Quest Diagnostics

Executive Summary

Quest Diagnostics is a US based company, listed on the New York Stock Exchange. The company is successfully operating in the service sector of the country. The company is regarded as the country's number one and leading brand, prioritized by the masses in the country. The giant cooperation 'Quest diagnostics' provides clinical laboratory services, which includes various extensive diagnostic facilities and tests and other related necessary information and services. In specific terms, the company facilitates clinical testing of blood, plasma, urine, serum and other body fluids. Additionally, it also provides medical investigation results by testing in case of microbiology sample, tissues for anatomic pathology services helpful in detecting diseases like cancer. The company also provides other services like clinical trials testing, risk assessment, and healthcare IT. The services of the company are not only famous in the base country but also in other regions outside US, as the company has reached great levels of operating globally. Quest diagnostic aims to expand its operations globally, catering to many countries and regions outside US, outreaching its competitors in order to accommodate masses. To accommodate such extensive services, Quest Diagnostics has around 43,000 employees working under 2000 service centers, 30 primary labs and 150 rapid response labs operating in US and around the world. The aim and objective of presenting this report is to define a strategic plan for the organization, which will polish the idea of expansion for Quest Diagnostics. The implementation plan proposed is to strengthen the resources of the company, which include People, Public, and Growth, which the company will focus on. For the purpose, the strategic plan is based on expanding the processes of the business in the developing regions of the world with functional tactics and action items, which will include creating company value and reputation through promotion activities of involving conferences and other related activities. Moreover, financials of the company are proposed, which shows consecutive forecasted profits for the company in the future, which is great opportunity for investors to invest in the Quest Diagnostics future strategic plans. Furthermore, the plan is proposed with measures of risk and contingency planning, which is a motivating and influencing factor for the company and the investors.

Table of Content

Company Background5

Corporate Mission6

Corporate Vision6

Corporate Values7

Implementation Plan8

Strategic Objectives9

Functional Tactics10

Action Items10

Milestones & Deadlines11

Task11

Resource Allocation11

Key Success Factors12

Budgeted & Forecasted Financial Statement12

Break Even Chart13

Risk Management Plan14

References15

Quest Diagnostic

Company Background

The business orientation of the company stands in the services domain providing clinical laboratory facilities, which was originally established in the state of New York in the year 1967 by Dr. Paul Brown. The company was initially named Metropolitan Pathology Laboratory by Dr. Paul at the time of foundation, which was changed in the year 1969 to MetPath Inc. However, the small-scaled business of Dr. Paul was taken over by Corning Inc. in the year 1982.

Corning Inc., the new owners of the business kept strong focus on expanding the business operations and in doing so, the company launched new diagnostic facilities and services, which enabled the business to ...