Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution and Analysis
Introduction
Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Analysis is the biggest publishing company with a greatest market share in the China's book retail market. CMP offers a variety of services including; collecting information, processing information and interaction services. Major company sectors of the business include; books, periodicals, consultancy and distribution. The business has a vast item portfolio and its major items include books, periodicals, online media, exhibits, research study reports etc. Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution has actually ended up being a specialized details supplier and a big detailed Science and Innovation publishing business through the integration of print media, audio-visual media and the network media.
Important Issues
Although, Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Help has invested its 60 years journey efficiently, being a successful publishing house, however, the changing macro market trends and forces bring specific obstacles to the publishing industry in general and CMP in particular. These factors consist of;
• Entryway of the new publishing firms in the industry.
• Decreasing growth of the publishing market.
• Market saturation.
• Intro of digital publishing techniques
• Enhancement of science and technology.
The improvement of the macro markets have raised several concerns to the management at CPM that what could be the future of CMP in this scenario? Do the long important experience, technical resources and the abilities of the company could be used to strive for the future development unceasingly? How could the business sustain its long term competitive position in future?
Situational Analysis
Internal Analysis
SWOT Analysis
Strengths
Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Help has specific strengths that can be used to reduce the hazards, overcome the weak point and avail the chances. Strengths of CMP are provided as follows;
• The long term experience of Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Analysis in the publishing market i.e. 60 years enables the company to offer high quality items at a lower expense using its previous experiences.
• The technical resources and abilities generated by its successful journey provide a competitive advantage to CMP.
• Huge item portfolioof CMP assists it to diversify its danger and provide high worth to its consumers.
• Strong monetary position enables the company to think about a number of advancement opportunities with no fear of raising fund externally.
Weak points
Along with the strengths, the company has specific weak points which might increase restraints for the business in implementing its development program. The weaknesses of Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Help are given as follows;
• Despite of being a science and technology publishing company, the company still has conventional ways ofpublishing which are not suitable with the growing technological shift.
• CMP extremely relies over the Chinese markets for its development. It must propose certain growth strategies to avoid its dependence over the Chinese markets to accomplish long term growth.
Opportunities
Although, the growth of the publishing industry is declining considering that 2008, impacting Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution also, but the development could be restored by availing certain opportunities presented in the market. The market chances for CMP consist of;
• The business might likewise introduce Digital Publishing by using its long term technical experience and a strong client recognition in the market.
• CMP might consider a development program through the growth towards foreign markets in order to reduce its dependence over Chinese markets by utilizing its vast funds.
Hazards
The changing macro patterns in the market and increasing competitors in the publishing market has positioned specific threats to Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Help consisting of;( Gurel, 2017).
• Introduction of digital publishing i.e. virtual libraries could cause declining market share of Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution due to the consumer shift towards virtual libraries.
• The presence of a great deal of competitors in the publishing industry increase the threat for CMP to lose its competitive position in the market, as rivals can get a strong customer base by utilizing specific strategies like aggressive promotion, quality items, and so on
• Entryway of new publishing firms in the industry in addition to existence of high competition increases the danger of losing the client base.
Monetary Analysis.
The business has a rather competitive financial performance. Due to absence of information, the financial ratios of CMP might not be calculated. However, the general financial efficiency of the company might be analyzed by utilizing the charts given up the case Appendices. It could be examined from the Appendix III that the yearly total profits of CMP during the duration 2000-2012 are growing at a high growth rate, revealing that the annual demand of the items of Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution is growing and the business is quite effective in bring in a a great deal of consumers at a possible cost.
Together with it, the second graph which shows the yearly development in the Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Help overall possessions, reveals that the business is quite efficient in adding value to its properties through its earnings. The growth in assets reveals that the total worth of the company is likewise increasing with increasing the total incomes. (Unidentified, 2013).
Another monetary analysis of the business utilizing the offered data might be the analysis concerning the circulation of total profits of the business. Major part of the revenues of CMP originates from the sales of its published books i.e. 64% as displayed in the Case Appendix V. The business could move towards other business segments with a prospective growth to accomplish its future advancement goal.
PESTEL Analysis
PESTEL analysis could be carried out to find out the various external forces impacting the performance of the company and the current patterns in the external environment of the business. A brief PESTEL analysis of the company is provided as follows; (Alanzi, 2018).
Political.
As the publishing sector might have a considerable effect on the frame of mind of individuals about the communist ideology of the federal government, therefore, the publishing sector is highly monitored and guided by the Publicity Department of the Communist Party of China. It could be stated that the overall political forces impacting CMP organisation are high. The federal government policies concerning the publishing sector are likewise increasing with the passage of time.
Economical.
Financial forces impacting the publishing sector in general and the CMP in specific includesthe rates of paper, the earnings level of consumers, the inflation rate, and the overall GDP growth of the country. All these forces combine impact the need for the publishing market.
Social and Demographical.
The consumer preferences are shifting towards digital publishing rather than the standard was of publishing. In this regard, CMP ought to focus on digital publishing to meet the altering consumer choices.
Technological.
Technological forces impacting the CMP consist of the technological advancement in the reading techniques and so on. Improvement of science and technology in addition to the increase of digital publishing could reduce the need for the CMP products, if specific actions would not be taken quickly.
Environmental.
Ecological forces impacting Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Analysis consists of the concerns of environmental neighborhoods over the use of paper in publishing books. The paper utilized in the books while publishing is required to be non reusable and the ink utilized while publishing should not be hazardous for the environment.
Legal.
Legal policies for the publishing sector at whole are high. Publishing Regulation 1997 requires the publishers to be approved first by the Federal government to be gone into in the publishing market.
Industry Analysis (Porter's 5 Forces Design).
Porter's Five Forces Design could be utilized to analyze the attractiveness of the publishing market China. A quick analysis of the Porter's Five Forces is provided as follows;.
Hazard of New Entrants.
Risks of new entrants in the Chinese Publishing Industry is moderate. The potential development in the industry tends to bring in new entrants to the publishing industry. The presence of extreme competition and the requirement of big capital tends to demotivate brand-new entrants to enter in the market.
Danger of Substitution.
Danger of Replacement is high for the Chinese Publishing Industry. The replacement items for the released documents is the documents provided in the virtual libraries on certain websites. The changing customer choices towards digital learning increase the risk of substitution for the industry.
Competitive Competition.
Competitive competition in the publishing market is high. The presence of large number of consumers in the Chinese Publishing Industry like CIP, PTP etc. tends to produce high competitive rivalry for CMP. In addition to it, brand-new entrants are also entering into the marketplace increasing the competitors for CMP.
Bargaining Power of Supplier.
The significant suppliers of the Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution include the suppliers of the paper for releasing documents. As CMP is the biggest publisher in the Chinese Publishing Market, for that reason the total bargaining power of supplier for CMP is low.
Bargaining Power of Buyer.
Negotiating power of purchaser in the publishing industry is high. Due to the presence of a large number of publishers in the Chinese market and the marketplace saturation, the buyers requires high quality files at competitive costs.
Competitors Analysis.
CMP runs in an extremely competitive industry with the existence of a great deal of competitors. Nevertheless, the company has a competitive position in the market with the highest market share in the Chinese publishing market. Major rivals of Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Solution include;.
• Chemical Market Press (CIP).
• Posts and telecommunication Press (PTP).
Chemical Industry Press (CIP).
CIPis among the close rivals of CMP. Established in the exact same duration, CIP publishes similar type of books. For a large period, CIP held the biggest market share, and still ranks second and third in numerous market sectors, with a major focus on academic publications. CIP functions as a danger for CMP as it could wean its market share due to its long term competitive background. CIP is focused on digital publishing and might wean the market share of Application Of Knowledge And Critical Appraisal Of Relational Practice Case Study Help easily in the existing market situation.
Posts and telecommunication Press (PTP).
Another close competitor of CMP is PTP. It was likewise established in the exact same duration as CMP and CIP. It ranks 6th in the state-owned publishers in regards to company scale. It is also one of the prominent players in the publishing industry with a yearly overall profits of RMB 550 million in 2010.
Alternatives
Alternative-1: Expand towards New Markets
Pros
• Reducing dependence over the Chinese markets.
• Increasing variety of Customers
• Development chances.
• Avoiding the effect of market saturation in the Chinese publishing market.
Cons
• Usage of possible resources in expansion.
• Threat of failure in brand-new markets.
• Time consuming.
Alernative-2: Introduce Digital Publishing
Pros
• Sustaining consumer base.
• Approaching brand-new markets.
• Easy to present utilizing current capabilities.
• Low risk of Failure.
• Low requirement for funds.
• Increased product portfolio provides high value to clients.
Cons
• Competition in the market by CIP, who has prior concentrate on the digital publishing.
• Shift of focus from the core business sections to the new one can lead the business to lose need of its products in the market.
Suggestions
With the deep analysis of the external and internal environment of the business in addition to the market analysis and the rival analysis, Alternative 2 is suggested to CMP to attain its future development. As the choices are shifting towards digital publishing and the business need an instant option to avoid the decreasing market development. For that reason, intro of digital publishing could prove to be an instant option with low quantity of danger for the company. The company might also think about the growth program after the success of its digital publishing program.
Application
In order to introduce digital publishing in its product portfolio, the company needs to first gathers the data related to the consumer need, the possible markets, the government guidelines and the information related to the rivals presented in the market. If the initial offering shows a success, the business needs to go for the other markets. In this method the company would be able to implement its digital publishing program.
Conclusion
Although, the growth of the publishing market is declining since 2008, showing a threat to the business's long term presence, but the situation can be controlled by thinking about a development plan in the future. The company could consider introducing digital publishingin its existing market to implement its development program at instant basis and to avoid the threat of failure for entrance in the brand-new markets.
