The nature of YTL Corporation Berhad
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YTL Corporation Berhad is one of the largest companies listed on the Bursa Malaysia, and together with its six listed entities has a combined Market Capitalization of about RM 34.3 million as at 30 September 2010, the company has a total asset of over RM45 billion. The major business carries out by YTL Corporation included power generation, construction contracting, property development, hotel development and management, cement manufacturing, supply of water, treatment and disposal of waste water, and incubating and advisory services for internet businesses.
Products and Services
YTL Cement Berhad supplies cement products and concrete products, quarry products and provision of related services to the constructions sector. YTL Cement is Malaysia's largest producer of ready-mixed concrete, through its subsidiary Buildcon Concrete Sdn Bhd & C.I Readymix Sdn Bhd. The company currently operates more than 50 batching plants throughout Peninsular Malaysia. YTL Cement Berhad is also the 2nd largest cement plant in Malaysia, with cement production capacity of 1.2 million tonnes per annum in Pahang; 3.4 million tonnes per annum in Perak; and a Clinker and Blast Furnace Slag Grinding Plants at Westport, Klang, and Pasir Gudang, Johor, each of 500,000 m/t per annum capacity. YTL Corporation also have a lots of luxury hotel in different country. Besides, YTL Corporation also carries out property development activities. YTL has built up excellent and high quality of buildings such as condominiums with attractive and innovative designs.
Channels of distribution
This is defined as an intermediate chain; each chain is passed down to the next organization's product, that we finally reach the consumer or end user. This process is known as the "distribution chain" or "channel". Starting from the beginning, the YTL Company has only supplies the cement manufacturing to the entire buyer. When the YTL Company gets the profit back, they have enough capital, and then the company starts to expand their business structure. They start to supply generation, construction contracting, property development, hotel development and management, cement manufacturing, supply of water, treatment and disposal of waste water, and incubating and advisory services for internet businesses. They sell this product to Tenaga National Berhad(TNB), hotel, building industry, hardware store and customer. This can keep their products on the market flow and visibility.
Level of Technology Used
YTL Cement is the largest ready-mixed concrete company in Malaysia, with over 500 mixers. YTL Cement owns over 70 batching plants and a fleet of 700 cement trucks, operating throughout Malaysia. YTL Corporation undertakes IT and e-commerce technology in their business.
YTL Corporation is managed by an experienced Board with a wide and varied range of expertise. This broad full of skills and experience can ensure that the YTL Corporation is under the guidance of an accountable and competent Board. The Directors recognise the key role they play in charting the strategic direction, development and control of the YTL Corp Group and have adopted the six primary responsibilities as listed in the Code, which facilitate the discharge of the Board's stewardship responsibilities. The Board currently has thirteen Directors comprising nine executive members and four non-executive members. The positions of the Executive Chairman and the Managing Director are held by separate members of the Board. The Executive Chairman is primarily responsible for the orderly conduct and working of the Board, while the Managing Director oversees the running of the business day by day, implementation of Board policies and making of operational decisions. The Managing Director and the Executive Directors are accountable to the Board for the profitable operation and development of the YTL Corporation, consistent with the primary aim of enhancing long-term shareholder value. The presence of Independent Non-Executive Directors brings an additional element of balance to the Board and these Independent Non-Executive Directors have the experience to carry sufficient weight in the Board's decisions. The differing roles of Executive and Non-Executive Directors are delineated, both having fiduciary duties towards the shareholders of the company. Executive Directors have a direct responsibility for business operations whereas Non-Executive Directors have the necessary skill and experience to bring an independent judgement to bear on issues of strategy, performance and resources brought before the Board. The Executive Directors are responsible for the YTL Corporation operations and for ensuring that strategies proposed by management are fully discussed and examined, and take account of the long term interests of shareholders, employees, customers, suppliers and the many communities in which the YTL Corporation conducts its business.
Why the YTL Company become the second largest of the Bursa Malaysia. This is because the strengths of YTL Company are when the buyer need big amount quantity of products, YTL Company can supply and cover the quantity of the products. This is because some of the places and store are lack of products. But YTL Company also can supply enough quantity of products to buyer. And the company of the sales flow is big, so they can prevent the lack of products occur.
The weakness of the YTL Company is YTL Company got enough capital to expansion their hotel and resort, but the way is not enough place to expansion the building and when build the building, will affect the environment near by the residents. Now the land is let many landholders pushed up the land price, so all the landholders hold the lease and dun want sell to other. This is the way that YTL Company faces of the weakness.
The first company to introduce turnkey construction into Malaysia.
The first Malaysian company to use non-resource local financing to finance a high-speed rail project.
The first Asian company to issue a Zero-Coupon Euro-bond.
First Independent Power Producer in Malaysia.
The first non-Japanese Asian company to list on the Tokyo Exchange in year 1996.
YTL is one of Malaysia's best managed companies; YTL Corporation has won numerous awards and come out tops in numerous surveys over the years, including awards form 'The Far Eastern Economic Review', 'Asia Week', 'CIO Asia' and many others awards. YTL Corporation's most recent accolades came from 'Finance Asia' magazine, when it was highlighted under the categories 'Most Committed to Corporate Governance'. 'Best Financial Management' and 'Best Managed Company'.
As conclusion, different company and manager might have different management skill. The way how a manager plan, organize, lead and control through the company sometime might different compare to the real life concepts and theories.
YTL corporation manager plan how to achieve the vision and the mission of the company. The manager also analysis the situation of the company and control the employees to achieve the objectives and goals.
In organizing process, the YTL Company organizes the job position and organizing structure of the company. Besides, it also concerns the system ongoing in the company such as the finance department system and what they do in the company.
In leading, the YTL company manager led their employees to achieve certain objectives. Controlling
Finally, we come to the last management process and functions. The final activity manager perform is controlling. Manager should monitor activities to ensure that they are accomplished as planned. After estimating the future conditions and circumstances of his company, making decisions based on these estimations about what work is to be done, the structure of relationships among positions arrangements determined, and people hired, trained and motivated, something may still be inappropriate. Although the temptation may be great, lowering standards to what has been attained is not a solution to performance problems. On the other hand, a manager does need to lower standards when they are found to be unattainable due to resource limitations and factors external to the business. Therefore, to ensure that everything are going steadily as they should. Corrective action is necessary when performance is below standards. If performance is anticipated to be below standards, preventive action must be taken to ensure that the problem does not recur. If performance is greater than or equal to standards, it is useful to reinforce behaviours that led to the acceptable performance. A manager should also monitor the organization's performance. The appearance of any significant deviation requires that the manager get the organization back on track.
Control process is cyclical, which means that it will never end. This in turn leads to control through the establishment of performance standards need to solve new problems to identify, measure performance. Employees often view controlling negatively. Because of its very nature, often leads to behaviour change management control of staff expected. No matter how positive changes can for the organization, employees can still view these negative impacts. Control is both expected and retrospective. This process is expected to issue and take preventive measures. And corrective action, the process also followed on the issue. Ideally, each person's opinion is the responsibility of the business or her control. Organizational culture should prevent a person walking from a small, easily solvable problem because "it is not my responsibility." Client-oriented businesses, each employee concerned about every customer. In quality driven dairy farms, for example, each employee concerned about animal welfare in each of wear and tear of every piece of equipment. Control is the management functions related to each other. Control based on the planning, organization and leadership.
Managers can use one of the three control strategies or styles, or the combination of: market, bureaucracy and clan. Each serves a different purpose. External forces make up for market control. If you do not achieve the necessary control of external forces, managers can turn the internal bureaucratic or clan control. The first budget and rely mainly on rules. The second is counting on to meet the commercial value of feeling part of the social needs of their employees. Self-control, sometimes called the democratic control, is complementary to the market, bureaucratic and clan control. Through training and encouraging individuals to participate in the initiative to solve their own problems, but can cause a feeling of personal ability. This power of self-control plays. Self-management will help increase the value of organizations and individuals a sense of business. Effective control system has been in business at all levels of the characteristics of control. In addition, this also accepted the decision of those who will perform. Flexibility, accuracy, timeliness, cost-effective, easy to understand the will also appear in the effective control system. The balance between objectivity and subjectivity will coordinate with the planning, organization and leadership.
Managers expect people in an organization to change their behaviour in response to control. However, employee resistance can easily make control efforts dysfunctional. The behaviours demonstrate means by which the manager's control efforts can be frustrated. First, control is like playing games which mean something to be beaten, a game between the "boss and me and I want to win." It will also resisting control if a "blue flu" reaction to too much control. Furthermore, providing inaccurate information lack of understanding of why the information is needed and important leading to "you want numbers, we will give you numbers." Following rules to the letter, people following dumb and unprofitable rules in reaction to "do as I say." Last but not least, sabotaging can be stealing, discrediting other workers, chasing customers away, and gossiping about the firm to people in the community. Playing one manager off against another it shows that exploiting lack of communication among managers, asking a second manager if don't like the answer from the first manager.
Management controls must be used to stabilize the employee performance and work environment. Control is always seen as a negative terms, because the employees feel restricted. However, the benefit of everyone on the control, no control of the organization would be chaos. In my organization, management and maintenance through the development of clear guidelines for the control of each employee must abide by. "Managers expect people in an organization to change their behaviour in response to control. Since I and my colleagues we are an independent contractor's work has the power to choose their own schedule. Management should set the time table into 70% or better to control the environment to make everyone adhere. When the contractor to meet their commitments, their pay incentives and rewards. Prior to the implementation of policies, performance is low because the performance of this control has increased dramatically in place.
For YTL Company the manager controlling the performance or work standards. It helps manager to estimate the result of a project and can correcting the problems before it becomes a serious consequence. The performances of YTL Company are financial performance, sales reports, production results, customer satisfaction reports and etc. Manager measured the attitude and morale of working and the communication with staff and superiors. Manager also need to understanding and getting along with the other people so that he or she will not get in trouble with the staff and cause the skilful employees to quit or transfer. The manager also analyzes the probable outcomes of the decisions by using the external forces make up market control. He or she must recognize new market opportunities and threats.
Compare to YTL Company, that is a bit different. YTL Corporation manager control more about the performances of financial, sales, production result and customer satisfaction. However, the way of controlling is more concern about the employee's attitude, the process and the way they work in the company, the relationship between subordinates and staff. This is because to prevent the employees did not give any contribution to the company and did not accept responsibility to their work. Besides, it also controls the morale of employees that may avoid the disputes and disagreement of employees.
the relationship between subordinates and employee. With this, it may form a good environment for the worker to work.
The last process in controlling. YTL Company controls their employee attitude. Besides, the manager also controls the financial, sales and production of the company. This is to prevent any loss will be happened in the company, so that the company might earn big amount of profit.
Leading is the topic of motivating employees is extremely important to managers and supervisors. To motivate employees, we must start motivating ourselves first. If you are enthusiastic about your job, it is much easier for others to be too. Also, if you are doing a good job of taking care of yourself and your own job, you will have much clearer perspective on how others are doing in theirs.
You can make their day or break their day. As a manager, you are the most powerful factor in employee's motivation and morale. Your impact on employee motivation is immeasurable. By your words, your body language and expression on your face, you telegraph your opinion of their value of the people you employ. You must take the lead first. Use simple powerful motivational words to demonstrate that you value people by saying 'please' and 'thank you' and 'you are doing a good job' you can make their day positive employee motivation and morale. Start the day right. Since, walk tall and confidently. Walk around your workplace and greet people. Share the goods and expectations for the day. Let the employees know that today is going to be a great day. Of start with you, you can make their day.
For employee motivation, you must make sure people know what you expect. As a manager, you must have clearly state down the work objectives, members needed, report dear lines and the requirements so that the employees do not received a different manage. Make sure you get feedback from the employees so you will know he or she understand what you need. Share the goals and reasons for doing the task and project. Of you must make a change midway through a task or project, tell the employees why the change in needed, tell them everything you know. They want to know when they have done a project well and when you are disappointed in their results. They need this information as soon as possible following the event. They need to work with you to make sure that they produce a positive outcome the next time. Set up a daily or weekly schedule and make sure feedback happens. This is an effective tool in building employee motivation and morale.
As a manger you can continue learning and trying out new ideas for employee motivation. Use whatever access you have to education and training. Have an internal trainer or seek classes from an outside consultant, a training company or a university. Most people want to learn and grow their skill at work. No matter what their reasons are: a promotion, different work, a new position or a leadership role employee appreciates your help. Encourage experimentation and taking reasonable risk to develop employee skill. Get to know them personally. Make a performance development plan with each person and make sure you help them carry out the plan. Hold regular meeting to share information, gain ideas for improvement and train new policies. Hold focus groups to gather input before implementing policies that affect employees. To effectively lead a work group, department or unit, you must take responsibility for your actions, the actions of the people you lead and the accomplishment of the goals that are yours. Show commitment by following through on your promises.
To motivate the employees, we start with good people, lay out rules communicate and reward them with good pay and bonuses to those who deserve them. Today, people must understand why they are working hard. Every individual in an organization is motivated by something different from each other. On motivating people, you are got to engage their minds and their hearts. For example, by excitement or by having productive ideas to make others feel involved. Motivation is the art of setting people to do what you want to do because they want to do it. Everybody wants to be somebody. The thing you as a manager have to do is to give them confidence as much as you can.
Whatever your personal reasons that you are working for, the bottom line however is that almost everyone works for money. Whatever you can it: - compensation, salary, houses, benefit or remuneration, money pays by bills. Of provide housing, gives children clothing and food, send them to college and eventually retirement. So fair benefit and pay are the cornerstone of a successful company that recruit and retains committed workers. To attract the best employees, you need to pay more than your average paying counterpart in the market place.
Show commitment by 'following through'' on your promise. Follow up on mines and review project regularly to make sure you have done all you can keep an eye on projects so that you can head off problems.
As a manager, in order for you to motivate your employees you must have positive mental attitude. Condition your mind to reject negative attitude to channel your mental energy. A commitment to positive attitude will bring about that relaxed countenance that many successful leaders exhibit.
Show disciplined to your employee by setting a good example. Always arrive early for appointments. This shows that you are disciplined and respect other people's time.
Strength and courage on the face of adversity is a must. Be determined to face it off when facing with any troubles or problems. People will respect you more if you show courage.
The leading challenges are to help individuals identify potential area of development and to measure the effectives. It is also one's ability to deal with daily environment demands and pressure and helps predict one's success in life including professional and personal pursuits. It also helps us to understand the connection between emotion and one's abilities to lead. Leaders execute a vision by motivating, umpiring, listening, guiding, and persuading others.
The challenges in leading are that we can proactively build up relationship with a wide network of people. To continually articulating our vision and influencing our employees. As a leader, we can umpire ourselves and others and also creating a culture that sustain urgency in making the vision a reality. We can also continually looking for new ideas, developing, motivating, embracing change and welcoming opportunity.
Combined with comprehensive pressures and the constant need to adapt and change the demands to strong leadership at every level of an organization one eventual to its strategic alignment, effectives and success.
In YTL Corporation, the manager led or motivates their employees in the company to achieve some plan or let their staff perform in certain tasks. Besides, the manager also led to the morale and behavior of the staffs. YTL Corporation aims to make the staffs having a high morale and good efficient while working in the company. So that, the company only can perform well because of the good relationship between subordinates and staff. Other than that, YTL Corporation led the company to achieve their company mission and vision. By facing any challenges and problem, the manager will find a new idea or certain ways to solve the problem or having confidence to fight with the challenges given.
Compare to the concepts and theories, YTL company manager concern more about the performance of the employees in the company. Same as the way of leading, the manager led to make the staff be in high morale and good attitude. So, the manager can led their employees to achieve certain objectives in the company.
Organization is one of the management functions, such as planning. It is a function of the synchronization and human, material and financial resources, the combination occurred. All three resources are very important to get results. Therefore, the organization features help to achieve results that are actually important for the operation concerned. According to Chester Barnard, "Organizing is a function by which the concern is able to define the role positions, the jobs related and the co- ordination between authority and responsibility." Therefore, managers always want to get organized results.
Organizing function has four following steps. First is identification of activities. All activities must be conducted in a question for the first time that. For example, the preparation of the accounts, make sales, record keeping, quality control, inventory control, etc. All these activities are grouped and classified as a unit. Second is departmentally organizing the activities. In this step, managers are trying to bind to the departments and units or similar groups and related activities. This is divided into separate units and department to the entire organization is called departmentation.
In the third steps is classifying the authority. Once the departments have made, Managers like the power and scope of the category managers. This gives a kind of management positions in the rank of the level of activity is called. Senior management to policy formulation, the lower the supervision and management of mid-level to the foreman's supervision and management. Clarify a problem in the introduction of the power efficiency of the help. This helps in achieving the operating efficiency of a concern. This helps to avoid the time, money, energy waste, to avoid duplication or overlapping of efforts, which helped smooth the introduction of the work concerned.
And the last step is co-ordination between authority and responsibility. Relations are based on different groups in order to achieve organizational goals toward smooth interaction. Everyone knows by his authority, he or she know they have to take orders and to whom they must report to them. A clear organizational structure is developed and all staff is made aware of this.
When it comes to business leaders, the most important aspect is the management of the organization functions. In fact, the correct implementation of the organizational functions of management can make a business success or failure. Absence of sound system, involving the management of organizational functions, the companies can easily end up belly up and bleeding red.
Unfortunately, many business owners do not spend enough time to consider the organization's management functions. In addition, when it comes to business planning and the like, little time is spent on an overview of the organization, taking into account management features. This is crucial, a business management training and well versed in the functions of various organizations. Historically, these types of concepts taught in colleges and universities. However, to a large degree, many universities have abandoned at least to some extent, the training organization like the focus.
Management organizations function of the level of many business enterprises. First, the organization's management function addresses the way the person with the organization to interact, who reports to whom, organization charts, lines of authority. All of these are personnel management and organizational functions of management within the organization takes that fall on.
Financial planning and budgetary considerations also belong to the organization's general management topics. Managers need the plug and the company employed by them during the budget out familiar. They need to understand the business of spending and budget priorities in order to fully understand how to allocate company resources to ensure the maximum profit at the end.
Internet also does provide a number of organizations looking for more management functions, and how it is any enterprise's overall business model of an important part of the useful information for anyone interested.
Now we talks about the important of organisation. The people who organized organization are much better than the disorganized individuals. The same is true the organized sector or enterprise. Managers who can master this enjoyment of the organization function more smoothly in the management of the term of office location.
For example, the construction enterprise organizations must do to ensure the smooth progress of the project a lot. Subcontractors, construction managers and building materials must be received by organizations for each. Scheduling before the arrival of supplies, the development of a carpenter, is counterproductive, and showing a lack of organization. In the current situation, there is a specific order to the project, which is in any other projects the true situation. Manager who has a staff organized to follow it and the organizations and the fight. Managers who take seriously functions of the organization to consistently update their plans will therefore be successful in the workplace.
Organizing is always occurs continuously. Organization is most managers' daily, weekly, annual task. In today's fast-paced business world, things change rapidly, the change occurred. Managers must remember that it was the composition of the flow, never change. Flexible management the ability to change course and even when necessary to meet customer needs. Change is inevitable. For the frequent changes of business experience, the organization function is essential. Such as adding new jobs or eliminate some of the organizational change process can change the level and structure of the organization's business.
By the way, our research of YTL Company has indicates that organization itself consists of three basic building blocks. They are Job Positions, Activities, and Systems. The key to the growth of organization lies in understanding how each of these subunits of organization develops, and how they interact with one another to form an organic whole.
The YTL Company divides the job positions into four types, which is Structure, Authority, and Distribution of tasks, Right people and Training.
Structure -- The first thing to consider is if the structure of jobs in the company is right for today's business and for the plans for tomorrow. Therefore, it's worth doing a serious analysis of whether or not the structure of YTL Company contains the right makeup and balance of job positions.
Authority - Second, YTL Company examine whether each job position in the company is matched by a level of authority for the person in that job to carry out the tasks contained within the job. In addition, the person filling the job needs to clearly know whom he or she is to report to.
Distribution of Tasks -- Third, one needs to examine whether the job tasks that are assigned to the individual are the right tasks for that position. Perhaps some tasks for a job should not be included in the job, or some tasks may need to be added to the job, or some may simply need to be delegated to another job position. Therefore, an analysis of the content of every job position the company is also worthy of a detailed analysis in the company.
Right People, Training -- Fourth, once job positions in YTL Company are properly allocated, and job tasks for individual jobs are maximized for efficiency, individual job positions need to be filled by the right people, and each person trained to the hilt for that job.
Jobs, activities can be continuously improved throughout the organization as well. Each improvement to an activity releases fresh energy and makes the organization more effective.
YTL this high tech manufacturing company is reviewing their product development activities, thereby maximizing the speed of products and services to market, as well as the efficiency and quality of their products and services. Therefore, a thorough activities analysis can simultaneously make the company more efficient and effective, releasing great energy and prosperity.
The productivity of an organization is determined by the extent to which routine and recurring physical activities are systematized and turned into standard operating procedures.
Systemization doesn't just make activities work more efficient; it makes people more relaxed and cheerful at work because the activities almost "take care of themselves." In fact, the happiest people are often in companies that have turned most or all activities in the company into corresponding systems.
There are some systems in the YTL Company as computerized bookkeeping, email, sales tracking, sales analysis, manufacturing, credit checking and etc. And then there are the existing systems. YTL Company upgraded the efficiency to the next level.
Compare to the theories of YTL, it is almost the same. YTL company manager organize the company organizing structure and the job position of the employees in the company. Besides, the manager also concern about the authority and system in the company.
Planning can best be defined as looking ahead and chalking out future courses of action to be followed. It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action. It is rightly said "Well plan is half done". Therefore planning takes into consideration available and prospective human and physical resources of the organization so as to get effective coordination, contribution and perfect adjustment. It is the basic management function which includes formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.
Someone has said before, "Planning is a mental predisposition to do things in orderly way, to think before acting and to act in the light of facts rather than guesses". Planning is deciding best alternative among others to perform different managerial functions in order to achieve predetermined goals.
Planning is deciding in advance on what to do, how to do and who to do it. Planning bridge covers the gap between where we want to go. It makes possible things occur which would not otherwise occur.
In today's highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments where necessary to stay on track.
YTL Corporation's strategy of offering "World Class Products and Services at Competitive Prices" extends across the range of its business activities, and is perhaps the single most important factor underpinning its success today in enhancing shareholder value.
That is because YTL Corporation using the right way of the strategy planning process. A simplified view of the strategic planning process is shown by the following diagram:
This process is most applicable to strategic management at the business unit level of the organization. For large corporations, strategy at the corporate level is most concerned with managing a portfolio of business. For example, corporate level strategy involves decisions about which business units are to grow, resource allocation among the business units, taking advantage of synergies among the business units, and mergers and acquisitions. In the process outlined here, "company" or "firm" will be used to denote a single-business firm or a single business unit of a diversified firm.
YTL Corporation follows the step by step then only can reach until now is one of the largest companies listed on the Bursa Malaysia. Our company has many assets, for example hotel, resorts, building, and etc.
Mission- Company's mission is its reason for being a company. The mission often is expressed in the form of a mission statement, which conveys a sense of purpose to employees and projects a company image to customers. In the strategy formulation process, the mission statement sets the direction of where the company should go.
YTL's mission is to want to provide the affordable and become one of the world-class quality products and services. Now our company is following by the mission and almost wants to overstep the mission already. YTL Group Managing Director Tan Sri Dato' (Dr) Francis Yeoh Sock Ping said that before.
Objectives- Objectives are concrete goals that the organization seeks to reach, for example, an earnings growth target. The objectives should be challenging but achievable. They also should be measurable so that the company can monitor its progress and make corrections as needed.
YTL over the last 15 years already contributed directly to its success in achieving a compounded annual growth rate in Pre-tax profits of 55%. This can shown that our company also done in this part very well and is not every company can done it as well, it because need to put many heart on the company target and only can get it well.
Situation Analysis- Once the firm has specified its objectives, it begins with its current situation to devise a strategic plan to reach those objectives. Changes in the external environment often present new opportunities and new ways to reach the objectives. An environmental scan is performed to identify the available opportunities. The firm also must know its own capabilities and limitations in order to select the opportunities that it can pursue with a higher probability of success. The situation analysis therefore involves an analysis of both the external and internal environment.
A situation analysis can generate a large amount of information, much of which is not particularly relevant to strategy formulation. To make the information more manageable, it sometimes is useful to categorize the internal factors of the firm as strengths and weakness, and the external environmental factors as opportunities and threats.
Our company aspect the analysis in the industry in which the firm operates or is considering operating. We devised the five forces framework that is useful for industry analysis. The five forces include barriers to entry, customers, suppliers, substitute product, and rivalry among competing firm.
Strategy Formulation- Once a clear picture of the firm and its environment is in the hand, specific strategic alternatives can be developed. While different firms have different alternatives depending on their situation, there also exist generic strategies that can be applied across a wide range of firm. We identified the cost leadership, differentiation, and focus as the three generic strategies that may be considered when defining strategic alternatives. We implementing a combination of these strategies for a given product; rather, he argued that only one of the generic strategy alternatives should be pursued. So, our company got more strong power to build up faster than other company and become a big company.
Implementation- The strategy likely will be expressed in high-level conceptual terms and priorities. For effective implementation, it needs to be translated into more detailed policies that can be understood at the functional level of the organization. The expression of the strategy in terms of functional policies also serves to highlight any practical issues that might not have been visible at a higher level. The strategy our company is translated into few specific policies for functional areas such as: marketing, research and development, procurement, production, human resources, information systems and etc.
Control- Once implemented, the results of the strategy need to be measured an evaluated, with changes made as required to keep the plan on track. Control systems should be developed and implemented to facilitate this monitoring. Standards of performance are set, the actual performance measured, and appropriate action taken to ensure success.
Comparison between YTL Theory and the planning theory that we found, it is difference.
By the way the theory and the YTL Company theory are similar same, step by step form mission to objectives to situation analysis to strategy formulation to implementation then last is control.
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