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Global tech Corporation strives to provide the most excellent of all services when it comes to Telecom and Data networking services. With the development of businesses all over the world around these two basic facilities the organization has tried their best to provide the ever demanding businesses with the best of opportunities. Its mission is simply to make sure that the businesses are well connected and facilitated regardless of the miles between two different avenues of businesses.
Objectives and goals:
The goals and objectives of the company are well defined; to provide the people with services that gather no complaints. The approach is relatively simple; to facilitate the business in any way in this field. The organization aims to provide an immensely reliable and robust telecom structure that will allow businesses and people to remain well connected. The company ensures that the economic health of the associated businesses is well ensured by making sure that the services are never down. The company has striven to make sure that the prices remain feasible enough so as to allow maximum companies to associate themselves with it. It is constantly evolving and changing so that the current telecom structure is well suited to meet the ever emerging needs like to support telecom, IT and media all in one go. The primary objective is to make sure that the companies are on a very prominent platform and are well suited for competition.
Large of small, with old or new stakeholders a stakeholder analysis is necessary thing to do this is why this company focuses on stakeholder analysis. It is a major way to manage the stakeholders which are a major determining factor about whether or not the company will succeed. Its major objective is to make sure that at every turn and step only the right people are asked to be a part of the company. The type of people asked to join will eventually determine the success of failure of the company. Analyzing stakeholders will allow the company to determine the worth of each stakeholder. The company then listens and tries its best to implement what the stakeholders with the greatest worth have to say. This simple step ensures that they continue to support the organization in future too. The support of the most worthy and influential stakeholders can open the gates to multiple other resources that can be extremely beneficial. Talking with the stakeholders allows the organization and the stakeholders to gain a better understanding of each other; this is an extremely important step. The organization can be sure of the views of the stakeholders very early in the project's duration and the stakeholders can be well aware of the organizations intents since the beginning allowing the organization and the stakeholders to reach the same view point. Peace and understanding between these two entities is necessary to make sure that they both develop and benefit greatly. It also allows the organization with one very fundamental power; the power of predicting new steps and strategies that will be beneficial based on the previous views of the stakeholders allowing the organization to remain in the stakeholder's good books.
The organization uses the simple yet proven method of stake holder mapping to analyze the stakeholders. At first the organization determines who their stakeholders are. Then the various members of the stakeholder groups are prioritized on basis of their level of importance. Their interests are taken in to perspective and their influences are determined. The last step is to develop good relationships between the most influential of all stakeholders and the organization so that the organization can quite easily predict their response and implement measures that will ensure the organization has their support at all costs.
Conducting an environmental Audit:
The organization conducts an environmental audit using two models; the PESTLE and the Porter 5 forces model.
PESTLE is short for political, economic, sociological, technological, legal, environmental. It helps in auditing the organization's environment so that this information can be used as a basis for making important decisions. If a company regularly audits its economic changes then it has a bigger chance of responding to all forms of changes. This form of analysis helps to understand the bigger picture of the work environment. It takes in to account the meso and macroeconomic environments. And it helps analysing the various risks that are attributed to the position the market is in. It ultimately helps to assess the actual potential, the current stand point and the direction of growth of a business or an organization.
The porter 5 forces model
The five force's model as the name suggests are five points on which an organization's environmental auditing is done. These five points are buyers, suppliers, substitutes, new entrants and arrivals. It helps in analyzing the environment of the organization according to these five points. The most conducive business environments are those that face the least threats from new entrants or new substitute products. The bargaining power of customers is evaluated along with the bargaining power of the suppliers. A net equation should be established between them in favour of the organization for the most beneficial results.
By evaluating the type of environment of the organization and the region in which the organization functions the organizations helps to gain an understanding of what to expect in present and in the future and this in turns makes them well prepared for all forms of circumstances.
Conducting an organization audit using SWOT Analysis:
The SWOT analysis stands for strengths, weakness, opportunity and threat. With the help of this analysis the organization strives to develop an idea of the pros and cons that prevail in an organization, outside the organization and in its region of influence. So it provides the organization with a bigger picture of the organization and thus it helps it to understand how to plan strategically for the future and how to implement effective and beneficial decisions. It helps in analysing arenas where improvements are required and in finding better solutions to various problems. This form of analysis also helps in making a decision when an organization is at a cross road and cannot decide the next big step; it is made easy be comparing the success with the threats associated with each success. This is an analysis that can even be done mid way and thus helps to identify new avenues of interest that might earn better fortunes or any upcoming threats that might prove to be extremely dangerous.
The entire SWOT analysis can be summed up in four simple steps; build upon the organizations strong points, minimize the organization's weakness, take opportunities thrown the organization's way and try to work against the threats as best as possible.
Using Ansoff matrix for business development and growth:
For a business to develop and grow it is mandatory that it should try to develop strategies that are well focussed towards providing an organization with maximum benefits and entailing minimum costs. The Ansoff matrix is one such way of doing that; it helps to analyze all of the possible strategies or formulate the best one. The principle behind the Ansoff matrix technique is actually very simple. It takes the current products and analyzes the opportunities and risks that that particular product will face in current and unexplored markets. At the same time it takes a new product and then for that product it evaluates the opportunities and risks for current and unexplored markets. It dictates that the risk increases as we move from existing products to new ones and from existing markets to new ones. As a result there are four marketing strategies that surface; market penetration, product development, market development and diversification.
Using market penetration strategy: So in order to increase the profits by selling the products that are already well established and well liked it is necessary to explore new avenues of marketing like marketing to customers online, or by reducing the prices by only a small margin to attract an even larger group of people.
Using market development strategy: New markets are explored for existing products. The markets selection is done by evaluating the existing markets and finding similar ones.
Using product development strategy: New products are formed for existing markets. The new products formed should be in accordance with what the customers are already known to like.
Using diversification strategy: This will be the riskiest of all strategies for future planning as it involves formulating new products and placing them in new markets altogether. In this strategy the business will be reaching in to areas that have not been explored with products that have not been tested before either.
Using Boston Consulting Group (BCG) growth matrix for strategic planning:
The BCG growth matrix provides the organization with a graphical representation of the organizations' strengths and weakness which are quite easy to understand. Each service or product of the organization has a circle of if influence around it that represents its market worth.
The best form of plan for the organization would include focussing on products and services that are offering the biggest areas of sales. These products and services might also prove to be excellent contenders in new markets if they are marketed efficiently.
To be represented on the BCG growth matrix the products and services are plotted on a graph of market share versus market growth. The graph is divided into four areas; the dogs, cash flows, star and questions marks. For services in the build market share the organization should develop those services and products by investing in them even further. Services lying in the question mark area should be generated using the money that comes from the stars, this funding should continue till the services labelled as question marks ether progress to being stars or are very unprofitable and forced to shut down. The services in the dog areas should be let go and their share of capital should be invested in the stars and the question marks to generate profit upon that capital. Items in the cash cow areas are also beneficial for the organization and they should remain untouched.
The various approaches to planning:
The best way to start planning is to go for informal planning. Is just a rough sketch of all the things that the organization needs to get working on. It provides the organization with a basic infrastructure upon which they should plan and work upon in greater detail. Sometimes this is just done verbally amongst the top level executives. This type of planning is usually followed by either top down planning or bottom up planning. Both of these can be considered as complimentary phenomenon to each other. In the top down planning the usual system is followed with the highest management planning for the people who come after them. Once the plans are implemented if the views of the people at the base of the hierarchal pyramid are heard and changes are made according to what they want then this is known as the bottom up planning. Behavioral planning is another form of planning that the organization needs to implement which focuses on how to handle various behaviours and people accordingly.
Planning is not just an initial but a fundamental part of executing a strategy. Without a prior plan in mind the progress of anything is debatable and most assuredly quite slow. The planning process should begin with the executives coming up with an initial framework upon which they want to see things get done. But for the maximum possible benefit from the organization it is recommended that each and every level of the organization should feel like they are an important part in this field. This will eliminate a lot of grievances that could develop over the business strategy that the executives might want to implement. A lot of things need to be considered while planning; like the response that various plans or strategy will receive from people working at all levels. Another thing to consider is that planning should effectively cover all areas that need to be considered, no target should be left untouched.