Academic Regulations

The purpose of the report is to carry out a strategic plan for SP Setia, the property industry in Malaysia. In order to frame the strategic plan, a detailed analysis of the internal and external environment of the property industry shall be carried on in this report. Strategic planning provides a sense of direction and helps to outline a particular measurable goal that would eventually help the organization to prosper in its own field. The strategic planning is in fact a list of day to day decision making approach that helps a company to move forward. Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

The forefront Malaysian and overseas industrial brand synonymous with reliability, quality and value creation SP Setia is among the top 10 developers of Malaysia. SP Setia started its construction company in 1993 backed by a strong team and focused on its business in property (Spsetia.com.my 2017). The company has garnered many accolades like best developer, the best trusted brand award for property development and others. The vision of the Company is to be the Best in all they do. The mission of the company is to provide superior service to the customers and satisfy them through their culture. Their value is to build a long term relationship with the consumers with continuous improvement sin their business operation. The Company is engaged in building and development of residential and commercial properties. The Company is also engaged in producing precast components for the residential and building units. The company is also involved in the general building construction like houses, apartments, condominium and other monumental buildings. In addition to this, the Company also operates as a contractor for highways, bridges and any other kinds of infrastructure construction (Spsetia.com.my 2017). Apart from these, the Company is also found to offer wall slabs, bathroom slabs, parapet walls and other things.

1.2 Mission, Goals and Objective Statements

1.2.1 Vision of SP Setia

The vision of the organization is to become the best in everything that it does (Spsetia.com.my 2017). Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

1.2.2 Mission of SP Setia

The missions of the organization are, · To deliver advanced customer services in order to fulfill the needs of the consumers through a culture of excellence · To improve the value of the shareholders · To become a compassionate and dependable employer · To be attentive of the social responsibilities

1.2.3 Objectives of SP Setia

The primary objective of the organization is to develop life long relationship with its consumers. The organization is continuously working to fulfill expressed and unexpressed requirements of its consumers (Spsetia.com.my 2017). Besides, the management of the organization is also working to ensure a safe and secure environment.

Application of SMART model to evaluate the mission/vision

There are certain criterions that evaluate the mission statements of an organization. The same can be evaluated under the SMART criteria.

Model	Description	Cited by
Specific	According to Lee et al. (2013), mission of a company should be specific enough that determine the aims and objectives of the company. The vision of SP is focused on providing best service to the clients, it is not very clear because it did not portray as how the objective will be achieved. The aims do not show any mean as how to improve customer’s satisfaction or how the strategic goals will be achieved. SP Setia has received many awards in its business journey. In 2013, it won Best Retail Development. The company received Best Master Plan Development in the years 2006, 2008 and 2012. It has also won Best of the Best Employer in Malaysia in 2013 that clearly signifies how well the company treats its employees.	Lee et al. (2013)
Measurable	As commented by Johnson et al. (2013), the mission statements guide the employees to remember their responsibilities and at inspire them to work in a better way. The mission statement of SP Setia showed their intension towards giving better service to its consumers and stakeholders but the statement could not explain how they are going to do so. As a success of their responsibility, the company has received Best Sustainable Development Award in 2015. In addition to this, the company grabbed PAM Green Excellence Awards in 2015(Spsetia.com.my. 2017).	Johnson et al. (2013)
Achievable	The objectives have only showed what they want to achieve in the future business activity but the way it would be achieved has not been mentioned in the mission and vision statement. Setia has achieved good fame in its business. In 2011, the company won Best Purpose Built/ Specialised Project for their contribution towards sustainability and eco green environment. It is also the winner of Gold Winner of Sustainable Development Category in 2016 (Spsetia.com.my. 2017).	Hansen and Ockwell (2014)
Relevant	The aims and objectives that are mentioned by the organization are relevant because satisfying the consumers is important and it should be one of the missions of the company. The mission statement should also encourage the employees. The statements like compassionate and dependable employer and attentive of the social responsibilities are signs that the company encourages the employees to think of larger goals to achieve in their life. SP Setia won Best Residential (Low-Rise) Development in 2011 and was the Runner-up Best Master Plan Development in 2010.	Babnik et al. (2014)
Time bound	As commented by Morrish and Sauntson (2013), the mission and vision of the company should be time bound in order to be competitive enough. The property company has been ranked no. 1 consecutively in 2005, 2006, 2007, 2008, 2010, 2012, 2013 and 2016. This gives clear evidence of finishing their work within the stipulated time (Spsetia.com.my. 2017).	Morrish and Sauntson (2013)

1.3 Key Challenges:

The increasing competition in the market is the major key challenge faced by this organization. With the increasing competition and the increased number of professionals in this field, the bargaining power of the suppliers and the consumers has increased to a large extent (Mithas et al. 2013). This is the reason that property industry like SP Setia has to face challenges in its business operation.

To determine PESTLE, the macro environmental factors like political, economic, social and technological analysis is conducted to determine the possibility of the impact of these environmental factors on Malaysia. The PESTLE analysis of Malaysia can be done below:

1. Political factors:Malaysia is a multi-party democratic country. The political factor mainly highlights that political stability in the country is essential for the development of the country. The political attitude of the various parties has to be cooperating with each other such that it facilitates the overall growth of the country (Shan et al. 2015). The relation with the foreign market and various other countries also enhances the overall growth of Malaysia. The overall political scenario of Malaysia is favorable for the development of various industries.  
2. Economic factor:In 2016, Malaysia’s GDP grew by 4.3%. This expansion was triggered with a strong growth of the private consumption expenditure of about 6.4% while the fixed investment was 2%. Malaysia’s economy expanded by almost 5% in 2015 with an inflation rate of 1.8% (Zainul Abidin et al. 2013). The country has impact from the Goods and Services Tax or GST that has been introduced in 2015. Over the past decade, the economic growth of Malaysia has been an average of 7% per year. Thus, this steady increase in the economy attracts big investors such as Tesco and IKEA. The economic conditions are favorable for the development of the various industries.

1. Social factor:The buying costs are low in Malaysia. With the passage of the Control of Rent or Repeal Act of 1997, rent control system was completely abolished in 2000 and it has given the opportunity of negotiating with the rent as well (Babnik et al. 2014). However, the global growth prospect has definitely become more susceptible to the increasing downside risk of the property market. Therefore, the overall social factors are favorable for the growth of business and various industries.
2. Technological factor:Availability of skilled man power and local plants has definitely helped to improve the construction market to a great extent. With better equipments, the construction companies have adopt to the complexities and challenges in terms of safety measures that has exhibited the overall productivity of the companies (Hansen and Ockwell 2014). In the year 1996, the government of Malaysia had initiated the “Multimedia Super Corridor”. This is a strip of land stretching from the central business district of Kuala Lumpur to the International Airport. This corridor hosts almost 360 MNCs, all of which are focused on the communication and multimedia products. Thus, these technical advancements of the country facilitate the development of various industries in Malaysia.
3. Legal factor:The legal system of Malaysia follows the basic British laws. However, Islamic law is applied on the Muslim population. The business legislations facilitate the setting up of new industries as well as faster industrial growth. The facilities given by the legislation system of Malaysia attracts foreign traders to set up their companies in Malaysia. Thus, the legal factors facilitate industrial growth in Malaysia.      
4. Environmental factor:Climate change and sustainability are the major factors under consideration that affect the overall business of Malaysia (Samuel et al. 2013).  With the increase in the number of industries, the environment of Malaysia has devastating effects on the habitat and wildlife. Thus, the companies that aspire to set up their companies in Malaysia have to ensure that no damage to the environment is done.  

The framework that helps to analyze the level of competition in the market that helps in development of the business strategy is the porter’s five force analysis. Based on the analysis, the opportunities and threats in the market can be determined as well.

1. Bargaining power of suppliers (High): The bargaining power of the suppliers of the raw materials is high because it requires great initiative in order to extract the raw materials needed for the purpose of the property industry. In Malaysia, SP Setia is able to have abundant raw material sources from it number of suppliers (apart from in Sarawak’s monopolistic environment). However, the organization is also blessed with various financing options in Malaysia. Besides, as per (Razali et al.2016), Malaysia is a crowded market for consultancy mediators that includes architects, engineering and legal project management. Therefore, bargaining power of suppliers is high in the property industry of Malaysia.
2. Bargaining power of buyers (Medium): It has been evident that even in the shortage of the luxury apartments, the demand of the consumers on luxury apartments is high and so the bargaining power is medium in this respect. Demand for good locations in Malaysia is high among the consumers. The consumers of the country carry a strong sentiment for brands and reputations and always look for value coupled by price (Lau et al. 2013). However, the increased competition has definitely given the opportunity of bargaining to the people of the country and this is the reason that bargaining power can be considered as medium threat for this particular industry.
3. Threat of new entrance (High): In order to enter into the property industry, an organization will require high amount of capital along with strong connection with related industry authorities such as DBKL and utilities like Tenaga and SAJ (Downs et al. 2016). New entrants are welcomed in the country. Companies like Knight Frank Malaysia, Huttons OneWorld Property, Oriental Realty are some of the renowned companies that act as great competitors in the real estate market. However, the presence of well reputed companies and limited land bank in good regions makes it difficult for a new company to enter the property industry of Malaysia.
4. Threat of Substitutes (Low): Secondary housing market and rental markets are there that poses a threat for the property industry of Malaysia. As pointed out by Buthiyappan et al. (2016), it is difficult to come up with any substitute. The only substitute for actual housing is only by the means of renting instead of buying houses or apartments. In a country like Malaysia, where people are luxury lovers, the threat for substitute is quite low.
5. Threat of Competitors (High):Malaysia has nearly 50 well reputed companies in the property industry that has intensified the competition. Besides, slower growth of the industry due to glut and slow GDP growth of the country, the companies are engaged in serious rivalry to develop their own loyal consumer base (Zainul et al. 2013). Besides, the industry depends on foreign labors for improvements and as a result, competition to recruit best candidates is also high among the rivals. The companies are focusing on providing different types of buildings and apartments depending on the demand of the people (Yu et al. 2015).

From the Porter’s five forces model, it is clear that the biggest issue for the organization in terms of strategic management is to handle the competition from over 50 industry players. On the other hand, the consumers can shift to secondary housing market or to rental market which will hurt the profitability of SP Setia (Downs et al. 2016). Additionally, weak currency impending imports and high dependency on foreign labors can also be considered as a strategic challenge for the organization.

4. Capability Analysis

• Economic Performance: According to thecensus of 2017 polled among majority of companies, it has been found that SP Setia has outperformed its economic performance. The company has earned revenue of 4.99 billion with the net income of 789.82 million. The share price has increased considerably from a low estimate of 350 to a high estimate of 440. This clearly represents a 12,176.92% increase from the last 3.25 (Zainul et al. 2013).
• Operating Performance: If the operating performance of the company is considered and the measure of the expense ratio and sales performance of SP Setia is taken into account, it has to be said that the company has improved its operating performance than before. The average growth rate of earning is 27.4% with 0.265 per share increase (Lau et al. 2013). The company has also been enjoying profitability on its assets, capital and equity.
• Financial Performance: The revenue of the company grew steadily in the past few years. The revenue has increased considerably in a steady path from 2010. However, there was a drop in the revenue in 2012 by almost 13% due to the slower rate of economy in Malaysia (Razali et al.2016). In the present situation, the revenue bounces off when the company did the London project.
• Organizational Effectiveness: The leadership approach undertaken by the organization is a rigid example to the companies belonging to the same industrial sector. The human resource that this company has proved in employee engagement, a compelling employer brand and high performance culture in the organization. SP Setia has also been presented as the best employer of Malaysia (Johnson et al. 2013). The strategic direction undertaken by the organization is based on the comparative analysis of the market.

The evaluation of a Company’s resources that is important to gain knowledge about the competitive advantage or the weaknesses of the firm can be carried on by the means of the VRIO framework and the Porter’s Value Chain analysis:

4.1 VRIO Framework:

VRIO considers for the resources that are available to the company and also for the competitors as well.  An analysis of the VRIO framework of SP Setia Property Group can be carried on here: i. Valuable: The valuable resources include both tangible and intangible resources. Tangible resources are the physical things like land, building and the machinery that a company can buy them easily and these resources cannot act as a competitive advantage to the particular organization (Myeda and Pitt 2014). On the other hand, the intangible assets like the brand value, intellectual property and trademarks are the unique properties that benefit an organization to sustain as a source of the competitive advantage. The valuable resources that the organization has include the brand name or the brand value of the organization. ii. Rare: The resources that can be acquired by only few companies are considered as rare resources. These resources add to the competitive advantage if the particular company. As commented by Apadore and Zainol (2014), these resources if available among a majority of organizations would then lead to the comparative parity because the firms can easily utilize the same resources to carry out competitive rivalry. The real estate firms are depended on the resources like minerals and natural resources like metals and ores. SP Setia has the capability of utilizing the natural resources found and other related resources. The resources like the human resource and man power or the ability of the firm can be considered as rare resource that this particular firm possess. iii. Imitable: Those resources that are costly to the particular firm and that it cannot be imitated easily as well or cannot be bought at a reasonable price are called inimitable resources. The availability of heavy machineries, huge work force and the industrial image that the Company has been able to build during its business operation can be considered as inimitable resource of the firm (Johnson et al. 2013). The capability of the firm to build and manufacture buildings and other real estate bodies cannot be imitated and this can also be considered as inimitable. iv. Organization: The resources available to the particular organization cannot confer to any kind of advantage unless the organization realizes the full potential of using the resources for the purpose of gaining competitive advantage (Verbeke 2013). The organization is a well organization with good experience in the field of real estate and property. The work done by this organization can be easily considered as organized that has helped the organization to sustain competitive advantage. It is when an organization has all the four resources then it can gain competitive advantage in the market where it operates.

Value chain activities	Characteristics of resources	Competitive consequences
	Valuable?	Rare?	Difficult to imitate?	Organized to capture value?
Inbound logistics	Yes	No	No	Yes	Competitive Parity
Operations	Yes	Yes	Yes	Yes	Sustainable Competitive Value
Outbound logistics	Yes	Yes	Yes	Yes	Sustainable Competitive Value
Marketing and sales	Yes	No	No	Yes	Sustainable Competitive Value
Services	No	Yes	Yes	Yes	Temporary
Primary Activities	Definition (Cited)	Activities performed by company (Important)	How does it create value (Important)	Strength / Weakness
Inbound Logistics	Transportation facilities that brings in the raw materials	Key Activities Ensuring that the raw materials are brought in on time	Ensures that the raw materials are delivered on time. This is an essential activity	Strength
Operations	The business activities that ensures the successful construction	Ensuring that the raw materials arrive on time, along with the business operations taken up successfully	This is an essential activity They enhance the sustainable competitive value of SP Setia (Apadore and Zainol 2014)	Strength
Outbound Logistics	The delivery of the finished products to the customers	Ensures timely delivery	The outbound logistics are valuable for the company, since, the efficiency of the outbound logistics determine the efficiency of the products being delivered to the customers.	Strength
Marketing & Sales	Marketing and selling of the finished products. in this case the finished buildings and housings (Verbeke 2013)	The marketing and sales activities have to be given adequate importance, such that competitive advantage could be gained.	The enhancement in the sales and marketing activities enhances the position of the company	Strength
Services	These include the customer services as well as the other services given by the company	Ensuring that the customers are served successfully	The quality of the services provided determines the customer satisfaction and customer retention (Johnson et al. 2013)	Strength
Supporting Activities	These refer to the activities that are essential to support the primary activities	Ensure that the below mentioned activities are taken care	Ensures the successful completion of the primary activities	Strength
Infra Structure	Provides the building blocks of the company	Ensure that the necessary infrastructure for the construction industry is obtained (Myeda and Pitt 2014)	Essential for the successful operation of the company	Strength
Human Resources Management	Management of the manpower	Ensures that the organizational goals are fulfilled by the employees	Deliver high quality services, thus attracting more customers	Strength
Procurement	Ensuring steady flow of the raw-materials	Ensure the timely arrival of the inbound logistics	Keeps the supply chain intact	Strength
Research &Development	In depth research that the company needs to carry out, in order to enhance their products	Carry out in-depth research regarding the high quality used of building raw materials	Gives rise to innovation, thus establishing the company as the leader in the construction industry (Myeda and Pitt 2014)	Strength

5. Proposed Strategy 

In order to propose a business strategy to SP Setia, the SWOT analysis of the organization can be carried on based on the analysis of the macro and micro environmental factors.

	Strength : § Valuation of the different capacities § Availability of various resources § Good level of productivity and individual competence § Favorable political and legal environment	Weakness : § High resistance to adaptability to changes § Absence of better organizational policies § Huge number of competitors in the market § Lack of resources that cannot be imitated
Opportunities : § Opportunities to expand in other countries § Implementation of better technological means in the real estate operation § Use of better international strategies § Incorporate new organizational strategies for the purpose expanding its business	Proposed Strategy 1 To expand the business of SP Setia in various other countries	Proposed Strategy 2 Implementation of advanced technology in the housing and infrastructure could provide an effective opportunity for growth.
Threat : § High risk in positioning in a new market § Rapid changes in the real estate market § Changes in the preferences of the buyers § Changes in legal framework	Proposed Strategy 3 In order to curb down the high risk, partnership with various big market players such that a company who has a secure position in the market	Proposed Strategy 4 SP Setia has to ensure that the preferences of the buyers are given adequate importance.

TOWS matrix analysis:

Threats	The increasing competition and entry of other organizations Changes in the demand of the consumers
Opportunities	Improve the present business condition in terms of resource capability and engagement with other big companies for increasing the dominance in the market
Weaknesses	The resources can be imitate easily and so there is no uniqueness Changes in the legal framework of the real estate organization
Strengths	Good leadership and capability of the organization Has a recognized brand value and company image

Proposed strategy 1:

Market Penetration: The company can penetrate in other countries for the sake of its expansion.  This strategy would help the firm to enter a new market and the company can easily make its service familiar with other services in the market.  In order to expand the business of SP Setia in various other countries, one of the essential strategies is the alliance and partnership with various other real estate companies, such that the company would be able to expand their business (Johnson et al. 2013). One of the target market for expansion is the Indian market, since the growing population of India needs more housing facilities. Thus, SP Setia could use the process of partnership, for expansion in various other countries.   

Proposed strategy 2:

Product development: Implementation of advanced technology in the housing and infrastructure could provide an effective opportunity for growth (Abdul-Rahman et al. 2015). Advancement in the technology includes use of shockproof, damp prove and earthquake proof materials for the construction of the buildings. Use of modern technologies could be considered as one of the effective strategies. This would automatically add to the product development, a strategy for gaining better market share.  

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Proposed strategy 3:

Market development: Positioning in a new market is a unique way of making better strategic direction but positioning in a new market has a potential risk of failure. In this context SP Setia is no exception. In order to curb down the high risk, partnership with various big market players such that a company who has a secure position in the market that is new to SP Setia could support the risk of positioning in a new market (Zainul et al. 2013).

Proposed strategy 4:

Diversification of the product: The changes in the lifestyle of the people around the world, results in the changes in the preference of the buyers. SP Setia has to ensure that the preferences of the buyers are given adequate importance (Tang et al. 2014). The new projects that are taken up by the company should ensure that they are customized according to the demand of the customers. Thus, all it requires is the diversification of the product that would become familiar with the people.

Potential Strategic Direction

The potential strategic business direction for the purpose of improving the business of the organization is by the means of making strategic alliance with other major companies operating in the market of Malaysia. The alliance can be in form of partnership, take over or any other means.

Malaysian property industry inherits a commercial, logistics and a residential infrastructure that eventually suffered from decades of underinvestment and was not eventually geared to expand. The strategy that has been proposed for SP Setia to undertake as a part of its business is to expand its business. The property based firm has enough resources and capabilities that would eventually help this firm to expand its business. As a part of the expansion strategy, Razali et al. (2016) commented that market entry decision depends on the ability of the firm and the market based resource view. Therefore, it is important that the firm should consider the different perspectives of the expansion strategy and then formulate the best suitable strategy for themselves (Mithas et al. 2013). For instance, the best suitable expansion strategy for SP Setia is by the means of Joint Venture. Some of the well renowned real estate companies in India that with whom SP Setia can easily go to a joint venture are HDIL (Housing Development & Infrastructure Limited), the Sunteck Realty Ltd, the Mumbai based real estate company that is known for its ultra-luxurious residential complexes, the SRS group or the Prestige Group that are successfully doing their business (Sim and Putuhena 2015). The Real Estate industry in India has enhanced to a large extent and it has become of the leading markets in the South Asian market. In the view point of Downs et al. (2016), the rising commercial space in the country has automatically created better opportunities for the real estate companies to create great market domination in India. In fact, it has also been expected that the real estate market of India would not only be dominated by the Indian but by the NRIs as well. The cities liked Mumbai, Pune, Chennai, Ahmedabad has opened up space for the real estate business to prosper (Najib Razali et al. 2014). Therefore, there is no doubt that the best possible strategy for this company is to go for expansion strategy in India.

6. Strategy Evaluation 

The strategy of expansion is by far the most suitable strategy for SP Setia in the recent perspective. The organization is already operating in the nearby countries like Singapore and Vietnam and so there is a major scope of expansion in other countries as well. For example, this construction company can easily start expanding in India (Tang et al. 2014). There is a great scope for this company to establish its market in India. An evaluation of the proposed strategy can be done here by the means of the following terms: Suitability: The strategy is suitable because India is a promising market in terms of property development or the building manufacturing. It has been found that the market size of the real estate industry of the country is expected to touch US$ 180 billion within 2020. The expansion rate is as high as 11.2% (Abdul-Rahman et al. 2015). Therefore, the capability of this industry is increasing and international companies that have the capability of carrying out business are greater in this country. Therefore, expansion strategy in India would be the best possible strategy for this Company. Acceptability: Foreign investors from various countries Canada, France, UK, USA and others have been found to expand in this country looking at the demand of the market. Therefore, it can be easily said that the level of acceptability is high for the firm when it comes to expansion in India. In fact, there are chances that the company can gather more investors as well that would eventually help in better adaption of the business. Feasibility: In terms of feasibility, it can be said that as it has been proposed that the best possible means of expansion is by merging and partnership. It is expected that by this means, SP Setia would be able to fulfill its business strategy of expansion.

Conclusion:

A detailed analysis has been conducted on the macro and the micro environment of the property industry of Malaysia. It has been found that the industry has good opportunity in terms of expansion keeping the increasing demand of the market into consideration. Keeping the other perspectives into consideration, it has been proposed that SP Setia can easily expand in the market of other Asian countries. India has been made the main focus for this expansion. In order to adapt this particular strategy, the best possible option for SP Setia is to opt for partnership with other property industries of the countries and build its own space in the country. The feasibility of the strategy that has been proposed has been mentioned as well. This is the reason that the best possible approach of expansion is in India as the market of real estate is very promising and the organization can prosper in this particular environment.

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Module Overview

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