Hartford Financial Services Group Fixed To Floatin (HGH) SWOT Analysis / TOWS Matrix / MBA Resources
Strategy / MBA Resources
Introduction to SWOT Analysis
SWOT Analysis / TOWS Matrix for Hartford Financial Services Group Fixed To Floatin (United States)
Based on various researches at Oak Spring University , Hartford Financial Services Group Fixed To Floatin is operating in a macro-environment that has been destablized by – wage bills are increasing, customer relationship management is fast transforming because of increasing concerns over data privacy, supply chains are disrupted by pandemic , cloud computing is disrupting traditional business models, there is increasing trade war between United States & China, digital marketing is dominated by two big players Facebook and Google, central banks are concerned over increasing inflation,
challanges to central banks by blockchain based private currencies, increasing government debt because of Covid-19 spendings, etc
Introduction to SWOT Analysis of Hartford Financial Services Group Fixed To Floatin
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University, we believe that Hartford Financial Services Group Fixed To Floatin can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Hartford Financial Services Group Fixed To Floatin, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin can be done for the following purposes –
1. Strategic planning of Hartford Financial Services Group Fixed To Floatin
2. Improving business portfolio management of Hartford Financial Services Group Fixed To Floatin
3. Assessing feasibility of the new initiative in United States
4. Making a sector specific business decision
5. Set goals for the organization
6. Organizational restructuring of Hartford Financial Services Group Fixed To Floatin
Strengths of Hartford Financial Services Group Fixed To Floatin | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Hartford Financial Services Group Fixed To Floatin are -
Successful track record of launching new products
– Hartford Financial Services Group Fixed To Floatin has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Hartford Financial Services Group Fixed To Floatin 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)
– Hartford Financial Services Group Fixed To Floatin has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in – Hartford Financial Services Group Fixed To Floatin 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
– Hartford Financial Services Group Fixed To Floatin is one of the most innovative firm in sector.
Training and development
– Hartford Financial Services Group Fixed To Floatin has one of the best training and development program in industry. The effectiveness of the training programs can be measured in – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Digital Transformation in industry
- digital transformation varies from industry to industry. For Hartford Financial Services Group Fixed To Floatin digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Hartford Financial Services Group Fixed To Floatin 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.
Ability to lead change in
– Hartford Financial Services Group Fixed To Floatin is one of the leading players in the industry in United States. Over the years it has not only transformed the business landscape in the industry in United States but also across the existing markets. The ability to lead change has enabled Hartford Financial Services Group Fixed To Floatin in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Superior customer experience
– The customer experience strategy of Hartford Financial Services Group Fixed To Floatin in industry is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
High brand equity
– Hartford Financial Services Group Fixed To Floatin has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Hartford Financial Services Group Fixed To Floatin to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Sustainable margins compare to other players in industry
– Hartford Financial Services Group Fixed To Floatin has clearly differentiated products in the market place. This has enabled Hartford Financial Services Group Fixed To Floatin to fetch slight price premium compare to the competitors in the industry. The sustainable margins have also helped Hartford Financial Services Group Fixed To Floatin to invest into research and development (R&D) and innovation.
High switching costs
– The high switching costs that Hartford Financial Services Group Fixed To Floatin 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.
Organizational Resilience of Hartford Financial Services Group Fixed To Floatin
– The covid-19 pandemic has put organizational resilience at the centre of everthing Hartford Financial Services Group Fixed To Floatin does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Learning organization
- Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders at Hartford Financial Services Group Fixed To Floatin emphasize – knowledge, initiative, and innovation.
Weaknesses of Hartford Financial Services Group Fixed To Floatin | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Hartford Financial Services Group Fixed To Floatin are -
Workers concerns about automation
– As automation is fast increasing in the industry, Hartford Financial Services Group Fixed To Floatin 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.
Aligning sales with marketing
– From the outside it seems that Hartford Financial Services Group Fixed To Floatin 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 at Hartford Financial Services Group Fixed To Floatin can leverage the sales team experience to cultivate customer relationships as Hartford Financial Services Group Fixed To Floatin is planning to shift buying processes online.
High bargaining power of channel partners in industry
– because of the regulatory requirements in United States, Hartford Financial Services Group Fixed To Floatin 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.
Compensation and incentives
– The revenue per employee of Hartford Financial Services Group Fixed To Floatin is just above the industry average. It needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
Capital Spending Reduction
– Even during the low interest decade, Hartford Financial Services Group Fixed To Floatin 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.
Increasing silos among functional specialists
– The organizational structure of Hartford Financial Services Group Fixed To Floatin is dominated by functional specialists. It is not different from other players in the industry, but Hartford Financial Services Group Fixed To Floatin needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Hartford Financial Services Group Fixed To Floatin to focus more on services in the industry rather than just following the product oriented approach.
Slow decision making process
– As mentioned earlier in the report, Hartford Financial Services Group Fixed To Floatin 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. Hartford Financial Services Group Fixed To Floatin 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, Hartford Financial Services Group Fixed To Floatin is slow explore the new channels of communication. These new channels of communication can help Hartford Financial Services Group Fixed To Floatin to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Ability to respond to the competition
– As the decision making is very deliberative at Hartford Financial Services Group Fixed To Floatin, in the dynamic environment of industry it has struggled to respond to the nimble upstart competition. Hartford Financial Services Group Fixed To Floatin has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
High operating costs
– Compare to the competitors, Hartford Financial Services Group Fixed To Floatin has high operating costs in the industry. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Hartford Financial Services Group Fixed To Floatin lucrative customers.
Slow to strategic competitive environment developments
– As Hartford Financial Services Group Fixed To Floatin is one of the leading players in the industry, it 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.
Hartford Financial Services Group Fixed To Floatin Opportunities | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities of Hartford Financial Services Group Fixed To Floatin are -
Developing new processes and practices
– Hartford Financial Services Group Fixed To Floatin can develop new processes and procedures in 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.
Buying journey improvements
– Hartford Financial Services Group Fixed To Floatin can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. It 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.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Hartford Financial Services Group Fixed To Floatin is facing challenges because of the dominance of functional experts in the organization. Hartford Financial Services Group Fixed To Floatin can utilize new technology in the field of industry to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in industry, but it has also influenced the consumer preferences. Hartford Financial Services Group Fixed To Floatin can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Using analytics as competitive advantage
– Hartford Financial Services Group Fixed To Floatin has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in sector. This continuous investment in analytics has enabled Hartford Financial Services Group Fixed To Floatin to build a competitive advantage using analytics. The analytics driven competitive advantage can help Hartford Financial Services Group Fixed To Floatin to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Better consumer reach
– The expansion of the 5G network will help Hartford Financial Services Group Fixed To Floatin to increase its market reach. Hartford Financial Services Group Fixed To Floatin 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.
Use of Bitcoin and other crypto currencies for transactions in industry
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Hartford Financial Services Group Fixed To Floatin in the industry. Now Hartford Financial Services Group Fixed To Floatin can target international markets with far fewer capital restrictions requirements than the existing system.
Changes in consumer behavior post Covid-19
– consumer behavior has changed in the industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Hartford Financial Services Group Fixed To Floatin 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. Hartford Financial Services Group Fixed To Floatin 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.
Loyalty marketing
– Hartford Financial Services Group Fixed To Floatin 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.
Creating value in data economy
– The success of analytics program of Hartford Financial Services Group Fixed To Floatin has opened avenues for new revenue streams for the organization in industry. This can help Hartford Financial Services Group Fixed To Floatin to build a more holistic ecosystem for Hartford Financial Services Group Fixed To Floatin products in the industry by providing – data insight services, data privacy related products, data based consulting services, etc.
Manufacturing automation
– Hartford Financial Services Group Fixed To Floatin can use the latest technology developments to improve its manufacturing and designing process in sector. 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.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Hartford Financial Services Group Fixed To Floatin in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the industry, and it will provide faster access to the consumers.
Learning at scale
– Online learning technologies has now opened space for Hartford Financial Services Group Fixed To Floatin 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.
Threats Hartford Financial Services Group Fixed To Floatin External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats of Hartford Financial Services Group Fixed To Floatin are -
High dependence on third party suppliers
– Hartford Financial Services Group Fixed To Floatin 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.
Consumer confidence and its impact on Hartford Financial Services Group Fixed To Floatin 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 industry and other sectors.
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.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, Hartford Financial Services Group Fixed To Floatin may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of sector.
Regulatory challenges
– Hartford Financial Services Group Fixed To Floatin 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 industry regulations.
Easy access to finance
– Easy access to finance in industry will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Hartford Financial Services Group Fixed To Floatin can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
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. Hartford Financial Services Group Fixed To Floatin 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.
Shortening product life cycle
– it is one of the major threat that Hartford Financial Services Group Fixed To Floatin is facing in sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Hartford Financial Services Group Fixed To Floatin in industry. The 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.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin prominent markets.
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 Hartford Financial Services Group Fixed To Floatin.
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 Hartford Financial Services Group Fixed To Floatin in the sector and impact the bottomline of the organization.
Technology acceleration in Forth Industrial Revolution
– Hartford Financial Services Group Fixed To Floatin has witnessed rapid integration of technology during Covid-19 in the industry. As one of the leading players in the industry, Hartford Financial Services Group Fixed To Floatin needs to keep up with the evolution of technology in the 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.
Weighted SWOT Analysis of Hartford Financial Services Group Fixed To Floatin Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers at Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin 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 Hartford Financial Services Group Fixed To Floatin needs to make to build a sustainable competitive advantage.