Project- Essentials of Management-Management analysis of a business

Ask and provide answers for the following twelve questions for your chosen firm. Your report should contain the answers to all these questions.

Question1) What is our business? Answer: To satisfy the customer is the mission and purpose of every business. The question what is our business can only be answered by looking at the business from outside from the view of customer and market. Look at your chosen business from the this view point and answer the question. In this question define the mission statement of your firm.

Question2) Who is our customer? Answer: There can be multiple customers each customer defines a different business has different expectations and values and buys something different. For example a manufacture can have two customers the wholesalers and retailers. He has to cater to the needs of both these customers. Ask this question from your companys view point.

Question3) What is value to our customer? Answer: The customer never buys a product; by definition the customer buys the satisfaction of a want. He buys value. Manufactures tend to think of irrational customers, you should always keep in mind there are no irrational customers. Customers almost without exception behave rationally in terms of their own realities and their own situation. You need to ask what your customers value and is your firm catering to their wants are there any gaps which needs to filled in this areas.

Question4) What will our business be? Answer: What changes in the environment are already discernible that are likely to have high impact on the characteristics, mission and purpose of our business. How do we now build these anticipations into our theory of the business into its objectives, strategies and work assignments. In answering this question it is to be kept in mind of demographics, national income changes taxation and laws of nation and unsatisfied needs of customer. You will assess this question and analyze the future nature of your chosen business based on the present cues. For example ability

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to predict the landline to cellphone would have helped any telecommunications company 20 years ago. Question5) what should our business be? Answer: This question is not really into the future like the previous question this is about the present situation grabbing the opportunity and concentrating by allocating the resources in the right field. Business that fail to ask this question in the present scenario miss their opportunity. You are required to ask this question with respect to your firm and answer if they are to get into a area of business right now.

Question6) How will you use the objectives? Answer: Objectives are not good intentions. They must degenerate into work and work is always specific , always has or should have clear unambiguous measureable a deadline and a specific assignment of accountability. Look at your firm and set objectives for your firm in eight areas marketing, innovation, capital resource, human resource, physical resource, productivity improvement, social responsibility and profit. Set firm verifiable objectives in these areas for your firm. Hence the objective is not in the single area but eight different areas which are discussed below taking one at a time. Question7) What are the questions you will ask in case for marketing objective? Answer: - for existing products and services in the existing and present market. -for abandonment of yesterday in product, services and markets. -Objective for new products and services for existing markets. -Objective for new markets. -for distributive organization. -for service standards and service performance. -for credit standards and credit performance and so on. Use this as the guideline for your and critique your firm with respect to these objectives. Which areas have they missed out and which areas have they covered. Question8) What is the concentration decision? Answer: Sears concentrated on household appliances and marks and spencers on apparel. Where we find business that is outstandingly successful we will find it has thought through the concentration alternatives and made concentration decision. Has your firm made this decision? Critique your firm with respect to this question.

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Question9) What is the market standing for your firm? Answer: companies should not be a marginal player in the market it might be pushed out nor should be so dominant where it becomes a non-innovative slob. Critique your firm with respect to this question. Draw the business portfolio and TOWS matrix for your firm. Under this you will investigate the market share of all the products and the firm each one of them and recommend which product should be sloughed off from the firms portfolio.

Question10) How do set the innovation objective? Answer: The innovation objective is the objective through which a company makes operational its definition of what our business should be There are essentially three kinds of innovation in every business, innovation in product or service, innovation in market place, consumer behavior and values, innovation in the various skills and activities needed to make the products and bring them to market. They might be product innovation and managerial innovation. Innovation may arise out of the needs of the market and customer; necessity may be the mother of innovation. Or innovation may come of the work on the advancement of skill and knowledge carried out in the universities and laboratories. What is the innovation objective of your firm, write your analysis. Question11) How will deal with resources business needs to perform, with respect to their supply utilization and productivity? Answer: All economic activity, economists have told us for 200 years requires three kinds of resources land, that is product of nature, labor that human resources, capital that is means to invest in tomorrow. The business must be able to attract them and put them to productive use. In these areas, therefore, every business needs objectives: in addition, it needs an objective for productivity of these resources. Again each of these areas will require a plurality of objective rather than a single one. In respect to human resources for instance it is highly desirable to have specific objectives for manager supply development and performance but also specific objectives for major groups within the nonmanagerial work force, and for relations with labor union. There is need for employee objective on attitudes as well as on employee skills. Capital area is also very crucial objectives are needed for their supply and as well as utilization. Business that cannot attract people and capital will not last long. Business also needs to physical facilities, its development and utilization. Attracting resources and putting them to work is only the beginning. The task of a business is to make of business is to make resources productive. Every business therefore needs productivity objectives with respect to three major resources land, labor and capital and with respect to overall productivity. How is your chosen business performing in attracting, utilizing and making these productive is what you will investigate under this section are there any gaping holes. In this section you will discuss the type of organizational structure and if its appropriate for this particular business. Management analysis Page 3

Question 12) How is the profitability of your business? Answer: Only after the objectives in the above key areas have been thought through and established can business tackle the question of profitability. In your chosen firm analyze the firms profitability for the last few years and see of its meeting the criterion of profitability and write a note on critiquing as to how the firm could enhance and sustain short term and long term profitability by managing business by the aforementioned objectives. You can get the profitability of business by looking at firms profitability statements. Look this up for your firm for the last few years. Its one of the indicators of a healthy business.

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