This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Build customer value through a market-oriented approach to your small business can be loyal to your brand and increase repeat customers to develop. Brand loyalty alone is a clear advantage in the market because it develops a customer base resists attempts by competitors to attract businesses by more lucrative offers, including temporary price reductions and introductory incentives. When customers feel that you as a business owner to meet the demand for high quality and value above all prizing, they will reward your small business with repeat sales and larger purchases.
Thanks to a market-oriented approach to small business to create customer value and increase brand loyal customer's repetition can be developed. Temporary price reductions and a customer base of more lucrative offers, including promotional incentives, resists efforts by competitors to lure companies to develop brand loyalty, as only a clear advantage in the marketplace. Appreciate the highest quality and value to all its customers as a business to meet demand, which will be re-selling and award small business feel with big purchases.
Effective use of market orientation for business, then you should invest in market research. Research and monitoring program should be hired to perform at a private marketing company.
Increase the value of cost increases
Increase the value of your customer base also increases the cost of production of their products and services. Go down to your small business, even if it proves to be a success on the market.
Increase the value of their customer base also increases the cost of producing goods and services. Go down to your small business, even if it is proven success in the market.
Definition of 'Competitive Advantage'
Competitive Advantage 'definition of
one advantage is that a firm has over its competitors, it is to generate greater sales or margins and / or retain more customers than its competition is allowed. The firm's cost structure, product offerings, including distribution networks and customer support can be of many types of competitive advantage.
Competitive advantages give a company an advantage over its rivals and an ability to generate more value for the company and its shareholders. The most sustainable competitive advantage, it is more difficult for competitors to neutralize the advantage.
Managing is the process of reaching organizational goals by working with and through people and other organizational resources.
Management has the following three characteristics:
1. It is a process or series of continuing and related activities.
2. It involves and concentrates on reaching the organizational goals.
3. Reach the goal by working and by the people and other organizational resources.
Management is the process of reaching organizational goals by working with and through people and other organizational resources.Â
Management has the following 3 characteristics:
It is a process or series of continuing and related activities.
It involves and concentrates on reaching organizational goals.
It reaches these goals by working with and through people and other organizational resources.
The 4 basic management functions that make up the management process are described in the following sections:
PLANNING: Planning involves choosing tasks that must be performed to attain organizational goals, outlining how the tasks must be performed, and indicating when they should be performed.
Planning activity focuses on attaining goals. Managers outline exactly what organizations should do to be successful. Planning is concerned with the success of the organization in the short term as well as in the long term.
Organizing can be thought of as assigning the tasks developed in the planning stages, to various individuals or groups within the organization. Organizing is to create a mechanism to put plans into action.
People within the organization are given work assignments that contribute to the company's goals. Tasks are organized so that the output of each individual contributes to the success of departments, which, in turn, contributes to the success of divisions, which ultimately contributes to the success of the organization.
Influencing is also referred to as motivating, leading or directing. Influencing can be defined as guiding the activities of organization members in he direction that helps the organization move towards the fulfillment of the goals.
The purpose of influencing is to increase productivity. Human-oriented work situations usually generate higher levels of production over the long term than do task oriented work situations because people find the latter type distasteful.
Controlling is the following roles played by the manager:
Gather information that measures performance
Compare present performance to pre-established performance norms.
Determine the next action plan and modifications for meeting the desired performance parameters.
Controlling is an ongoing process.
Step 1 - Review or develop Vision & Mission
Able to obtain firsthand information from various stakeholders (Shareholders, customers, employee, suppliers communities etc).
You may use templates to evaluate how the stakeholders think about your organization. To find out whether their action are aligned with the organization's objectives.
To review or develop company's Vision and Mission with the involvement of other stakeholders to ensure it is still current with the business changes and new challenges. Also use this session as a mean for communication.
step 2 - Business and operation analysis (SWOT Analysis etc)
One of the key consideration of strategic planning is to understand internal (own organization) Strengths and Weaknesses as well as external Threats and Opportunities. These are commonly known as the four factors of a S.W.O.T. analysis.
Involvement from various stakeholders to provide their points of view about your organization is key . In the process, you will gain better buy-in from these implementers of strategies and policies.
Step 3 - Develop and Select Strategic Options
You may use templates to develop several key possible strategies to address the organization's objectives. More important, these possible strategies are developed based on the inputs from stakeholders (step 1) and Business and Operation analysis (step 2).
It is often several possible strategies are developed and every one of them seems important. Since it is quite normal that an organization would have several key issues to tackle, you will be able to use proper tools to select a few from the possible strategies. You will b e able to apply several prioritizing tools as introduced in this step.
Step 4 - Establish Strategic Objectives
During this step, you will be able to view the overall picture about the organization and able to select a few strategic options objectively. Template may be used to understand various strategic options, set key measures and broad time line to ensure the selected strategic options are achieved.
While it is quite common that measures and timeline is given by top management, it is the intention of this step 4 that these measures and timeline is SMART . What it meant was Specific (S), Measurable (M), Achievable (A), Realistic (R) and Time-bound (T). when the strategic options are SMART, it will help to ease the communication toward the lower level of the organizational hierarchy for implementation.
Step 5 - Strategy Execution Plan
Many organization failed to realize its full potential of its strategies are due to weak implementation. In this Step 5, a proper deployment plan is developed to implement these strategies.
Step 6 - Establish Resource Allocation
Very often, management team assigned selected strategies to key personnel and left it to the individual to carry out the task. While most organizations operate with minimum resources, it often ends up work overloaded by individual.
Step 7 - Execution Review
One of the key success factors for an effective strategy deployment is constant review of its progress and make decision for any deviations to plan. It is vital to decide what to review and with who the review is done. New decision may be required as the status of the strategies progressed.
In summary: Follow this 7-steps in Strategic Planning will ensure various options are considered including its execution, resource allocation d and Execution Review. This 7-Steps form a complete cycle for new or existing Strategic Planning initiatives
A business just starting out will try to first identifyÂ - and then focus on - its core competencies,Â allowing it to establishÂ a footprint while gaining a solid reputation and brand recognition.Â Using, and later leveraging, core competencies usually provides the best chance for a company's continued growth and survival, as these factors are whatÂ differentiate the company from competitors.
The term "core competency" is relatively new. ItÂ originated in a 1990Â Harvard Business Review article.Â In it, the authors suggest that business functions not enhanced by core competencies should be outsourced if economically feasible.
Read more: http://www.investopedia.com/terms/c/core_competencies.asp#ixzz2709tXch0
Characteristics of a Good Leader
What are the characteristics of a good leader? Do you think you possess these qualities? I have noticed similar patterns in many leaders that I think are great traits. Also, several studies have been conducted on the characteristics of good leadership that are worth mentioning. It would be great to have all these qualities, but not all leaders do.
The following is my list of the characteristics of a good leader:
Most good leaders have great vision. They know where they want to go and they know how to motivate people to believe in this same vision they have for their community, country and their lives. They view things as what they could be and not what they are.
Being a good leader usually means that they have to make critical calls at assorted points in their organization. Having the knowledge to make the correct call is crucial in making sure the organization is successful. Good leaders are strategic, wise and perceptive.
Good leaders are very passionate people. They're intensely obsessed in whatever they are focused on. It could be business, sports or a hobby, these individuals are intensely focused. They operate with such a high level of passion that they get consumed in it. They take action!
Good leaders have compassion for their supporters or employees. They have great coaching and development skills. While these leaders have goals to accomplish, they consistently care for the individuals that support them. They're not selfish individuals only thinking about their own wants and needs. Most have a heart for the people that follow them.
Most good leaders are captivating. They're charming individuals and they tend to draw people in with their personalities. It could be in the way they talk, the way they carry themselves. They are excellent a building relationships and demanding performance from their peers. These individuals have an X-factor that you are drawn to.
6. Great Communicators
Good leaders are usually great orators and persuaders. They're very comfortable with public speaking and are very inspiring people. It isn't surprising that they can develop a good following with this communication ability.
Good leaders are determined in attaining their goals. They know that reaching their destination can be filled with problems. Notwithstanding, they see that the advantages of attaining their goals is larger than that of the problems that occurred. This makes them intensely persistent individuals.
Good leaders mean what they say. They have integrity. They're individuals who keep their guarantees and they do not play the old political games that plenty of others do. People find them reliable and as such are dedicated to them.
They are bold. Winston Churchill states that courage is the virtue on which all others virtue rest on. Good leaders are bold enough to chase after their dreams. Although the fears are real, a daring leader pursues them regardless of the fears that exist.
Most good leaders are very controlled in the pursuit of their goals. Where most individuals would be simply distracted or dejected, good leaders discipline their minds to keep focused and steady regardless of the situation.
There you have it, 10 characteristics of good leadership. Not all good leaders carry every single trait. Also, you may feel you are strong in some areas and lacking in others. But just remember, it isn't about being perfect, but understanding where you are lacking. Make an effort to build on these characteristics of good leadership in yourself.
The planning process
Every planning process goes through a series of stages.Â In essence the aim is to complete each of the following steps:
Analyze the external environment
Analyze the internal environment
Define the business and mission
Set corporate objectives
Make tactical plans
Build in procedures for monitoring and controlling
An overview of the traditional business planning process is illustrated below:
Effective business planning has to begin with an honest and realistic appraisal of the current position of the business.Â The formal term for this is "situational analysis" and there are several planning tools and methods which are helpful in putting the analysis together. The true purpose of situational analysis is to determine which opportunities to pursue:
PEST / PESTEL analysis:Â identify and analyse trends in the environment
Competitor analysis: understand and, if possible, predict the behaviour of competitors
Audit of internal resources
SWOT analysis: build on strengths; resolve weaknesses; exploit opportunities; confront threats
Having determined the current position, the next step is to determine the direction of the business - by answering the question "where are we going"?Â The outputs from asking this question are:
Vision: the non-specific directional and motivational guidance for the entire business. What will the business be like in five years time?
Mission statement: a statement of the business's reason for being. The mission statement is concerned with the scope of the business and what distinguishes it from similar businesses
Objectives: SMART objectives set out what the business aims to achieve
Goals: specific statements of anticipated results
Financial Accounting: Financial Accounting focuses on reporting to external parties. It measures and records business transactions and provides financial statements that are based on generally accepted accounting principles (GAAP). Managers are responsible for the financial statements issued to investors, government regulators & other parties outside the organization. Executive compensation is often directly affected by the numbers in these financial statements. It is not difficult to see that managers are interested in both management accounting & financial accounting
ï‚· Recording of Transactions
The foremost role of financial accounting in an organization is to record the transactions of the business. Financial accounting personnel process journal entries into the accounting system to document the movement of cash and business activity. In some cases, this system of recording is for regulatory compliance, but more often, an accounting system is started for company ownership to be able to keep track of company assets, liabilities and equity. This need for systematic record-keeping grows with the organization.
For publicly-traded companies, private companies that seek credit, and even owners who desire a common framework for company analysis, the use of financial accounting to prepare standard financial reporting packages is beneficial to both the organization and to external parties. By preparing financial information in a standard format, external parties have a basis for comparison between companies. This is one reason that financial reporting rules are specific and complex; as variation exists in accounting practice, comparability becomes more difficult.
Accounting techniques can be used to compute financial ratios and other metrics that can be used to look for areas of potential improvement in the business. Accounting information can give management insight into operational problems, financial trouble on the horizon and potential fraud or embezzlement in the company. It is important to note that information in the accounting system is only as good as the processes that add information to the system, so care should be taken with information that has not been processed with an adequate level of quality control.
Accounting information, and specifically, cash flow projection can help management predict when shortages or excesses of cash are expected in coming months. This information can be used to set up financing opportunities or plan for investments. If managed actively and appropriately, cash management techniques can lower a company's overall cost of financing and raise a company's return on investments, making the company more profitable overall.
Read more: Key Roles and Functions of Financial Accounting Within an Organization | eHow.com http://www.ehow.com/info_8651025_key-financial-accounting-within-organization.html#ixzz270FcZ8NO
Task 4 Human Resources Management
An organization's economic growth depends on its productivity. If an organization's productivity increases day by day, the company will run smoothly and attain the highest possible level of productivity to ensure sustainability of the organization. In addition to this ,there is the challenge of globalization or open market competition. Given this situation, the success of an organization depends heavily on effective Human Resource Management practices and the competency of its human resources. Excellent companies recognize that human resources are their number one asset. This is all the more true in the dynamic organization or industry. Therefore, employees must be adequately trained and retrained to ensure that their knowledge, skill and competency remain relevant and useful. It is a fact that the primary concern of an organization is its variability and hence its efficiency. Any organization's employees should learn to perform their jobs at a satisfactory level of efficiency and the organization should provide opportunities for the continued development and training of employees. The organization should also train them for other jobs for which they might be considered. Training is the best key to develop the employee's attitude, motivation, and knowledge of all levels of employees. This is the systematic process of increasing or achieving the highest level of productivity and to fulfill the organization's goals. This work should be performed by the human resource management department. Human resource management is a very crucial and sensitive function of an organization. It is proven that human resource management directly relates to all managers, line, staff, facilitated and supported by a lean and competent human resource department. An organization must have the various types of employees who should be managed in a way that would be able to achieve their personal and organizational objectives simultaneously.
Effective HRM practices assume that appropriate HRM practice taps the motivation of employees and generates employee's commitment. The way to do this is through management philosophy which assumes that eliciting worker discretionary effort of enhancing motivation and generating employee commitment will lead to improved organizational performance. Essentially to create a competitive advantage, an organization must implement a strategy that creates positive value. The implementation of effective HRM practice can create a source of competitive advantage as the practices are added and thus work together to generate positive value for the organization. Specifically this positive value is created by means of influencing the discretionary effort of employees. The performance level of each individual is limited by their capacity effort. So any organizational attempts made to elicit discretionary effort from employees are likely to generate excessive costs. Thus utilizing a set of practices that are explicitly humanistic in orientation can help to create positive value by -
Firstly - increasing employees discretionary effort
Secondly - exceeding the true cost of investment through the use of superior HRM practice.
According to the resource based theory of the organization, the effective management of human resource is valued not only for its role implementing a given competitive scenario but also for its higher productivity of organization. In this circumstance effective HRM practice has the potential to create organizations that are more intelligent and flexible than their competitors through the use of policies and practices that focus on hiring, developing talented staff and synergizing their contribution within the resource bundle of the organization. This can lay the basis for sustained competitive advantage because HR policies and practices are socially complex and competitors may not be able to replicate their diversity and depth. Moreover, the Human Resource is historically sensitive. Therefore, it takes time to develop a workforce that is embedded in the operational systems of an organization so that it can enhance the organization's capability and productivity.
Productivity refers to a ratio of output to input. Input may include labor hours or costs, production costs and equipment costs. Output may consist of sales, earning and market share. Many firms now assume or have shown that productivity is affected by employee's knowledge, skills, attitude, motivation and behaviors. The improvement program starts with this assumption and proceeds with different intervention strategies. Productivity as the relationship between the output generated by a production or service and the input provided to create this output. Productivity improvement refers to the deliberation effort of an organization to increase in value or excellence. In the other words, the enhancement or betterment of a company's performance, for example, increase in a company's share turnover from year to year, gaining the company's share of the market or a continuous research and development activities of a company's. It is an intended plan of action to guide the activities of a business organization. It is all the concerned efforts of an organization to gain a competitive advantage over its competition to accomplish the organization's mission at a low enough cost. Better training and development programs have been shown to improve the performance of current employees while certain incentive and compensation systems translate into higher productivity and performance.
Effective HRM practice can make client satisfaction. This is very critical for an organization to satisfy his client. Many organizations are tracking their success by measuring customer satisfaction or soliciting input on client complaints and attitudes. Stockholders are another important portion of client satisfaction. Stakeholders, who include with external and internal clients, are those people who can influence or must interact with the HR department. External clients of HR are candidates for position, suppliers of HR services such as technology, and government regulators. Internal clients are employees grouped by occupation, union leaders and managers. Managers are turning to client or stakeholder perception of the HR departments for input about the effectiveness of HR performance. This approach stems from earlier efforts in Total Quality Management (TQM) and attempts to reconcile the gaps between client expectations and levels of satisfaction.
Finally, an organization can get higher productivity from the employees by using or practicing effective HRM practice. The HRM practice should be very innovative, realistic as well as based on competency so that an organization can run smoothly and can compete with its internal and external competitor in this globalization era or open world market.
Redundancy is when you dismiss an employee because you no longer:
carry out the business for which they are employed
carry out the business in the place where theyÂ are employed
require them to carry out work of a particular kind
For a redundancy to be genuine, you must demonstrate that the employee's job will no longer exist.
In this situation, eligible employees would be entitled to receive a statutory redundancy payment (SRP) - see the page in this guide on the rights of redundant employees.