employees, business owners as well as customers. This paper seeks to address the issue of measurement within the context of SWOT, PESTEL and Porter’s Five Forces Analysis in response to Jengo Limited. The paper further illuminates on how budgeting would benefit Jengo Ltd’s in planning and controlling its inventory, recruitment and cash management activities. Finally, it zeroes on how a balanced scorecard approach to measuring performance would benefit this company. SWOT analysis Broadly speaking, SWOT analysis is used to evaluate and aid in project formulation and strategic plans (Bohm 2008, p. 3). Just like Bohm notes, SWOT analysis should be used in mapping out an organization’s Strengths and Weaknesses of the products and services and assess the extent to which they are in tandem and how they could possibly be improved. Beyond this, SWOT analysis is used to reflect on the Opportunities and Threats exposed by information accrued usually through evaluation of the external environment and through comparative studies (Bohm 2008, p. 3, Habour 1997, p. 38). POSITIVE NEGATIVE INTERNAL Strengths 1. Financially sound with good profit margins 2. Established name among customers 3. Offers quick modern services 4. Initiates Brand strategies 5. Many distribution channels 6. offers long-lasting, fashionable clothes by a variety of established designers 7. Sound management Weaknesses 1. Few branches across the United Kingdom 2. Poor planning in terms of staffing and training 3. Integration of operations worldwide 4. High prices 5. No product differentiation 6. Poor planning in budgeting and documentation EXTERNAL Opportunities 1. Emerging Markets in other parts of the United Kingdom and elsewhere 2. A number of interested companies to be shareholders including palisade Plc 3. Can use e-marketing strategy to further enhance market base 4. Support from Palisade Plc Threats 1. Stiff Competition from other clothing business providers in the United Kingdom 2. Competition from similar Business offering same services at cheaper prices 3. Government Regulation –business overregulated Porters Five Forces Analysis of Jengo This framework was developed by Michael Porter. The tool essentially enables businesses to deal with dynamic markets, gauge competitive ground and make decisions regarding entering target markets successfully (Friedman 1999, p. 5, Hoffman 2001). Further, it enables in identifying partner as well as implications that joint ventures may pose (Bradford & Duncan 1999). This is done by evaluating the following five key areas as espoused by Porter: New Entrants: At the moment for Jengo, there seems to be many potential businesses that may want to venture into clothing, fashion and design business. Buyer’s Power: The buyers that Jengo has seem to be solid. However, they seem to complain about prices. Alternatives should be provided since they may shift their loyalty. Substitute Products and Services: Certainly, there are alternatives to what Jengo does and this may invite donors to look elsewhere. Power of Suppliers: The suppliers for Jengo are few and this means that they determine a great deal especially in strategy formulation within the company. Current Competition: Competition does exist as there are many companies who offer the same products even at lower prices. Factors to investigate: Preparing
Introduction Performance measurement is today increasingly quite an important aspect in business management and strategic planning. Johnson (2010) believes that any company or organization which operates devoid of performance measurement is akin to “an airplane flying without a compass, a Formula One race car driver guiding his car blindfolded or a CEO operating without a strategic plan”…
These measures serve as ladders to enhance performance and efficiency on the part of employees to reach organisational goals efficiency, profitability and customer satisfaction etc. However the success and failure of performance measurement system in both public and private sector organisations depends upon how well these techniques have been implemented in terms of objectives, strategies, communication and interaction between management and employees.
For this purpose it is necessary to understand strategic management such that we can evaluate a company through its management policies. I will provide a concise outline of strategic management as it is normally taught and practiced and further pointing to many aspects for developing critical approaches.
Firms with an effective performance management program often outperform firms without one.
This is one of the most popular performance appraisal systems. Typically the manager can choose one of the five degrees for each criterion. The selection of the criteria to be measured can be centered on subjective factors (such as initiative and dependability) and/or on objective factors (such as quality and quantity of work).
After the initial management step of planning, the company standards and goals are immediately set up and everyone's actual performance is compared with these standards. Sound business decisions crop up as to determine whether to hire, fire, train etc.
At this level the company can purchase in large quantities and also carry out promotional services hence increasing the viability of the business. The organization management therefore should do a good planning for the organization capital. The planning of capital by the management should put in mind the following aspects.
Thermo Group ensures that its offerings help run the laboratories at peak performance.
Performance management systems if properly designed and implemented can change the course of growth of organizations. Performance
little doubt that performance within contemporary organization has been a growing concern hence the need to have well-developed strategies as well as metrics that include key performance indicators. According to Varma, Budhwar, and DeNisi (2008), the main role of performance
1 pages (250 words)Essay
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