JOURNAL 1 Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    4
  • Words:
    2270

Journal Questions

5.1 The school principal planned the school’s curriculum, class schedules and durations to support the school’s academic goals. Organisation was through assignment of teachers to classes and ensuring department heads had sufficient personnel. The principal directed faculty and students to work hard during school events and influenced teachers to achieve the school’s performance goals. He performed controlling function by gathering information about class grades, comparing this performance with previous years’ performance and designing an action plan for improving the overall class and school performance.

5.2.1 My strengths in this unit are easy access to books and the online library, knowledge of APA guide and previous knowledge of management concepts. My weakness is lack of managerial experience to apply what I learn in class. Opportunities include greater management knowledge, team projects and better management of my time and resources. Threats are limited time for coursework and completing assignments, and family responsibilities.

5.2.2 My performance target is to achieve an A. SMART goals are: to set aside 18 hours weekly for reading; to learn how to use APA guides; and to refer to 5 sources or more in each assignment.

5.2.3 Tactical plans are: to schedule the unit for 2.5 hours daily; to purchase the school’s APA guide; and to read 2 books or articles on the unit weekly to increase my knowledge for assignments.

Operational plans are: to allocate 1.5 hours for reading and 1 hour for assignments; to practice APA citation daily and to use a minimum of 3 peer-reviewed articles and 2 books in each assignment.

5.3.1 An organisational structure is an arrangement of the communications, authorities and duties in an organisation. Five structures are: simple, functional, divisional, matrix and team-based. Simple structure is suitable for small entrepreneurship firms, which centralise authority in the owner such as landscaping businesses. Functional structure suits non-profit organisations where employees are grouped by their work speciality such as marketing (Bryman, 2013). Divisional structure is suitable for multinational organisations, which group people by products (Time Warner), customers (Ford Motor) or geographical regions (Federal Reserve Bank). The matrix structure is suitable for multinational organisations, which combine divisional and functional command structures such as Barclays Bank. Team structure uses workgroups to support organisational goals such as Motorola Company.

5.4.1 I would prefer to use democratic leadership because I would be able to include the team in decision-making, build the members’ skills and encourage teamwork (Bryman, 2013). I would prefer my boss to use laissez-faire leadership because it gives me independence to perform my tasks with some degree of independence.

5.4.2 I would adopt the transformational leadership style because it would help me motivate my subordinates to achieve the company’s vision, build strong interpersonal relationships, maintain personal integrity and influence people to delay their self-interests for common goals (Bryman, 2013).

5.5.1 I would ensure that all cones have the same amount of ice cream by providing same size and weight scooping spoons for each server, specifying the maximum number of scoops for each ice cream variation and comparing scooping sizes to ensure consistent output.

5.5.2 I would set standards for all players, measure each player’s performance, compare actual and expected performance, consult with the player to determine reasons for the deviation and take corrective action such as longer physical training times. I would apply the same five-step process as a manager.

5.6 I would first define the problem as time mismanagement. Secondly, I would identify the root cause as spending excess time online, blogging and reading social media updates. Thirdly, I would develop alternatives as setting daily time limits for Internet surfing, surfing on weekends or excluding surfing to online libraries. Fourthly, I would select the most appropriate model as surfing on weekends since I communicate with my classmates and friends via text. Fifthly, I would develop a browsing schedule for the weekend for a maximum of 2 hours. Lastly, I would evaluate my progress every month on my compliance to the weekend surfing time.

6.1.1 The main challenges are inability to interpret the non-verbal clues of team members, lack of rapport, inability to control conflict among team members, conflicting communication methods and lack of time in social activities.

6.1.2 Steps to address the challenges are: to have regular meetings to build rapport; to use video conferencing, email, group software and online chats; be sensitive to the participation of all team members (including time zones); build relationships.

6.3.1 The ground rules for the team are: keep an open mind; be polite and do not embarrass team members; seek clarification; state your opinions; participate in meetings; maintain confidentiality of comments made in meetings; address conflict immediately; show dedication to the team’s goal; request the team leader for help when needed; and be prepared for meetings. A member can be dismissed from the team if he/she resigns in writing, fails to attend three meetings in a row without prior notice or fails to contribute to the group.

6.4.1 Starting position: Associate at Boston Consulting Group

Skills needed: report writing, communication, critical analysis skills.

Skills for success: problem-solving, client management, communication, interviewing clients, report writing and business management.

6.4.2 Higher-level position: Project leader at BCG

Skills needed: people management, strategic planning, and business management

Skills for success: leadership, building relationships with clients, specialised knowledge on project management and networking skills.

6.5.1 Dear [name of colleague], kindly send the report for this quarter’s sales for our division. Regards,

6.5.2 Dear Mr/Mrs (name of manager), Please find the sales report for this quarter. The sales have improved by 12 percent from last quarter’s sales. This is due to our efforts to reduce operational costs and increase our promotional activities through volunteer sales workers. Further cost-reduction efforts and aggressive promotions could help the department achieve the end year goals of 35 percent increase in sales. Regards, [name] [position].

6.5.3 Dear Mr/Mrs (Vice president’s name), The firm has reported a 12 percent increase in sales for this quarter. This increase is in response to the division’s aggressive cost-cutting measures and promotional activities. The division will continue to increase its sales performance using a tracking system. We propose a new system to help the division to track its sales for each sales team and geographical location. This will help us develop target strategies to ensure that each location and team achieves our sales goals. Regards, [name] [position] [department]

7.1 Harley Davidson — (i) Demographic: Caucasian men above 35years, young adults between 18-34, Hispanics, and African Americans (ii) Geographic: US (iii) Behavioural: cruisers, tour gliding, hardcore or dream riders

iPod -(i) Demographic: young adults and teenagers, middle-to-high class customers. (ii)Geographic: US, China, world (iii) Behavioural: technology geeks, innovative features

Vacation ownership property — (i) Demographic: seniors; international visitors(ii) Geographic: Queensland (iii) Behavioural: travellers, tourists, residents

7.2.1 What products are we selling? At what price? Where are the customers located? How do we reach the customers?

7.2.2 Secondary data would include consumer statistics from the radio broadcasting industry, audio reports

7.2.3 I Primary data would include audio programming, access to broadcasting networks, stations, customer preferences and syndication.

7.2.4 Primary data would be collected from questionnaires and interviews.

7.3 Introductory pricing could use skimming pricing which involves charging high prices upfront to increase short-term profits (Lamb, Hair & McDaniel, 2012). The high prices would offset the cost of developing the Help function. Skimming pricing is more effective for creating a niche market before broadening its market appeal after prices have been reduced (Lamb, Hair & McDaniel, 2012). Long-term alternatives are to use target costing because it helps determine the price point, margins and production costs for the calculator. It also tightens cost-reduction efforts to ensure competitive pricing

7.4.1 I would use the manufacturer-distributor-retailer channel. This involves wholesaler distributors and foodservice retailers. Food service retailers (such as restaurants and caterers) have greater access to the end customer while wholesalers or buying groups can make small deliveries to superstores and neighbourhoods.

7.4.2 The juice would be packaged in cartons and physically distributed using trucks.

7.5.1 Purpose: To purchase the car/energy soft drink

7.5.2 Target market 1- men 35+ years with a family

Target market 2 – adolescents, young adults

7.5.3 Promotion 1 – television and newspaper advertising

Promotion 2 – television ads, social media (Facebook and Twitter), Internet ads

7.5.4 Features 1- cargo volume, spacious interior, stability control, suspension, engine capacity, domestic utility

Features 2 — taste, energy, shape of container, youthfulness

7.5.5 Differentiator 1- domestic yet sporty

Differentiator 2-greater energy boost, sugar-free option

7.5.6 Promotion mix 1- brand, engine size, displacement, power, seating capacity, stability

Promotion mix 2 – limited edition on bottle designs, flavours, and merchandise (such as t-shirts and concert tickets.

7.6.1 Practice CRM by forming financial, structural, customisation and social bonds with customers

7.6.2 I would obtain permission from the aviation industry regulators and the airline’s management

7.6.3 Information such as cabin service, baggage handling, ticketing experience, frequency of air travel and customer needs

7.6.4Loyalty programs (frequent flier), online check-in, discounted air tickets, travel extras (hotels, car rental)

7.6.5Advantages: differentiate the airline, cross-selling, customer bonding, interact with customers, improve loyalty and provide customised services

7.7 Product lifecycle:

i. Introduction: Playstation 3 introduced in November 17, 2006. Marketing: product (higher processing, Blu-ray player, hard disk drive, input/output ports, display range); promotion (early adopters); distribution (US)

ii. Growth: 90 million registered accounts. Marketing: product ( new services and content, dynamic gaming and seamless entertainment via Internet browser and Wi-Fi), promotion (global audience; Internet); distribution (worldwide)

iii. Maturity: Global presence. Marketing: product ( multipurpose ), promotion (subscriptions, discounts, free games); distribution (global)

iv. Decline: 2012 (launch of PlayStation Vita).

7.8 i. 9 ii. 6 iii. 9 iv. 10 v. 9 vi.10 vii.10 vii.10

8.1.1 Users of accounting information are shareholders, suppliers, customers, managers, creditors, employees, competitors, the government and community representatives.

8.1.2 Shareholders use to appraise the firm’s financial status and future prospect while customers use it to influence product costs. Managers use the information to appraise employee performance while employees use it to assess the company’s position and bonus expectations. Creditors use it to determine loan amounts, competitors use the information to assess the financial worthiness of other firms and the government uses it for taxation (Faculty of Business, Government & Law, University of Canberra, n.d). Community representatives use the information to track their financial support of a firm.

8.1.3 Problems are poor decision-making, poor regulation and financial scandals.

8.2.1 Income statement

Balance Sheet

Statement of owner’s equity

8.2.2.1 33 roses

8.2.2.2 100 roses

8.2.2.3 No

8.2.2.4 Increase the cost of each rose to $10

8.3.1 Income (cash-basis) -$4,500 Income (accrual basis) — $5,000

8.3.2 Accrual basis is more accurate because it reflects the firm’s profit and financial position at a given period.

8.3.3 Assets – accounts receivable, equipment, building, land, cash inventory. Liabilities-capital stock, retained earnings, accounts payable. Assets are things owned by the company providing future economic advantages while liabilities are obligations.

8.3.4.1 $130,000; Decrease

8.3.4.2 $20,000

8.3.4.3 Investing activities- sale of assets, asset purchase, loans, merger payments

8.3.4.4 Financing activities-dividend payments, net borrowings, dividend tax, repurchase of shares

8.3.4.5 To oversee the flow of cash into and out of the firm

8.3.4.6 Liquidity; solvency information; changes in balance sheet and short-term viability

8.4.1High gross profit margin means operational efficiency while net profit margin means high overhead costs.

8.4.2 A grocery store because of high sales, frequent purchases of small quantities of foods and higher risk of inventory shortages.

9.1.1 Cowrie shells were effectively used as medium of exchange

9.1.2 They are portable, divisible, durable recognisable and difficult to counterfeit

9.1.3 They would be effective because they have same characteristics as physical money.

9.2.1 No, Wal-mart should not be allowed due to regulatory complications.

9.2.2 Wal-Mart customers and a public fed up with bank fees and account closure would become key players

9.2.3 Banks would be harmed.

9.3.1 Personal savings, investments, sale of personal assets, loans, family, angel investors, venture capitalists, and bank loans

9.3.2 Factors to consider were: amount of capital needed, urgency of funds, leverage of the firm, risk exposure, collateral and financial strength of the owner.

10.1.1 The ERP system would integrate the dealership’s activities in one system. It would reduce the need for stand-alone systems, provide consolidated reports and improve information sharing between the service shop, body shop and main firm

10.2.1Ethical problems are invasion of the customer’s privacy and exploitation of personal data for profits. It is not ethical to encourage people to gamble.

10.3.1 Expert system – It will provide expert medical information concerning the rash

10.3.2 Decision-system- It will help me to analyse different data and present a decision on the investment.

10.3.3 Executive information system- It provides summarized data on revenues and costs for each store in different categories.

10.4.1 LAN covers a small geographical area (such as a floor or building) while LAN is networking for wide geographical regions (such as between two towns). LANs are used in centrally owned organisations while WANs are used for Internet access.

10.5 Internet is a networking infrastructure connecting many computers together while WWW is an information sharing model which helps users to access information via the Internet. The Internet provides structure for the WWW.

10.6 I am hesitant to buy things over the Internet due to security and privacy issues. They can ease concerns by using Secure Socket Layer protocol. SSL provides security by encrypting information being transmitted between the firm and the customers.

References

Bryman, A. (2013). Leadership and organizations. London: Routledge.

Faculty of Business, Government & Law, University of Canberra (n.d). The foundations of business first edition. University of Canberra.

Lamb, C., Hair, J & McDaniel, C. (2012). Marketing (12th ed.). Stamford, CT: Cengage Learning.