Strategic Report to Kone PLC

Board of Directors

To: Board of Directors

From: SERA Consulting

Date: Friday 3rd April, 2015

Subject: KONE PLC Strategic Plan

Student ID’s and Names 1. 26527 – Richard Leon 2. 23671 – Emi Musaj 3. 24793 - Soraia Lopes 4. 26585 – Emmanuel Onafowokan

Student ID’s: 26527, 23671, 24793, 26585

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Table of Contents Table of Contents ................................................................................................................................... 2

Executive Summary ................................................................................................................................ 3

2.1. Mission Statement .......................................................................................................................... 4

2.2. Corporate Objectives ...................................................................................................................... 5

3. External Analysis ................................................................................................................................ 6

3.1 Macroeconomic Analysis ................................................................................................................. 7

3.2 Competitive Analysis ........................................................................................................................ 9

4. Internal Analysis ............................................................................................................................... 11

4.1. Strategic Capability ....................................................................................................................... 11

4.2. Portfolio Analysis .......................................................................................................................... 13

5. Strategic Marketing Framework ...................................................................................................... 15

6. Strategic Choice ................................................................................................................................ 17

7. Digital Marketing Strategies ............................................................................................................ 20

7.1. Digital Marketing Objectives ........................................................................................................ 20

7.2. Market Segmentation Analysis ..................................................................................................... 21

7.3. Online Channels ............................................................................................................................ 22

7.4. KPI’s ............................................................................................................................................... 26

8. TOWS Analysis .................................................................................................................................. 27

References ............................................................................................................................................ 28

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Executive Summary

This a consulting report to KONE GB to suggest a new strategic plan structure

based on the review of KONE GB 2014. It will also provide a digital marketing

strategy.

This report will use a PESTEL analysis in order to identify the main factors that

can affect KONE GB operations such as services, product and the strategic

choice. Factor include urbanisation, energy consumption, health & safety and

economy stability.

Another tool that will be used for external analysis will be Porter Five Forces,

which analyse the competitive factors.

The internal analysis of KONE showed the company’s strategic capabilities by

analysing their unique resources and core competences. The report also uses

the GE Matrix to analyse KONE’s strength and industry attractiveness, showing

the current position of the company and suggesting where improvements can

be made.

A strategic marketing framework will be provided using Bowman’s Clock model.

Using Ansoff Matrix, it will also give the right strategic choice, which will then be

evaluated.

This report will provide a digital marketing strategy. It will give objectives, the

segment target, will analyse the online channels available and the use of them

and in the end will give the KPI’s indicators to evaluate the performance of this

strategy.

In conclusion, the TOWS matrix will be used to analyse the strengths and

weaknesses against the opportunities and threats KONE GB faces.

KONE GB should follow the strategy provided, in order to maximise their

performance.

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2.1. Mission Statement

“To be the customer’s first choice based on delivering solutions and services to

enable them to meet their business goals and objectives. To be the employer of

choice working together in a pro-active manner as one empowered team living

the KONE values. To work in a safety conscious manner to ensure an incident and

injury free environment for our employees and all those affected by our

activities.” KONE Corporation (2014)

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2.2. Corporate Objectives

Strategic Objectives

KONE aim’s to be the world’s leading Elevator and Escalator Company in

innovation and service. With an increase in the amount of older generation,

KONE aims to bring solution to people flow, which will bring about ease of travel

in an increasing urbanised community. KONE also aims to bring about

modernisation to existing products as well as the best maintenance packages in

the industry, which will cover customers for years to come. KONE also aims to

use digital marketing to build their brand awareness and online presence.

Financial Objectives

KONE will be expanding as a global company by reviewing and strengthening

their strategic capability. This will be done through acquisition and partnership,

consequently increasing their market share, increasing their stability for

competition within the industry. KONE aim to manage and reduce their financial

risks by keeping in accordance to the KONE treasury policy.

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3. External Analysis

A business needs to identify the external factors within their environment that

could have an impact on their operations. However many of these will be factors

that a business has no control over but the implications of which need to be

understood and taking into consideration before making any business changes.

It is important that KONE is aware and knows the implications of the external in

order to develop a clear vision, efficient policies and procedures, detailed

objectives and effective strategies that will enable them to achieve their short

and long term goals.

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3.1 Macroeconomic Analysis

PESTEL analysis

(PESTEL ANALYSIS in Appendix 1)

Political stability General election will be help in May 2015, and no one knows the results. According to BBC (2015), with a survey on general elections in May, some construction companies “noted that the uncertain general election outcome could prove a temporary bump in the road for new work”. Economy growth According with the HM Treasury Budget report (2015) the GPD (gross domestic product) grew by 2.6% in 2014. It also states that Business investment has increase by 25% since 2010; therefore businesses have more opportunities to invest in the UK. For instant from April 2015 the Corporation Tax will be cut to 20% which could beneficial impact KONE by enable than to become more profitable and to obtain more contracts from constructions companies. The UK Construction forecast for the next three years is expected to grow by 4.2% this means that KONE will also increase its service because they will be supplying the lifts and people flow equipment.

KONEPolitical facrotrs

Economic factors

Social factors Techonolical

factors

Enviromental factors

Legal factors

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Urbanisation According with the Economist magazine (2014), people live more vertically than even before. More than half of the population in the UK move to cities, this means that more people will begin to live in blocks of flats as well as working in high rise offices. Ageing population is also another megatrend that can impact KONE decisions in the future, based on the Office National Statistics report (2012) “The UK population is ageing and is projected to continue ageing over the next few decades”, at the moment 10 million people in the UK are over 65 years old which they predicted by 2050 will be increased to 19 million people. Therefore KONE has to develop equipment that will increase accessibility and mobility to elderly people. Technology developments The most challenging technological factor KONE will experience is the increasing pace in innovation within modern day technology. As KONE provides new equipment and service to businesses, it is crucial that they anticipate and keep update those changes and regulations in order to provide businesses with the best quality products and services. Energy consumption Environmental factors relate to how “ethical and sustainable business are”, this means businesses should be aware of ecological and environmental aspects and green issues. Reducing the energy consumption is one way to be environmental friendly as well as reducing business partners utilities cost. KONE through more than twenty years have managed to deliver the next generation lifts energy efficiency with KONE regenerative drive solutions. However due to changes on global warming KONE should look another ways of reducing the use of energy and what materials are used to make its products. Health and safety regulations Health and Safety is one of the most important aspects KONE was to consider

when looking to develop their products, however before looking in to this

changes there are a few regulations and procedures on health and safety to be

meet by the company (Lifts regulations 1997). The constantly improvement

safety standards and equipment development over the twenty years old will

require KONE to moderate their equipment and services. Modernisation

solutions helps to improve the company’s equipment safety, accessibility, eco-

efficiency and performance based on the case study of KONE report (2015).

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3.2 Competitive Analysis

Porter’s Competitive Forces

Porter’s Five Forces analysis was created by Professor (Michael Porter) and is

useful to help businesses to analyse competitor’s environment.

Threat of new entry

There is a few global manufactures with high capital barriers to entry such as

Otis, but the most threat of new entry are the small companies that offer

cheaper maintenance service of lifts and escalators than KONE.

Power of suppliers

The power of suppliers relates to their manufacturing production, KONE

provides customers with synergies and a cost reduction product therefore is

important that they collaborate with the best suppliers to meet customer

requirements. KONE Suppliers are meanly in China where the production and

manufacturing costs are cheaper than in the UK.

Power of buyers

The power of buyer depends on a number of characteristics of the market

situation for example recession or boom periods. If the country is not in a stable

conditions then is more likely that KONE customers such as constructions firms

will not be investing in new buildings. The product life cycle is also another factor

of power of buyers, for instances if the power of buyer is weak than KONE has

to perhaps innovate its products and services.

Competitive rivalry

The main competitors of KONE are; OITS, Schindler and ThyssenKrupp Elevator

as well as local competitors that specialise on lifts and escalators maintenance

in the UK. Otis is part of the United Technologies group which operates in more

than 200 countries. They are well known for producing gearless elevators for

high-rising buildings and offers customers with 75% energy consumption

reduction. (Otis, 2015) Schindler Elevator Company is also big competitor well

known for suppliers of Government buildings. (Schindler, 2015) However KONE

main competitors in the UK is the small maintenance companies that charges

less than KONE, therefore KONE should be looking at ways to increase customers

long term relationship.

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Threat of substitution

For KONE there is not big risk of substitute products however it is important that

KONE develops new ways of reducing even more the energy consumption so it

can be ahead of its competitors.

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4. Internal Analysis

4.1. Strategic Capability

Unique Resources

KONE is the 3rd leading global escalator and elevator company in the world. With

over 47000 employees worldwide, the staffs and overall company are known for

being an innovative in creating solutions to the increasing urbanized

environment. (KONE Corporation, 2014). For example, back in 1996, KONE

introduced to the market, a new technology called the MRL (Machine-Room-

Less) elevator. This become popular and grew within the industry, with all of the

major companies now providing the equipment. KONE are still in the business

of innovation as they have recently launched the creation of the new KONE Ultra

Rope, which yet again has taken the industry by storm (Building Transportation

Profile, 2010).

KONE has acquired Express Elevators Ltd, which is a British company that

specialises in the maintenance, repair, modernization and installation of

elevators. Michael Williams, the KONE GB Managing Director made a statement

concerning the new acquisition saying “The acquisition of Express will assist

KONE to consolidate and expand in the Yorkshire and surrounding regions in the

future (KONE Corporation, 2014). KONE are constantly acquiring new

businesses, expanding the company and increasing its customer database,

which consequently will increase KONE’s strategic capability, market share,

brand awareness and competitive streak.

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Core Competences

The KONE Ultra Rope is their latest innovative technology. It is a lighter stronger

carbon fibre elevator rope that gives elevators the ability to travel twice the

height in comparison to existing solutions (Hassan & Partners, 2015)

The Ultra Rope has been tested with results showing potential reduction in

elevator size, as the rope is able to carry more weight using the same machines

that conventional steel rope could not carry (Council on Tall Buildings and Urban

Habitat, 2015). This is a breakthrough within the industry and will set KONE well

ahead of its competitors

With millions of people using elevators, escalators and automatic building doors,

KONE views safety as a high priority within the business. To ensure this, their

service technicians ensure that the equipment maintained by KONE functions

properly 24/7. (Corporate Responsibility Report, KONE 2013)

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4.2. Portfolio Analysis

KONE GE-McKinsey Matrix

N/A

Growth

1,000 offices in around 50 countries

Over 47000 staff at the end of 2014

Annual net sales of EUR 7.3 billion

Leadership

KONE is the 3rd leading in the market and are currently in process of expanding through acquisition.

N/A

Proceed With Care

Health & Safety Regulation

Try Harder

They can improve on their brand awareness through digital marketing

N/A

N/A

N/A

Business Strength

Market share

KONE accumulates 18.5% of the market share and have exceeded 1,000,000

units in maintenance base in a market were around 12 million elevators and

escalators are in operation. The company showed a rapid maintenance market

growth in Asia-Pacific, which was driven by growth in new equipment

installations (KONE Corporation, 2014)

I

nd

ust

ry A

ttra

ctiv

enes

s

Enterprise Strength

Low Medium High

Low

M

ediu

m

Hig

h

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Brand awareness

KONE’s Ultra Rope has received coverage from CNN, The Times, The Economist,

Euro news, Reuters, The Daily Mail Online and other top media outlets in 20

different countries, catapulting the brand awareness of the company, making

this one of the most widely covered launches in the history of the elevator

industry.

Market Attractiveness

KONE ensures the constant introduction of new technology and continuously

develop their existing offers in order to keep them competitive and attractive

within the market. KONE’s product assessment is based on the anticipation of

future developments in relevant technologies. It is also based on the customer

needs and market requirements. Failure to address changes in the market could

results in the deterioration of the KONE’s competitiveness, market share or

profitability. (KONE Corporation, 2014)

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5. Strategic Marketing Framework

In many open markets, many of the services and goods can be purchased

and accessible from number of companies, and customers have a

tremendous amount of choice to pick from. (Perner, 2008) A company’s

duty in the market is to be able to find their competitive edge and manage

to meet the needs of the customers better than their competitors. KONE

are one of the Global leaders that specialize in elevators and lifts. As a

company that is known worldwide it is important for KONE to maintain

their high reputation and the quality of their products and services. KONE’s

main competitor is Otis, as it offers the same services and products.

Bowman Strategic clock consists of eight different strategies that are stated

below.

Position 1- Low price/Low added value

Position 2- Low price

Position 3- Hybrid

Position 4- Differentiation

Position 5- Focused differentiation

Position 6- Risky, high margins

Position 7- Monopoly Pricing

Position 8- Loss market share

(http://www.mindtools.com)

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Market segmentation

Market segmentation is a marketing strategy that involves dividing target

market into groups of businesses, consumers or countries, and then design and

implement strategies to target them.(NetMBA,2011) KONE can focus on Office

Blocks and then what they can innovate in order to meet the needs of that

target area.

Differentiation

KONE takes the position of differentiation on Bowman’s strategic clock. It is

important for companies to differentiate their products and services; this allows

businesses to create some unique form of value for their customers.

KONE adapts to a variety of practices that gain them competitive advantages

and manage to meet the needs of their customers. Otis is KONE’s main

competitor and it is important that KONE always offers something that Otis

doesn’t offer. One of the services that KONE offers is the ‘Remote Call App’. It is

an innovative mobile application for smartphones. This App allows users to

make personalized elevator calls conveniently from anywhere in the building.

KONE gains competitive advantage with the Remote Call App because their main

competitors Otis does not provide this App to their customers so KONE is a step

ahead of their competitors which is why they are positioned on number 4 –

differentiation.

(http://cdn.kone.com)

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6. Strategic Choice

KONE has a high reputation to maintain, as it is known for its quality of products and services, so therefore as an organization it is important for them to follow a key direction in order to succeed in future growth. The Ansoff Matrix is an analysis technique that businesses use that provides a framework that enables growth opportunities to be identified. (Mindtools, 2011) It can help a business consider the implications of growing the business through two dimensions which are, existing and new products and in existing or new markets. The sequence of the Ansoff Matrix strategies is:

1- Market penetration – Focuses on selling existing services and products to existing markets in order to achieve growth in market share.

2- Market development- Focuses on developing new markets or market segments for the existing services and products.

3- Product development- Focuses on developing new services or products

for existing markets.

4- Diversification- Focusing on the development of new products and services to sell into new markets.

(http://www.edrawsoft.com/ansoff-matrix.php)

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Market Penetration The best strategy for KONE GB is Market Penetration, the reason being is because focuses on just selling the existing products and gain a higher Market Share. As a business KONE will stick to their products and services and they will not change. Market Penetration seeks to achieve four of the following objectives stated below:

Maintain or increase the market share of current services or products, which includes advertising, competitive pricing strategies etc.

Dominance of growth markets

Restructure a more advanced and mature market that drives out competitors such as Otis.

(http://www.free-management-ebooks.com)

In order for a successful market penetration, Innovation is crucial as it allows a business to have a continuous success. It is important that businesses are on top of their competitors.

One way in which KONE can gain a successful market penetration is by increasing their level of advertisement. It is important that KONE can bring brand awareness not only to their customers, but also the consumers. KONE can improve on their advertising methods, which is done by through social networking advertisement.

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Suitability

The strategy that is implemented in KONE is suitable, the reason being is because in every business it is important to be able to innovate new strategies often in order to increase market share. So by using market penetration it allows KONE to measure what could be work and also what they can do to improve.

Acceptability This strategy chosen is acceptable as it is a strategy that will help KONE increase their market share and gain competitive advantage.

Feasibility

Market penetration is a convenient way for KONE, as they don’t need to make changes to existing products and services. It is a way to increase the market share without introducing new products in new market development.

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7. Digital Marketing Strategies

7.1. Digital Marketing Objectives

The objectives of this Digital Marketing Strategy is to increase the brand

awareness of the organisation and to make KONE the leader in customers and

consumers satisfaction in UK. People Flow® is at the core of this strategy.

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7.2. Market Segmentation Analysis

According to Mains (2014), it is very important to segment the market in order

to provide more tailored information to each category of visitors.

The following strategy will segment the market between Customers and

Stakeholders, as each segment have a different interest in the organisation. This

strategy is looking to provide all the useful information for both segments.

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7.3. Online Channels

In order to get more awareness and drive future sales, as well as keeping the

current customers and becoming the best brand in the market KONE has to use

different digital marketing tools, such as SEO, PPC, Content Based Search, Social

Media and Smartphone Apps.

Each tool needs a different approach.

For a perfect SEO strategy the website has to be optimised at its best. Therefore

the objectives for SEO should include:

Including relevant keywords

Keep an eye on the website to make sure everything is in order

Good PR through quality websites

The main objective of PPC is to get enough traffic on the website and to give

value to any person who is clicking on the link, in order to generate awareness

and future sales.

Source: http://www.smartinsights.com/managing-digital-marketing/marketing-innovation/digital-marketing-

trends-2015/attachment/digital-marketing-trends-2015-survey/

As the content is the most important commercial tool, it has to bring something

new and fresh, in order to generate shares on different blogs and media

websites. To do this, the content strategy has to build strong link with bloggers

and website owners and to think about the outcome of its content, not just to

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create content for the sake of it. It would be very valuable for both parties if the

website and the blogs are connected through links on a network tab on each

other platform.

It is also very important to create new content to keep up with competitors.

Source: http://contentmarketinginstitute.com/2014/10/2015-b2b-content-marketing-research/

Following Pulizzi (2014) research, social media is the most used method of digital

marketing. Therefore it is imperial for KONE to be present on different channels

such as: LinkedIn, Twitter, and YouTube.

Source: http://contentmarketinginstitute.com/2014/10/2015-b2b-content-marketing-research/

But the prospect of being present on Facebook as well, to raise awareness

through its consumers, shouldn’t be looked away.

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The smartphone app is also a very important tool to target people. According to

Mander (2015), the 2015 might be the year when PC and laptop owner will equal

the owners of a smartphone.

Source: http://www.globalwebindex.net/blog/80-of-internet-users-own-a-

smartphone

Targeting those people it is vital. According to the

research conducted by Deloitte (2014), there are

around 35 million UK citizens which own a

smartphone. And from this users 42% use IOS, 29%

use Android and 17% Blackberry. Therefore the

Mobile App needs to be accessible to all interfaces,

otherwise it will lose a big share of the market. Also

the Apple devices don’t have NFC, but Android and

Blackberry have. The app on these devices might

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include special features, such as using the phone instead of using the card for

accessing the E&E, this feature will be useful for consumers, or getting

information of the energy consumption of the E&E by touching a tag which will

be place inside of those equipment, that would be very useful for customers

such as building managers.

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7.4. KPI’s

Key Performance Indicators (KPI’s) are a set of metrics that an organisation or

industry uses to measure or compare its performance and effectiveness in terms

of meeting its strategic and operational targets. (Investopedia, 2015)

For this Digital Marketing Strategy the KPI’s are split for each segment. Using

tools such as Google Analytics, Tableau, KNIME and NodeXL, KONE GB can

analyse the data collected and to compare it using the following KPI’s.

Customers based Digital Marketing Stakeholder based Digital Marketing

Number of views Audience share-compared to competitors

Number of link shares Brand awareness

Number of sales Cost per click and Cost per sale

Number of blogs with the company content Inbound links

Referring domains Brand/Direct visits

Number of followers on social media Share of search-compared to competitors

Unique visitors Total visitors

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8. TOWS Analysis

KONE has various strengths that can be used as an advantage to create

opportunities as well as minimise their threats. Similarly, KONE has

opportunities that can minimise their weakness and threats. The following

strategies have been created according to the TOWS matrix.

External Opportunities 1. Ageing 2.Social Media 3. New Investors 4.Urbanization 5. Economic Growth

External Threats 1. Competitors 2. Health & Safety 3. Political Stability 4. Technology development

Internal Strengths 1.Brand Reputation within market 2. Patents e.g. Ultra Rope 3. Environmentally friendly products 4. Human Resources 5. Innovative Products

SO Strategy - KONE has a good brand reputation and creates products, which are environmentally friendly. These two factors will attract new investors. With the majority of the community living in flats and high rising apartments, KONE can create innovative products, which will enable them to increase mobility and accessibility to the elderly. The KONE Ultra-Rope is a technology that is currently only own by KONE and is said to change the face of the industry/market, which will also lead to new investors increasing the company market share.

ST Strategy - Human resources at KONE are competent at innovation. This will place KONE ahead of their competitors edging them towards the position of being the number one company in the market. This will also keep the company ahead in technology development.

Internal Weaknesses 1.Brand awareness to general consumers 2. Digital Marketing 3. Distribution

WO Strategy- KONE should use more digital marketing tools in order to target new people/customers through social media e.g. Facebook, Twitter. With an increase in economic growth, this will enable KONE the opportunity to open up supplier businesses within the UK.

WT Strategy - to increase the company brand awareness amongst the general consumer with the use of digital marketing which will differentiate KONE from its competitors

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Appendices Appendix 1

PESTEL Analysis

Political General election in (May 2015).

Political stability can affect businesses decision making process as well as reputation in the global market.

Corporate tax policy can affect the strategic financial decisions of a company, for instant if the corporation goes up.

Trade restrictions can cause inconsistencies in supply chain, sales and distribution.

Economic Economic growth increases businesses opportunities to expand.

Interest and exchanges rates changes can cause businesses to increase prices of products and services.

Inflation causes businesses to increase expenses such utilities costs, production costs as well as rent.

Consumer confidence in buying,

Labour cost and raw materials (e.g. energy )

Level of employment

Social Urbanisation

Demography relates to the population which involve people age, needs and expectations.

Population growth rates

Living conditions and lifestyle, this involves factors such as people’s habit trends, beliefs, attitudes and ethics.

Technological Digital Research and development in order to keep with the market

Patents and licenses such as software

Management of systems

Environmental Energy consumption

Corporate social responsibilities

Disposal material

Ecological consequences

Legal Health and safety legislations

Advertising standards

Copyright and patent laws

Regulatory bodies

Employment law

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