The company provides total technical support for the installation of the machinery sold to the global customers to gain their confidence and long-term relation (Funding Universe, n.d.). Renishaw is well recognized for its manufacturing of complex machineries that could help the customers to improve their efficiencies and their potential capacities along with greater quality of the products and improving of operational performance. Renishaw has always aimed to meet the unending needs of the customers by offering them technology beyond their reach and capability. The products offered by the company assures enhancement of quality and productivity along with superior customer service (Renishaw, 2012c). Renishaw was a private company in 1982 but in the year 1983 the company went public and offered stocks in the London’s Stock Exchange Market. Renishaw is quite hierarchical which indicates that the company is centralized and the decisions are made at the top management and then communicated to the other levels of management in the company (Renishaw, 2012a). This report would highlight the competitive strategy and strategic position of the Renishaw Company. This strategic analysis would be regarding the market sector, employment of appropriate strategic management and management accounting tools. The internal analysis of the company would be analysed using the SW of SWOT analysis (Strenghts, Weaknesses, Opportunities and Threats) analysis and the external environment of the company would be analysed using the OT of SWOT analysis as well as the PESTLE (Political, Economical, Socio-cultural, Technological, Legal and Environmental factor ) analysis. The competitive strategy would be analyzed with the BCG matrix. In the end, recommendations would be provided to protect the company from new entrant’s adopted strategy and to help the company grow further in the years to come. Analysis of Strategic Position – Strengths, Weaknesses, Opportunities and Threats (SWOT) The strategic position of the company is based on combination of internal analysis and external analysis. The strategic position of the company has been analyzed with the help of SWOT and PESTLE analysis and these two analytical tools are applied on Renishaw. SWOT Analysis SWOT analysis is used to analyse both the internal as well as the external environment of the company (Barney, & Hesterly, 2008). SWOT analysis would be helpful to identify the major internal strengths as well as the major internal weaknesses of the company along with external opportunities and threats that can influence the performance (Cravens, and Piercy, 2008). Strengths The foremost strength of the company is its technological advancement in terms of machinery and products. The company is also known for its innovation and superior quality. Due to constant innovation the company is able to provide the customers with high quality products to satisfy the customer’s needs and to meet the customer’s expectation (Renishaw, 2012b). The company’s workforce consists of young and energetic individuals that are constantly encouraged to make their way forward with the help and guidance from their seniors (Renishaw, 2012c). The company also focuses on the training and development programmes each year to enhance the productivity and knowledge of its workforce. This training and development programmes have provided the company with significant benefits due to which the company is ab
Introduction Renishaw is a global company providing its customers with advanced and complex technological products. Technological advancement has helped the company in providing its customers with innovative and complex machinery to enhance their operational performance (Renishaw, 2012b)…
Management accounting is considered to be useful when it properly displays an external image and a futuristic picture for an organisation. Strategic Management Accounting on the other hand can be distinguished from other management accounting activities through its extensive external orientation; this extensive external orientation includes focus towards customers, competitors, suppliers and all other stakeholders that get affected by the organisation’s normal course of business.
In above connection, strategic management accounting presents numerous benefits in organization decision making. Some of its benefits include; helps in analysis of variances, monitoring and control, financial reporting, controlling cost among other benefits (Codjia, 2013).
According to the author, management accounting has failed in the application of qualitative features of management as well as the strategic thinking in management. As a result of the failure of management accounting, strategic management has been introduced in the profession of accounting hoping it will be effective in areas of management.
Performance measures can be considered as metrics for monitoring the success of an activity and competence of the workforce in utilizing the available resources. Competence can be attained by maximising the output with the minimum number of resources. Improvement in competence can be achieved by providing fewer inputs that can be used to produce a particular amount of output.
The project report then looks at the aims and objectives of establishing a management accounting system and the characteristics of information flow at the strategic level. It also analyse the effectiveness of SMA system in the provision of information to assist the senior management team in the achievement of the corporate objectives at Highline.
A fusing connection among the variety of visions is involve in captivating a strategic direction, explanation and study of management accounting information, and rival's performances proposes the basic extent in favour of contrast.
Management accountants are perfectly trained and they have this ability potential and expertise to contribute along with the strategies and with the evaluating process to over those decision-making problems that they have in the market.
Further, the strategic decision-making issues related to the different factors like competitive pricing of products or services, the operational strategies of the business, the manufacture and development of products and the product costing are discussed in detail.
The United States Postal Service is a self-governing institution under the federal government of the United States which is responsible for procuring postal services in United States (Wyatt, 2003). As on 2014, it has become
trategic management accounting which leads to evaluate an organization’s interaction between its product market and capital market, analyze the internal architecture of the company and its cost considerations so that it can be evaluated whether it is required to bring any
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