Pfizer Inc (Pfizer) is a biopharmaceutical company that involves bringing care to the people, which improves and significantly extends their lives. Pfizer Inc is engaged in coming up with, making, distributing, selling, and marketing the products they create (Nielsen, 2017). The company works with various organizations and health sectors to bring up healthy and healthy people, and this is through the prevention and treatment that their medicine offers. Through this, the company can support and provide healthcare services to the people who need it example, the local communities. The products created by the company are distributed and sold to government agencies, hospitals, wholesalers, and even retailers. The company works with the upcoming market to provide treatment and care and fight against the worst diseases experienced in the modern days. Pfizer Inc existed for many years; the company has made a difference to the people who use their products and even rely on them. The company has set up and come up with a strategy to help improve its services and even products for the people who use them. Pfizer Inc has gone a long way in creating vaccines that have been of great help to all the world. As a company, it has also created many employment opportunities and has become a place where research shouldbe done to develop vaccines for diseases that have not yet found a cure.
Products or the vaccines created in this company (Pfizer Inc) for the use and consumption by the people for the people’s treatment and good health is very much dependent on the strategies that the company puts up to produce, develop and, even distribute the vaccines and other pharmaceutical created. The strategy followed by the company (Pfizer Inc) is the corporate strategy which is a strategy that involves a plan that is devised to deliver to the customer and client stakeholders which becomes an added advantage over other companies in the market delivering the same products as them (Feldman, 2020) The company uses this strategy to make decisions concerning the future of where the company wants to be in a certain few years and this leads to prioritizing the use of the few resources that they have because each organization or company has a little amount of the resources that are required. The corporate strategy involves several other strategies which include growth, stability, retrenchment, and the re-invention strategy which all work towards the same purpose. The development of a good strategy goes a long way in helping a company like Pfizer Inc to be successful in the sale of their products and also in the development and distribution of the products.
Growth strategies involve the plan that the organization uses to understand the aims of expansion of their company and being able to overcome the current or future challenges that might be facing them as a company. The main objective of this is to achieve growth through revenue and market shares, and this is accomplished through focusing on its main agendas and decisions on the approaches to be used from the many they might have. The stability strategy involves maintaining the company’s good records in the market, it does not focus on growth but rather continues to improve on the existing business. The main aim of this strategy is to maintain the company’s business and also boost its profits to maintain the company. The retrenchment strategy involves the plans that are used to deal with the company’s directions towards positive growth even if it means making decisions that might seem aggressive or quickly made. Including making rash decisions that might change the way things were being done around the company. It also involves focusing on the main business of the company and foregoing some parts of the business. The re-invention strategy involves improving existing businesses that have been stagnant for a quite number of years.
The corporate strategy of Pfizer Inc is considered as a multi-business enterprise is mainly focused on coming up with new ideas whereby these ideas could help stay above their competitors in the industry, have loyal customers, and even improve on the market shares. Pfizer was begun with the mindset of creating new products to make the lives of other people and themselves better. The corporate strategy is maintained and comes to life by making proper use of the sub-categories (growth, stability, retrenchment, and re-invention strategies) to the fullest and also in the management of the company. The corporate strategy emphasizes bringing up new models that all gear up toward provision and access to available and sustainable medicine that help to over the challenges that face basic health care in different parts of the world and to different people. The Pfizer Inc company uses the GE matrix as their portfolio in which it analyses the company’s products and goods. Pfizer Inc being a big company does not rely on one source for earning extra income and thereby focuses more on the development of newer products. The working of the products in the product portfolios is determined by the GE Matrix.
Areas of growth in the Pfizer Inc company include the changes that have been made in the structure, leadership, and even in the way that the company operates its businesses. This will help in finding stability as accompany and provides opportunities that are pursued by the company itself. The main growth areas in Pfizer Inc include investment in other businesses that will also generate revenue, other revenue opportunities are gotten from the existing products, putting efforts in the improvement and innovation of new products, improving the increase in market value in the emerging markets, and also optimizing the Pfizer’s patent-protected portfolios. Pfizer Inc pharmaceutical company will also focus its growth on the development of new and many products and vaccines to be used by people for treatment and also to increase their profits and thereby staying on top of their competitors in this area. The area that Pfizer Inc is focusing on and wants to keep stable is that of maintaining good health and also the wellbeing of every person regardless of age. The company aims to bring down the number of deaths that are brought about by lack of treatments or lack of medicines to sustain the people. The company is also collaborating with local communities, and the government can be able to reach as many people as it is intended. The areas that Pfizer Inc wants to forego include those that are focused on the part of the revenue and profits instead of being involved in the objectives of the company which includes helping others by coming up with new ideas on how to treat diseases and how their products can reach to various people in the local communities and also in collaboration with the government.
Many companies or businesses fall after starting because of the strategy they decide to use for their growth. Therefore, implementation of a strategy could either lead a company to the desired place or make it fail miserably. The ways used to implement the strategy include evaluation of the resources whereby understanding the available resources in the company could help the organization to succeed in a very great way. Through evaluation of resources, there is an added advantage is that one can understand the challenges and the strengths that are in the business. Evaluation of the resources helps in dealing with the shortcomings that might be present in the business and also helps to improve on the areas that seem stable. Another way of implementation of a good strategy involves good management whereby leaders who run the company can steer it towards success. It also shows that leaders should lead by example so that those who imitate them are encouraged, and it also is a great opportunity to develop and perfect the leadership skills developed during the proper management of businesses. Communication is also a great factor that should be considered during the implementation of a strategy and where the leaders should be able to engage the employees and executives on the strategy used so that they may help each other in accomplishing it (Khan et al, 2017) The employees and other leaders should be involved when implementing the type of strategy to use so that they become familiar with it and can understand their objectives as soon as possible. The areas that are brought down or changed are those that have little or no major change even after they have been removed. This might include areas like competition with other industries in the market or even trying to make more profits through the sale of the products rather than improve on the ways and areas of coming up with new business ideas and ways to be used in manufacturing more products that will go a long way in helping people and also could be used as a source of reference by others who want to do the same.
Implementation of strategies is not all about a matter of succeeding but various challenges come in the way of implementation. The challenges vary according to various situations or places. The challenges include a weak strategy which involves the creation of aims and goals that can be achieved and that are also attainable and this helps so as not to strain too much trying to fulfill goals that cannot be achieved by the specified period the strategy has been put in place. Another challenge is the lack of proper training for those who are supposed to execute the strategy, and this may include the employees and even stakeholders of the company. Many employees might have busy schedules thereby being able to focus on the training about the strategy plans becomes the biggest challenge. The lack of resources also goes a long way in becoming a challenge in that creation of a new strategy might become hard because the strategy they might want to involve may not be accommodated by the resources available. Communication problems also pose a challenge whereby it is supposed to be transparent so that in case of any changes, the information is delivered to everyone without any distortions for the betterment of the company. The lack of communication leads another to widespread doubts and teams start disjoining from each other which may cause the failure of the strategy as well as the company. Another challenge faced the lack of follow up and this means that the implementation of the new strategy is not over and there should be therefore plans set aside on how they are going to assess the implementation of the new strategy without missing any of it and maintaining consistency to make it a success. Lack of follow-up may lead to laziness, thereby leading to the failure of the company even after implementation of a good strategy meant to steer the company towards success.
Tradeoffs mean the balance that is found or obtained in two opposing situations whereby one could accept a bad thing to have a good one. The tradeoffs take place when two activities are not equal. A strategic position is not sustainable unless other positions has trade-offs. Tradeoffs arise due to the incompatibility of the product feature whereby it might work well in certain areas but fails to address the issues of other needs. The trade-offs also arise in the activities themselves whereby they cannot interchange on the delivery because one can have a good delivery but another is poorly delivered. The rise of trade-offs may also be due to inconsistencies experienced. Tradeoffs are very much useful in strategy and thereby should not be taken lightly or ignored in any way. Their consideration should be put in place to help improve on the strategies formulated and even provide a better direction that will bring about success and achievement of the aims that had been put in place while implementing the strategy.
Evaluation and Control
Strategic control involves keeping a good record of the implemented strategy, how it works and any problems that might occur, or even any change that might be necessary to be made in the strategy. Evaluation and control involve evaluating the actions and afterward making necessary changes and corrections based on this evaluation (David, 2016). The implemented strategy could be controlled through checking and making a follow-up on whether the strategy has been put in place as had been planned or not and also through the follow-up any changes or adjustments to be made must be communicated to seek them out as quickly as possible. It works in a way such that every plan is followed as it unfolds to check whether the strategy is being followed to the core and if not, necessary changes should be made or improved. During evaluation and control after the implementation of the strategy, one checks out what to control after which standards are set which can measure and also compare the performance which in turn helps in analysis of the changes or loopholes in the strategy implemented.
Quantitative analysis is the process of gathering data such as revenues, market share, and finding whether the data is evaluated, measured, or verified (Shen et al, 2016). With improvements and development of new technology in our world today, it has been noted that firm and informed decisions are made using the quantitative analysis which is a greater approach compared to other approaches. The analysis helps in the performance evaluation and this in turn helps in decision making about the future of a company or industry
In conclusion, it can be noted that Pfizer Inc company is one of the largest and greatest producers of pharmaceuticals has come a long way in helping people who need their products and thereby have helped many people in improving their life and good health. Pfizer Inc, as has been discussed, is a company that is much interested in coming up with and developing new ideas and innovations that are not only helpful to them but all those people around them and all through the world. The corporate strategy used by Pfizer Inc company has been seen to work out and help the company move to the right and more successful direction in the pharmaceutical industry. Implementation of strategies as discussed is very important in a company because it gears them toward the direction of failure or success and therefore it is necessary for the members of a company to analyze, develop and come up with a great strategy that will help the company at large and direct them towards success though it might not be easy but with a positive mindset and a good strategy the company will be successful in almost all areas which include areas of new ideas and innovations, distribution and development of more products and much more. Even after coming up with the strategies, there are challenges associated with the strategies, but with proper planning, they can be overcome through evaluation and control whereby this is helpful because it prevents a company from making wrong decisions based on the strategy they chose but rather help to overcome them. This is done through follow-ups carried out when the strategy is implemented to keep in touch with every activity that happens in the industry to know the areas of change or improvement or even retrenchment. It also helps to understand the areas of growth in the company. All of this is of great help because it shows us that we should not just consider the profits made by a company but rather strive to come up with new ideas and innovations that will help the people and in so doing we also do help ourselves. It also teaches us to carefully choose the strategies used in the companies and businesses as they might determine the failure or success of that business or company. It is best to involve others in the strategy formulation and implementation so that people may work together towards the success of the industry, business, or company. People should strive to learn more about strategies before making a decision to use or apply them in their businesses.
Nielsen, N. (2017). Pfizer: A new mission in action. In Learning To Talk (pp. 242-255). Routledge.
Feldman, E. R. (2020). Corporate strategy: Past, present, and future. Strategic Management Review, 1(1), 179-206.
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David, F., & David, F. R. (2016). Strategic management: A competitive advantage approach, concepts and cases. Florence: Pearson–Prentice Hall.
Shen, Y. C., Chen, P. S., & Wang, C. H. (2016). A study of enterprise resource planning (ERP) system performance measurement using the quantitative balanced scorecard approach. Computers in Industry, 75, 127-139.