“The strategic management process begins when d firm defines its mission” (Barney & Hesterly, 2013, p. 8). For this reason, it is absolutely necessary to determine the mission of a company under analysis and understand all peculiarities of its functioning in order to make a well structured and comprehensive analysis of it. The company under analysis is called WRSX Group (Waldron Roux Silberstein Xao). It is “mid-sized advertising agency group with a good creative reputation offering a range of advertising and marketing communications services” (Advertising & marketing communications industry overview: consultant’s report & recent press cuttings 2011, p. 20). As can be seen from the description, the main goal of the company is to make good and effective advertising for customers and establish market relations. It renders services in spheres of media buying, public relations, research and insight, direct marketing, branding, film production, sports marketing (WRSX. Global advertising & marketing communications 2011). It has its own developed structure, which can guarantee understanding and effective work on all stages. The company does not have its common code of corporate, for local offices to act relying on their forces and be more effective.
The modern state of the company is rather stable. The company is competitive in the sphere of advertising. Its strategy is formulated by its officials and sounds like “Creative quality and a range of advertising and marketing communications services to support targeted clients globally” (WRSX. Global advertising & marketing communications 2011, p. 4). Above mentioned globalization can be achieved with the help of different agencies of this company, which are situated in different countries of the world. WRSX has its agencies in New York, Paris, London. This fact can help the company work more effective and provide advertising for some object all over the world. Of course, it increases the level of its competitiveness. However, there are also some risks connected with the international character of the company. “While the biggest risk facing our business is that we lose existing clients or fail to attract new clients, there are also risks associated with the effects of global, regional and national economic and political conditions” (Carnelley 2011, p. 1). The company is vulnerable to the slightest changes in the world economy as its main customers depend on it. There is no time for advertising for a company, which is trying to survive.
Understanding this fact, the company is trying to find new customers and sources of income. The first and very important step made in this direction is the gradual change of emphasis of the company. Taking into account fast emerging economy of Asia especially in countries like China, Japan and India, the company devotes more and more efforts to developing strong links with these countries, trying to take on the market in this region. Moreover, officials of the company also take Africa as the continent of opportunity (Carnelley 2011), planning to direct the attention of the company to it in future. This step is very important for the company as it guarantees its further development and presence of customers at difficult times of world crisis. It is also important because many companies change the place of their facilities, preferring to choose Eastern regions because of less strict employment laws.
One more important fact which can guarantee the further development of the company is the realization of change in traditional work of advertising companies, which comes with the development of digital technologies. New inventions change the totally traditional way of working of advertising companies, providing new abilities. It is possible to influence the whole world around the clock now. Realizing this fact, the company is able to inculcate these new methods in its work.
References
Advertising & marketing communications industry overview: consultant’s report & recent press cuttings 2011, Web.
Barney, J & Hesterly, W 2001, Strategic Management and Competitive Advantage: Concepts (4th Edition), Prentice Hall, New Jersey.
Carnelley, A 2011, WRSX External Environment – Phase 1, Web.
WRSX. Global advertising & marketing communications 2011, Web.