Management Functions to Meet Student Needs Planning - Assignment Example

Name Professor Course Date Rеflесtivе Journal B Q 5.1.1 Management Functions to Meet Student Needs Planning In mapping out how to ensure the students get the perfect stay in school, the principle had a laid out structure that aid task assignments (ESP, Derek 102-106). Defining the goals and setting out mechanisms for corrections, availing resources and influencing the implementations Organizing With the set plan, the principle then manages the implementing team and availing the necessary resources this was through grouping the tasks. (Esp, Derek 104-106). Monitoring the staff members and ensuring high performance through motivations. Directing The principle as the overall implementers had the role of supervising, ensuring effective communications and was always in a position to give guidelines to the other staff members. Controlling The principle had the role of evaluating the progress of the set tasks, reviewing the results of finished works and taking necessary actions to improve staff and students performance. Q 5.2.1 Personal SWOT Strength The strength lies in the competency to improve, re-engineering a new course and have previously proved better skills in related disciplines. Weakness Lack self-composure and a little patience in class and have poor concentration in class. Opportunity Join the already formed discussion groups to learn more and extending study hours during weekends. Threats The unit includes mathematical aspects that may be complicated to handle. Q 5.2.2 Performance target To be amid the best learners in the unit .with an A grade Q 5.2.3 Tactical and operational plans In order to improve my performance, the tactics include having a focused group for discussion, ensuring early completion of assignments, getting the necessary materials for revision on time and keeping the tutor close for consultations Q 5.3.1 Organizational structure Explicit and implied institutional guidelines and policies designed to give a structural layout that allow for smooth institutional operations (Kortmann 10-15). The structures allow for easy duty delegation, task control, and interdepartmental coordination. Forms of Organizational Structures Pre- Bureaucratic structures Are structures without standardization best for small organizations like tuckshops and food canteens where decision-making sole leader's duty. It helps such organizations to solve simple tasks. Bureaucratic structures Structures with a certain degree of standardization, the structure can be suitable for tasks that are more complex. It has clearly defined roles and responsibilities, hierarchy of duties and operates within merit (Kortmann 112-115). It suits large organizations like wholesale traders example Westfield group with several departments with series of command. Post-bureaucratic Structures with interdepartmental networking with no commands, the structure allow for dialog and consensus rather than authority. This structure fits large organizations like commonwealth bank with a number of directors who share managerial ideas. Functional structure Functional structure contains defined activities in coordination, supervision and task allocation (Kortmann 91-98). The structure fits production organizations like Smorgon Steel to allow production of standardized goods; however, communication within such is more rigid. Divisional structure This structure divides the organization operations into divisions that handle specific tasks or a line of product (Kortmann 101-107). The units operate as separate entities with individual structural organization. It fits large organizations like Australian Submarine Corporation dealing in a variety of products or specialized roles like sales, production, marketing and management. Q 5.4.1 Compare and contrast forms of leadership Autocratic Leadership The leadership style is the most common in today’s business world (Rumsey 378-384). It is different from the other three as it allows the employees to work without the boss around. Laissez Faire Leadership The style is mainly hands-off approach where the actual directions and contact time are at minimum levels as much as possible (Rumsey 388-394). The best structure for efficient use of this style is engaging well-trained and competent directors who can work as intermediaries between the organization and the employees. Democratic Leadership The style shares its concept from both autocratic and Laissez Faire.It gives the opportunity for employees to blow their creativity and reason independently.morover still maintaining ample control to guide the primary goal of the organization without imposing visions on employee decisions. The democratic style is best as it allows for employee creativity and still giving the managers opportunity to give directions. Q 5.4.2 Transactional-Leadership Style and the Transformational-Leadership Style Transactional leadership is the approach that reacts to problems as they come, while transformational leadership is mostly aiming at addressing matters before they become challenging. Transactional leaders operate within the prevailing organizational culture and style while transformational leaders underscore new ideas aiming at transforming the current corporate culture. Transactional leadership is the best style as it allows quick managerial decision-making, and leaders can handle operational issues that arise to build a positive reputation of the organization while keeping employee efficiency. Q 5.5.1 The best way of ensuring that every customer gets an equal amount of ice-cream is assuring the customers that the distributions are uniform; this can be by sticking to the uniform measure and psychologically managing the customers Q 5.5.2 Five Step Control Process Step one: Setting standards for measuring performance Step two: Measuring the performance Step three: Comparing the actual performance with the standards and ascertain any nonconformities Step Four: Determining the reasons for the identified nonconformities Step five: Take the corrective action if need arises Q 5.6.1 Implementing the Five Step Control in Management Step one: Setting Standards for Measuring Performance This stage set out the various goals that the football team expects to achieve by the end of the season Step two: Measuring The Performance With the set standards, the subordinate implementers get the necessary resources to start the process. The management at this stage has the duty of supervision to evaluate the performance. Step three: Comparing The Actual Performance with the Standards and Ascertain Any Nonconformities This stage seeks to confirm feasibility of the set standards by comparing with the standard system to identify if there is any divergence. Step Four: Determining the Reasons for the Identified Nonconformities If anything unusual is identified the management will seek to find out why Step five: Take The Corrective Action If Need Arises Involves the rectification of abnormalities, and the necessary measures taken to correct the causative reasons Q 6.1.1 Challenges as a Member of Virtual Team The most common challenge is building trust amongst the virtual team Exploiting process advantages and lessening process damages on virtual teams The virtual members have a challenge of overcoming feelings of isolation and disinterest related with a virtual team working Virtual crew chief has a challenge of balancing technical and interactive skills among the team members Q 6.1.2 Steps in Addressing the Challenges In handling the issues of trust, the first step is assigning initial tasks that help team members demonstrate their reliability because virtual team trust is initially basing on reliability. Frequent communication summarizing the vast amount of information into essential and relevant synopses is a necessary action (Zofi 23-31). Feedback provision to the members for both successful and challenging issues is of importance. Institution of proper controls and conduction of periodic reviews, the team leader must monitor group interactions to prevent the destructive results of the encounters. Q 6.3.1 Rules of Conduct in Virtual Teams Every member to challenge one another in the essence of helping the team achieve its expectations Members must communicate the status of colleague’s work, no matter the worse state of the conditions. All members must always speak out their minds, no hiding issues the other members. On the evaluation will be on merit of job progress, not on individuals who did the work. A member to step in to lead the group in the absence of the team leader Every member must refer to the underlying guidelines in case of conflicting opinions Q 6.4.1 Assistant project manager Q 6.4.2 Consulting management expert Q 6.5.1 The first step to building good working relations with the other colleagues is by listening to their request and treating issues in a sober manner (Zofi 45-58). If whatever is required is in the coworkers docket and she is a junior employee, the best way is to give her room to get self-confidence for her to deliver. Q 6.5.2 Sales report to the Manager The report includes the various cumulative reports on the daily sales volumes, sales value, and the different expenses incurred in the process of undertaking such sales. The report should be comprehensive giving the real market data, the various challenges and the recommended solution to such challenges. Q 6.5.3 Systems for Tracking Sales In order to monitor the sales progress in an organization, several mechanisms are in place. The best and most recommended method is the use of computer applications to track the sales progress. Genius and Apptivo computer applications are reliable and affordable systems for tracking sales. They integrate the most used browsers and websites as Google to keep track of the user satisfaction, comments, and dissatisfactions. Q 7.1.1 Segmentation characteristics Geographic A geographic segment can include customers in a city, a nation or a regional market. The information on geographic division is necessary for international advertising Demographic (Socioeconomic) This segment focuses on particular human characteristics like gender, customer age group, the income level or customer’s education level. This section also includes religious clinch. Psychographic This segment defines a pool of customers with similar attitudes, morals, values, or identical lifestyle. Behavioral This segment clinches on occasions and the degree of customer loyalty. Marketers on Facebook often focus on their loyal customers such markers must get a barking of a continual monitoring of all clients’ access to Facebook code. Product Related This segmentation describes an approach that targets customers who already have the product or have prior experience working with the product. The products that fit in this segment include those that important as accessories or to satisfy a secondary need. Examples of such products include tablets, gaming systems and iPhones. Q 7.2.1 Research questions How do members of a particular segment make their transaction decisions? What are the internal characteristics of each of the segment? What are the external characteristics of each of the segment? What good or service features bring difference in their purchase or customer preference? Q 7.2.2 Secondary data Financial trends Market trends over time Sales figure and market size Q 7.2.3 Primary data Competing products Daily sales volume Customer preference Competitor strategies Q 7.2.4 Data collection Direct observations Interviews Focus group discussions Questionnaire surveys Q 7.3.1 At the initial stages, the best investigatory method is the use of direct observations and carrying out simple interviews for primary data and getting internet information for secondary data. The methods are less involving and cost-effective. After acquiring a good market share, the structured questionnaires and focus group discussions are best for data that are more accurate. Q 7.4.1 Product distribution Direct sales to customers help in building a broad customer base and aid building final user loyalty to the product. Intensive and exclusive distribution helps in expanding the command market and incorporating internet marketing to allow for faster marketing and target to a larger audience (Pride 123-142). Wholesale traders and sales agent are important in opening up the distribution channels and expanding market exposure. Q 7.4.2 Physical distribution of products The key factors to consider in physical distribution are transportation, packaging, and warehousing. Road and railway transport is the most preferred means. Road transport involving small distribution vans is cheap and flexible (Pride 101-1120). Rail transport is preferable for long distant distribution of the products. After expansion, the business air travel can be involved to serve overseas markets. Packaging and storage in more secure packages are essential for ensuring product safety. Q 7.5.1 Purpose of promotion Development is important as it allows businesses to reach out to potential consumers using various forms of advertising like mass media, and other techniques and strategies to capture customers’ attention. Promotion also conveys a brand-marketing message to customers' web sites television screens and other promotional Medias (Hardy 32-37). Promotional samples introduce the customer to the brand with the aim of making such customers stick to the products. Q 7.5.2 Target market The business targets students and young families with its products Q 7.5.3 How to Reach the Market Because of the age of target market, the business marketing strategy is advertising through social media as the group mostly spends time on the internet. Another channel is advertisement in schools and fun joints. Music concerts also form a right audience for the target group. Q 7.5.4 Product Features In driving the young people to impulse buying, the business must keep with on-trend package designs. For young people packaging influences the preferences, important features like trendy colors, patterns or designs are important (Hardy 54-59). Keep the shoppers entertained as they shop. The young people are keen on new music trends and are continually listening to music and visual entertainment. Q 7.5.5 Uniqueness of the product The product decoration comes with words that communicate current trends like including information on sports, fashion trends, and music. The products also have coupon codes that give customers chances of winning prices. Q 7.5.6 Promotion mix The mix includes a unique product immune to market competition, competitive and reasonable pricing, personal selling to direct market and efficient advertisement. Q 7.6.1 Practicing CRM in airline Setting in place mechanisms that render one on one solution to customer requirements, this will include direct communication with the customers through online media. Ensure customer service centers are enough to solve customer issues (Hardy 123-143). Incorporate technology that helps in automating sales force that is essential for tracking the sales and following up on the clients to find out their feedbacks on service quality. The project manager engaged must be competent to allow for efficient implementation. The whole team of implementers must be empowered with knowledge and authority. Q 7.6.2 Permission to Market to Clients To get the consent of new customers to allow marketing offer valuable content like giving out an e-book in response for customer signing up, to individual contact from the sales team (Hardy 201-234). The team can also engage the older clients as channels of reaching out to the other customers. Add random adverts like in billboards target general customers. After getting the client consent the team must seek local authority permission, the marketing team must prove adherence to the applicable law, show evidence of client consent and adherence to marketing approval of marketing prospects. Q 7.6.3 Relevant Information Communication channel Form of customer consent Date of consent Approval Details Q 7.6.4 Incentive to customers To offer potential clients a reason to return to the business the marketing team must give customers offers like, buy two and get one free and regular shopper points. Rebates, gifts, adding a free service to the sale and gift cards Q 7.6.5 Advantages of effective CRM Effective CRM bargains the benefit of gaining customer loyalty. Loyalty is cheap for the company and the loyal client becomes an expert recommending the company and its services. A decent CRM with an excellent tool will guarantee the business have a worthy assessment of the list of clients and prospects, to know its rating with relationship management, when to contact them for a second time. Effective CRM improves the company’s productivity, by nurturing customer loyalty, the business spend less time and money in acquiring new customers. Q 7.7.1 Product lifecycle The typical product lifecycle runs from the introduction stage, growth stage, peak stage with market saturation and the last stage decline stage (Stark 64-68). The Sony PlayStation 3 cycle is not similar to the common styles; the company treated their solaces as loss leaders and deliberately sold off to lose money (Stark 76-86). The company management ignored conventional system of product introductions and sold their consoles at a loss in order to grab market share. The product rapid entry into the market calls for effective marketing strategy that strikes the market, low pricing is the best marketing style that draws a large pool of customers. With the rampant growth in the PlayStation 3 brand, in the next five years the company is likely to launch PlayStation 4, which is an improvement. Q 7.8.1 Generation Y Commitment to integrity and honesty- 4 Family oriented and close to the parents- 5 Accepting of differences among people- 7 Upbeat and optimistic about the future-7 Education focused-4 Independent-9 Goal oriented-8 Reasonably good at coping-8 Q 8.1.1 Who Uses Accounting Information There are inner users and outside users; the internal users include management, employees, and the directors (owners) (Peterson et al. 12-24). The external users include creditors, tax authorities, investors and customers. Q 8.1.2 What They Use It For Internal/primary users Management in analyzing the business performance, this informs their decisions on future improvements. Employees in assessing company's profitability, the information advises their fate on future remuneration and job security. Directors for analyzing the viability and productivity of the investment, the information help in suggesting their future course of action. Secondary/ external users Creditors to determine the creditworthiness of a company, the information help in decision making for continuing or terminating their contracts. Tax Authorities to determine the credibility of a company, the data is necessary for calculating company’s tax returns. Investors to analyze the feasibility of investing in a business, to confirm to the investors that they will earn a reasonable profit on the investment Customers to understand the continuity of operation, the customers stay loyal to the company product if they get surety in supply. Q 8.1.3 With No Accounting Records Both the internal and external users rely on the accounting information to make informed decisions. Failure in getting the relevant information, the stakeholders may make uninformed decisions that may affect the normal planning and operations of the business the investors can get into unviable business (Peterson et al. 32-39). The customers may pledge loyalty to vanishing suppliers. Q8. 2.1 Financial Statement Income Statement Give information providing summary of an organization's revenues and expenses quarterly and annually for the organization’s fiscal year. Balance sheet Give information that summarizes an organization's assets, liabilities and investors' equity at a particular point in time Statement of Owner’s Equity Give detail of the changes in retained earning Q8. 2.1 Ten business questions What are the total sales? - Income Statement How much are the operation expenses? - Income Statement How much profits have the business made? – Balance sheet What are the total assets? - Balance sheet How much debt does the business have? - Balance sheet How much investment is in the company? - Statement of Owner’s Equity How much cash has the company fetched? - Income Statement When money goes out, where does it go? - Income Statement How much are the total company liabilities? - Balance sheet What is the company rate of return? - Income Statement Q 8.2.2.1 Breakeven is the point at which profit is zero and loss are zero (total sales=total expenses) Total expenses Cost of production (Rewrapping) = @$3 Advertising on newspaper = $100 Posters = $60 Total advertising cost = (100+60) = $ 160 Selling price = @$5 Solution $5-$3=$2 160/2= 80 At the breakeven point, the number of roses sold should be= 80 roses Prove Total sales 80×5= $400 Total expenses 3×80=240+160= $400 Q 8.2.2.2 Raising $ 500 Let the number of roses be x 500= 5x-(3x+160) opening the bracket 500 = 5x-3x-160 collecting like terms and solving 660= 2x X= 330 roses The number of roses to raise $500 is 330 roses Q 8.2.2.3 The target is slightly unrealistic Q 8.2.2.4 Meeting the goals To add to the cash from the sale of roses the other better way of gathering the amount is through cash cards of $2, $3. The students at the card prices can then buy the cards. Then raising deficit can be through students with like minds joining hands in cleaning teacher’s cars at a cost to raise the money. Q 8.3.1.1 Cash Basis Statement Revenues Expenses $5000 $1000 (-)$500 (-) $100 $4500 $900 Income = $3600 Accrual statement Revenues Expenses $5000 $1000 Income = $4000 Q 8.3.1.2 The cash basis is the most accurate in addressing personal accounts because it gives the actual income earned. The accrual statement can be significant in assessing individual performance. Q 8.3.1.3 Current assets and fixed assets (long-term assets), current liabilities and long-term liabilities The items are categorized into the above groups depending on the time involved, the current category contain elements that are used recurrently, and the long-term are those that are payable after some time. The banks are always interested in the type of asset or liability to determine the time worth of a business. Q8. 3.4.1 Cash flows Cash inflows from operations are $150,000 Net inflows from financing are $60,000 Net outflows from investing are -$80,000 The company cash flow= Cash inflows from operations+ Net inflows from financing+ (-) Net outflows from investing = $150,000+$60,000+ (-) $80,000 = $130,000 The positive value of cash flow indicates the company’s cash balance has increased Q8.3.4.2 The cash balance has increased by $130,000 Q 8.3.1.4.3 Investing Activities Using the company profits to construct or buy long-term investment or fixed assets like machinery and buildings Cash payment to purchase bond or shares of other companies Setting money to give out as loans and earn interest in return Q 8.3.1.4.4 Financing activities Issuance or recovery of bonds Issuance of common stock or preferred stock Repayments and dividends Q 8.3.1.4.5 Significance of reviewing cash flow statements The Cash Flows Statement is the final documentation in the Financial Report; it provides information incorporating the information from Income Statement, Owner Equity Statement and Balance Sheet (Peterson et al. 53-61). The statements, for this reason, add to the validity, credibility, and accountability to the Financial Statements. Q 8.3.1.4.6 Additional Information from the Statement of Cash Flows Changes in accounts receivable, alterations in accounts payable, net earnings, or the company's profit or loss and depreciation expense Q 8.4.1 The possible reason for increase in gross profit with a decrease in the net profit margin include, the high rate of sales that builds upon the gross profit while the cost of other internal operations continually increases affecting the net profits Q 8.4.2 Higher Inventory Turnover Ratio Grocery will register higher inventory turnover ratio because of the light cost of the items they deal. Grocery deals in food items that are basic and invite customers daily (Peterson et al. 67-76). The commodities in the grocery are fundamental and cheap that boosts the stock turnover. Automobiles are costly and not primary needs the sales attract a small market on regular basis. Q 9.1.1 Medium Of Exchange in Ancient Time In the ancient time, while aging out barter trade different regions entrusted on certain ornaments or metals as media for exchange (Clarke 23-280). The items in the coining age were mostly made of gold, silver, diamond or shells. Q 9.1.2 Characteristics Similar To Current Currency Typical value on asset, divisibility, constant value, recognizable, transportability or portability and resistance to counterfeiting Q 9.1.3 The ancient media of exchange were mainly active in small transactions within a region, but for cross-region trades the media cannot work because of lack of universal recognition. Q 9.2.1 Wal-Mart should indeed get go-ahead to enter the financial-services industry Q 9.2.2 Beneficiaries are mostly the customers going for its services as they plot to offer low charges for their services that would save the customers the enormous charges by the other institutions. Q 9.2.3 The other banks already in the financial service industry are likely to get harm with the little charge strategy that will snatch their customer and make competition unfavorable. Q9.3.1 Sources of funds Source Dollar amount Maturity Annual interest rate Security Personal savings and family $ 150,000 1 month No interest No security Truck Lease $50,000 1 month 10percent The business Venture capital $ 100,000 3 months 10percent The business Bank loan $125,000 2 months 25percent Guarantor Government grants $ 25,000 3 months No interest No security Business incubators $50,000 3 months No interest No security Total $ 500,000 Q 9.3.2 Personal savings have overtime focused on venturing into the business and after sharing with some of the family members and friends the willing support can raise up to or more than the estimate. Like-minded friends also look forward to venturing their personal savings The government and other private developers launched programs that aim at creating employment opportunities for the youth through business incubation, grant, subsidies and guaranteeing loan from the financial institution. Q10.1.1 ERP system ERP system offers a unified assessment of the primary business processes using a shared database (Bradford 27-39). The dealer can use the system to track sales, resources and production capacity. The ERP system facilitates the smooth and reliable flow of information between all the business function and the outside stakeholders. Q10.2.1 Every business must keep track of its potential customers, and all operators of activity always go for the most profitable customers. Customer incentives are awarded on merit, but it is unethical to appeal to a section of clients. Q 10.3.1 To gather market information carry out market survey on the target area through, personal observations, interviews and conducting research on secondary data from the internet. Q 10.3.2 Get the records from the financial statements and then open spreadsheets that details revenues and expenses. Q10.4.1 LANs are for lighter, more localized networking like home or office while WANs enable connectivity that is more widespread like in an estate or a town. Q 10.5.1 Internet is a vast networking infrastructure that connects millions of computers globally, forming a system in which any computer can communicate with another if both have an internet connection (Mazzarella 23-34). While World Wide Web is a system of accessing information over the Internet, it is an information-sharing model built on the Internet. Q 10.6.1 Hacker, the fraud masters, make online transactions risky as they can get away with customer's money (Ariwa et al. 162-167). 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Rivest, Louis, Abdelaziz Bouras, and Borhen Louhichi. Product Lifecycle Management: Towards Knowledge Rich Enterprises ; Ifip Wg 5.1 International Conference, Plm 2012, Montreal, Qc, Canada, July 9-11, 2012, Revised Selected Papers. Heidelberg: Springer, 2012. Print Rumsey, Michael G. The Oxford Handbook of Leadership. New York: Oxford University Press, 2013. Print. Stark, John. Product Lifecycle Management: 21st Century Paradigm for Product Realization. London: Springer, 2011. Internet resource. Zofi, Yael S. A Manager's Guide to Virtual Teams. New York, NY: American Management Association, 2011. Print. Read More