Executive Summary

This particular report dealt with the ongoing business issues and practices in a company. These risks have been identified through the report presented by the world economic forum. Implementation of the strategies in climate change adoption and cyber security are the top concerns of every organisation. The company has to go through various challenges if it fails to maintain the cyber security issues and the climate change adoptions. That is the reason the report has concentrated on situation analysis of the company Johnson and Johnson to identify the potential strength and disadvantages so that they can implement the required changes in order to mitigate the risk. The Pestel analysis has been conducted from the perspective of the company to increase the business growth that has already been affected due to the risk mentioned here.

Introduction

Every business organisation must emphasize the analysis and impact of global risk within the organizational context. This is because organisations can confront a series of potential losses, including financial, legal, operational, and even reputational deprivation if they remain unmanaged of the risk. In the eyes of the statements, this report has concentrated on some global risks the company is witnessing or might witness in the future. For the detailed analysis, One of the renowned pharmaceutical multinational companies, Johnson and Johnson, has been taken into account. To understand the global risk from the perspective of this company, this particular analysis will take assistance from the report presented by the world economic forum (WEF) with the aim of sharing all the global risks that can impose a negative implication on the business. In this particular report, one of the critical aspects in business, such as business growth, has been focused on for this company Johnson and Johnson, as the company has waned it to a large extent due to some global risks, such as failure in climate change adoption and widespread cyber insecurity and cybercrime.

Analysis and Findings

PESTE(L) analysis

The PESTEL analysis in the context of Johnson and Johnson company has been finalized in below to identify the implication of pastel factors with aligning the risks.

 Table 1: PESTEL Analysis of Johnson and Johnson Company

(Source: Self-developed)

Political factor: There is no doubt that the company Johnson and Johnson has obtained various support from the government and intergovernmental organisations. For example, The company has established 30 years of partnership with UNICEF to promote a safe and secure lifestyle for children worldwide. In that case, the strategy of climate change adoption can be effective not only in decreasing the carbon footprint and greenhouse gas reduction but also helps to uplift the well-being and health of the people in terms of customers the company is currently targeting. According to the company statement, it has failed to take measures in the climate change adoption and is not able to fulfill 30% of the sustainable goal that was estimated in 2010 with the name of “Healthy Future” (Rosen, 2015). The executive directors of this company have clearly stated that the company has failed in this specific area because of the stretch goals. In this particular case, the company can take help from the government by maintaining EPA’s Clean Air Act Protection. The company is operating correctly in 60 countries, and it may have to go through rigid and strict policies in the trade that can change how climate change policies are adopted (Fortune, 2022). In this particular case, the company can embrace some universal laws. In that case, the company can concentrate on the global risk report 2023 published by World Economic Forum (WEF) (World Economic Forum, 2023). The report has headed for an inclusive and collaborative approach to taking nature and climate action to restore the planet and also to protect the future. The company Johnson and Johnson can implement various private and public organisation partnerships as per this report in order to defeat the issues of climate change.

Economic factor: The company Johnson and Johnson always gets high interest as the trade tension between some countries, including China, has been going off gradually. That is the main reason the company can target more people in the form of customers, which will ultimately increase sales. Moreover, the company can also incorporate technological development as the key areas of technology are dominated by the country China. In that case, the company Johnson and Johnson can levy China’s low carbon-related technologies, such as solar photovoltaic, for adopting the strategy of climate change (Wang, Yu and Wu, 2022). However, the company might face some problems in adopting the climate change strategy because it is presently operating in some countries with high inflation. According to the report presented, climate change is one of the primary and secret drivers of inflation. If the company is about to expand its business in countries with high inflation, it will then not be able to control climate change adaptation strategies. One of the positive aspects in this regard is the recession doesn’t impact the business condition of this company, Johnson and Johnson, hugely. On top of that, the country has also set up its business in countries where it can take advantage of cheap labor costs. It ultimately reduced the marginal cost of the company (Dhakal et al., 2022). With the help of this financial saving, the company can adjust the current and also the future perspective and implications of climate change.

Social factor: The company can get some important ascendancy in the social aspects. For example, the company has standardized its business in countries like Niger, where the amount of toddlers is high (Egbuonye et al., 2021). Aside from this specific positive advantage, the company Johnson and Johnson has some drawbacks in the area of social factors that can negatively impact the risk that has been identified. For example, the company might face some challenges in adopting climate change in the business culture where the power structure hierarchy is prevalent (Janet, 2013). The main reason for this is it delays communication which must be exaggerated when it comes to taking some actions to mitigate the issues related to climate change.

Technological factor: The company Johnson and Johnson has invested a huge amount of financial assets in research and development for adopting the best technology. Despite this fact, the company has experienced around 15.5 billion cyber security attacks on an everyday basis (Mitchell, 2022). In that case, the company needs to show its concern about implementing robust technology infrastructure to foster business safety while maintaining security. The arrival of 5G can be one of the best methods for the company because it has the capability to offer efficacious network security with the help of the encryption of international mobile subscriber identity known as IMSI (Palamà et al., 2021). With a superior authentication policy and data protection, Johnson and Johnson Company can avoid this type of ransomware attack in the future, which can decrease the company’s reputation. In this technological era, the utilisation of social media is also increasing for modern business companies. The company Johnson and Johnson is also not an exception in this regard. Therefore, it is most important for the company to take some critical actions in social media activities as it is competent to lead the business cyber security issues. The hackers might use social engineering techniques in the theft of useful data (Sekhar Bhusal, 2021). However, the company can stop this type of unwanted situation by providing training to their employees and also deploying two-factor authentication in order to strengthen the technological base of the company.

Environmental factor: One of the great environmental edges of this company, Johnson and Johnson, is it has the ability to make eco-friendly products. Regardless of this information, the company has witnessed many lawsuits from customers who lodge their grievances that the company is using disastrous substances like asbestos in making products like telecom powder that eventually caused ovarian cancer. It is one of the major reasons for the failure to implement climate change policies within the business arena. This type of substance has a huge risk when it comes to air contamination that ultimately poses various distributions (Frank and Joshi, 2014). For example, people can have a series of health issues if they use this product continuously. The company has the potential to deal with this type of problem as Johnson and Johnson has deployed some innovative ideas in waste management and in the recycling process. According to the report conducted by Health for Humanity Report (2021), Johnson and Johnson has implemented the wastewater management and treatment system by employing diverse osmosis processes for purifying the wastewater in the company location in Canada. In addition to that, the company has aligned the waste standard and external water to minimize the negative effect on the environment. Apart from all the positive factors in the environmental aspect, resource depletion in a large context can also be a threat in this regard. Different countries have different rules for resource depletion. Therefore it is most important for the company to study the legislation of different countries in reducing the environmental risk and also negative publicity from the customers.

Legal factor: The company has highly concentrated on maintaining consumer protection and intellectual property laws. Customer data and information can also be considered intellectual property (Hamza and Pradana, 2022). It is already defined in the previous segment that the company Johnson and Johnson has faced various challenges regarding cyber security issues. In addition to that, the company is also dealing with patent problems with its rival companies. Therefore there is a chance to implement a copy of the company’s product presently rendering. Therefore the products of this company must be improved by safeguarding the pattern for fighting the competition in the concerned industry. The consulting firm Accenture has revealed that various patients in the United States have found their personal and medical information has been stolen that was shared with this company (jnj.com, 2017). That is the main reason, it is most important for the company to maintain product security and customer information security by aligning the intellectual property law. Apart from that, the customer must be protected with data security. In that case, the company can consult with the cyber security organisation to decrease any kind of vulnerability in this regard (Mishra et al., 2022). There is various legislation that sets the maximum crisis for ensuring the quality standard and also protects the customers from any kind of fraudulent activities. The company Johnson and Johnson should concentrate on these factors to comply with the customer protection law. Apart from that, to protect the valuable data and patents of the company, Johnson and Johnson must have to develop some read-it policies in regard to utilisation of intellectual property rights. It includes all the legal documents involved with the patents that ultimately provide the business development framework and also the development policies for the competitive advantage.

Competition analysis of the company

Identification of the competitors

The direct and main competitors of Johnson and Johnson are Eli Lilly and Company, Unilever, Procter and Gamble (P&G), AbbVie, Bristol-Myers Squibb, and Pfizer. Apart from that, the company is also competing with companies including Wipro, Himalaya, pigeon, and Colgate (Aniqoh, 2020). These companies can be considered substitute competitors in this specific backdrop. To identify the potential barrier and the unique advantages over the competitors, the 4P marketing mix theory has been incorporated in this regard.

4P is the acronym for product, place, price and promotion (shown in Figure 1) (van Waterschoot and Van den Bulte, 2020).

Figure 1: The Components of 4p Marketing Mix Theory

(Source: van Waterschoot and Van den Bulte, 2020)

Product: The company Johnson and Johnson have an extremely elaborate and wide portfolio of products. The company has already concentrated on manufacturing eco-friendly and sustainable products for both babies and adults, but the company has faced severe controversies with some products. Some customers have claimed that the products are not completely eco-friendly and lead to the issue of health issues. Due to the lawsuits, the company transferred some products into a separate company that ultimately later dealt with the bankruptcy and the negative financial exposure. Therefore, it is most important for the company to take extra measures to make medicinal and home-used products to reduce carbon footprints and make them environmentally friendly. In response of covid-19 pandemic, the company has made vaccines which are 91% effective, completely matching its competitor Pfizer. Therefore, the company has the ability to acquire a good advantage over its main competitor. The competitors, including Proctor and Gamble (P&G) along with Himalaya, pigeon and Colgate, have claimed that their product is completely recycled, but they didn’t estimate its percentage. In this particular case, Johnson and Johnson has claimed that the packaging of the products is 100% recycled and reusable. It will be ultimately beneficial for the company to adopt a climate change policy to sustain the long-term goal.

Place: One of the renowned brands in the world, Johnson and Johnson comprises approximately 230 subsidiary companies in business operations in 57 other geographical territories in this globe (Johnson & Johnson, 2021). For accomplishing customer demand, the company has engaged with a well-developed and systematic distribution channel. Moreover, the company is also utilising modern technologies to increase its sales figures on shopping sites and online platforms. However, climate change has affected and also decreased this company’s customers because it has directly impacted its research and development process (Johnson, 2020). One of the major drawbacks of this company is avoiding supply chain disruption and concentrating on the advancement of global risk due to the volatility issue. In addition to that, the altering patterns of infectious disease and elevated risk of food security create confusion about presenting the products in the right places to diminish this type of issue. However, the company has taken a long-term sustainability strategy not only for them but also encouraged the supply chain of various places where the company is operating the business (Perera, Kalantari and Johnson, 2022). It will unquestionably be beneficial for business growth.

Price: The company follows effective pricing policies by maintaining the policy associated with the marketing mix. It is known that most of the products of Johnson and Johnson are consumer products. This company’s research and development team has taken into account various aspects, including production cost, supply, and demand, along with the ability to pay for the consumers. However, the company might have to decrease its existing product cost as customer trust has been reduced for various reasons (Tawalbeh et al., 2020). One of the main reasons for losing customer trust in this company is the cyber attack. Various reports have claimed that the company does not strengthen the OT system and IT infrastructure, which raises questions on security (Georgiadou, Mouzakitis and Askounis, 2021). In addition to that, the company is also losing its customers due to the lack of strategy for consumer protection. That is the main reason to exaggerate the momentum of customers again, the company has to reduce its cost, and it must render the product at a minimum and marginal cost if it is compared with its competitors.

Promotion: The company Johnson and Johnson has followed a superior marketing strategy by creating awareness with the help of eye-catching advertisements. The advertisement of Johnson and Johnson has been concentrated in multiple mediums, including magazines, newspapers, and hoarding (Grassegger and Nedbal, 2021). On top of that, the company is also considering online promotion to create awareness about its sustainable product. Apart from that, the company also provides various discounts and redeems coupons for their customers to increase their satisfaction with the products. However, research has revealed that cyber security can impact the company’s promotion (Khando et al., 2021). As the company Johnson and Johnson are majorly focusing on digital platforms for promotion, there is a possibility for that company to confront the problems like data breaching because of the poor strategy. These days, having excellent hardware and software is not enough for maintaining cyber security issues, but the company Johnson and Johnson needs to involve the information technology team and the cyber security team to measure the possibility of the cyber attack and also to find the precaution for decreasing the hazards. In this particular case, they need to provide attention to allocating the right amount of resources and also to understand the protection of the company’s information and data.

The major competitor, Proctor and Gamble, has also confronted cyber security issues due to the data breach that ultimately decreases the organic sales and the customers of this company. On the other hand, another major competitor of Johnson and Johnson has not faced cyber security issues to a large extent, but thousands of private and government networks have been hacked. The company has played an excellent role in implementing the rights of controlling security and also diversity. The company Unilever has committed to the situation of net zero within the year 2039. The company Procter & Gamble also committed and achieved a net zero situation by 2040. If it is compared with Johnson and Johnson, then it can be stated that these major competitors have defeated this company as it has set the ambition for reaching a net-zero position at the end of 2045. Therefore the company needs to improve its product and value chain along with the environmental footprint in order to get a competitive advantage in this industry.

Strategy discussion

For discussing the strategy in the context of Johnson and Johnson in order to defeat all the WEF risks identified here, this particular discussion has taken the SWOT analysis into account. This will identify the situation of the company presently so that the proper strategy can be framed to shape all the risks.

Table 2: SWOT Analysis of Johnson and Johnson Company

(Source: Self-developed)

Strength: The company has a strong global reach as many people worldwide are using the product of Johnson and Johnson. In addition to that, it has a completely stable market, and approximately 70% of the share came from 25% of the sales and the global market share (Busetto, Wick and Gumbinger, 2020). Therefore, the company has a great chance to fight against climate change by imposing an explicit price on carbon emissions in a cost-effective way. With the help of a satisfied revenue progression, the company Johnson and Johnson can also implant the multifaceted strategy of climate finance (Wang, 2022). It will ultimately help the company to reduce greenhouse gas emissions through funding for renewable power like solar and wind.

Weaknesses: Despite the core pharmaceutical and medical sector, Johnson and Johnson has acquired a minimum amount of revenue that ultimately boosts the sales for ensuring the portfolio in a great manner. For this particular reason only, the company might face problems in dealing with an appropriate supply chain and accessing the raw materials (Alhosnai et al., 2021). It ultimately stops the company from manufacturing eco-friendly products as it is one of the significant parts of climate change policy. In addition to that, the cyber security issue can decrease customer loyalty and the customer trust. It ultimately can be one of the reasons for reducing sales growth. Johnson and Johnson’s company needs to focus on the right kind of security practices, especially in the OT system and IT infrastructure (Rivera, 2022). Apart from that, the company needs to move forward with modernizing the digital infrastructure by considering IoT and robotics technology. The OT environment should be aligned with passive network monitoring investigations (Brodsky, 2022).

Opportunities: The acquisition and Merger will help the company to expand its portfolio range without any huge investment. It will be effective in enhancing the position of drug manufacturing so that they can incorporate sustainable ways, including the activities like eco-friendly packaging, decreasing the toxic substances from the manufacturing products, and educating the people to dispose of the medications (Johnson, 2018). The opportunities of bio-implants will also be beneficial for the company to introduce new products in an innovative and sustainable way that can ultimately uplift the company reputation that has been lost. The telehealth services of this company should have to conduct in the electronic media to provide guidelines in the matter of health for all customers. Therefore, technological advancement is another opportunity for the company Johnson and Johnson (Johnson, 2018). The company should concentrate on the connection with the internet by allowing third-party vendors and contractors in order to gain access to the safety equipment for encrypting and securing all the communication channels. To get a more competitive advantage over rival companies like Pfizer, the company is required to implement single-dose vaccination with the help of an eco-friendly supply chain.

Threats: The company lost a huge amount of financial assets of approximately 100 million dollars due to the settlement of various cases filed by the customers. In this particular case, the company must have to gain customer satisfaction through personalised experience and also follow up the customers to identify their trends (Johnson and Gillooly, 2023). Besides these particular threats, the company Johnson and Johnson has also received allegations of gender discrimination. This particular situation can affect employee behaviour negatively which ultimately reduces the chances of implementing the climate change policy successfully. Without the team building and organisation of the employees, the company would be able to implement all the required changes in terms of WEF risk-mitigating strategies. In addition to that, the employees can also help in promoting environmentally friendly activities in this regard (Wouters et al., 2021). However, the company has the power to consume all the fierce competition with its large, developed, and expanded product portfolio.

Conclusion & Recommendations

In this assignment, the business issues and practices of Johnson and Johnson company have been described. Two different risks identified by the world economic forum from the company’s perspective have been considered. The risk, such as cyber security issues and the challenges in climate change policy adoption, has focused on this particular discussion. It has been identified that the company did not emphasize the supply chain policy and the various legislation in the countries, which ultimately leads to environmental challenges. In addition to that, the company witnessed cyber security issues due to the unsecured internet infrastructure that ultimately broke the customer’s trust. To mitigate the challenges easily, here are some recommendations that can be applied to the company.

• The company must establish various programs and strategies to enhance the supply chain by improving water and energy efficiency.
• The company must set both long-term and short-term scientific goals to decrease GHG emissions by aiming for 100% business operation with the help of renewable energy.
• The company must implement the secured network with the help of next-generation technology and maintain digital privacy
• The company must have to establish a collaboration with a third party or consultancy company for taking and administering the cyber security issues.

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Appendices

Appendix 1: The direct and indirect help of climate change in health

Figure 1: Direct and Indirect Help of Climate Change in health

(Source: Internet)

Appendix 2

Figure 2: The Global Risk of World Economic Forum