Decision Making and Strategy Analysis of Beximco Pharmaceuticals

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Decision Making Process:

- Identifying a Problem: Beximco Pharmaceuticals review their performance frequently and if there is any discrepancy between an existing and a desired condition they identify it.

- Identifying Decision Criteria: After identifying the problem they identify different criteria for making the decision. They have different criteria for decisions of domestic and international market since they plan differently for local market and abroad.

- Allocating weights to the Criteria: As their resources are limited they prioritize the criteria for making decisions so that they do not take decisions based on factors that are less important so that the main factors are not left out.

- Developing Alternatives: As they cannot evaluate all the alternatives which would be too costly, Beximco Pharmaceuticals always make a list of 3-5 best alternatives before taking a decision.

- Analyzing Alternatives: They gather as much as information they can get before making any decision. They analyze the outcome of every alternative so that they have a clear idea about what they are choosing to do.

- Selecting an Alternative: After analyzing all the alternatives they make a decision about what is best for the company.

- Implementing the Alternative: Before putting the decision into action they let all the people know about the decision who will be affected by it. They also enquire if the decision will serve their best interests or whether they need to reconsider the decision.

- Evaluating the result: After the decision is put into action they do not just hope that the decision is right. Instead, they monitor the effects of the decision and make sure that they were right. If the decision doesn’t serve the purpose they start the whole process over and try to find out what went wrong.

Conclusion

Beximco Pharma has been successfully operating, growing and the company is committed to stay ahead of others in the industry. In terms of financial performance, the revenues, the profits and earnings per share of the company has increased by more than 10% compared to the previous period. Clearly the company's strategies and planning they have are effective. The company has been successfully taking advantages of its strengths and opportunities as well as handling its weaknesses at the same time. The evaluation of the strategies reveals that the company has an excellent management practice and is able to solve all its problems by implementing the strategies required.

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