NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Sales & Marketing
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Case Study SWOT Analysis Solution
Case Study Description of NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK
NICE (National Institute for Health and Clinical Excellence) reviews the cost effectiveness of medicines for the treatment of multiple sclerosis (annual cost per patient 10,000-18,000) and does not authorize their use within the UK National Health Service. However, an agreement between the manufacturers and the Department of Health is reached on an innovative risk sharing scheme.
Swot Analysis of "NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK" written by Reinhard Angelmar, Andrea Bieser includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Sclerosis Nice facing as an external strategic factors. Some of the topics covered in NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK case study are - Strategic Management Strategies, Technology and Sales & Marketing.
Some of the macro environment factors that can be used to understand the NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK casestudy better are - – geopolitical disruptions, cloud computing is disrupting traditional business models, talent flight as more people leaving formal jobs, technology disruption, central banks are concerned over increasing inflation, competitive advantages are harder to sustain because of technology dispersion, there is increasing trade war between United States & China,
increasing energy prices, wage bills are increasing, etc
Introduction to SWOT Analysis of NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Sclerosis Nice, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Sclerosis Nice operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK can be done for the following purposes –
1. Strategic planning using facts provided in NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK case study
2. Improving business portfolio management of Sclerosis Nice
3. Assessing feasibility of the new initiative in Sales & Marketing field.
4. Making a Sales & Marketing topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Sclerosis Nice
Strengths NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Sclerosis Nice in NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK Harvard Business Review case study are -
Operational resilience
– The operational resilience strategy in the NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
High brand equity
– Sclerosis Nice has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Sclerosis Nice to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Effective Research and Development (R&D)
– Sclerosis Nice has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Superior customer experience
– The customer experience strategy of Sclerosis Nice in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Successful track record of launching new products
– Sclerosis Nice has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Sclerosis Nice has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Innovation driven organization
– Sclerosis Nice is one of the most innovative firm in sector. Manager in NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Analytics focus
– Sclerosis Nice is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by Reinhard Angelmar, Andrea Bieser can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.
Low bargaining power of suppliers
– Suppliers of Sclerosis Nice in the sector have low bargaining power. NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Sclerosis Nice to manage not only supply disruptions but also source products at highly competitive prices.
High switching costs
– The high switching costs that Sclerosis Nice has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Cross disciplinary teams
– Horizontal connected teams at the Sclerosis Nice are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Digital Transformation in Sales & Marketing segment
- digital transformation varies from industry to industry. For Sclerosis Nice digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Sclerosis Nice has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Sustainable margins compare to other players in Sales & Marketing industry
– NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK firm has clearly differentiated products in the market place. This has enabled Sclerosis Nice to fetch slight price premium compare to the competitors in the Sales & Marketing industry. The sustainable margins have also helped Sclerosis Nice to invest into research and development (R&D) and innovation.
Weaknesses NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK are -
Slow to strategic competitive environment developments
– As NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK HBR case study mentions - Sclerosis Nice takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Interest costs
– Compare to the competition, Sclerosis Nice has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.
Products dominated business model
– Even though Sclerosis Nice has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK should strive to include more intangible value offerings along with its core products and services.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Sclerosis Nice has relatively successful track record of launching new products.
Slow decision making process
– As mentioned earlier in the report, Sclerosis Nice has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Sclerosis Nice even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Sclerosis Nice is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
High bargaining power of channel partners
– Because of the regulatory requirements, Reinhard Angelmar, Andrea Bieser suggests that, Sclerosis Nice is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK, it seems that the employees of Sclerosis Nice don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
High operating costs
– Compare to the competitors, firm in the HBR case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Sclerosis Nice 's lucrative customers.
Capital Spending Reduction
– Even during the low interest decade, Sclerosis Nice has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
Aligning sales with marketing
– It come across in the case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK can leverage the sales team experience to cultivate customer relationships as Sclerosis Nice is planning to shift buying processes online.
Opportunities NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK are -
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Sales & Marketing industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Sclerosis Nice can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Sclerosis Nice can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
Learning at scale
– Online learning technologies has now opened space for Sclerosis Nice to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Buying journey improvements
– Sclerosis Nice can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Developing new processes and practices
– Sclerosis Nice can develop new processes and procedures in Sales & Marketing industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Low interest rates
– Even though inflation is raising its head in most developed economies, Sclerosis Nice can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Loyalty marketing
– Sclerosis Nice has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Sales & Marketing industry, but it has also influenced the consumer preferences. Sclerosis Nice can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Sclerosis Nice in the consumer business. Now Sclerosis Nice can target international markets with far fewer capital restrictions requirements than the existing system.
Better consumer reach
– The expansion of the 5G network will help Sclerosis Nice to increase its market reach. Sclerosis Nice will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Manufacturing automation
– Sclerosis Nice can use the latest technology developments to improve its manufacturing and designing process in Sales & Marketing segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Building a culture of innovation
– managers at Sclerosis Nice can make experimentation a productive activity and build a culture of innovation using approaches such as – mining transaction data, A/B testing of websites and selling platforms, engaging potential customers over various needs, and building on small ideas in the Sales & Marketing segment.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Sclerosis Nice can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Sclerosis Nice to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Sclerosis Nice to hire the very best people irrespective of their geographical location.
Threats NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK are -
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Sclerosis Nice.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Sclerosis Nice can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK .
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Sclerosis Nice needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.
Increasing wage structure of Sclerosis Nice
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Sclerosis Nice.
High dependence on third party suppliers
– Sclerosis Nice high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Technology acceleration in Forth Industrial Revolution
– Sclerosis Nice has witnessed rapid integration of technology during Covid-19 in the Sales & Marketing industry. As one of the leading players in the industry, Sclerosis Nice needs to keep up with the evolution of technology in the Sales & Marketing sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
Shortening product life cycle
– it is one of the major threat that Sclerosis Nice is facing in Sales & Marketing sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Environmental challenges
– Sclerosis Nice needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Sclerosis Nice can take advantage of this fund but it will also bring new competitors in the Sales & Marketing industry.
Consumer confidence and its impact on Sclerosis Nice demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK, Sclerosis Nice may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Sales & Marketing .
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
Regulatory challenges
– Sclerosis Nice needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Sales & Marketing industry regulations.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Sclerosis Nice in the Sales & Marketing industry. The Sales & Marketing industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Weighted SWOT Analysis of NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of NICE or Nasty? Access and Reimbursement of Multiple Sclerosis Medicines in the UK is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Sclerosis Nice needs to make to build a sustainable competitive advantage.