Catalyst Pharmaceutical: Maximizing Profit Through Eight Strategies - Essay Sample

Introduction

Catalyst pharmaceutical is a profit-making organization which aims mainly is to become the best pharmaceutical catalyst center firm to be unique in developing the pharmaceuticals for the rare neurological disease as part of their specialization. Majorly catalyst pharmaceutical focuses on the stakeholders that majorly influences the company other than the fringe stakeholders in order to maximize their profit-making through the competitive advantage through the application of the eight strategic planning process.

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One of the first step employed by the catalyst pharmaceutical as one of the strategic plans is the good arrangement or getting prepared for the planning. Through planning catalyst pharmaceutical is able to manage its information flow properly for good decision making in the competitive environment through addressing company-specific issues (Watson, 2018).

The application of strength, weaknesses, opportunities, and threats (SWOT) analysis.Catalyst pharmaceutical SWOT analysis appears as indicated below in order to understand it's all critical issues.

Strengths

Reliable Suppliers

Supply chain bottlenecks have been overcoming through dependent on a strong base of reliable suppliers of catalyst pharmaceuticals.

Good Customer Satisfaction

The company has ensured a good relationship with its customers that had positively led to good customer satisfaction.

Weaknesses

Existence of gaps in the product range that has 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. Enhances online selling, which has benefited the company through large sales of its products online.

Threats

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

I am prioritizing with influential agreements.

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

Getting prepared for the arrangement 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 arrangement plans (Umapathy, 2006). Arrangement plans should be flexible so that the late viable plans can be added and also to keep with the pace of inflation that keeps on changing and consumer behaviors. Control of the desired planning through the laws that have been set in the company mission statement.Analysis of SWOT analysis needs to be comprehensive so as 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 compare 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 in order to cover all the necessary resource that contribute 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.

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

References

Watson, S. (2018). Noe, R. (2017). Employee training and development. New York, NY: McGraw Hill Education. ISBN: 978-0078112850. Human Resource Development Quarterly. doi:10.1002/hrdq.21333

Umapathy, K. (2006). Business Process Management Systems: Strategy and Implementation20062James F. Chang. Business Process Management Systems: Strategy and Implementation. Boca Raton, FL, USA: Auerbach Publications 2006. 286 pp. Information Technology & People, 19(2), 188-189. doi:10.1108/09593840610673838

Forrester, P. (2006). Operations & Process Management: Principles and Practice for Strategic Impact20061Nigel Slack, Stuart Chambers, Alan Betts, and Robert Johnston. Operations & Process Management: Principles and Practice for Strategic Impact. Pearson Education Limited, 2006. 531 PS44.22, ISBN: 0273684264. International Journal of Operations & Production Management, 26(8), 940-940. doi:10.1108/01443570610678684