General Synopsis of Organizational Strategy - Case Study Example

Running Head: Case Study - Utica National Case Study - Utica National [Institute’s Table of Contents Table of Contents 2 Introduction 3 Brief Overview of Organization 4 General Synopsis of Organizational Strategy 6 SWOT Analysis of the Organization 7 Personal Opinion on the Organization 9 Conclusion 10 References 11 Introduction Strategic Management is a tool that comes under the pool of management where the organization makes use of it in order to determine the mission, vision, values, goals, objectives, roles and responsibilities, timelines (Wright et al, 1996), and several other factors that can facilitate the organization in doing a better job and can lead towards success. Moreover, strategic planning ensures that all the employees are working towards the same goal as it comes under the basis on the decisions and actions that direct what an organization is and how will it be in the future (Singh, 2008). Designing and monitoring are the essential factors that come under evaluation to make sure that they have come under performances in the most effective and productive manner in the strategic management process that leads to attainment of the organizational goals on whole (Stahl & Grigsby, 1992). In more detailed words, strategic management process involves designing and setting up overall objectives and guidelines of the organization in a broad-spectrum, create and constitute precise and explicit strategies, plan and carry out implementation of the designed strategies and make modifications if required based on the monitoring or supervision of the outcomes. However, the below diagram clearly defines the process of strategic management in a much more comprehensive way (Mockler, 2002). (Utica National, 2011) Amongst numerous organizations that exercise the processes of strategic management, Utica National is an organization that provides its customers with the insurance services and products and is one of the good models that practice the strategic management processes in an appropriate way. However, the course of actions that carries out the strategic management techniques would come under discussion in detail about how this organization employs such practices. Brief Overview of Organization Utica National is an insurance group that dates back to early twentieth century that comprises of several companies namely Utica Mutual Insurance Company and Graphic Arts Mutual Insurance Company came under establishment as its principal companies. Utica National (2011) has come under recognition for its devoted and committed services to the policyholders since time immemorial. In the recent times, the popularity of Utica National (2011) has grown so much that it comes in the top rankings in the insurance organizations of the country (A.M. Best Company, 2008). Moreover, they provide the customers with a wide range of insurance products that take account of commercial coverages, personal coverages, home insurance, and auto insurance. In addition, they have covered a vast range of market that comprise of “graphic communications industries, educational institutions, volunteer fire departments, religious institutions, libraries, and several others” (Utica National, 2011). Utica National (2011) has been capable and outfitted in a marvelous manner to cater and achieve the insurance needs of the quality-conscious customers of in the present time as well. Moreover, a variety of specific and focused sectors has facilitated them to gain gratitude and respect for their coverages offered (Insurance Accounting and Systems Association, 1984). Utica National (2011) was efficient and useful in their communication with their resources as all the company policies, procedures and historical background of the company came under effective exchange amongst the resources. This assured proper understanding of the organization, along with what it demands from its resources. Employee commitment has been the prime motive of Utica National and this can come under elucidation with the fact they according to them their staff provides outstanding customers services to all as they feel honored when offer customers with exclusive services. Indeed, this not only includes agents or brokers, but each individual such as potential insured, claimers, vendors, people in search of information and even colleagues. General Synopsis of Organizational Strategy According to the chairperson of the Utica National (2011), they have gained reputation amongst their individual, families, and business customers as they provided them with vital insurance protection, which was one of their organizational strategies. By providing the security, products and services, the organization’s works towards its goal that is to meet and fulfill the needs of the policyholders on a permanent basis. Moreover, their goals also entail to meet the needs of the agent-customers through escalating the value of the products and services on a continuous basis. With the escalating demands of the developing financial services, Utica National (2011) provided opportunity to their human resources in order to fulfill those demands was another strategy that they formulated in order to have a sustainable growth and make its position in a prominent way. Moreover, they also provided their member of the staff with the security in order to meet their needs (IDG Enterprise, 1999). Utica National believed in being extra good or performing the best that went beyond the uncomplicated description of quality that is to perform in a correct manner. However, their employees gave the output of paramount heights through their dedication and strong commitment. Another strategy that Utica National (2011) came under exercise was to oversee the external developments and internal performances. This is to say that they supervised and kept an eye on the external progress and growth, while at the same time they also carried out internal investigations. They practiced this behavior in order to ensure and certify that they are capable enough to offer products, service, and processing methods that value. One of the organizational goals included that Utica National they want to have ‘zero’ errors for which they developed the strategy to evaluate the exceptions cautiously and vigilantly in order to evade the recurrences. Loyalty and mutual respect are the two factors that Utica National (2011) aims to develop in the relationship with their customers coupled to the fact that the superior services will come under offering with respect to time and quality as they truly respect the time of the customers. Moreover, they want to avoid any misunderstandings with the customers; therefore, they make an effort to communicate the policies in a clear manner to the fullest. They are committed enough to stand behind the work, especially if the product delivered comes under consideration to be less satisfactory and ready to work out on a solution to the problems in a professional manner. Moreover, they also ensure to correct the problem within a specific period. SWOT Analysis of the Organization Utica National (2011) has been obvious and lucid with their mission and vision statements. According to the mission statement, Utica National clears its position by stating that, “To continually meet the needs of our policyholders, agent-customers, and employees resulting in sustainable profitable growth in an increasingly competitive marketplace” (Utica Mutual Insurance Company, 2011). Utica National (2011) has formulated a strong position in the business environment throughout the nation. Moreover, the external factors such as unpredictable weather patterns, fear of terrorism, and general inflation in the cost of doing business that have become huge threats to other companies, does not influence the performances of Utica National. Utica National’s employees are one of their strong points that help them in their growth and stand firm in the marketplace in today’s time. The dedication of their staff is the strength of them and with the local independent insurance broker or agent; Utica National finds the opportunity of earning and improving the business outcomes. In addition, they hired employees who were competent, experienced, hard working, productive and well mannered and gave them proper trainings. This helped the organization to be in a better position to provide the customers with professional supports at every level that also enhanced in maintaining and securing high-quality business. Openness and flexibility was another strength that came under practice by Utica National. They promoted and optimistically accepted the input from all available sources on a permanent basis so that they can work on improving and enhancing the operational functions of the organization. Financial security has been one of the significant aspects of the organizational strategy for Utica National; therefore, they sustained their functional performances that made them grow and accomplish outstanding profits. Utica National (2011) made it their practice, and made efforts at all times to deliver the innovative and competitive products and services with respect to price and desirability. Moreover, they are in a continuous process to develop improved products that can provide the customers with a competitive edge. In the early years of the 2000 decade when the organization saw a change in their top management, this would have been one of the biggest challenges for them. This is due to the reason that the new management must be able to cope up the current requirements of the customers and employees, and add more value to the organization by maintaining the quality of the products and bring in new changes to make the organization grow more. However, this threat came under conversion to the opportunity by the management and the results of this decade proved to be profitable and rewarding. This can come under well illustration with the financial records of the decade. Moreover, the organization faced one of the fiercest competition threats in the early period of the decade 1980 where the company witnessed huge losses. Personal Opinion on the Organization According to the financial plans of the recent years, it can come to conclusion on a personal basis that due to their proper strategic management and designing of their missions and vision, they have far more elevated in their growth and earnings. Moreover, their performances have proved to be much better than they had planned. Even though, due to poor economical circumstances and persistent competition, the other organizations within the industry, faced struggle, however, Utica National managed to prosper and grow. Moreover, due to their constant growth, several new programs also came under commencement, while at the same time they also made substantial investments in various areas that embrace technology and automobile, which is considerably one of the assets that they are using according to the personal viewpoint. On a personal basis, it has also come under observation that Utica National not only works towards the economic stability within the organization and the business environment, but also supports several civic and charitable causes enthusiastically and keenly. This implementation of strategy makes them stand strong on the social and economic perspectives that give them a competitive edge over others as well. The strategies that Utica Nationals exercise seems to be very fruitful and productive as it have brought several positive changes and developments to the organization. With the planned and implemented strategies, that Utica National is working on is very unyielding that does not seems to have any alterations, therefore, according to the personal opinion, they are catering all the relevant aspects, which is giving them success and a competitive edge over other organizations within the industry. Conclusion Strategic management process is a method that comes under application by the organizations in order to make the company grow on a constant basis. The process that comes under involvement in strategic management includes determination of organization’s strategic vision, where the organization clears its vision on the long-term basis, and how to achieve it. The organization then formulates and design the mission statement based on the visions. External and internal environmental analysis is then carried out which also comes under reference as SWOT analysis. Strategic objectives and strategies are then formulated which subsequently comes under implementation (Hitt, Black, & Porter, 2004). However, in case of Utica National, which is a dynamic group of insurance companies have gained much recognition and popularity in the recent years that it also comes under the ranking list on a national platform. The facts provide with evidence that their clear communication practice is one of the reasons for their success. Employee commitment and dedication is another reason that has brought them to the heights of victory. Utica National not only trains their employees but recruit employees with a professional attitude. Moreover, they demand their employees to put their best effort in every ways. Utica National (2011) meets and fulfills not only the needs of their policyholders but also the needs of the employees and brokers come under fulfillment by the organization. They are also open to suggestion for the improvement of their products and services. However, it can come to well conclusion that they are in a practice to give their best in order to have the productive output to the maximum. References A. M. Best Company. (2008). Property/casualty United States and Canada. A.M. Best Co. Hitt, M. A. & Black, J. S., & Porter, L. W. (2004). Management, Third Edition. Pearson Prentice Hall. IDG Enterprise. (1999). Computerworld. Volume 33, Issue 17, pp. 1-84. Insurance Accounting and Systems Association. (1984). Proceedings of the Insurance Accounting and Systems Association. The Association. Mockler, R. J. (2002). Multinational strategic management: an integrative entrepreneurial context-specific process. Routledge. Singh, M. (2008). Strategic Management and Competitive Advantage. Global India Publications. Stahl, M. J., Grigsby, D. W. (1992). Strategic Management for Decision Making. PWS-Kent Publications. Utica Mutual Insurance Company. (2011). “Our Mission.” Utica National Insurance Group: Insurance that starts with you. Retrieved on September 19, 2011: http://www.uticanational.com/company/mission.asp Utica National. (2011). Office Home Page of Utica National Insurance Group. Retrieved on September 19, 2011: http://www.uticanational.com/Insurance/index.aspx Wright, P. L., Kroll, M. J., Parnell, J. A. (1996). Strategic Management. Prentice Hall. Read More