01 May Assignment 08.3: Think You Know it? Show it!
9919FULL DIRECTIONS IN ATTACHED FILES. For this assignment, you will be demonstrating your knowledge/understanding in the general field of Management.
Successful completion of this assignment will require you to demonstrate the ability to analyze a challenging business situation and provide management solutions to mitigate losses and foster growth.
In a competitive market, companies are finding it more difficult to increase market share. One way to increase market share is by finding ways to play on a company’s strengths to set the company apart from its competition. It is also wise to know the company’s weaknesses, opportunities and threats. A company that can address and improve upon their weaknesses, take advantage of their opportunities and prepare for the threats, is likely to perform better in a competitive marketplace. It is also important that the company know its customers:
• who they are,
• their wants and needs,
• their likes and dislikes,
• and their shopping behaviors.
You have been hired by a company that has been downward spiral. They are in a highly competitive market and both sales and market share is down. Some of the management team wants to blame the competition, who has been offering products, similar to your company, and offering those products at a slightly reduced cost. Others, on the management team blame their own research and development group for not creating new products. Others feel like there has been a disconnect between the company and the customers, and suggest the company is no longer working in a team structure. This is causing a lot of unrest among the leadership and the employees.
You may use your current place of employment or select a company that you would like to work for. Keep in mind that going global will be different for every company or for every industry.
Your assignment submission should follow current APA and NAU standards, and include at least 3 academic/professional sources. Your assignment submission should be 900-1100 words, and address the following:
1) Tell the reader about the company you have chosen. What markets do they serve? What products and/or services do they sell? What is their mission statement? What are their yearly sales?
2) Conduct a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis (you are encouraged to review the Strategic Management Insight webpage, SWOT Analysis – Do It Properly!, before starting). After conducting your research, prepare and present a four-quadrant chart that lists the company’s internal strengths and weaknesses, and external opportunities and threats. Then, explain the following:
• How the company might utilize their strengths.
• How the company might turn their weaknesses into strengths.
• How the company might capitalize on their opportunities.
• How the company might protect themselves from their threats.
Bear in mind that your explanations should address how the company might do the above while continuing to operate in a profitable manner.
3) Evaluate who the company’s customers are. Describe the average customer (age, income, ethnicity, gender). What are these consumers buying? Where do the buy the products and services your company offers (grocery stores, online, high end department stores, etc.)? How often do they buy from your company? From what other companies might these customers buy?
4) Discuss how your company is structured. Does the company rely on teams? Is the company led from the top down or from the bottom up? Is being managed properly or do you think there is need for change? What changes would you implement? Explain your answers.
5) What role does research and development play in your company? Is the department reactive to what is happening in the market or proactive? How often do they actually create a new product or service that is adopted by the company? Explain your answers.
6) Referring back to what the different management groups were blaming for the drop in market share and profit, would you agree with any one group of managers? Why or why not? What would you recommend the company do to improve profits and market share?
7) How would you go about implementing your recommended changes? Explain how you would go about measuring the success of the changes made?
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