The Challenges Facing Eastern Foods - Term Paper Example

REPORT ON THE CHALLENGES FACING EASTERN FOODS IN THE NEXT FEW MONTHS By Location Total Word Count (1800) Contents Overview of the challenges facing Eastern foods 3 Human resource management 3 Finance 4 Marketing 4 Operations 5 Key Issue 1: Training 5 Key Issue 2: Marketing Promotions 6 Recommendation for moving forward 8 Bibliography 9 Overview of the challenges facing Eastern foods Since the building work in the Eastern Foods Head Office expected in Birmingham will possibly be complete by July 1st, there is the need to start the business as early as May 1st. In the course of developing the business, the Eastern Foods is experiencing challenges concerning marketing, operations management, accounting and human resource management. Human resource management Detailed study is required in the whole business in order for the management to find it easier recruiting the new staff(Sims, 2007, p. 125). More so, there is the need to study the hierarchy of management levels for easier management of the operations of the business. The team must understand the obligatory skills required in running the business. Recruited workers are required to have adequate experience and knowledge that is relevant to the operation of the Eastern Foods Company business. There must be people specifically knowledgeable in each department of the Company. For instance, the production department should have people with the best knowledge of production. The team is required to balance the diversity of the people in the workplace by considering crucial factors like sexual orientations, marital status, and ethnicity among other factors(Sims, 2007, p. 134). But, all these criteria should be implemented in consideration to what is required for each job description. For example, it sounds unusual recruiting a female manpower team where the job description clearly outlines the need for male manpower. Similarly, there is need to recruit a special marketing team that will take time to acquaint with the new project and concentrate on it holistically. The marketing team is to consist of people with marketing backgrounds, possibly graduates with previous experience in the marketing department of a different Company. Finance The finance department needs to outline possible measures to contain the costs involved in running the new business. Cost management is a major factor in the running of the business and will determine the difference between the success and failure of the business. The department should be ready to consider various expenses that touch on the people that are part of the business. Such costs may involve training costs, health-care benefits, and hiring process costs. The costs cut into the bottom line of the business, and the management team should figure out how much, how many, and how often these benefits should be offered. Obviously, the Company will have it rough balancing its financial statements. The management is to develop standardized accounting methods to avoid misleading reports about their actual financial status(Sims, 2007, p. 20). The possibility to encounter many irregularities in maintaining the financial accounts is high. At times, the finance department may inflate the earnings of the Company and change the figures in order to show higher earnings. Marketing The spectrum of marketing is ever-widening, and the management team can find it hard interpreting its true meaning. Even though the team may consist of several specialties, it is possible there might be several missing key people to fill the various roles. Some members of the team will try being good at every activity in the marketing department and will end up being proficient at nothing(Sinkovics & Ghauri, 2009, p. 268). Managers will need a team around them that understands and knows the aspects of the marketing department to generate the results desired by the Company. Also, they will need a reliable adviser and a team of capable individuals who know what the Company trade involves. Operations The operations department will consist of all the activities that contribute directly to the Eastern Foods Company main line of business. The management can face significant operational problems that are brought about by the existence of limited resources, demand fluctuation, and cost pressures from global competition(Sinkovics & Ghauri, 2009, p. 62). The company should invest adequate time in developing the operational leaders and teaching the best departmental problem-solving methods to help them survive in this industry. The management should implement the best measures to tackle the incumbent problems of limited resources that can hinder the success of its business operations. The operations department should also combine efforts with the marketing department to solve issues related to demand fluctuation. The cost pressures from the global competitors should be solved by benchmarking how the other Companies develop and implement their strategies. Without these measures in place, the management can face challenges that will drag the development processes. Key Issue 1: Training The management team is tasked with finding the most appropriate methods and materials for preparing and equipping the new employees recruited to the team. The quality of training offered to employees allows them to handle their jobs effectively(Wentland, 2007, p. 7). With so many training methods out there, the management team can find it daunting determining the best methods and when to use them. The training sessions should be handled using several methods at the same time for the employees to learn and retain the information with much ease. Before implementing the training program, there will be need to determine the Company’s training goals, the training budget, resources available and the time allocated for the training. The training goals of the Company should revolve around development of new skills, new techniques for the old skills, a safer workplace, a better workplace behavior, and development of a fair and equal workplace that is free of discrimination and harassment(Planty, et al., 2004, p. 58). There is also need to determine whoever the training program should cover. It could be the new, seasoned or the upper management. Even though there is need to train seasoned and upper management, it is necessary to recruit qualified employees for these individuals. The Company’s cost of training the team can be cut down considerably by having a professional and knowledgeable team handle the operations. The training budget ought to be considerable and should not take up a greater percentage of the Company’s expenditure(Nilson & Development, 2004, p. 84). It should cover all groups to be trained and should not offer loopholes that will affect the whole training program. The budget should be balanced side by side with the time allocated for the training session. The time allocated should not cover a greater percentage of the daily schedule of the Company since this can paralyze the operations of the other departments involved. The team involved in the training should have adequate material that will teach the employees on the essential aspects of the Company. Even though training is an effective part of education the people joining the Eastern Foods Company, there is the likelihood of an operational lag during the transition period. Key Issue 2: Marketing Promotions The marketing department is required to develop selection criteriafor handling any promotions of the Company products to its consumers(Hackley, 2010, p. 8). The management should determine the products already existing on the market and the possibility of prospects to expand the demand for the products. Also, management should determine the old and new products that target the fresh markets, for which potential demand can at times be assumed. Special attention should be given to the products that offer adequate prospects to expand the market coverage by offering a better quality of produce at positive and rewarding prices. After determining the products viable for promotion, the management should determine the target audience to communicate to the information about the products offered by the company. Once the Company identifies the target market, the team of experts in the marketing department should determine the best way to reach them. But, there is the need to consider using a marketing mix strategy with advertising, referrals, personal selling, public relations, and sales promotions at the center stage. Advertising is the most common form of marketing promotion likely to be used by the marketing department. The goal of advertising is to make the Company and product name more familiar to the new audience. The efforts might create a favorable image of the Company and will create goodwill among those interested in benefitting from the products offered. Additional aims of incorporating advertising are educating and informing the public, offering specific products to target customers, and attracting customers to find out more details about the products and services offered. Eastern Foods Company should develop effective rules of advertising for the campaigns to be successful. The four basic rules to consider cover the aim, target, media, and competitor influence(Hayes & Laudan, 2009, p. 740). Consider the primary purpose of the advertisement and determine whether you need to sell, inform, improve the image of the company or produce listings. Putting in mind the target audience and the aim of advertising, the company should determine the most suitable media available. The management can consider using radio, TV, Internet, and the press. Also, it is important for the team to determine what the competitors are doing and which media channels they are using to reach their customers. Take the time to analyze whether their marketing promotion strategies have been effective in helping them achieve sale profits. The marketing department should take time to develop a brand strategy, an integrated franchise plan, consumer insights, multicultural market development, packaging, and point-of-purchase displays(Ferrell & Hartline, 2010, p. 637). The team should use its superior communication skills to ensure that the new developments in the Company are told in the best way possible. The measures will protect, enhance and defend the reputation of the Company and will play a critical role in coordinating a unified voice in the communications department. The marketing promotion strategies will help sustain a positive image in the fast-changing and ever complicated media landscape. If well utilized, the work of the promotions department will enhance the way the Company, audiences, and franchises interact with each other. Recommendation for moving forward As from May 1st, the participants in the Eastern Foods Company will need to develop a strategic vision of the future and explore the feasible strategies geared towards achieving the set vision. During the development of the vision, the Company should test their outlined strategies using plausible alternate futures to assess their viability(Smith, et al., 2006, p. 1). The aim of their future strategy should revolve around sharing a vision of the over 400 food outlets on issues touching on food security and livelihood. There will be the need for co-learning about the scenario methodologies and the potential of partnerships among the participants. These measures could lead to policy implementation measures in the regions affected by the scenarios. Co-learning about the development of the scenarios and co-creating the future visions will allow for a great deal of interaction and teamwork(Lasserre, 2012, p. 113). The company should use icebreakers to allow the members of the Company to share ideas on how the expect the Company to be in the next few years. Members should be allowed to share whatever strategies they think will challenge the state of the Company and stimulate development projects along the same line. Potential business partnerships should be mapped and transformed into key policies and strategies for future progress. A combination of intellectual engagement among the partners of the Eastern Foods Company, co-learning opportunities available and development of business partnerships will stimulate the success of the Company beyond May 1st. Bibliography Ferrell, O. & Hartline, M., 2010. Marketing Strategy. 1st ed. Los Angeles: Cengage Learning. Hackley, C. E., 2010. Advertising and promotion : an integrated marketing communications approach. 2nd ed. Los Angeles: SAGE. Hayes, D. & Laudan, R., 2009. Food and nutrition / editorial advisers, Dayle Hayes, Rachel Laudan.. 1st ed. New York: Marshall Cavendish Reference. Lasserre, P., 2012. Global Strategic Management. 1st ed. Manchenster: Palgrave Macmillan. Nilson, C. D. & Development, A. S. f. T. a., 2004. How to start a training program : training is a strategic business tool in any organization. 3rd ed. Alexandria, Va: American Society for Training and Development. Planty, E., McCord, W. S. & Efferson, C. A., 2004. Training Employees and Managers for Production and Teamwork. 5th ed. New York: Ronald Press Company. Sims, R. R., 2007. Human resource management : contemporary issues, challenges and opportunities. 1st ed. Greenwich : Information Age Publ.. Sinkovics, R. R. & Ghauri, R. N., 2009. New challenges to international marketing. 1st ed. Bingley, U.K: Emerald/Jai Press. Smith, P. M., Allen, J. P. & University, N. D., 2006. Creating strategic vision : long-range planning for national security. 1st ed. New York: National government publication. Wentland, D. M., 2007. Strategic training : putting employees first. 1st ed. Amherst,Mass: HRD Press. Read More