Company Introduction
The firm is the leading producer of beddings across the world, designing, making, and marketing pillows, adjustable bases, mattresses, and other relaxation and sleep products. Blending exceptional innovation and proud history, the firm holds most of the highly identified beddings in the industry (Tempur Sealy, 2020). The company is headquartered in Lexington, Kentucky, and was founded in 2012 when Tempur-Pedic International had to acquire its main competitor Sealy Corporation.
Mission, vision, and objectives
Tempur Sealy International’s mission is to deliver transformative, relaxing sleep to their customers constantly. Working closely with leading agencies on sleep and relaxation science to ensure that each night is enjoyable, the firm sells its products globally via its stores, third-party retailers, and online stores. The company’s vision is to become a global leader in the premium bedding market (Value Line Publishing, 2020). The firm’s objective is to enhance the sleep of many people every night across the globe by manufacturing quality bedding products.
Principal actors
The Company’s top executives are Scott L. Thompson (chairperson), Cliff Buster (CEO, North America), Bhaskar Rao (vice president and CFO), and others are David Montgomery, Scott Vollet, Steve Rusing, and Tom Murray. The board of directors is Scott L. Thompson, Evelyn S. Dilsaver, John A. Heil, Cathy Gates, Richard W. Neu, Jon L. Luther, Robert B. Trussell Jr, and Arik Ruchim (Tempur Sealy, 2020). The key investors are The Vanguard Group Inc., BlackRock Fund Advisors, Fidelity Management & Research Co., and HPartners Management LLC.
Key events
In 1881-Sealy invested in the cotton-filled mattresses, while, in 1931, Stearns and Foster invested in insulated springs. In 1950- Sealy launched the first mattress that was fashioned for back support. Then, in 1992, Temper-Pedic introduced bedding products with Tempur materials. In 2013- Sealy launched its first innerspring, a gel form hybrid mattress. In 2013, Sealy and Tempur-Pedic merged, creating the biggest bedding firm in the world. In 2014, Tempur Sealy International introduced a mattress line developed for hospitality (Zippia, 2020). Lastly, in 2020, Tempur Sealy International launched an all-new hospitality line of production with advanced technology and superior features.
External Analysis
Macro-level environment (PESTEL analysis)
PESTLE Analysis (Macro level environment). PESTLE Analysis tool is easy to conduct when one is recognizable with the six categories (Zhao et al., 2020). PESTEL stands for the following political, economic, socio-cultural, technological, environmental, and legal factors that influence the macro or remote environment of the Technology industry.
- Political aspects Affecting the Furnishings Industry. Political factors concern the effects of governments on the macro-level of the environment for the furnishings industry. For example, political aspects such as government stability, tax policy, computation regulation, and trade blocks influence performance in the industry. In the case of furnishings organizations, political stability in most markets, which presents an opportunity to increase performance and investments, belongs to political aspects (Zhao et al., 2020). Government stability permits Furnishings companies to expand regionally and globally.
- Economic Aspect Significant to the Furnishings Industry. The business impacts of an economic circumstance on the macro-level environment are regarded in the model. Economic factors include inflation rate, interest rate, trends in unemployment, and consumer expenditure patterns that influence performance in this industry. The furnishings industry should comprise the following economic aspects in its business strategies: substantial economic stability of most developed nations presents an excellent opportunity for firms to project stable performance and rapid growth (Gheibi et al., 2018). The increasing middle-class disposable income should also allow furnishing industries to earn higher revenues.
- Socio-Cultural Aspects Influencing the Furnishings Industry. This aspect considers how the socio-cultural condition affects companies’ remote environment, such as education, demographic, health consciousness, family structure, and size, mainly in terms of consumers’ expectations and behaviors. In the given case, a socio-cultural aspect that creates opportunities or threats to the sector is primarily higher education since it promotes the furnishing sector by providing skilled, talented, and knowledgeable workers (Gheibi et al., 2018). Demographics of the population will also influence performance in the furnishings industry.
- Technological Aspects in the Furnishings Industry. Technologies’ influences on the macro-environment of the furnishings industry are related to technological infrastructure, internet penetration, use of social media sites, investment in research and development. Higher investment and associated research permit increased innovation rates in the industry, hence creating an opportunity. The nation and consumer markets use high internet rate penetration for personal and social lives that connect with professional duties (Zhao et al., 2020). Therefore, high internet penetration shows an educated and progressive population facilitating the furnishings industry’s development.
- Environmental Aspects in the Furnishings Industry. The furnishings industry faces the following environmental aspects in its macro-environment: growing presence for green products creates an opportunity for the tech companies to improve their sustainability position (Zhao et al., 2020). For instance, the company may create eco-friendlier products and improve the utilization of green energy in its business operations.
- Legal Aspects Affecting Furnishings’ Industry. Legal aspects determine the business effects of regulations and laws. In the furnishings industry, the following legal aspects influence strategic success: growing e-waste disposal regulations present both an opportunity and a threat. For instance, furnishings companies can execute more effective disposal and recycling programs that enhance brand image. On the contrary, this may pose a hazard by imposing extra investments to address the environmental effect of their business (Value Line Publishing, 2020). Lastly, the increasing availability of recyclable materials enables the furnishings companies to utilize these materials even several times.
Industry environment: Porter’s five forces
Porter’s five forces in the furnishings industry environment outline competition intensity, or competitive rivalry, and the customers’ bargaining power as the principal force to consider in the industry’s strategic development. However, all five forces affect the business situation of the furnishings industry. The forces may reduce or limit the tech companies’ market share, profitability, revenues, and business development (Value Line Publishing, 2020). These forces are competitive rivalry, buyers’ bargaining power, suppliers’ bargaining power, substitution, and new entrants’ threat.
- New Entrants’ Threat (Low Force). The furnishings industry contains a low number of new entrants because it requires spending money and building capacities on research and development. Establishing economies of scale in the furnishings companies is high. Hence, new entrants find it challenging to enter such a dynamic industry where established firms keep defining the industry’s standards frequently. This substantially decreases the opportunity of abnormal earnings for the new companies, thereby discouraging new players in the furnishings industry.
- Suppliers’ Bargaining Power (High Force). The industry experiences higher suppliers’ bargaining power since firms in the furnishings industry purchase their raw materials from many suppliers. However, suppliers in leading positions may decline the margin in the market (Value Line Publishing, 2020). Influential suppliers in the sector of consumer goods utilize their negotiating power to generate higher prices from the companies in the furnishings industry. The overall effect of higher bargaining power of suppliers lowers the furnishings industry’s overall profitability.
- Buyers’ Bargaining Power (High). The industry possesses buyers whose demands are more. The buyers’ bargaining power in the furnishings industry is high. The buyers want to purchase the best offerings at a minimum price, which puts pressure on the companies’ long-term profitability (Tempur Sealy, 2020). The more powerful and smaller consumer base in the sector creates a higher consumers’ bargaining power and higher capability of seeking increased offers and discounts.
- Substitution or Substitutes’ Threat (Moderate Force). The industry encounters moderate substitute threats. If a new product uniquely fulfills similar consumer needs, the industry suffers in its profitability. The substitute’s threat is high when the value proposition offered in the sector is exceptionally different from the current industry offers.
- Competitive Rivalry (High Competition). The rivalry among the current players in the industry is intense, which compels prices and reduces the industry’s overall profitability. Companies in the furnishings industry experience a stiff competitive environment, thus affecting long-term organizational profitability.
Competitive environment
The furnishings industry comprises companies producing and selling textiles, furniture, and associated goods to residences, hotels, offices, and others within the trade space. The offerings in the industry comprise bedding, case goods, seating, fabrics, upholstery, and hearth products. Local firms in this labor-intensive and fragmented industry have focused on wholesale production (Value Line Publishing, 2020).
However, recently, the increasing production cost, along with high global competition, has compelled a consolidation and move to the retail trade. The introduction of duty-free imports leaves the domestic market open to overseas manufacturers that have enhanced their market share. International firms, mostly those in Greater China, have an advantage because of their low labor cost and low-cost facilities, good quality goods, and efficient distribution. Facing stiff global competition, local firms have tried to manufacture more with less staff and plants, enhance materials supply, and improve distribution (Tempur Sealy, 2020). However, even with these efforts, it may be challenging to generate a decent income. Further, perilous economic times, especially in the housing industry, may increase the pressure on earnings. Many firms in the industry have opted to source economical finished products from overseas and tailor them for consumers. The greater attention drawn to the design and finish may be the primary differentiator.
Internal analysis using the resource-based view
The firm’s resources, capabilities, and competencies
Tempur Sealy International’s resources, capabilities, and competencies are brand name, global presence, product quality, marketing strategies, premium pricing, consumer experience, technological advancement and integration (research and development), organizational culture, and supply chain.
- Product quality. In Tempur Sealy International, product quality is regarded as the driver of popularity and demand. The reputation of Tempur Sealy International in terms of the high-quality product remains unchallenged. The company has created many iconic brands comprising Tempur-Pedic®, Sealy®, Sealy Posturepedic® and Stearns & Foster® (Tempur Sealy, 2020). The company’s products are leading in the market due to heavy concentration on innovation and quality.
- Brand Equity. This is a substantial strength for the company that has accomplished a leadership standing. Despite attaining a competitive edge, Tempur Sealy International can sustain its customer base and marketing leading position. Tempur Sealy International’s brand equity emanates from perfectly crafted consumer experiences and trust. Tempur Sealy International is known for its strong consumer centricity (Yahoo, 2020). Robust consumer connection and high customer engagement levels have assisted the brand in establishing substantial brand equity.
- Research and Development (Innovation). As a Home furnishings brand, Tempur Sealy International focuses on research and development because of a high level of competition in its industry. The company has a strong reputation as an innovative firm (Kumar, 2017). Tempur Sealy International has excelled in developing out-of-box services and products; thus, it invests a considerable amount of money yearly in research and innovation.
- Global Presence. Tempur Sealy International’s global presence and its international popularity is a competitive edge that the company has sustained (Simons et al., 2018). It operates its business on a geographical basis, including the Americas, Japan, China, Europe, and the Asia Pacific.
- Marketing. Tempur Sealy International also attains a competitive edge from marketing that helps to drive sales and assists the brand in accomplishing a differentiated and distinct identity. The company is considered a leading marketer as it has a unique marketing strategy.
- Supply Chain. The company has managed a vast and global chain of supply network that guarantees the availability of high-quality raw materials. Most of its chain of supply and operations is situated in the US. Many suppliers are situated in America and Canada, even though Tempur Sealy International has managed its supplier network well.
- Customer Loyalty. Tempur Sealy International has established robust customer loyalty and a large consumer base because of its focus on quality, innovation, and consumer convenience. The company has also created an ecosystem of associated products that help it sustain its consumer loyalty.
VRIO analysis
The various resources and capabilities that have assisted Apple Inc. in establishing and sustaining its competitive edge comprise product quality, brand equity, research and development, business processes, global presence, marketing strategy, customer loyalty, and supply chain. Each aspect is examined based on the variables of VRIO (Kim, 2019). The firm’s long-term core competencies or competitive advantages are the resources and capabilities that have a yes for all four variables. The table below shows Tempur Sealy International’s resources and capabilities.
Value chain analysis
Value chain analysis of Tempur Sealy International is the analytical framework that helps recognize business activities that may create a competitive edge and value to the business (Kim, 2019). However, few people understand that how the company handles its inventory is a factor that results in success.
Suppliers. Tempur Sealy International obtains its raw materials to manufacture their pressure-relieving TEMPUR® products, material from external sources. Currently, the company obtains proprietary additives and chemicals for Tempur goods from many suppliers across the world. The suppliers’ associations can be revised to sustain quality, delivery expectations, and cost. The company does not regard itself as dependent on one external supplier as the raw material source for Tempur goods and believes that adequate options of supply sources for similar raw materials are accessible (CSIMarket, 2020). Further, Tempur Sealy International sources a section of their adjustable bed foundations and bases from third-party producers. However, they do not regard themselves as dependent upon one external producer as the product’s source.
In their Sealy goods, their raw materials comprise polyester, polyurethane foam, steel innerspring components, and polyethylene foam that they buy from different suppliers. In Canada and the United States, they source most of their requirements for spring components and polyurethane foam from the prime supplier for each material. Besides, the components are bought under the supply agreement. They also buy a substantial portion of their Sealy foundation components from third-party sources using the supply agreements that demand keeping specific volume allocations according to the relative amount of raw materials purchased. However, these allocated volumes do not depict constant purchase commitments. In addition, they rely on one supplier for assembly and the visco-elastic components of their Optimum™ field product lines (CSIMarket, 2020). Excluding their reliance on visco-elastic components, polyurethane foam, and assembly of their Optimum™ field product lines, Tempur Sealy International does not regard itself to be reliant on a single external supplier as the supply source to their bedding business.
Business-level strategy (product market positioning)
After separating the big diversified consumer market into small groups with similar features, Tempur Sealy International needs to select the target segments whose expectations and needs correspond to their resources and capabilities. The targeting or market positioning of the product may be conducted by examining the identified segments’ growth potential and commercial attractiveness. After segmentation of the consumer market and selecting the correct target market, the company should set a positioning statement that might develop a positive image of the product offered to consumers’ minds (Yahoo, 2020). Tempur Sealy International may follow an effective product market positioning strategy implying product differentiation and cost leadership strategies.
Differentiation strategy: Tempur Sealy International will remain the bedding provider leader in this industry for a long time due to the successive launch of better products such as Tempur®, Tempur-Pedic®, Cocoon™ by Sealy, Sealy®, and Stearns & Foster® (Tempur Sealy, 2020). The establishment of retail outlets worldwide for the distribution of its products is another differentiation strategy the company utilizes to remain competitive.
Cost leadership strategy entails providing valuable products to consumers at an affordable and competitive price. Tempur Sealy International adopted the strategy by manufacturing cost-effective and high-quality products utilizing economically viable and affordable raw materials improved by an influential, innovative managerial team and staff in marketing, manufacturing, and delivery of goods (Ă–zoÄźlu & Topal, 2019). The company also applies this strategy by forming business alliances with other successful firms permitting the firm to focus on market intelligence and innovation.
Corporate-level strategy (diversification)
Tempur Sealy International’s corporate-level strategy targets the diversification of the close-associated product at moderate and high levels comprising Tempur®, Tempur-Pedic®, Cocoon™ by Sealy, Sealy®, and Stearns & Foster® (Tempur Sealy, 2020). The company has blended sleeping and relaxation products with high integration levels permitting more efficiency in the production and delivery of products at affordable and competitive prices.
International strategy (geographic scope and mode of entry)
Tempur Sealy International adopted the internationalization strategy of its production. The firm has developed its production base in other countries, including China, to assume advantage of low labor costs, high potential market, access to raw materials, and a favorable economic atmosphere.
How are these strategies being implemented?
By employing the analytical data gathered from the various markets, competitors, and consumer surveys, the company can establish a product-market positioning and test its efficiency using quantitative and qualitative data collection such as polls, focus groups, and interviews. The company may use the results to create necessary alterations in its product positioning (Value Line Publishing, 2020). Besides, the company may apply diversification by increasing research and innovation into their products and analyzing consumers’ needs in the market. The company can use its international strategy by having strategic alliances.
The firm’s performance
Tempur Sealy International showed robust revenue growth in the financial year 2019/20 registering a growth of 21.3%. The company also shows an enhanced market share in the furnishings industry, approximated at 12.2%. The company has shown impressive results in net earnings in the fourth quarter of the 2019/20 financial year, rising by 214.5% (Yahoo, 2020).
How does the firm compare to its competitors as well as the industry average?
Tempur Sealy International’s financial performance is higher than its competitors in the furnishings industry. The net income increased yearly by 214.5% faster than its competitors who had a 25.4% growth in net earnings (Yahoo, 2020). Tempur Sealy International’s revenue has also increased faster than its competitors, having a growth rate of 21.3% compared to -1.1% of the competitors.
What trends are evident over the past three to five years?
In the past three years, the company has seen a performance improvement. Tempur Sealy International’s revenue grew at a rate of 21.3%, and its net earnings were growing at a higher rate of 214.5% (Yahoo, 2020). The company has also witnessed an increase in its market penetration for the last three years, managing a market share of approximately 12.2%.
Consider the perspectives of multiple stakeholders (internal and external)
Both internal and external stakeholders compel the company to improve, and Tempur Sealy International affects them by fulfilling their interests (Özoğlu & Topal, 2019). The company’s stakeholders have different issues surrounding product operation, and quality, employment practices, business sustainability, and financial performance
Does the firm possess a competitive advantage? If so, can it be sustained?
Tempur Sealy International has a competitive edge since the firm’s future exhibits no sign of demeaning very soon, according to this industry’s experts (Yahoo, 2020). The growing high margin service revenues that are a bold move, aggressive expenditure, and investment from enterprises on Apple products and services may ensure the Tempur Sealy International stock increases in 2021.
Financial Analysis
Profit ratios
Ratios considered here are profit margin and return on equity (ROE) from 2019 to 2020 period. Tempur Sealy International’s profit margin ratio declined slightly from 21.4% in 2019 to 21.91% in 2020. Tempur Sealy International’s ROE ratio increased from 48.1% in 2019 to 68.1% in 2020.
Activity ratios
The ratios considered here are return on invested capital (ROIC) and receivable turnover. Tempur Sealy International’s ROIC ratio shows an improvement from 2019 at 29.31% to 68.0% in 2020 (Yahoo, 2020). The receivable turnover ratio for Tempur Sealy International increased from 4.68 times in 2019 to 6.9 in 2020, showing that the company faces a challenge in the receivable collection because a low ratio is preferred in 2019 and was more favorable than in 2020.
Leverage ratios
The leverage ratios for Tempur Sealy International are the debt-to-equity ratio and long-term debt/capital ratio. Tempur Sealy International’s debt-to-equity ratio increased from 1.124 (112.4%) in 2019 to 1.821(182.1%) in 2020 (Özoğlu & Topal, 2019). Long-term debt/capital ratio for the company increased from 0.7(50%) in 2019 to 0.80(80%) in 2020.
Liquidity ratios
The ratio considered in this case is the current ratio. The company’s current ratio in 2019 was 1.56:1, and in 2020, this ratio dropped to 1.45:1. The preferable ratio for the current ratio is 1.0 to 1.5.
Market ratios
Market ratios indicate the returns earned by shareholders holding Tempur Sealy International’s stock (Özoğlu & Topal, 2019). The ratios applied in the case of Tempur Sealy International are the book value per share and price-earnings (PE) ratio. The book value per share declined from 5.49 in 2019 to 3.89 in 2020. The PE ratio also increased from $23.89 in 2019 to $39.71 in 2020.
Diagnosis
Are the firm’s value chain (primary and support) activities mutually reinforcing?
Tempur Sealy International’s value chain support and primary activities are equally beneficial. The firm has exceptional inbound logistics, operations, outbound logistics, marketing and sales, and product and services (Tempur Sealy, 2020). The corporation also enjoys support services such as research and innovation, a competent human resource management team, outstanding procurement, and outstanding company infrastructure to improve its competitiveness.
Do the firm’s resources and capabilities fit with the demands of the external environment?
The corporation’s resources and capabilities correspond with the remote environment demands; for example, high product quality supports the pricing strategy and global presence, increasing the consumer base.
Does the firm have a clearly defined strategy that will create a competitive advantage?
Tempur Sealy International has a well-entrenched strategy that will form a competitive edge (Tempur Sealy, 2020). The differentiation and diversification in product design and function support the company’s goal of leading the furnishings market via continuous innovation.
Is the firm making good use of its strengths and taking full advantage of its opportunities?
The company exploits its capabilities, resources, and opportunities to grow into the leader in the furnishings industry.
Does the firm have serious weaknesses or face significant threats that need to be mitigated?
Tempur Sealy International encounters significant threats requiring urgent consideration because of the current COVID-19 pandemic. The company’s supply chain faces disruption from Coronavirus disease. This disrupted the company’s supply chain because there was a hiccup in fabrication, raw materials, assembly, testing, and shipping.
Formulation: Proposing feasible solutions
The Supply chain struggles of Tempur Sealy International constitute a substantial threat. The company has a series of pile-ups along its supply chain that may be traced back to one primary selection made months ago. Here are some of the feasible solutions to the issue. Assessing the supply chain to receive a clear understanding of Tempur Sealy International’s supply chain may expose any significant susceptibilities. This implies starting with the essential products and considering well beyond first-and second-tier suppliers from the raw materials (Özoğlu & Topal, 2019). For instance, if Tempur Sealy International’s products have components emanating from isolated countries, there should be a secondary supply, suppliers in the U.S turning to Australia as the plan B.
Tempur Sealy International needs to identify potential failure points to consider individuals and teams on whom essential services and processes depend. Where are there employees with the appropriate skills who might step into crucial roles when needed during this COVID-19 pandemic? For instance, shared services centers and call centers were potentially susceptible as the virus continued to spread (Mon, 2020). The company should assume steps to minimize human interaction, for instance, via remote working or staggered shifts. Tempur Sealy International’s employees want to see that they are being protected and the business is organized; leadership needs to be regarded as the source of truth during this COVID-19 pandemic.
Plan for implementation
What activities need to be performed? A value chain is a handy tool when you need to figure out how different parts of the company are likely to be affected. What are the implications of your plan with respect to both primary activities (e.g., operations and sales/marketing/service) and support activities (e.g., human resources and infrastructure)?
During this COVID-19 pandemic, Tempur Sealy International’s supply chain leaders have experienced more complex and changing conditions (Tempur Sealy, 2020). Here is how the company plan to implement activities needed to be performed and establishes resilience against future shocks. Tempur Sealy International should assume action plan implementation to prepare for supply chain disruptions of any form.
What is the timeline? What steps must be taken first and why? Which ones are most critical? Which activities can proceed simultaneously, and which ones are sequential in nature? How long is your plan going to take?
First, the company needs to develop an emergency management center. During this COVID-19 pandemic, Tempur Sealy International should centralize decision-making functions and information. All the information needs to come to a central place; therefore, during the pandemic, decision-makers should virtually discuss and take specific actions (Mon, 2020). One team needs to focus on the business environment, assuming care of suppliers and consumers, and another team must concentrate on taking care of workers’ concerns-continuing operations, addressing family issues, and other problems handled by human resources.
The company also needs to speak with one voice during these disruptions in the supply chain. Tempur Sealy International should be organized to communicate with all stakeholders: consumers, employees, media, suppliers, analysts, shareholders, and the community. They need to share the correct information about the crisis and what Tempur Sealy International is doing.
How are you going to finance your proposal? Does the company have adequate cash on hand, or does it need to consider debt and/or equity financing? How long until your proposal breaks even and pays for itself?
Restructuring of the company’s supply chain, infrastructure, human resources, marketing, and sales activities, and operations will be financed by debt financing and equity financing.
What outcomes is your plan likely to achieve? Provide goals that are “SMART”: specific, measurable, achievable, realistic, and timely in nature. Make a case for how your plan will help the firm to achieve a strategic competitive advantage.
The plan of restructuring the supply chain, human resources, firm infrastructure, operations, and marketing and sales activity will provide SMART goals (Kim, 2019). Tempur Sealy International can now resume its normal business operations through the restructured activities that enhance production during this COVID-19 pandemic that has persisted for over one year and is still with us.
Conclusion
In conclusion, with Tempur Sealy International’s strategic analysis, it is evident that the firm should implement furnishings strategic plan that supports its product manufacture and design of bedding products that may improve consumer satisfaction and loyalty. The company needs to restructure its supply chain in operations, marketing and sales activities, firm infrastructure, and human resources to confirm the current COVID-19 pandemic crisis.
The firm is generally performing well in the global market of bedding products, although there is a need to establish different marketing and business strategies that may help attain a competitive advantage over its competitors. Tempur Sealy International must seize these business opportunities to enhance its market share beyond the registered 12.17%. A firm that needs to become a leader in the furnishings industry should restructure the roles of staff and operations and embrace continuous improvement through research and development.
References
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