The document is a QSPM matrix that evaluates three strategies for the Hershey company: 1) Increase training and benefits to improve employee morale and reduce turnover, 2) Increase marketing through new products and innovation to attract consumers, 3) Increase research and development spending to improve competitiveness. Each strategy is scored on its impact on the company's strengths, weaknesses, and opportunities. The top strategy focuses on improving employee retention and morale.
The document is a QSPM matrix that evaluates three strategies for the Hershey company: 1) Increase training and benefits to improve employee morale and reduce turnover, 2) Increase marketing through new products and innovation to attract consumers, 3) Increase research and development spending to improve competitiveness. Each strategy is scored on its impact on the company's strengths, weaknesses, and opportunities. The top strategy focuses on improving employee retention and morale.
The document is a QSPM matrix that evaluates three strategies for the Hershey company: 1) Increase training and benefits to improve employee morale and reduce turnover, 2) Increase marketing through new products and innovation to attract consumers, 3) Increase research and development spending to improve competitiveness. Each strategy is scored on its impact on the company's strengths, weaknesses, and opportunities. The top strategy focuses on improving employee retention and morale.
The document is a QSPM matrix that evaluates three strategies for the Hershey company: 1) Increase training and benefits to improve employee morale and reduce turnover, 2) Increase marketing through new products and innovation to attract consumers, 3) Increase research and development spending to improve competitiveness. Each strategy is scored on its impact on the company's strengths, weaknesses, and opportunities. The top strategy focuses on improving employee retention and morale.
Increase training, provide incentive packages and benefits
Increase marketing with diversity of products and product Increase spending on research and development to enable Hershey to employees to reduce turnover and improve work innovation to attract consumers to spend to better compete with competition morale. Strengths Weight AS TAS AS TAS AS TAS 1 Brand name recognition 0,09 4 0,36 2 0,18 3 0,27 2 Diversity of products 0,05 4 0,20 0 0,00 3 0,15 3 Strong partnerships 0,04 2 0,08 3 0,12 4 0,16 4 Own R&D and external 0,04 3 0,12 2 0,08 4 0,16 5 Social responsibility 0,05 2 0,10 4 0,20 3 0,15 6 Environmental sustainability 0,05 2 0,10 4 0,20 3 0,15 7 Amusement park 0,06 1 0,06 0 0,00 3 0,18 8 Product innovation 0,06 4 0,24 2 0,12 3 0,18 9 Strong distribuition network 0,04 4 0,16 1 0,04 2 0,08 10 Customer satisfaction 0,06 4 0,24 2 0,12 3 0,18
Increase training, provide incentive packages and benefits
Increase marketing with diversity of products and product Increase spending on research and development to enable Hershey to employees to reduce turnover and improve work innovation to attract consumers to spend to better compete with competition morale. Weaknesses Weight AS TAS AS TAS AS TAS 1 Dowsizing 0,08 2 0,16 4 0,32 1 0,08 2 High long-term debt 0,10 2 0,20 3 0,30 1 0,10 3 Tumultuous relationships with shareholders 0,06 2 0,12 1 0,06 3 0,18 4 Brand loyalty 0,05 4 0,20 1 0,05 3 0,15 5 Outsourcing to reduce costs 0,04 4 0,16 3 0,12 2 0,08 6 Innefective communication 0,04 3 0,12 4 0,16 1 0,04 7 A lot of inventory 0,03 1 0,03 4 0,12 0 0,00 8 Finalcial planning 0,04 4 0,16 3 0,12 2 0,08 9 High attraction rate in workforce 0,03 2 0,06 4 0,12 1 0,03 10 Selling proposition is not clearly defined 0,03 3 0,09 4 0,12 2 0,06
Increase training, provide incentive packages and benefits
Increase marketing with diversity of products and product Increase spending on research and development to enable Hershey to employees to reduce turnover and improve work innovation to attract consumers to spend to better compete with competition morale. Opportunities Weight AS TAS AS TAS AS TAS 1 Expand their presence online 0,05 4 0,20 2 0,10 3 0,15 2 Opening online stores and marketing sells through these 0,04 4 0,16 2 0,08 3 0,12 3 Use social media to promote their products 0,06 4 0,24 2 0,12 3 0,18 4 Operations can be automated to reduce costs 0,05 2 0,10 4 0,20 3 0,15 5 Trade barriers have reduced on the import of goods 0,05 3 0,15 0 0,00 3 0,15 6 New niche markets have opened up 0,07 3 0,21 2 0,14 4 0,28 7 Hershey is able to hire skill workers 0,05 2 0,10 4 0,20 1 0,05 8 Growth in environmentally friendly products and services 0,04 3 0,12 1 0,04 4 0,16 9 Interest rates are low which provides and investment opportunity for large projects 0,05 2 0,10 1 0,05 3 0,15 10 Growth in tourism is beneficial for Hesheys 0,04 1 0,04 2 0,08 3 0,12
Increase training, provide incentive packages and benefits
Increase marketing with diversity of products and product Increase spending on research and development to enable Hershey to employees to reduce turnover and improve work innovation to attract consumers to spend to better compete with competition morale. Threats Weight AS TAS AS TAS AS TAS 1 Cost of inputs are increasing 0,06 4 0,24 1 0,06 3 0,18 2 New entrants in the market 0,04 3 0,12 2 0,08 4 0,16 3 Exchange rate has been devalued 0,04 3 0,12 1 0,04 4 0,16 4 Consumer tastes had been changing 0,06 4 0,24 2 0,12 3 0,18 5 Increasing competition 0,05 3 0,15 2 0,10 4 0,20 6 Substitute products are increasing 0,04 4 0,16 2 0,08 3 0,12 7 New techonologies in competitors 0,06 3 0,18 2 0,12 4 0,24 8 Rice in prices of fuel 0,04 2 0,08 0 0,00 3 0,12 9 Competitions has a good communication between areas 0,06 2 0,12 3 0,18 4 0,24 10 Changing consumer buying behavior 0,05 3 0,15 1 0,05 4 0,20 TOTALS 5,94 3,56 5,77
Recommendations: 1. As we said before, Hesheys must focus on aggressive strategies. That's why from the QSPM, we concluded that it should focus on aggressive marketing strategies where it will try to reach new markets through product diversity and product innovation. Likewise, investment will be made in marketing to induce consumers to spend. 2.On the other hand, we can realize that strategy 3, where we want to invest in R&D to be able to compete better with other companies, must have a lot to do with the first strategy since from R&D we can obtain information on how to innovate our products but in addition to this, we can see what consumers really want and how they want to o see it reflected in advertising. This is why we recommend that these two strategies are closely related.
