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Business Strategy in Shipping

In: Shipping and Logistics Management

Author

Listed:
  • Y. H. Venus Lun

    (Logistics and Supply Chain MultiTech R&D Centre)

  • Kee-hung Lai

    (The Hong Kong Polytechnic University)

  • T. C. Edwin Cheng

    (The Hong Kong Polytechnic University)

  • Dong Yang

    (The Hong Kong Polytechnic University)

Abstract

Strategy is important in shipping because it facilitates the identification of business opportunities, gives an objective view to solve business problems, provides a framework to improve internal and external collaboration, assists in controlling business activities, minimizes the negative effects when threats arise, helps make better decisions, guides the effective allocation of resources, provides methods to manage changes, and nurtures consistency in the management of the shipping business. Shipping firms have a hierarchy of interrelated strategies, each formulated at a different level, which can be classified as corporate strategy, business strategy, and functional strategy. Formulating and implementing shipping strategies involve answering many interrelated decisions: What to do? When to do it? How to do it? The development of shipping strategies involves the process of strategic analysis, formulating strategies, and implementation and control of strategies. To seek business opportunities, a shipping firm needs to answer the question of how to structure the organization to sustain growth. The structural options for shipping firms include organic growth, acquisitions, joint ventures, alliances, and networks.

Suggested Citation

  • Y. H. Venus Lun & Kee-hung Lai & T. C. Edwin Cheng & Dong Yang, 2023. "Business Strategy in Shipping," Springer Books, in: Shipping and Logistics Management, edition 2, chapter 0, pages 69-83, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-26090-2_5
    DOI: 10.1007/978-3-031-26090-2_5
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