Week 6 Final Assignment - HISCO Summary Annual ReportPLEASE DO NOT SUBMIT A BID FOR THIS ASSIGNMENT IF YOU DO NOT HAVE EXPERIENCE WITH GRADUATE LEVEL WRITING TERMS AND CONCEPTS. ALL DIRECTIONS MUST BE

HISCO needs to make quality parts of its organizational culture. Other than implementing a quality management system (QMS) only, HISCO will ensure its entire team is on the same page on what it means by high-quality readers. Employees will be part of the development process and will be under a feedback loop that is connected to production (Bakotic & Rogošic, 2017). As the number of providers increases in the market, HISCO needs to sustain and improve its focus on quality.

According to (Chen, Liang, & Yao, 2017), there is a correlation between quality and profit. High- quality products that meet customers’ needs have the potential to offer higher profits as compared to low-quality products. HISCO needs to improve its return on investment at any given market share.

HISCO will work towards fewer defects in the manufacturing process and on the final products.

When HISCO’s readers fail in hospitals, there is a risk of high maintenance costs and a loss of market share. HISCO will work on improving its reader’s performance, features, and aesthetics as the product’s lifecycle continue to advance. These gradual improvements are expected to result in a larger market share through improved sales.

HISCO needs to minimize manufacturing costs as it works on balancing its manufacturing capacity and market outreach. The reduction of operation or production costs will be supported by improvements in sales and marketing efforts. HISCO will break down its value chain for easier cost evaluation. High priority will be placed on customers because they are the main sources of income.

HISCO will work on sustaining efforts geared towards maintaining high customer satisfaction.

Page 2 of 3 Student: Reginald Whimbush Aggressive customer service and reduced operation or production costs will enable HISCO to create value and gain a competitive advantage in the market.

SWOT Analysis Strengths 1.High manufacturing capacity. HISCO has invested in its manufacturing capacity to the point it can manufacture more readers that it can sell.

2.Excellent business environment. HISCO is operating in a business environment where there are opportunities and the completion to spur growth.

3.High-quality products. HISCO’s engineering capacity has enabled the company to manufacture readers of high quality in this initial phase of the product lifecycle.

Weaknesses 1.Excessive manufacturing capacity. HISCO is facing challenges sustaining its high manufacturing capacity under the current limited market penetration.

2.Limited fiscal resources for investment. HISCO recorded losses of $130,000 and used up all its cash reserves or cash-at-hand while to sustain its manufacturing capacity.

3.Limited marketing skills. HISCO has a good quality product but companies such as Matex outperform in marketing their products in the market.

Opportunities 1.Partnerships with hospitals. HISCO has an opportunity to partner with key hospitals to help improve its feedback loop.

2.High potential in the market. Hospitals are looking towards having nurses and physicians spend more time on patient care activities. HISCO has an opportunity to improve its sales by improving the quality of care.

Threats 1.Aggressive competitors. HICO is facing aggressive competition from Redex and Matex for the hospital market.

2.Similar products in the market. The aggressive competition has enabled HISCO’s competitors to Page 3 of 3 Student: Reginald Whimbush offer similar products to HISCO’s readers.

3.Limited credit line. HISCO has exhausted its credit line and this threatens its ability to invest towards offering high-quality products at attractive prices.