StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Business Management - Essay Example

Cite this document
Summary
The slow down of opportunity in housing market substantially affected the flooring and paint offerings. In this regard, review and strategic plan revision are necessary to be performed in a slower economy like…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.3% of users find it useful
Business Management
Read Text Preview

Extract of sample "Business Management"

There are two factors that need to be considered in this case and these involve external and internal aspects in business. The first factor is external which primarily concerns the economy. The slow down of opportunity in housing market substantially affected the flooring and paint offerings. In this regard, review and strategic plan revision are necessary to be performed in a slower economy like this. It is important to consider that both flooring and paint products should reach potential revenue in order to maintain liquidity of the firm.

It is stated in the case that flooring business is more profitable than paint business. Based on this information, it is important that the company should make use of this opportunity. In order to increase the volume for offerings in the business flooring, the company should consider exploration of possible efficient promotional activities. Market leadership after all is concerned about creating a need for certain product and service offerings (Kotler et al., 1999; Boone and Kurtz, 2006).Considering that the mentioned company in the case is placing higher mark up with its paint business, it is good to start the promotional activity in here in order to create more demands for both flooring and paint offerings.

In this specific situation, the company should initiate a strategy such as when the customers purchased higher volume of flooring materials, the prices of paint should be lowered utilizing its higher mark up. This would ensure that the sales of paints would increase and thus its profit while increasing the disposed volume for flooring materials. This is just a matter of creating a need for product or service offerings, which is a form of market leadership. Another important factor is internal which primarily considers the human resource.

Control of manpower is important because it ensures corporate success especially high value for customers at the bottom line (Moeller, 2010). As stated in the case, the management and installers usually have conflict when it comes to payment which ends up with customer delays and shoddy works. This is not going to be healthy for the said company in the long run, most especially in building customer relationship. This could not substantially provide them with effective output in providing high value for customers and in the long run this would further result to lower revenue and eventually a slow down of business.

The issue in here is not just about financial control, but it substantially involves the right approach to be initiated with effective handling of human resource. The human resource needs to be substantially controlled because it affects how the corporate goals are actually implemented. It is the manpower which will initiate and execute the target corporate objectives. As mentioned in the case, the manpower involved in the concerned company needs to be motivated to function well in order to prevent customer delays and shoddy works.

In line with this concern, the management should initiate effective approach that would be both beneficial to its customers and human resource. The focus should not only on target sales or profit, but most importantly with the employees who are integral parts of a successful organization. ReferencesBoone, Louis, and David Kurtz. Contemporary Marketing. 12th ed. Mason, Ohio: Thomson: South-Western, 2006. Kotler, Philip, John Saunders, Gary Armstrong, and Veronica Wong. Principles of Marketing.

2nd European ed. Upper Saddle River, NJ: Prentice Hall, 1999. Moller, Robert. IT Audit, Control, and Security. Hoboken, NJ: John Wiley and Sons, 2010.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Management Essay Example | Topics and Well Written Essays - 500 words - 3”, n.d.)
Business Management Essay Example | Topics and Well Written Essays - 500 words - 3. Retrieved from https://studentshare.org/management/1586561-business-management
(Business Management Essay Example | Topics and Well Written Essays - 500 Words - 3)
Business Management Essay Example | Topics and Well Written Essays - 500 Words - 3. https://studentshare.org/management/1586561-business-management.
“Business Management Essay Example | Topics and Well Written Essays - 500 Words - 3”, n.d. https://studentshare.org/management/1586561-business-management.
  • Cited: 0 times

CHECK THESE SAMPLES OF Business Management

Small Business Management

The author fo this review "Small Business Management" touches upon small business enterprises that face a lot of competition in the current market worldwide.... In reality, approaches to Business Management may be based on entrepreneurial constituents.... nbsp;… In fact, there are so much variation in management of organizations and businesses.... These will ultimately describe at a greater depth articulate the small business field management, something that is the center of focus in this piece of writing....
10 Pages (2500 words) Literature review

International Business Management

International Business Management Student Course Instructor Date International Business Management Q1.... Forward exchange contract is one method used in managing foreign exchange risk where the business operates under an agreed exchange rate (Rupeika-Apoga, 2005).... One of the major decisions that the business should make is of which markets it will enter and when to make the entry (Godfrey, Jack and Verzi, 2007).... To effectively the export business, a firm must coordinate with importer, government and the transporter....
4 Pages (1000 words) Assignment

Small Business Management

Small Business Management Answers 1.... The research to be done before the marketing strategy of the online clothing store should ideally include intensive trend analysis of the kind of apparel the store will deal in along with the segmentation information to correctly target the core market for the store....
3 Pages (750 words) Assignment

A Business Proposal to Modify a Law

I would like to present this Business Proposal on behalf of Visual management Systems Limited and plead you to look into our profile and problem details in order to create a new law for the benefit of the society and the business. ... isual management Systems Limited is a privately owned company setup in 1996 to deliver world leading IP CCTV integration software & consultancy services and to provide their customers and partners with CCTV solutions tailored to their specific needs....
6 Pages (1500 words) Essay

Technology Business Management Council

In the paper “Technology Business Management Council” the author focuses on taking charge of a firm in the position of a CIO, which is something that requires the correct degree of intelligence, bravery, and luck.... Though the desire to engage with shareholders and open a useful dialogue of communication has already been listed, what has not been listed with respect to the other issues are the ways in which Webb required a firm overview and justification for nearly every aspect of the business process that Hilton Hotels was experiencing....
2 Pages (500 words) Case Study

Business Management concepts

For instance, it reduces latency and memory requirements besides deadlock avoidance (Keinert & Teich Business Management concepts 2.... Cheating on size or content of some goods or products is among the common unethical business acts practiced by many corporates (Mandal, 2010).... This principle calls for the business owners not to deceive or else mislead their clients by either providing them with partial truths and overstatements among other vices about their goods or services....
2 Pages (500 words) Assignment

Small business management

Effective marketing can serve to maximize a bootstrap budget, especially for Small Business Management Small Business Management Business experts have highlighted that promoting the sales of a startup requires careful planning.... Adopting a customer relationship management strategy can also serve as an effective marketing strategy.... Therefore, adopting a customer relationship management approach can serve to bring in customer input a factor that will help me be in a better position to gather feedback and improve my products....
2 Pages (500 words) Assignment

Small Business Management

In order to analyze how small businesses are highly influenced by the personality, background, expertise and management approach of its owners, the author selects company for small business analysis is Shnuggle Ltd which specializes in the manufacturing of handmade Moses baby baskets.... His rich experience allows him to be well-versed with project management, product development, and supply chain management techniques.... nbsp;… In a competitive global market, many small business owners are emerging, giving a new trend of a heterogeneous market where the earlier industry was dominated by corporate giants....
10 Pages (2500 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us