the company i choosed is tax integrity group accounting firm in werribbehttps://www.taxintegrity.com.au/
I am working in this company for last 2 yearsso do all the expalnation on tax integrity group
References:
https://www.smartsheet.com/what-stakeholder-analysis-and-mapping-and-how-do-you-do-it-effectively
https://www.mindtools.com/pages/article/newSTR_79.htm
http://www.investorguide.com/article/15947/stakeholder-vs-shareholder-wfu/
https://laureate-au.blackboard.com/bbcswebdav/xid-19821924_1
https://www.managementstudyguide.com/competitor-analysis.htm
https://www.strategicmanagementinsight.com/tools/porters-five-forces.html
https://www.inc.com/encyclopedia/industry-analysis.html
https://www.managementstudyguide.com/strategy-formulation-process.htm
https://lesa.on.worldcat.org/oclc/898491919
https://www.strategy-business.com/feature/Creating-a-Strategy-That-Works
Use any other references, and please explain briefly
MGT501 MGT501 Business Environment Assessment 2 Internal and External Stakeholder Analysis Executive Summary Stakeholders play an important role in a company’s overall functions and stakeholder analysis helps discover who supports /not support and the level of influence they have on the company. Further, SWOT, PESTLE, Porters Five Force and VRIO analyses help understand opportunities, barriers, strengths, and weaknesses that can influence success of a company. This report discusses Stretchline and its functional areas, analyses done using the above methods and further compares Stretchline with another business. Table of Contents 1. Introduction4 2. Functional Areas4 3. SWOT5 4. PESTLE Analysis6 5. Porter’s Five Forces Analysis7 6. Internal and External Stakeholders and Their Roles8 7. Internal Stakeholders8 8. External Stakeholders9 9. Stakeholder Interests10 10. Level of Main Stakeholders’ Influence11 11. Comparison Between Two Industries11 12. Conclusion12 13. References12 Introduction Stretchline Holdings (Pvt)Ltd is a multinational company catering to the elastic demand of local/international markets. It was founded in 1995 and it is a joint venture with MAST industries USA, Charnwood Elastics UK and MAS Holdings Sri Lanka. The aim of Stretchline is to become globally number one elastic manufacturer whilst acquiring the biggest market share in the Western Hemisphere. Stretchline Sri Lanka has approximately 2800 employees working under general and continental work shifts. The main target markets are the US, European and Chinese markets and Stretchline’s annual turnover is estimated to be approximately 3 billion USD. The main product is elastics for garments including inner/outer wear, active wear, automobiles, medical, and smart garments. Stretchline has around 40 world leading garment brands under its portfolio. Functional Areas Stretchline has a tall structure. The departments fall under Manufacturing Departments and Services Departments. The Organogram of Stretchline is as below. Human Resources: This is responsible for recruitments, maintaining HR management policies and procedures, payroll for staff below executive level and carries out health and safety, HR development and team building activities. Planning & Production: Planning department is responsible of preparing the production plan once the orders are received by the Sales team. Production department consists of Preparation, Jacquard, Weaving, Knitting, Dyeing and Packing sections. Finance: This is responsible for the development of strategic financial plans, the budget and how the budget can be met annually. Further, payroll for executive level and above, income tax, following up on credit notes and debt collection etc. are also handled. Sales and Marketing: Handles all client portfolios under Stretchline and the Customer Relations Officers handle separate clusters of customers and products. This department liaise both with the customers and the other departments to ensure the securing of orders as well as on-time delivery of the products to the customers. Research and Innovations: All new innovations and research using the latest technologies to find solutions for current/future demands of narrow fabrics are done. Further, continuous improvements for existing products are carried out to ensure the newness of products. Management Information System: Responsible for all IT activities. It ensures that the computer-based production systems are properly in place, runs efficiently and facilitate all software, hardware, internet, and intranet activities within the company. Also, ensures that the systems in place are protected from spyware and develops security systems. Quality/Compliance: Samples of all manufactured elastics are tested against the quality standards and internal/external audits accreditations are managed for ISO and OSHA health standards. The fire safety training is implemented, and periodic fire drills are carried out by this department. Purchasing and Commercial: All purchases from machinery, yarn, chemicals to stationary are done. Communicates with external transport providers to ensure the availability of vehicles needed to deliver products to customers. Liaise with the Board of Investments (BOI) and Customs regarding regulations and duty imposed on the products. Maintenance: Machine instalments are carried out; breakdowns are rectified and implement preventive maintenance strategies. Power requirements, functioning of the boilers and the effluent plant is also under this department. Further, the ordering of machine parts, communication with external engineering firms/sub-contractors are also handled. SWOT Analysis Strengths: Has the ability for in-country sourcing due to global presence by having plants in Sri Lanka, China, Central America, USA, UK, Indonesia and Hongkong. This also helps the ability of reaching customers fast, exclusive and tailor made elastics for customers, highly trained and experienced workforce, product diversity, intellectual property rights, international patents, ISO and OSHA standards, infrastructure and capability to mass produce are some of the strengths of Stretchline. The company also can adapt to changes in the market and has the machinery, skills and raw material to produce garments to cater to any market including medical supply and hygienic elastic supply. Weaknesses: The company only produce elastics and if a substitute for elastics is found then the company does not have the skill set and technology to produce such a product. The consistency of the quality of elastics made by Stretchline is less than the elastics made by another company Pioneer elastics. Threats: The emerging market for cheap garments, other emerging local and international elastic manufacturers poses a threat to Stretchline as customers can buy products at a cheaper price. Opportunities: The ability for mass production combined with the ISO and OSHA standards have enabled Stretchline to start producing face masks as a response to COVID-19. PESTLE Analysis PESTLE analysis which is a tool for situational analysis for business evaluations (Perera, 2017) was used to analyse the macro environmental factors of Stretchline. Political: The volatile political situation in Sri Lanka can affect Stretchline as each party that comes to power imposes different types of regulations including health and safety and labour laws. However, due to Stretchline being under BoI there are no trade tariffs and taxes imposed. Economic: Stretchline deals with the USA and European market and the foreign exchange rate affect how the product is being priced. This coupled with the global inflation rate can affect the buying power of consumers and can directly affect Stretchline by order quantities being cut. Social: Cultural trends of the USA and European markets are changing and the demand for narrow fabrics are reducing and the demand for smart garments and fully fashioned garments are increased which is making Stretchline change their manufacturing process. Technological: Stretchline emphasises on the necessity of innovations and try to be on the same level with technological changes and does continuous improvements regarding automation and R&I of products and processes. This has led to the finding of an electric conducive pathway that can be used in smart garments. Legal: Stretchline had to change the health and safety regulations and employment regulations due to changes in these laws. The minimum salary of an employee was changed by the labour law and safety slandered had to be upgraded with the new COVID-19 regulations that were set in the country. Environmental: The geographic location of Stretchline is near the Kelaniya River and during the monsoon seasons there are floods that affect the transport services. This affects the workers from coming to work and impact the manufacturing process and on-time delivery. Porter’s Five Forces Analysis The following is the meso environmental analysis conducted for Stretchline using Porter’s Five Forces analysis as this helps understand the outside competition and the causes regarding productivity of an industry (Dobbs, 2014). New Entrants: The threat of new entrants to the narrow fabric manufacturing is medium to low as Stretchline is already the largest manufacturer in the world. The capital needed, the vast experience accumulated during the past 25 years. Research and innovations of Stretchline and the loyalty of the existing customers is not easy to attain by a new entrant. Bargaining power of Suppliers: All the machine and raw material suppliers that Stretchline depends on are not in Sri Lanka and there lies a threat of not being able to access machinery and raw material if suppliers decide to increase the price. Due to this Stretchline recently expanded the supplier list to include China and local suppliers to their supplier list. Bargaining power of Buyers: There are cheaper elastic manufacturing companies being started locally and in other Asian countries. So, the bargaining power of customers of Stretchline is high as they can purchase the product from such companies. However, the quality of the elastic and the new inventions such as conductive path elastics cannot be easily produced which makes Stretchline unique. Substitutes: There is a trend for full fashion garments which has the elasticity inbuilt within the garment. These are now being used as a substitute of elastics. More customers are also looking for seamless garments and this is gradually becoming a threat to elastic manufacturers. Rivalry: There is a market developing for cheap garments locally and other international plants to manufacture elastics. However, Stretchline is an innovation driven company that has been able to provide newness to their product which has helped to maintain their statues as the best elastic manufacturing company in the global market. VRIO Analysis Micro environmental analysis for Stretchline was done using VRIO framework by Barney (2001), to help understand the internal environment and the capabilities and weaknesses of the company. Value: The strong global presence, speciality of the elastic quality, designs, competent workforce, international patents, financial capability, and the innovativeness are some of the important assets Stretchline has. Rarity: Even though there are other elastic manufacturers locally and internationally Stretchline is the biggest and most recognised globally. Imitability: Currently no other competitors of Stretchline can accomplish the large global presence Stretchline has and it would take a large amount of resources and time to come to the level of Stretchline. Organisation: Stretchline has the capability, resources, and processes in place to create tailor-made elastics for individual customers. This combined with innovation has made the company the world’s largest elastic manufacturer. Internal and External Stakeholders and Their Roles According to Pinheiro (2015), a stakeholder is any individual or a group that can influence or can be influenced by the successes of the organisation’s objectives. Internal stakeholders are CEO of a company, employees, and investors (Beringer, Jonas, & Kock, 2013). External stakeholders are individuals such as suppliers, consultants, government bodies etc. The following are the identified internal and external stakeholders for Stretchline. Internal Stakeholders Executive Committee (EXCO): This is headed by the Chief Executive Officer (CEO) and consists of a team of directors who are responsible for department clusters and as a team they make decisions regarding overall company strategy, production, financial and sales/marketing strategies and decisions taken by them can affect the whole company. Operations Teams: These are teams of employees who are responsible for the manufacturing operations. They take decisions regarding new products, innovations and changes done to existing products that can affect the final product. Internal Auditors: They are responsible of ensuring proper audits are internally conducted before external audits, ensure that the company is adhering to ISO and OSHA standards and compliances and can directly affect the company’s manufacturing, health and safety