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Jaguar Land Rover Automotive Plc - Business Strategy - Case Study Example

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The paper "Jaguar Land Rover Automotive Plc - Business Strategy" is a perfect example of a business case study. This business strategy report presents and appraises Jaguar Land Rover Automotive Plc.’s financial and business potential. The examination of the company’s profile and objectives reveals that Jaguar Land Rover (JLR) positions itself as a car manufacturing establishment…
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EXECUTIVE SUMMARY This business strategy report presents and appraises Jaguar Land Rover Automotive Plc.’s financial and business potential. The examination of the company’s profile and objectives reveals that Jaguar Land Rover (JLR) positions itself as a car manufacturing establishment which intends to be a global leader in designing and selling luxury sports and utility cars. Its range of products includes Range Rover, Land Rover and Jaguar models. On analyzing JLR’s financial records covering the financial years 2012, 2013 and 2014, it emerges that the Company has been registering steady revenue, profit margin and asset base growth. JLR’s current and quick ratios are also indicative of strong liquidity. However, the Company’s returns on capital employed (ROCE) significantly dropped in the current financial year (FY14). The automotive industry’s external and internal environment as analysed by SWOT, PESTLE and Porter’s five forces are largely in JLR’s disfavor. In view of this a strong business strategy has been proposed by JLR management. Formulation, implementation and evaluation of these strategies are scrutinized by among other tools the VRIN criteria proposed by Barney (1991). While most of JLR’s strategies are tenable, it is recommended that prudent investment of its capital should lead to productive returns. This report makes a strong case for channeling huge investments in China, Asia Pacific and North American markets. It also lauds JLR’s commitment in CO2 emission reduction through fuel efficiency and other means. JAGUAR LAND ROVER AUTOMATIVE PLC. Company profile The Company that is currently known as Jaguar Land Rover (JLR) is a British automotive firm that began in 1922 as Swallow Sidecar Company with William Lyons as its co-founder. Since then, the company changed names and ownership. The Jaguar Company was bought by Ford in 1989 while Land Rover Company was bought by BMW in 1994. Ford bought the two companies in 2000. Tata Motors of India then bought Jaguar and Land Rover companies in 2008 and merged them as Jaguar Land Rover in 2013. JLR designs, manufactures and sells sports, luxury and executive car brands namely Jaguar, Land Rover and Range Rover. Jaguar models include Jaguar XJ, Jaguar XF and Jaguar XK series; the Land Rover products include Discovery 4, Defender and Freelander while Range Rover brands are Range Rover Sport, Range Rover and Range Rover Evoque. Currently JLR is the largest automotive investor and employer in the UK (JLR, 2014). The Company also has an international market presence, in the USA, Japan, China and Brazil. In the UK the Company has engineering and design plants at Whitley which is also its global headquarters and at Gaydon that also serve as a test facility. The vehicle manufacturing plants are located in Solihull, Castle Bromwhich and Halewood. The Company’s new engine manufacturing centre at Wolverhampton is set to start work in 2015. Mission Statement Jaguar Land Rover’s heritage is derived from a rich history of distinctive cars that uniquely blend style, prestige, performance, affordability and refinement. Our aim is to build on this heritage by making sure that current and future JLR products give excellent driving pleasure and utmost ownership satisfaction. To deliver this, we must attain world-class operating efficiency and quality that offers our clients exceptional value for money. By so doing, we can work towards profits necessary for securing JLR’s future with that of its employees, suppliers and dealers. Vision To become the global leader in premium consumer automotive products and services Mission • To develop and deliver to people, world class automotive products • To create distinctive brands through building image and communication • To offer services that satisfy the customer’s highest demand • To establish the best retail outlets • To employ, retain and build the "best" experts in the industry Product Range Objective The vision of Jaguar Land Rover is to create a range of complementary luxury brands such that each brand; • is appealing to the buyer-user • is distinctive • is high in craftsmanship, quality and user satisfaction. • achieves both cost and asset efficiency as well as an engineering edge over the toughest competitors Treatment of the stakeholders The company reaffirms its commitment to the UK by maintaining and expanding its investment in the manufacturing operations. In 2013, it announced a £1.5 billion investment in technically advanced aluminum car architecture. This will create 1,700 new jobs in the UK. JLR prides itself for being named the 2013 the Business in the Community (BITC)’s Responsible Business of the Year for its commitment “to environment and society policy”. As part of its Corporate Social Responsibility (CSR), Jaguar Land Rover has rolled out an ambitious programme that targets 12 million people in four key areas: education; design, technology and talent; humanitarian and health; and environment and conservation. As part of this initiative, 226,000 young people between 5 – 9 years benefitted from JLR education activities in 2013. Jaguar Land Rover claim employee strong confidence in the Company. In the FY14, JLR has raised investment in development and capacity building of its workers to over £27 million from £20 million in FY13. The Company claims it respectfully treats its staff in accordance to its ‘Dignity at Work’ policy. Other programmes for workers’ wellbeing include JLR’s membership with ‘Opportunity Now’ the OHSAS 81001 accreditation, WellPoint Kiosks and ‘Destination Zero – A journey to Zero Harm.’ FINANCIAL ANALYSIS Selected Financial Points for JLR 2012-2014 Point FY14 FY13 FY12 Revenue Current assets Total assets Current liabilities Total liabilities Total inventories Accounts payable Trade receivables Gross Profits Net Profits 19,386 7,230 15,589 6,134 9,725 2,174 4,787 831 2501 1878 15,784 6,209 12,837 5,997 9,298 1,795 4,227 927 1674 1214 13,512 5,235 10,217 5,041 7,293 1,497 3,285 662 1479 1460 NB: The Company’s financial year begins on 1st April and ends on 31st March the following year. This general data is indicative of a steady improvement and growth of the company. If this trend is sustained, the company’s projection to manufacture and sell 2 million cars in 2020 as it did in 1972 is achievable. JLR Profit Margins 2012- 2014 From this summary, the following observations and conclusions can be made: The Company’s profit margins are on the rise with a 49.4% increase in gross profit margins from the FY13 to FY14. Compared with the 13% growth in FY13 from FY12, the current rise implies sound business growth and profitability. Sustaining this growth trend require proper strategy formulation and implementation. JLR R.O.E 2012 – 2014 The current JLR’s R.o.E reveals some important issues for JLR shareholders The 2014’s R.o.E of 42.4% is the highest in the last three years The Company attributes this growth to the strong momentum from the new Range Rover Sport and Range Rover Evoque Jaguar F-TYPE also boosted the Company’s returns in the FY14 Quick ratio for JLR 2012 – 2014 For JLR to report high quick ratios, it must be enjoying high liquidity levels. This implies that the company has liquid assets to meet its immediate and future financial obligations. Current ratio for JLR from 2012 – 2014 The current ratio like the quick ratio measures a company’s liquidity, but in a more straightforward way. It includes inventories in the current assets with assumption that they can be converted into cash within a short notice. The fact that JLR has been recording very high current ratios in the past three years is a sign that its capital base is stable. JLR ROCE for 2012-2014 Of all the important financial ratios, ROCE is the only one in which JLR has recorded a significant drop (from 25.5% to 20.4%) in the last two financial years. This implies that the company did a better job in 2013 than in 2014 in employing capital to get favourable returns. It suggests a less efficient and effective investment policies. INDUSTRY ANALYSIS The automotive industry generally experiences notable intense competition. The external and internal market and operation environment significantly affect car manufacturers. SWOT and PESTLE approaches provide useful insights to the positioning of JLR in this industry. The Internal Environment In the UK, Jaguar Land Rover faces four major challengers: Nissan, MINI, Vauxhaull, Toyota and Honda according to the data from SMMT (2014). JLR and its brands and models feature among the top five automotive productions in the UK in 2013. They are not however at the top by any category as shown in the tables below. Top five UK cars by brand Make Volume Nissan 501,756 Land Rover 340,309 Toyota 179,232 MINI 174, 997 Honda 138, 812 Source: SMMT (2014) Car products from JLR were the 2nd mostly sold in the UK after the Nissan brands. This scenario arises from factors like pricing, fuel consumption and preference. Top UK cars by model Model Volume Nissan Qashqai 287, 477 MINI 174, 997 Nissan Juke 147, 956 Toyota Aurus 142, 578 Range Rover Evoque 127, 302 Source: SMMT(2014) Though JLR’s most marketable model (Range Rover Evoque) features among the top five car models, it faces fierce competition from Japanese models. Top UK commercial vehicles by brand Make Volume Vauxhall 43, 797 DAF 15, 400 Ford 12, 989 Land Rover 10, 151 Alexander Dennis 1, 949 Source: SMMT (2014) Land Rover from JLR performed dismally in the commercial vehicle segment. JLR’s specialization in SUVs could explain why their commercial brands are overshadowed by firms with strong commercial products portfolio. SUVs Jaguar Land Rover cars are registered in the high-end utility segments: executive, luxury and dual purpose. In these categories, products from JLR were ranked 5th, 2nd and 2nd respectively among the top 5 most sold brands in the UK in 2014. Their top competitors are Mercedes, BMW, Audi, Honda and Ford. SWOT analysis Strengths a) Products with high fuel efficiency b) Comparatively low CO2 emissions c) Historical goodwill within UK d) Status and culture symbolism e) New offshore dealerships; for instance, with Brazil Weaknesses a) High pricing – Range Rover Evoque, currently retailing above £30,000 b) Limited and less diverse product range c) Weak dealership network in some countries like Germany d) No economies of scale Opportunities a) Secured marketing deals with British celebrities like Victoria Beckham b) The expanding luxury market segment in new markets like China and Japan c) Exploitation of readily available new technology Threats a) Tough completion from other manufacturers of luxury and executive SUVs like BMW, Mercedes and Audi. b) Potential entry of Japanese models in to the markets c) Adverse US legislation on vehicles d) Environmental safety thresholds e) Foreign exchange rate fluctuations The External Environment Jaguar Land Rover competes globally with a number of automotive players in different countries. The general picture given by SMMT (2014) indicates that the UK automotive manufacturers rank 14 among the global manufacturers in 2013. They come after China, USA, Japan, Germany, South Korea, India, Brazil, Mexico, Thailand, Canada, Russia, Spain and France. While China manufactured 14.8% (22,116,875) products, UK manufactured 1.3% (1,597,433) products in the same period. In the European market, the UK is ranked 4th after Germany, Spain and France. PESTLE Analysis Political and legal environments Brassington and Petit (2006) note that governments greatly influence, through policy and legislation, the character of business environment. Jaguar and Land Rover hence suffer government taxation on CO2 emissions. Like many other governments, the UK pegs car tax rates on CO2 emissions and engine size and/or fuel type (GOK.UK, 2012). This explains JLR’s ambitious investment in CO2 reduction portfolio dubbed ‘2020 Environmental Innovation’ which has resulted into CO2 reduction by 24% by 2013 from the 2007 levels (JLR, 2014) . Compliance with such government legal policies explains the high cost of production of JLR’s large fuel capacity SUVs (Land Rover, 2012). Economic environment JLR’s FY2014 Financial Report appreciates that its customers worldwide experience economic difficulties. This presents a challenge in pricing the Company’s products. The effects of economic environment have been found to affect consumers and organizations alike (Brassington and Pettit, 2006). This implies that JLR must carefully consider its prices to ensure that the consumers get value for money. Sociocultural environment Sociocultural factors are qualitative in nature and are harder to measure and interpret than other demographical statistics due to their unpredictability (Brassington & Pettit, 2006). Most of the JLR cars are registered in the high status consumer segments namely luxury and executive. Engineering, technological and architectural design of these products as much as their promotion to appeal to these segments of consumer must constantly be reviewed to improve competitiveness. It is important that JLR’s SUVs are viewed as a necessity and affordable luxury. Technological environment JLR must strive to keep abreast with the ever-advancing automotive technology. Engine performance and durability; fuel efficiency; vehicle safety technology; and car architecture are some facilities that influence consumer taste. In this regard, it is understandable that JLR’s has adopted three-prong technological initiatives: Lightweight, Powertrain and Smart Connectivity, and opened in 2014 a new Technology Research and Design Centre in Portland, Oregon (JLR, 2014). The 2014 Range Rover Evoque model’s automated systems include driver assistance features like traffic sign recognition, perpendicular parking, reverse traffic detection and closing vehicle sensing. Environmental issues Car CO2 emissions has become a priority concern for countries and, by extension, consumers. The latter; therefore, seek environmental friendly products. It is extremely important for JLR to manufacture cars whose environmentally sensitive feature will appeal to corporate and individual customers. One of JLR’s most successful brands, Range Rover Evoque, is enhanced with features that lower fuel consumption and reduces CO2 emissions by up to 11.4% and 9.5% of the previous models respectively (JLR, 2014). COMPETITIVE ENVIRONMENT Jaguar Land Rover operates in an automotive business environment is understood in light of Porter’s five-force Analysis. Porter’s five-force Analysis Risk of entry by potential competitors Japanese manufacturers like Nissan and Toyota pose the greatest risk of entry into the luxury car segment. Rivalry among established firms The fiercest rivals of JLR products are Mercedes and BMW in Europe or Lincoln and Cadillac in the US. Threat of substitute products This comes from alternative forms of luxury transport like air travel; redefinition of luxury cars; and symbolism of fashion or status by other means than driving a SUV. Bargaining power of buyers Buyers continue demand efficient, classy and quality cars at the most reasonable prices. Bargaining power of suppliers Suppliers and dealers prefer fast moving luxury cars based on previous sales records, and this may favour only some JLR products like Range Rover Evoque. JLR’s Competitive advantage JLR competitive advantage lies in designing environmentally responsive products, innovativeness and financial ability to fund efficient future investments. Its products compete favourably with other players in three SUVs categories. Market Segment: Executive Model Volume Segment share Mercedes-Benz C-Class 30,991 25.9% Mercedes-Benz E-Class 28,833 24.1% BMW 5 Series 20,552 17.2% Audi A6 15,017 12.5% Jaguar XF 12,606 10.5% Segment total: 119,745 (SMMT, 2014) Market Segment: Luxury Model Volume Segment share Mercedes-Benz S-Class 1,558 18.7% Jaguar XJ 1,344 16.1% Mercedes-Benz SL 1,297 15.5% Audi A8 1,174 14.1% BMW 7 Series 1,045 12.5% Segment total: 8,346 (SMMT, 2014) Market segment: Dual Purpose Model Volume Segment share Kia Sportage 20,796 8,4% Range Rover Evoque 20,287 8.2% Honda CR-V 15,548 6.3% Ford Kuga 13,904 5.6% Land Rover Freelander 13,899 5.6% Segment total: 248,003 (SMMT, 2014) Jaguar brand competitive strengths Harmonizes luxurious and sporting (agile) character Easy-to- drive and cossetting feel Range Rover brand competitive edge Prestigious and confident drive Sense of independence and being in control Fuel efficiency and environmental safety Global Expansion Jaguar Land Rover’s trade volumes (product sales turnover) in the last two years provide a clear picture that should guide the Company’s global expansion and investment portfolio in the coming financial years. Trade volumes growth by geographical regions FY14 FY13 Change (%) UK 76,721 72,270 6% North America 75,671 62,959 20% Europe 82,854 80,994 2% China 103,077 77,075 34% Asia Pacific 22,795 17,849 28% All other markets 73,193 63,489 15% Total 434,311 374,636 16% From these results it is clear that Sales of JLR products in Europe and the UK perform marginally while those in China, Asia Pacific and North America register impressive improvements. Sales in China and Asia Pacific countries like India, Japan and Korea account for more than 50% of JLR’s overall product movement. Trade volumes in China, Asia Pacific and North America make up 82% of its overall sales yet these regions combined do not have proportional capital investment. It makes financial and business sense for the company to increase investments in these regions. The Company should consider breaking into the local and European markets as good sale turnovers in these regions will ensure favourable economies of scale. Global expansion could; therefore be approached from three-pronged approached proposed by (Holweg, Davies & Podpolny, 2009). The FGIS: France, Germany, Italy and Spain which are similar to the UK markets in car preference. The CEE (Central and Eastern European) countries such as the Czech Republic, Poland, Slovakia, Hungary and Romania which are favourite locations for offshore car manufacturing. The BRIC block: Brazil, Russia, India and China which are the fastest growing markets In China, JLR jointly with Cherry are constructing Cherry Jaguar plant while, in Brazil, JLR is establishing a plant in City of Italiaia. The North American markets should not be ignored since they also instrumental in indicating market trends especially in the luxury car segments. CORPORATE OBJECTIVE AND STRATEGY Operational levels JLR operations are guided by 7 corporate principles that work towards achieving the universal goal. These principles ensure that JLR’s standards satisfy the consumers and remain competitive in the overambitious automotive industry. Strategy generation Jaguar Land Rover has developed a business model from which it derives its strategies. Three factors stand out. Manufacturing premium products – by emphasizes quality of products that surpass customers’ expectations. Attaining superior business outcomes – by developing brands that would result in revenue growth. Maintaining competitiveness – by building distinctive brands which stand out in the automobile market Financial objectives JLR’s financial objectives contained in its annual financial report (JLR, 2014) are summarized below. To grow its business by means of new products The entry of Range Rover Evoque is expanding JLR’s market beyond its traditional market segment by attracting customers who desire lighter and lighter urbane cars (JLR, 2014). To consolidate its presence in emerging markets by expanding marketing and dealership networks This strategy targets China, India and Brazil – by March 2013, the number of Jaguar Land Rover dealers had reached 279. To develop manufacturing, assembly and supply-chain facilities in selected new markets. These programmes are being rolled out in China, Saudi Arabia, India and Brazil To sustain robust sales and distribution systems The Company has a market presence in 178 countries with 62 exporters, 85 importers, 17 national sales companies, and 2485 franchised dealers. To facilitate customer financing JLR has partnered with independent institutions like FGA Capital for UK and Europe customers; Lloyds Black Horse for UK customers and Chase Auto Finance to serve the US markets. To transform its business structure though a number of measures a) Ensuring cost improvement on components and operations b) Sourcing materials from low-cost regions like China and India c) Sharing car components across countries to cut production costs and better economies of scale Current business strategies Clear business strategies have been developed by JLR. They are restated below. Strengthening global brands Maintaining strong liquidity Making substantial investment Growing profit volumes Developing new exciting products Meeting customer expectations and complying with regulatory requirements Strategy implementation Implementation of some of the strategies outlined above is on course. Strengthening global brands Apart from Range Rover Evsoque, a new product in the market that has been met with reasonable success, a new Jaguar sedan is expected to debut in 2015 (JLR, 2014). It will be the first SUV from JLR driven by an advanced 4-cylinder engine technology. Making substantial investment JLR investment portfolio covers both its local and offshore industries. In the UK, an engine manufacturing centre (EMC) is being constructed in Wolverhampton at a cost of £500 million. It will begin operations in 2015. In China, JLR has partnered with Chery Automobile to construct a new automotive factory in Changshu at the cost of £1.15 billion to tap into the Chinese market which is the world’s largest. The plant begins its operation in 2014. Developing new exciting products The following are some of the new car models that have received customer positive reception a) The new Range Rover Sport b) Range Rover Evoque c) F-TYPE Jaguar JLR is investing into research and design towards producing lighter all-new alluminium models, superior powertrains and a hybrid technologically advanced luxury cars. Meeting customer and regulatory requirements The Company has rolled out a programme to reduce car and non-car CO2 emissions by 25% by 2015. By 2014, JLR reported reductions by 24%. Growing profit volumes JLR profit margins have been on the upward trend in the last 3 years. The Company gross profits grew by 49.4% from FY13 to FY14. Maintain strong liquidity From its impressive current and quick ratios, it is enough to say that JLR has strong liquidity. The Company’s return on capital employed ROCE dropped in FY14. This could indicate that capitalization programmes need to be reevaluated. Strategy evaluation The above-stated strategies can be evaluated for competitiveness using the four criteria suggested by Barnley (1991): value, rarity, inimitability and non-substitutability (VRIN). Value: Strengthening of the global brands should be done in order to neutralize threats, provide competitive advantage in terms of quality and pricing. Rarity: In developing new exciting brand, JLR should manufacture car functions that are unique to their brands. Inimitability: To invent/improve car features that other SUVs manufacturers cannot copy, JLR needs to strongly invest in R&D as stated in one of its strategies. Non-substitutability: JLR products are a status symbol and source of luxury. Unless JLR vehicles satisfy these customer needs, the customer will seek alternative means of meeting these needs from other car brands or other goods/services. To maintain liquidity and grow profits, JLR must emphasize this criterion. CONCLUSION Jaguar Land Rover enjoys historical heritage as an authentic UK automotive establishment. It is reputable for world class motoring manufacturers having hit a record sales of 2 million cars in 1972. With a stable revenue and capital base, JLR profits have significantly rose in the last financial year ending 31st March, 2014. The Company has also made inroads in the SUV segment through its successful brand Range Rover Evoque and the F-TYPE Jaguar brand. JLR has been recording increased sales in China, Asia Pacific and North American markets. The car manufacturer is, however, performing below expectations locally and globally in comparison with other players in the same automobile segment its vehicles compete. In the UK, European and American markets, JLR products are outcompeted by European, USA and Japanese vehicles. It is surprising that JLR sold only 2% of its products in the UK in FY14 though most of its manufacturing and operational centres and investments are located in the country. The Company’s long-term strategy is to reach the 1972’s 2 million car sales in 2020. Its short-term strategies include investment in manufacturing and supply chain; expanding global and local market presence; building environmentally friendly brands and developing quality, efficient and uniquely superior SUVs that will grow its profitability. These and other strategies are achievable if implementation programmes are carefully thought out. It is only then, that Jaguar Land Rover Company will get better returns on capital employed. Manufacturing and marketing expansion in China, Asia Pacific and North American markets should be given priority of the expansion works in the Wolverhampton plant. Finally, JLR’s CO2 emission reduction efforts are laudable and are worth investing on. References BARNEY, J. (1991) Firm resources and sustained competitive advantage. Journal of Management. 17 (1) p. 99–120 BRASSINGTON, F. and PETTITT, S. (2006) Principles Of Marketing. 4th Ed. Essex: Pearson Education Limited. GOV.UK. (2012) Calculating vehicle tax rates. Available from: https://www.gov.uk/calculate-vehicle-tax-rates [Accessed 8th December, 2014] JLR (2014) Jaguar Land Rover Annual Report 2013-14. Whitley: JLR Plc. JLR (2014) Company Information. Whitley: JLR JLR (2013) Jaguar Land Rover Annual Report 2012-13. Whitley: JLR Plc. JLR (2013) Jaguar Land Rover Overview. Whitley: JLR JLR (2012) Jaguar Land Rover Education Centre. JLR: Halewood JLR (2012) Strategy: Jaguar Land Rover Sustainability Report 2011/2012. Whitley: JLR HOLWEG, M., DAVIES, P. and PODPOLNY, D. (2009) The competitive status of the UK automotive industry. Buckingham: PICSIE Books. SMMT (2014) Motor Industry Facts 2014. Available from: http://www.smmt.co.uk [Accessed: on 6th December, 2014] Read More
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