Strategic Management of Imperial General Insurance

Added on - 06 Jun 2020

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STRATEGIC MANAGEMENT
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................11.Vision and mission statement of Imperial General Insurance and its specific objectives...12. Evaluate the relevance of Porters’ Five Forces as model for identifying the elements andtrends in the industry..............................................................................................................33. Analysis of the competitive environment in which Imperial General Insurance operates.54. Critical perspective on the corporate strategy currently being pursued by Imperial GeneralInsurance.................................................................................................................................85.Discuss your recommendations for the future strategic direction of the company.............9CONCLUSION..............................................................................................................................11REFERENCE.................................................................................................................................12
EXECUTIVE SUMMARYImperial General Assurance, a developing insurance agency in the nation, which fallsunder the Global Haulage gathering of organizations and to to execute non life coverageorganizations. Administration and partners have deliberately situated the organization in anintensely worthwhile way to make an incentive for the two its clients and investors.Despite theorganization's vital situating, a few elements of the organization will work better if outsourced tospecialists in different fields. The proposed zones for outsourcing incorporate; outsourcing theIT Department, Outsourcing Brand Communication, Outsourcing information passage lastly,outsourcing armada administration. The by a portion of the advantages the organization remainto pick up are diminished operational cost and esteem included administrations.INTRODUCTIONStrategic management brings an organisation to lift up with formulation of different plansand procedure to achieve its objectives. On behalf of owner, the top management will takevarious key decisions. In a firm, most of the strategic planning should be based on the missionand vision which is important to meet in final outcomes. Imperial General Insurance is the sistercompany of Royal Bank GH Ltd. From Porter’s five force analysis, it can be easy to find theorganisation’s position in the market and various models can be benefited to analyse thesituation of market. and it disadvantage will are the major obstacle in execution of plans..Further, the competitive environment in which the firm operates their business has beencritically analysed in the given study. From the analysis, the performance of company can beeasily identified the basic structure from the management to take the important decision whichcan be measure outcomes. The internal and external factors are important to be considered toexecute various decisions. From the critical perspective on the corporate strategy which iscurrently pursued by firm can be identified. Along with this, recommendation is based onprofitability of the organisation attractiveness of an industry, market or industry structure andcorporate strategy.1.Vision and mission statement of Imperial General Insurance and its specific objectives.For every firm, the most important thing is their visions and mission which helps inmeeting the final outcome of the organisation. The goodwill of firm depends on its objectives.Further, the ethical practice and its values will be more crucial among the competitor to attract1
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