Strategic Plan Evaluation

Hoosier Media Group

Hoosier Media Inc. was founded in 2011 in Pleasantville. The company makes annual revenue of approximately $43,000. Over the past five years, the company has experienced significant decline in the circulation of print newspaper which prompted the need to lower the firm’s revenues by thirty percent. However, despite accounting for five percent of the total revenues, Hoosier Media had an increase in online revenues. In order to determine the best techniques of enhancing the organization’s operations, this paper focuses on the comprehensive analysis of both external and internal factors affecting the company.

Political factors affect both the regulatory policies as well as the laws enacted by parliament to regulate media operations in the country. With the new government in place, there are prospects that laws will be amended, or new laws enacted that may in one way or another impact the operations of Hoosier Media Inc. These could be laws relating to taxes, environmental policies, social laws etc.

Critique how well the organization adapts to change

There have been economic challenges that Hoosier Media Group has been able to go through by adopting operational polices to deal with the dynamics that have prompted changes within the company in terms of its operations. The company has been able to successfully adapt to changes by leveraging on its strengths to counter the threats initially posed by the economic crisis. Hoosier Media Inc. has also made it her corporate culture to conform to the rules and regulations as set the government to avoid legal issues that may otherwise result in closure of the business (Hess, 2014)

This paper analyses how the company has been able to adapt to change by looking at PEST and SWOT analysis and the operations that have ensured the company remains competitive in the industry. The SWOT analysis covers the Strengths, Weakness, Opportunities and Threats. It is an effective tool to use when analyzing performance especially from departmental perspective; the strategies they employ, the threats they face and the opportunities they have to better their processes (Brooks, 2014).

Discuss the primary internal organizational considerations.

The SWOT analysis is categorized into internal strategic factors and external strategic factors. In regard to internal strategic factors, the paper discusses the strengths and weaknesses within the organizations. External factors on the other hand include opportunist and the threats faced by the company.

Strengths

The company not only enjoys a highly skilled labor force but also has managed to retain her staff. There are training programs and career development resources the company uses to build its labor force. This has enabled the company to develop a loyal employee support base that is motivated to give their best effort in the best interest of the company.

The other strength is the outstanding performance of Hoosier Media Group in the market. It has been successful in entering new markets which has placed it in a good competitive position. The new ventures have not only resulted in increased revenues for the firm but also narrowed down the risk level within the market in which it operates. The strong free flow cash has provided Hoosier Media Group with resources it needs to expand.

Weaknesses

There is a weakness in the time the firm takes to adopt new technologies. Hoosier Media Inc. needs to invest more in new technology to help improve the quality of the production. This gap allows competitors to easily penetrate the market because they have a loophole to exploit. The company has not properly defined product positioning and selling position and this has resulted in segment attack by rival firms. It is also important to point out that the firm’s growth in the long term is significantly being impacted by high inventory which forces the company to invest more money in the channel (Nason, 2018).

Discuss the primary external organization considerations.

Opportunities

Hoosier Media Group, following the huge investment it made on online platforms, is establishing a new customer base on online platforms and channels. The new market has significantly contributed to the revenues generated and through data analytics the company can leverage of the new market by ensuring it meets the needs of its customers with the intent of maximizing on subscription and returns. With the improved economy after the turbulent financial times in the past couple of years, Hoosier Media Group can take this opportunity to capture new markets and consolidate a larger customer base.

Threats

The market has become competitive due to the growing strength of local distributors working for rival firms. This has a threat as it seeks to lower the market share of Hoosier Media Group. Also, competitors are adopting the latest technologies that are efficient and effective hence disrupting the market and increasing risks (Qureshi, Aziz, and Mian, 2017).

References

Brooks, G., Heffner, A., & Henderson, D. (2014). A SWOT analysis of competitive knowledge from social media for a small start-up business. The Review of Business Information Systems (Online), 18(1), 23.

Hess, T. (2014). What is a media company? A reconceptualization for the online world. International Journal on Media Management, 16(1), 3-8.

Nason, R. S., & Wiklund, J. (2018). An assessment of resource-based theorizing on firm growth and suggestions for the future. Journal of Management, 44(1), 32-60.

Qureshi, M. S., Aziz, N., & Mian, S. A. (2017). How marketing capabilities shape entrepreneurial firm’s performance? Evidence from new technology-based firms in turkey. Journal of Global Entrepreneurship Research, 7(1), 15.