Essays on Ministry of Sound, the Strengths and Weaknesses of the Ministry, the Major Strategies and Stakeholders Assignment

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The paper “ Ministry of Sound, the Strengths and Weaknesses of the Ministry, the Major Strategies and Stakeholders" is a   good example of an assignment on management. What were the most important issues in the Ministry’ s environment that shaped the company’ s development both in the early years of the company’ s growth and in the latest period? List the major opportunities and threats in 2004. Opportunities A different social image from the industry Brand imaging of products Expansion opportunity, this included geographical market, and range of products Threats The hostile environment due to drug dealers The negative social image of the industry that intimidated and discouraged investors Unfavorable legislations What capabilities had the company developed over its decade or so of existence (1991– 2004)?

How relevant were they still in 2004? List the strengths and weaknesses of the Ministry in 2004. Capabilities developed Capacity to expand Capacity to meet customers’ satisfaction Potential to overcome its threats such as competition and threats from drug dealers Innovation into new ventures leading to a wide range of products Development of quality policies and management team that could be trusted by investors The relevance of the capabilities in 2004 The developed capabilities were still relevant in the year 2004.

This is because the major identified problem was a change in taste and management needs. Rebranding the company’ s product and changing leadership from an entrepreneur to a professional manager would, therefore, empower the capacities. Strengths in 2004 Established brand name and image Diversified range of products A well-established management team Weaknesses Inability to forecast changes in the industry Slow response to social and environmental changes in its market Who are the major stakeholders in the Ministry? In which direction would they want to push the company? Major stakeholders Investors such as Venture Capitalist Company The company’ s founder and co-owner, Palumbo Employees Competitors Customers The direction they would wish to push the company in While investors and employees would wish for continuous growth and sustainability, competitors would wish for a downfall while consumers may be indifferent due to the availability of substitutes. List out the strategic choices open to the Ministry for its future development in terms of how it could compete, the development directions and development methods.

What would you advise the company to do? Available strategic choices Developing the remaining steady products such as cloths and games Further product diversification into marketable brands Changing the nature of its products to march customers’ changing taste and preferences Developing a strong market research for dynamic strategic management Developing stronger marketing techniques Advice to the company Sound Ministries can adopt a variety of activities in order to restore its market dominance, profitability, and sustainability.

The company should be dynamic enough to be able to change with customers’ needs. A step to offer types of music that is marketable among the audience is therefore advisable. The company should also strengthen its communication links with consumers in order to be updated on the dynamic customers’ utility needs.

  In translating strategies into action, what might have been the significance of the reorganization described at the end of the case? Translating strategies would allow for the restructuring of the company’ s management. The reorganization could also bring about the new management and leadership skills in the business. This would then stimulate the stability of the organization. The move could also positively change the company’ s approach to decision making which would facilitate proper identification of investment priorities. The reorganization also had the potential of changing the company’ s approach to decision making.

This is due to the change of management from the organization’ s entrepreneur to a professional manger. The significance would be realized through the difference in the features of these two personalities. While the entrepreneur is emotionally attached to the business, a manager would be independent and sober in evaluating risks for decision-making. Reorganizing the organization could also change the perception of the company among consumers. Introducing changes in the structure could attract customer’ s attention to the expectation that products and utility levels would also change for the better.

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