Building Effective Workplace Communication

Building Effective Workplace Communication

[Name of the Writer]

[Name of the Institution]

TABLE OF CONTENTS

TOC \o "1-3" \h \z \u Building Effective Workplace Communication PAGEREF _Toc22078079 \h 3

Executive Summary PAGEREF _Toc22078080 \h 3

Introduction PAGEREF _Toc22078081 \h 4

What does Effective Communication in the Workplace Look Like? PAGEREF _Toc22078082 \h 5

Oral Communication PAGEREF _Toc22078083 \h 6

Written Communication PAGEREF _Toc22078084 \h 6

Public Speaking PAGEREF _Toc22078085 \h 6

How is Effective Communication Built in the Workplace? PAGEREF _Toc22078086 \h 6

Development of Communication Strategy PAGEREF _Toc22078087 \h 7

Development or Creation of Specific Communication Process PAGEREF _Toc22078088 \h 8

Development of an Effective Use of Channels and Sources Available PAGEREF _Toc22078089 \h 8

Developing Clear Goals and Objectives of Communication PAGEREF _Toc22078090 \h 8

Recognizing Effective Communication PAGEREF _Toc22078091 \h 9

Creation of Feedback Process PAGEREF _Toc22078092 \h 9

Why is Effective Communication in the Workplace Necessary? PAGEREF _Toc22078093 \h 9

Team Building PAGEREF _Toc22078094 \h 9

Boosting Growth PAGEREF _Toc22078095 \h 10

Productivity Enhancement PAGEREF _Toc22078096 \h 10

Improves Employees Engagement PAGEREF _Toc22078097 \h 10

Resolution of Issues/Problems PAGEREF _Toc22078098 \h 11

Implications for Managers, Employees and Organizations PAGEREF _Toc22078099 \h 11

Conclusion PAGEREF _Toc22078100 \h 12

References PAGEREF _Toc22078101 \h 13

Building Effective Workplace Communication

Executive Summary

Communication is considered as one of the most important things that every organization needs if they need to succeed and stay successful all the time. Communication is the key when preferring to have an effective work environment and well-organized teams that are highly productive and contribute to the growth and success of the organization. This paper analyzes how effective communication is witnessed in an organization and how it is built while why i6t (effective communication) is crucial/important in the organization. Beyond that, this paper also focuses on showing the implication of effective comm8unication for managers, employees and overall organization(s). Communication has a huge role in the success of organizations, and it is because of what it contributes and how it contributes to the success of an organization in both short term and/or long term. Specifically, effective communication enables organizations to have better teams and better organizational performance. Hence, the concept of effective communication and every aspect of it has been brought under discussion in this paper.

Beyond that, there is several strategies and tactics which can be used by the organizations and businesses to build and have strong communication in the workplace which would enable the business or organization to grow and stay successful. In short effective communication is beneficial and necessary in the organization and workplace while several steps are there to be taken to build it. While on other side, it has numerous implications for employees, managers, and organization and their discussion is a part of this paper.

Introduction

Communication is considered and is an important factor for every organization or business. It is an important factor for every organization of every industry because it is the ultimate way to run any business or organization finely. Communication is the key, but when it comes to the questions like how to develop it, how to improve it and/or how the communication helps the organization and work environment, then these things become goals to accomplish. The communication in the organization is simply the process of communicating things, ideas, and organizational messages and concerns while the major components of the communication in organizations include meeting, text, emails, calls to develop communication among people and departments. It is important that the communication has to be strong and effective if you want to have advantages from it. For the purpose, employees, managers, management, and organization need to know the main concept of effective communication, and how it helps organizations and concerned employees or departments while the most significant is why it is important and how it helps (Miller, & Barbour, 2014). It is also a fact that communication never helps if it is not enough strong and effective.

Furthermore, communication and its effectiveness are important because it let the employees and departments of an organization know that what are their responsibilities (on a permanent basis and during a particular project or task), what they are supposed to do, and what are their role in the organization and its growth and success. In short, communication is a basic thing, but it may be considered as nothing if it is not as effective as required or as they need to be.

What does Effective Communication in the Workplace Look Like?

We all have been there where we have been given with a task or job to do or leave an important and necessary meeting, but we do not have the idea how to proceed because we do not have an idea what to do next and what have we are assigned to. It is a very common thing to see even everywhere and in every organization or business. Based on the findings of research analysis of (Genç, 2017), around 65 per cent of the managers are not fully comfortable to communicate with their employees regarding a concern or in general while more than 56 per cent of the employees report to the supervisors and managers were not given a clear as well as they are not found fully clear when reporting to their managers. From the statistics above, it has been clarified that only communication cannot be considered as an important factor for organizational growth and success while the effectiveness is 100% mandatory. For the purpose of meeting the concern and objective, we should know how effective communication looks like in a business or organization.

Hence, it is a fact that effective communication can be seen or witnessed in an organization or business by looking at and analyzing the culture of the organization or business. The internal culture and its performance is the thing that communicates an organization's communication and its effectiveness and efficiency. In defined words, effective communication is seen in an organization when it has been seen that the messages are sent and received in a fine and accurate way and manner.

Despite this, effective communication is seen as in the shape of teamwork where the communication and goals and objectives of every individual or organizational part such as a department are clear and defined while each. In other words, effective communication is what you see in an organization or business in terms of employees' clearness towards their responsibilities about what they need to do (Alsulaimi, 2015). Proceeding further, effective communication can be seen in organizations or businesses in different forms, where messages and concerns are shared in different ways. Those forms are;

Oral Communication

The time when the verbal communication of employees and managers face by face or through other sources like telephone has been seen credible and fine; then it can be stated that the communication in the organization is effective otherwise the case and statement would be opposite.

Written Communication

The effective communication in organizations looks when it has been witnessed that the way through which the written communication is done and written communication itself in the organization is reliable. Then the same statement as above “the communication in the organization is effective” can be given (Sharon, 2016). Means that effective communication seems in this way as well.

Public Speaking

Public Speaking and its efficiency is the way through which effective communication is seen. So effective public speaking of the organization or employees is the area where the communication and its effectiveness is seen.

How is Effective Communication Built in the Workplace?

There are more than several ways through which communication is built-in organizations, and those ways are much simple and straightforward. But! Effective communication and building needs a lot of efforts while some crucial steps are also needed to be taken (Alsulaimi, 2015). Hence the steps which are needed to be taken for building effective communication are listed and elaborated below.

Development of Communication Strategy

Development or Creation of Specific Communication Process

Development of, and Effective Use of Channels and Sources Available

Developing Clear Goals and Objectives of Communication

Recognizing Effective Communication

Creation of Feedback Process

Development of Communication Strategy

The very first and initial step in developing effective communication within the organization is the development of the communication strategy. The strategy and its development are important because strategy let the organization and employees know how to communicate with the organization, department, and individual employees. This means that the origination should have the strategy which clarifies to everyone that what they need to know, what they need to do, what communication process and procedure they have to use, how they have to communicate, when they have to communicate, and how the messages would be delivered and received as well as what resources or channels would be used (Canadian Professional Management Services, 2019). Hence, such communication strategy would help to develop and set standards for organizational communication so that effective communication can be built.

Development or Creation of Specific Communication Process

Effective communication can be built if you have an effective and reliable communication process at hand. It means that the development of an effective communication process is very important when developing effective communication in the organization. The communication process should be like who will be the sender of a particular message, to whom it would be sent (means who will be the receiver), who will keep the record of it, and who will convey forward towards executive or manager and employees (Canadian Professional Management Services, 2019). Additionally, an effective process is important, but the process should be simple and easy to follow not complex and difficult to follow.

Development of an Effective Use of Channels and Sources Available

Effective communication is built when you have or when you build up effective channels and then use then in an effective way. Means that effective communication is built through the development of and use of effective channels and sources like email, newsletter, business meetings, internet, and bulletin boards.

Developing Clear Goals and Objectives of Communication

Effective communication can be only a dream if you or organization does not have clear goals or objectives of it. Hence effective communication can be built in the organization through designing clear goals and objectives of it. For example, if we have clear objectives, then everyone in the organization would communicate in a way that contributes to the accomplishment of those goals or objectives.

Recognizing Effective Communication

Recognition of effective communication and great communicators is one of the crucial ways that assist in building effective communication. So, we should recognize the person or entire department if they have been found effective and good communicators than others so that they will be more likely to perform better next time (Canadian Professional Management Services, 2019).

Creation of Feedback Process

It is a fact that effective communication can be built if the organization has an effective feedback process in response. This can be an additional step taken, but it would allow the building of effective communication because it would enable you to know about the weak areas as well as to respond to every communication done so that an improved and effective communication can be built and ensured all the time.

Why is Effective Communication in the Workplace Necessary?

Effective communication is important and necessary in the workplace because it provides organizations with several benefits. Hence, so of the most credible benefits are;

Team Building

Effective communication is necessary for the workplace because it helps in improving team building. Effective and strong communication is the way that develops better teams. Effective communication is the communication in which staff effective share, explore, and discuss things. So when people and departments of an organization consult each other, discuss things and progress, and consider each other's opinion then better teams would be developed which would further create productive and enjoyable work environment/workplace.

Boosting Growth

Effective and strong communication is always more likely to contribute to the growth and progress of the organization. Beyond that, effective communication also eliminates uncertainties in the workplace or work practices as well as ensures and speed up overall growth of the organization (Bosworth, 2017). For example, if you have a better understanding of customers’ and employees’ concerns through effective communication then you would be able to have better results instead of uncertain about those things which means that your growth and success would be boosted.

Productivity Enhancement

Effective communication is one of the sources that help in improving the overall productivity of a business or organization. Communication can do and does so because communication is the way that let managers know about the skills, capabilities, and preferences of employees. So if these get known to the manager, then they assign the task to employees accordingly. While, it then leads to better and improved productivity because it is a reality that people perform tasks better, which are suited to them and their jobs (Neely, 2017). In short effective communication is necessary for the workplace because it boosts up overall productivity.

Improves Employees Engagement

Employee engagement is key for growth and success of an organization of business while it left dissatisfied if organizations or businesses lack effective communication. It happens alike because effective communication is considered as the only source that ensures and improves employees' engagement. Communication can be simply associated with conversation and messaging, but effective communication does beyond that which includes ensuring teams and employees' engagement (Bosworth, 2017). So when employees and teams are engaged and aligned with organizational goals then are more motivated and concerned towards accomplishments of those organizational goals.

Resolution of Issues/Problems

Effective communication is important in the workplace because it helps in resolving issues and problems at the workplace or in the entire organization. According (Winbow, 2012), Clear Communication is one of the best sources available to resolve any of the organizational problems which may be the major one or a minor. Effective communication is not about who is right and who is wrong, but it is about clear, honest, open, and positive discussion to make sure that everybody's needs are met. So when you or organization know everyone's concerns, then it would be better possible to resolve the problems employees have or organization faces, and it would finally lead to the development of an enjoyable and elucidated workplace.

Implications for Managers, Employees and Organizations

No doubt that effective communication is necessary for workplace and overall organization and no matter that it has a lot of benefits for the workplace and businesses or organizations, but it does have number of implications for everyone in the organization such as employees and managers while having several implications for the organization as well (Bhardwaj, & Sharma, 2017). Employees, managers and organization itself should be clear about the implications (positive ones) of effective communication as well as they must be known about how effective communication is developed and implemented in the organization. Based on the findings of (Canadian Professional Management Services, 2019), employees prefer to work at organizations where managers communicate things clearly and while organizations look for employees and managers who are effective communicators as well. So based on this, it can be stated that the implications of effective communication in the workplace are huge as it is one of the sources of the organization’s growth and success.

Conclusion

After an in-depth analysis of every aspect of effective communication and the importance it has, it has been concluded that effective communication is important for workplace and overall organization as water is important for a plant. In short, effective communication can be seen in the workplace or entire organization in many forms, such as their verbal communication, public communication, written communication, and other factors involved. In terms of building effective communication in the workplace, there are some steps (from strategy development to feedback process) which are taken into action so that effective communication is built in the workplace. Despite, it has also concluded that effective communication is necessary for the workplace because it provides several benefits and ensure several things like building teams, boosting growth, improved productivity and employees' engagement, and resolving problems. While on the other side, it has several implications for employees, managers, and organization as well.

References

Alsulaimi, K. (2015). How to Build Effective Communication in Organization. International Journal for Human Caring, 19(4).

Genç, R. (2017). The Importance of Communication in Sustainability & Sustainable Strategies. Procedia Manufacturing, 8, 511-516.

Bhardwaj, S., & Sharma, V. (2017). A Study on Managerial Communication in Multicultural Workplace. BVIMSR’s Journal of Management Research, 9(1), 60.

Winbow, 2012). The Importance of Effective Communication. In International Seminar on Maritime English (pp. 20-22).

Neely, J. (2017). Secrets to Effective Communication in the Workplace - Toggl Blog. Toggl Blog. Retrieved 15 October 2019, from https://blog.toggl.com/effective-communication-workplace/

Sharon, L. (2016). 5 Keys of Effective Communication in the Workplace - Independence Plus. Independence Plus. Retrieved 15 October 2019, from https://www.independenceplus.com/5-keys-of-effective-communication-in-the-workplace/

Canadian Professional Management Services. (2019). Developing Effective Workplace Communication. Cpmsnational.com. Retrieved 15 October 2019, from https://www.cpmsnational.com/programs/program-content/developing-effective-workplace-communication

Bosworth, P. (2017). The Power of Good Communication in the Workplace | Leadership Choice. Leadership Choice. Retrieved 15 October 2019, from https://leadershipchoice.com/power-good-communication-workplace/

Miller, K., & Barbour, J. (2014). Organizational Communication: Approaches and Processes. Nelson Education.

Building Effective Workplace Communication

Building Effective Workplace Communication

[Name of the Writer]

[Name of the Institution]

Building Effective Workplace Communication

Introduction

The world consists of a huge amount of information, especially in current times. This information needs to be imparted in some form so that it can be utilized in a useful manner. This exchange or imparting of information or knowledge is known as communication. Communication holds extreme importance for both humans and animals alike (Perera, 2015). Human beings and animals tend to communicate with each other in their own specific languages and style, in order to express their concerns, emotions, feelings, and objectives so that the other end can receive and interpret them (Nazim, 2014).

There are two major ways of communication; Verbal and Non-verbal. Verbal communication refers to the use of language, words, sounds, and clear expressions in order to express oneself. Both written and spoken conversation come under the umbrella of verbal communication (Modi, Chhatwal, Gupta, & Singh, 2016). On the other hand, the type of communication that makes use of expressions, gestures, postures, and body language to send and receive messages is known as non-verbal communication. Non-verbal communication does not make use of words or sounds to carry on the communication process.

Communication garners even more important in the case of professional life, where the verbal and nonverbal communication is carried on at the workplace to pass on important messages. Effective communication at the workplace is imperative in a leadership role (Watson & Reissner, 2014). The following piece of writing will look into the factors that contribute towards building a positive and strong communication process at a workplace and why these practices are necessary for the proper working of and at the workplace.

Discussion

There is an old aphorism which says, “It’s not what you say, but how you say it." Exceptional communication skills separate a good leader from a poor one. Effective communication poses to be the key to good leadership. There are a number of ways to build a strong, workable, and effective workplace communication process (Angelo, 2014). Some of them have been elaborated as under

Open Door Communication

Keep the doors of communication open for everyone. The communication process should not be one-sided; rather it should flow from both the ends. It should not be in a way that orders only flow from upward to downward direction, but the ideas should also flow from downward to upward direction and in parallel directions.

Create a Receptive Environment

Try to create a receptive environment instead of a tense and stressful environment. If the leaders try to maintain a stressful and intense environment at the workplace, it may demotivate the employees, and the message being shared may lose its actual meaning.

Usage of Appropriate Language

Use of language matters a lot in case of communication, especially verbal communication. So a leader should pay special heed to the language he or she is using (Deveugele, 2015). He should choose appropriate words according to the designation of the employee and the matter under discussion.

Using Simple Words

As already discussed, language plays a very crucial role in the communication process, so the leader should pay special attention that the language is kept as simple and as understandable as it can be. The simpler the language, more clear and understandable will be the message.

Usage of Body Language

Not only the words but body language also play an important role in the whole communication process. Thus a leader should make use of appropriate gestures and expressions in order to make the message more meaningful and convincing (Zulch, 2014).

Be Appreciative

Always appreciate the input from your subordinates or lower staff, regardless of their position and designation. No matter how impractical their idea may be, always appreciate them for at least speaking up and communicating their ideas. This will encourage them and make them feel valued.

Importance of Effective Communication Practices

Effective communication holds extreme importance in the case of professional life, especially at the workplace (Austin & Pinkleton, 2015). Effective communication practices help a lot in building a positive environment at the workplace and encourage the employees to form efficient teams. Effective communication practices also encourage the employees to give maximum input, and thus, the culture of diversity and freedom of expression is encouraged (Jadhav, & Gupta, 2014). Moreover, these practices also encourage brainstorming, which results in the form of many new and unique ideas, which may prove to be very useful for the organization (Okoro, E., Washington, M. & Thomas, 2017).

Effective communication practices also increase the level of job satisfaction in the employees as they feel heard and valued. An open and receptive communication process makes the employees feel that their opinion matters for the organization, and their voice is being heard, which boots up their confidence and motivation level. This motivation is both towards their job and the organization. This feeling not only keeps the employees motivated but also kept them committed to the organization for a longer period of time.

Conclusion

In a nutshell, it can be seen that effective communication at a workplace is vital for the propagation of a culture of diversity and corporation. There are a number of ways in which an effective and strong culture of communication can be developed at a workplace so that the flow of work runs smoothly and efficiently. The practices include keeping the doors of communication always open, giving respect to everyone, providing feedback, and encouraging the inflow of ideas. Effective workplace communication boosts up the confidence level of the employees and motivates them to work more passionately towards the organizational goals. Moreover, it makes them feel heard and valued, which makes the employees more committed to their job and the organization.

References

Angelo, G. (2014). The 7 effective communication skills: How to be a better communicator now. Seisnama.

Austin, E. W., & Pinkleton, B. E. (2015). Strategic public relations management: Planning and managing effective communication campaigns. Routledge.

Deveugele, M. (2015). Communication training: Skills and beyond. Patient education and counseling, 98(10), 1287-1291.

Jadhav, T., & Gupta, S. K. (2014). Global communication skills and its relationship with emotional intelligence. American Journal of Management, 14(4), 82.

Modi, J. N., Chhatwal, J., Gupta, P., & Singh, T. (2016). Teaching and assessing communication skills in medical undergraduate training. Indian pediatrics, 53(6), 497-504.

Nazim, M. (2014). Communication skills.

Okoro, E., Washington, M. C., & Thomas, O. (2017). The Impact of Interpersonal Communication Skills on Organizational Effectiveness and Social Self-Efficacy: A Synthesis. International Journal of Language and Linguistics, 4(3), 28-32.

Perera, H. J. M. (2015). Effective communication skills for medical practice. Journal of the Postgraduate Institute of Medicine, 2.

Watson, G., & Reissner, S. (Eds.). (2014). Developing skills for business leadership. Kogan Page Publishers.

Zulch, B. (2014). Leadership communication in project management. Procedia-Social and Behavioral Sciences, 119, 172-181.

Buisness Idea

Shiver store

Business idea

Student’s Name

Institution

Course Code

Date

Table of Contents

TOC \o "1-3" \h \z \u 1.0.Introduction PAGEREF _Toc5105558 \h 3

2.0.Business Model PAGEREF _Toc5105559 \h 3

3.0.Product and Services PAGEREF _Toc5105560 \h 4

4.0.Market Analysis PAGEREF _Toc5105561 \h 4

5.0.Target Market PAGEREF _Toc5105562 \h 4

6.0.Key Competitors in the Market PAGEREF _Toc5105563 \h 5

7.0.Competitive Advantage PAGEREF _Toc5105564 \h 6

8.0.Opportunity PAGEREF _Toc5105565 \h 6

9.0.Marketing strategies PAGEREF _Toc5105566 \h 7

10.0 Barrier to entry PAGEREF _Toc5105567 \h 7

10.0.Finance PAGEREF _Toc5105568 \h 7

11.0.References PAGEREF _Toc5105569 \h 9

Introduction

Shiver store is a startup company, started with the aim of providing personal care to clients. It is a partnership limited liability company registered under the company’s Act. It intends to provide personal care service, which includes nails hygiene, armpits, and general body care for both men and women. Besides, it will also sell body personal hygiene products, which include body oil, lotion, shampoo, perfume, and other related products. It intends to invest in online and store products to help it increase its market share. It focuses on customer service delivery and therefore, customers are the key focus of the company. The core aim of the Shiver store is to be the best company in the provision of hygienic services to customers in the United States. It intends to utilize technology in the application of its services to customers. It shall have an app for delivery of services and connecting to customers across the country and therefore, it will have both physical store and online store platform to give it’s a larger market share.

Shiver store slogan is “customers are the kings and queens and deserve utmost care.” Therefore, the main objective of Shiver Store is to take the utmost care of its customers. Shiver store will first open its stores in New York, where it has acquired a store to introduce its services and products to the market.

Business Model

Shiver Store will offer service and products to the market with a focus on beauty and personal care of both men and women. The prices of the services and products will be based on market factors and affordable to clients. The pricing of the products will factor in the cost of logistics and other factors, like wages and the inflation rate in New York City.

Product and Services

Shiver Store main services are personal care. It offers hair, nail, facial, and message to clients. It intends to sell body care products in its store and online platform as well. Its stores will be stocked with body lotions, oil, perfume Shampoos, and ointment or hair. Other products will be nail oils, which are required by customers.

Market Analysis

The beauty market in the United States is valued at over $35.9 billion and it is expected to grow at the rate of 15% per year CITATION Mic19 \l 1033 (Patterson, 2019). It is one of the markets, which still remain underutilized in terms of the application of technology in the provision of services. Traditionally, the business was left for small business but the trend has changed due to demand for personal body care across the country. There is a high demand for such services making the nail and hair care to be a core business in the United States CITATION Nac18 \l 1033 (McCain, 2018). Studies have also shown that men have started to look into personal care and therefore, the number of men turning for nails, facial and hair care have increased over the years. Men and women have left traditional home care to seek the services of companies like Shiver store and therefore, the market continues to expand. A survey indicates that the market continues to increase because many people have the desire to feel good and look well. It drives the market and has also increased the business opportunities for companies offering personal care services.

Target Market

Shiver Store primary target market is both male and female from both middle and upper-income earners. The demographics of the target are both genders aged between 18 years to 70 years. The key and high-end target markets are upper-income earners with an average annual income of $ 100,000 to $250,000 both employed and business oriented people CITATION Per18 \l 1033 (Romanowski, 2018). The age bracket for its high-end clients is between 30 years to 65 years living in a high-end neighborhood in the New York area.

The secondary target is anyone who can walk in for the services. Shiver Store customer service policy welcomes every customer to the store and opens to provide services to all customers without demographic discrimination. A survey conducted indicates that most men seek services or hair, nails and facial after every 14 days. It is also established that more men are joining the services and therefore, the target market is growing and it will be profitable for Shiver store to focus on both men and women across the country. The tertiary target markets are kids or teenager. It shall also have services for kids since kids have also been seeking beauty services in accompany of their parents.

Key Competitors in the Market

RMS Beauty, Pacifica, Beauty Cosmetic and Opas Shop are some of the companies providing personal care services in New York. RMS Beauty is a key competitor of Shiver Store since it provides almost similar services as Shiver Store. RMS beauty provides body, hair and general care to women and men and has stores in New York City. Analysis established that RMS has been in business for several years and therefore, it has a market share CITATION Mic19 \l 1033 (Patterson, 2019). It has experienced employees and wide financial support since it has been in operation for several years. However, it has not integrated its services with technology a key aspect, which Shiver Store intends to utilize to expand its market share. Besides technology, Shiver Store intends to invest in customers through effective service delivery and research. This will help the company to increase its market share hence high sales volume and profitability.

Competitive Advantage

Shiver Stores has developed an app for services delivery. It focuses on both online and physical stores, which many companies in the industry have not utilized. However, the main competitive advantage is its pricing strategies, service delivery and the use of technology. Shiver stores believe in their customers and treat customers with the utmost care. It delivers products to customers at the homes and also has home services, which many of its competitors do not have. It intends to integrate its services to offer online personal care, and online store as well, which shall be a unique service delivery in the industry. Through this is expected to grow its market share at 15% per year.

Opportunity

The United States economy has realized economic growth in the last quarter and is expected to continue to grow. The inflation is low and the unemployment rate has reduced over the last six months and therefore, the spending rate of people has also increased. It is likely to increase the spending rate of people in luxuries activities like personal care. The beauty industry is being taken serious and many partners are coming to invest as a result of the increased number of people seeking for personal care. Even corporate are not left behind since has been increasing demand from corporations such as media and public relation (PR) firms in the country. This has created a lot of business opportunity for the company to utilize and increase its market share. The economy of the U.S. is also steady and it is expected to continue realizing growth in the next two years and therefore, investing in beauty and personal care would be a great business deal with a good business return.

Marketing strategies

Shiver Store shall use both traditional and modern marketing method where technology will be used to sales it is brand in the market. It shall focus on the brand market rather than brand to increase market share and sales. Shiver Store intends to use advertisement, promotion, and social media to market its products and brand to the market. It shall have a YouTube video, which illustrates its services running constantly on its web site and its social media platform Facebook, Twitter, and Instagram. The social media platform will help the company to get young and adults clients. It shall ad its brand on TV and on print media, which are paid ad for a specific period. It shall also have indoor and or digital signage within the malls and stores in major streets in New York and the surrounding region.

10.0 Barrier to entry

The most barriers to entry into the market are high finances required for the startup. There are a lot of funds required to purchase equipment, business registration, and purchase of stock. It makes it difficult for several companies to join the market. It is also important to point out that stiff market competition and legal requirements are also some of the bottlenecks in the market, which prevent entry by other companies.

Finance

Startup requires an estimate of $250,000 for the company to open its first store. The finances will be used for the purchase of products, renting a store, and purchase of other operating items. It is expected to make a sale of at least $ 5,000 per month and an increase of 20% every month for a period of 12 months during its first year of operation. It is also expected to break the even within its first quarter of operation and in the second quarter, it is expected to realize profits and then increase by at least 10% in every quarter during its first and second year of operation.

References

BIBLIOGRAPHY McCain, N. (2018). Performance of beauty and Personal Care Industry. Journal of beauty and

therapy, 2-14.

Patterson, M. (2019). Personal and Beauty care Industry.

https://www.forbes.com/pictures/lmj45jdlf/top-10-global-beauty-brands/, 2-45.

Romanowski, P. (2018). Biggest Cosmetic Companies in the World.

https://chemistscorner.com/the-20-biggest-cosmetic-companies-in-the-world/, 2-25.

BUS 345 CLA1 Fundamentals Of Decision Making

Decision Making

[Author Name(s), First M. Last, Omit Titles and Degrees]

[Institutional Affiliation(s)]

Decision Making

Going beyond the simple choosing A instead of B, decision making is strongly tied to capacity, access to information and lack of coercion. To make a competent decision, a person must be able to understand the available information, retain it and weigh this information in order to make a choice, especially when it comes to making decisions pertaining to the strategic direction of a company. This is necessary for capacity. Secondly, this choice must be informed. This means that the information mentioned earlier must be objective and reasonably complete. Lastly, the decision must be free of coercion. If one is being swayed or outright forced to make a certain choice that decision is not free. If all the above mentioned elements are satisfied, the person in question can be said to be capable of making an informed, valid decision. After all, decision making is of little significance if the decision is not respected. With that said, there is no requirement for a valid decision to be sensible. An effective decision is the outcome of some hierarchical steps based on objective thinking, application of methods such as system thinking, and consideration of relevant ethical standards and impacts.

There is a wide variety of decision-making models available, each promoting a number of different steps. A standard decision-making process consists of seven steps, which is also referred to as a problem-solving method. In the former stage, the need for making a decision is assessed or defined and based on the given scenario the pertinent information is gathered. The information can also be the factors that are causing some issues. Based on the information gathered, the problem of scenario is analyzed followed by the development of alternative solutions. After that, amid the various options presented, the job of a decision-maker is to select the best alternative that is an as arduous task ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"nOw0VJGN","properties":{"formattedCitation":"(Elwyn et al., 2012)","plainCitation":"(Elwyn et al., 2012)","noteIndex":0},"citationItems":[{"id":1111,"uris":["http://zotero.org/users/local/orkqtrjP/items/UYZ3RIGN"],"uri":["http://zotero.org/users/local/orkqtrjP/items/UYZ3RIGN"],"itemData":{"id":1111,"type":"article-journal","title":"Shared decision making: a model for clinical practice","container-title":"Journal of general internal medicine","page":"1361-1367","volume":"27","issue":"10","author":[{"family":"Elwyn","given":"Glyn"},{"family":"Frosch","given":"Dominick"},{"family":"Thomson","given":"Richard"},{"family":"Joseph-Williams","given":"Natalie"},{"family":"Lloyd","given":"Amy"},{"family":"Kinnersley","given":"Paul"},{"family":"Cording","given":"Emma"},{"family":"Tomson","given":"Dave"},{"family":"Dodd","given":"Carole"},{"family":"Rollnick","given":"Stephen"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Elwyn et al., 2012). This step also involves risk assessment of the solutions available and the final decision also holds the influence of resources available on hand. The next step is to put the decision in action and the manager has to ensure effective execution of decisions. A follow up is always imperative to ensure the attainment of goals, which can be exercised by monitoring and control. Feedback also assists to acquaint the decision-maker about the efficacy of decision being employed.

System thinking is a universal approach that involves looking at the world in a way as a hierarchy of systems interconnected to each other. This approach is based on the system theory and this approach resulted in the emergence of a new system of decision making and problem-solving ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"FjfWYOTA","properties":{"formattedCitation":"(Daellenbach, McNickle, & Dye, 2012)","plainCitation":"(Daellenbach, McNickle, & Dye, 2012)","noteIndex":0},"citationItems":[{"id":1112,"uris":["http://zotero.org/users/local/orkqtrjP/items/NJLUGZG3"],"uri":["http://zotero.org/users/local/orkqtrjP/items/NJLUGZG3"],"itemData":{"id":1112,"type":"book","title":"Management science: decision-making through systems thinking","publisher":"Macmillan International Higher Education","ISBN":"1-137-07512-0","author":[{"family":"Daellenbach","given":"Hans"},{"family":"McNickle","given":"Donald"},{"family":"Dye","given":"Shane"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Daellenbach, McNickle, & Dye, 2012). This system aims to attain three objectives, understanding the dynamics of a system, synthesis and developing solutions regarded as decision making. It differs from traditional thinking in many ways such as the process of synthesis involves looking at the whole system along with its elements. Analyzing the system is a technique helps developing an understanding of the components, their behaviors and activities. The analysis also helps in understanding problem that is similar to that of traditional thinking. However, what makes a difference is that it also considers the impact of the decision on all the components of system. The two elements of decision making support decision making, the third element of decision making. System thinking is a new technique that results in a better understanding of a problem eventually resulting in making better-informed decisions.

Bias is something else - an irrational prejudice against a person or persons, and/or an unreasonable preference for a thing or course of action that is not justified by the available facts. When it comes to decision making, bias will always be there — both physically and philosophically in order to evaluate/measure something, one has to distort it, if only a bit, it can be reduced dramatically. Bias is inherent in every thought and the critical part is bias analysis to ensure the bias isn’t morphing one’s experiences and expectations towards an untenable outcome which would basically null and void the decision. To name some of the common decision-making, these comprise selection bias, availability bias, confirmation bias, and other cognitive biases. All these biases impact the decision making whether personal or professional and they often reflect the human limitation towards making perfect choices. Herbert A. Simon summed up this in a concept, bounded rationality that reflects the human limitation in making choices eventually influencing the quality of the decision made ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"VcSjHFr4","properties":{"formattedCitation":"(Dequech, 2001)","plainCitation":"(Dequech, 2001)","noteIndex":0},"citationItems":[{"id":1114,"uris":["http://zotero.org/users/local/orkqtrjP/items/KPXGMSKW"],"uri":["http://zotero.org/users/local/orkqtrjP/items/KPXGMSKW"],"itemData":{"id":1114,"type":"article-journal","title":"Bounded rationality, institutions, and uncertainty","container-title":"Journal of economic issues","page":"911-929","volume":"35","issue":"4","author":[{"family":"Dequech","given":"David"}],"issued":{"date-parts":[["2001"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Dequech, 2001). Furthermore, the impact of bounded rationality on the parties involved has also been noticed.

Emotion is important as a factor to assess relative to how much of an impact the situation having on the decision-maker. Whether it be the problem one is dealing with specific or the individuals or situation that's creating the decision-making process, emotion is an undeniable auto-engaged human characteristic ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"FtN13scg","properties":{"formattedCitation":"(Andrade & Ariely, 2009)","plainCitation":"(Andrade & Ariely, 2009)","noteIndex":0},"citationItems":[{"id":1115,"uris":["http://zotero.org/users/local/orkqtrjP/items/9NRIXMUI"],"uri":["http://zotero.org/users/local/orkqtrjP/items/9NRIXMUI"],"itemData":{"id":1115,"type":"article-journal","title":"The enduring impact of transient emotions on decision making","container-title":"Organizational Behavior and Human Decision Processes","page":"1-8","volume":"109","issue":"1","author":[{"family":"Andrade","given":"Eduardo B."},{"family":"Ariely","given":"Dan"}],"issued":{"date-parts":[["2009"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Andrade & Ariely, 2009). However, in general, depending on the situation, emotion is not a dynamic from which to make or engage, in solving the problem. Emotional responses only deal with solving what’s happening right now. Emotional responses typically do not address or answer the longer-term aspects of the situation. For instance, sadness motivates one to change, anger and happiness decrease risk sensitivity and fear makes one risk-averse. In many cases, an emotional response to a serious problem will only make the problem worse. The simple reality is that emotion and emotional responses are specific to the person feeling them.

In addition, emotional reactions are arbitrary and not always shared by those around the decision-maker. This means that whenever one is feeling negative emotions, their ability to problem-solve and notice opportunities, their decision-making, their judgment, their ability to process information, their ability to communicate effectively, your ability to assess risk and so much more - are all compromised. Owing to this emotions must be controlled by assessing their sources, enhancing accountability and institutionalizing control on emotions. It is also pivotal for ethical decision making. Ethics and morality can neither be downplayed nor be ignored while making decisions. Ethics implies that all differences should be respected, that all people should be respected. Where there isn’t much respect there isn't ethics. Managers working in all the fields are faced with ethical issues every day, and they must always be mindful of how their decisions and actions measure up to the ethical standards they're expected to follow. When one makes a decision, one must consider the long-term consequences against the short-term benefits of that decision ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"MBmNxGv4","properties":{"formattedCitation":"(O\\uc0\\u8217{}Fallon & Butterfield, 2005)","plainCitation":"(O’Fallon & Butterfield, 2005)","noteIndex":0},"citationItems":[{"id":1113,"uris":["http://zotero.org/users/local/orkqtrjP/items/6NJWPQKV"],"uri":["http://zotero.org/users/local/orkqtrjP/items/6NJWPQKV"],"itemData":{"id":1113,"type":"article-journal","title":"A review of the empirical ethical decision-making literature: 1996–2003","container-title":"Journal of business ethics","page":"375-413","volume":"59","issue":"4","author":[{"family":"O’Fallon","given":"Michael J."},{"family":"Butterfield","given":"Kenneth D."}],"issued":{"date-parts":[["2005"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (O’Fallon & Butterfield, 2005). One must also consider the wider degree of the effect a decision has, against the immediate degree of benefit from that decision.

In conclusion, being a senior manager, I can say that managerial life is all about making decisions that impact the performance of an organization. Every decision-making process has to go through different steps to reach an optimal solution. It is a common understanding that decisions have an influence on many factors such as biases, bounded rationality, emotions and motivations and heuristic errors. Thus, these impacts can be eradicated by employing the techniques of systematic thinking, incorporating ethics and controlling emotions while making decisions. Rational thinking combined with strategic planning is pivotal in making effective managerial decisions.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Andrade, E. B., & Ariely, D. (2009). The enduring impact of transient emotions on decision making. Organizational Behavior and Human Decision Processes, 109(1), 1–8.

Daellenbach, H., McNickle, D., & Dye, S. (2012). Management science: Decision-making through systems thinking. Macmillan International Higher Education.

Dequech, D. (2001). Bounded rationality, institutions, and uncertainty. Journal of Economic Issues, 35(4), 911–929.

Elwyn, G., Frosch, D., Thomson, R., Joseph-Williams, N., Lloyd, A., Kinnersley, P., … Rollnick, S. (2012). Shared decision making: A model for clinical practice. Journal of General Internal Medicine, 27(10), 1361–1367.

O’Fallon, M. J., & Butterfield, K. D. (2005). A review of the empirical ethical decision-making literature: 1996–2003. Journal of Business Ethics, 59(4), 375–413.

BUS 345 Fundamentals Of Decision Making CLA2

BUS 345 Fundamentals of Decision Making CLA2

Name of the Writer

Name of the University

BUS 345 Fundamentals of Decision Making CLA2

Summary of the decision making concepts in CLA1

There have been a wide variety of decision making concepts that have been discussed in the previous assignment. The concepts deal with the different decision making models present within the world. Primarily, standard decision making process is used. This process involves seven steps and are referred to as the problem-solving method. In this, information is defined on the given scenario. The second concept discussed was of system thinking. In this approach, the world is looked at through the notion that the world is just a collection of systems that are very much inter connected with each other and is built into a hierarchy of systems.

Another decision making concept that was discussed is ‘bias’. This is the prejudice that one develops against another person which is irrational. Bias is always present physically, mentally and philosophically. There is inherent bias in every thought and it is important to ensure that this bias is not forming the experience and expectations regarding an outcome. Emotion is another decision making concept that had been discussed in the previous assignment. Emotion is an auto engaged characteristic of humans and has a profound effect on the decision making process of individuals. Emotional reactions are an arbitrary form of reaction and is not always shared the same way between different people.

Psychology of Poor Financial Investment Decisions

Most people are very careful of taking risks and they do not want to take high risks. As a senior manager, I understand that the greater the risk, the greater the reward. This is something I want to enthrall into the workings of the finance department (Carvalho, et al, 2016). Furthermore, the finance department need to learn to manage the expectations of our client and theirs as well. They need to make their customers aware of the fact of the relationship between risk and return. Moreover, they need to understand that they can be risk averse but at the same time, they can generate huge amounts of profit for the company and its clients.

Other reasons that cause poor financial decision making is stress. A stressed brain can lead to individuals to make bad financial decisions. If employees within my company are overworked and have not had enough sleep, they are likely to act in the most atrocious way ever. This is even truer for employees in the finance department (Karadag, 2015). If they are not properly cared and given the time to rest and are not overburdened, they will definitely perform. These people are working with huge amounts of money at a time and if they cannot critically analyze the circumstances ahead of them, they would cause a loss for my company.

Improving the overall decision making process

There is a need to make a proper plan for avoiding cognitive mistakes and making rational decisions during negotiation that would help in creating healthy working environment. Being a senior manager of organization, I need to keep a sharp eye on all the happenings. For making rational decision, I must analyze the whole situation and the circumstance of the organization well and in order to avoid cognitive mistakes during the negotiation, it would be important for me to get full knowledge about what I would be dealing with. For increasing the rationality of my decision and mitigation of the cognitive mistakes, I have to evaluate the situation from all angles. After having full knowledge of the organization, employees, code of conduct and operations, I would be able to make a rational decision that would also help me in avoiding the cognitive mistakes in the negotiation as well. Familiarity with things, individuals and circumstances regarding with a decision would be taken as the only element whose exploration would lead towards the right decision making. Technically for a decision to be more rational, I would keep all the pros and cons of organization in consideration.

Improving overall decision-making processes

There are different strategies that can be used to improve the overall process of decision making. These strategies are as follows

Learning from experience

It is one of the strategies that can help the employees to learn something that will not only be crammed by them but it will also be fruitful in the long run. Learning from experiences include scenario-based earning or the mistakes that the employee commits. Such mistakes and learnings will help employees to be compos while making decisions (Coba, 2019).

Understating Context

Another strategy that can help to make better decisions is understating the context. This context can be both, apparent or something that is hidden under words. It is important to note that employees should be taught to understand the context and features proper to making a decision. It will help employees to address the facts and figures by considering the long-term goals that are associated with it (Coba, 2019).

Productive Argument

Productive argument is one of the strategies that can be used by the CEO to incorporate better decision-making skills in the employees. It is a common observation that those people are more creative and critical who engage themselves in logical and valid arguments rather being driven by emotion or feelings (Coba, 2019).

Giving Options

It is asserted that an employee can be taught to make decisions if he is able and capable of giving options to others. Giving options to other will not only reduce the risk if making some false decision bit it will also help an employee to make decision by undergoing relative approach (Coba, 2019).

Experimentations

Employees can be taught to make decisions by using and incorporating experimentations because it is one of the approaches that will increase the exposure of an employee by making him open to different scenarios and take part in taking different decisions (Coba, 2019).

System that can ensure decision making

“Training System” is one of the systems that can help employees to take ethical decisions. It is significant to note that the employees should be given different training session frequently. These sessions should be given and delivered by people who are good at decision making or those who have a critical approach to the workplace in terms of decision making. This system will not only let people make decision in accordance with the taught objectives but it will reduce the complication in which ethics are either questioned or they are compromised. (Dogba, 2019). According to different researchers, it is proved that training is something that can Bing all the employees on board and it can create and impart homogeneity because all the employees will be given the same training so they can learn something new by following the same decorum and code of conduct. It is more added that the training that are given to the employees should incorporate all the features such as scenarios and experiments that are ever thought to affect the division making procedures (Dogba, 2019). According to the approaches designed to facilitate positive decision making, it is asserted that employees should be made to work in different situations and scenarios as a judgment that can help to improve the effectiveness so the decisions and let others know something that can either be erroneous or informative. In a nutshell, training system is one of the best system that can be incorporated or used to address the decision-making needs of the employees because it will not only cats negative impact on the employees in terms of shirking work in fact it will encourage employees to take an active part because what matters is the efficiency of the employee with which he is addressing scenarios (Dogba, 2019).

References

Carvalho, L. S., Meier, S., & Wang, S. W. (2016). Poverty and economic decision-making: Evidence from changes in financial resources at payday. American Economic Review, 106(2), 260-84.

Coba, L., Rook, L., Zanker, M., & Symeonidis, P. (2019, March). Decision making strategiediffer in the presence of collaborative explanations: two conjoint studies. In Proceedings of the 24th International Conference on Intelligent User Interfaces (pp. 291-302). ACM.

Dogba, M. J., Menear, M., Brière, N., Freitas, A., Emond, J., Stacey, D., & Légaré, F. (2019). Enhancing interprofessionalism in shared decision-making training within homecare settings: a short report. Journal of interprofessional care, 1-4.

Karadag, H. (2015). Financial management challenges in small and medium-sized enterprises: A strategic management approach. EMAJ: Emerging Markets Journal, 5(1), 26-40.

Malchanau, A., Petukhova, V., & Bunt, H. (2019). Towards Integration of Cognitive Models in Dialogue Management: Designing the Virtual Negotiation Coach Application. Dialogue & Discourse, 9(2), 35-79.

Bus 390 Cla2 STRATEGY EXECUTION​​​​

Strategy Execution – Attaining Organizational Goals

Star Student

BUS 387: Development of Business Strategy

Month Date, Year

Professor Fantastic

Westcliff University

Strategy Execution – Attaining Organizational Goals

Every organization comes up with great ideas and therefore, they spend millions of times to derive the best plan to implement the strategy. The execution of strategy is derived to ensure that the company is able to achieve its goals. The goal of the organization is to improve its performance in the market hence increases of sales and profitability. According to Torres (2014), a lot of organizations derived good ideals but they nromal fail to practically implement the ideas for the productivity of the organization. Failure to have a celar execution strategies a great idea came be wasted.The execution strategies requires strategies, people and operations. This paper therefore, present the execution strategies, management roles on the process of execution of strategy, the type of strategic plan, quality and charatceristics of employees required for efficient execution of a strategy.

Strategy Execution

Strategy execution is essential and it is core to achieving of organizational goal. A study conducted by indicated that many organizations come up with good strategies but usually fail to execute part of the strategies. Larry Bossidy and Ram Charan, in the book “Execution: The Discipline of Getting Things Done,” pointed out that proper execution of business strategies depends on three core areas, strategy, people and operations. In order to execute a business strategy a manager needs people and the people is very important that the strategy itself. Therefore, the goals and creating of solutions will be created to meet the specific objectives set for harvesting strategy to company intend to utilize to increase its market sales. After the setting goals and objectives, the data will be collected and analyzed to provide understanding of the market for efficient implementation of the strategy.

Management Roles

The management plans a critical role in the execution of strategy. The management roles starts from the development of contents, act of the bridge between the organization levels and direct reports and also serves as the performance role model of the organization CITATION Joa14 \l 1033 (Radomska, 2014). For a strategy to be properly executed the management of an organization must take a critical role to ensure that the execution of the strategy is completed based on the goals and objectives set. Therefore, every manager in an organization plays a specific role, which relies on each management department. For instance, strategy manager is responsible for planning and development of decentralized process and make sure that the strategy is adopted by the organization. The marketing, sales, administration have also specific role, which they are supposed to play in making sure that the strategy is fully adopted and executed for the benefit of the organization. The managers are also required to provide leadership to ensure that the entire of an organization is ready to adapt to changes. According to Radomska (2014), the role of manages include having strategic meeting with team to adopt actions and ensure that everyone is motivated to deliver the key goals of the company. Without working together and building a team to deliver specific of an organization it would be difficult for an organization to achieve its goals.

Strategic Plan Type

The best strategic plan would involve realignment or development of contents. The best strategy would be a combination of defensive and aggressive strategy because the withdrawal from one market will be defensive strategy and company will aggressively pursue the establishment in a new market. The other option will see the company aggressively increasing the price of its products and then establishing on other country. In the first case, there will be considerable involvement of strategic team in strategy formulation whereas the second case will require more involvement from the operational team.

The type of strategic plan is development by the entire organizational team.  Hartzell (2014) stated that strategic plan provide a clear layout how the strategic would be included plus everything which are required for specific role to be implemented. The best plans which would be used are tactic and strategic plan to makes sure that the objectives set are achieved. The cost leadership and differentiation would be the best strategy for the organization. The differentiation strategy is critical for product development. It is also help in set competitive advantage in the market to ensure that organization products are recognized and the sales increase as well.

Quality of Employee

Employees are a key to success of any execution plan, without employees a strategy would be as good as dead. As stated by Favaro (2017) the quality of employees are essential for the success of the strategy execution. Research indicates that employees play various role including development of content and therefore, the quality of employees increases the chances of success. The employees must be supporting the executions and having relevant knowledge and skills required for the execution of the strategy. For instance, there is need to have employees who understand marketing, sales and operations strategy for efficient implementation of an ideal. It is also important to have employees of high level of integrity and have worked in the same department or executed similar strategy before, to make sure that the strategy execution is done without any hitches. The staffs would be hired based on the skills and experience to help in the execution of the plan. Therefore, highly qualified staffs would be recruited to be part of the execution team for success of the project execution. The most ethical issues would be office etiquette, and communication ethics, which are needed for efficient management of a company. The organization would therefore, ensure that employees have high standard of ethics.

Employee Characteristics

Strategy execution depends on the employees and quality of employees of an organization. However, it is important to have employees with high characteristics and some of the characteristic of employees would be high communication skills, leadership oriented, team leader or team work, honest and high integrity to ensure that the concept of strategy is fully implemented without any delay. Therefore, the staff must have good communication skills, customer skills, marketing and sales skills. Above all, the organization would also look for employees who are result oriented, innovative and team work to help it execute its strategies.

Staff Training – Job Duties and Ethics

The employees would be taken through training on various skills and ethical issues which are required for efficient management of an organization. The trainings would involve work place ethics. The training will cover all areas which are critically needed by the organization to ensure that the objectives of the company are achieved.

Summary and Conclusions

The execution of strategy is derived to ensure that the company is able to achieve its goals. The goal of the organization is to improve its performance in the market hence increases of sales and profitability. It is important to have clear strategies for the execution strategies to be achieved. The best plans which would be used are tactic and strategic plan to makes sure that the objectives set are achieved. The cost leadership and differentiation would be the best strategy for the organization. The quality of employees is also a critical element which determines the success of a project and therefore, proper implementation requires quality of employees which variety of skills needed to make the plan works. Research indicates that employees play various role including development of content and therefore, the quality of employees increases the chances of success.

References

BIBLIOGRAPHY Favaro, K. (2017). Defining Strategy, Implementation, and Execution. Harvard Business Review

, 2-15.

Hartzell, S. (2014). Planning: Strategic, Tactical, Operational & Contingency Planning.

International Journal of Business Studies , 2-25.

Radomska, J. (2014). The Role Of Managers In Effective Strategy Implementation .

International Journal of Contemporary Management , 2-18.

Torres, J. (2014). Steps to Successful Execution of a Strategy.

https://www.entrepreneur.com/article/237005 , 2-18.

BUS 499: Assignment 2

BUS 499: Assignment 2

Your name

Affiliation

The company selected for the analysis is Samsung. It is a South Korean multinational conglomerate. Samsung was founded in 1938 by Lee Byung-Chul. This company is currently working in many fields of electronic industry. The greatest strength of Samsung is its approach of innovations and creativity. Innovations are the keystone for succeeding in the technology sector. Samsung is currently running thirty-four research and development centers across the world. In 2017, the company spent fourteen billion US dollars on research and department which was the second largest amount spent in the world on R&D. The massive growth of research and development played a significant role in expansion of the company in new product markets. Due to high research and development expenditure, Samsung is one of the strongest patent portfolios among technology companies. Implementing company's own software and operating system are highly profitable. Samsung's greatest weakness is that they lack the production of their own software and operating system for smartphones. Software and operating system production can increase the integration of the company's product and also helps in gaining brand loyalty. The competitors of Samsung like Apple, use their software and operating systems which gives a great advantage to them over Samsung (Jang, Hong, Woo Bock, Kim, 2002).

The best strategy that Samsung could use to get maximum results from its biggest strength is to develop more methods in research and development centers. These centers should be divided into three major layers with three major responsibilities the first layer should be responsible for the growth engines of the company. Its core functionality should be to analyze the past developed products and what measures now they should take to enhance the quality of their upcoming products. The second layer should be responsible for making a complete analysis on the needs and demands of the customers that what the users are expecting from the company so that developers could make a product that fulfills the demands of the users. The third layer should be responsible for advertising the products to the customers a year before its launch. This will increase the eagerness of the audience, and more customers can be attracted. To minimize the weakness of the Samsung company the only tactic that they can use is to implement their own software and operating system for their smartphones. The reason for choosing these strategies is that a company can only flourish when they use the approach of innovations and making a complete, thorough research before developing a product.

Tangible assets are those physical things that can be easily seen or touched. Samsung’s tangible resources are its land, buildings, machinery, equipment or capital, etc. The intangible assets are those which have no physical existence but have a great effect on the company. Samsung's intangible assets are brand reputation, trademarks, economy, or intellectual property, etc. The major core competencies of Samsung are creative people, innovative culture, technology leadership or customer value creation. The core capabilities of the Samsung Company are their internal collaborative environment and internal competition which became a core part of the Samsung management philosophy (Mo Yang, Seok Choi, Jin Park, Soo Suh, Chae, 2007).

The two major segments of the general environment which have major impacts on their ability to survive the market are economic and technological segments. In the economic segment, the factors affecting the business of Samsung are the interest rate, unemployment rate, inflation rate, gross domestic product or the decline or growth of the economy. Samsung products are consumer based products hence any change in the economy is highly detected within the manufacturing industry. The technology segment in electronic segment plays a vital role because in every day a new technology is introduced in smartphones and laptops etc. and introducing them in Samsung is very important because customers will constantly demand for products with modern technologies. Hence, updating the technology according to the modern ways is essential to get the complete satisfaction of the customers.

The first important force of competition for Samsung is the threat of substitutes which is moderately high. The competitors of Samsung are LG, Sony, Huawei and other local and international brands that provide competition and quality standard products which makes a better substitute for the products of Samsung. To overcome the threat, Samsung has paid a lot of attention to its R&D department so that they could bring more innovative ideas and technologies. The second significant force of competition is a competitive rivalry between the existing players. In the electronics industry, the competition between the players is very intense because there are many great existing brands like LG, Apple or Philips, etc. Hence, Samsung had only one choice or strategy to use for its better sale, and it was to use innovation and deeper market growth. Using the innovation, Samsung earned eighty-nine million dollars which was a great achievement for the company.

Overcoming these above forces can only be done by innovation and change of technology. In order to expand the sale of smartphones, Samsung should strengthen the competitiveness of products, by implementing new core features and services. The feature of camera and Bixby can be enhanced. Samsung should focus more qualitative growth of the smartphone business. They should also implement new cutting-edge technologies like foldable OLED displays and should introduce some latest concepts of Artificial intelligence and should introduce Samsung's 5g technology. All these factors can greatly help Samsung Company to grow its sale and economy.

The greatest external threat for Samsung is the dominant emergence of Apple brand in smartphone and tablet products in the market. Up till now, Samsung is unable to overcome the Apple's reputation in reliability. The brand name of Apple in quality, reliability, and sophistication is very high, and the loyalty of people for Apple cannot be changed so easily. The only way through which Samsung can overcome these threats is to maintain the impressive research design and manufacturing capabilities. Samsung should come up with some new techniques of marketing for its products and smartphones as marketing is the first step towards success.

The best market for the introduction of a product is where that item has not emerged yet or its emerging. Hence, Samsung did the same; the company saw an opportunity in regions like Africa and India where consumers are unfamiliar with tablets or advance mobile devices. That market was a great opportunity for Samsung, and the company earned more than fifty thousand corers in India. Best way to utilize their production is to bring new and great technologies in Asia and India so that they could earn more money. In regions like India prices of Apple products becomes slightly high that's why people prefer Samsung, and the company had the highest rank in the sale of the products in the year 2018 as compared to the all the other local brands of India. The overall net sale was of twenty-five percent in India which was a great milestone to achieve for Samsung (Jung, 2014).

References

Jang, S., Hong, K., Woo Bock, G., & Kim, I. (2002). Knowledge management and process innovation: the knowledge transformation path in Samsung SDI. Journal of knowledge management, 6(5), 479-485.

Mo Yan, H., Seok Choi, B., Jin Park, H., Soo Suh, M., & Chae, B. (2007). Supply chain management six sigma: a management innovation methodology at the Samsung Group. Supply Chain Management: An International Journal, 12(2), 88-95.

Jung, S. C. (2014). The analysis of strategic management of Samsung Electronics Company through the generic value chain model. International Journal of Software Engineering and Its Applications, 8(12), 133-142.

BUS222

M5D1: Analyzing a Presentation

I have selected a business presentation “Sell Value vs. Price”. Speaker way of speaking while delivering this presentation is very effective. His wording is supporting all the visuals elements in the presentation. He is using his hand gestures to make his audience understand his points. The way of presentation is more like a coaching. Moreover, Brian Tracy’s paralanguage is very effective as he is effectively combining verbal and nonverbal communication while delivering the presentation. The use of gestures, smirk, and pointing is making the verbal part of the presentation effective. This is continuously engaging an audience and they are not getting bored or feel the presentation monotonous. Accordingly, his nonverbal delivery is also effective. He is excellently using the pitch and tone in his message delivery. His speaking is not monotonous and his excitement with the material is representing his voice.

Similarly, his body language and facial expressions are adding to the meaning of the presentation. He has established eye contact with the audience and this is very comfortable eye contact. He is also smiling at some points that are showing his openness and warmth with the audience. On the other hand, he is sitting while delivering his presentation. This is keeping his body in a more relaxed position. However, his arms and opened hands are showing his reliability and honesty. Due to his sitting position, he is more using his hands and arms instead of walking and leaning. In addition, his use of visual aids is enhancing the overall effectiveness of his delivery. These are assisting in understanding the points that he is focusing on. These are a source of engaging audience. These are also supplementary in remembering the last discussed points. Likewise, at the end of the presentation, he is also arousing audience for the practice steps and using visual aid for this.

HYPERLINK "https://www.youtube.com/watch?v=eu8dN4n_eV8" https://www.youtube.com/watch?v=eu8dN4n_eV8

BUS341 & Soc101 MPW111225 & MPW11124

Analysis of Walmart

Name of Student

Institutional Affiliations

Introduction

The company was started by Sam Walton with goals of delivering highest levels of value and customer service. The owners believed that they could be successful in the competition by leading through better quality of services provided to the customers. The first venture of the owners started in the name of Walton's 5&10, which inspired them to top open the first Walmart store in 1962 in Arkansas. There was a general thought that better services and lower prices may not work at all for this business, but Wal-Mart was a big success, and the owners shared this success with related stakeholders, especially those who were involved in providing services to customers. This practice was very new to the industry, and sharing success with associates has been one of the major success factors for Wal-Mart CITATION Wal19 \l 1033 (Wal-Mart, 2019).

The company came up with ten principles for a successful business, which includes some aspects related to management. One of these principles relates to motivating partners who will play an important part in service delivery. Communication is also an important part of management in any organization, and Wal Mart has managed to communicate in a way that helps the management because every person is very clear about his or her role. There should be clear policies for the valuation of contributions by different employees so that each person can be rewarded accordingly.

This paper will analyze in three parts in the first section, there will be an analysis of environment by applying the five forces by porter on Wal-Mart. Next, we will analyze the four major functions of management and how they are applied by managers. The last section will provide some recommendations for the company to implement for improvements.

Environment

To analyze the situation faced by the company, a PESTEL study will be undertaken to go through political, economic, social, technological, environmental, and legal factors affecting the business. These aspects cannot be changed by the company itself, and they affect all companies equally.

Political and Legal

The U.S. is a system of government where the President heads both government and the state. Some differences are present in the political system of the U.S. and other European countries. There is a greater degree of power available to the upper house of legislation and more authority at the hands of Supreme Court. The political stability in country provides ample opportunities for businesses to grow themselves and Wal-Mart has taken advantage of this aspect by opening large number of stores all across the country. In terms of legal environment, the company has to fulfill many requirements while doing business in the U CITATION Rob191 \l 1033 .S. (Greenspan, 2019). There are laws that force companies to speak truth in their advertisements. These laws also affect the message that businesses can convey to their customers. These laws are implemented by federal trade commission at the federal level. Customers have the right to take legal action against the business, which has lied in terms of product features or attributes of service. Overall a stable political system and a strong legal system present a stable environment to Wal Mart to operate in which allows the company to maximize the customer value through innovative policies.

Social

The demographics of the U.S. reveal that a majority of people are white, with 72.4% in all. Christianity is the most common religion in the country, with 72.4% of people following it. There has been an increase in consumer power and demand at the same time, which means that the stores have to be in continuous contact with their customers. The case of a retail store like Wal-Mart is different because these stores will buy their inventory and sell that to the customers. These businesses need to keep a closer eye on the changes taking place in consumer behavior. An appropriate example can be given about the age of people in a society. An aging population will mean that the business will have to keep more products related to old age people. Social changes and factors allow businesses to use their resources efficiently by segmenting the market appropriately according to different criteria CITATION Bak05 \l 1033 (Baker & Stacy, 2005). The increased demand presents various opportunities for Walmart, but increased power can pose serious threats to it.

Technological

This is the most important aspect of this analysis when we talk about Wal Mart because almost all the consumers are affected by technology in one way or the other. Most important technological aspect is the internet, which has changed the way people buy and businesses sell. The customers have more variety of goods available for purchase through a number of clicks. They also have the opportunity to compare and contrast the offers by different competitors. As far as the businesses are concerned, they can opt for the online sale option through its website, which Wal-Mart is already doing. The technological aspect is very tough to manage because there are very quick and abrupt changes in it. In terms of advertising and marketing, there has been a huge change in the introduction of social media. This aspect has helped both businesses and customers, at the same time, providing a platform for both to make better choices. Walmart uses social media for advertising major campaigns with minimal cost and reaching a large number of customers at a time. Various applications have been developed to help customers buy combination of various products. Thus, the technological environment presents both opportunities and threats for businesses to cope. Walmart has been trying to be a considerable competitor to Amazon in the online retail business, whereas Amazon is trying to show more and more physical stores.

Environmental

There have been huge concerns over the environmental issues raised, especially by the usage of plastic bags and related materials. Walmart has to keep an eye on all the major environmental concerns and incorporate relevant responses. These concerns may also affect partners of a company in the whole supply chain.

Porter Five Forces Model

Competitive Rivalry in the industry

In the retail industry, there is a strong rivalry among firms that are participating in the market. A large number of firms are providing very similar products to their customers. Walmart has to face these aggressive factors because there is tough competition in the market. Strong competition will mean that a company will have to develop its competitive advantage over a much longer period. The approach used by Walmart is to lower the prices of all its products so that there is a higher volume of sales to be enjoyed.

Bargaining power of Customers

There are huge numbers of buyers who have distinct characteristics, and it is impossible for them to unite. This factor makes its bargaining power much weaker in the case of Walmart. Another aspect is that there is a very small percentage of purchase made by individual customers so they cannot have any impact on overall sales of the company. All these factors make the bargaining power of buyers much weak. In the present era, there have been many changes in the retail industry, including technological aspects, which have increased the influence of buyers on various firms. The customers now have various options to change their preferences regarding retail stores quickly.

Bargaining Power of Suppliers

This force is also weak in the retail industry because there are a large number of suppliers available in the market, and Walmart and other huge chains purchase in huge quantities from them, which makes the position of suppliers much weaker. Walmart has ignored this aspect of the model and made sure that suppliers are considered a part of the value generation process of the company. The company has tried to involve all the components of supply chain in value generation process.

Threat of Substitutes

There has been a huge variety of goods offered by Walmart stores which makes it difficult for any other store to compete. The huge variety does not allow other firms to bring in any substitutes to these products. Another barrier is the nature of these products which does not allow any substitute to creep in. In the past, the company used physical stores and online sale could was thought as a substitute which has been changed initiating the online sales through company website and social media advertising.

Threat of New Entrants

There is a strong threat of new firms entering in the market because there are no legal barriers to start a retail business CITATION Gar19 \l 1033 (R.Jones & George, 2019). There are a lot of suppliers and any new firm can choose from among them. There is a low amount of capital required to start a retail store so this is a strong force against Walmart. Walmart has extended its network to a huge area and offers lowest price with higher quality services. These factors make it difficult for the new entrants to affect their sales and market share but entrance of new firm means that there will be more players in market causing further saturation of market.

Role of Managers

In the environment like this, managers have to be proactive in their approach. This will require that there is maximum control in the hands of top and middle management so that timely decisions can be made and implemented. They will also keep an eye on all factors of the PESTEL analysis to look for any major changes in these factors and appropriate changes have to be made to company policies and strategies.

Managerial Perspectives of Walmart

Planning at Walmart

Planning is concerned with setting up the organizational goals and objectives and defining the plans through which these objectives will be attained. A plan is a written set of the way in which goals and objectives will be attained. The current issue for the company is that there are more and more people going towards the online option of buying goods. The company has traditionally focussed on the physical stores which sell goods to customers directly. One goal is to increase the online sales by 20% over a certain period of time. A second objective set is that there must be an option in all stores which will allow customers to book their orders from home and they come in to pick their orders later CITATION She14 \l 1033 (Banjo, 2014). The third objective will be to make sure that the delivery of goods is made on time by the company to customers so that they are satisfied. In order to plan these activities, company has to determine what steps will be required. Firstly, there has to be a certain level of training offered to employees so that they can know exactly what changes are required and how will they be incorporated? The technological system of the company should be improved. Should the company put in all the goods for selling online or some specific goods only? What steps can be taken to make sure that orders are delivered on time and at reasonable costs? Being a huge organization, Walmart has enough resources to run this campaign successfully but the most important aspect is to allocate these resources in a way that can maximize the output. This step will have to take the maximum time if management wants to be successful in future.

Organizing

Once the goals and objectives have been set, the next step is to set up various resources for the attainment of the set goals and objectives. The first thing will be that employees will have to be trained regarding online sales. Even before that there should be new devices installed on all stores which will help the employees to track the orders of customers. There will be new employees hired who will handle these devices and also help other employees to learn about them. There will be a considerable amount of financial resources required for purchase and installation of devices. All these resources have been organized and now they will have to be allocated. The company will have to increase advertising on various online platforms so that more and more people can know about any offerings. A contract will have to be established with a courier company to take the goods from godowns and deliver them to customers without any delay. This contract should be made for a specific period of time after which it will be renewed. An insurance company will also be involved in the whole process.

The major role in this step will be played by the managers and many of their skills will be tested. Negotiations with couriers, shipping and insurance companies will test their negotiating skills as well as their ability to convince others to follow budgets. Communication skills will also be properly implemented by managers because they will have to communicate with internal and external stakeholders. Walmart has a norm of clear communication which will mean that all managers dealing with outside parties will have ample information about how to settle things. One more aspect of Walmart’s culture is that it wants to make sure that no stakeholder is at a loss in any deal finalized. There will be step by step communication between the middle and top-level management which will mean that all levels stay updated about the happenings. Once all resources are organized, they will be put in place to make sure that there is ample movement towards achieving the goals.

Leading

Leadership can come in two ways namely transformational and transactional. Transformational leadership is the style that modifies the lives of people and society significantly. Walmart is following this thought of leadership which means that it is trying to bring changes in the lives of people and society. The increase in online sales provides customers with an easier option to shop. In some particular instances, the company also implements the transactional leadership which means that there are certain punishments if tasks cannot be accomplished in time. Transformational leadership is at the base of Walmart’s success but in this scenario, both leadership methods will be used by the company. The implementation of the online sales system will require transformational leadership because this will highlight the positive changes brought by this system to people’s lives and society as a whole CITATION Nea05 \l 1033 (Conan, 2005). This will also motivate the employees to learn new things and implement them in practice. In the second stage, transactional leadership will be used where employees will be rewarded or punished on the basis of results achieved. The managers in Walmart will have to practically show how to maximize benefit of online sales for customers and society as a whole. There have been regular visits by the top officials of company to individual stores to check the effectiveness of any change brought about by the company. This makes sure that top officials have ample information of ground realities so that the objectives are well known across the whole organization. Thus, leading plays an important role in making sure that there is coherence across organization regarding objectives and the way they are pursued.

Controlling

This aspect is related to evaluating the outcomes of efforts and matching them with the desired outcomes. The company has been able to increase online sales by 4 % over a period of one year which is lower than the desired outcome. There have been many cases where customers have complained about late delivery of goods all over the world. The analysis revealed that the online retail market was too competitive for the company to be able to get a 5% increase. The shipment costs to certain parts of the world were too high for company to handle. There were huge costs associated with inventory management as a result of late deliveries. Some employees were dropped off and some other were offered further training so that these problems could be rectified.

Recommendations

The first recommendation for the company is to divide its operations on the basis of geographical area which means that particular areas will manage their own sales and inventories. People from all around the world will be able to receive their shipments within stipulated time because they will receive them from nearby locations. In the countries where demand is higher, separate warehouses can be opened so that there is no chance of delays in delivery. Currently, the company follows a structure that is based on business activities like sales, marketing which limits the ability of company to address problems quickly. A change in culture will help the company to adapt to differences in various countries. Even in case of online sales, the company will have to change a little bit according to local culture. There should be sufficient adaptability in organizational culture in different countries.

There must be coherence between physical stores and the online pictures of these stores which means that customers will not feel strange online or coming to physical stores. Similarly, the product features should also be the same on both platforms.

The management should take more control in its own hands so that decisions are taken and implemented faster. This will require that the employees follow directions as required by their managers. Currently, the organization has empowered the employees too much which is creating a problem. The communication system has to be improved in a way that more information is transferred from top to bottom. The inability of the organization to achieve the suggested increase in online sales happened because employees had extraordinary powers and could not implement the suggested actions properly.

The company should continue the low pricing strategy because it will ensure huge sales in terms of volume both on physical stores as well as online. However, costs of shipment have to be controlled so that there is no loss to the business.

References

BIBLIOGRAPHY Baker, & Stacy. (2005). Defining Retail,post Wal-Mart. Pro-Quest Central.

Banjo, S. (2014). Wal-Mart Looks to Grow by Embracing Smaller Stores. Wall Street.

Buttler, B.Oss, & P.Murray. (2014). Contemporary Strategic Management. Wiley.

Conan, N. (2005, November 1). Analysis: At Wal-Mart, a mission to bolster image. Washington D.C., America.

Greenspan, R. (2019, December 13). http://panmore.com/walmart-five-forces-analysis-porters-model-case-study. Retrieved from http://panmore.com: http://panmore.com/walmart-five-forces-analysis-porters-model-case-study

R.Jones, G., & George, J. M. (2019). Essentials of Contemporary Management. New York: McGrawHill.

Wal-Mart. (2019, December 13). https://corporate.walmart.com/our-story. Retrieved from https://corporate.walmart.com: https://corporate.walmart.com/our-story

Business

[Name of the Writer]

[Name of Instructor]

[Business and Management]

[Date]

Most Hated Companies

Facebook Mission, Vision, and Values

Facebook Inc. is considered to be one of the largest online social networks on a global level. Such high position of Facebook tends to align the organization with the vision and mission statement of the company. In simple words, it points to leadership in impacting the social relations of the world. The vision of Facebook Inc tends to guide employees to focus their efforts for supporting corporate effectiveness. On the other hand, the mission statement of Facebook determines the tactics and strategies for growing and developing the firm.

The Washington Redskins Mission, Vision, and Values

The mission of this organization is to provide resources that can be seen offering genuine opportunities for Tribal communities. The organization believes in working as partners for tackling the troubling realities that a number of Tribes face across the state. When it comes to the Foundation, it tends to utilize the national platform for addressing the challenge in the daily lives of Native Americans.

Why Facebook Ended Up on the Most Hated List

In the past year, it has been seen as a string of public relation disasters hitting social media giant Facebook. Facebook Inc. has undoubtedly made its name in one of the most hated companies in America due to certain reasons. It was identified that access to the data was given to the Political research firm Cambridge Analytica by Facebook. The matter of fact is that the access was given improperly. A number of stories from that time have trickled out regarding how social media has been seen mishandling the ways foreign countries used information for influencing the elections of United States Presidency 2016. Due to these factors, Facebook made its name on the most hated companies in the U.S.

Why Washington Redskins Ended Up on the Most Hated List

There is no doubt that the year 2018 was considered to be quite rough for the Washington Redskins in both on and off the field. There are multiple factors which lead to making the name of the organization in most hated companies in America. One of the main criticism that the company face is the name of the organization "Redskins." The reason for that is quite simple as some people consider it a racial slur. It has been reported by a number of cheerleaders that the company has done degrading treatment with them such as forcing them to pose partially nude for a photoshoot. Apart from this, the company took a lot of heat when it acquired linebacker Reuben Foster on waivers. The reason for that lies in the fact that he was arrested on account of domestic violence.

Recommendations for Facebook

Facebook is a big organization, and there is no doubt that the organization is in a high need to remove its name from the op hatred companies in America. In order to accomplish this mission, Facebook Inc should clear the assumptions and accusations that have been made on them in the past year. Moreover, the organization has also been accused of not speaking up on hot topics. Therefore, Facebook can address the issues itself, and it may undoubtedly lead to a victory over accusations.

Recommendations for the Washington Redskins

When it comes to the Washington Redskins, the organization has a lot of things to address. First of all, the brand name of the company is seen to be disturbing a lot of people, because it is acting as a sign of racial discrimination. The organization should probably modify the brand name. Apart from this, the organization should be very careful while creating partnerships and must take some guidelines before acquiring any linebacker again.

Work Cited

"Facebook Inc.’S Mission Statement & Vision Statement (An Analysis) - Panmore Institute." Panmore Institute. N. p., 2016. Web. 10 Apr. 2019.

"Who We Are | Washington Redskins Original Americans Foundation." Washingtonredskinsoriginalamericansfoundation.org. N. p., 2019. Web. 10 Apr. 2019.

Suneson, G., & Sauter, M. (2019). America’s Most Hated Companies. 247wallst.com. Retrieved 10 April 2019, from https://247wallst.com/special-report/2019/01/10/americas-most-hated-companies-6/2/

Business

Writers name

Enter Name of the Instructor

Subject

Date

Business Perspective

Introduction

Perspective is defined as a way of thinking or perceiving things. Like other departments, business also works in close coordination with perspective, which should be strategic for the success of an organization. Strategic perspective is important because it facilitates the development of a competitive mindset. Business perspective is more like a bridge that connects “to-dos” with business (Hochstein et al.,). There are four major perspectives of business such as financial perspective, customer perspective, internal process perceptive and learning and growth perspective (Hochstein et al.,). This paper aims at the analysis of the customer perspective.

Discussion

Customer perspective refers to the performance objectives that are related to both, customers as well as markets. This stance translates the vision, great strategies, and corporate objectives into some specific and customer-oriented objectives and market segments. Customer perspective is one of the major elements of the business perspective taking into account that it is connected the other aspect to the organization as well. Customer concerns can be classified into four major categories, termed as service, time, quality and cost (Hochstein et al.,). It is a general in fact evaluated view that satisfied customers are more towards using some particulate product and talking in favor of the product rather than seeking other brands and products. In addition, customer perspective is one of the critical elements in terms of achieving the company's both long term and short-term financial goals. Taking into account the specified customer objectives, some major perspectives are

Increasing market share

This theme is focused on the activities of the organization that can help or employ to improve the company’s share of the market. this aim can be achieved through different means such as sales, promotions advertisements and low prices of the products and goods.

Increasing customer retention

The focus of this theme is to make sure that the old customers are still using the products and they are patronized by the organization. This also helps to ensure that strategic measures are taken to improve the customer-organizational relations, response of the customers, complaints of the customers and the sales services are offered to the customers.

Increasing customer acquisition

This theme aims at increasing the total number of deals to the new customers, it invites strategic measures that can help to give free samples to the market segment, becoming part of the market segmentation and introduction to new products and services.

Increasing customer satisfaction

This theme aims at the customer-survey satisfaction ratings. It includes strategic measures that can be taken to include the administration of the questioners so that the customers reviews can be taken, which can be monitored and desires can be addressed.

There are different aspects of customer perspective taking into account that all these perspectives connect the company to the customers which ultimately enriches the market. In business, the success of the company is dependent on the satisfaction of customers. This perspective deals in defining the ability of the organization to provide quality services and goods. Some other elements are customer expectations, sustainable market, customer feedback and then attracting customers.

Customer expectations include fractures that can help to understand what actually a customer requires. It infers brand loyalty, taking into account that the customer seeks out those products services that are as per their desires. So, a successful business is the one that is organized in accordance with customer expectations. Customer expectations also involve the approach of customers in terms of selling and ease of access, evaluated from the fact that almost all famous companies have their products available worldwide.

Sustainable market is another major element that asserts that customer loyalty can be gained with effectiveness and dedication. This department incorporates an in-depth analysis of the company in terms of a sustainable market. This aspect is also a major component of profitability so, there is a dire need to incorporate those activities which include superior services and a positive approach. Seamless integration of different elements such as the service-profit chain leads to employee satisfaction, which ultimately produces value creation and it helps to attain sustainable market.

Customer feedback refers to the insights that customers have regarding the particular brand or organization. It is one of the major tools for the continuation of the services of the organization and maintain market value. There are different ways and means of attaining customer feedback such as ensuring good quality products, addressing customer’s concerns and reaching out to customers in terms of their requirements and choices. Customer feedback is one of the major sources of creating more and lasting values in the market, also it can help to maintain what is actually required and how it can be achieved.

Conclusion

An analysis of the above-mentioned aspects and features highlight that customer satisfaction is one of the major elements that is central to monitoring and coordinating the other perspectives. Customers are the major drivers that are needed to ensure the markets place of the company, along with the financial stability of the company. A critical insight highlights that the customer perspective of the company cannot be fulfilled, until efforts are taken to regulate the financial, inter-organization and learning and growth perspective. The rationale can be traced from the fact that employee’s dedication is necessary to attain quality work and for employee dedication, it is necessary to have an adequate and effective inter-organization perspective. So, all the perspectives need to be regulated and analyzed for achieving the common goals of the company and the significance of none of the aspects can be denied.

Work Cited

Ferrell, O. C., et al. "Business ethics, corporate social responsibility, and brand attitudes: An exploratory study." Journal of Business Research 95 (2019): 491-501.

Hochstein, Bryan, et al. "An Industry/Academic Perspective on Customer Success Management." (2020): 3-7.

Business

Business

[Name of the Writer]

[Name of the Institution]

Business

Introduction

Stratified ownership is also referred to as timeshare, holiday ownership or vacation ownership. In this kind of purchase, a property such as resorts is owned by multiple owners. In such ownership, all the owner have the right to use that property, but for a specific time, for example, one owner can use the property for one week only. Stratified ownership is common in the vocational industry where people purchase the property so they can use it for a specific time during their vacations. The price depends on the high or low season if the owner chooses to get the right of using the property during high peak season then the price will be high. Units of the property may be vended as a partial proprietorship. The stratified ownership programs are wide-ranging and have been changing with time and developments.

Discussion

The advantage of stratified ownership for the business or industry is that it drives much higher occupancy rates since proprietors and exchange participants are consistent clienteles who come on an anticipated basis, reducing the seasonality issue (Brotherton, 2012). Stratified owners also have the facility to use the amenities such as spa and restaurants within their owned property. Moreover, stratified ownership brings in enormous revenues each year, and it is also easier to manage these revenues as they are fixed revenues directly from the owners. Such revenues are easy to manage. With the increase of stratified ownership in current vocational or holiday ownership, more and more resorts are adopting innovative technologies to enrich their customers experience at the resorts. Many resorts are now providing virtual reality experience for their patrons resulting in more and more people wanting to visit regularly and own part of the property.

In the United States, the demand for vacation and business travel is very high, pushing the market uphill continuously, which is why the United States has remained a key region for Stratified Ownership Market, resulting in increased number of international travelers. In Colombia unlike many other nations in the world, shopping malls are owned by stratified owners due to the shortage of funding for malls and office buildings. Most of the residential buildings, malls and office buildings in Columbia are also owned by several owners rather than wholly owned. This stratified ownership influence the market because of rapid prices increase or decrease.

There are numerous misunderstandings concerning stratified ownerships in the hospitality industry. In simple terms, in this kind of ownership one owns the right to use a luxury setting every year for a specific time. Even though a lot of people desire and admire such ownership but it is also highlighted by financial writers as one of the worst acquisition one could make. The stratified ownership is complex and deemed controversial as well (Stringam, 2010). Some people like the idea while, others do not prefer it and sees many negatives in it. No wonder stratified ownerships in vacation and hospitality industry is an enormously lucrative business as each unit of the resort or building can be sold to numerous owners, one for each week of the year. But, the many buyers, unfortunately, are not usually fully satisfied with their membership or either they report scams. With the rapid growth in stratified ownership, scams are also on the rise. Due to the rise of the scams, high prices and fraudulent sales practices, stratified ownership in the leisure industry has gained a bad reputation (Rodwell, Teo, 2000).

Problems

There is also a number of problems associated to stratified ownership in the hospitality industry.

No Flexibility: In the hospitality industry, the owners are allowed to use the property for a specific time and certain week of the year; thus, for people who prefer traveling spontaneously, stratified ownership in leisure industry is not a good move (Upchurch, Lashley, 2006).

High fees: Owners have to pay regular maintenance fees around the year, plus these fees usually increase considerably every year.

Hidden fees: There are always some hidden charges involved in stratified ownership in the hospitality industry such as maintenance fee, etc.

Renting difficulty: If in case the owner wants to rent his or her property, it is not easy to find a customer for one specific week of the year; even if a customer is interested still it will take some time to process it and while having one week time only usually is not feasible.

Depreciation: Hospitality ownership does not go up in worth usually, but lose over half of its value as soon as the purchase takes place. Therefore, it cannot be termed as a good financial investment.

Some critics also argue that stratified ownership in the hospitality industry is extremely overpriced and hectic as well. Selling out one’s property rights are also very challenging mainly because of time restrictions. Besides, the locality of such resorts and hotels poses a great threat to the local weather and natural habitats. Hence, the hospitality industry and its stratified ownership should explore sustainable design and construction methods, ingredients, and methods to protect nature.

Hospitality industry can also use stratified ownership method in services areas, where there is ideally no time restrictions and maintenance fees, etc. For instance, food service can be used for stratified ownership taking where owners can have access to food in specific locations at any time of the year, with no maintenance or regular fees and hidden charges around the year. In this way, owners can travel and use such facilities at any time of the year.

References

Brotherton, B. (Ed.). (2012). International Hospitality Industry. Routledge.

Rodwell, J. J., & Teo, S. T. (2000). Approaches to HRM on the Pacific Rim: a comparison across ownership categories in the Australian hospitality industry. Research and Practice in Human Resource Management, 8(1), 135-151.

Stringam, B. B. (2010). Timeshare and vacation ownership executives’ analysis of the industry and the future. Journal of Retail & Leisure Property, 9(1), 37-54.

Upchurch, R., & Lashley, C. (2006). Timeshare resort operations. Routledge.

Business

Name of student

Name of institution

Name of instructor

Date

Managing meeting

Subunit 1: Using meeting effectively

Topic A: Do you need a meeting?

The first thing that one needs to decide is whether they really need a meeting. The meeting can be of great importance if there is an issue that is to be discussed in the meeting. To have a meeting, one must have an idea of the things that they wish to discuss during the meeting. It is the initial stage where one sees the problem that should be handled during the meeting and decide whether it is important to have the meeting or not. The choice to have a meeting or not depends on the decision that one makes at this stage.

B. knowing your aims

The aims of the meeting should be discussed as it helps to set up an agenda for the meeting. It is not possible to come up with a meeting if you do not have items that will be discussed during the meeting. Once you have listed the aims of the meeting, you will be able to come up with objectives that can help you to have a successful meeting. The aims of the meeting also help different people within the meeting to know what they are expected to present during the meeting. It is an important stage that ensures you can use the meeting effectively to achieve the aims that you have set.

C. Meeting informally

Before the actual meeting, you can decide to meet informally. It is important because it helps you to brainstorm the aims with other members of the group. Meeting informally also helps in coming up with other aims that you might have forgotten when coming up with the aims for the meeting. It is also an important aspect because it gives you the opportunity to inform the members of the meeting and what they are expected to discuss during the meeting. It is an opportunity to be able to know the mood of the group members and decide whether it is appropriate to include other things for the meeting or not.

D. Meeting formally

Once you have met the members informally, it lays out the platform to meet formally. During the formal meeting, the group members have the opportunity to discuss the aims and objectives that have been set. At this stage, every member already has aims of the meeting and has prepared points to present during the meeting. The meeting is formal at this stage and members are only expected to come with points in relation to the topic they have been given. This is the point where you know what the members think about the actual points that you have and note them down to be used in developing the organization.

E. Revolutionizing

One of the things that you have to put into consideration if you really want to make good use of a meeting is revolutionizing the meeting. It is important that you come up with new ways of doing things so that you can revolutionize the whole meeting. People are always willing to attend meeting where they feel they will learn new things. It is only through revolutionizing that you can be sure to get the attention of the members and therefore get the best out of the meeting. It is an opportunity to test you innovation skills and see whether you have the ability to come up with new ways of doing things.

F. Communication

It is only possible to have a successful meeting if you keep information flowing throughout the meeting. As a manager, you have to provide members with information about the meeting and what is expected of them during the meeting. You should also create an environment where they are willing to share the information they have for the success of the meeting. Communication helps in sharing ideas so that people can work together towards the development of the organization and also improve on the cohesion of the members. The manner in which you communicate with the other members helps you to get information from them so that you can change on the strategies being used in the organization.

G. Choosing the right type of meeting

Not all the meetings that one will attend can be of great help. If you are attending a meeting with the intention of getting some skills that can enable you to improve the manner in which you do your things in the organization, then you need to make the best choice. The meeting that you choose to attend will determine the extent to which the whole process will be a success on your part. To choose the meeting that you will attend, you have to know the aims of the meeting and the topic that are people are expected to discuss during the meeting. It is the only way that you can use to get the best information out of any meeting that you need to attend.

H. keeping on track

To use a meeting effectively, you have to keep track of the things that you discuss in the meeting. Most of the meetings that you can opt to visit will have follow-up meetings that are meant to discuss the progress of the things that were discussed in the previous meetings. Following up enables you to make changes that have been suggested in the next meetings so that you can experience the end desirable result. The step also helps you not to lose focus in the things that were previously discussed in the meeting. It is the best way of ensuring that you do not get your mind off the topic.

Subunit 2: preparing for a meeting

Topic A: Inviting participants

To be able to have a meeting, the first thing that any person needs to be sure of, is the fact that there are people to attend the meeting. There can be no meeting if there is no other person apart from you that is willing to get into meeting. You can either decide to invite them as a group or individually based on how you know them. Inviting them as a group is better because you do not have to take a lot of convincing each of them that the meeting will be of great importance for them. Depending on the size of the meeting that you wish to have, you will know the exact number of invitations that you will send out to the participants who wish to attend the meeting.

B. Preparing an agenda

When you make up your mind that you need to have a meeting, it is important to come up with an agenda for the same. The agenda is a very important tool that can be used to convince people that the meeting is really of great importance. You have to set up an agenda that will attract many people so that you can have views from different people during the meeting. The agenda should be related to what the groups that you have invited for the meeting do in their respective groups. It is important to match the agenda with the aim of the groups so as to get most of them to attend the meeting.

C. Locating a meeting

Setting the location for a meeting is a very important part of the process of preparing for a meeting. There are many factors that one should consider when setting up a location that will be used for a given type of meeting. One has to ensure that all the facilities that they need during the meeting are available in the location. This will not only reduce the cost of carrying out the meeting but will also ensure that they have the best experience with everything that they need during the meeting. The location should also take into consideration the time one will take to reach the location as well as the cost of getting there.

D. Seating participants

Once you have selected a location, the next thing to do is to find out how to seat the participants in the best way. At this point, you already have the list of all the people who will be attending the meeting and the next thing that you need to do is ensure that they are comfortable during the meeting. The manner in which one arranges the seats is very important. It should be done in a way that enables every participant to have the ability to participate and view every speaker on the stage since it is one of the practices they need to master when attending the meeting. There are different ways that can be used for the seating patterns so that every participant can have the equal opportunity of participating in the meeting.

E. Preparing practicalities

Practical activities are some of the most important aspects that one will have to take into consideration when coming up with a meeting. You have to set up all the facilities that will required for such practical projects because they are important parts of the meetings. It is also important that you inform the participants in advance that they will take part in practicalities that can help them to improve the manner in which they perform related tasks. The practical projects should not take a lot time preparing during the meeting that is why it is important that you do the preparation in advance. The preparation phase gives you the opportunity to brainstorm on all the things that will be needed for the practical activities’ so that you do not end up messing when the meeting is on.

Subunit 3: Attending a meeting

Topic A: Taking an active role

When attending a meeting, it is important to ensure that you keep an active role during the whole session. It helps you to get the information without missing any of the important points that might come up during the meeting. You can do this by asking questions where necessary and ensuring that you also contribute your though where necessary. It is an important way of ensuring that your mind remains in the topic during the meeting and that you do not end up thinking of other things that might get you away from the meeting. It is through active participation that you can also get to interact with other people who can help develop the knowledge that you have before you attend the meeting.

B. Being seen and heard

An important aspect of attending a meeting is ensuring that you are present both in person and in mind. There are people who attend meetings but their minds might not be concentrating on the things that are being said during the meeting. The best way to achieve this is by asking questions where you do not understand and also ensure that you add on clarifications on the points that you do know more about. You have to ensure that you are punctual to the meeting so that you get to sit in place where you can participate in the meeting well. In most cases, anyone that wants to gain a lot from the meeting will arrive in the meeting early and sit at the front sit so that they do not lose concentration during the meeting.

C. Listening on other

To communicate properly during the meeting, it is important that you take time to listen to what others are saying. Once you listen to what they are saying, it can be possible to challenge their thoughts or even ask questions about the things they have said. Listening effectively means that you can write down the points as they talk. It helps in maintaining attention throughout the meeting to ensure that you are productive and also come out with knowledge from the meeting. Listening also helps you to get the attention when you get the opportunity to speak at the meeting.

D. Handling problems

Problems might arise during the meeting and it requires that people should come up with ways of solving them. The best way to do this is to try asking questions that can lead into such problems so that you also become part of the solving process. By engaging in the process of solving a problem, you will get the opportunity to concentrate on other problems that might arise during the meeting. Meetings that have problems end up being successful because they bring out practicalities that one can relate with in real life. Handling the problems also helps you to improve your problem solving skills that can help you in your day to day life.

E. Taking minutes

Taking minutes help you to keep a record of the things that were said during the meeting. It is also a god way that you can use to be active during the meeting. You can always refer to the minutes in case you need clarifications after the meeting. It is not possible to grips everything that has been said. By recording, you also get the chance to revisit and know what people discussed in the previous meeting in case there is another upcoming meeting. It also gives the opportunity to put into practice your minute taking skills.

F. Evaluating your skills as a participant

It is also important to evaluate yourself. After the meeting, you have to sit down and see how you perform during the meeting. It is a step that will ensure you come up with ways of improving your performance in the next meeting. It is will also help you know your strengths and weakness and what you need to do to be able to perform better during meetings. The skills you have can help you in real life situations that relate to the meeting that you attended.

Subunit 4: Chairing a meeting

Topic A: understanding the role

As the chair of a meeting, it is important to understand you roles well. The roles define how you will behave during the meeting and the things that members should expect from you during the meeting. As the chair, you are expected to provide direction. You should have such skills that will enable you to control the manner in which people discuss during the meeting. Members tend to follow the behavior of the leader and it is the manner in which you behave that will determine whether the meeting will be a success or not.

B. Researching attendees

Since you are the leader, it is your duty to see how people have been attending the meeting. People might be given allowances at the end of the meeting and it is important that you know who has been attending the meeting. This is important because it also gives you an idea of the people that you should invite in the next meeting. You will know the people who are genuinely interested in the meeting and those who are not. Knowing your attendees also gives you the opportunity on how you should treat different attendees to make them gain from the whole process.

C. Pacing the meeting

As the chair, you also determine the pace of the meeting. You have to come up with a plan that you can use. The plan should spell out the activities that should be carried out within a given period so that the meeting fits within the set time. When setting the meeting, attendees are always informed that they will be in the meeting for a certain period of time. It is important to come up with a schedule that can space all the activities that will be carried out during the meeting.

D. Controlling a meeting

There are times when discussions might arise in a meeting. In this case, it is still important that you come up with ways of ensuring that you can control the members. The members should know that you are the chair in this case. You have the duty of controlling the number of people talking at any given time. It is important to let one person to talk at any given time to avoid confusion.

E. Keeping order

Where there are many people, there should be a mode of operation. The mode of operation will be provided by the chair and it will be the duty of the participants to follow. As the chair, you have to ensure that you let people to interact with respect. Interruptions should be minimized by the chair. The roles that relate to keeping order help the meeting to be a peaceful place where learning can take place.

F. Closing a meeting

As the chair, it is also your duty to close the meeting once people are done. You have to thank the attendees for behaving well during the meeting. You also have to encourage them to make use of the things that they have learned in the meeting. Going forward, you also have to encourage them to attend the next meeting that you will have. It is the best way to close a meeting because it gives them the chance to hope for another similar meeting in future.

G. Using formal procedure

As a chair of a meeting, you should be equipped with all the formal procedures to be followed. You should ensure that the members follow the procedures that they should be following. Some of them might not know the procedure that they should be following during the meeting. It is you duty as the chair to inform them of the procedures. Formal procedures help the attendants to have some order and they can also learn from you.

H. Solving problems in formal meeting

Problems will have to be solved in the formal meetings. The chair is the one that should lead people through the whole process. The reason you are the chair is because you have experience and better skills that can be used to solve problems that people experience during the meeting. You should be aware of the problems that will be solved during the meeting. It helps to be confident and lead the attendees during the meeting.

I: Evaluating your skills as a chairperson

Once the meeting is over, you have to evaluate you performance as the chair of the meeting. In case the meeting was a success, there are many chances that you performed well. In case the meeting failed, it can be concluded that you did not do your part well as the overall leader of the meeting. Complaints from the participants should also be addressed so that you do not make such mistakes in the next meeting. Evaluation is important as it helps you to improve your performance as the chair any other meeting.

Business

Business

[Name of the Writer]

[Name of the Institution]

Business

Introduction

Dell is one of the most popular computer selling company which is an American privately owned company. They manufacture, sell and repair computers and other related products. Dell is having a very good reputation in the market due to its innovative ideas. They are having a different way of selling products as compared to the other competitors in the market. In this essay, we are discussing a video in which Dell and its direct sale model are discussed. There will be a discussion about different aspects of how Dell is different from other companies in the computer market and how their competitors are applying different strategies to compete with them.

Q1

Dell is one of the most popular computers selling company in the world that sales its products directly to its customers according to their requirements. There is no middle man involved in the sales strategy of Dell as shown in the video that they create mostly on demand and customized computers for their customers. People tell them their requirements for what purpose they need a computer and what specifications they need in a certain system. They can order online on Dell's website or they can also order by making a phone call as shown in the video. This video looks very older because today there are many competitors of Dell in the market who are currently working on the same strategy of Dell (MacNeil, 1999).

It is shown in the video that when someone orders the customer product via telephone or online on Dell’s website, after receiving the order Dell starts manufacturing the computer according to the specifications which are told by the customer (MacNeil, 1999). After manufacturing the computer, they perform a test to make sure that each function is working properly or not. When everything is done, Dell tries to ship the computer to the customer as soon as possible as shown in the video. This is one of the reasons why Dell is successful because they have proper management and they value their customers. Dell always sends the products to its customers on time or before time to make sure that the customer receives their order before the given time. They only built orders on demand as compared to their other competitors like Apple, IBM, HP, etc. Other companies are also using other services to sell their products to customers.

Q2

The emerging supply chain and logistics management factors which are represented in the video has negatively affected large computer chain stores. It has affected them negatively because of the rapid usage of internet. People prefer to buy products from the internet through different websites rather than wasting time on finding the product of their requirement in the market or in a retail shop (MacNeil, 1999). However, there are still many people who prefer to buy laptops or computers from the market rather than purchasing online. The Internet has made it easy for customers to purchase computers anytime from anywhere at home. A customer can also view reviews about the product before purchasing it and can find a variety of products with the help of internet. They can also compare different products and can select which is better from them with the help of reviews from different people.

However, it has negatively affected the market because there are still many stores which are not competitive enough to compete against online stores. The main reason they are not competitive enough is that they have limited stock of the products which makes difficult for the customer sometimes to find the product according to their requirement. It has been observed that many chain stores have set high prices of computers and laptops which has also negatively affected them. However, they have to set high prices due to the different costs they have to manage from the profit they gain (MacNeil, 1999). Still, they offer discounts on various products which online stores don't offer. As compared to the online store's retail stores also allow the customers to view the product before purchasing it live. However, still, people prefer to purchase computers online.

Q4

It has been shown in the video that in the start Dell focused more on selling the computers in the market in a better way. They changed their way of manufacturing machines which were sold to the customers to provide them better quality and service as compared to their other competitors in the market. Their other competitors like Apple, IBM, HP, etc., manufactured the machines and then shipped to the market to different retail shops for the sale. However, this was not a suitable strategy for other market competitors because due to the excess supply of the computer in the market people demands fewer prices and retail shopkeepers can't offer discounts. Market research is the option for such companies to help themselves from falling. Market research allows companies to find the products more effectively by researching different aspects of their business (Pyle, 2010). It's been a huge challenge for the companies to compete with each other in the market without market research. There are several factors which are involved in the supply chain department. It is important for businesses to research these factors before selling the products in the market.

Conclusion

There are several factors which are discussed in the video about how Dell is different from other companies in the market. Dell has a different way of selling products because they value their customers and always try to provide them valuable services. Other companies should also learn from the management of Dell and should apply the same strategies to compete with them in the market.

References

MacNeil/Lehrer Productions (Producer). (1999). Your computer, your way: Dell and the direct sales model [Video file]. Retrieved from https://libraryresources.columbiasouthern.edu/login?auth=CAS&url=http://fod.infobase.com/PortalPlaylists.aspx?wID=273866&xtid=10070

Pyle, L. (2010). How to Do Market Research--The Basics. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/217345

Business

Business

[Name of the Writer]

[Name of the Institution]

Business

Distinguish Among Four Market Structures

Market Structures

Perfect Competition

Perfect competition is a market structure where so many firms compete in the market against each other. In this market structure, a single firm does not enjoy any significant market power or authority. So at the result, the entire industry produces the same and socially optimal level of output because no firm (out of all) has the capability to put an impact on the prices in the market.

Perfect competition and its idea build several assumptions like firms work to enhance profits, there are easy entry and exit from the market, all of the firms always sell totally identical products and no consumer preferences can be found here (Urban., Johnson., & Hauser, 1980).

Monopolistic Competition

Monopolistic competition refers to a competition in which many small business or firms compete in the market against each other. Compared to perfect competition, firms sell similar but a bit differentiated products than firms in perfect competition. This thing gives them a slight power in the market place which also allows them to set higher prices within a specific range (Urban., Johnson., & Hauser, 1980). The assumption in monopolistic competition are; all firms work to maximize revenues, free entry and exit for firms, selling differentiated products and consumer may prefer one product or service over another.

Oligopoly

Oligopoly is a sort of rivalry or market structure where a couple of little quantities of firms work which results in extremely restricted challenge. In an oligopoly, firms can contend just as they can team up with one another. The presumption in an oligopoly are; firms boost benefits, oligopoly set costs, boundaries to passage and exist, separated or homogeneous item and just a couple of firms control the market (Urban., Johnson., & Hauser, 1980).

Monopoly/Monopolistic Competition

A monopoly is a market structure where only one (single) controls the whole market. In this market structure, the firms or body has the full power of the market because there is no alternative available for the consumer. In a monopoly, the firm can set prices according to its choice of selection or can reduce outcomes to charge higher prices and earn more (Urban., Johnson., & Hauser, 1980).

In a monopoly, we have several assumptions like monopolist works for profit maximization, can set any price(s) as well as there are very high barriers to exit or entry and only single firms control the whole market.

Identify Your Company’s Market Structure, Explaining Your Reasoning

Netflix Market Structure

The market structure of Netflix falls under oligopoly. The significant purpose for it is Netflix is paid online video [providing firm and there are not many firms in industry like YouTube and Amazon. Basically, they are providing identical services where the subscriber can subscribe to their service and they allow him/her to stream movies online. Plus, barriers in entering this market are extremely high because the firm needs a high amount of capital as well as a higher amount pot Information Technology expects to monitor their database. Another factor is economies of scale, because of which new firms or companies will be facing a hard or difficult time. Economies of scale in the market structure of Netflix means that the big and highly existing companies can produce and offer on lower costs than a new player into the market and because of this factor (economies of scale) the existing firms can easily kick out new bodies or firms (Michelle, 2019).

Examine Whether Competitive Pressures are Present in Your Company’s Industry With High Barriers to Entry

Yes! There are high competitive pressures exist in the industry of Netflix (entertainment) with high barriers to entry. Barriers to entry with high pressure are the obstacle that makes it difficult for a new firm or company to make a successful entry to the market (Ksingkaisai, 2016). These competitive pressures are there in different shapes in which the most important and highly crucial pressures with high barriers to entry are listed or mentioned below.

Startup Cost and Investment

Required Technology, Skills and Capabilities

Access to the Suppliers and Meeting their Requirements

Developing or Structuring Mandatory and Highly Compatible Distribution Channel at the very first stage of entry to the market or industry.

In detail, consumers already have online streaming that meets all of their expectations. They also have technology which provides them access to all entertainment channels and platforms. In terms of distributors, if there are few firms (monopoly) then there will also be a lower number of suppliers. So it also becomes a competitive pressure for new players to enter the market or industry because they will be facing the issue of accessing the supplier, especially in the beginning stage (Ksingkaisai, 2016). While looking at distribution channel, all the distribution channels have been served by the existing firms or companies in the market which create a competitive pressure in the industry for the new firm(s) to compete on the distribution channels too if they won't make a successful entry.

Evaluate How High Barriers to Entry into The Industry may Influence Your Company’s Long-Run Profitability

Barriers to Entry and Company’s Long Term Profitability

The barriers to entry to the market or industry do have a huge impact on the long term profitability of the existing firm or business. It puts two clear and visible impact on the profitability of the company or firm. One is the actual cost while another is the factor(s) that affect the revenues. Barriers to entry are all those things that discourage new firms to enter the market or industry (Ksingkaisai, 2016). However, in terms of short term profitability, the effect of barriers to entry is not too crucial but the barriers to entry put a huge effect on the long term profitability of the firm.

Barriers to entry into the market or industry affect profitability through costs. The higher the sunk cost means that if the company or firms enter the market or industry then its productivity in the short and long haul won't be great like the sunk expense just as fixed cost, they should be paid back in all respects gradually (Ksingkaisai, 2016).

The barrier to entry affects profitability by affecting the income. The boundary to passage in the monopolistic market or firm is the center and real motivation behind why the syndication can procure anomalous incomes/benefits over the long haul. Just as under the contestable business or market, the boundary to section expresses that the restraining infrastructure should charge lower prices which leads to an impact on long term profitability of the business or firm (Porter, 1980).

Explain the Price Elasticity of Demand in Your Company’s Market Structure and its Effect on Your Company’s Pricing Decision

There are two kinds of demand which are elastic demand and inelastic demand. As Netflix needs to increase their pricing a bit, so the most important and critical question rises here which is that is the product or services are enough or fully inelastic or not. Except if there is an expansion sought after/, as proposed on the page with respect to an expansion popular action, the versatility of their organization is the main idea or thought in the manner for raising the cost of participation (Michelle, 2019). Understand that when raising the cost of an item, product or administration, the interest will go down, (with the exception of if the thing is faultlessly inelastic) the component of versatility chooses by how much that request might be or will go down.

So in the market structure of Netflix, the price elasticity of demand is inelastic where no firms can openly increase the pricing or charges of their products, services or commodities because their products, services or commodities should be deeply studied before increasing prices. It should be done because there is inelasticity in the market structure.

The price elasticity of the market structure of Netflix is inelastic, so it has a huge impact on the decisions or decision making of the company like they cannot increase as per their preferences and choices. Beyond that, they should prepare for all the factors and consumptions which might be faced by them if they bring an increase in their prices or they make any price related decision(s) (Michelle, 2019). In short, the price elasticity of the entertainment industry hugely affects the pricing decisions of Netflix Inc.

Investigate Whether Government Regulations Encourage or Discourage Your Business Relative to its Industry.

The government and government's regulations encourage Netflix and its industry (entertainment). Some components which clarify this statement are listed below. These components are the ways in which the government encourages Netflix and the entertainment industry.

Provision of Financial Subsidies

Offering Featured Fils Funding

Provision of Media Empowerment Funding

Enhancement of Broadcasting Corporation by the Government

Discouraging Foreign Ownership in Entertainment Industry

Provision of National and international Identity to Entertainment Businesses.

Beyond that, The government also ensures all industry parts are viewed as not just high-tech but encourages the development of overall industry segments including low, mid and high innovative and high tech firms.

These above-mentioned things "which include support from the government body in many terms like financial support, support for business and services improvement and support to empower overall industry" clearly clarifies that the government encourages Netflix and other similar businesses (Netflix's competitors) and related industry (entertainment industry).

Analyze how the Role of the Government may affect Your Market Structure’s Ability to Price its Products.

The role of government affects the market or industry structure ability of Netflix to price their product, services or commodities in many ways. Some of those the ways which answer the question that how the job of the government may influence your market structure's capacity to value its items are clarified underneath.

Monetary Policy

Monetary policy is the way through which the government influences or affects the market structure and its ability to price its product. It affects it by fining control through tax so that they move capital which leads to changes in cost which are an indirect effecton the price setting of a product or community. The government also affects the pricing decisions by going for large sweeping changes in the tax on the products and services in the market which include both direct and indirect taxation (Porter, 1980).

Currency Inflation

Currency inflation is another way that identifies the job of government to influence advertise structure and its capacity to change value settlement. Along these lines, the administration offers transient financial lift as firms of associations charge more or more expensive rates for their items or administrations. It additionally debases the estimation of government bonds that have been issued in expanded money and which have been possessed by such financial specialists (Porter, 1980). The administration influences the market structure's capacity to value the items.

Interest Rate or Fiscal Policy

Fiscal policy or interest rate is the most strong way which the government uses for different purposes in the country. By reducing or borrowing down the interest rates, the government affects the market structures by encouraging them to borrow more funds, invest more funds as well as buy more. So if the government can let the companies borrow more then companies and market structures get able to invest more funds and reduce product costs which further leads to a decrease in over price os goods or commodities (Porter, 1980). So in this way, the government affects market structure ability to price its products or services.

References

Ksingkaisai., J. (2016). To what extent do barriers to entry affect the profitability in an industry?-WriteWork. (2019). Writework.com. Retrieved 11 May 2019, from https://www.writework.com/essay/extent-do-barriers-entry-affect-profitability-industry

Michelle, O (2019). Entertainment Industry Economics: Lecture 2 - Supply, Demand, & Elasticity Review. Flashcards | Quizlet. (2019). Quizlet. Retrieved 12 May 2019, from https://quizlet.com/224971481/entertainment-industry-economics-lecture-2-supply-demand-elasticity-review-flash-cards/

Porter, M. E. (1980). Industry structure and competitive strategy: Keys to profitability. Financial analysts journal, 36(4), 30-41.

Urban, G. L., Johnson, P. L., & Hauser, J. R. (1984). Testing competitive market structures. Marketing Science, 3(2), 83-112.

Business - Tworoger

Business - Tworoger

[Name of the Writer]

[Name of the Institution]

Business - Tworoger

Every day in my life I observe people around me who were once empty-handed, and now they are successful business people; owning valuable properties, living a high standard life, providing the best education and necessities of life for their offspring and even are the source of employment of hundreds of people. These young and old people are my inspiration, and I look forward to becoming a successful businessman one day. Business, in my opinion, is the most profitable work one can do; it not only benefits the owner but his family, friends, home, and country and now in this globalized era it is beneficial to the whole world. From the beginning, I have always been attracted to business, and I still think of ideas concerning different businesses and their feasibility. For this reason, I am eagerly looking forward to studying the Master of Business Administration program with a concentration in International Business. I am of the view that an MBA in International business program will greatly assist me in becoming more confident in my abilities to pursue my business idea of owning a travel firm. A travel firm operates globally, and such a program blends perfectly well with my objectives as it will guide me on how to conduct business globally and make me more competent as a leader and businessman. H. Wayne Huizenga College of Business and Entrepreneurship offers the option to travel on a study abroad trip or complete an internship which is quite tempting to me. I have chosen to study the Master of Business Administration program with a concentration in International Business from H. Wayne Huizenga College of Business and Entrepreneurship for many more reasons. Firstly, it is a very well-known and respected business institution with numerous corporate partnerships that helps a lot in providing students with internships. Secondly, the curriculum of the program is very practical and on point. Thirdly, the reviews of the students and employment ratio are very encouraging. Moreover, the key subjects of the program such as entrepreneurship/venture creation, foundations of global business, global marketing, and international finance are precisely what I would like to study and learn from.

I am looking forward to obtaining a degree from H. Wayne Huizenga College of Business and Entrepreneurship and also a scholarship. I am not able to afford my tuition fee for this program but, to pursue my business dream and to provide my daughter with a good life and education I need to get further education. A scholarship will help me considerably physically and mentally, and I will be able to focus solely on my education and getting good grades rather than thinking about paying the fee and other bills. I have a three years old daughter, and I don’t want to give her a mediocre or a stressed life, if I am not able to study now and be successful in coming few years it will be tough for me to raise my daughter well and provide her with quality education and life. I am confident enough that I will fully utilize the study and scholarship opportunity from H. Wayne Huizenga College of Business and Entrepreneurship by achieving maximum grades and polishing my skills to the maximum and surpass my institution expectations from me. I would be grateful for life for offering me the opportunity to study in your prestigious institute and helping me financially in my education. Thank you.