Employees People are what make companies. Employees are their most powerful success factor. This is why personnel decisions are among the most important ones.Dissent Employees need to express their dissent openly.
Effectiveness As the BMW Group is only interested in results that have a long-term impact, the effectiveness of the performance on the results is what counts.First-class performance Their aim is to be the best. Thus, employees have to set themselves this goal and must be willing to deliver first-class performance.Customer orientation The BMW Group understands that their customers hold the key to their success.Responsibility Every employee in the BMW Group bears personal responsibility for the company’s success.Adaptability The BMW Group adapts quickly and flexibly to new challenges and look at any changes as an opportunity, and grasping the ability to change as essential for being able to use this opportunity.
Respect, trust, and fairness It goes without saying that the BMW Group treats each other with respect.Acting as role model Every manager must act as a role model.Sustainability Sustainability means making a permanently positive contribution to the company’s economic success.Society The BMW Group takes on societal responsibility as it is inseparable from their understanding of themselves as a company.
Independence The BMW Group’s entrepreneurial independence is ensured through long-term, profitable growth.https://www.ukessays.
com/essays/management/the-resource-based-view-of-the-firm-management-essay.php2.6The Stakeholders of the companyIn 1984, R. Edward Freeman published his landmarkbook, Strategic Management: A Stakeholder Approach, a work that set the agendafor what we now call stakeholderTheory. http://library.uniteddiversity.
coop/Cooperatives/MultiStakeholderCoops/ Stakeholder %20Theory%20The%20State%20of%20the%20Art.pdf) Figure (2.6.1) (Source available online website at – https://www.stakeholdermap.com/stakeholder-analysis.html?utm_source=link=images/stakeholder-interest.
gif#rest)Thereare two main things in Stakeholder analysis. They are Power and interest ofstakeholders. There are a lot of stakeholders in every organisation -employees, customers, suppliers, government departments (like tax, custom,bank, etc.), shareholders, and so on. Power – analysing how influence thestakeholders’ power on company. Interest – analysing stakeholders’ interest howmuch important for company and how to manage them. Depend on the nature of company power andinterest level of stakeholders are different.
If thestakeholder is High Power/High Interest for company, the company needto fully engage with these people and make a great effort to satisfy them. Tryto keep the strong relationship you have with them. For example – the companywho produce other car parts for BMW which was not produced by BMW.If thestakeholder is High Power/Low Interest for company, the company should keep working these people satisfied, but not too much thoughbecause they may become fed up of company’s message. For example tax office.
If thestakeholder is Low Power/High Interest for company the company should keep updating these people and in the loop. And should talk to themabout what’s going on in the business etc. e.g. News, media, etc. If the stakeholder is Low Power/Low Interestfor company the company just need to keep an eye on these people, but do notneed to annoy them with lots of un-necessary communication. E.g.
jobrecruitment agencies.Sourceavailable online website at https://www.revolutionlearning.co.
uk/stakeholder-analysis-the-powerinterest-grid/ 3. Recommendations and ConclusionBMWGroup has been able to establish itself as manufacturers of one of the most elitevehicles on roads today. To be profitable and enhance long-term value, tobecome the world’s leading provider of premium products and premium services,and to create a highly emotional vehicle are the Vision and Mission of BMW. BMWprefer product uniqueness when analyse with Porter’s generic strategies thoughthe market segment sis Narrow.
On the other hand it invest big amount to Asiacountries to marker segment to be wider.Whenstudy Strategic Group analyses of BMW its customer believe its products’quality so those believe become their opportunities to increase production orinvestments and so on. To increase production or investments in many countries,budget is necessary. According to SWOT Analysis of BMW, it has high budget andthey also have skilful labour to create new model ideas.Inother side, they have weakness like researching, product highlighting and soon.
BMW Group has around 13,000 suppliers located globally. So its suppliersare important presented in stakeholder analysis. Most of assembly units arebased in Germany and Europe and they tried to keep good relationship withtrusted suppliers in order to reduce the costs of logistics.Accordingto the above report, BMW has many strengths and it is still successful becauseof those strengths.
So they should keep the strengths they have and try tocreate more product or services uniqueness to become sustainable success. Whenstudy Porter’s generic strategies of BMW, it prefer luxury car and productuniqueness. So their market may narrow because of limitation.
If they find outthe way with their professional engineers and skilful labours to produce luxurycar for many societies, like high class luxury car, middle class luxury car,etc. So that the market will wider though there still has some limitations. BMWhas not only Strengths but also weakness, for example – High price, if thecustomers thought BMW cars price are high BMW should make customers’ mind tofeel BMW products price are good price/ worth to pay. BMW should highlighttheir product differentiations to public using medium like Journal, Newspaper,Media, etc. From marketing point of view, advertising idea is very important.
The idea should include clear message to public.BMWCompany purchases most of its raw materials from Germany (42.6%) when analysiswith Resource Based View theory. Having good relationship with trustedsuppliers and can reduce the costs of logistics is very good but they alsoshould have some back up plans in case of supplier’s error.
BMW should notallow stakeholders’ power to be higher. BMW has strongculture foundation and also successful company globally. Their corporatecultures define and manage the way its directors and employees think, feel andbehave towards their work. Hope it will success in the future more and more andhope this recommendation will useful for them.