Strategic Plan Evaluation

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agigka

Business Finance

Description

Refer back to the Week 2 (Document Attached) company, Hoosier Media, Inc. Your consulting firm is now ready to present suggestions regarding the strategic plan of Hoosier Media, Inc.

In a 10- to 20-slide presentation with speaker notes, address the following which will be presented to the Director of Marketing:

  • The best possible options for evaluating a strategic plan
  • Corrective actions that should be taken to ensure company operations are correctly aligned with the strategic plan

Include the following in your presentation:

  • How should the company measure organizational performance?
  • How will the company examine what progress is being made toward the stated objectives?
  • What criteria will be used when determining whether company objectives are measurable and verifiable?
  • Based on your knowledge of the company, what changes should be made to reposition Hoosier Media competitively for the future?

Unformatted Attachment Preview

Running head: INTERNAL AND EXTERNAL ENVIRONMENTAL ANALYSIS Internal and External Environmental Analysis Allie Ivison BUS 475 November 5, 2018 Glen Arola 1 INTERNAL AND EXTERNAL ENVIRONMENTAL ANALYSIS 2 Internal and External Environmental Analysis The environment in which a business is set is affected by different internal and external factors. It is affected by the company’s internal processes and the procedures, it is also affected by the cost of labor, and availability and the cost of materials among other internal factors. The external factors that can affect a business’ environment can be grouped into legal, economic, technological, political, environmental and social factors (Jenkins & Williamson, 2015). This paper will analyze the internal and internal environment of Hoosier Media Inc. Hoosier Media Inc. is a newspaper firm whose client’s subscription and newspaper circulation have declined over the past five years leading to lower revenues. Trends, Economic, Legal, and Regulatory Forces Trends – the growth of the internet over the past years has really transformed the newspaper industry. In today’s world, one can easily get news and articles form the internet making newspapers to become obsolete (Rothaermel, 2015). Advertisers are no longer depending on newspapers for advertisement as they used to. It is nowadays difficult to reach the target audience through newspapers become only a few people read newspapers today. People who used to read magazines have now switched to the internet or television. This trend is threatening the newspaper companies. Economic Forces – the economic factors that affect many companies include interest rates, unemployment rates, disposable income, gross domestic product and economic growth (Mierzejewska et al., 2017). The economy of the United States of America is growing and hence the unemployment rates are expected to decline and disposable income is expected to increase, which will increase consumer spending. This might increase Hoosier Media Inc.’s client’s subscription and newspaper circulation. INTERNAL AND EXTERNAL ENVIRONMENTAL ANALYSIS 3 Legal/ Regulatory Forces- in every country there are the state, local or national laws, regulations and restrictions that regulate business operations in that certain region. Hoosier Media Inc.’s faces some restrictions from the authorities like regulations on the standard of decency and advertisement restrictions. In the United States, companies are protected from piracy, a regulation which protects Hoosier Media Inc. Hoosier Media Inc.’s Ability to Adapt to Change Most the newspaper companies have shifted to the internet and they are getting revenue from online advertisements, news, and articles since many people no longer read newspapers. This is a change which Hoosier Media Inc. has not yet adapted. The firm has a weak online presence. The firm’s transition to online operations has been slow and it has been depending on revenues from printed newspaper despite the changes in technology. Many companies nowadays are able to collect feedback from their clients easily through their websites and other social media platforms. This has enabled many of them to understand their customers’ needs and to address them. Hoosier Media Inc. lacks a medium that can facilitate consistent companycustomer communication. These are indications that the company does not adapt to changes fast. Primary Internal Organizational Considerations In order to develop a strategic plan that will improve the company’s performance, the company’s internal considerations need to be evaluated. The considerations include; The firm’s financial status - When setting the company’s goals, it is important to set them within the budget set by the company for them to be achievable. The structure and the culture of the organization- The firm’s ability to adopt any new changes will be determined by its culture and structure. INTERNAL AND EXTERNAL ENVIRONMENTAL ANALYSIS 4 The company’s competitive advantages - Before setting any strategy for the company, it is important to evaluate the company’s abilities and competencies that make the company unique. The starting point of any strategy should be the company’s competitive advantages (Mierzejewska et al., 2017). The workforce- A company’s ability to adapt to changes is determined by employees’ loyalty, their skills, and company politics. It is therefore important to evaluate the workforce when developing a strategy. Primary External Organizational Considerations Technology – when setting up a strategy it is important to consider technological developments in order to keep afloat in the market. Competition- it is very crucial to understand the competitors, their abilities and strategies in order to be able to position the company strategically in the market and to overcome the competition. Consumer taste- a company’s profitability comes from attracting many customers to buy the services or the products and hence it is important to understand their tastes in order to draw and maintain them (Jenkins & Williamson, 2015). Regulatory environment – the company’s strategies should align with the rules and regulations of the nation and hence it is important to understand what it is expected of the business by the law. Economic landscape – consumer spending is determined by the country’s economic status. It is therefore important to consider the status of the economy and to offer services and products that suit the current economic landscape. Opportunities/ Issues Facing the Firm INTERNAL AND EXTERNAL ENVIRONMENTAL ANALYSIS 5 There has been a drop in readership in the past few years. People have shifted to television and the internet for news and articles (Jenkins & Williamson, 2015). This is an issue that is facing Hoosier Media Inc. It has led to dropped revenues and profitability. The other issue that is affecting the firm is competition from other newspaper companies which have digitalized their services. The competition is increasing with new entrants into the market. Hoosier Media Inc. has the opportunity to expand its services to online with the growing technology. It can take advantage of the internet to combine its print news with online marketing and online news. It can also utilize unique journalistic and editorial styles, diverse topics and techniques to appeal to readers. Conclusion Hoosier Media Inc. performance is affected by the changes in readership resulting in a decline in revenues. However, the company can take advantage of the new technology in the market to stay relevant and profitable in the market. It can combine print and online news and marketing, unique journalistic and editorial styles, and diverse topics to meet all its readers’ needs. INTERNAL AND EXTERNAL ENVIRONMENTAL ANALYSIS 6 References Jenkins, W., & Williamson, D. (2015). Strategic management and business analysis. Routledge. Mierzejewska, B. I., Yim, D., Napoli, P. M., Lucas Jr, H. C., & Al-Hasan, A. (2017). Evaluating strategic approaches to competitive displacement: The case of the US newspaper industry. Journal of Media Economics, 30(1), 19-30. Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education.
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Explanation & Answer

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Strategic Plan Evaluation - Hoosier Media,
Inc.

Name
Institution
Date



Generally, there are three different ways in which Hoosier Media, Inc.
can measure its organizational performance. These methods include;

1)

Performing SWOT analysis of the company

2)

Performing internal and external audit reports

3)

Using the balanced scorecard method

SWOT analysis


SWOT analysis is essential for any given business organization. This
analysis gives the strengths, weaknesses, opportunities as well as
threats of the company.



Therefore, SWOT Analysis will assist Hoosier Media, Inc. in evaluating its
performance, the needed improvement as well as the fit in the
competitive market.



In addition, SWOT analysis address numerous issues faced by the
organization thus making it an important tool for the compa...


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