Medicine, Incentive Compensation, and the Law SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Technology & Operations
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Medicine, Incentive Compensation, and the Law
Summarizes legal issues in structuring a health care incentive plan, such as tax laws and federal regulations. Draws from an interview conducted with a New England lawyer in October 1999.
Swot Analysis of "Medicine, Incentive Compensation, and the Law" written by Richard Bohmer, Bruce Lee Hall includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Incentive Lawyer facing as an external strategic factors. Some of the topics covered in Medicine, Incentive Compensation, and the Law case study are - Strategic Management Strategies, Motivating people, Regulation and Technology & Operations.
Some of the macro environment factors that can be used to understand the Medicine, Incentive Compensation, and the Law casestudy better are - – wage bills are increasing, increasing commodity prices, talent flight as more people leaving formal jobs, increasing transportation and logistics costs, digital marketing is dominated by two big players Facebook and Google, competitive advantages are harder to sustain because of technology dispersion, there is increasing trade war between United States & China,
challanges to central banks by blockchain based private currencies, customer relationship management is fast transforming because of increasing concerns over data privacy, etc
Introduction to SWOT Analysis of Medicine, Incentive Compensation, and the Law
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Medicine, Incentive Compensation, and the Law case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Incentive Lawyer, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Incentive Lawyer 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 Medicine, Incentive Compensation, and the Law can be done for the following purposes –
1. Strategic planning using facts provided in Medicine, Incentive Compensation, and the Law case study
2. Improving business portfolio management of Incentive Lawyer
3. Assessing feasibility of the new initiative in Technology & Operations field.
4. Making a Technology & Operations topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Incentive Lawyer
Strengths Medicine, Incentive Compensation, and the Law | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Incentive Lawyer in Medicine, Incentive Compensation, and the Law Harvard Business Review case study are -
Sustainable margins compare to other players in Technology & Operations industry
– Medicine, Incentive Compensation, and the Law firm has clearly differentiated products in the market place. This has enabled Incentive Lawyer to fetch slight price premium compare to the competitors in the Technology & Operations industry. The sustainable margins have also helped Incentive Lawyer to invest into research and development (R&D) and innovation.
High brand equity
– Incentive Lawyer has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Incentive Lawyer to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Ability to recruit top talent
– Incentive Lawyer is one of the leading recruiters in the industry. Managers in the Medicine, Incentive Compensation, and the Law are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Successful track record of launching new products
– Incentive Lawyer has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Incentive Lawyer 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.
Effective Research and Development (R&D)
– Incentive Lawyer 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 Medicine, Incentive Compensation, and the Law - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Digital Transformation in Technology & Operations segment
- digital transformation varies from industry to industry. For Incentive Lawyer digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Incentive Lawyer 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.
Learning organization
- Incentive Lawyer is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Incentive Lawyer is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Medicine, Incentive Compensation, and the Law Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Training and development
– Incentive Lawyer has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Medicine, Incentive Compensation, and the Law Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Strong track record of project management
– Incentive Lawyer is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Analytics focus
– Incentive Lawyer 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 Richard Bohmer, Bruce Lee Hall 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.
Innovation driven organization
– Incentive Lawyer is one of the most innovative firm in sector. Manager in Medicine, Incentive Compensation, and the Law Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
High switching costs
– The high switching costs that Incentive Lawyer 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.
Weaknesses Medicine, Incentive Compensation, and the Law | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Medicine, Incentive Compensation, and the Law are -
Capital Spending Reduction
– Even during the low interest decade, Incentive Lawyer 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.
Slow to strategic competitive environment developments
– As Medicine, Incentive Compensation, and the Law HBR case study mentions - Incentive Lawyer 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, Incentive Lawyer 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.
Skills based hiring
– The stress on hiring functional specialists at Incentive Lawyer has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study Medicine, Incentive Compensation, and the Law, it seems that the employees of Incentive Lawyer 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.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Medicine, Incentive Compensation, and the Law, in the dynamic environment Incentive Lawyer has struggled to respond to the nimble upstart competition. Incentive Lawyer has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Workers concerns about automation
– As automation is fast increasing in the segment, Incentive Lawyer needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
High bargaining power of channel partners
– Because of the regulatory requirements, Richard Bohmer, Bruce Lee Hall suggests that, Incentive Lawyer 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.
Aligning sales with marketing
– It come across in the case study Medicine, Incentive Compensation, and the Law 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 Medicine, Incentive Compensation, and the Law can leverage the sales team experience to cultivate customer relationships as Incentive Lawyer is planning to shift buying processes online.
Products dominated business model
– Even though Incentive Lawyer 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 - Medicine, Incentive Compensation, and the Law should strive to include more intangible value offerings along with its core products and services.
Slow decision making process
– As mentioned earlier in the report, Incentive Lawyer 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. Incentive Lawyer 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.
Opportunities Medicine, Incentive Compensation, and the Law | 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 Medicine, Incentive Compensation, and the Law are -
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Incentive Lawyer can use these opportunities to build new business models that can help the communities that Incentive Lawyer operates in. Secondly it can use opportunities from government spending in Technology & Operations sector.
Buying journey improvements
– Incentive Lawyer can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Medicine, Incentive Compensation, and the Law 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.
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. Incentive Lawyer can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Developing new processes and practices
– Incentive Lawyer can develop new processes and procedures in Technology & Operations 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.
Building a culture of innovation
– managers at Incentive Lawyer 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 Technology & Operations segment.
Manufacturing automation
– Incentive Lawyer can use the latest technology developments to improve its manufacturing and designing process in Technology & Operations 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.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Incentive Lawyer to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Incentive Lawyer in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Technology & Operations segment, and it will provide faster access to the consumers.
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 Incentive Lawyer in the consumer business. Now Incentive Lawyer can target international markets with far fewer capital restrictions requirements than the existing system.
Using analytics as competitive advantage
– Incentive Lawyer has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Medicine, Incentive Compensation, and the Law - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Incentive Lawyer to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Creating value in data economy
– The success of analytics program of Incentive Lawyer has opened avenues for new revenue streams for the organization in the industry. This can help Incentive Lawyer to build a more holistic ecosystem as suggested in the Medicine, Incentive Compensation, and the Law case study. Incentive Lawyer can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Low interest rates
– Even though inflation is raising its head in most developed economies, Incentive Lawyer 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.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Technology & Operations industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Incentive Lawyer 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. Incentive Lawyer 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.
Threats Medicine, Incentive Compensation, and the Law External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Medicine, Incentive Compensation, and the Law are -
Shortening product life cycle
– it is one of the major threat that Incentive Lawyer is facing in Technology & Operations sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Incentive Lawyer will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
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. Incentive Lawyer needs to understand the core reasons impacting the Technology & Operations industry. This will help it in building a better workplace.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Incentive Lawyer 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 Medicine, Incentive Compensation, and the Law .
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Incentive Lawyer in the Technology & Operations sector and impact the bottomline of the organization.
Technology acceleration in Forth Industrial Revolution
– Incentive Lawyer has witnessed rapid integration of technology during Covid-19 in the Technology & Operations industry. As one of the leading players in the industry, Incentive Lawyer needs to keep up with the evolution of technology in the Technology & Operations 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.
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.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Incentive Lawyer in the Technology & Operations industry. The Technology & Operations 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.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
Easy access to finance
– Easy access to finance in Technology & Operations field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Incentive Lawyer can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Medicine, Incentive Compensation, and the Law, Incentive Lawyer may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Technology & Operations .
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Incentive Lawyer business can come under increasing regulations regarding data privacy, data security, etc.
Consumer confidence and its impact on Incentive Lawyer 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.
Weighted SWOT Analysis of Medicine, Incentive Compensation, and the Law 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 Medicine, Incentive Compensation, and the Law 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 Medicine, Incentive Compensation, and the Law 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 Medicine, Incentive Compensation, and the Law 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 Medicine, Incentive Compensation, and the Law 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 Incentive Lawyer needs to make to build a sustainable competitive advantage.
