Strategic management is an important process of planning, analysis and monitoring of all that is essential for any company or organizations. First case study deals with Indian General Insurance Ltd. This case study analyzes threats faced by this company. This case study illustrates traditional strengths of this insurance company and defines definition of business regarding this traditional strength. This study also highlights suggestions for reconstruction of this company and provides strategies for retaining its leadership in market. Second case study is based on Reliance Company, and this study sheds light strategic shifts of this company and its experiences with mergers, acquisitions and joint ventures.
Case study-1: Strategic management
1. Threats facing by Indian General Insurance Ltd
Indian General Insurance Ltd. (IGIL) has faced threats related to strategic management structure of this company. This threat sheds light on a restructuring of this IGIL company and Suhas Nair, and his retinue has faced dilemma related size or expansion of insurance company. Restructuring of this company includes risks related to competition with other companies, risk of insurance related to profit of product-line. This company also threatened with an operational risk that includes risks related to cybercrime or cyber security and a gap in system or technology of this insurance company.
2. Traditional strengths of Indian General Insurance Ltd
According to Basu (2016), traditional strengths of this insurance company IGIL includes a high range of members, several branches and offices. This company has approximately 85,000 employees within office. Such number of employees enhances performance of this company and expands its business of this company. This number of employees also sheds light on good salary provided by company and salary is a crucial element in motivating and making employees trustworthy towards their company. Strength of this company is good information provider system. Employees are medium of spreading information related to insurance among all sorts of people easily and carefully. With a clear vision, people can make themselves interested in insurance.
3. Definition of business based on a traditional strength
A business of a company defines industrial, commercial or professional engagement. The term business also refers to efforts and activities of company in order to achieve success or goals of company. Business of this company mentioned company requires strong attitudes of employees, friendly services of customers, expansion of market of this company, relationship between customers and employees of this company and leadership of this mentioned insurance company.
4. Suggestion for a restructuring of Indian General Insurance Ltd
Suggestions for reconstruction of insurance company include coverage related to rebuilding of costs. Firstly, this company has to gain an understanding of causes that can damage process of providing insurance. Management system of this insurance company involved adjusters in order to mitigate issues related to personal injury or damage of property regarding capacity of company on paying loss.
5. Strategies for retaining market leadership
Traditional strengths are essential in making a business of this Indian General Insurance Ltd. (IGIL) company successful. Rules and regulations of this mentioned company have to be more effective on an act of ensuring people towards this insurance company. This company also suggested that employees of this insurance company have to be more careful and informative in providing information to people (Zadeh and Tremblay, 2016).
Case study-B
1. Strategic shifts as strategy professional
Chairman Mukesh Ambani talked about strategic shifts of Reliance insurance company for restructuring plans related to marketing or business of this company. This strategic shift includes policies of company, target of market profit (Easton-Calabria and Omata, 2018). These strategic shifts include annual planning in order to make a journey of this company long and productive.
2. Experience with merger, acquisitions and joint ventures
This company has worked with mergers, acquisitions and joint ventures and has experienced different perspective of business. Mergers and acquisitions can be regarded as consolidations of this mentioned company. Joint ventures of this company provide ideas related to contractual arrangement and motivations to work together in order to achieve goals of profits and growth of this Reliance Industries Ltd. company (Gelepithis, 2019).
Conclusion
Thus, from above discussion, it can be concluded that strategic management is an effective factor for further development of business of company. Different company includes different management strategies for further growth and profit of company.
Reference list
Case study-1
Journals
Basu, S., 2016. G-Auto Business Model: Diversifying and Sustaining Under Duress. Asian Case Research Journal, 20(02), pp.373-399.
Zadeh, P.E. and Tremblay, M.C., 2016. A review of the literature and proposed classification on e-prescribing: Functions, assimilation stages, benefits, concerns, and risks. Research in Social and Administrative Pharmacy, 12(1), pp.1-19.
Case study -2s
Journals
Easton-Calabria, E. and Omata, N., 2018. Panacea for the refugee crisis? Rethinking the promotion of ‘self-reliance’for refugees. Third World Quarterly, 39(8), pp.1458-1474.
Gelepithis, M., 2019. Re-assessing the role of financial professionals in pension fund investment strategies. Journal of European Public Policy, 26(4), pp.540-559.