Description
Identifying the needs of an organization is commonly done because the global business environment is constantly changing. While it seems like a miniscule business administration task, it is actually an involved and detailed task that leads the way to change. By identifying the needs, managers at each level of the organization can analyze the strengths, weaknesses, opportunities, and threats (SWOT) to develop potential strategies that will best position the company to achieve its mission and goals in the changing global business environment.
Scenario
Congratulations! You’ve been hired as a general manager and tasked with proposing a plan that will update the alignment of the organization’s business strategies to address the impact of the changing global environment. This plan will be presented to C-suite employees in a few weeks. The first step to proposing a plan like this is to review the organization’s annual report and other documents then develop an organizational analysis.
Preparation
Use the organization and SWOT analysis you selected in Week 1 for this summative assessment.
Analyze your selected organization’s SWOT analysis and other available sources to evaluate the current business strategies and strategic needs of the organization within a changing global environment.
Determine a competitive business initiative that will address the unmet needs of the organization, based on your analysis
Assessment Deliverable
Write a 700- to 900 -word proposal that analyzes the current business strategies and the needs of the organization.
Include the following in your organizational analysis:
Name of organization and industry
Mission and vision
Current organizational initiatives and what’s being done to support these initiatives
Internal and external factors from SWOT analysis
Alignment evaluation
1 or more unmet needs that is not limited to product or service (e.g., can be new demographic, new mode of delivery)
Competitive advantages based on SWOT analysis
Proposal of global competitive business initiative to address the unmet need(s)
High-level outline with timelines and operational steps necessary to implement competitive business initiative
Format citations and references for any sources used according to APA guidelines.
I have attached the document that I previously worked on that has all the information on where you located the research.
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Pfizer’s Organizational Outline
Ivonne Fornells
University of Phoenix
MGT 526
Dr. David Rollins
2/26/2024
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Pfizer’s Organizational Outline
Name of Organization: Pfizer Inc.
Industry: Pharmaceutical
Brief History
The world’s largest pharmaceutical company, Pfizer Inc., is the inheritor of an
entrepreneurial tradition from 1849 when cousins Charles Pfizer and Charles F. Erhart founded
the business in Brooklyn, New York. At first, the company produced santonin, an antiparasitic
and citric acid, which became famous as a flavoring and preservative for food (Pharmaphorum,
2020). Yet, it had to wait for the 1940s to realize significant success by mass-producing the
world’s first antibiotic, penicillin. This opened the pharmaceutical industry’s doors for Pfizer and
made it a paramount leader in manufacturing antibiotics—something which would soon be a
facilitator of life-saving interventions at the peak of World War II and many years after that.
Over this period, Pfizer maintained its dynamic capacity and advanced with leading
solutions through strategic acquisitions and in-house research. Perhaps one of the more famous
drugs came in 1998 when the company launched its impotence drug known as Viagra. Soon
after, Viagra became a cultural phenomenon and was a blockbuster drug that made billions in
revenue for the company (Pharmaphorum, 2020). In addition, Pfizer’s innovative growth path
was further boosted by strategic mergers and acquisitions such as the landmark acquisition of
Wyeth in 2009. This deal, estimated at $68 billion, expanded their reach into biotechnology and
vaccines, thereby increasing the number of products through diversification; hence, the
organizational base is solidified. From these milestone developments and strategic moves, Pfizer
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has transformed from a small chemicals business to one of the world’s excellent, outstanding,
innovative research and development-based pharmaceutical companies.
Milestones
I.
Penicillin’s introduction: Pfizer was the first business to mass-produce penicillin in 1941.
This antibiotic transformed medicine and helped save countless lives during and after
World War II.
II.
Development of Viagra: In 1998, Pfizer unveiled Viagra, a ground-breaking treatment for
erectile dysfunction. The drug swiftly rose to the top of the global prescription list,
bringing in a sizable sum for the business.
III.
Purchase of Wyeth: In 2009, Pfizer paid over $68 billion to acquire Wyeth, a
pharmaceutical company well-known for its vaccines and biotechnology goods. This
acquisition helped Pfizer increase its product line and market share.
Resources for Company Information
I.
Official Pfizer Webpage: https://www.pfizer.com/
II.
Pfizer Annual Reports: Available on the investor relations section of the company’s
website and other financial news websites.
III.
Pharmaceutical Journals and Industry Publications: They could include Pharmaceutical
Technology, PharmaVOICE, or The Pharmaceutical Journal, which delve deeper into
how Pfizer leads through various exclusive business models, demographics, and
technology fronts.
Unique Opportunity for New Business
In the changing landscape of the pharmaceutical industry, Pfizer Inc. is at the threshold of
a game-changing entry into the arena of precision medicine. With more significant advancements
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in genomics, biotechnology, and data analysis, inclinations are toward tailored therapies that
would be developed concerning patients’ genetic composition and medical history (MarketLine,
2023). This can provide some windows of opportunity for Pfizer to innovate and be at the
forefront in developing drugs termed “precision medicines,” yielding significant benefits and
minor risks compared to the present model of one-size-fits-all therapies. Given its facilities,
engagements with academic centers, and collaborations with other biotech companies, Pfizer will
arguably be best positioned to lead significant change in patient treatment in many diseases.
Precision medicine is a paradigm shift from reactive medicine to one that is both
proactive and targeted. Sub-groups of patients likely to benefit most from specific treatments will
be identified by analyzing genetic markers and biomarkers; thus, these will be appropriately
diagnosed and treated with Pfizer. According to Sisodiya (2021), this leads to one-on-one
considerations that benefit patients’ outcomes and reduce health expenditure via diminishing
trial-and-error prescribing and hospitalization. Innovation and scientific excellence are embedded
in Pfizer’s DNA, making it an optimal candidate to take the helm in developing and
commercializing precision medicines that respond to unmet medical needs and improve the lives
of patients all over the world.
Besides, precision medicine reflects Pfizer’s core strategy: providing value-based
healthcare solutions relevant to changing consumers’ and healthcare practitioners’ needs. Precise
medicine-driven research and development investments will present opportunities for Pfizer to
outline its market positioning more distinctively than dozens of competitors and secure
competitive edges (Zanotto et al., 2021). In addition, the firm will be able to ensure an excellent
brand with a great reputation as a genuinely forward-looking and patient-centric company that
holds tremendous trust and loyalty from the stakeholders. In plunging into precision medicine,
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Pfizer opens its new revenue not just for purposes of what it seemed to rededicate itself to once
known for innovation and changing the future of healthcare.
Management Function
Pfizer should focus on precision medicine as a new business venture; nevertheless, it is
the function that entails the setting of goals, the identification of resources, and the outlines of
defined objectives. This venture requires extensive planning to ensure success, particularly in
using assets most effectively for research and development in precision medicine, in organizing
productive collaborations with academic and biotech institutions, and in navigating regulatory
hurdles with the development of new personalized drugs. Success planning will enable Pfizer to
align itself with strategic fit within the emerging trends in the healthcare business and maintain
the competitive edge within its fast-growing pharmaceutical industries.
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References
MarketLine. (2023). The company profile: Pfizer Inc.
Pharmaphorum. (2020). A history of Pfizer. Pharmaphorum. https://pharmaphorum.com/salesmarketing/a_history_of_pfizer
Sisodiya S. M. (2021). Precision medicine and therapies of the future. Epilepsia, 62 Suppl
2(Suppl 2), S90–S105. https://doi.org/10.1111/epi.16539
Zanotto, B. S., Etges, A. P. B. D. S., Marcolino, M. A. Z., & Polanczyk, C. A. (2021). ValueBased Healthcare Initiatives in Practice: A Systematic Review. Journal of healthcare
management / American College of Healthcare Executives, 66(5), 340–365.
https://doi.org/10.1097/JHM-D-20-00283
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