E-Knjižnica FET "Dr. Mijo Mirković"

Developing Strategic Initiatives with the TOWS Matrix - Croatia Insurance Company SWOT Analysis

Gonan Božac, Marli and Tipurić, Darko (2008) Developing Strategic Initiatives with the TOWS Matrix - Croatia Insurance Company SWOT Analysis. In: International Conference of the School of Economics and Business "Transitional Challenges of EU Integration and Globalization", 2008, Sarajevo, FBiH.

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The subject-matter of the research is the SWOT analysis and the TOWS matrix and their role in setting strategic initiatives for Croatia Insurance Company. The purpose of the research is to explore the adequacy of applying the characteristics of the SWOT analysis and the TOWS matrix, their relatedness and interdependency on the Croatia Insurance Company. The main hypothesis is that the TOWS matrix is an appropriate tool for setting strategic initiatives. The objectives are to: 1. Create a SWOT analysis for Croatia Insurance Company. 2. Create a TOWS matrix for Croatia Insurance Company. 3. Establish relatedness between them. 4. Define possible strategic initiatives on the basis of a TOWS matrix. 5. Derive adequate conclusions. Environmental analysis means to explore all the relevant characteristics of both, the external and internal environment. Its purpose is to identify the strategic factors that will determine the future of the corporation. Environmental analysis and identification of strategic factors can provide support in decision-making in the process of strategy formulation. The main external and internal factors for the future of the company are summed in SWOT analysis. It represents the simplest method for conducting environmental scanning. However, SWOT analysis does not show the distinct relationship between the external and internal factors and, therefore, the TOWS matrix was developed. It illustrates how the external opportunities and the threats, a particular company is facing, can be matched with the company's strengths and weaknesses to result in four sets of alternative strategies. In line with what mentioned before, the following factors were identified as strategic factors for Croatia Insurance Company: customers and potential customers, substitutes, competitors (competitive analysis and competitive position), entry barriers to industry, distribution channels, the legal environment (legal and regulatory insurance framework in Croatia and legal insurance framework in EU), the economical environment (characteristics of the Croatian financial system, characteristics of the Croatian insurance industry and European insurance industry), the political environment (dependence on the state authorities changes), the technological environment (new selling channels), the ethical environment (insurance frauds). These factors were recognized as the internal environments’ strategic factors of Croatia Insurance Company: competitive position and image, efficacy measures and financial indicators, flexibility, resources, management and organization, business processes, technology, products, projects carried out, people, locations, former vision and mission, former objectives. The strengths were grouped in the following areas: competitive position and image, locations and traditional distribution channels, existing products, new products, spreading into new markets, initiated projects, efficacy measures and financial indicators. The weaknesses of Croatia Insurance were identified in these areas: managing of the company, planning, organization, decline in market share, staff, initiated projects, existing products, contemporary selling channels. The opportunities were grouped as follows: insurance industry, customers and potential customers, labour market, existing products (insurance groups), new products, development of a product portfolio, existing selling channels, social environment, legal environment of Croatia and accession to the European Union and technological environment. The threats were recognized in the following areas: financial market, insurance industry, competitors, substitutes, customers/insured persons/clients, high exit barriers, ethical environment, political/legal environment in Croatia and accession to the European Union. On the basis of SWOT analysis and the theoretical approach to TOWS, strengths, weaknesses, opportunities and threats were systematically paired in matrix. TOWS matrix generated sets of strategic initiatives into four matrix cells, any number of which can subsequently be implemented.

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Tip objekta: Materijal konferencije ili radionice (Paper)
Ključni pojmovi: SWOT analysis, TOWS matrix, strategic initiatives, environmental models, Croatia Insurance Company
Teme: 6 Tehnologija (primijenjene znanosti) > 65 Menadžment i organizacija industrije, trgovine i komunikacija > 65.01 Metode i metodologija. Teorija i praksa organizacije > 65.012.4 Menadžment. Uprava. Ravnateljstvo Tehnike i metode upravljanja
Odjeli: Fakultet ekonomije i turizma "Dr. Mijo Mirković"
Datum pohrane: 07 Jan 2014 08:41
Zadnja promjena: 07 Jan 2014 08:41
URI: http://eknjiznica.unipu.hr/id/eprint/2891

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