Journal questions Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Undergraduate
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    5
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20REFLECTIVE JOURNAL

Reflective Journal

Reflective Journal

Planning

Planning for academic clinics where parents consulted teachers about the performance of their children

Organizing

Organizing for school trips and making sure that students attends them

Directing

Directing the process of making school timetables

Controlling

Controlling the happenings of teacher’s meetings

  1. SWOT analysis

In relation to this unit, my strength so far has been being able to access the topics covered in this unit from anywhere. The weaknesses involved in learning this unit are lack of timely responses to emails and lack of proper attention from the lecturer. The opportunities include having to learn new technological skills regularly. Finally, the threats include existence of technological glitches that might lead to late submission of assignments.

  1. Goals and objectives

My goal is to be the best performing student in this unit. I also wish to have the professor write a good recommendation for me.

  1. Tactical and operational plans

The tactical plan for achieving my goals will be to upgrade my technological knowledge regularly. This will enable me to complete this unit without difficulties. My operational plan is to make sure that I keep constant check of my emails to access course notes on time.

Organizational structure is the form that an organization takes. Such aspects that influence organizational structure are the extent of specialization, extent of formality, extent of centralization/decentralization among others. Organisational structure can take the following forms:

Product division is appropriate for Dell Inc. because the company has various products.

Customer division is appropriate for McDonalds because it has different kinds of customers depending on regions and age.

Process division is appropriate for Bowater Thunder Bay because it deals with many processes, such as harvesting tress, chopping logs and converting wood chips to pulp.

Geographical division is appropriate for McDonalds because it operates in several locations globally.

Functional organization which is appropriate for Wal-Mart because it has various departments such as accounting and human resource management (Pride, Hughes & Kapoor, 2012).

  1. Democratic, autocratic and laissez-faire are three common leadership styles. Leaders exercising autocratic style tend to make decisions without consulting the subordinates. In the democratic style, the leaders have authority to make final decisions but they accept opinions and criticisms from subordinates. Contrary to both democratic and autocratic styles, leaders in laissez-faire avoid giving directions to their subordinates and give them freedom to make decisions and solve problems on their own. I would prefer to use the democratic style and I would prefer my boss to use it because I feel that the input from other people is important when making decisions (Pride, Hughes & Kapoor, 2012).

  2. Transactional leaders rely on their ranks in an organization to exercise authority. They are more focused on identifying mistakes and disciplining poorly performing employees. On the contrary, transformational leaders are focused on developing and mentoring employees, working with them one on one and offering the challenging opportunities. As a manager, I would adopt transformational leadership style because it stimulates employees to work as a team and fosters good working relationship (Lynda.com, 2014).

  1. As the supervisor of the ice cream stand, I would identify a standard of measuring the amount of ice cream on a cone. I would then make sure that the same standard is used on all ice cream cones and whenever there are deviations, I would find out the cause and correct them.

  2. As a manager of professional football team, I would set the standard of performance by stating the number of practice sessions the team will have for a week. I will make sure that very team member is present for every session. During football matches, if the team does not perform as expected, I will find out the reasons and try to correct them during the following training sessions.

  1. Spending too much time on the social networks

  2. Social network websites are the first I visit when I open my computer, I have very many friends from abroad who rely on social networking websites to communicate with me and I get carried away by the funny video clips my friends keep on sending, and therefore, I end up spending too much time watching them.

  3. Social media websites are controlling my life and since I have other important things to do online, I need to organise the time I spend online.

  4. Avoid visiting social websites when I open my computer, set the time strictly for chatting with my friends and finally, avoid content that is not important.

  5. Opening social networks websites only when I am through with serious work and setting timeframes for chatting with friends.

  6. Whenever I chat with my friends and tell them of my time restrictions, they understand. Thus, I am able to complete my work on time and satisfactorily.

As a member of the virtual team, I am likely to encounter challenges such as unwillingness for team members to cooperate, lack of managerial support, lack of motivation and lack of cooperation from other teams.

To deal with the challenge of unwillingness of team members to cooperate, I would make sure that all the team members are aware and agree on the goal of the team. This would ensure that if the vision were shared, then people would be willing to work together. The problem of lack of managerial support would be dealt with by convincing the organization to allocate more resources. Finally, lack of motivation can be handled by having the managers give incentives for well-done tasks.

Teamwork works effectively because team members depend on each other to get the job done. They also trust each other and boost each other to have collective results. In addition, they enjoy being with each other and this makes them perform better as opposed to working as individuals.

Every team members has to understand the goal of the team clearly, respect it and be committed to it.

Every team member has to be respectful of each other’s opinions, respond politely, assist each other whenever needed and ask for assistance whenever necessary

Every team member has to accomplish his or her tasks on time to facilitate the attainment of the team’s goal.

Every team member has to attend all meetings on time and enquire from other team members if he or she is not sure of the venue.

Whenever there is a conflict, it will be solved within the group in the most democratic way.

If a team member fails to do his or her tasks allocated or fail to attend meetings, he or she will be reported to the lecturer and kicked out of this team.

After graduating from university, I am interested in working for Dell Inc. Company.

  1. I would like to start working as a sales supervisor. The skills needed for this position are good communication skills, good sales skills, computer knowledge and marketing skills.

  2. After five years, I would like to be promoted and become the head of the marketing department. The skills needed for this position are good marketing skills, job experience, good communication skills, relating well with others and excellent organizational skills.

  1. Dear Teddy

Kindly assist me with a report containing this quarter’s sales for our division. Thank you in advance.

  1. Dear sir,

The sales for this quarter were three hundred thousand dollars according to the report from the finance office. After close analysis, it is clear that the sale have gone up from last quarter. They have improved with one hundred dollars and this was because of the training offered to the sales staff and adding of more sales agents. Thank you in advance.

  1. Dear vice president,

I would like to notify you that after a long and thorough assessment, it has come to our attention that the existing system of tracking sales in this company is not very effective. Employee with access to the system can alter the sales record and this affects productivity. I would, therefore, recommend that a new sales tracking system be introduced. Thank you in advance.

In the modern workplace, the key types of communication are presentation with visuals, memos, formal reports, e-mail, technical reports and presentations without visuals. The highest ranked form of presentation is e-mail and the second is making presentations with the use of visuals.

Harley-Davidson Motorcycle Company

Men aged between the ages of twenty and fifty

Any geographic location

Men who love riding for long distances

Men who love sports

Men and women aged twenty years and above

Any geographic location

People operating business or companies

People who travel a lot

People who love computer applications

Vacation ownership opportunities on the Gold coast

Men and women aged twenty years and above

People with families

People who love going for vacations

People who love sporting activities

People who love visiting coastal areas

  1. Who are the potential customers and what are their characteristics

To what are they willing to listen?

What would they like to change and what excites them?

  1. What kind of content should they air at specific times and the age limit of listeners at specific times?

  2. What specific age groups are willing to listen?

  3. By conducting interviews during different times and asking listeners for opinions

When introducing the product, I would use penetrating pricing strategy because I would secure a greater share of the market and discourage competition. In the long-term, I would use cost based pricing because it is important for a business to have a profit to operate on (Torres, 2014).

  1. The best distribution channel would be to sell directly to consumers because the product can easily spoil.

  2. I would handle physical distribution of the products to the consumers but I would request them to place orders. I would then use cars and other modes of transport to distribute the product to the customers.

A domestic hatchback car

  • To notify as many people as possible of the domestic hatchback cars and have many sales of domestic hatchback cars.

  • The target market is people with families.

  • The best way to reach that target market is by advertising through radio, television and the use of magazines.

  • The product features I would emphasize are the capability to consume less fuel, enough seats for many family members and the existence of safety belts.

  • My product will be different from the competitors because it comes with a free car seat for babies.

  • I will choose advertising, publicity and public relations as promotional tools because most of the target customers watch televisions, listen to radios and read newspapers.

Energy soft drink

  • To make people aware of the product and to get as many sales as possible

  • My target market includes the youth, the elderly and people in sports

  • Through personal selling, advertising during events and through media

  • This product is different because it is cheaper than what the competitors are offering in the market

  • The product elements that I would emphasize on are that the drink is non-alcohol.

  • The elements that will go into the promotional mix of this product will be advertising and personal selling.

  1. If running an airline, I would practice CRM by reducing the price of tickets by certain percentages to the first ten passengers who purchase air tickets and repeat customers.

  2. They can get permission from customers by asking for their contacts and notifying them of any new products.

  3. The kind of information to collect on them would be their phone numbers, e-mails and their countries of residence.

  4. I would offer them incentives such as free return tickets, discounts on the prices of their tickets and paid for holidays.

  5. Through effective CRM, I can get advantages such as maintaining return customers and gaining new customers.

The first stage in the life cycle of Sony play station 3 was the development whereby it was announced officially in 2005. The next stage was launching which took place in 2006. It then went on to growth and maturity and currently it is at the stage of decline. During the development stage, it would have taken the marketing strategy of advertising to make it well known and secure market shares. In the launching stage, it Sony play station 3 should have used the marketing strategy of giving discounts and lowering prices. During growth and maturity stages, it would have exercised the marketing strategy of giving incentives to repeat customers to maintain them and attract new customers. Play station 3 is in the decline stage and in five years time, I think play station 4 will be launched.

  1. Managers, investors, owners and all stakeholders of a business need the accounting information (Pride, Hughes & Kapoor, 2012).

  2. They need it to evaluate the financial performance of the business and make better business decisions.

  3. If they were not provided with the information, they would make wrong investment decisions and run into losses.

  1. Income statement contains information about sales and expenses and whether there was profit made.

Balance sheet contains information about the amount one has invested in a business, his liabilities and assets.

Statement of owner’s equity contains information about periodical changes of a business owner’s equity.

Statement of cash flows contains information on cash that is coming in and that which is going out (Pride, Hughes & Kapoor, 2012).

Ten questions that can be answered by the use of financial accounting are:

  1. What are this year’s total sales?

In answering this question, income statement would be most appropriate because it gives information on amount of sales

  1. What were the total expenses this year?

To answer this question income statement would be most appropriate because it gives information about total amount spent on expenses.

  1. What are this year’s total profits?

To answer this question, the income statement will be most appropriate because it has clear information on the amount of profit gotten from the total sales minus total expenses.

  1. What are the total assets by the end of this year?

To answer this question, the balance sheet would be most appropriate because it gives information of total assets a business has.

  1. What are total debts?

Balance sheet would be appropriate to answer this because it gives information on total debts that a company has.

  1. What are total costs of supplies this year?

Balance sheet would be appropriate to answer this because it gives information on the total liabilities a company has.

  1. How much capital did I put into the company this year?

Statement of owner’s equity is most appropriate to answer to question because it has information about the changes in the equity of a business owner.

  1. What percentage of the profit did I put back in the company this year?

Statement of owners equity is the best to answer this question because it gives information over the changes of the equity of the owner.

  1. What is the total amount of cash that the company has brought in this year?

Statement of cash flows is the best to answer this question because it gives information of the cash flows in and out of the company.

  1. How much cash went out this year and to where did it go?

Statement of cash flows has information on the cash flow traffic in and out of a company and therefore it is the best to answer this question

  1. To break even I would have to sell thirty two roses

  2. To raise five hundred dollars, I would have to sell one hundred and thirty two roses.

  3. This is a realistic goal

  1. Under accrual statement, my income will be three thousand and nine hundred dollars while under cash basis statement; my income will be three thousand and four hundred dollars.

  2. Cash basis statement reflects the accurate earnings of the summer because it reflects the actual cash that I have (Pride, Hughes & Kapoor, 2012).

  3. On a classified balance sheet, the categories used are current assets, long-term assets, current liabilities and long-term liabilities. If a loan is due in a year it is considered as a current and if it due in like five years it is regarded as a long-term liability (Pride, Hughes & Kapoor, 2012).

  4. The company’s cash balance increased.

  5. One hundred and thirty dollars

  6. Under category investing activities, activities such as selling and buying long-term assets will be witnessed.

  7. Under category of financing activities, activities involving paying back or obtaining funds used to finance a business will be witnessed.

  8. If I had access to income statement and balance sheet of the company, I would be interested in reviewing its statement of cash flows because income statements will give me a detailed statement of income, which has been earned, within a certain period. The balance sheet, will give me information on the assets the company has and where they came from.

  9. From the statement of cash flows, I can gather other information such as where cash spent in the company came from and how it was spent. Furthermore, it will give information on the profits the company is making.

  1. These ratios were behaving in this manner because of changes in the relationship between sales and the cost of the goods that were sold. Sometimes, more may have been used to buy goods, but the selling price of the same goods remained the same. The profit ration will therefore, be lower than previous. Sometimes, goods that were not selling well had to be reduced leading to changes in the ratios.

An automobile manufacturer is more likely to have a high inventory turnover ratio because it will make high returns on its assets. It is more likely to make more profits with the money invested in it.

Cowry shells were the most effective means of exchange in ancient times because they were treasured and were rare. They were given different values and would be counted to pay for other goods or services. They would however be ineffective means of exchange today because they cannot be divided into different currencies (Pride, Hughes & Kapoor, 2012).

Wal-Mart should be allowed to enter the financial-service industry. If Wal-Mart entered the financial services industry, the customers would benefit but other financial industries such as banks and insurance companies would be harmed.

Annual interest rate

Security

Commercial bank loan

300,000$

Car and land

Loan from friends

Loan from family

Private placement

100,000$

Module 10

A large, automobile dealership shop would benefit from an ERP system because all the computer needs of the body and service shop will be integrated into one system whereby all users can use effectively (Pride, Hughes & Kapoor, 2012).

There are ethical problems associated with Caesars way of data mining to encourage gamblers because gambling is addictive and though it might bring more money to the casino, the customers will be affected.

  1. Expert support system

This is the best management support system because it mimics the judgement of experts. When identifying the rash, a lot of background information about how it started will be needed to come up with a solution.

  1. Decision support system

This management support system is the best because it involves gathering and analysing data from different sources that will aid in making decisions.

  1. Executive support system

This is the best management system because it helps managers to get ready access to strategic information customized according to their needs in a convenient way.

LAN is a network used to link computers within a close range for example in an office while WAN is the network used to link computers that are in large geographical areas such as in two countries.

The internet is a global network that has smaller networks that are interconnected linking many computers while the World Wide Web is a large portion of the internet that links computes with a special protocol (Pride, Hughes & Kapoor, 2012).

I am hesitant to buy things on the internet because there is an upsurge of cybercrimes and it is very easy to be conned. There also exists the risk of password and credit card theft. To ease customers concerns about safety of internet transactions, companies are using encryption and certificate authorities to ensure safety.

References

Lynda.com(2014). Management foundations. Retrieved on 9 July 10, 2014, from http://www.lynda.com/Business-Business-Skills-tutorials/Management-Fundamentals/142070-2.html

Lynda.com (2014). Managing teams. Retrieved on 9 July 2014, from http://www.lynda.com/Business-Business-Skills-tutorials/Managing-Teams/117531-2.html

Pride, W., Hughes, R., & Kapoor, J. (2012). Foundations of business. Cengage Learning.

Torres Roselinde (2014). What it takes to be a great leader. Ted Talks. Retrieved on 9 July 2014, from http://www.ted.com/talks/roselinde_torres_what_it_takes_to_be_a_great_leader