Week II Reflection Paper for Team C
Strategic planning is not a new concept and is commonly referred to as the solution to many organizational problems. Strategic planning is a continual and systematic process in which decisions are made about intended future outcomes. Planning takes time, work, and the ability to confront difficult obstacles. Financial outcomes are used as a component to measure the success, failure, and strategy effectiveness. S. Scott (2012) stated in the second paragraph, “The focus of a strategic plan is usually on the entire organization, while the focus of a business strategic plan is usually on a product or service”. Without a realistic plan and obtainable ...view middle of the document...
Objective 2.2 is understood by each team member as it relates to competitive strategies. Developing a competitive advantage is vital, and profitable for an organization. Therefore, organizations must adapt to technology, and industry changes quickly to remain competitive and relevant in today’s technical, and trendy society. Organizations with low prices, measure the effectiveness of products, and continue to analyze the organizations internal and external environments within the same industry will have a competitive advantage over the competition (Wheelen and Hunger 2010).
Objective 2.1 - Measure an organizations internal and external environments using environmental scanning relates to MetLife. MetLife created unique policy options to remain competitive and to gain a competitive advantage. With the unemployment and foreclosure rate still relatively high, MetLife made several policy and rate changes in an attempt to accommodate customers. The most recent initiative for MetLife is the need to focus on customer centricity. In an effort to maintain policies, improve services, reduce rates, focus more on the customer needs, and less on company polices this initiative was implemented. Wheelen and Hunger (2010) describe environmental scanning as analyzing the current emerging forces that exist within an organization’s environment.
The change allows customers who are experiencing a hardship to apply for a premium waiver. The premium waiver will allow the customer to waive his or her monthly premiums up to six months. Environmental scanning of trends allowed MetLife to create this sensitive option for customers who are experiencing a hardship, but who may also want to maintain their insurance coverage. In essence, scanning gave MetLife the opportunity to look at a national issue and offer a short- term solution that fits the mission and goal of the organization.
Business is no longer a matter of ordinary successions. Organizations must create a path of success by planning and creating a competitive strategy to help focus on the vision and goals of the business. Wheelen and Hunger describes competitive business strategy as focusing on improving a company’s competitive position, particularly its performance. Success of a business depends on the business strategies that the company implements. Objective 2.2 - Determine relevant business competitive strategies is a formula that an organization can use to help identify what competitive strategy will meet business needs. Reflecting on week one class discussion, it is clear that having a competitive strategy is vital for any organization.
The differentiation strategy is a strategy used to distinguish one business from another within the same...