administering medication, which is a complicated procedure (McInnes, 2018). Error-reduction measures that hospitals may use include the following: guarantee proper patient recognition and allergy status; use auto-identification technology; conduct two-nurses supervision of nurses according to the “five rights” guideline during administration;
Stakeholders are necessary when nurses cooperate to ensure excellence and safety improvement via medication delivery. A variety of stakeholders are responsible for ensuring that patients are delivered successfully and that no injury occurs to patients. The duty of diverse participants in resolving patient safety in the setting of a nurse shortage is highlighted, along with detailed steps they have done and may continue to take to enhance safe care. As a result, patients can get safe, excellent treatment (McInnes, 2018). (McInnes, 2018). Many parties are trying to promote safe care for everybody. Stakeholders have previously meant to advance safe care and offer other actions that might further increase the safety of our treatment for future patients.
To summarize, nurses are most heavily involved in administering medications, but they also play a critical role in identifying and correcting prescription, transcription and dispensing errors. Organization errors make up a large percentage of all errors, but little is known about their causes or the effectiveness of suggested solutions. Therefore, medical guidelines must be provided and adhered to guarantee patients’ safety while administering medications.
Bates, D. W., & Singh, H. (2018). Two decades since to err is human: an assessment of progress and emerging priorities in patient safety. Health Affairs, 37(11), 1736-1743.
Hughes, R. G., & Blegen, M. A. (2018, April). Medication Administration Safety. Nih.gov; Agency for Healthcare Research and Quality (US). https://www.ncbi.nlm.nih.gov/books/NBK2656/
Masters, K. (2019). Integrating quality and safety education into clinical nursing education through a dedicated education unit. Nurse Education in Practice, 17, 153–160. https://doi.org/10.1016/j.nepr.2015.12.002
McInnes, S., Peters, K., Bonney, A., & Halcomb, E. (2018). An integrative review of facilitators and barriers influencing collaboration and teamwork between general practitioners and nurses working in general practice. Journal of Advanced Nursing, 71(9), 1973–1985.