MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning
MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning
Internal Weaknesses
High employees’ turnover, expensive leases, cash flow challenges and low research and development expenses are internal weaknesses. These weaknesses affect employees’ storage, operating costs and innovation (Fern Fort University, 2016).
Weakness and opportunity strategies
Cigna can address weaknesses in exploiting occasions. Using e-commerce and state subsidies can reduce costs and improve employees’ welfare. Taking advantage of low-donion rates can provide procurement for procurement, reduce the rental costs (Willis, Cave and Kunk, 2018).
External Opportunities
Digitization, increase in e-commerce, increase in the use of social media, low order and opportunities for state grants. These can increase sales online, marketing and product innovation in environmentally friendly solutions (Baker, 2014).
Strengths and Threats strategies
MHA FPX 5010 Assessment 2 Cigna can use your strength to reduce dangers. Its presence of social media can compete with new entrances, fighting an intra-industrial competition in intra-industrial competition, and innovation with a skilled workforce can address high fuel prices (Fern Fort University, 2016).
External Threats
New entrance, high fuel prices, an increase in intra -industrial competition and the risk of exchange rate fluctuations. They can give rise to market share, increase in production costs and reduction in turnover (Fern Fort University, 2016).
Weakness and Threats strategies
Strategies for addressing weaknesses and dangers include growth in research and development investments for product discrimination and improvement of employees’ welfare to reduce sales and competition (Willis, Cave and Kunk, 2018).
Part 2: Draft Strategic Plan
Based on towing matrix analysis, the following strategies for Cigina are recommended:
• Maximize customers’ satisfaction through better service distribution:
• Integs a customer response system.
• Give 24/7 customer service.
• Increase sales opportunities and reduce marketing costs.
• Increase organizational processes through the integration of information technology:
• Identify compatible electronic mail management systems.
• Use and train staff on the new ERMS system.
• Manage journal quality and quantity.
• Maximize organizational values
• Increase access to health services from society.
• Accept diverse insurance coverage.
• Improvement in general social health.
• Employee reduces turnover through encouragement and increases automation:
• Improve general productivity.
• Maximize employee welfare.
• Provide competitive benefits.
References
Baker, M. J. (2014). Marketing strategy and management. McMillan International Higher Education. Fern Fort University. (2016). Cigna SWOT analysis matrix [phase speed phase] Weighted SWOT. Guimars, A. D. A. (2020). Digital changes in the insurance industry (doctoral dissertation). Health care. Moj Public Health, 5 (1), 00108.
