¶ … Insurance Company.
Identify the relevant macro-environmental factors (level 1) in the case study. What impact do these factors have on the focal organization?
To the extent which the customer base and potential customer base of Time Insurance Company (Time) share the concerns of the global business community, these shared concerns serve as a template for appropriate professional behavior. These not only include matters that might (when improperly handled) prompt litigation against Time, but also include factors such as social accountability. Macro-environmental factors, however, are sometimes hard to determine in that they often fail to reflect a consensus. These must be seen as a polyglot of different concerns, some of which pertain to the company while others do not. The "value" system reviewed in the text is a measure of total value, and the market analyst must be careful to examine the total effect of changes. For instance, if prescribed staff restructuring requires the adoption of a WAN, which service representatives may use to enter information about customers, the loss in "macro-environmental" value among Amish communities that eschew the use of technology should be dismissed as inferior to the total value realized by the implementation of new technologies. Political concerns, such as the completion of necessary paperwork, must be regarded as superior to mitigating concerns about the time costs of completing the paperwork. This is because the value realized in expedition is outweighed by the risk-adjusted value associated with potential legal hazards. Although one can attempt to quantify the value of disparate changes to the firm's macro-environmental policy, many of these that could be considered 'good business practices' should be considered.
Discus the market factors (level 2) in the case study. How do collaboration, competition, supplier, and regulators affect the performance of the focal organization?
The market factors that categorize the current business climate are ones where the cost of issuing units is increasing. This might be associated with the cost of supplies, the cost of regulation, or scarcity of supplies due to competition for underwriting contracts. Although these may sometimes be negotiated and addressed, in the case of Time they seem to act as constraints on company activity that prompt other forms of generating revenue or cutting costs rather than items deserving of critical valuation and immediate redress. When cutting the number of steps that are non-value adding, steps must be included that impede the creation of negative value via fines levied by regulators.
Although a specific competitor is not mentioned, we must assume that a competitive market exists and the company should therefore either focus on being a cost or a service leader in order to maintain and grow its market share. Although collaboration with other suppliers might lead us to freeze price drops and maintain value, the value generated by this activity would be countermanded by regulation regarding the collusion of competitors. Unlike the example of macro-environmental factors, the process of handling market factors is strategy-based and reflects specific policies rather than the general mandates of a corporation's philosophy. There are links, however, between factors mentioned when addressing macro-environmental concerns and market factors. The clearest example is the link between the political factors in level one and regulatory factors in level two. None of the policies initiated by reformers seem to adversely effect the way that time has positioned itself quo level two.
Explain how the focal organization (level 3) creates value for its customers. What strategic changes are required to deliver outstanding value to its customers?
The focus of the group convened by Time is to seek better ways of meeting the needs of its customers at a lower cost. This it accomplishes by eliminating various steps, streamlining the process by which new policies are written, and limiting customer attrition during the approval phase. The focal organization, that which consists of stakeholders, business culture, organizational structure, strategies and value providers, is significantly altered in order to increase the delivered value of the service that Time provides. Here a pessimistic interpretation of the customer value funnel may lead one to believe that the interests of the customers are at odds with the dictates of the focal organization. One could cite that any process by which an organization is made more efficient is a threat to "value providers" (employees), business culture, and organizational structure in that it eliminates older policies that employees have become comfortable with. Any re-vamping of the way that a company does business is going to alter its business culture and organizational...
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