Priceline Sustainable Business Strategy
In the modern business world, it is not merely important to survive your business in highly intense competition but to adopt sustainable growth in to make sure the future growth of the company is an ultimately important aspect of a successful business performance. It is because, the modern world has become so fast, therefore there is need to timely integrate the business according to the market trends because, in case if a company does not do so, it gives opportunity to the competitors to win the competition.
Purpose of Writing
Considering the importance of timely integration, the following writing attempt is about the Priceline Company to make sure the sustainable growth of the company by addressing the integration strategies according to the trends of the transforming world. The focus should be on the expected challenges that company might have to face in the future, and the strategies will derive accordingly by considering the potential risk to the business.
Background of Priceline Company
Priceline is one of top most online business that has been providing online service regarding the travel to the local partner and consumer. The company has always been very responsive to the changing trend of the digital marketing that is resulted as one of major reason that make the company to stand at the top most positions in the Industry of travelling (Priceline, 2015).
The priceline group has been running its business through six brands including; Priceline.com, Agoda.com, Kayak, Booking.com and Open Table. The company has always run its business through strong strategy that helped the company to keep its leading position in the travelling industry.
Most interesting fact about the company is that it has started its business as Name Your Own Price system, and provided a platform to the travellers to name their price for airline tickets, car rentals, hotels and for vacation packages. On the other hand, the business offered the purchasers to select a general location, price and level of service (Priceline, 2015).
Interestingly, if we look at the Priceline.com which was launched by the Priceline group in 1997, as an online travel site, the company claimed to reached $12.9 billion in the market value at its initial public offering on the very starting day and made a record of the highest first day value every claimed by any corporation at the day of inauguration (Priceline, 2015).
Later on, Priceline company also started to invest in some other business niches such as company started the business of selling groceries, cars, gasoline and home mortgages, however, the business was not succeed thus the selling of the other products was discontinued from the business and major focus was given to the online travelling services.
Following this, the company has always been very responsive to the industry and made time integration through strong strategies. In similar way by considering the recent change in the digital world as around 1.2 billion people of the world has been using the Smartphone, the company has introduced Smartphone Application that gives an ease of access to the clients to get in touch with the company through mobile phone (Priceline, 2015).
However, considering the challenges of the current business situation and by focusing on the rapidly advancing technology, the company is looking forwards to make sure its sustainable growth through new strategies to make sure the business growth by considering the associated and expected challenges of the future.
Importance of CSR in advancing Business World
In the future aspects, it is believed that in the future, the success of the business will not only be measured through the quality and quantity of the business, but the business will be measured that how well a company is serving the associated people, the society and the environment. In this aspect, the Corporate Social Responsibility of a company towards its stakeholders will be a greater concern regarding the business success (Global Nonviolation Action Database, 2006).
In this aspect, it can be seen that the advancement of the technology has almost changed the consumer behaviour and now people think differently before making their buying behaviour (Juščius & Snieška, 2015).
In this regards, I want to support my argument by referring towards some of the world’s most famous multinational brands such as Nike, Wal-Mart, Coca Cola, Apple, McDonald and some other famous organizations that have strong business network throughout the world and their product are considered best product with high quality. However, controversially, these organizations have been found involved in illegal business practices that resulted as to challenge the business progress in specific Areas (RWS, 2015).
In this regards, Coca Cola had to wind up its bottling plant from India as the company was found involved in Environmental abuses. According to the case it was found that the company was not dumping its waste properly that destroy the fatality of the land. Moreover, the overall, ground water level was reduced dangerously and people had to travel for miles to access the water. Most importantly, the lowering water level disturbed the agriculture and the society as around 60% of people depend on the agriculture (Global Nonviolation Action Database, 2006).
In another case, the Wal-Mart’s business practices were challenged when company was found involve in employees ethics violation in the Garment factory of Bangladesh. In incidents like Rana Plaza held in 2014 when 1127 Wal-Mart workers were died when fire caught the building and the victims were not compensated by the company. Similarly, Wal-Mart was paying very low salaries to the employee in Bangladesh as the minimum salary is $37 a month (SETHI, 2014).
To make sure the Sustainable position in the market, the company should response according the transforming nature and demand of consumer behaviour. Considering this aspect the company should become active in its social activities and need to seriously and prominently address its corporate social responsibility.
Considering these cases, the Priceline should set its strategy to serve the society, environment and its stakeholders. In this aspect, the company should adopt a strategy to serve the society such as they should make their business environment friendly (Juščius & Snieška, 2015).
Moreover, the company should consider that the employees are their valued assets therefore; the company should focus on the employee’s motivation strategy. There should be smooth communication between the employees and top management. The entire employee should be provided equally growing opportunities. Moreover, the employees should be treating without considering any race, colour and religion. Performance base reward system should be provided and most importantly, the company should give equal opportunity to the local people so that company could improve their life style (GAC, 2015).
Moreover, there should be advance customer management system to meet the demand and requirements of the customers because customer satisfaction is the key of success for any success for any business. Moreover, customer feedback should be concern seriously and response them accordingly (Lewis, 2014).
Addressing the corporate social responsibility the company should be socially active. In this aspect, the company should help the local government to reduce the unemployment by generating jobs and by providing training to the local people. Moreover company start and can take part in welfare program for the improvement of society such as in building schools or hospitals or any other institute that serves the suffering people of the society (Juščius & Snieška, 2015).
GAC. (2015). Corporate Social Responsibility. Retrieved December 1, 2015, from http://www.international.gc.ca/trade-agreements-accords-commerciaux/topics-domaines/other-autre/csr-rse.aspx?lang=eng
Global Nonviolation Action Database. (2006). Indians force Coca-Cola bottling facility in Plachimada to shut down, 2001-2006. Retrieved May 5, 2015, from http://nvdatabase.swarthmore.edu/content/indians-force-coca-cola-bottling-facility-plachimada-shut-down-2001-2006
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Juščius, V., & Snieška, V. (2015). Influence of corporate social responsibility on competitive abilities of corporations. Engineering Economics, 58(3), 31-45.
Lewis, M. (2014). Globalization, Corporate Social Responsibility, and Ethical Considerations. Journal of Management, 2(2), 45-61.
Lutz, P. a. (2013). Corporate social responsibility. Encyclopedia of corporate social responsibility, 579-587.
Priceline. (2015). History of Priceline. Retrieved December 7, 2015, from http://www.pricelinegroup.com/
RWS. (2015). ase against Coca-Cola Kerala State: India. Retrieved December 1, 2015, from http://www.righttowater.info/rights-in-practice/legal-approach-case-studies/case-against-coca-cola-kerala-state-india/
SETHI, S. P. (2014). The World of Wal-Mart. Retrieved December 7, 2015, from http://www.carnegiecouncil.org/publications/ethics_online/008