To: The Board of Directors

From: The Marketing Director

Subject: GLOBAL OPPORTUNIES TO ENHANCE PERFORMANCE AND COMPETITIVE POSITIONING

Date: 10th December, 2016

Introduction

The world has become a global village, where there is free transfer of capital, goods and services with
technology playing a key role in doing business. In this regard, it has become critical for organizations to
take advantage of it to gain a competitive edge.

This report seeks to digest how the organizational mission, vision, planning process as well as leadership
and culture supports global activates and recommend ways to improve performance and competitive
positioning.

Vision, Mission and Planning approach towards on Globalization

Mission statement defines the companys business, its objectives and its approach to reach those
objectives. A vision statement on the other hand, describes the desired future position of the company.

In an article presented in sparks business (oct.30.2013) the writer assets, that mission statement is as
key as your business plan and it reflects every facet of your business.

Jay Ebben (February2005) in an article Developing effective mission and vision statement also states i
that, mission should fit in with the vision of the company and address three key questions
What do we do to fulfilling a need
How we do it which addresses technical and operational aspects
For whom we do which is critical to help sharpen marketing efforts such as demographics,
customer groups and geographic.

More to the point, Jay Ebben further asserts that, the environment keeps on changing with new
opportunities and threat, and it is critical that organizations revisit the mission and vision statement
from time to time and modify where necessary.

This is relevant as the corporate planning dwells its direction form the mission and vision.
Without a clear mission and mission, the success of the company is compromised.

Globalization mainly driven by technology comes in many forms such as international investors and
stakeholders, new or cheaper skill sets new suppliers and customers among others.
According to Mojmir Mrark (2000) (Globalization: trends, Challenges and opportunities for countries in
transition) globalization , the process of integration of the countries in all the world is strongly
underway in all parts of the globe. And this is largely driven by the growth of technology, price and
Commented [EFA1]: This part is a bit disjointed. Please
trade liberalization deepening competition in national economies.
revise the language to make it more clear
 Other schools of thought such as in Globalization and International Trade refers globalization to the
growing interdependence of countries resulting from the increasing integration of trade, finance, people
and ideas in one global marketplace
(http://www.worldbank.org/depweb/beyond/beyondco/beg_12.pdf Commented [EFA2]: Put this in the reference section

VACs Vision is to be The preferred insurer fulfilling our customer needs and aspirations and Mission

is To offer financial security through innovative insurance solutions that delight our customers

The key aspirations here are to offer innovative insurance to customers and to be the preferred
insurer and this has over the years, driven it to where it is today.
In a bid to offer satisfaction to its customers, VAC constantly innovates with improved products and
processes to suit changing demands and needs.

Before giving the example, you can say something like the focus on innovation in the mission and vision
of the organization ensures that it can tap into skills and technology from sources outside Ghana and
then you give this example.Recently, VAC did a collaborative work with IT experts from India in setting
up and upgrading the software to run its operations, and for a period of time there was intensive
training and coaching in this regard as part of capacity building. To some extent, this impacted positively
with improved efficiency in serving clients better.
Within the same period, VAC partnered BUPA an international private health insurer as their local
service agency in bring a world class health insurance to the Ghanaian market as they travel outside the
country. This initiative has impacted positively in uplifting VACS image and giving it a global exposure. It
is no doubt that technology has been fundamental in aiding global business. The use of digital and social
media has enhanced ecommerce and customer relationship management and VAC operates in this
digital space with the introduction of its mobile app and E-insurance

While VACs mission and vision does not directly mention strategic intent of global opportunities, the
drive to innovation has been instrumental. In this vein VAC has been able to take innovative strides both Commented [EFA3]: Good point.
locally and internationally to put the organization in a good perspective .Nonetheless, with the surge of
technology and globalization in varied formats , there are more opportunities out there to be tapped to
enhance VACs performance and gain a more competitive advantage.

One of VACs main competitors Enterprise Insurance, recently partnered Sanlam, an international
insurer with the expectations of enhancing their operations and global business says the General
Manager. To the company, this partnership brings on board, opportunities for employees, infusion of
new ideas and skill as well as a strong financial buffer to make the company stay ahead of competition.
This clearly indicates some of the advantages associated with going global and how critical it is in todays
marketplace for growth and sustainability.

Planning Approach.

Planning is important in all aspects of human life to set the pace for what is to be achieved.
Strategic planning defines the path the organization wants to go whilst aligning it with mission, vision to
achieve the desired results.
 According to the Balanced Scorecard Institute,(1998-2016) on Strategic Planning Basis, Strategic
Planning is a disciplined effort that produces fundamental decisions and actions that shape and guide
what the organization is, who it serves, what is does ,why it does with a focus on the future.

The planning process ideally looks at the following stages as a road map to where the organization
wants to go.

Analyze Set Formulate Implement Monitor and

Environment Objectives Strategy strategy Evaluate

In a blog by Mark Rhodes (June,2010) Five-Essentials of an-Effective Strategy Commented [EFA4]: I think you need to reference more
academic sources
The author enumerates five essentials of strategic planning which is relevant and practicable in todays
competitive marketplace. This is highly recommended for VAC as it allows participation of key
stakeholders where members ideas are embraced and the flow of information is encouraged. Thus
global opportunities and threats can be spotted and further discussed to assist in the strategic plan.

Plans should be Understood and shared by the organization to help drive the flow of direction.
It should allow some level of flexibility, to allow changes pertaining in the environment so as to
take advantage of opportunities and ward off any threats.
Planning should also involve participation to tap ideas from various stakeholders and then
settling on the best that is in line with the overall mission and vision.
Analysis of the internal and external environment is key. This will help to detect the dynamics of
constant changes and the impact it may present. Self-analysis of the organization will help
leverage on strengths and counter any weakness.
The author further mentions identifying area of competitive advantage and harnessing it to
maintain the organizations strategic positioning.

Although planning approaches may not necessarily follow these steps in that orderly manner, the key
tenets in it are critical and relevant for organizational success.

The current planning approach by VAC does not follow any formal or documented methodology.
Planning is informal and mainly done by the Chief executive and as and when the situation demands a
few of the tops executives are involved. . Most ideas are put forth by the CEO thus staff participation is
not encouraged and to a large extent this flouts some of VAC s core values such as reward innovation
and productivity This could be dangerous for the fact that valuable ideas and information sharing
essential for global and growth opportunities in the marketplace could be missed. There have been
instances where projects solely developed by the Chief Executive have been unsuccessful and discarded
but were it subjected to some form of assessment, alternative ideas would have been spotted.

The Planning process is also flexible and strategic decisions have been made easily without any
hindrance. When all is set and done staffs are just instructed on what to do without obliging. Where Commented [EFA5]: This is not clear
such flexibility is good and allows for easy adaptation to trends in the environment, it has often been
abused at VAC and plans have changed within a short period of time. This has therefore created a bad
impression of indecision on managements part and caused confusion and a loss of direction to
employees.

In any human set up, communication is key and this is no different from corporate sectors.
Communication and feedback also plays a crucial role in strategic planning by sharing and making known
the course of direction. This drives focus and commitment which impacts positively on performance
achievements. Sadly, this has not been managed too well at VAC although the various tools for
communications are available. There have been instances where some employees have not even been
aware of new development such as a product enhancement or business partnerships that has taken
place.
All these points out that, the planning approach at VAC do not fully support global considerations and
good business opportunities may be missed.

In as much as the current approach has worked over the years, we should disagree with the assertion
that strategic planning is waste of time and resources and impedes flexibility. The advantages involved
with formal planning are gross and a global intent should conform to a well-defined strategic plan to
drive success. As cited in Michael Kotlers Principles of Marketing (1999.p95) formal planning yields
many benefits such as, encourages systematic thinking, leads to better coordination of company efforts
and provides a clearer performance standards for control.
You have to organize your points well to make it more clear and easy to read. Youve made some good
point but use paragraphs to make them clear.

RECOMMENDATION TO ASSESS GLOBAL OPORTUNITIES.

Market Research and Information Technology

Taking a global decision is not done in a day but based on a carefully planned strategic approach and key
factors herein are information and communication; Timely and accurate information to enable
organization make informed decisions.

Globalization although has its challenges such as political, cultural and social-economic factors in doing
business in the international context, organization cannot overrule its potential benefits.

Dr. Madsen Pirie (October 12, 2012) in a blog titled Ten very good thing 9: globalization) states that
Globalization gives us all access to each others special skill and product
He further mentions that, Globalization has created an efficient market where organizations would
have to innovate to be competitive and achieve profits, and increased competition means organization
must strive to offer value.

Market Research and Information Systems are critical factors to drive a company to achieve results as it
makes available information that aids the organization to make informed decisions.

By gathering information, VAC will be informed of new trends in the global markets, competition, global
industry insights and ways to approach such global opportunities or counter the problems or threats
thereof.
The research can be conducted in- house or outsourced to be carried out by a third party. Although the
services of consultants are relatively expensive, their expertise and level of independency with minimum
interference, enables them to present a detailed analysis and forecast.
However, it will also be important for VAC to create an enabling environment where information is
shared and not stifled. By so doing it will encourage staff to pick signal from the environment and feed
into the information systems. This will also encourage feedback and participation which will drive
members to be committed and share in the corporate values. You need to use a framework such as the
Balanced Score Card to answer this section. The content you have here is a bit shallow and does not fully
address the question.

Strategic Management Approach.

In addition to that, adopting a strategic management approach is a key to growth and future success.
The purpose of strategic management is for VAC to have a systematic approach to strategy and planning
that involves the responsibility of all into achieving results.
The institute of balanced scorecard Institute defines strategic management as The comprehensive
collection of ongoing activities and processes that organizations use to systematically coordinate and
align resources and actions
Strategic management is interactive and participatory and for VAC there is great advantage in to
leverage on inputs from its rich skilled workforce in taking global opportunities.

VAC prides itself in innovation and customer satisfaction and there is more to it in terms of taking
advantage of technology and globalization to position itself from the others.
Where companies have access to such information they are better able to match with organizational
strength and draw an appropriate strategy to take global opportunities.
Strategic global partnerships, access to foreign expertise will bring on board more innovative way,
capacity building and more to enhance customer delivery and satisfaction as well improve profitability. Commented [EFA6]: I do not understand the purpose of
this section.