Acadia Pharmaceutical: Maximizing Profit & Competitive Advantage Through Strategic Planning - Essay Sample

Introduction

Acadia Pharmaceutical is a profit-making organization that aims at becoming the best company in the pharmaceutical industry. It centres to be unique in developing pharmaceuticals for the rare neurological disorders which is part of their specialization. The company focuses on the stakeholders who influence the company to maximize the profit and increase the competitive advantage through the application of eight strategic planning processes. One of the first steps employed by Acadia Pharmaceutical and as part of its strategic plan is in preparation for the planning. Through proper planning, Acadia Pharmaceutical can manage its information flow properly for sound decision making in the competitive environment by addressing company-specific issues (Watson, 2018).

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Acadia (SWOT) Analysis

Strengths

• Reliable suppliers
• Supply chain bottlenecks have been overcoming through dependent on a strong base of reputable suppliers of Acadia pharmaceuticals.
• Good customer satisfaction
• The company has ensured a good relationship with its customers that had positively led to excellent customer satisfaction.

Weaknesses

• Existence of gaps in the product range, which led to confusion in the choice-making by the customers.
• Investment in technology is draining some of the company expenditure.

Opportunities

• Low inflation rates help in creating market stability.
• Development in technology marketing technology that helps in online selling of products. This has benefited the company through large sales of its products.

Threats

• Changing consumer buying behaviour due to development in technology. Laws on the company products standards that keeps on changing.
• Mission and vision statement for the company
• The company's future is dependent on the mission and vision with the incorporation of the culture and values to be able to succeed in the competitive market. To be competitive will create an image that matches the success of the future.

Prioritization With Influential Agreements

In the process of planning all the strategic concerns need to align since they help in handling critical issues within the company. In this case, the three essential concerns that impact on the company are; getting prepared for the planning arrangements, clear vision, and mission statement and agreement priority.

Getting prepared for the strategic plans need to be comprehensive in that it should cover all the necessary preparations required for the company prosperity since there will be the elimination of weaknesses such as the existence of gaps in the product range. Products gaps range is critical since it will hinder the strategic plans (Umapathy, 2006). In most cases, the strategic plans need to be made flexible so that the late viable projects can be incorporated. In addition, the flexibility of the strategic plans enables the company to remain in pace with the rate of inflation as well as the consumer behaviors that keeps on changing.

Analysis of SWOT analysis needs to be comprehensive to cover all the positive and negative factors as well as the internal and external factors that affect the organization. SWOT analysis is critical since it helps in measuring the company opportunities and compares it with its threats (Forrester, 2006). In every situation, change is necessary; for example, in technology, changes often occur due to technological development as well as control from the relevant laws.

Mission and Vision Statement

They need to be comprehensive to cover all the necessary resource that contributes to the success of the company. Mission and vision of the company are critical since they are the daily drive towards goal achievement in the organization and need to be changed according to company plans and evaluation as well as controlling to avoid misinterpretations of the mission and the vision statements.

This overview covers the company strategic planning process through the identification of the most critical strategic process that impacts the organization in the top of its success. The strategies identified were discussed according to their comprehensiveness, criticality, change, and control in relation to strength, weaknesses, opportunities, and threats.

References

Forrester, P. (2006). Operations & process management: Principles and practice for strategic impact. International Journal of Operations & Production Management. Retrieved from: https://doi.org/10.1108/01443570610678684

Watson, S. (2018). Noe, R. (2017). Employee training and development. New York, NY: McGraw Hill Education. ISBN: 9780078112850. Human Resource Development Quarterly. Retrieved from: https://doi.org/10.1002/hrdq.21333

Umapathy, K. (2006). Business Process Management Systems: Strategy and Implementation. Information Technology & People. Retrieved from: https://doi.org/10.1108/09593840610673838