Manufacturer of Highly Engineered Electronic Sensors - Essay Example

No doubt, you are going to encounter various issues with your business and your performance in the sensors marketplace.” A prescribed template is to be used.

Strategic Plan

In line with the company’s vision which is to be continually recognized as the innovative manufacturer of highly engineered electronic sensors through innovative research and development that would revolutionize the electronic sensor industry through its more productive,  highly accessible, and affordable products consistent with standards of excellence and social responsibility, the Electronic Sensor Manufacturing Company, has identified the following internal capabilities, as well as opportunities and threats in the external environment, eight years from now:

INTERNAL CAPABILITIES

Strengths:

• Product lines have increased from present 74 products eight years ago, in the low, high, and traditional segments, to more than 150 products per segment.
• Company facilities were improved concurrent with advancement in technology in the areas of the machine shop, surface mount, testing, and processing using state-of-the-art engineering equipment and facilities.
• The company entered markets in Asia, particularly in China, India, and Indonesia where the population continues to grow at phenomenal rates.
• The company was successful in opening a Research and Development Center, a place for research, meetings, and a place to present innovation in electronic sensors in the industry.
• Continuous environmental scanning assisted the company in the identification and utilization of strengths and opportunities and in addressing weaknesses and threats.
• Abiding by ethical standards continues to pay off in terms of better financial performance with employees exhibiting higher performance and productivity due to an environment of trust, employees are therefore more loyal contributing to low turnover, and a preponderance for higher investor loyalty, among others.
• An increase in stock prices manifested a strong financial performance coupled with an efficient and effective management team.

Weaknesses:

• The company has to contend with innovative ideas yearly in response to customers’ expectations for smaller, faster, and cheaper electronic sensors.
• Reliance on long-term debts to fund research and development, as well as state-of-the-art equipment and facilities could prove to have potential drawbacks in terms of the financial turmoil in the global market.

EXTERNAL ENVIRONMENT

Opportunities:

• The industry continues to grow at a healthy rate.
• The global market continues to provide opportunities to expand operations in emerging markets.
• The fast pace of technological development is a plus factor in terms of minimizing costs of production due to economies of scale.

Threats:

• Increasing competition from domestic and international markets makes focus on research and development and environmental scanning more costly.

CRITICAL ISSUES FACING YOUR ORGANIZATION

STRATEGIC PLAN

Critical issue

Objective

Actions

Timing

Product diversification

To continue to produce products conforming to customers’ demands

Intensify research and development

Annually and regularly

Improve equipment and facilities

To adapt to changes in technology

Determine funds to support the purchase of facilities and equipment

Depends on the availability of funds and; the ability to secure L/T debts upon payment of outstanding liabilities

Environmental Scanning

To assess SWOT and determine the feasibility of expanding to global markets

Continuous research on changes in the external environment

Annually and regularly

Social responsibility

To determine programs and projects to benefit society, in general

Engage in civic programs, assist in community programs

Regularly as excess funds could support social programs and community projects

Financial sustainability

To slowly decrease reliance on L/T debts

Determine alternative sources of funds and investment opportunities

Immediate and regular