Differentiating between the market structures of this business will allow for explanations of how different sectors of industry will vary and how to come up with some competitive strategies to grow the business within the industry. Market Structure Target is within the oligopoly market structure. Oligopoly, according to Colander (2013), a market structure in which there are only a few firms and firms explicitly take other firms’ likely response into account. Being that there are only a few different businesses like Target, they tend to set their prices according to the rivals. This practice keeps these businesses in the oligopoly market structure.
The resource based view argues that companies posses some unique resources (assets and capabilities) and competitive advantage is acquired by accumulating those strategic assets. Resources are any tangible (equipment, raw material) or intangible (firm image, processes, routines) things that a company owns and can use to carry out its crucial processes. Resource based view focuses on the resources and capabilities possessed by the firm to analyze the profitability and value. According to the view an organization is a bundle of resources, which fall into five general categories of financial resources, physical resources, human resources, knowledge and learning resources, and general organizational resources. The Tootsie Roll Industries efficiency employs further review in tangible resources, intangible resources, capabilities, and core competencies as a strategy to achieve the highest ranking in the candy market.
Why consider an organization’s approach to IM/IT resources and services as an exercise in portfolio management? •forces you to relate specific IT investments with the associated business need(s) and value propositions •provides a framework and standardized lens for the assessment of all IM/IT investments as well as measures for valuing those investments •focuses on a methodology for the valuation of IM/IT projects that connects well with the understandings of enterprise business leaders and IT governance •allows for year to year measurement of changes in IM/IT investments versus the impact (attributed results generated) by those investments •allows for qualitative if not quantitative comparisons between various IM/IT investments pursued by business units within the same enterprise and conceivable between competing businesses within the same industry How does an IM/IT portfolio management methodology help to serve the needs of the greater organization and facilitate a better appreciation by the business of its IM/IT products and services? •the organization has the following information resource management needs: • o to transact o to manage, control, make tactical decisions o to innovate, transform, increase its strategic competitiveness o control costs and improve overall performance •the portfolio model tracks and measures IM/IT project and service value and performance in the very manner that the business thinks of and measures value in these and any other corporate investments; aligning the description of and thinking about IM and IT investments in this manner allows for a common basis for understanding •IT transactional value is all about cutting operational costs and/or improving the efficiency of existing operations. •IT informational value is all about enabling management, control, and decision making. •IT strategic value is all
Within business ethics, an important factor is the relationship within a business – in all aspects. Whether it be the company itself, the employees, employers, shareholders, stakeholders, they all are influenced by one another and have a strong role dedicated to them within a business. Stakeholders are those that hold an interest in the company, but do not own it, and stockholders have actual shares within the company – they own a part of it. This can just be a small fraction that they share with many other people, or they can own a large fraction of a company. Scholars such as Friedman suggest that treating the economic responsibility as the most important responsibility of a business, is called a profit-maximising view, and “the social responsibility of a business is to increase its profits.” This kind of view states that a company should be operated on a profit-orientated basis, with its sole mission being to increase profits.
Strategic Plan Paper: Riordan Manufacturing, Incorporated Team A Strategic Plan Paper: Riordan Manufacturing, Incorporated Global organizations have complex structures because operations span beyond their domestic markets and into the international marketplace. This global marketplace affects how organizations conduct business because of varying differences and needs in economic, technological, political-legal, and sociocultural forces. Organizations then must balance these external factors by strengthening their core competencies. Strategy planning is the means for organizations in realizing goals while considering the factors that affect their businesses. Riordan Manufacturing, Incorporated is a global organization planning for sales
Building an organization by grouping jobs into work units and allocating resources C. Identifying business functions and mobilizing leaders D. Being flexible and responsive towards customer needs and the competitive environment Correct! The correct answer is: D. A dynamic organization is, “flexible and adaptive, particularly in response to competitive threats and customer needs” (Bateman & Snell, 2011, p.16). 15. For today’s managers, the organizing function requires a higher focus on which of the following? A.
Some are for profit and are in business to make money while others are non-profit and their primary focus is to meet a need. Almost all organizations have both vision and mission statements which are typically written by executive level managers. Leaders should set the tone for the culture of the organization as well. Organizational culture is “a shared set of beliefs and values within an organization” (Schermerhorn, Hunt, & Osborn, 2008, p. 11). There are two types of environments in an organization: internal and external.
Strategy Implementation Paper Business strategy is the responsibility of the general manager of a business unit. The manager of the business must establish long-term objectives, and a strategy to the organization. In addition, the operational managers must set up a short- term objectives to contribute to business- level goals ( Pierce and Robinson ,2013). The document relates to the methods, which organizations use in creating as well as executing methods. Specifically this document would discuss the method of balanced scorecard or BSC method, which is extensively used by large as well as small companies.
The three generalizations are: Cultures are either high-context or low-context, Cultures are either sequential or synchronic and Cultures are either affective or neutral. Business leaders know that intercultural savvy is vitally important – not just because they have to deal increasingly with globalization, but also because the work force within their own national borders is growing more and more diverse. Part III The article is related to the question in the way the communication side of business and how cultural controls business communication and conduct. Conducting business and communication go hand-in-hand. Every aspect of global communication is influenced by cultural differences.
Paper: Today, in many organizations, businesses are pushing the envelope when it comes to creativity and technology in attempts to try to gain advantage over their competition. Based on MBA Matrix review, two categories of program outcome; Strategic planning and implementation and business Leadership would add the most value to my development in areas of leading change in an organization. To acquire both soft skills, such as leadership, communication and teamwork, and to develop business skills, such as marketing, economics and finance, will shape me into a better leader. Learning how to create a shared need, shape a vision and mobilize commitment among individual team members, appears to be a complex task. Personally, I believe that techniques and tools on motivating performance and creating sustainable competitive advantage over peers and other companies is the lessons I hope to take away from this program.