MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

Internal Weaknesses

High employee turnover, costly rental properties, cash flow challenges, and low Research and Development spending are internal weaknesses. These weaknesses impact employee retention, operational costs, and innovation (Fern Fort University, 2016).

Weakness and opportunity strategies

Cigna can address weaknesses by capitalizing on opportunities. Utilizing e-commerce and government subsidies can reduce costs and improve employee welfare. Leveraging low-interest rates can facilitate property purchase, reducing rental expenses (Willis, Cave & Kunc, 2018).

External Opportunities

Digitization, growth in e-commerce, increased social media usage, low-interest rates, and government subsidies offer opportunities. These can enhance online sales, market presence, and product innovation in eco-friendly solutions (Baker, 2014).

Strengths and Threats strategies

Cigna can employ its strengths to mitigate threats. Its social media presence can counter new entrants, investing in intellectual property can combat intra-industrial competition, and innovation with a skilled workforce can address high fuel prices (Fern Fort University, 2016).

External Threats

New entrants, high fuel prices, increased intra-industrial competition, and fluctuating exchange rates pose threats. These can lead to market share loss, increased production costs, and revenue reduction (Fern Fort University, 2016).

Weakness and Threats strategies

Strategies to address weaknesses and threats include increased Research and Development investment for product differentiation and improving employee welfare to reduce turnover and competition (Willis, Cave & Kunc, 2018).

Part 2: Draft Strategic Plan

Based on the TOWS matrix analysis, the following strategies are recommended for Cigna:

1. Maximize customer satisfaction through improved service delivery:
   • Integrate a customer feedback system.
   • Provide 24/7 customer service.
   • Increase repeat sales opportunities and reduce marketing costs.
2. Enhance organizational processes through Information Technology integration:
   • Identify compatible Electronic Record Management systems.
   • Implement and train staff on the new ERMs system.
   • Manage quality and quantity of records.
3. Maximize organizational values to the community through diverse insurance products:
   • Increase healthcare access by the community.
   • Accept diverse insurance coverage.
   • Improve overall community health.
4. Reduce employee turnover through incentives and increased automation:
   • Improve overall productivity.
   • Maximize employee welfare.
   • Offer competitive benefits.

References

Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher Education.

Fern Fort University. (2016). Cigna SWOT analysis matrix [step by step] weighted SWOT.

Guimaraes, A. D. A. (2020). Digital transformation in the insurance industry (Doctoral dissertation). Healthcare. MOJ Public Health, 5(1), 00108.