In this paper, we are going to be looking at the strategies used to help the Stryker Corporation to remain competitive. This will be accomplished by focusing on: the values / mission / people / vision, the methods for conducting an external and internal environmental analysis. Together, these areas will show the influence of different factors on the firm.
Strategic Plan
Since 1941, Stryker has been at the forefront for delivering medical equipment to numerous healthcare organizations and individuals. Some of the different products they market include: surgical navigation / communication, trauma implants and endoscopic systems. They sell them directly to cliental and through third party providers (such as: dealerships) in 100 countries around the globe. (Standard & Poor's, 2013)
However, the industry is continuing to evolve and it is shifting its practices. To fully understand what is occurring, requires creating a research proposal that will focus on the strategic plan for the firm. This will be accomplished by looking at the vision / mission / strategies / values and conducting an internal / external environmental analysis. Together, these elements will illustrate how the company can adapt and evolve with the challenges it is facing inside the marketplace. (Standard & Poor's, 2013)
How you intend to ensure the organization's vision, mission, and people strategies and values statements are aligned with the proposed strategic plan.
Stryker's vision statement is concentrating on meeting the needs of stakeholders through providing them with state of the art solutions. This is addressing their current and future needs. At the same time, they are focused on creating new businesses, roles, resources and investments which are driving personal growth inside the firm. The helps staff members to build their knowledge, service the needs of cliental and enable the organization to remain competitive. ("Company Overview," 2013)
The firm's mission is to service the demands of cliental and provide them with superior products / services. This allows them to continue to meet the changing requirements of customers and to offer them with something more. Over the course of time, this assists everyone in understanding how to adjust with these needs through embracing different kinds of strategies. ("Company Overview," 2013)
The people understand what is important to stakeholders and the best approaches for evolving with these requirements. This is accomplished by comprehending their beliefs and utilizing them as a part of the policies and procedures embraced by firm. Once this happens, is when the company can introduce products and services which are in demand. At the same time, it will enable them to understand shifts in the marketplace and the lasting effects on the sector. ("Company Overview," 2013)
Values are the basic morals embraced by Stryker. This means creating a culture, which is focused on outcomes and making a difference in the lives of ordinary people and healthcare professionals who are using their technology. When this occurs, the company can show how they care about stakeholders and are dedicated towards having a positive impact on everyone. These areas will be aligned with the research proposal by: examining the way company is meeting key objectives, their influence on everybody and how these changes are taking place. ("Stryker Selects Top Talent," 2005)
Sources you expect to use to perform an external environmental analysis
The sources that will be used to perform an external analysis will be annual reports, news articles, press releases, studying the changes from competitors and industry case studies. These different areas will offer insights about specific challenges impacting Stryker, their response and strategies they are utilizing to adjust with them. The information will identify how the company is evolving with various transformations and the strategic planning approach they are utilizing. (Spitzlinger, 2010)
These documents will make the research more effective in understanding specific issues impacting the firm. This is when these ideas can help to identify certain challenges and the way the company is evolving with them. Once this takes place, is the point these conclusions can offer a better understanding of what is happening externally. The data will be collected using qualitative research. This is when various sources will be corroborated with each other using a variety of sources and understanding how they influence stakeholders. (Spitzlinger, 2010)
Sources you expect to use to perform an internal environmental analysis
To conduct an internal analysis, there will be an emphasis on utilizing the annual report. This will show how the firm is adjusting to key challenges and the impact they are having on the firm. At the same time, human resource related documents can demonstrate what programs the company has in place and how this is influencing their operating environment. The combination of these factors will offer insights about the atmosphere and polices Stryker has in place. (Spitzlinger, 2010)
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