Every company goes through extensive planning and analyzing when contemplating location-related decisions. Companies Decisions and Strategy The decision making process can be simplified by using the proper analytic technique. One commonly used technique is the strengths, weakness, opportunity and threats (SWOT) analysis. The SWOT analysis is used to evaluate the organizations internal
4 FORMULATION OF STRATEGY FOR THE SELECTED COMPANY (NALCO) 4.1 Formulations of the strategic options According to Wheelen and Hunger (2012, pp. 182), the TOWS matrix illustrates how the external opportunities and threats facing a particular corporation can be matched with that company’s internal strengths and weaknesses to result in four sets of possible strategic alternatives. Weihrich (1982) developed TOWS as the next step of SWOT in developing alternative strategies. The authors Ravanavar and Charanthimath (2012), further reinforced that, TOWS matrix provides the means to develop strategies based on logical combinations of factors relate to internal strengths (or weaknesses) with factors related to external opportunities (or threats). TOWS matrix identifies four conceptually distinct strategic groups: (1) Strength-Opportunity (SO), (2) Strength-Threats (ST), (3) Weaknesses-Opportunities (WO), and (4) Weaknesses-Threats (WT), for creating the alternative strategies.
The other factors like customers taste and preference, demand supply, and competition level are being ignored. The business can only be measured from the view point of high and low as there is no scope of the medium in this technique. SOAR Analysis is an evaluation that focuses on the positive and opening up opportunities. It enhances inspiration in the organization when developing a strategic plan in focus on enhancing their strengths or what the organization is good at. In other words, it combines data about an organization’s current position with people’s ideas and dreams about its future, so that the business can build an energizing vision to work toward.
7) Consistency, compatibility and achievability of all component parts: A typical project constitute a variety of components that need to be consistent, compatible and achievable; and should all be geared towards the success of the project. The variables constituting the project must be managed well (mostly by the project manager) and they should match up. For example, variables such as time, finance, and quality of outputs must be managed well to ensure the achievement of the project goal. The project manager should ensure that there are enough resources (finance) to deliver quality outputs, and that the time allocated for an activity is consistent with the quality of the
For Merrill lynch change is nature of work, where customer retention and loyalty will be given importance and also resulting in less market errors due to decrease in number of clients and focusing on profitable clients. Risk involved: Some traditional metrics may not align with the supernova Result in less focus on acquisition “golf problem “ 4. Paint a picture of a Financial Advisor’s day using the Supernova process. How is this different from typical day under the old process? Financial advisor using the supernova process: Organization and process driven Focus on ideal customer
Systematic monitoring of practice is needed to make sure that the client’s best interests are achieved. An obligation to act in the best interests of a client becomes the most important objective when working with clients in this
The objective in this analysis is to help managers determine profitability and attractiveness of an industry (Investopedia, n.d.). The increasing level of competition decrease the profitability. Moreover, this tool provides a foundation to formulate strategy and recognize the competitive landscape in the same industry of the company ("Industry Analysis | Porter’s Five Forces | Competition,"
These goods and services that are produced at a lower cost are not inferior goods they are comparable to other competitors. In Cost leadership strategy, a firm becomes a low-cost producer in its industry, has a broad scope, services many industries and may even operate in industries that are related to it (Porter 1985). Porters stated that firms with high market share are the ones which are profitable and these firms become successful because they pursue the cost leadership strategy. Some researchers have done some work on the statement by Porter and have made differentiations between cost leadership that is low cost strategies and best cost strategies(Tanwar 2013). They concluded that low cost strategy is not able to provide sustainability in an organisation in the long term and cannot provide a competitive advantage.
Action Plan In order to achieve the goals and objectives, HR must commit wholeheartedly to our initiatives; thinking them through at the front-end and executing decisively according to plan. Furthermore, HR needs to maintain flexibility and deftly adapting when circumstances demand. Taking the time to develop a strategy is not only necessary, but critical to the long-term success and health of the organization. The goals and objectives are met by executing strategies and action plans as well as ensure these are being reviewed often to ensure actions align with the overall mission and goals of the organization. To implement strategies, HR must ensure they are choosing consistent and appropriate tactics (Gomez-Mejia, 2016).