MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning
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MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

Name

Capella university

MHA-FPX 5010 Strategic Health Care Planning

Prof. Name

Date

Part 1: TOWS Matrix and Analysis

Strengths

Weaknesses

Skilled workforce High employee turnover
Automation of production stages High number of properties on rent
Favourable financial position Cash flow problems
Social media presence Low spending on Research and Development

 

Opportunities

SO strategies

WO strategies

Growth in ecommerce Utilize social media to gain website traffic Take advantage of low-interest rates to source funds for expansion
Increased use of social media Increase marketing efforts Utilize low cost to provide incentives to employees and reduce turnover
Low-interest rates Innovate eco-friendly products and sell at low prices Utilize low interest to purchase property and reduce rent expenditure
Emergence of eco-friendly products and government subsidies

 

Threats

ST strategies

WT strategies

New entrants Use social media to distribute products and fight new entrants Invest in intellectual property
High fuel prices Invest in cheaper fuel innovation with skilled workforce Invest more in Research and Development for competitive edge
Increased intra-industrial competition Improve working conditions to reduce employee turnover Improve working conditions to minimize intra-industrial competition
Devalued exchange rate

TOWS Matrix Analysis

Internal Strengths

From the TOWS analysis, Cigna possesses a highly skilled workforce, achieved through regular training on emerging patient needs. This workforce efficiency aids in service provision and product quality. Automation ensures uniform product quality and flexibility in production. The company’s favourable financial position enables future expansion. Social media presence on platforms like Facebook, Twitter, and Instagram enhances customer engagement (Guimaraes, 2020).

Strength and opportunity strategies

Cigna can leverage its strengths to explore new market segments and utilize its financial stability for expansion. Its strong media presence can drive online sales, and it can invest in eco-friendly products with its stable financial position (Guimaraes, 2020).

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.

MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

Willis, G., Cave, S., & Kunc, M. (2018). Strategic workforce planning in healthcare: A multi-methodology approach. European Journal of Operational Research, 267(1), 250-263.