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Benchmarking: Gene One
Gene One is about to open an initial public offering (IPO). To begin the organization should benchmark ideas from other industries to incorporate in its business strategy to ensure the IPO is successful. There are a few challenges that Gene One must confront to become a leading company in the biotechnology industry. The first is Gene One will enter into an IPO by restructuring its current organizational culture which will pave the way for the creation of new innovative biotechnological products, increased shareholder confidence, annual growth and an increase in sales. Next, Gene One will strive to increase awareness of its IPO by using its technologically superior product line to attract potential investors. Additionally, Gene One will transform itself into a highly profitable organization that adds value to its customers by creating a culture of continuous improvement and high customer service. Finally, Gene One will initiate its IPO by establishing an organizational structure and culture which will enhance shareholder confidence while increasing its revenue to become a leader in the biotechnology industry. Gene One will focus its benchmarking on organizational culture, leadership and employee attitudes, behavior and emotions in relation to an IPO.
Organizational Culture
McShane and Von Gilnow (2004) describe organizational culture as ?the basic pattern of shared assumptions, values, and beliefs considered being the correct way of thinking about and acting on problems and opportunities facing the organization?. A strong organization embodies a culture where all employees understand the company?s goals and objectives. When Vontage, a broadband phone company, first initiated its ...