Accounting, Behaviour and OrganisationsAccounting, Behaviour and Organisation Assessment 3: Business...

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Accounting, Behaviour and OrganisationsAccounting, Behaviour and Organisation Assessment 3: Business Report  This is an individual assignment, which is worth 50% of the total assessment for this course. Submission: The submission files should be uploaded on Canvas. The submission link is available in the Assignments 3 tab on Canvas. The submission files should be in the word format. And please name your assignment in the following manner: your last name, your first name, and your student number, for example: BondJames3123007. You must ensure the first page of your assignment contains: your full name, student number, and your chosen company’s name. It is your responsibility to ensure that you have submitted the assignment correctly and is available for marking via canvas by the due date. Length:  The total word limit is 2500 words (part1: 1000 words, part 2: 1500 words). The word count does not include the list of references and executive summary.  Formatting:  The report should be written in Times New Roman, 12-point font, single spacing, minimum 3 cm margin on left and right side of paper.  The Individual Report must be in a report format, i.e., the content is split into several logical sections and sub-sections. These sections should include: an executive summary, introduction, main section of the report, conclusion and reference list. A typical report structure is: Executive Summary Introduction Section 1 Section 2 Section 3 Section 4… Conclusion References Appendices (optional) References:  Full referencing (in-text citation and reference list) is required for this assignment. Please follow RMIT Harvard referencing style. You need to provide at least 5 academic references.  Penalties for Late Submission and Exceeding Word Limits: Unless an extension has been granted, penalties will be applied for late submission.  All assignments will be marked as if submitted on time. Late submissions of assignments without special consideration or extension will be automatically penalised at a rate of 10% of the total marks available per day (or part of a day) late. For example, if an assignment is worth 50 marks and it is submitted 1 day late, a penalty of 10% or 5 marks will apply. This will be deducted from the assessed mark. Assignments will not be accepted if more than five days late, unless special consideration or an extension of time has been approved.  Assessment items that exceed the word limit by more than 10% (not including references, tables, figures, and appendices) will attract a marking penalty that is 5% of the total available marks. For example, an assessment item with a word limit of 2,000 words will incur a penalty of 5% if the submission is in excess of 2,200 words. Academic Integrity and Plagiarism: Academic integrity is about honest presentation of your academic work. It means acknowledging the work of others while developing your own insights, knowledge and ideas. Plagiarism is the presentation of the work, idea or creation of another person as though it is your own. It is a form of cheating and is a very serious academic offence that may lead to expulsion from the University.  All submitted documents will be checked by Turnitin. Please check the similarity rate once you submit your assignment, and ensure they're your own work, and that you've acknowledged the work and ideas from other sources. You should keep your similarity rate less than 15%.  If one student submits work that's completely or partly copied from another, both students can be charged with academic misconduct. And recycling your own work can be plagiarism. Business Report detail requirements: Students are required to Search the web, library database, and newspaper to find a company to investigate, and are required to submit an individual Business Report comprised of two main parts (1 and 2 below). Detail requirements are outlined below: 1. Analysis company’s strategy (maximum 1000 words) a. Search the web, library database, and newspaper to find a company to investigate and briefly describe the company and the industry within which it operates.  b. Identify the current competitive strategy (low cost or differentiation) that your chosen firm is following. Provide evidence how you came to this conclusion. c. Identify at least three Key Success Factors that can assist the company in achieving the current strategy. d. Evaluate the suitability of the firm’s choice of competitive strategy.  2. Develop a Balanced Scorecard for the company (maximum 1500 words) a. You need to incorporate social and environmental responsibility into your balanced scorecard.  b. For each of the perspectives, suggest two to three strategic objectives. And describe how the strategic objectives will help your chosen organisation achieve its mission and vision.  c. Draw a strategy map (an example is provided as in Figure 1) and describe the cause-and-effect relationships between the strategic objectives you would expect to see in your suggested balanced scorecard. d. For each strategic objective, suggest two to three measures you would recommend in the balanced scorecard. Explain the reason why you have suggested those measures and how the measures can assess progress towards meeting objectives. Figure 1: Example of strategy map

Preeti · Accepted Answer

Business Report: Louis Vuitton
Executive Summary 
The underlying assignment aims at discussing a company’s strategy with detailed explanation of current competitive strategy, three key success factors, and evaluating suitability of firm’s choice of current competitive strategy. The discussion is focussed on Louis Vuitton where it is discussed in detailed terms the company growth, market share and current competitive strategy. It helps in knowing current market position and standing of the company in fashion and luxury industry. The discussion is then switched to internal analysis where balanced scorecard is used for assessing internal competitiveness of the firm. The four measures in terms of customer, financial, learning and internal process is discussed along with recommended measures to be implemented. 
Introduction 
Louis Vuitton is selected which is abbreviated and known as LV, as a French fashion house engaged in preparing luxury and leather goods such as jewellery, fashion accessories, shoes, sunglasses and books. LV is one of the world’s leading international fashion houses that sell its products through several channels such as standalone boutiques, lease departments, e-commerce channel, and high-end department stores. LV is positioned as one of the world’s most valuable luxury brand having operations in more than 50 countries with 460 stores around the world (Record Results for LVMH in 2019). 
Section 1: Analysing company’s strategy: 
The current competitive strategy of LV is analysed and evaluated on underlying grounds: 
a) Describing company and industry within which it operates
Louis Vuitton operates in the industry of luxury and fashion market where it achieved recorded revenue of 53.7 billion Euros in 2019, higher than 15% from previous years (Singh, 2020). In the same token, revenue growth of the company also grew by 10%. As per the financial statement of 2019, LV has reported good growth in the market of Europe, United States, and Asia. LV’s fashion and leather goods sector also achieved good sales rise of 20%, along with perfumes and cosmetics, watches and jewellery business group (Singh, 2020). The distribution network of the company also continue to grow as LV decided to open more than 100 new stores along with renovation plan of its flagship stores. The year 2019 has reported several strategic highlights and contributed company in increasing its market share. The growth rate of LV is particularly strong in Asia and the Middle East, as well, online sales is also growing rapidly around the world (Record Results for LVMH in 2019). 
In 2019, LV has opened its ‘private apartments’ for giving users a kind of personalised shopping service. Online or digital platform of LV is also progressing well, with an increasing addition of international clientele. In light of this, LV seems quite confident for continuing its growth momentum across all business groups and units in the year 2020 (16% revenue growth in the first nine months of 2019). It will continue pursuing the strategy of developing brands through paying attention on innovation and investments, as well as, adding new quality in their products and distribution network. 
b) Current competitive strategy 
LV operates on the current competitive strategy of differentiation where it strives to explore new horizons, inventing new product designs, concepts and ideas for exceeding customers’ expectations. In the industry of luxury and leather good, LV is positioned as ‘Mercedes’ offering classy, esteemed and instantly recognisable products of its own. The differentiation strategy is implemented in nine segments of LV-hospitality, personal luxury goods, leather bags, shoes, jewellery and many more. All these segments collectively accounts and holds 80% market share on account of differentiation strategy (Mulholland, 2019). Also, it is expected that these segments will grow in recent years attributed to growing income of individuals. 
The main reason behind adopting differentiation strategy is social status of individuals. The high social status led individuals to buy differentiated and distinct nature luxury goods for showing off their status. Monitoring this trend, LV plans to adopt and implement differentiation strategy for achieving promising growth in the coming years. 
In the era of rapidly changing consumer needs and preferences, manufacturers of luxury goods have started monitoring and keeping a close watch on new class of consumers that are rising these days. High-earners but not rich yet is the new consumer class that is likely to emerge and evolve in the coming times. In this context, luxury goods manufacturers have started making substantial investment for drawing the attention of younger audience, who are interested in purchasing and trying new nature innovative products (Arnett, 2020). 
c) Key Success Factors 
There are several success factors in context of LV, such as striking perfect balance between innovation and tradition. The company adopts the policy of personalisation where customary goods are designed in the most innovative manner. For the six consecutive years, LV is positioned as world’s most valuable luxury brand. In 2014 also, LV enjoyed its crown and position of world’s most valuable luxury brand. Second success factor is perpetuating the image of ‘ultimate handmade quality’. The diverse product assortment is not the only success factor that made LV so successful (Bagri, 2017). Every product collection and assortment tells the ultimate handmade quality of LV’s products, this makes it so unique and differentiating. There are several examples of workmanship that sets LV apart from its competitors. Exclusivity is the third factor that makes LV products more desirable and appealing. There are several instances in the business history of LV that strengthens its image and position of exclusivity. For example, Louis Vuitton Cruise 2017 shows where a limited collection of handbags is made available for purchasing online (Danziger, 2020). 
Exclusivity is one of the major reasons behind the success of LV as when customers know that product series is limited, they are in quite hurry to purchase it, when available. Exclusivity doesn’t necessarily mean that products are unique; rather, it means that products are bought from an exclusive series that is not produced at mass scale. Moreover, every ordinary customer might not have that collection developing high willingness for spending even high amount. Exclusive product series are released on several occasions and made available through several sales channels with appealing messages, ‘Buy It Now, or It’s Gone Forever’! (Glendinning, 2019).

Accounting, Behaviour and Organisation Assessment 3: Business Report This is an individual assignment, which is worth 50% of the total assessment for this course. Submission: The submission files...

Accounting, Behaviour and Organisations

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