28 Nov For this activity, you will work on sections V and VI of the Strategic Audit Report by researching, evaluating, and selecting strategies for your strategic audit company. Finding the right strategy that aligns with your company’s mission, vision, culture, and business objectives take continuous evaluation and research. The better the focus, appraisal, and calculations, the easier it will be to select the best strategy for your company to be successful in the future. The company you will use for your Strategic Audit Report is FedEx. Provided are the guidelines to complete each section: Using the worksheet, guidelines, and example sheets provided within the attachment section, create an SF
For this activity, you will work on sections V and VI of the Strategic Audit Report by researching, evaluating, and selecting strategies for your strategic audit company. Finding the right strategy that aligns with your company's mission, vision, culture, and business objectives take continuous evaluation and research. The better the focus, appraisal, and calculations, the easier it will be to select the best strategy for your company to be successful in the future.
The company you will use for your Strategic Audit Report is FedEx.
Provided are the guidelines to complete each section:
- Using the worksheet, guidelines, and example sheets provided within the attachment section, create an SFAS matrix for your strategic audit company.
2. Using the guidelines and example documents (provided within the attachment section), create a TOWS analysis matrix for your strategic audit company.
o TOWS Analysis Example (DOCX)
3. From your completed TOWS Analysis recommend the one strategy that you feel best meets the future needs of your firm.
o Support your decision by writing a detailed explanation justifying your selection. Use at least two outside sources properly cited and referenced to support your decision.
This may be the most important section in the strategic audit report, as it should tell the reader what you are going to do with all of the information presented in the audit and the best future strategy for the organization.
· Parts 1 and 2 of your assignment should consist of the completed SFAS Worksheet and TOWS Analysis
· Part 3 of your assignment should be a one-page assessment of your recommended strategy.
· All pages should be double-spaced, with sources cited and referenced using current APA formatting
Compile all pages of your document to submit to this assignment.
TOWS Analysis Example
|
US Airways (USA) TOWS ANALYSIS |
||
|
Internal Factors External Factors |
Strengths (S) S1: Innovative Thinking S2: Employee Incentives |
Weaknesses (W) W1: Fleet Variety W2: West Coast Presence |
|
Opportunities (O) O1: Merger & Acquisitions O2: Special Events |
SO Strategies S1/O1-USA used an innovative thought process by talking to the unions of American Airlines (AA), which gained their support for a merger with USA prior to going into negotiations with AMR, parent company of American Airlines. |
WO Strategies W2/O1- A merger between USA and AA would increase the routes and presence of the consolidated airlines on the west coast. In addition, a hub would be gained in Dallas – Fort Worth that would present stronger routes in the mid-west. |
|
Threats (T) T1: Government Regulations T2: Fuel Prices |
ST Strategies S2/T2- There is not much the airlines can do about the price of fuel. However, innovative thinking on the part of employees has developed ways of reducing fuel consumption of the aircraft. |
WT Strategies W1/T2- USA operates a number of different aircraft. The use of smaller aircraft in many cases result in the consumption of less fuel. |
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College of Business | worldwide.erau.edu
All rights are reserved. The material contained herein is the copyright property of Embry-Riddle Aeronautical University, Daytona Beach, Florida, 32114. No part of this material may be reproduced, stored in a retrieval system or transmitted in any form, electronic, mechanical, photocopying, recording or otherwise without the prior written consent of the University .
TOWS Analysis Guidelines
1. Review your SFAS Matrix and identify what you believe to be the two most strategic S,W,O, and T factors facing your firm.
2. Place these eight factors on your TOWS matrix, with the two Opportunities and the two Threats going down the first right column. Place your two Strengths and your two Weaknesses in the first row at the top of the TOWS matrix.
3. Review a sample TOWS matrix example template to ensure you have your S,W,O, and T factors correctly positioned.
4. Designate each factor as either #1 or #2.
5. Crate what you think are the four best strategies using the S,W,O, and T factors.
6. Create a SO Strategy using either one of your Strengths and Opportunities.
7. Create a WO Strategy using either of your Weaknesses and Opportunities.
8. Create a ST Strategy using either of your Strengths and Threats.
9. Create a WT Strategy using either of your Weaknesses and Threats.
10. Designate which factor (S2/T1, W1/T1) you are using.
11. Each of these strategies should incorporate the two factors you have selected. You can use the same factor, say S1 in both strategies.
12. See the TOWS analysis example for guidance.
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College of Business | worldwide.erau.edu
All rights are reserved. The material contained herein is the copyright property of Embry-Riddle Aeronautical University, Daytona Beach, Florida, 32114. No part of this material may be reproduced, stored in a retrieval system or transmitted in any form, electronic, mechanical, photocopying, recording or otherwise without the prior written consent of the University .
Strategic Factor Analysis Summary
Progressive Auto Insurance
|
SWOT # |
FACTORS |
WEIGHT |
RATING |
WGTD SCORE |
COMMENTS |
|
S1 |
Claims Handling |
.15 |
4.8 |
.72 |
Progressive is considered a leader in the industry (Jones, 2018). |
|
S2 |
Customer Service |
.05 |
3.5 |
.18 |
Progressive policy holders rate high but none policy holders rate low. Gap needs bridged (Bloom, 2018). |
|
S3 |
Employee Satisfaction |
.10 |
3.5 |
.35 |
Most employees are happy but limited advancement opportunities frustrates some (Microsoft, 2018). |
|
W1 |
Out Dated Technology |
.10 |
2.5 |
.25 |
Progressive operating systems are over 10 yrs old (Smith and Simpson, 2018) |
|
W2 |
Claims Errors |
.05 |
2.5 |
.13 |
Progressive has a goal of below 10% currently around15% (Jones, 2018). |
|
O1 |
Technology |
.15 |
2 |
.30 |
Progressive needs to grow its technology reach by using more social media and other online support tools to consumers vs. the competition (Microsoft, 2018). |
|
O2 |
Department of Insurance |
.05 |
2 |
.10 |
Progressive has had a difficult past with the DOI. Improvement on relationship needed to make business easier (Nelson, 2018). |
|
T1 |
Competition |
.10 |
2.5 |
.25 |
Progressive needs to diversify its product offering. Many other companies offer multiple lines of coverage for easy to the consumer (Graham, 2018). |
|
T2 |
Stock Market |
.10 |
3.5 |
.35 |
Progressive’s profitability is tied to the stock market heavily. If the market falls, so do Progressive’s profits. This accounts for a large sum of profits (Jones, 2010). |
|
T4 |
Weather |
.15 |
4 |
.60 |
Progressive sets aside a certain reserve each year. If weather is more damaging than predicted the cash flow of the company is put in serious jeopardy (Smith and Simpson, 2018). |
|
TOTAL SCORES |
1.00 |
3.23 |
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College of Business | worldwide.erau.edu
All rights are reserved. The material contained herein is the copyright property of Embry-Riddle Aeronautical University, Daytona Beach, Florida, 32114. No part of this material may be reproduced, stored in a retrieval system or transmitted in any form, electronic, mechanical, photocopying, recording or otherwise without the prior written consent of the University .
Strategic Factor Analysis Guidelines
1. Use your completed EFAS and IFAS assignments from weeks three and four.
2. Ensure you have made corrections to the EFAS and IFAS table based on the feedback and comments from your instructor when they were graded.
3. To start building your SFAS matrix, select the ten most strategic factors from your EFAS and IFAS tables.
4. Ensure you select at least two factors from each of your S,W,O, and T factors EFAS and IFAS assignments, for a total of ten. Some will have more than two factors total.
5. Label each factor on your SFAS matrix, such as S1, S2, W1, etc. These numbers need not corresponding with the numbers you used on your EFAS and IFAS assignments.
6. So now you have the "SWOT #" for each SFAS factor and ten "SFAS factors" total. Now a "Weight" for each factor can be developed.
7. Make sure the total weights for these ten factors equals 1.0.
8. Now you can work on the "Comments" for each factor. Ensure you revise your comments to reflect the instructor's remarks on your EFAS and IFAS assignments. The comments should link directly to the weight you listed for each factor.
9. Use your comments to develop your "Ratings" for each factor.
10. Remember, good comments should be reflected in ratings of 3.8 and higher, average comments should have ratings of 3.3-3.5, and poorly performed comments tend to have ratings below 3.3.
11. Multiply your "Weight" and "Rating" for each factor, and place these numbers in the "Weighted Score" column.
12. Total up the "Weighted Score" column and enter at the bottom of the matrix.
13. Make sure the "Total Weighted Score" matches your perception of how well a firm is operating.
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College of Business | worldwide.erau.edu
All rights are reserved. The material contained herein is the copyright property of Embry-Riddle Aeronautical University, Daytona Beach, Florida, 32114. No part of this material may be reproduced, stored in a retrieval system or transmitted in any form, electronic, mechanical, photocopying, recording or otherwise without the prior written consent of the University .
Strategic Factor Analysis Summary
|
SWOT # |
FACTORS |
WEIGHT |
RATING |
WGTD SCORE |
COMMENTS |
|
TOTAL SCORES |
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