Managing Strategic Resources & Operations For NMG Group

The Organization’s Value and Mission Statements and its Current Business Objectives

Discuss about the Managing Strategic Resources & Operations for NMG Group.

The NMG group plans on the introduction of a new white label investment fund. The investment fund in this case, would cover a large number of fields in this department. This is because, while other investment funds plan on the formation of individual investment plans along specific lines, the NMG group aims to bring all the fields under one umbrella. This is a major step towards innovation in this department since, it can help enhance the overall customer experience, and the other factors like ease of the customers in the access of various schemes would also be made easy under this scheme. The investment plans would thus aim at the formation of a scheme under which, the different aspects would be brought under a single roof. Also, this may help the company in the long run as it would also improve the public perception of the company. 

Strategic planning is extremely important for any organization and should be undertaken right at the time of the inception of the application of any new service or product by the organization. The importance of strategic planning lies in the fact that without a careful analysis of the steps that we need to undertake in order to make a project successful, we are in fact clueless as to how the new service is going to work. In the current case scenario, the white label investment fund scheme under the NMG group is something that is innovative in its outlook(Allison and Kaye, 2005). However, without a careful market research and an analysis of market trends, it is impossible to think of measures that could help the endeavor in being successful.  The market analysis would help us understand the trends in the market and an analysis of what really is missing in the market and what the customers really need. The strategic planning can thus help in the creation of decisions regarding which steps to tae and what gaps to fulfill in the market. It can thus help us in understanding whether the idea of a white label investment plan is supposed to meet all the needs in the market(Sherman, Sperry and Reese, 2003). A strategic planning further allows us to understand how to place the service in the market. This is important as it allows us to understand how the service is going to make its presence felt in the market. As a result, the service would gain visibility in the eyes of the potential customers and can then convey the aims and visions of the new scheme. Also, it would help us to understand how to create a product differentiation in the market. Without a product differentiation strategy, the customers would not be enticed into the scheme (Brown, 1990). The scheme is an unique idea in the current market scenario and it is where the scheme conveys to the customers about its utility and advantages over the other services that function in this department. Also, a strategic planning is extremely important in this case as an investment plan requires a significant amount of customer trust and that needs to be achieved if the plan is to be made successful (Zuckerman, 2005). The various aspects of the scheme including the marketing plan and the products differentiation strategy can only be created through the strategic planning that would be undertaken in this regard.

Importance of Strategic Planning

The names of the two kinds of sectors itself points out the differences between these sectors. Profit sectors are the ones that are involved in the generation of funds that are primarily directed towards personal gains and are not primarily directed towards social welfare. However, in case of a not for profit sector, the primary aim is to generate welfare of the public (Sherman, Sperry and Reese, 2003). However, there may also be aspects of generation of funds. But the basic differences between the generations of funds in this case and that in the case of profit sectors, the funds that are generated are for personal gains or for the gain of any group involved in the sector and its functioning (Fillis and Rentschler, 2006). In such a case, the differences between the two sectors are quite evident. Also, because of these differences, the not for profit sectors are exempted from the various tax issues. The government issues certain taxes on the profit generating sectors. Since the not for profit sectors are inclined towards the public welfare issues, the various taxes are also exempted for those sectors. The taxes are instead directed towards the profit organizations. However, in the case of a service such as the one concerned, there is a fine line between being projected as a profit or a non-profit organization. In such a case, the problem needs to be addressed. As to how the new service is to be projected in the market (Gru?nig, Ku?hn and Ku?hn, 2005). Since it is a service that involves a tremendous amount of customer trust and involvement, it should on no means project itself as a service that lies in the profit sector. The presence of the service in the not for profit sector would not only give the scheme in certain matters of tax exemptions and other fund management procedures, it would also help the company gain hold of the customer goodwill which would again help the company in the long run in case of other services as well.

The goals of the organization at the present must focus on providing the best quality service to its new customers that the organization aims to pull in by its innovative scheme of policies. Also, it is important to take note that the organization cannot at any cost; afford to lose out to its customers on the basis of issues of trust. The objectives of the organization at this stage should be clear. That is to say, the organization must portray itself as one that places public well being as its priority (Katsioloudes and Katsioloudes, 2006). The public perception of the company is one of those factors that would play an important decisive role in the fate and future direction of the company. As a result, the service in this department needs to be of the best quality and needs to be hassle free for the customers if it aims to succeed.

Differences in Approach Between Profit and not-for-Profit Sectors

An analysis of porter’s five forces for this organization reveals that the industry is indeed lucrative as the factors that decide it are indeed on the higher end of the scale. Also, when we analyze the factors in depth, we find out that the bargaining power of the suppliers is not one to be taken into account directly but it does have a certain level of impact on the industry. The bargaining power is quite high and that makes it one of the driving forces of this industry. The substitutes are also large in number and the threat of new entrants is constant. These two factors also explain why the bargaining power of the customers is also quite strong.

The political factors are an important one to take notice in this regard as the changing government and various political events would create an effect on the policies which would impact the investment industry on a large scale.

The economic factors are the most important to take note of because the entire sustenance of the company is dependent on the ability of the customers to spend their money. As a result, economic factors are always at play.

The social factors that are of importance here are the ones that decide how much the people are willing to spend and also to save. Since the investment funds are focused on the people’s need to save, the social factors are extremely important.

The technological factors that we need to take into account are the various new technologies and the means that have come to play in this industry. The utilization of the internet and other options would result in an increase in the customer base as it would result in easier access.

The environmental factors are not of much importance in this industry unless there are direct effects on any environmental factor.

The legal issues are something that an industry in this department needs to take note of at all times. The industry is related to money and the funds are completely those of the general public. As a result, any failure to meet the needs or perform accordingly would result in severe legal issues.

The external factor that is the most important in the functioning of this organization is the factor of public communication. Without a strategy of public communication, the organization won’t be able to reach out to the customers and convey what it has that differentiates it from the others. The service is in fact dependent largely on the number of customers that it can attract to its scheme (Kelly, 2006). However, if it remains unsuccessful in gaining market share and bringing in the customers, it won’t be able to keep up its place. Since the public connection is so important in this sphere, the factor needs to be taken into account whenever we decide on the analysis of the market situation. Also, the changes in the government policies and the changing customer preferences and expectations are supposed to create a huge difference in this organization and this service policy (Nguyen, 2012). Since the entire service is related to financial matters, the presence of the government policies is quite natural. Without a government approval, this particular service is impossible to create. As a result, the changes in the government policies are also supposed to create huge differences in the organization and its service.

Goals and Objectives for the Organization

The strengths of the organization lies in the fact that the new service is in one of those fields that has a continuous market presence. The new service can thus find its position in the market without much difficulty. Also, the strength lies in the fact that the service is one of a kind and would create a difference for a large number of customers.

The weakness of the firm is its late entry in the sphere. Also, the firm does not have the same kind of market presence or brand value as the other firms do. As a result, it would not be successful in immediately attracting customers as there are a large number of major players in this field.

The opportunities in this sphere are huge for the organization as this is an industry that always has a presence and a demand in the market. Also, it needs to be understood as financial matters are always a big concern in the modern society and that is what needs to be taken advantage of.

However, we need to understand that the organization faces a number of threats as there are a large number of competitors as well in this field. In such a case, the organization cannot make its presence felt if it does not create a differentiation in the matters of the products (Ritchie-Dunham and Rabbino, 2001).

As a result, the competitive position of the company is also to be noted for understanding the prospects of the organization in this sphere (Rothwell and Kazanas, 2003). The competitive position can be gained control of by creating a kind of service differentiation that allows gaining a market that is different from the others. In such a case, promoting the fact that the service is completely along a different line would help the organization gain a clear advantage.

References

Allison, M. and Kaye, J. (2005). Strategic planning for nonprofit organizations. Hoboken, N.J.: Wiley.

Brown, L. (1990). Competitive marketing strategy. 1st ed. Melbourne: Nelson.

Fillis, I. and Rentschler, R. (2006). Creative marketing. Basingstoke, Hampshire: Palgrave Macmillan.

Gru?nig, R., Ku?hn, R. and Ku?hn, R. (2005). Process-based strategic planning. Berlin: Springer.

Katsioloudes, M. and Katsioloudes, M. (2006). Strategic management. Burlington, MA: Elsevier Butterworth-Heinemann.

Kelly, A. (2006). Managing maintenance resources. Amsterdam: Butterworth-Heinemann.

Nguyen, T. (2012). Investing in the high yield municipal market. Hoboken, N.J.: Wiley.

Ritchie-Dunham, J. and Rabbino, H. (2001). Managing from clarity. Chichester: J. Wiley.

Rothwell, W. and Kazanas, H. (2003). Planning and managing human resources. Amherst, Mass.: HRD Press.

Sherman, S., Sperry, J. and Reese, S. (2003). The seven keys to managing strategic accounts. New York: McGraw-Hill.

Zuckerman, A. (2005). Healthcare strategic planning. Chicago, Ill.: Health Administration Press.