3. detailed evaluation of relationships and processes
Table of Contents
1. Introduction
Background
In the light of this it can be understood that the case of the company of Teekay Tankers Ltd. is being considered in order for the development of software which will aid in economically reallocating its fuel usage. This software will be aimed at ensuring that the fuel consumption of the company is effectively reduced, which in turn will help in reducing the cost for the clients of the company. The study will seek to conduct a detailed analysis of the various different environments of the company and analyse the various different relationships and processes which are required to bring the product to the market.
Product to be offered
The product to be offered in this case is software which will help in the integration of the fuel balances and systems of fuel deployment and correlate them to the usage of fuel by the company’s machines in order to provide the best economical quantities in which the fuel should be used.
2. New product
PESTLE
Analysis
As per the PESTEL analysis of the macro-environment of Teekay Tankers Ltd., it can be seen that the reduction in inflation rates and need for new products which focus on effective fuel management are beneficial for the company. The political factors will create problems for the company and require to be dealt with properly. The legal factors safeguard the rights of the employees working in the company and ensure an equal environment for them.
SWOT Analysis
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Weaknesses |
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(Source: Influenced by Lazakis et al. 2016)
Analysis
Porter’s five forces
This is an effective tool which can be used by Teekay Tankers Ltd. to analyse the shipping industry’s profitability and level of competition that exists within the market. The five forces of the model are:
The threat of new entrants
Buyers often demand to buy products and services at a much lower price than the actual price. This poses a great challenge for Teekay Tankers Ltd. and it needs to expand its customer base so that the buyers do not acquire enough power to bargain.
The threat of substitute products
Need for the product
Target segment
Teekay Tankers Ltd. is one of the leading shipping companies in the UK which offers its services on an international scale. The competitors it faces are Athena Silver Corp, Seacor Holdings Inc. and Capital Product Partners L.p. among many others. Athena Silver Corp is a chemical tanker company whose focus is on providing excellent service to its customers. It creates innovative and operationally fuel-efficient products making it a great competitor of Teekay Tankers Ltd. Therefore, the target customers for the stated product would be essentially businessmen who would look forward to selling innovative goods that of more fuel-efficiency and less cost usage.
The value offered to customers
The need of the hour requires major companies of all industries including Teekay Tankers Ltd. to find sustainable ways of conducting their business operations in order to protect the environment. Customers too are becoming increasingly aware of the same and look for products and services which are most fuel-efficient and sustainable in terms of the shipping industry. In order to meet the demand for effective fuel management in terms of cost-effectiveness and eco-friendliness, Teekay Tankers Ltd. will gain value and a higher market position due to the creation of this product.
Use of theory to inform the proposed development
3. Detailed evaluation of relationships and processes
Evaluation of relationships of the processes
In the case of the processes it can be understood that the processes are effectively correlated to one another and they help in the entire process to be completed. From the study of Carbonell and Rodriguez Escudero (2017), it is analysed that, in the case of the launching of a product it must be understood that various different teams must be assigned and these teams are responsible for the research and development, strategizing and market study. In the case of the team which is responsible for conducting a market study it must be understood that the information relayed by the team is taken into account by the development and strategy teams in order to effectively integrate the software and make proper use of knowledge management in the system. As per the views of Ward et al. (2018), it must be understood that appropriate knowledge management is essential in order to ensure that the process of development of the product are launch centric and that the product is made according to the needs of the market.