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Fortescue Metals Group - Company Marketing - Case Study Example

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The paper "Fortescue Metals Group - Company Marketing" is an outstanding example of a business case study. Fortescue Metals Group (FMG) is a publicly listed company in Australia which deals with exploration, production, development, manufacturing, and selling of iron ore products. The company has an integrated supply chain across its main four sites in Pilbara…
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FOUNDATIONS OF BUSINESS Student’s Name Course Professor’s Name University City (State) Date Foundations of Business Company Selection Fortescue Metals Group (FMG) Fortescue Metals Group (FMG) is a publicly listed company in Australia which deals with exploration, production, development, manufacturing, and selling of iron ore products. The company has an integrated supply chain across its main four sites in Pilbara. Apart from the railway line, the company owns several hubs such as Solomon and Chichester Hubs (Fortescue Metals Group Ltd. 2017). The company was selected for this assignment because of the following; Cost Regulation The company has succeeded to mitigate the production costs despite the depreciation of the Australian dollar and the iron ore prices. According to Ingram (2016), the company had a free cash flow of $US 2.7 million which represented a rise of 93% in 2015 despite the fall in the iron prices by 29%. Further, the Australian dollar depreciation caused significant costs. However, the company succeeded to use the “strip ratio” of 1:1 rather than 5:1 which has saved the company a lot of money. Sustainability Evidently, FMG processes the waste thus lowering the costs of production. The strip ratio allows the company to adopt new technologies that can manufacture the waste that was previously thrown away (Ingram 2016). Anticipation of future prices FMG plans before a price change occurs. According to Ingram (2016), FMG already anticipates fall in the prices of the iron ore, and therefore it is leveraging its production processes to fit into the future through a positive outlook of market and finances. Management The company pays its employees including the executive based on share prices and performance (Ingram 2016). The procedure is an attractive remuneration program that enables FMG to maintain not only profitability but also sustainability. Company Research Iron Ore Business There is gloom and doom when it comes to the prices of iron ore products in their industry. Heber (2015) claimed companies such as FMG are competing with its competitors to increase production which is causing greater supply than demand within the industry. Luckily, due to the growing economies such as China and India, the iron ore business will continue to grow. Though the prices are expected to remain low for some time, it is a higher chance for the company to hold on for some time. Additionally, the firm can play the critical role in investing in reserves and other infrastructures. According to The Conversation (2017), the World Bank showed that the iron prices fell to $42 a metric tonne in 2016 from $59.50 in 2015. As a result, the iron prices dropped by 15% against the 8% of the total metals. Nevertheless, there has been an increase to $50 which gives a promising future. Surprisingly, despite the weak demand and fall of the prices, FMG continues to expand its production through low-cost ore capacity. Such mines are slowing replacing the higher-cost ones in countries such as China. Additionally, The Conversation (2017) stated that the Australian seaborne market continues to grow, for instance in 2015 it increased from 59% to 64% which is good for the country. Notably, iron ore trade is the second largest commodity trade after crude oil in Australia and therefore accounts for a sustainable seaborne income. Furthermore, the fact that FMG has selected to start its mines in Pilbara region shows that the company will have continued supply of iron ore since this place has the most significant iron ore deposits across the world (Heber 2015). Additionally, the company is investing in better technologies that will enable extraction and processing of the iron ores at a cheaper cost. Evidently, Fortescue has succeeded in low-cost production which allows it to be able to supply the iron ore at the market low prices. Most importantly, the World Bank forecasts that the iron prices will rise to 51 dollars by 2020 (The Conversation 2017). The prices of iron ore, in turn, will make the low-cost miners such as Fortescue replace high-cost miners in the various parts of the world. So long as the Chinese demand remains constant, the fall of the price will be equally compensated by some volumes that the firm exports to China. Notably, there is no likelihood that the need for steel is falling in the Chinese market or other developing economies. These countries need steel for infrastructure building, the supply of electricity networks, water sanitation, machinery, and factories among other equipment development (Heber 2015). Notably, even if the infrastructure is complete steel will still be used in making other consumer goods as the economy grows such as refrigerators and other types of household machinery. Evidently, the society is becoming more urbanized daily, and that is where the need for steel is becoming more essential. Urbanizations come with the building of infrastructures such as train, subways and high-rise apartments which require steel. In all countries, the population and income growth lead to the need for new infrastructure and buildings which, in turn, require that the steel. Nonetheless, steel is recyclable and therefore has a long lifespan which might cause its demand to fall drastically sometime in future (Fortescue Metals Group Ltd. 2017). Luckily, as the population grows so is the need of the consumer goods which also use steel, meaning that the consumption will remain significant for a very extended period. Evidently, the primary consumer of the FMG iron ore is China whose consumption levels are higher 1.5 times that of the USA which makes the market larger enough for the production of the products (The Conversation 2017). Furthermore, the WorldSteel Association anticipates that there will be a stronger growth in steel production in other parts of the world to enable economic development. These economies can act as the new sources of the market for the FMG iron ore. One of the economies is India, another most populated country in the world second to China. In fact, India accounts for 20% of the world's population which means they have very high requirements of steel for developments (The Conversation 2017). In short, as long as steel remains significant in the market, so does the iron ore firms such as the FGM. Company Information a. Company Products FMG leads globally in the iron ore industry due to its cultural, innovation and development of the industry-leading high-quality infrastructure and mining assets in the Western Australia, precisely, Pilbara. This company was founded in 2003, and since then it has discovered and constructed the majority of the significant mines across the world. Currently, the company is producing around 165-170 million tonnes of iron ore annually. The products of iron ore are pellets, fines, and lump ore (Heber 2015) b. Management FMG operates four major mines that are spread within Pilbara. The Solomon Hub located in the Hamersley ranges has Firetail and Kings Valley mines while the Chichester Hub has the Christmas Creek and Cloudbreak mines. Apart from the mines, this firm operates an integrated supply chain of five berths Herb Elliot Port in Port Hedland which is the fast, heavy haul railway line in the whole world. Apparently, the train can carry up to 42 tonnes of an axle for about 620km. Most importantly; FMG has succeeded in making a remarkable relationship with China through the Port Hedland to China ten-day seaborne journey. This relationship, in turn, has enabled the China outstanding economic development together with urban development. The Board of Directors manages the firm, followed by the chief executive officer (CEO), the non-executive directors, managers, and finally the other staff in different ranks (Fortescue Metals Group Ltd. 2017). c. Culture (Mission and Values) The vision of the company is ‘to be the safest lowest cost, most profitable iron ore producer’ (Hubbard, Rice, and Galvin 2014, p. 443).FMG has maintained a unique culture and environment to focus on their vision and values. The stakeholders are considered as a family, and that is why all their actions are geared towards the success of each sector. As a team, the FMG view every activity they undertake as a business and therefore aim at profits. Further, the company operates with the following values; frugality, integrity, generation of ideas, safety, enthusiasm, family, determination, empowerment, and stretching oneself until one reaches the set destination (Fortescue Metals Group Ltd. 2017). d. Employee Benefits FMG considers its employees as the most valuable resource and therefore will go to any extent to ensure that they live comfortably while working. Fortescue Metals Group Ltd. (2017) noted that Fortescue family enjoys many benefits such as financial education assistance; The Company has a simple philosophy where they value their people and their culture as the most powerful assets, housing, utilities, home ownership, and an incentive to invest in purchasing of shares. Finally, the company gives employees attractive remuneration ability to access over 300 retailers online among other benefits. e. Employee Attributes On the other hand, FMG completely focuses on the innovation in the approach to their business. Notably, the firm is the first one in the Western Australia to develop a railway in an area that is not in operation. Additionally, the company it is the first in the world to use the CAT autonomous haulage technology while conducting their business. Finally, the company prides itself on having a positive relationship amongst its stakeholders and creates opportunities for the aboriginal people, protect the environment, strengthen the Australian community, and build up communities (Fortescue Metals Group Ltd. 2017). f. Yearly Financial Statements Income Statement -Source Yahoo Finance 2017 Fortescue Metals Group (FMG) Income Statement For the year ended 30/06/2016 Net Sales £ 7, 083,000 Less: Cost of Goods Sold £5,064,000 Gross Income £2,019,000 Operating Expenses Labor Utilities Promotions Delivery Miscellaneous Total Expenses £5, 182,000 Net Income before taxes £1,901,000 Less: income taxes £369,000 Net income after taxes £984,000 The income statement has a net income that proves that the company operates on profit rather than a loss despite the major issues in the iron ore industry such as prices fall (Yahoo Finance 2017). Though the profit is not high, it is sustainable to keep the company going until the prices of the products rise again. Through the use of strip ratio of 1:1 that is how the company has succeeded in maintaining profitability during the fall of the revenues (Fortescue Metals Group Ltd. 2017). The Balance Sheet -Source Yahoo Finance 2017 Fortescue Metals Group (FMG) Balance Sheet As at June 30, 2016 £ £ £ Current Assets Cash 1,583,000 Accounts Receivable 241,000 Inventory 554,000 Others 45,000 Total Current Assets 2,423,000 Fixed Assets Building Equipment Gross Fixed Assets Less Accumulated Depreciation Net Fixed Assets Total Assets 19,337,000 LIABILITIES AND OWNERS EQUITY Liabilities Current Liabilities Accounts Payable 190,000 Current debt 6,771,000 Others 1,184,000 Total Current Liabilities 1,634,000 Long Term Liabilities Long-term debt 6,184,000 Total Liabilities 10,931,000 Owner's Equity Total Liabilities and Owner's Equity Evidently, the total assets of FGM are greater than the total liabilities which shows that the company is operating within its capability. Though the balance sheet is not complete, it indicates that the firm has succeeded in cutting the current liabilities to lower levels so that the debt level can remain within its value. In short, FGM is very sustainable (Yahoo Finance 2017; Fortescue Metals Group Ltd. 2017). Financial Ratios-Source Market Watch 2017 Fortescue Metals Group (FMG) Financial Ratios December 31, 2016 £ Return on Equity = Net Profit before Taxes = = 12.84 Net Equity Current Ratio = Current Assets = = 1.48 Current Liabilities Quick Ratio = Current. Assets – Inventory = = 1.14 Current Liabilities Total Debt to Total Equity = Total Liabilities = = 80.68 Total Equity Evidently, the financial ratios are positive and above one which shows that the company is operating with profits. Despite the various hurdles, FGM seems to function with profitability and sustainability, and that is why all the financial ratios are positive and above one (Market Watch 2017; Fortescue Metals Group Ltd. 2017) Company Marketing Brand Analysis Iron ore is just iron ore, and it is hard to brand it; however, each company sells under their logo, and that is what differentiates the products. Evidently, the iron ore market is oligopolistic which means that the prices are set depending on the supply of the major iron ore producers. The FMG products are similar to those produced by the competitors; the difference only occurs in the quantity and timeliness of delivery of the product. The FGM has differentiated its iron ore production through bulk delivery and other services rather than quality. The companies in this industry strive to maintain customer loyalty by delivering on time and at the market prices since they are easily replaceable (Lawrence and Nehring 2015, p. 474). Product Analysis Just like all the companies in the iron ore industry, FMG produces the iron ore fines, lump ores, and iron ore pellets that are sold to the steel manufacturing industry. Iron ore is a mineral and therefore an ingredient for making steel. The companies such as FMG explore, extract, and develop the iron ore products and sell them to the steel makers. Additionally, FMG offers services such as iron products segmentations to its buyers through activities such as Beneficiating, sands mining, and ore mining (Fortescue Metals Group Ltd. 2017). Customer Analysis Iron ore is one of the resources that hold unique positions in the Australian economy. Lawrence and Nehring (2015, p. 474) noted that iron core is an ingredient to making final products such as steel and therefore its market is dependent on the consumer needs for the iron ore products. As a result, iron ore has no direct consumer exposure and its demand. The primary customers are the Chinese market followed by the domestic, Japanese, South Korea, and later the other foreign steel manufacturers. In other terms, the demand for iron ore supports a large macro economic demand of the entire country that depends on the social, economic status of that particular state. The iron ore industry seems to be growing more than any other mineral industry in Australia for the last decade. According to (Lawrence and Nehring 2015, p. 477), the Australian ore production has grown steadily with the growth of the Chinese steel industry since the 1990s. Additionally, the Chinese market became the link between the Japanese steel industry and the Australian iron ore producers. The relationship between these countries created an informal supply chain between Rio Tinto, BHP Billiton, and Vale for the Brazilian iron ore. Notably, this cartel has benefited from the acceleration of prices and demand for the iron ore that comes from the insatiable Chinese needs along the new policies that ensure the iron prices are kept under control. Evidently, China has experienced much growth than the other countries including even the developed ones (Fortescue Metals Group Ltd. 2017). Furthermore, the usage of steel in China is still at the peak though slowing which shows that in future there might be fewer needs of steel. Nevertheless, China is still the highest producer of steel in the whole world. In fact, in 2013, China contributed to 50% of the total steel produced all over the world (Lawrence and Nehring 2015, p. 477). Consequently, Lawrence and Nehring 2015, p. 478) noted that the Australian importation of iron ore had had a steady constant growth of 9% since 2003 driven mostly by China. The iron ore business has grown by 130% since 2003 shadowed with the major growth in the Chinese importation from 148 Mt in 2003 to 820 Mt in 2013, a total growth of 454% or rather 19% annually as shown in Graph 1. As a result of the increased importation, China has facilitated the growth of iron ore industry in other countries. Graph 1 The China Demand for Iron Ore Since 2003 to 2013 Competition The main competitors of FMG in Australia are Vale, Rio Tinto, and BHP Billiton. Treadgold (2016) discussed how the FMG, Rio Tinto, and BHP Billiton compete amongst each other to emerge as the lowest-cost iron ore producer. Notably, FMG is small compared to the other two and has always been ranked second when it comes to market performance. Nevertheless, after the constant cost cutting and efficient mining, the company is likely to take the first position. Evidently, FMG costs are lower than those of BHP Billiton, and Rio Tinto and FMG is likely to become the industry leader even if not in size but costs (Fortescue Metals Group Ltd. 2017). For instance, the forecasts of the June quarter in 2016 showed that FMG costs of production were $US13 per tonne, while those of Rio Tinto and BHP Billiton were $US13.20 and $US15 per tonne respectively (Treadgold 2016). As the three companies are on par with the costs expenditure, the other serious competitor is Vale from Brazil. However, Vale has issues with its financial and reputation caused by the dam disaster. These problems give FMG an upper hand as BHP Billiton and Vale face the fallout in Samarco Mine. Nevertheless, when it comes to volume production, Rio Tinto leads with 330 Mt followed by BHP Billiton at 240 Mt and later Fortescue with 175 Mt as shown in Figure 1 (Treadgold 2016). Figure 1 Production Volumes of Rio Tinto, BHP Billiton, and FMG Growth Strategy The company plans to expand its exportation to India. According to Korporaal (2017), Nev Power, the Chief executive officer (CEO) of Fortescue remarked that India is next big market for the Australian iron ore. Right now, the company depends on the Chinese market as their primary market, nevertheless, there are Asian countries such as India that have a significant potential. Furthermore, India is the fastest growing economy in the whole currently with a 7.6% (Korporaal 2017). Though it is not from China, the rapid country population is going to push the necessity of infrastructure and commodities that use steel up. The tremendous growth in the Asian economies is associated with industrialization and urbanization. Nevertheless, Mr. Power remarked that the country is yet to become a large importer since it takes only 100 million tonnes compared to 800 million tonnes bought by China (Korporaal 2017). Notably, as the Indian economy grows, the more they will need steel which comes hand in hand with iron ore. Also, the Indian economy has less steel them and therefore, they might end up founding steel mills along the coast which is a very credible source of market for Fortescue. Additionally, the company will expand its markets in China, Japan, and South Korea. Further, Fortescue is joining with four universities of Western Australia and China for a project that is geared towards ensuring the growth of the innovation amongst the resources and mining sector. Evidently, the project will boost expertize in Australia and China in areas where mineral processing and mining is taking place (Korporaal 2017). Company Management Two Key Managers Chairman: Andrew Forrest Mr. Forrest is the chairman of Fortescue and apparently also the owner of one-third of the firm since 2003. Beyer (2016) noted that Mr. Forrest advocates for persistence in all operations as he has succeeded in making Fortescue a successful business entity since its foundation. The chairman uses transformational leadership which allows the employees to explore their potentials and apply them to the job demands. CEO: Nev Power Mr. Power has been the chief executive officer of the company since 2011, and during this period Fortescue has undergone through sustainable development. Evidently, the CEO applies a democratic leadership style that allows transformational leadership while dealing with the employees. Beyer (2016) quoted Mr. Power saying that he allows the employees to work within the Fortescue culture and in places they want through the set stretched targets. This process facilitates empowerment, engagement, and encouragement of the employees to come up with innovative solutions to operations. Corporate Mission, Values, and Culture Fortescue corporate mission is to achieve the vision stated through focusing on ensuring that the communities get the best. The company has a unique culture and environment that is facilitated through the vision and value culture. The company employees and other stakeholders live as a family, and their culture is what enables them to succeed throughout the business activities. The company works as a team and takes every operation as a business and therefore gives it the best they can during the process (Hubbard, Rice, and Galvin 2014, p. 443). Fortescue has corporate governance with the following cornerstone principles. The first principle is transparency which ensures that the company offers precise information about its structure, operations performance, stakeholders and the market share. Consequently, the company maintains integrity through the development of a culture that shapes the ethical behavior to comply with the laws. Thirdly the company maintains stewardship through developing and maintaining a company wide recognition of the group that is managed through shareholders benefits at the same time taking account of the legitimate shareholders. Finally, the company maintains accountability through decision-making processing by ensuring the right authorities to participate efficient and effective decisions. Also, the company provides that the appropriate consequences are accorded to the failures that are experienced during operations (Fortescue Metals Group Ltd. 2017). The company values workplace diversity to ensure inclusive and balanced working environment. In fact, the company has Diversity Policy and Plan that conforms to the ASX and company values. Fortescue has maintained gender sensitivity by ensuring that 23% of the workforce is women with more than 13% being in the managerial positions (Fortescue Metals Group Ltd. 2017). Most important, the company is committed to ensuring that they employ Aboriginal people within the workforce. The diversification of workers ensures that all communities are developed and the strengthened. Also, such steps ensure that the company impacts the lives of the people positively. Corporate Social Responsibility Fortescue is sensible when it comes to the community around, and that is why through the South Hedland Shopping Centre provides a link between the people of Pilbara and the company. There is a team that is engaged in the business carried out by the firm through activities such as consultation, survey, community office interaction, and informal presentations amongst others. Understanding what the community wants has helped the company to deliver programs and projects that help the entire community of Pilbara. Additionally, the company continuously invests in its Vocational Training and Employment Centers such as the South Hedland, a model similar to that set out by the national Federal Government. Further, Fortescue facilitates the empowerment of social, institutional, and economic development of its communities by engaging in programs and infrastructural developments that people-focused. Such programs in future will significantly create sustainable value to the society and the company itself (Fortescue Metals Group Ltd. 2017). Fortescue integrates the businesses of port, rail, and mine operations in Pilbara, West Australia and has its central head office at Perth. Under various rules such as the Environmental Protection Act 1986 (WA) the company has undertaken many management plans, in this case, the waste management plan (WMP) (Fortescue Metals Group Ltd. 2017). Apparently, the Environment Minister requires that each firm in the Australia has a WMP. Consequently, the company prepares the environmental impact assessment (EIA) documents by the set regulations. One more significant rule is the Commonwealth Environment Protection and Biodiversity Conversation Act 1999 which together with the others regulate any new mine, major expansions among other infrastructural proposals. Notably, the EIA documents are put online for the public to scrutinize for 4-8 weeks (Fortescue Metals Group Ltd. 2017). Following the reception of the public view that is when the company undertakes the project. Evidently, the public environmental reports give the FMG stakeholders a chance to understand the risks and opportunities. Additionally, through the reports, the company can report how they are going to protect the environment. Further, such reports are evidence that the firm is going to comply with the environmental standards and the regulations of the mining industry (Fortescue Metals Group Ltd. 2017). Employee Benefits The company has a simple philosophy where they value their people and their culture as the most powerful assets (Fortescue Metals Group Ltd. 2017). The Fortescue family enjoys a lot of benefits, for instance, those employees that live in Pilbara enjoy more benefits such as housing and more a Home Ownership Assistance Scheme. The other general benefits are Staff Incentive Plan which enables employees to gain extra cash from Fortescue shares. Additionally, the workers are given attractive remuneration packages that include increased salary levels, superannuation through salary sacrifices, financial education assistance, for employees furthering their studies. Further, the company has an assistance program for employees during periods of crises where they are given [personal support. Finally, the company provides employs an online access to more than 300 retailers who sell products to them with exclusive discounts (Fortescue Metals Group Ltd. 2017). Employee Attributes Fortescue Metals Group Ltd. (2017) stated that the primary attribute that it seeks from its employees is talent, engagement, and productivity. These three characteristics create operations efficiency and at the same time enables corporate social responsibility. Nevertheless, the most important aspect is to find the right employees who share the same goals and attitude as those of the company. The Fortescue community loves being challenged and stretches to achieve the targeted goals. Most importantly, they strive to maintain an innovative culture and team spirit. Other attributes are health and safety, fitness to work, equal job opportunity without discrimination, respect, honesty, and integrity. The workers also observe other aspects such as human rights, environmental and other business conduct principles. References Beyer, M. 2016. Power leads Fortescue revival. [online] Business News. Available at: https://www.businessnews.com.au/article/Power-leads-Fortescue-revival [Accessed 17 Aug. 2017]. Yahoo Finance. 2017. FMG.AX Income statement | FORTESCUE FPO stock - Yahoo Finance. [online] Available at: https://au.finance.yahoo.com/quote/FMG.AX/financials?p=FMG.AX [Accessed 17 Aug. 2017]. Fortescue Metals Group Ltd. 2017. Company Overview. [online] Available at: http://fmgl.com.au/about-fortescue/company-overview/ [Accessed 16 Aug. 2017]. Fortescue Metals Group Ltd. 2017. Corporate Governance. [online] Available at: http://fmgl.com.au/investors-media/corporate-governance/ [Accessed 17 Aug. 2017]. Fortescue Metals Group Ltd. 2017. Financial Reports. [online] Available at: http://fmgl.com.au/investors-media/reports/financial-reports/ [Accessed 17 Aug. 2017]. Fortescue Metals Group Ltd. 2017. Vision and Values. [online] Available at: http://fmgl.com.au/people-and-careers/working-with-fortescue/vision-and-values/ [Accessed 16 Aug. 2017]. Heber, A. 2015. Mining giant Fortescue is fighting claims it proposed an iron ore price cartel. [online] Business Insider Australia. Available at: https://www.businessinsider.com.au/australian-mining-giant-fortescue-is-fighting-claims-it-called-for-an-iron-ore-price-cartel-2015-3 [Accessed 17 Aug. 2017]. Hubbard, G., Rice, J. and Galvin, P., 2014. Strategic management. Pearson Australia. Ingram, T. 2016. Why Fortescue Metals Group has finally become unshakeable. [online] Financial Review. Available at: http://www.afr.com/business/mining/why-fortescue-metals-group-has-finally-become-unshakeable-20160828-gr2u4s [Accessed 16 Aug. 2017]. Korporaal, G. 2017. India looms large on iron ore. [online] Theaustralian.com.au. Available at: http://www.theaustralian.com.au/business/mining-energy/india-looms-large-on-the-iron-ore-horizon-fmg/news-story/eb1fc5071fa541e7fb7933bcbb297061 [Accessed 17 Aug. 2017]. Lawrence, K. and Nehring, M. 2015. Market Structure Differences Impacting Australian Iron Ore and Metallurgical Coal Industries. Minerals, 5(3), pp.473-487. Market Watch. 2017. Fortescue Metals Group Ltd. ADR. [online] Available at: http://www.marketwatch.com/investing/stock/fsugy/profile [Accessed 17 Aug. 2017]. The Conversation. 2017. Iron ore still has an important role to play in Australia's economy. [online] Available at: http://theconversation.com/iron-ore-still-has-an-important-role-to-play-in-australias-economy-54476 [Accessed 18 Aug. 2017]. Treadgold, T. 2016. Cost-competitive FMG steps up. [online] Business News. Available at: https://www.businessnews.com.au/article/Cost-competitive-FMG-steps-up [Accessed 17 Aug. 2017]. Read More
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