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Measuring Performance - Essay Example

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FOR : Jenny Greer and Gordon Greer, Proprietors – Jengo Ltd. FROM : Your name here, Financial Consultant DATE : July 5, 2011 SUBJECT : Situation Analysis; Planning and Forecasting; Balanced Scorecard Respectfully forwarding my report regarding a proposal for the conduct of situation analysis of Jengo Ltd…
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Measuring Performance
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Download file to see previous pages My recommendations consist of four parts: (1) situation analysis and forecasts; (2) planning and control; (3) balanced scorecard; and (4) literature from authoritative sources provided as an attachment to this report using Harvard style of documentation. Situation Analysis and Forecasts Business sense dictates that effective forecasting and planning can be achieved only if the officers in charge of accomplishing the task possess a full understanding of the present position of the company and its products. Situation analysis presents a systematic process to gain a profound insight of the company, its internal and external environment, and how the various factors interact and affect organisational performance. I would like to recommend three tools which will facilitate the situation analysis of Jengo, Ltd., namely: SWOT analysis, PESTLE analysis and Porter’s five forces analysis. SWOT Analysis. A SWOT analysis is a tool utilized to determine and measure a business organization’s strengths, weaknesses, opportunities, and threats. It is commonly used for organizational review and in the development of solutions for existing and potential problems (United States Department of Agriculture, 2008). A SWOT analysis reviews both internal and external factors in the organization’s environment to determine an organization’s structure in terms of what it can do (strengths) and cannot do (weaknesses), as well as environmental factors working for (opportunities) and against (threats) the business (Ferrel and Hartline, 2008). Organizations are normally able to exercise more control on internal factors. On the other hand, a business could influence its external environment but only to a limited degree (Bensoussan and Fleisher 2008). Figure 1 shows the framework of the SWOT analysis (Bensoussan and Fleisher, 2008, p. 185). Figure 1: The SWOT Analysis Framework An internal analysis facilitates the development of an organizational framework in terms of key dimensions such as: financial performance and resources; human resources; production facilities and capacity; market share; customer perceptions; product quality and availability; and organizational communications. On the other hand, an external analysis identifies crucial factors such as: customer and competition information; economic conditions; social trends; existing and emerging technology; and government regulations (Kern, 2001). A SWOT analysis provides a number of benefits such as: (1) gaining a better understanding about a product or service’s attributes; (2) getting to know more about the competition has to offer; (3) identification of sales opportunities; (4) determines key marketing and financial resources; (5) reveals marketing assumptions; (6) reduces false beliefs regarding marketing and sales strategies. In addition, it brings out facts which may not be pleasant but is still a crucial ingredient in an organization’s attempts to improve performance (Kern, 2001). Based on the information collected, management can derive informed decisions regarding strategies aimed at maintaining market competitiveness and consistently attaining organizational goals and objectives (Bensoussan and Fleisher 2008). PESTLE Analysis. PESTLE is an instrument used for analysis of the business’ external environm ...Download file to see next pagesRead More
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