The present report provided the impact of Strategic Management Information System on the company called Smith Robertson Company limited where the analysis of the company's current situation was derived to suggest fruitful recommendations and ideas set up the industry as one of the toughest competitors in the pharmaceutical and personal care industry. The alliance and the other companies associated with the Smith Robertson Company Limited is analysed to understand the functioning and the strategies adopted by the company. The report provided suggestions and recommendation to improve the relationship and market of Smith Robertson Company limited with respect to supply chain, procurement process and inventory process considering the methodology and application of strategic management information system.
Table of Contents
Organisation Structure and Business Profile of Smith Robertson & Company Limited.
Relationship analysis of Smith Robertson with Agostini Marketing & Super Pharm..
Businesscommunity such as Massy Stores and their role for Smith Robertson and Company Limited
Market (size, demographics & behaviour) for Smith Robertson Company Limited.
Targeted Audience for Pharmaceutical Industry.
Analysis of the Retail customers who purchase directly from Smith Robertson and Company Limited
Cosmetic and Variety stores.
Doctors/ Medical Practitioners.
Small shops and parlours.
Private hospitals and institutions.
Demographic variables and behaviour concerning the Products of the comapny.
Level of income.
Level of education.
Market & Product trends in Personal Skin Care & Pharmaceutical Industry.
Current Strategic Information System of Company & its Effectiveness.
Innovative and newproducts.
Channelizing the products with the assistance of stores and malls.
Collection of data of the company annually.
Business Plan for SR & Co.
PESTEL Analysis for Smith Robertson & Company Limited & respective information strategy (IS) to tackle them..
How to fill these gaps with SMIS: Wining Strategy over the Competitors of SR & Co.
Framework for SMIS for SR & Co.
SWOT Analysis of Smith Robertson Company Limited.
Expansion of SWOT Analysis of SR & Co. with SMIS: The Way Forward.
UniqueProduct and services.
Project enhancement or market enhancement.
‘What If’ Scenarios and Contingency Plans for Company.
Steps for Enhancing the performance of the supply chain & procurement processes of the Industry
Suggestions regarding the enhancement of retail & wholesale customer loyalty.
Educating the customer.
Collaborate with the consumer.
Encourage and Appreciate.
Every industry is facing several challenges to compete and intact their position of leader in the market and among the consumers. Various strategies have been proposed to utilize the funds, resources and manpower of the industry to develop goodwill and brand image of the company along with a profitable turnover to set up their global position in the global market. Strategic Management Information System (SMIS) is a system which provides the companies to enhance competitive advantages by analysing and processing the data and modifying the structure of how business functions (Rubel, Kashem & Sultana. 2014). In the present report, the strategic management information system and its impact on the company called Smith Robertson & Company Limited (SR & Co.) will be analysed and presented with all the conclusive reports. The company called Smith Robertson & Company Limited, located in San Juan, Trinidad and Tobago is quite a big name in the wholesale industry of pharmaceuticals and personal care. With a family of employees consisting of a figure of 2,852 in 13 companies, situated in different locations, is generating $264.62 million in sales (USD) (Dun and Bradstreet 2020). The report will be scrutinizing the present strategic information management system used by the company and its shortcomings with close observation of the market and demographic factors affecting this industry. The recommendations and suggestion with respect to the implementation of the strategic information management system will also be provided in the report for better planning and competitive advantage of the Smith Robertson and Company Limited.
Initially, the company was in the indenting business but later when it got acquired by Victor E. Mouttet Limited, the company narrowed down its focus to Pharmaceutical and personal care products. Ultimately the company got acquired by Agostini’s Limited and now the company is functioning within the amalgamation of Agostini’s Limited (Smith Robertson 2020). The company, founded in 1894, is currently functioning under the amalgamation original company with Hand Arnold Pharmaceutical, Vemco Pharmaceutical division, and Agostini Pharmaceutical (Agostini’s Limited Annual Report 2019).
Despite the loss from the competitor Petrotrin employee medical program, Smith Robertson has been successful in the year to get into the private market and beat all the odds with the assistance of Vemco Group which invested heavily into Smith Robertson and the company to expand the distribution and marketing capabilities of the company (Annual Report 2020).
Super Pharm is the chain of retail pharmacies which has been under the Agostini’s Limited along with Smith Robertson and Company limited when it was sold in 2010 by Victor E Mouttet Limited. Agostini pharmaceuticals work in merged bond with Smith Robertson and company Limited in the pharmaceutical industry where the role of distributor of pharmaceutical is given to Smith Robertson & Company Limited and Super Pharm is the retailer of pharmaceuticals and convivence by the Agostini’s Group (Victor E Mouttet Limited 2020). They are interlinked and interdependent on each other and is sharing a healthy relationship to penetrate the market and have dominance in the pharmaceutical and personal care products industry.
Although the structure of Super Pharm has not changed much after the takeover it has contributed to this retailer and bought advantages and business for both the companies (T&T Guardian 2011).
With the brand image of being a leading supermarket chain in Trinidad and Tobago, the Massy store has been successfully providing business to the Smith Robertson and Company Limited along with other distributors (Massy Stores 2020). Although, there has been some fall in the business of Massy stores the store is considering all the strategies mentioned in the Annual Report of Agostini's Group in 2019 to enhance the market and position of Massy stores in Trinidad and Tobago (T&T Guardian 2020).
As quoted by Feki (2005), the healthcare market is quite different from any other market as the consumers stand in the demand side of the market and are relevant to include the healthcare payers in this industry (Dickov et al 2011). The pharmaceutical industry has the patient as the final consumer and it requires the consideration of various factors to ensure the market and growth of the pharmaceutical company. The structural and quantitative changes in the demographic environment are directly related to the potential of the pharmaceutical industry and its likely growth in the chosen market.
The targeted audiences for the pharmaceutical industry are the physicians, final consumers and organisations. These customers and their choices have a great impact on distributors like Smith Robertson and company limited.
One of the retail customers of Smith Robertson and company limited which purchase from them directly and is contributing to the success of this company is the chain of pharmacies which are widespread in the T&T region.
Cosmetic and Variety stores
The cosmetic and Variety stores play another significant role as a retailer providing business and purchasing directly from the company. These stores provide better ideas and strategies if observed closely regarding the demand and sale.
Doctors/ Medical Practitioners
Another direct retail customer for the company is doctors. They play an important role in describing and providing pharmaceutical products which are distributed to the channel of this company. Few of the medical practitioners are not direct retail customers but are buying the pharmaceuticals distributed through the chain of Smith Robertson and Company Limited only.
Small shops and parlours
With respect the personal care product, small shops and parlours are one of the direct retail customers who contribute in providing business to Smith Robertson and the company limited and also provide the local marketing tips and trends which have been flourished in the region.
Private hospitals and institutions
Private hospitals and institutions are other retail customers of pharmaceutical products distributor through the Robertson and company limited.
Supermarkets and stores like message stores are the legal customers who play a major role in contributing and providing business to the Smith Robertson and the company limited where the pharmaceutical, as well as the personal care products, are distributed by the company and brought by the consumers. Example: Massy Stores
Membership clubs are retail customers directly involved with company where the comapnay provide pharmaceutical as well as personal care products in the T&T region.
Segmenting the population based on gender helps in targeting the audiences.
The age factor in demographic variables provides different segments to be targeted concerning the requirements and trends among the targeted audience
Level of income
The different level of income leads to a different level of references for the targeted audience. Although some experts believe that income is not available demographic factor when it comes to personal care products (Natural Products Insider 2017).
Level of education
The other significant democratic factor which is considered while devising a marketing strategy for personal care industry is the level of education. Although there are some controversies prevailed in this particular demographic factor.
The strategic management information system applied by the Smith Robertson & Company Limited composed of the following steps:
One of the strategies of this company is having the alliance and merger with another big company called Agostini’s Group which has made a significant contribution in increasing the business of the company (Agostini’s Limited Annual Report 2019).
The other relevant IS strategy adopted by SR &Co. is to launch innovative and unique products which lead to capturing the market and beating the competitors of the industry (Pharma World 2020). Various new products have been launched by SR &Co includes Revlon Mascara Collection, Aquafresh Complete Care Toothpaste, etc (Smith Robertson & Co. 2020).
Another significant IS strategy of the company is to distribute the products, whether personal care or pharmaceutical, with the assistance of stores like Massy and malls along with retailers like super Pharm. This IS strategy ensures the reach of the products to local customers as well resulting in customer loyalty and market expansion.
This strategy ensures the tracking of the growth, weakness and turnovers of the company which also suggests the current trend and the areas which should be addressed by the company with the help of SMIS (Planning Tank 2020).
The company faces in the nation high rate of crime and corruption amid stable and functioning democratic system. The company can analyse all the government policies to ensure the utilization of favorable policies for the dominance in the market
The country has a high- income developed country with a GDP per capita of over US$15,700 (Export. Gov 2020) with an annual GDP of Trinidad and Tobago US$22 billion which is an opportunity for the company as swell.
Though, the slow eeconomic growth (2020 Index of Economic Freedom 2020) of the nation can hinder the development of company as well. The company ahs to devise an economic policy which is best suitable amid the currents status of the nation.
Th uunemployment rate of 2.8% of the nation is also an opportunity which should be utilised with SMIS by the company.
The ppopulation of 1.367 million estimated in 2016 and expected 1.406 million till 2022 (Digital Journal 2020) is the figure for the nation which suggest that the company has a great market to expand and big audience to target. The company need to collect data of the population, age, gender and frame the vision and mission of the company in that regard only. The Different cultures and races in population is also an opportunity which can be productive with application of SMIS.
The nation requires ttechnological advancement as well as iimprovement of e- government and e- payment (Oxford Business Group 2020). This is considering factor for the company and with proper information system it can be availed. The company should create a chain of companies associated with them and analyse all the data to gather information and ensure the local stores and malls are their customers.
The other challenge is Infrastructure for internet connectivity and this can be improvised when the company devise mechanism with the help of SMIS which can fairly handle these crises.
The legal factors of the nation concerned with company are independent Judicial system, high rate of crime and inefficiency in curbing crime and corruption.
To tackle these challenges, the information system can be picked and an overview of all the concerned regulations and laws are to provided and implemented to redefine the objectives of the company (Alsurori & Salim 2011).
The negative impact of business development, trade surplus in hydrocarbon and petrochemical products and potential in tourism industry are the factors of environment in PESTEL analysis for the SR &Co.
The company should focus on eco friendly products developed with eco-friendly techniques which can help in the development of business certainly. The potential of tourism industry suggests better business for the company here.
Systematic collection of data: The first factor of pharmaceutical management information system requires the collection of the data which is generated by the pharmaceutical management operations. The processing of this data will provide the information with respect to planning activities, allocating resource, monitoring and evaluating pharmaceutical management information and estimating the demand of the pharmaceutical products (MSH 2020). This work well for the personal care industry as well.
Digital Information Technology: The information system can be utilised together and harness the digital health technology, user-friendly data system, for the customers which will help in enhancing the business of the company (Zwass 2017).
Better understanding of demand and sale: The SMIS emphasis on the timely, accurate unreliable data which should be analysed for better understanding of the demand and sale of the products of the company. The strategic information system will also assist the different alliances of the company do tackle the issues and take the required steps to ensure the dominance on the market.
The company need to propose a frame work which includes the following to win the market and lead the competition with an analysis of the current status of the company (Karimi 2015):
· Strong sale and distribution channel
· Strong R & D department for products
· Amalgamation and operation under big brands
· New products launched to expand the market (Smith Robertson 2020)
· The largest distributor in the country
· Reduced government spending (Agostini’s Limited Annual Report 2019)
· History of being subjected to debts (Wise 2010)
· High demands in the pharmaceutical and personal care products
· Strategic expansion with the instrument of acquisition and amalgamation
· Increasing awareness and demand for healthcare and personal care products in the nation
· Intense competition in the industry (Agostini’s Limited Annual Report 2019)
· Price control
· Generic products
There are various steps provided in the Strategic Management Information System to cope up and address the weakness and threats of the company while considering the strength and opportunities of company (Altaf & Khalil 2016).
The SMIS which should be applied in the case of Smith Robertson & Company with respect to its SWOT analysis are as follows:
Cost Reduction is one of the significant factors to gain competitive advantages over the others using the application of Strategic Management Information System. As per Portar and Millar (1996), strategic information management system provides research that suggests reducing the cost of the communication process and the theme of the business to enhance the market and are the threats and weaknesses of the organisation.
The company need to devise such resources and technology which can help in reduction of the cost and expansion of market with the production of high-quality products. The SMIS suggest to analyse the data concerning resources, their utilization, manpower and related and develop agenda accordingly in this manner.
As per Portal, another step in the strategic management information system is to create barriers for the new entrants who find the industry attractive and profitable as they can be a major threat for the companies or distributors who are leading the market. One way of SMIS to ensure the barriers to entry is to have technologies and competencies which may be expensive and difficult to handle for others and the grade of sustainable competitive advantage for the one company over the other competitors. One such example can be supply chain management system of Dell in which they indulge the Just In Time Inventory system in order to eliminate any middlemen from the distribution channel and save inventory cost and other commissions that may be used in the technology.
Another step provided by strategic management information system is to develop unique product and services which are having a goodwill and brand image that cannot be beaten easily by other competitors. Using advanced information technology, organisations can experiment with new products and services to create unique product and services and ensure their dominance in the market.
Differentiation is another significant state in this regard and it is not only relevant in respect to the price but is also relevant with respect to the innovation and the customer services provided by the company. these factors are likely to enhance the marketing and profitability of the organisation if they are interlinked with information technology and are analysed and scrutinised regularly with the assistance of statistics and data.
Project enhancement or market enhancement is another step in this strategic management information system which suggests that the inclusion of technology and strategies can be fruitful for expanding the product quality or capturing the market for the product.
Lastly, creating alliances is considered to be one of the best steps to ensure that the weakness and threats of the company can be resolved and analysed to create profits and turnover only. The alliance of Robertson and Company limited with Agostini's group is one of the significant examples which suggests that alliance can be effective for the company to enhance their market and their growth.
The report suggests that the Smith Robertson and Company Limited is working progressively with their existing strategic management information system but there are various suggestions and recommendations which can be applied considering the nature of the company and the alliance chosen to enhance the market and develop strategies which will ensure the dominance. The Report has provided the strength and weakness and the PESTEL analysis of the company along with all the steps to be taken under the strategic management information system.
The recommendations to improve the present strategy of Smith Robertson and Company Limited with respect SMIS are provided hereinafter.
There are various steps which can be used to ensure the enhancement of the performance of the supply chain & procurement processes of the Industry (European Pharmaceutical Manufacturer 2019).
The digital business network is one of the significant models which can be used and applied to ensure the enhancement of performance of supply chain & procurement processes of the Industry. The older model does not work effectively as the technology has improved and this Strategic Management Information System.
Analysing the manufacturing process and ensuring better services with good practice can be a better approach towards ensuring the free flow of supply chain and procurement process of the industry.
Having an end to end traceability is another factor which can prove very effective for the company to ensure that the chain of supply and procurement process of the industry is met with an effective mechanism and bring fortune and market for the company.
The information Strategy suggests three steps in order to enhance retail and wholesale customer loyalty.
Educating the customer
The first one is educating the customer. This step suggests the idea of developing loyal customers with the assistance of providing them valuable knowledge in respect of the product. The company dealing either in the pharmaceutical products or the personal skincare product require this step-in order to build a fiduciary relationship with their customer either wholesale or retail customer (NexJ Health 2020). This in result enhances their understanding and convincing skill to sell and improve the market for the respective product of the company.
Collaborate with the consumer
Another step towards building loyalty and trust with the wholesale and retail customer is to collaborate with the consumer. This collaboration will expand their ideas and will also bring the market for the company. Considering an example of a patient being the consumer of the pharmaceutical distributor, the collaboration will involve the other professionals and family of the patient which will ultimately bring goodwill to the company or distributor.
Encourage and Appreciate
Lastly, the step with respect to information technology is to encourage and appreciate them. This strategy ensures that loyalty is binding and will serve more business and profit for both the parties and is likely to be effective in the business. Thus, these three are the crucial steps which will enhance the loyalty among the retail and wholesale customers of a distributor and will provide a better position in the market.
Having visibility and allocation of transportation, other value-added services and, warehousing is another significant measure to strengthen the oversight and accountability for the inventory through their systems. These steps are likely to improve the performance of the organisation and will provide a competitive advantage and better position strategy for the market.
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