Identify the firm’s existing vision, and mission statement
The future aspects and aims of the business are called the vision statement of the firm. The primary goals of the business can be achieved from the vision statement. The business’s growth and development will be attained with the help of vision statement along with the core values and principles of the business. Procter & Gamble (P&G) company’s main focus is on the experiences of the consumers by providing them with the best quality products and services in a different range of products like kitchenware, bathroom ware, and different home products. Procter and Gamble is 181 years old brand which is serving the homes, kitchens and bathrooms with a variety of products and setting the example in the persistency and determination for the quality and experience of consumers(Barney, 2019). The vision and the mission statement of P & G Company are enhancing and promoting the growth and development for the success of the company. In the era of contemporary, the Procter and Gamble Company is refocusing the vision and mission statement for the company’s success with the core values and principles of responsibility and transparency. The mission statement and vision of P&G company states as the Dynamic Corporation and change orientation.
The mission statement of Procter and Gamble’s is “we will provide branded products and services of superior quality and value to improve lives of world’s consumers, now and for generations to come”. Main features are:
Superior quality products: The P&G Company serves the superior quality products in all over the world. The consumers will get the best quality services and products as per the mission statement.
Improving lives: The products and services of Procter and Gamble are focusing on the mission statement in improving the lives of consumers all over the world(Barney, et. al., 2019).
Global reach: The mission statement of P&G has the idea of reaching the global audience for the products and services of a variety of products to create a brand for generations to come.
Vision statement: The vision statement of the Procter and Gamble Company is “to become the best consumer’s product and Services Company in the whole world.” This vision statement of the company covers the whole world in its vision statement to improve the communities.
Develop vision and mission statements for the organization, what you think it should be as, per knowledge developed in your study.
Business runs to achieve some goals and target. Every business company comprises of targets for unification. The goal and aim of the business should be summarized in its mission and vision statements. The priority of the business is considered with the mission and vision statements and encourages the employees to work hard and achieve goals. The mission statement should describe the philosophy and structure of the company and guide on the path for success. The core principles and values of the company should have adhered in the mission and vision statements. Trust, quality, consumer satisfaction, transparency, and variety are the core principles of Procter and Gamble Company(Buxel, et. al., 2015). These principles engage the consumers and satisfy them with the product and services.
As per the research conducted for the study of the mission statement is “Develop vision and mission statements for the organization, what you think it should be as, per knowledge developed in your study.” And the vision statement is “to become the best consumer’s product and Services Company in the whole world.” The changed vision and mission statements are based on the study done on the company. The new versions will be according to new situations and recent trends in the world. Innovation and creativity need to be introduced for growth and development. The sustainability techniques and environmentally friendly approach need to be followed in the production process. These approaches need to be implied in the mission and vision statement of the company. Sustainable development in the company can be achieved through eco-friendly approaches.
Identify the organization’s external opportunities and threats
Opportunities: The business diversification is a major opportunity for Procter and Gamble. The acquisition or entering new industries or new ventures help in reducing risk for the dependency of consumer’s goods market. There is also an opportunity for improving competitiveness via innovation in products. The investment can be increased in product innovation which will result in more attractive products to create opportunities for more income. The Procter and gamble business can gain various opportunities by online presence development of the company. A popular e-commerce website will increase online transactions for the business(David, et. al., 2015). The brand image can be improved via the opportunity for stronger online presence. The brand exposure and consumer awareness will increase as per the online exposure of the company’s business which gains various opportunities to growth and development of the company.
Threats: The Procter and gamble company faces different kinds of threat both on the global level and local level. Global and local competition for products in the market creates threats for the products of the P&G Company. The competition effects on the consumer goods business. The imitation or counterfeiting is also considered to be a threat against the Procter & Gamble Company(Guaragni, et. al., 2016). The local market creates similar looking products to weaken the market share of P&G. There is also a threat to Procter and Gamble as trade barriers in some countries. Significant trade policies restrict the imports for the company and operations of foreign firms in countries create a threat. These are the major threats for the Procter and Gamble Company in external factors.
(b) Develop PESTEL
PESTEL stands for political, economic, social, technological, environmental and legal. This is a tool for analysis to identify the external factors affecting the business of Procter & Gamble Company. The political factors affecting the business of P&G as the government support for an e-commerce platform is rising which is both threat and opportunity for Procter and gamble, globalization gets support from government which acts as an opportunity and the governments support the company for higher energy efficiency for the business products(Hall,2019). The economic factors also affect the business of Procter and Gamble Company in such a way that the high growth rate of development in markets is creating opportunities for the business enhancement, the disposable income levels are improvising for benefits of business firms and the economic stability is being maintained for developed markets which creates opportunities for the Procter and Gamble company. Social factors such as the increase in preference for high-quality consumer’s goods, increasing demand for healthy products and reducing population growth in developed countries creates opportunities and threats respectively under social factors for Procter and Gamble Company.
The technological factors like growth in the online market range, increasing business automation opportunities and growth in the efficiency of fuel management in the transportation of goods and services creates opportunities for Procter and Gamble Company. As the ecological or environmental factors affect P&G Company as a threat for growing opposition for forest conversion to oil palm plantations and climate change which affects farming but also provides opportunities as increasing the recycling of materials at higher rates. Legal factors also affect the P&G Company as an increase in product safety regulations, expansion in the ecological protection rules and enhancing sustainability rules for the business of Procter and Gamble Company.
Construct a Competitive Profile Matrix (CPM)
CPM is that method which is mainly used for analyzing and examining the organization strength and weakness concerning its competitors(Liu, et. al., 2018).
|Key success factors||Weight||P&G||Estee Lauder||Revlon|
Construct an External Factor Evaluation (EFE) Matrix
|Increased demand for the higher price of products||9%||3||0.27|
|Young customers are attracted by social media advertising||7%||2||0.14|
|Social media advertisingis most cost-effective than traditional marketing||7%||2||0.14|
|Beauty and cosmetic sectors are increase internationally in emerging market||8%||3||0.24|
|Possibility to celebrities endorsing the fragrances, such goods are successful as many are convincedby fame if a celebrity||6%||2||0.12|
|Men are enhancing concerned withtheirappearances, this provides anopening grab to a new branch||8%||3||0.24|
|Enhancement in online buying||8%||3||0.24|
|Being a leader in some of the most products which are demand in the market place||9%||3||0.27|
Identify the organization’s internal strengths and weaknesses.
P&G Saudi Arabis an international corporation that provides a variety of goods and services to the country people. There are various types of commodities and products are provided by the company and also satisfying their buyers’ needs and wants effectively(Powell,2019). P&G is situated in Saudi Arabia where they are offeringdifferent types of goods and facilities to their desired customers. The strength of P&G is that this enables businesses to manage and maintain their market position and they are easily given increased levels of competition to other companies such as Unilever. P&G has a strong consumer goods brands and large economies of scale. It has an effective distribution networkthrough which they are delivering potential products and services to the final users. It includes social media, Facebook, Instagram,YouTube, and many more.
On the other hand, weak points of the organization are that they are face issues while gaining competitive advantages and they have limited online presence. By this, most of the customers do not get their desired goods at any time. There is limited business diversification so they cannot develop a good presence in the large market place and not formulate an effective base of customers. P&G has a good image in the market as the high-status brand; any reduction in the rates of the products sold by the firm can decrease its brand value in the area. the company also investshuge capital for the R&D which helps in producing unique goods with this, risk arises that the commodities might not capableof justifying the market and increases as well.
Construct an Internal Factor Evaluation (IFE) Matrix
|Strong goodwill of brands||10%||4||0.40|
|Customer brand awareness||5%||4||0.20|
|High quality based products||15%||3||0.45|
|Huge distribution channels||15%||3||0.45|
|Diversification of brands||10%||3||0.30|
|A large number of suppliers of raw material||10%||3||0.30|
|Acquisition of competitor brand and organizations||10%||4||0.40|
|Risk in investment||10%||2||0.20|
Recommend long-term objectives and specific strategies to achieve them. Compare your recommendations to actual strategies planned by the company.
The main objectives and goals of the P&G are rooted in their morale, values, and beliefs. P&G always focus on satisfying their potential buyers and customers’ needs and achieving the set goals in the market place. The objectives of the P&G are described as under:
- To provides branded products and services with high quality and value which help in improving the lives of world consumers.
- To develop environmental friendlycommodities
- To increase its market share and sales
- To work on developing innovative and unique goods which attract national and international people
In to reach with such goals and objectives, P&G already invests the required capital in the research and development process by which they can analyze the potential users’preferences and choices properly. P&G conduct straining sessions where they are training new employees and provide them knowledge about how to deal with their customers and satisfy their demand in a better manner(Powell, 2019). The study conducted the objective which should be the focus on digital technology that helps in gaining the attention of more people towards their new goods and services. The company work for increasing their distribution network through which they deliver a huge quantity of products in different areas at fix time which fulfillsbuyers’ wants and requirements effectively.
SWOT (Strength, Weakness, Opportunities, Threats) Matrix and BCG (Boston consulting group) Matrix
The Procter and Gamble stands in the dominant firms for consumer goods market globally. The SWOT analysis matrix helps in the strategic decision making for identifying the strengths, weaknesses, threats and opportunities(Raduan, et. al., 2019).
Boston consulting group consists of four parts in which star, question mark, cash cows and dog. It is a matrix representation which helps in decision making for the present and future business planning of the company(Storchevoi, 2015). The Procter and Gamble BCG matrix is as follows:
Specify how your recommendations can be implemented and what results in you can expect. What Management, Marketing, Finance/Accounting, R&D, and CIS issue, if any you foresee. Your recommendations to address them
There are major two recommendations base on the study that the Procter and Gamble need to be tough for the competition of local and global consumer goods industries through creativity and innovation in the range of the products(Teece, et. al., 2018). As per the increasing competition, the imitation of products should be managed by the company which fools the consumers and badly affect the reputation of the brand name on a global level. These actions need to be taken for the issues regarding various aspects to increase the revenue and turnover of the company. Innovations and acquisition approach can be used for achieving goals and targets to emphasize P&G footprints on the global level.
Recommend procedures for strategy review and evaluation
The strategy evaluation and review define as that procedure where the data and information are gathered regarding the progress of the company strategies. It also evaluates the effectiveness of the developed strategies by an organizationto reach the desired goals of the P&G. It mainly designs to analyze the loopholes in the strategy formulation and also take required actions in a proper manner. The strategic evaluation process helps an organization to find out the necessary outcomes of the following questions that are mentioned as under:
- Which of the goals of P&G has been achieved?
- Does the organization have the required resources to fulfill its remaining objectives effectively?
- How much progress has been developed by the firm towards the vision and mission of P&G?
- Where the company limitations to reach its targets?
- Are the KPIs of the firm are relevant to the set goals?
- The reason why short comings create issues in achieving company objectives?
The process of strategic evaluation involves various steps that are described:
- Set up the performance benchmark–It is the first step in which the company needs to step up and express its benchmark against the performance that will be measured. The benchmark which has been set by the firm should be achievable and realistic in each manner. It can be qualitative and quantitative. In this, qualitative aspects involve profits, income, turnover and so more, and qualitative includes flexibility.
- Evaluation of actual performance with the benchmark performance – In this, P&G focuses on analyzing the actual performance against the benchmark. The company needs to evaluate the performance of its employees and their actions by this they match the performance perfectly.
- Measurement of variance found–it is that step in which the company evaluates its variance which shows the difference between the actual and standard performance. As per this, P&G needs to focus on a reach with actual performance and for this they should provide training to their staff for betterment in work(Teece, et. al., 2018).
- Corrective actions–This is required for P&G is to set the actions which need to be taken for the improvement in company performance. They should work on increasing profitability and develop unique products through which they can easily gain the attention of potential buyers.
It has been concluded that P&G is an international company that offers different goods and services to the desired customers in Saudi Arabia. The report helps in discuss the business performance and for this,it analyzes PESTLE, SWOT, and BCG matrix which helps in finding out the factors which create influences on business functions and activities.
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