Strategic management assignment focussing on sector and industry analysis, microenvironment analysis and resources and capabilities

Question

Task: You have been tasked by your organisation to develop the “connected strategy” (connect-strategy.com) for your strategic management assignment. Write the summary from diagnostic questions concerning your current connections with customers. Write the summary from the brainstorm of the effects a Connected Strategy could have for your organization. Summarisedriver’s willingness-to-pay. Map the current customer journey of one customer experience. Identify the deeper needs of the customer. Understand the current relationship with your customer across separate (repeated) customer experiences. Identify new opportunities associated with connected relationships.

Answer

Introduction
Zest WEG is a subsidiary of the leading Brazilian motor and controls producer WEG. The company has a robust commitment to subsidising the development and advancement of the African region and has been repairing and serving the continent for more than forty years. The main aim of this strategic management assignmentis to address topics relating to strategic management, sector and industry analysis, microenvironment analysis as well as resources and capabilities. The worksheet of “Connected Strategy” has been referenced throughout the strategic management assignmentto delve deep into the queries concerning prevailing connections of the business with its customers, probable effects of a connected strategy, drivers to pay and much more.

1. Current Connections with Customers discussed in the strategic management assignment
Customer connection is much more than mere communication. Customer connection denotes a strategic effort to build associations beyond an initial purchase or transaction. Businesses connect with their customers through active responses or customised transactions and reach them through social media, phone or in person(Caramela, 2018). The energy company of Zest WEG addressed for this strategic management assignmentprovides energy products and services ranging from electric motors to power generators to electrical infrastructure to industries of agriculture, HAV, oil and gas, mining and the like. The company is headquartered in Johannesburg, Gauteng, South Africa and customers can gain enquiry from its provided phone number and email address. The information flow of the company to its customers is continuous and it takes anywhere from an hour or twenty-four hours for the company to cater to their customer needs. Zest WEG learns something from each project it undertakes and works towards delivering better output for its future clients.

2. Impacts of Connected Strategy on Zest WEG
Connected strategies can substantially reduce costs and enhance customer experience. The connected strategy allows firms to leverage continuous connectivity and developing AI to foster deeper associations that can benefit both the firm and its customers. As per the strategic management assignment analysis, by leveraging technology Zest WEG can gain more intimate knowledge of their consumers even fulfilling and anticipating their purchasing needs before the consumers themselves know what they are. Zest WEG through its CSI (Corporate Social Investment) strives to be accountable to the needs of the communities, in which it lives and operates and ensures that its resources, people and people make long-lasting differences. The CSI programmes of the company support education and training, technical skills, and community education for the underprivileged and under-resourced areas. Zest WEG considered for the strategic management assignmentalso strives to be accountable to the needs of its communities and customers by maintaining and promoting a culture of environmental responsibility and sustainability through sound manufacturing and strategic business practices. Currently, companies face rising demands from customers, administration and their boards to integrate better environmental policies to deal with the ever-rising consumer expectations(Chorley, 2021). Zest WEG is, therefore, working in the correct direction to cater to and efficiently engage its clients. 3. Drivers of Willingness to Paydiscussed in the strategic management assignment The willingness to pay for a service or product is a consequence of three factors: the degree to which the customer likes the offerings, the ease of obtaining the offerings and the expense of the offering(Siggelkow, 2019). As per the strategic management assignment performance attribute is one of the features that customers feel must be better. Zest WEG has developed a sturdy local supply chain which has allowed it to a significant competitive advantage in the South African region(Zest WEG, 2022). In terms of the fit attributes, not all consumers agree on what is best since it can vary according to the different tastes and preferences of the customers. In terms of location, customers can gain access to Zest WEG through its website or its physical location in the Gauteng region and Cape Town. When it comes to timing, the customers have to wait some amount of time to gain results from the company’s offerings as it believes in providing quality services to its clients. It is found from the strategic management assignment that apart from that customers can buy products from the company through its online shop which can be delivered in seven to ten business days.

4. Current customer journey
Customer engagement is crucial for any business because engaging with the customers is likely to enhance customer loyalty, while making the brand more desirable (Bansal, 2016). As per the strategic management assignment findings, one customer of the firm, Graphite Mine, was in the procedure of construction and development of a new mine; therefore, they were in need of a consistent diesel power supply solution for their activities. The customer approached ZEST WEG Group, wherein the firm closely works with the client in order to prepare the desired product. Comprehending the energy requirement of the customer was critical in order to ensure that an efficient and compatible energy solution was developed. Hence, a 12.5MW incessant-related diesel automated power plant was developed for the customer. As per the strategic management assignment findings, the customer was willing to pay for the product as the product provided by ZEST WEG Group provides an efficient and reliable energy solution, without compromising the safety of the employees while using it.

5. Deeper needs of the customer
The needs of the customers are primarily correlated to their problems, and what the product facilitates them to do, depending upon the situation and priorities (Majava et al., 2014). Both the customer and the business approach the interaction with varied goals and perspectives. In the customer's eyes, the main purpose of a relationship with the firm is to get strategic commitment in order to support them throughout the lifecycle of the equipment supplied by the firm. As per thestrategic management assignmentfrom single product installation to individually customised solutions, the need of the customer is to get the latest technology that ensures optimum performance, and dependability, without any compromise in energy efficiency (Creamer Media, 2020).

6. Current relationship with the customer
Customers purchase products for various reasons; therefore, in order to fulfil the needs of the customer and connect with them, the firm uses a "no one-size-fits-all approach". As per the strategic management assignment the customers want to feel that the firm recognizes that they are individuals, and thus this concept has been catered by ZEST WEG Group in order to connect with its customers prior to customer experience. Compliance occurs, when the entity accepts influence and alters its attitudes as a result of getting particular rewards or benefits (Lee & Lee, 2021). Though the identification takes time, it is not costly to the firm. On the basis of the requirement of the customers, the solutions are customised individually, wherein the feedback is always collected from the customers along with follow-ups. Since the firm closely works with the customers, the customers are likely to make the direct suggestion to the firm, in terms of improving the product and services offered by the firm. It is found from the strategic management assignment that the customer segment is crucial for the business, on the basis of which the firm tailors its marketing effort to the particular customers while using various software such as Sprout Social, Hub Spot, etc.

7. New opportunities associated with connected relationships
Building consistent customer relationship is likely to provide the opportunity to enhance the competitive advantage of the firm while shifting from the transactional relationship toward becoming a trusted partner of the customers. As per the strategic management assignment analysis rather than only focusing on finance, the firm will get the opportunity to help the customers as an investment adviser. Thus the coach's behaviour can be noticed between the firm and the customers, which provides the opportunity to retain customers.

Conclusion
It is concluded from the strategic management assignment that the significance of customer relationships cannot be neglected in the contemporary business environment. Accordingly, Zest WEG Group has been aiming to maintain a strong relationship with eh customers, by identifying their deeper needs and desire and providing solutions based on their problems. Furthermore, the firm focuses on customers' feedback to enhance its products and services, while attracting, and retaining a wide range of customers.

References
Bansal, R. (2016, October). CUSTOMER ENGAGEMENT – A LITERATURE REVIEW. ResearchGate; unknown. https://www.researchgate.net/publication/318224473_CUSTOMER_ENGAGEMENT_-_A_LITERATURE_REVIEW Caramela, S. (2018, September).How to Connect With Customers.Business News Daily. https://www.businessnewsdaily.com/10330-connect-with-customers.html

Chorley, J. (2021). Customer Experience, Reimagined For Sustainability. Forbes. https://www.forbes.com/sites/jonchorley/2021/08/05/customer-experience-reimagined-for-sustainability/?sh=23cef9151b0d Creamer Media. (2020, January 24). Zest WEG Group. Mining Weekly. https://www.miningweekly.com/article/zest-weg-group-2019-01-25
Lee, H., & Lee, S.-Y. (2021, June). No More One-size-fits-all Approach to Organizational Commitment: Evidence from a Quantile Regression. ResearchGate. https://www.researchgate.net/publication/352702586_No_More_One-size-fits-all_Approach_to_Organizational_Commitment_Evidence_from_a_Quantile_Regression Majava, J., Nuottila, J., Haapasalo, H., & Law, K. M. Y. (2014). Customer Needs in Market-Driven Product Development: Product Management and R&D Standpoints. Technology and Investment, 05(01), 16–25. https://doi.org/10.4236/ti.2014.51003

Siggelkow, N. (2019, July 19). How To Identify The Drivers Of Willingness-To-Pay. Branding Strategy Insider. https://www.brandingstrategyinsider.com/how-to-identify-the-drivers-of-willingness-to-pay/#:~:text=The%20willingness%2Dto%2Dpay%20for Zest WEG. (2022, June).ZEST WEG DEVELOPS ROBUST LOCAL SUPPLY CHAIN - Zest WEG. Zest WEG. https://www.zestweg.com/zest-weg-develops-robust-local-supply-chain/