StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Problem Formulation and Identification Paper - Essay Example

Cite this document
Summary
has a flexible and practical mindset that made him a successful entrepreneur. His capacity to easily spot problems in a very objective and realistic light has made his company a powerhouse in US pharmaceutical…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97% of users find it useful
Problem Formulation and Identification Paper
Read Text Preview

Extract of sample "Problem Formulation and Identification Paper"

Allen Chao, the founder and CEO of Watson Pharmaceutical, Inc. has a flexible and practical mindset that made him a successful entrepreneur. His capacity to easily spot problems in a very objective and realistic light has made his company a powerhouse in US pharmaceutical industry. Watson’s first problem is how they enter the drug manufacturing market with a meager sum of money. Initially Chao had espoused a long-term goal of emulating its huge competitors, such as Searle, which developed and marketed its own drugs.

Upon knowing that this plan is improbable due to start-up financial constraints and approval difficulties from FDA, Chao faced reality; he opted to first enter the generic drug making industry where costs are lower and risks on FDA approval, lower. This decision was made after finding out in Chao’s research that though the generic drugs industry yielded lower margins compared to its branded counterpart they were able to gain handsome income. Watson’s finances were insufficient to operate the company in its early days.

With this problem, Chao had displayed another of his quality in solving the problem, by persistently finding a method that works. After failed attempts to acquire funding from banks and other orthodox financial sources, instead of he decided to tap the Taiwanese community in his area for monetary aid. With Chao’s leadership, the company was also able to point out alternative opportunities that could eventually solve its problem. Knowing that he cannot squarely compete, Watson seized the market niche where his competitors had dared not to tap because of low margin.

With the unique operating stratagem implemented by its founder and CEO, the company was able to capitalize on the territories that are untapped by its competitors in its early years to generate sales. By producing generic drugs these low margin niche drug markets, Watson Pharmaceuticals was able become pioneers in them.As profits went in, the company had again inked out another problem, how to make the company grow. This propelled them to product innovation, to improve the status quo by finding ideas that will make their products more effective and sellable.

Watson had successfully gained the exclusive right to produce additional 17 generic products. This surged Watson’s profits even further.Having sufficient money to expand further, Watson Pharmaceuticals acquired other pharmaceutical companies that will extend their market reach. The company was able to incorporate 9 subsidiaries to its empire. Watson Pharmaceutical, Inc is led by a genuine entrepreneur who sees problem as an opportunity to expand and to grow. Chao’s ability to be very objective and realistic to the problems he faced and his passion to look for opportunities for putting his company to a position of power and advantage is his strength.

His pioneering tactic of tapping the previously deserted market niche has boosted the company’s profits and popularity. However, for me, its aggressiveness to expand by business acquisition is a weak point. It subjects Chao in a position where he is acquiring an environment different from his own established and effective one. He should have extended his corporation’s operations than clashing to a company espousing a different management culture from his. For me, Chao’s objective, realistic, and practical way of identifying and handling problems in his organization is the most favorable aspect in his problem identification method.

Instead of simplifying or complicating his method in finding problems, he used reality as his guide to spot a problem and to eventually turn it into a solution. ReferencesAbout Us: CEO Message (n.d.). Retrieved February 24, 2007, from http://www.watsonpharm.com/about/ceo.asp.About Us: Vision, Mission, Core Values (n.d.). Retrieved February 24, 2007, from http://www.watsonpharm.com/about/mission.asp.Watson Pharmaceuticals, Inc. (n.d.). Retrieved February 24, 2007, from http://www.fundinguniverse.

com/company-histories/Watson-Pharmaceuticals-Inc-Company-History.html

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Problem Formulation and Identification Paper Essay - 1”, n.d.)
Problem Formulation and Identification Paper Essay - 1. Retrieved from https://studentshare.org/miscellaneous/1539482-problem-formulation-and-identification-paper
(Problem Formulation and Identification Paper Essay - 1)
Problem Formulation and Identification Paper Essay - 1. https://studentshare.org/miscellaneous/1539482-problem-formulation-and-identification-paper.
“Problem Formulation and Identification Paper Essay - 1”, n.d. https://studentshare.org/miscellaneous/1539482-problem-formulation-and-identification-paper.
  • Cited: 0 times

CHECK THESE SAMPLES OF Problem Formulation and Identification Paper

Quality Management - Group Work

The following paper is my reflection of the group-work.... It begins from the initial preparation, through the group process up to compilation of the final paper.... The actual group process began by identification of the task to be undertaken.... However, my main task in the group was formulation of a quality assessment diagram which would be used to track progress of the proposed management strategy.... I was very pleased by the problem solving techniques used by the group....
3 Pages (750 words) Research Paper

Practical Dementia Care

She weighs 45 kilograms and has paper thin skin.... Alteration of protective mechanisms related to malnutrition as evidenced by paper thin skin and recurrence of urinary tract infection.... Risk of injury to skin related to malnutrition as demonstrated by emaciated appearance and paper-thin skin....
6 Pages (1500 words) Research Paper

What Entails a Successful Research Project

To ensure correctness in the research being undertaken there needs to be correctly laid procedures and identification of the project's objectives.... This paper looks at the identification of clear objectives as being the most important success criteria in the undertaking of research projects.... The paper entails a critical literature review on the selected topic.... In the same way, the successful undertaking of any research project requires the prior identification of the research aims and objectives....
9 Pages (2250 words) Term Paper

Teaching Relative Clauses to ESL Learners

The paper analyses the importance of the relative clause as one of the essential linguistic phenomenon.... The paper examines relative clause with respect to the English language learners.... The paper aims at examining the problems faced by the language learners.... Moreover, proper identification of the error is also essential for the teachers to recognize the measures to solve the issue in the context of learning relative clause....
16 Pages (4000 words) Research Paper

Evaluating Methods on the Basis of NIMSAD

This paper discusses the NIMSAD framework and its subsequent application in comparing and contrasting two system methodologies- SSADM (Structured Systems Analysis and Design Methodology) and SSM (Soft Systems Methodology).... hellip; NIMSAD (Normative Information Model-based Systems Analysis and Design) is a reflective and problem-based framework meant to evaluate system design and analysis methodologies.... The factors which govern the context and perception of the problem situation are covered under this element of the framework....
12 Pages (3000 words) Term Paper

A Vital Role of Science

The author of the following paper under the title 'A Vital Role of Science' presents Science compounded with technology which has profoundly impacted human life.... This paper depicts some of the techniques adopted by the institute in relation to research and operations....
8 Pages (2000 words) Term Paper

Early Leader of Family Therapy: Cloe Madanes

This paper discusses the contributions of Cloe Madanes in the subject of family therapy as an early leader in family therapy.... nbsp; … Change in therapy is a significantly important aspect as it contributes towards the development of new behavior while shedding off the problem-associated symptoms that contribute to family conflicts.... nbsp;   As it is common with many thoughts of family therapy, ideally, the involvement of families in providing solutions to different problems is indeed an important aspect, regardless of the origin of the problem or the involved party in the family or an individual....
5 Pages (1250 words) Term Paper

Influence of Culture on Public Policy

The paper "Influence of Culture on Public Policy" focuses on the analysis of various concepts involved and the theoretical aspects of the proposed research topic.... It also provides an introduction to some of the leading literature that can be of help in describing this interaction....
10 Pages (2500 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us