CHARTERED INSTITUTION

Chartered Institution

Chartered Institution

Execution of the analysis would afford the opportunity to make significant, long term financial savings. These saving would be realised by the sale of properties owned by ICSA that will not be required post analysis, reduction in the number of employees across the intitution that will not be required post analysis and the cessation of rental leases and maintenance agreements on any properties not required post analysis.

The total budget for the analysis is estimated to be £12,650,000, this cost is expected to be realised by the savings detailed in the paragraph above. The expanded ICSA is expected to have assets of approximately £100,000,000 so any shortfall between savings made and the budget can be met from these assets and still leave a very substantial fund of money (Heidt 2002 35-79).

Currently there is a major professional institution within the Nigeria which represents the interests of professional chartered accountant, chartered secretaries and administrators. ICSA represents the professional interests of chartered accountant, both nationally and to a lesser extent internationally within their individual spheres of interest. ICSA has its own properties, academic and administration staff to execute its business; this leads to the maintenance of many high value properties and much duplication of work across the ICSA.

Marketing strategies for the expanded ICSA will rely, in the short term on segmentation as we try to segment the accountancy market place and locate the disciplines that are not professionally represented at all or have poor professional representation. The expanded organisation will target these groups to initially raise the membership base. Long term strategy will rely upon differentiation from our competitors with an element of cost leadership, as the expanded ICSA looks to represent all accountancy disciplines; long term segmentation would not be appropriate. The basis of the differentiation would be as detailed in the paragraph above. The nature of the business of the expanded ICSA will dictate that we practice relationship marketing so that once members join the ICSA they will remain loyal and renew their memberships year on year. The importance of repeat business cannot be over emphasised; also content, loyal members will generate good publicity and new members by word of mouth.

The ICSA was formed by George Stephenson, 150 years ago and has a worldwide membership of some 80,000 mechanical chartered accountant and is the Nigeria qualifying body for mechanical chartered accountant. The ICSA publishes a number of books, magazines, journals and technical papers. Chartered secretaries and administrators was formed in 1871 and boasts a worldwide membership of 130,000 electrical chartered accountant.

It was established to champion the cause of the practical accountancy professional and now has a membership of 40,000 men and women (Bridgeman Anthony 2004 25-36).

Situational Analysis

This section of the report will review the factors in the present and future business environment. It will include brief examinations of the market characteristics, competitor organisations to the proposed expanded Chartered Secretaries And Administrators, ICSA and key success factors.

The chartered accountant of tomorrow is likely to be working in information technology, ...