Four Principles of Biomedical Ethics: Definitions and Examples SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Technology & Operations
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Four Principles of Biomedical Ethics: Definitions and Examples
This case is available in only hard copy format (HBP does not have digital distribution rights to the content). As a result, a digital Educator Copy of the case is not available through this web site.Introduces four principles of biomedical ethics, excerpted from Principles of Biomedical Ethics, Tom L. Beauchamp and James F. Childress (Oxford University Press, 2001). The principles provide a conceptual framework for the analysis and resolution of moral problems encountered in the clinical delivery of health care, medical research, and the distribution of health care resources. The four principles are: respect for autonomy, nonmaleficence ("doing no harm"), beneficence, and justice.
Swot Analysis of "Four Principles of Biomedical Ethics: Definitions and Examples" written by Sandra J. Sucher includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Principles Biomedical facing as an external strategic factors. Some of the topics covered in Four Principles of Biomedical Ethics: Definitions and Examples case study are - Strategic Management Strategies, Health, Marketing, Psychology, Social enterprise and Technology & Operations.
Some of the macro environment factors that can be used to understand the Four Principles of Biomedical Ethics: Definitions and Examples casestudy better are - – technology disruption, there is backlash against globalization, cloud computing is disrupting traditional business models, customer relationship management is fast transforming because of increasing concerns over data privacy, digital marketing is dominated by two big players Facebook and Google, banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing transportation and logistics costs,
increasing energy prices, geopolitical disruptions, etc
Introduction to SWOT Analysis of Four Principles of Biomedical Ethics: Definitions and Examples
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Four Principles of Biomedical Ethics: Definitions and Examples case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Principles Biomedical, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Principles Biomedical 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 Four Principles of Biomedical Ethics: Definitions and Examples can be done for the following purposes –
1. Strategic planning using facts provided in Four Principles of Biomedical Ethics: Definitions and Examples case study
2. Improving business portfolio management of Principles Biomedical
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 Principles Biomedical
Strengths Four Principles of Biomedical Ethics: Definitions and Examples | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Principles Biomedical in Four Principles of Biomedical Ethics: Definitions and Examples Harvard Business Review case study are -
Successful track record of launching new products
– Principles Biomedical has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Principles Biomedical 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.
Analytics focus
– Principles Biomedical 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 Sandra J. Sucher 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.
Operational resilience
– The operational resilience strategy in the Four Principles of Biomedical Ethics: Definitions and Examples 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.
Sustainable margins compare to other players in Technology & Operations industry
– Four Principles of Biomedical Ethics: Definitions and Examples firm has clearly differentiated products in the market place. This has enabled Principles Biomedical to fetch slight price premium compare to the competitors in the Technology & Operations industry. The sustainable margins have also helped Principles Biomedical to invest into research and development (R&D) and innovation.
Cross disciplinary teams
– Horizontal connected teams at the Principles Biomedical 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.
Low bargaining power of suppliers
– Suppliers of Principles Biomedical in the sector have low bargaining power. Four Principles of Biomedical Ethics: Definitions and Examples has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Principles Biomedical to manage not only supply disruptions but also source products at highly competitive prices.
Training and development
– Principles Biomedical has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Four Principles of Biomedical Ethics: Definitions and Examples 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.
Ability to lead change in Technology & Operations field
– Principles Biomedical is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Principles Biomedical in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Diverse revenue streams
– Principles Biomedical is present in almost all the verticals within the industry. This has provided firm in Four Principles of Biomedical Ethics: Definitions and Examples case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
Effective Research and Development (R&D)
– Principles Biomedical 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 Four Principles of Biomedical Ethics: Definitions and Examples - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Innovation driven organization
– Principles Biomedical is one of the most innovative firm in sector. Manager in Four Principles of Biomedical Ethics: Definitions and Examples Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Ability to recruit top talent
– Principles Biomedical is one of the leading recruiters in the industry. Managers in the Four Principles of Biomedical Ethics: Definitions and Examples are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Weaknesses Four Principles of Biomedical Ethics: Definitions and Examples | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Four Principles of Biomedical Ethics: Definitions and Examples are -
High operating costs
– Compare to the competitors, firm in the HBR case study Four Principles of Biomedical Ethics: Definitions and Examples 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 Principles Biomedical 's lucrative customers.
Products dominated business model
– Even though Principles Biomedical 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 - Four Principles of Biomedical Ethics: Definitions and Examples should strive to include more intangible value offerings along with its core products and services.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Principles Biomedical is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Four Principles of Biomedical Ethics: Definitions and Examples can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Slow to strategic competitive environment developments
– As Four Principles of Biomedical Ethics: Definitions and Examples HBR case study mentions - Principles Biomedical 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.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Four Principles of Biomedical Ethics: Definitions and Examples, in the dynamic environment Principles Biomedical has struggled to respond to the nimble upstart competition. Principles Biomedical 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, Principles Biomedical 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 cash cycle compare to competitors
Principles Biomedical has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Principles Biomedical supply chain. Even after few cautionary changes mentioned in the HBR case study - Four Principles of Biomedical Ethics: Definitions and Examples, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Principles Biomedical vulnerable to further global disruptions in South East Asia.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study Four Principles of Biomedical Ethics: Definitions and Examples, it seems that the employees of Principles Biomedical 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.
Low market penetration in new markets
– Outside its home market of Principles Biomedical, firm in the HBR case study Four Principles of Biomedical Ethics: Definitions and Examples needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Interest costs
– Compare to the competition, Principles Biomedical 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.
Opportunities Four Principles of Biomedical Ethics: Definitions and Examples | 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 Four Principles of Biomedical Ethics: Definitions and Examples are -
Low interest rates
– Even though inflation is raising its head in most developed economies, Principles Biomedical 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.
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 Principles Biomedical 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 Principles Biomedical 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.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Principles Biomedical can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Principles Biomedical is facing challenges because of the dominance of functional experts in the organization. Four Principles of Biomedical Ethics: Definitions and Examples case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Loyalty marketing
– Principles Biomedical 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.
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 Principles Biomedical in the consumer business. Now Principles Biomedical can target international markets with far fewer capital restrictions requirements than the existing system.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Technology & Operations industry, but it has also influenced the consumer preferences. Principles Biomedical can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Building a culture of innovation
– managers at Principles Biomedical 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.
Buying journey improvements
– Principles Biomedical can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Four Principles of Biomedical Ethics: Definitions and Examples 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.
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. Principles Biomedical 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. Principles Biomedical 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.
Leveraging digital technologies
– Principles Biomedical can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
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. Principles Biomedical can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Threats Four Principles of Biomedical Ethics: Definitions and Examples External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Four Principles of Biomedical Ethics: Definitions and Examples are -
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Four Principles of Biomedical Ethics: Definitions and Examples, Principles Biomedical 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 .
Increasing wage structure of Principles Biomedical
– 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 Principles Biomedical.
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 Principles Biomedical 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.
Regulatory challenges
– Principles Biomedical 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 Technology & Operations industry regulations.
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.
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 Principles Biomedical.
Stagnating economy with rate increase
– Principles Biomedical can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
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 Principles Biomedical in the Technology & Operations sector and impact the bottomline of the organization.
Technology acceleration in Forth Industrial Revolution
– Principles Biomedical has witnessed rapid integration of technology during Covid-19 in the Technology & Operations industry. As one of the leading players in the industry, Principles Biomedical 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.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Principles Biomedical with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
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. Principles Biomedical needs to understand the core reasons impacting the Technology & Operations industry. This will help it in building a better workplace.
Environmental challenges
– Principles Biomedical 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. Principles Biomedical can take advantage of this fund but it will also bring new competitors in the Technology & Operations industry.
Weighted SWOT Analysis of Four Principles of Biomedical Ethics: Definitions and Examples 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 Four Principles of Biomedical Ethics: Definitions and Examples 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 Four Principles of Biomedical Ethics: Definitions and Examples 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 Four Principles of Biomedical Ethics: Definitions and Examples 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 Four Principles of Biomedical Ethics: Definitions and Examples 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 Principles Biomedical needs to make to build a sustainable competitive advantage.
