BusMGT Unit3 & 4 Assignment Example | Topics and Well Written Essays - 2500 words

BusMGT Unit3 & 4 - Assignment Example With the belief that the company can stand on its feet again, the morale returns to the employees and this will help the company get back to where it was in the long-run. To increase the profit margins of the company, the most important thing to do would be to focus the finances towards the out-dated product lines of the company. This can be done by conducting a market analysis to figure out the consumer demands and what they prefer in the product. By attending to the needs of the consumer, we are actually paving a way for higher profits in the future because we’ll be giving the consumers what they want. Moreover, by understanding the consumer demand it’ll become easier for us to redesign our product to the desired specifics and the chance of losing sales due to undesirable characteristics would be reduced. To analyse and incorporate the effects of the external environment into our organization’s business plan, it would also be beneficial to point out who our com petitors are. An in-depth research of the competitors and the products that they sell is very important because it gives us an insight into how we could give our products a USP (unique selling point) in comparison to that of the competitors. Also, the objective is not to duplicate the competition products but to manufacture good-quality products with features that give us a leg up. The best way, in my opinion to ensure success finance-wise, is to create products that are not already supplied in the market but have a high consumer demand. In order to reach this goal, the organization design will have to be rearranged in several ways. First, all the major contributors will be divided into teams, which will be assigned by the ideas of the new business plan. Next, one main objective or goal will be given to all the teams to focus on, and it will be made sure that it has all the expertise and knowledge required to efficiently achieve that goal. The team-members will assist each other in completing the goal. They will also have a set role, with the Team leaders and Managers to look over the entire process. This structure will mean that we can focus on our customers and suppliers, as they will be the force that drives the organization towards product redevelopment, changes in the hierarchy and so on. Moreover, the inter-departmental communication flow will be clearer and faster, leading to more efficient decision making for the organization. Also, meeting the needs of our consumers will provide us with a competitive edge in the market. Moreover, in order to manage the problem of the competition of internal resources, a BCG matrix analysis can be conducted to point out the stars, cash-cows, problem-child and dog products. This is essential because, it will help us manage the portfolio competently. The unprofitable products will be eliminated freeing up resources to be injected into other products that are likely to give us higher returns. For the problem of adversaria l communication faced by the organization, it is important to lessen the pressure in the organization to provide an environment that encourages open and honest communication. (Hunter, 2011) The primary role of managers in a company is to try to aim on the highest efficiency. For this