Ans to Q1)
Managers have a responsibility to perform well in a haphazard situation. A good manager has a responsibility to master five basic functions: i.e.: Planning, organizing, Staffing, leading and controlling. Planning is the process of looking into the future perspective and preparing oneself to manage the circumstance. It is one of the indispensable qualities that need to be performed in order to gain effective results. Planning thus is an essential process that helps in making rationale about the future (Bovée and Thill, 2015; McDonald and Wilson, 2016). It is one of the creative processes that intend to bridge the gap between the businesses. Systematic planning is considered as important prospective resources in an organization to manage the organization. Planning in an organization is among the most important and primary function. It requires to be taken care in order to reduce the complexity. Constant changes in the business environment are inevitable and require proper planning (Baron and Baron, 2003).
The process of planning is one of the primary functions of the managers. It involves creation of realistic goals to attain result. Planning thus becomes an important function of management that focus on the goals. The stages of planning includes: Belief Visualize the desired goal Purpose Commitment Staying focused Plan of action
The apparent purpose of planning is to give directions for the efforts in order to channelize the energy. This will help in improving the efficiency of the employees in the best possible way. The objective of an organization is to communicate the established plan. Direction is the process that gives instruction to the individual in discharging authority in the best possible way. A manager should be aware about his responsibilities in order to handle the employees. An uneven situation in the organization leads to havoc resulting delay in project. For example: In a large sized business organization is the responsibility of the manager to plan appropriately in order to bring stability and growth along with the success of the business. With a proper plan, the efforts of all the managers and employee gain focus towards the efforts of all the managers. The attainment of individual objectives is only possible if the targets are certain. An elaborated planning process helping making justified precisions. This allows business organization in ascertaining the business activity in the best possible way. A business can avoid risk to make a better route to achieve desired goals. This is how a business can successfully attain desired results. Planning always carries a better future perspective. It carries all anticipated future events and assigns appropriate activities to reduce the uncertainty (Faludi, 2013).
Ans to Q2)
Business owner need a variety of management tools or methods to advance the company’s position. Setting objectives is a specific management tool that helps in setting of business objectives. The objectives of a business organization are specific and should fulfil the individual expectations. The business owners are using performance management tools to follow up the overall effectiveness. The principle of having aspires and objectives are to plan a way forward to help them in identifying the future state of affairs. This helps the manager to manage the business in the best possible way. This could help the business organization to get the maximum workout in the period of time. This will allow in managing the employees within the organization with better goals (Johnson, 2017). Another purpose to set aims and objectives is to measure the performance. This helps in managing the previous year performance and hence provide with an effective framework. This will encourage in framing better objectives for the future. Provides direction for the customer and organisation The Fundamental purpose for setting organizational goals is to motivate the employees. This helps in keeping performance under check. It allows in organising various marketing techniques towards a common goal (Hoch and Kozlowski, 2014). Setting of goals encourages numerous communications within the organisation. It Bridges the gap between customer expectations and reality. For example: setting objectives get better group consistency and group effort when employees comprehend the goals. Managers can implement this throughout by assembling rewards given when the organization meets its aims (Griffin, 2013).
The purpose of setting objectives through the SMART principle: specific, measurable, attainable, relevant and timely. This allows employees to manage their growth having a positive impact and review how distant to reach the goal (Fayol, 2016).
Specific: The goals need to be clearly stated. This is important for a business organization in order to meet the specific results. Eg: add to the profits.
Measurable: It is necessary to achieve the desired outcome. The goal needs to be in measurable terms. Eg: increase in profits by 10%.
Agreed: all the employees should be concerned in conferring and harmonizing an endeavour.
Realistic: the target should be realistic in nature. It should possibly be based on the ongoing market conditions and the financial resources available.
Timed: the target should be time-bound specifying the given period of time. Eg: 6 months.
Ans to Q3)
Marketing is about fulfilling distinct desires and requirements of the consumers. Consumers have the fund and eager to use in order to please the requirements accordingly. Marketing strategies are important for a business to please maximum consumer needs. The objective includes group of people organizing intended marketing strategies. The business segregates the target market into distinct needs, characteristics and behavior. This group are called as market segment. It is therefore the subset of the target market and their characteristic to bring about a significant change (Wedel and Kamakura, 2012). Market segmentation is the procedure of separating a market of potential customers into groups, or segments. The segments is composed of consumers who will counter likewise to marketing strategies in order to share similar traits (Jacobson and Shepherd, 2014; Bovée and Thill, 2015). The four characteristics of market segmentation are as follows:
Measurable: The consumer who fit in to a particular target market should be evidently identifiable. The characteristic that is important to comprise or prohibit in recognition of the market segment. The target market need to be scientific in terms of population, income bracket etc.
Accessible: the market segment needs to be easy to get to in terms of geography and the economy. It is to facilitate accessibility in order to attain appropriate marketing strategies. Different age group have different fashion, style and consumer different products. It is the way through which one individual access the market need (Fuller and summers, 2017).
Profitable: A market segment should be profitable in nature. The main aim of a business organization is to customize the needs according to the appropriate segment. It allow in enjoying economies of scale while fulfilling individual consumer needs. For example: If a business organization is focusing on the young segment. It will consider the profit margin according to their needs(Armstrong, Adam, Denize and Kotler, 2014).
Market Responsiveness: Consumer is given market segment according to the responsiveness to the product. Until and unless the consumer is willing to invest on the product, it will provide with effective market strategies need to gain a competitive advantage. Consumers’ decisions to buy or not to buy will be a sign of the act of the product in the market.
Ans to Q 4)
A team is a group of people with a common objective. The team members require to learn about the other team members realizing potential and to create a proper environment. Teams can be broken down into form a vast team or one big group of people to gain effectiveness. A team is a gathering of people with a strong obligation to create synergy thus generating efficiencies (Olson, Slater and Hult, 2005).
With a change in the business environment and technology virtual teams are growing the business process. A virtual team refers to group of individuals working together with the different geographic location. Virtual teams are the small temporary group of people dispersed across the globe. Their goal is to accomplish organizational tasks. The members of virtual team communicate electronically with the help of technology. It allows companies to procure the best talent without any geographic boundary. Virtual team requires a new way of working across the boundaries through an effective system and process. Teams can be permanent, temporary in nature depending upon the department. Common types of team include: Project teams, Virtual teams and cross functional teams (Kotler and Armstrong, 2010).
The project team created for a defined period of time for achieving specific goals. The member of a project team belongs to a particular group to participate in a particular event. Software development is the most common project team in an organization.
A virtual team is the one which is located at different places and work for a definite principle. The academic researcher works in a virtual team with the contemporaries at other institution.
Cross-functions team combines individuals from dissimilar background such as selling, engineering etc. The health care services are provided by people from different background. The medical specialist belongs to a different ethnic group.
Virtual teams are facing problems while dealing with each other. There is a limited communication channel in virtual team. The success and effectiveness of a virtual team depend upon numerous factors. Management of team in a virtual atmosphere is difficult. One challenging method depends upon the sequential or integrated work. Every individual work depends upon the other unit. It is difficult for every individual to work in a different atmosphere. They feel pressurised in coordinating the efforts. The team members need to be able to communicate in a best possible way without any exterior efforts. There can be misapprehension from poor communication and Incompatible communication preferences due to divergence in work culture.
It is difficult for the manager to provide direction, Frequent second-guessing. The geographic distances find Difficulty with delegation and causes Hidden incompetence, Distrust and suspicion
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
Baron, D.P. and Baron, D.P., 2003. Business and its environment (p. 2). Upper Saddle River, NJ: Prentice Hall.
Bovée, C.L. and Thill, J.V., 2015. Business in action. Pearson.
Faludi, A., 2013. A reader in planning theory (Vol. 5). Elsevier.
Fayol, H., 2016. General and industrial management. Ravenio Books.
Fuller, R. and Summers, J., 2017, January. The Impact of Virtual Team Consistency on Individual Performance and Perceptual Outcomes Over Time. In Proceedings of the 50th Hawaii International Conference on System Sciences.
Griffin, R.W., 2013. Fundamentals of management. Cengage Learning.
Hoch, J.E. and Kozlowski, S.W., 2014. Leading virtual teams: Hierarchical leadership, structural supports, and shared team leadership. Journal of applied psychology, 99(3), p.390.
Jacobson, G.P. and Shephard, N.T. eds., 2014. Balance function assessment and management. Plural Publishing.
Johnson, G., 2017. Exploring strategy: text and cases. Pearson.
Kotler, P. and Armstrong, G., 2010. Principles of marketing. Pearson education.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
Olson, E.M., Slater, S.F. and Hult, G.T.M., 2005. The performance implications of fit among business strategy, marketing organization structure, and strategic behavior. Journal of marketing, 69(3), pp.49-65.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.