C209 - Task 1

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Western Governors University *

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C209

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Management

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Jan 9, 2024

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docx

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C209 – Strategic Management Task One By: Jacqueline Thomas Student ID: 001693852 A. Evaluate what makes a strategy either successful or unsuccessful. 1) The creation of the vision, mission, and values statements impact the success of the overall strategy. The vision statement provides a future path for the company, where do they want to go, and what do they want to see in the future for the company. Without a future vision there is nothing to work toward. The mission statement talks about the present, talking about what the company’s business and purpose is right now. Understanding the present place and current purpose will assist the company in knowing what they will need to do to get from the present to the vision. Lastly the values statements, these statements are to help guide the company and its employees to know what behaviors and traits they expect to see and how the company wants others to see them. These values will help the company with determining the right way to go about getting to their vision. These statements together allow the company to determine the direction the company wants to go, communicate current state of the company, goals for the future, and help guide company employees to achieve the strategy set forth. Without these statements there is no base line or goal, giving the strategy no depth or insight to build on. 2) Leadership buy-in of the strategy is detrimental. The strategy must include input from all departments to make it work. When the departments are included, they will understand why the strategy is what it is and how to best achieve it. If leadership does not buy-in to the strategy higher management will have a hard time keeping the company headed toward the goal and could face more pushback from all employees in the company. 3) Analytical tools: There are two analytical tools that I would like to discuss, the first is the Porter’s five forces and the second is the SWOT analysis. The Porter’s five forces talks about competitive pressures within the company’s industry: competition from rivals, new companies, and other products that are the same. It also talks about bargaining power with suppliers and customers. This analysis is about looking at the competition and seeing what effect they could have on the company. Knowing this will assist the company in figuring out where their strengths and weaknesses are compared to their competitors and allow changes to be made to make the company stronger. The second analytical tool I would like to discuss is the SWOT analysis. This analysis looks at four aspects of the company to show what is going well, what could use some work, and what to look out for. The
first piece is strengths, what are the strengths of the company and how can they be used to continue to drive the company forward. The second piece is weaknesses, looking and the company and figuring out where they have weaknesses will help the company see if those items can be adjusted moving forward. The third piece is opportunities, what opportunities does the company have to grow or become stronger. Is there something they have not taken advantage of in the past that can help them move forward. Threats are the last piece, is there a new company that will be competition, or a material that might have a shortage. These items could affect the company’s future and need to be looked at to determine how to handle them. 4) Discuss the importance of appropriate alignment between strategy, people, and corporate culture. Appropriate alignment comes from making sure all the pieces fit together, if one piece is out of place the whole thing could fall apart. The corporate culture of a company is the very beliefs, ethics, and standards of a company. If the corporate culture is change resistant, then having a strategy that is full of changes will clash with the culture and will not be able to be achieved. This also flows to the people in the company, if the company is hiring making sure that they are looking for people that fit into the company strategy and culture. Making sure that current employees also have buy-in into the strategy will help the company achieve their strategy. Without either of these things you will not have success, the new hires will cause a deterrent and employees that don’t buy into the strategy will make all efforts very difficult to move forward. Aligning all three aspects can be difficult to do, but if the strategy of a company is created with the same people that are guiding the culture and are involved with the employees then you have a better chance of success. These people will know why the culture is what it is and how it can change if needed to achieve the goal at hand, they will also be able to recognize where the challenges will be and adjust to handle them before they arise. a. Discuss the role of ethics, values, and norms and the way they impact results. Ethics is a distinction between right and wrong, if I took confidential information from my company and gave it to another company that would be considered wrong and having bad ethics. Ethics determine what behaviors are allowed, will doing an action get us in trouble or help someone. Values on the other hand lead your decisions on a more personal level, it’s not about if the behavior is going to get us in trouble, but more about if we believe it is right. For instance, if you value honesty then you will make choices that show you are an honest person such as studying for a test instead of cheating on it. Norms are normal or typical, this can be for a person, group of people, or a company. What is considered normal? Does the company have an issue with theft that happens so often it has become normal or is it normal
to have a constant change in staff. The alignment of ethics, values, and norms within a company can strengthen the current mission and allow them to preserver through the changes needed as a solid team to reach the vision. If they are not aligned, it will add additional hurdles that will need to be handled to achieve the vision. The company may have to adjust staff or take more time with the staff to help them understand and buy into the changes needed. If these challenges cannot be overcome the vision may not be achievable. B. Perform a SWOT analysis for a company with which you are familiar. 1) Analyze the strengths, weaknesses, opportunities, and threats of the company. Pact Insurance Services is a small company with twenty-five employees. The company provides insurance to protect the items people store in storage units. The company has a contract with the owners of storage facilities and provided a percentage of the insurance premium collected for participating in the program. These facilities then offer insurance to the people who rent their units. Each person has the option of three different levels of coverage and the coverage includes lower limits for flood, vermin, and mold. Pact Insurance Services has contracts with storage facilities in forty-six states across the United States. SWOT Analysis: Strengths Weaknesses Financial backing to grow and adjust as needed. Product is cheaper than its competitors without the loss of coverage. Follows all laws and regulations regarding selling and providing insurance. Management and shareholders are highly involved in the self-storage industry. Always looking for the best and most efficient way to process business and take care of their customers. Ability to process claims consistently and timely. Lack of employee buy-in and understanding of company goals. Income is based on commissions and processing fees for claims. Internal communication between departments is limited and blocks sharing of knowledge and resources. Pact’s claim system is aged and is lacking efficiencies that could improve claims process management. Not efficient in payment of a claim. Opportunities Threats
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