Using Freeman and TOPSIS models in formulation and prioritization corporate strategies: case of a power generation manufacturing firm
With the increasing complexity and emerging challenges in the competitive environment, organizations are facing more difficulties to survive. The recent global financial crisis folloed by the worst economic recession since the Second World War that forced even giant organization like Chrysler and General Motors to leave the market, suggests that firms’ survival remains the primary concern of top managers throughout the world. The study is mainly concerned with the formulating and prioritizing of strategies of a regional power generator manufacturing firm that is thought to have significance impact on its performance. Data for our survey research was collected from a population consisting of firm’s top and middle managers, as well as its customers and suppliers using a designed questionnaire and semi-structured interview.Data analysis using appropriate statistics resulted in fifteen grand strategies in line with the firm’s goals and vision. Suggested strategies were also nanlyzed utilizing TOPSIS Model to provide the firm with information on the priorities of the strategies. Detailed report of the existing situation and proposed strategies were provided to assist top management in their decision making in dealing with the increasing environmental uncertainty.