If he relocates one of the stores he could also lose customers as well. The internal weakness include not wanting to hire outside of his family and the timing if he relocated one of his stores which he could lose current and potential customers due to the opening of West 9. He is not sure of his ability of running two stores either . External perspectives The characteristics of this industry are that with similar companies that are larger it greatly affects smaller companies with the cheaper prices that these companies can offer to customers. The firm’s strategy for differentiation is to be able to provide exceptional customer service by react quickly to competition
The major causes the larger business failure are the overexpansion. Many entrepreneurs with successful small businesses make the mistake of overexpansion. Fast growth often results in dramatic changes in a business. Thus the entrepreneurs must plan carefully and adjust competently to new and potentially disruptive situations. 6.
Without the tools, the learner could easily be confused by the myriad of problems and choices, and being unable to prioritize the issues could lead to faulty business decisions. While a higher level of experience and expertise in both the industry and profession may lower one’s dependence on tools such as these, they are very helpful for beginning managers who have stepped into a new level of authority or moved into a new industry to help recognize what problems are important and need to be dealt with, and the urgency with which to do so. Even as they become more familiar with the problems of their new position, tools such as these will still always be helpful in making sure that, as managers, he or she does not overlook important problems while making surface problems more important than they are, and being able to implement change correspondingly. The desired outcome of the simulation was to give us a taste of management. Specifically we were to focus on improving the stores sales.
Organizations succeed by using the four functions of management: planning, leading, organizing, and controlling. Without these factors the chance for success is almost impossible. Added factors contribute to the nuisance of competing in a global market. Such factors include globalization, technology, innovation, diversity, and ethics. Knowing the internal and external factors as a manager can make the difference between success and failure of a business.
When couples are faced with life changing events or illnesses the balance changes quickly and they will find themselves in the difficult position of facing their own feelings and fears while trying to support each other. People are happiest in relationships where the give and take is about equal. If one person is getting too little from the relationship, then not only are they going to be unhappy with this, the person getting the lion’s share will also be feeling rather guilty about this imbalance. This is reinforced by strong social norms about fairness. In short-term relationships we tend to trade in things, such as swapping or borrowing items or buying drinks, in long term relationships the trade is more emotional.
Without prior market penetration of an organization’s competetitors, the usefulness and effectiveness of properly marketing a new product or service can be quite burdensome. This is due to the fact that an organization runs a major risk of constantly striving to maintain its customer base, as the new type of product or service has not yet been introduced into the maintstream. Additionally, pricing may be an issue based upon: Should pricing be very low to attract new buyers?, or Should pricing be set high to offset initial entry into a new marketplace? These are the questions that an organization must face, but for the most part, being a
Autocratic leadership Is a more traditional and classical approach to management relying upon threats and punishment to influence its employees. – something which Beardwell and Holden (2001) would call a "hard" approach to leadership. This method, according to UT (2001) is effective for many reasons; • When there is limited time to make a decision • When there are new and untrained employees who do not know how to perform certain tasks • When effective supervision can be provided only by orders and instruction • When employees do not respond to other leadership styles • When work must be integrated with other departments Mintzberg (1979) described situations in which an autocratic style was most applicable. Entrepreneurial organisations are normally smaller businesses which develop from the ideas and entrepreneurial spirit of one person. This person is responsible for their organisation and makes all the decisions – the characteristics of an autocrat.
And this is my strong issue: future leader has to develop familiarity with financial management principles, which are at the core of any successful business. And it’s really hard for me, but I think it’s more an excuse for my lazy brains, than a real fear factor. We can do everything, even impossible, if we have enough obstinacy. And here is my third advantage. I’m very stubborn person, but in a good way.
In other words, it means that individual work might bring success but it has brief limitations unlike teamwork, which offers the opportunity of labor and tasks division with a qualified specialization and effectiveness. However, a business team is not easily or simply made up. It has to go through a developmental process. This essay will discuss the various stages a group of individuals may go through when becoming a team. Besides, it will emphasised the importance of conflicts generated during the stages and ultimately, it will outline the possible ways in which these conflicts can be over come.
Motivation relies on external factors, such as the promise of rewards and the incentive of personal gain, and as such, it is short-lived and unsustainable. Once fulfilled, the employees will replace their motivation with another form of dissatisfaction, and so on, in a never-ending cycle of want. The company ends up with a bunch of employees that are almost always unhappy and certainly rarely give a hundred percent. “Inspiration on the other hand comes from within – the desire to put one’s heart and soul into the company, not because of greed or what one could get out of it while still employed there, but because one has a sense of belonging to the place and a sense of achievement when the company succeeds. Inspiration therefore, is key to the company’s lasting success” (Anwar, 2008).