Firm Research and Bid Strategy Essay
Firm Research and Bid Strategy
What truly distinguishes HA Corporation from our competitors is our commitment to building strong bonds with our loyal consumer base. Throughout the nation, and soon the world, our customers trust HA to make their lives easier. Everything we do contributes to building unmatched levels of loyalty to our brands through lifelong relationships with our customers. We are committed focusing on innovation; cost productivity, product quality and consumer value. We continue to improve our global operating platform to ensure we are the best-cost and best-quality appliance manufacturer worldwide. Our supply chain has been transformed to better deliver products to trade customers and consumers.
And we are seeing the benefits of these actions today through a stronger network, increased efficiencies and timely deliveries. Our focus now, and in the future, is on more than just creating great products. We’re focused on maximizing the benefits of our worldwide network of resources, which is unmatched in the industry. We’re creating better, more innovative products that improve consumers’ lives—in and around the home—each and every day. And we’re committed to being an agile, global consumer products company that creates value through our inventory and innovations. We know that our compelling and growing brands, fueled with innovation, attract and retain loyal customers for life. With HA’s movement into the international markets, we have prioritized our bid strategies. The following explains our strategy:
i.Bid selectively. The company should avoid rushing for each and every opportunity that comes up. First, we will review the contract documentation, request any clarifications, and finally establish whether there exists a match with any of our company’s capabilities. A bidding evaluation form would be generated for all explored solicitations (McVay, 1987). ii.Establish a detailed procedure of estimating checks and possible balances in a way that all important steps and due diligence is observed. iii.Obtain a collection of price quotations from various qualified contractors and subcontractors. It is also important that pertinent details regarding accuracy of prices are fully disclosed. Ensuring that there is enough time to find various elements that could impact a project and also the company’s performance is paramount. iv. Determine company profit margins/risk levels are relevant and necessary to the project.
v. Develop a filing system where all completed (successful or unsuccessful) bids are filed for future use and record. Referencing past contract summaries and bids will be useful in future bid proposals. A key point to consider during project selection is the overall corporate revenue potential. A revenue risk analysis would validates the company’s corporate forecasts and at the same time points out areas that possess the biggest risks. Areas that appear very lucrative on paper can actually be contributing the most to reduced revenues due to uncertainty (McVay, 1987). Accounting for the probability of success is essential in the evaluation of a portfolio’s revenue capacity. Assessing the impact on the portfolio of improving the chance of a successful project bid provides a significant competitive advantage. It allows a company to consider withholding bids on projects that could have a major impact on corporate forecasts if lost or unprofitable.
As part of the bid delivery, the determination of liability and risk exposure drives the decision making process about the type of contract to enter into—both between owner and contractor or contractor and subcontractor. Performing a risk analysis will provide insight into the types of work that carry such a liability; and therefore support a decision regarding the bid or contract type. Winning a project is essentially a liability to a company until the point of successful completion, and it is handed over to the client. The more lucrative the project, the higher the stakes and risk, the more potential in financial gain. By examining its ability to execute according to plan, a company lessens its chances of taking on a project that would actually be likely to fail (McVay, 1987).
Subject: Decision making,
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 27 September 2016
Let us write you a custom essay sample on Firm Research and Bid Strategy
for only $16.38 $13.9/page