Foundations of Business

Question: Discuss about the Foundations of Business. Answer: Activities Conducted By Managers Managers are appointed with the responsibilities of fulfilling the functions of planning, organizing, directing, and controlling within the organization or institution they are working in (Kerzner, 2013). A principal of a high school is a leader and manager of sorts, and he has a lot of responsibilities on his hands, the biggest being ensuring that the institution met the needs of its students. The planning step involves setting a purpose and direction for the school, its students, subunits and staff. It also outlines the tasks that need to be performedfor reaching the goals of the organization. The plans becomes the benchmarks for the actual controlling step to bring in value and become the basis for measuring the outcome effectiveness. After development of workable plans the organization step comes in for successful implementation of the plans. It involves development of the organization structure, acquiring and development of human resources and establishment of mutual patterns an d networks. It is the responsibility of the principal to establish policies and procedures for proper administration, departmentalization, maintenance of chain of command and reporting patterns. It is in his hands to build formal communication and information networks. After plan formulation and organization, the directing step comes inthat leads staff members towards achieving the school goals. It helps the principal understand the reasons staff members would do certain things, helping him guide and influence them more so that things are done. Next the principal takes in controlling activities where he compares expectations versus actual results and takes the required corrective actions to make things remain in his control (Lunenburg Irby, 2014). Organizational Structure and Its Forms Organizational structure is the name given to the activities in an organization that are directed towards the achievement of the organizational goals (Lee, Kozlenkova Palmatier, 2015). Thefive common forms of organizational structure are discussed below: Matrix OrganizationalStructure This structure provides for both horizontal and vertical reporting levels. It supports members from different groups working together for development of new products. For example, in a music publishing company, a recording engineer might have engineers reporting to him, but he can also assist in the development of new albums. The advantage would be that employees are responsible for their own departments as well as for other organizational projects(Ashkenas et al., 2015). FunctionalOrganizationalStructure This structure groups employees by their specific functionality and helps in managing them independently. In case of organizations having multiple managers for different functional areas, the reporting structure leads to one director or vice president who takes care of all the operations. The benefit of this organizational structure is that tasks are divided by means of capability (Ashkenas et al., 2015). ProductOrganizationalStructure In this structure every product amass falls inside the detailing structure of an official and that individual regulates everything identified with that specific product offering. For example the products of the accessories section of a retail store are the responsibilities of one executive. The benefit of this is that it arranges products by types (Ashkenas et al., 2015). CustomerOrganizationalStructure In this structure, industries consolidate by consumer typeto guarantee preciseconsumer anticipationsare encountered by a tailored service approach. An instance of this can be in healthcare where an outpatient has very diverse needs than an inpatient, and this structure buildstailored care for such patients. The benefit of this is that it focuses on the wants of each consumer group (Ashkenas et al., 2015). GeographicOrganizationalStructure In this structure, organizations span over geographic regions by regional organizing. This kind of structure is seen in organizations that go past a city or state restrain and may have clients all over the nation or in different states. This is done to improve backing logistical hassles and dissimilarities in geographic consumer requests (Ashkenas et al., 2015). Three Forms of Leadership The three most common forms of leadership are: Autocratic The autocratic leader is one who appreciates the nature of master. They bear the weight of leadership absolutely alone, and they expect the people who fall under their energy to either take after solicitations, or get ready for some person who can (Rast et al., 2013). Democratic Democratic leaders are the people who bolster the organized commerce of considerations all through a social affair. They put a ton of huge worth in the capacity each person from the gathering passes on to the table (Hill, Jones Schilling, 2014). Laissez-Faire Laissez-faire leaders are best delineated as uninvolved and they exist just to distribute errands to their labourers. They put an extraordinary measure of trust in their subordinates, trusting them to remain self-enlivened, on-undertaking, and dependable (Skogstad et al., 2015). In my case I would like to jump between leadership styles, choosing and suing methods that best suffice for the situation in hand and adapt to my own unique method, as have been done by many successful leaders.On the other hand, I would like my boss to follow the democratic style as in that way team unity would grow and issues would be solved easily. Transactional and Transformational-Leadership Style Transactional Leadership A leadership style whereby the goals and destinations are predefined and the leader uses reward and teach to move his supporters is known as Transactional Leadership. It focuses on upgrading the current situation of the relationship by circling the methods and controlling the definitive activities. In this leadership style, the leader uses his energy and obligation as his vitality and furthermore the style has a formal approach (May et al., 2014). Transformational Leadership In the Transformational style of leadership the leader uses his influencing power and vitality to drive his followers to work for the benefit of the affiliation. Here, the leader searches for the essential for a conformity in the ebb and flow affiliation culture, gives a fantasy to his subordinates, combines mission and complete the change with the dedication of his aficionados (Avolio Yammarino, 2013). As I would like to think, there is no standard leadership style which is most appropriate to every one of the conditions. In this way, an association ought not to depend on a solitary leadership style. It must utilize the imperative leadership style according to its needs and common conditions. I believe both have its merits and demerits. Required Managerial Skills The top priority is recovering the GPA and for that a six-step approach would be taken to tackle the issue. The six steps would be: 1.Identification of the problem that needs to be worked on is step one, as getting to know the problem is important for finding the ultimate solution (Rock, 2014). 2.Gathering of the relevant data regarding the identified problem is step two. Some major issues identified are: not enough time spent on studying, visiting friends frequently before exams over the weekends, little amount of studying happened at the cost of team project and lacrosse practice and failing to inform the mountain-biking club members that the planned meetings are cancelled because of weekend meetings with friends(Rock, 2014). 3.Clarification of the problem, step three, requires reviewing if the gathered facts and it shows that the problem is greater than just saving the grades, as the life routine is out of control immensely. Now the question arises as to what to do to get everything back in order(Rock, 2014). 4. Generation of multiple solutions is important as the next step. Defining the problem was difficult, but the solution to the main problem requires much more effort and multiple actions to be taken. 5.Selecting the best option is the next step, as all the decided actions cannot be carried out. Only the feasible solution would have to remain in the end, like reducing the weekend visits to once a month(Rock, 2014). 6.Implementing the decision and monitoring the choice would be the final solution to make sure the semester results improve. Teamwork Challenges and Solutions 1.Issue: Directing and communicating is difficult and different in virtual teams than face-to-face teams (Lilian, 2014).Solution: Learning to take the necessary actions that would help in the communication process effectively (McMahon, 2016). 2.Issue: Components external to the project and additionally nature of the work to be completed can from the earlier figure out if the venture is probably going to succeed or come up short, which does not happen in case of virtual teams(Lilian, 2014).Solution: Evaluation of the accessibility of resources and provision that the calculated virtual team assignment would require to be successful (McMahon, 2016). 3.Issue: Having the correct arrangement of capable and committed colleagues can be an expansive consider manifesting the deciding moment of a venture(Lilian, 2014).Solution: Utilizing extended prerequisites to decide vital abilities and to make certain to offer significance to the capacity to work for all intents and purposes on a virtual team (McMahon, 2016). 4.Issue: Colleagues are dubious about the project, including what really matters to it, how it fits with their parts and desires, and how it is associated with authoritative objectives(Lilian, 2014).Solution: Displaying a review of the project, including portrayal, key partners, and advantages/rewards from the project (McMahon, 2016). 5.Issue: The group must form character and possession, parts and desires are hazy, and there are no benchmarks for doing work and for nature of deliverables(Lilian, 2014).Solution: As a group, making a group compact is critical, with the assistance of coordinated effort innovations to use to bolster its work. Team Charter Project Manager Jane Doe Team Purpose This team has been framed to finish XYZ task as a feature of Course ###. Our general targets are to ace the course material identified with this project and to exhibit that dominance through our last report and introduction. We are additionally dedicated to working successfully as a team, by observing our procedure viability, completing on responsibilities and helping each other to learn Team Goals Our shared goals are to cooperate to help team individuals develop and grow scholastically and socially in a deferential domain. We intend to accomplish fruitful results and resolve strife specifically in a convenient way Team Member Roles/Responsibilities: Team Member Roles/Responsibilities John Sample Researching, Writing Mike Smith Writing, Critical Thinking, Gluing it all together SallyJones Researching, Writing, Editing, Formatting AlanWest Writing, Formatting, Grammar checking Ground Rules: Be on time Do his/her part Contribute to the gathering in discourses and work Potential Barriers Individual duties (spouses, puppies, other home obligations) School duties (clubs, sports teams, profession seek exercises, and so on.) Language obstructions Poor correspondence Poorly characterized parts (for assignments as well as gathering work) Unresolved Conflict Personal Academic Coping Strategies The contentions will be addressed by applying the centre values and shared goals to handle every circumstance as it presents itself. Signatures: Marketing Demographic This segmentation divides markets according to age, gender, ethnicity, income education and so on. The robot toys would fall under the demographic section of children and sometimes teenagers, all of whom who love to play with toys or are fascinated by the technology (Solomon, 2014). Geographic The robot toys would be influenced by the geographic characteristics of different locations, and would be modified according to the needs of the location it is being retailed into. For example, in hilly areas the robot would modified to climb up the sloped roads, sometimes which might be covered in snow (Hollensen, 2015). Behavioural Attitude towards robotic toys, user status and usage rate would determine its targeted customer section. Receptiveness towards advanced technology is a factor, also determining usage status new, regular, non-users or potential (Cross, Belich Rudelius, 2015). Psychographic Lifestyles of consumers determines the modifications of the robots. People with active lifestyle would be provided with robots that can accompany them outdoors, thrifty people would get something cheaper (Campbell, Ferraro Sands, 2014). Clustering This segmentation determines target market by clustering criterions. Robot toys are marketed keeping in mind variables like age, geography and income. Gender mostly comes out as male, age 6-16 years. Geographical factors shows people mostly living in upscale locations or cities prefer this toys (Cui Choudhury, 2015). Product Pricing Strategies The Robosapien, when introduced in the market, had little or no competition. At that time the skimming pricing strategy was followed in which in the beginning high prices would be levied to attract customers and then lowered to retain them. They had another strategy in position penetration pricing to discourage competitors and grab maximum market share, and later on push up prices. For introduction, these two strategies work the best. For long term, cost based pricing would be a good option, to determine the production costs and then set a price with adding profit to it.The demand based pricing strategy can also be implemented by researching the demand for the product and set the prices consumers would be willing to pay. Another alternative can be the prestige pricing strategy where pricing is done keeping in mind the thought process of people who associate high pricewith high quality. By this strategy the company would be able to foster an impression that the product is extremely high quality.One very common alternative for such products can be the odd-even pricing where companies price products a few cents or dollars less to make consumers perceive them less than a certain amount (Ahmetoglu, Furnham Fagan, 2014). Promotional Mix Hatchback Car Purpose Reach a new market segment and increase brand awareness Target Market Mid-level urban professionals, middle aged people Reach Target Market Production of compact and cheaper cars would reach to a wider audience Product Features Practicality, second row seats can be flipped to increase boot space Product Speciality Compactness and practicality in seating arrangements are its speciality. Maximization in vertical space is a huge plus point. Promotional Tools Advertisement campaigns on TV, print media, social media and charity events to attract maximum customers. Energy Soft drink Purpose Establish itself as a premium or high margin brand product and enjoy a low competitive market. Target Market Athletes for helping with endurance, workers for the extra push up and clubbers for energy boost. Reach Target Market Bank on the widespread popularity of energy drinks and constantly evolve and develop the product. Product Features Contains nutrients like amino acids and vitamins. Product Speciality The essence of the product is not at all like some other, it additionally has a useful impact in contrast with other soft drinks. Promotional Tools Word of mouth marketing, event sponsorship for wider reach, athlete endorser for attracting a niche customer base, sampling programs for customer engagement and advertising. Product Life Cycle I never owned an Xbox 360, even though it is highly popular in the market. It still enjoys some of its popularity, even though it has gone through different stages of the life cycle. Product life stages of Xbox 360 Introduction: The Xbox 360 propelled on November 4, 2005. Valued at 299.99, this was a penetration estimating. Its opposition PS3 had a cost of 599.99 which is an amazingly high cost at the time. The primary month offers of the Xbox 360 were in front of PS3 by a huge edge. Growth: The Xbox 360 experienced the phase of growth three circumstances in its life expectancy. The first run through when it was propelled it developed exponentially for about a year or something like that. The second time was the point at which they discharged the new model for the Xbox 360 alongside the new motor movement sensor add on. The Third and last time it hit this stage was in 2013 with the arrival of its third and last model of the Xbox 360. Maturity: The XBOX is a gaming framework that has been around for a significant long time. The XBOX 360 is an item they made two or three years prior, from that point forward they have made the XBOX One, which is still in its growth stage. Be that as it may, the XBOX 360 still offers at an unfaltering rate, and the vast majority who play computer games claim one. Decline:The Xbox 360 is in the decline arrange as the Xbox 360 was discharged in November of 2005 and is genuinely old as the cutting edge Xbox has turned out which being the Xbox One, so individuals would rather purchase the cutting edge Xbox over the Xbox 360 as the Xbox 360 is old. So it is uncommon for somebody to purchase an Xbox 360 making it in the decline arrange (Stark, 2015). Role of Accounting People both inside and outside of a business would utilize accounting data to settle on better budgetary choices. Particular cases of inside clients would be directors for investigating the association's execution and position, representatives for surveying the organization's benefit and its result on their future professional stability, and proprietors of the business for examining the feasibility and productivity of their speculation and deciding any future game-plan for the accomplishment of their business. Cases of outer clients would be lenders for deciding the credit value of the association, speculators for examining the achievability of putting resources into the organization, and clients for evaluating the budgetary position of its providers which is important for them to keep up a steady wellspring of supply in the long haul. On the off chance that clients of accounting data weren't furnished with the data they would not have the capacity to settle on taught business choice s. Without precise numbers, for example, generation numbers or benefits and misfortunes, clients would have an incorrect comprehension of the organization's money related wellbeing (Kaplan Atkinson, 2015). Financial Manager Financial Encounters Materials Amount (in dollars) Truck 50,000 Furniture and equipment 80,000 Inventory 100,000 Start up and Operating costs 270,000 Total= 500,000 Sources of required amount Loans 100,000 Personal Assets 70,000 Start-up Capitalists 100,000 Funding Sources Reasons to choose Personal assets:Its proprietors are the most vital wellspring of assets for any new business. Assuming that proprietors with significant ventures will work harder to make the endeavour succeed, moneylenders anticipate that proprietors will set up a considerable measure of the start-up cash. More often than not through individual reserve funds, charge cards, home loans, or the offer of individual resources this cash comes. Loans: For some business people, the following stop is family and companions. On the off chance that you have a thought with business potential, you may have the capacity to get relatives and companions either to put resources into it (as part proprietors) or to loan you some cash. Keep in mind that family and companions resemble whatever other banks: they hope to be reimbursed, and they hope to win premium. Notwithstanding when you're getting from relatives or companions, you ought to draw up a formal loan assertion expressing when the loan will be reimbursed and indicating the financing cost. The financing bundle for a new business will presumably incorporate bank loans. Banks, notwithstanding, will loan you some start-up cash just in the event that they're persuaded that your thought is economically plausible. They additionally lean toward you to have some mix of ability and experience to run the organization effectively. Investors need to see an all-around created strategy for success, with definite money related projections showing your capacity to reimburse loans. Budgetary foundations offer different sorts of loans with various payback periods. Most, in any case, have a couple of basic qualities. Venture Capitalists: It is the money gave by an outside budgetary authority to back another, creating, or disturbed business. The venture capitalist gives the financing understanding that there's a vital danger related with the association's future advantages and wage. Capital is placed assets into exchange for an esteem stake in the business instead of given as a credit. Venture Capital is the most suitable decision for financing an extravagant capital hotspot for associations and most for associations having broad ahead of time capital necessities that have no other shabby choices (Altounian Burnett, 2016). Managing Data Data mining ethicality The issue with data mining in gambling clubs is close to home data about shoppers is being discharged to people generally devoid of the consent of learning of the individual being harmed. Many individuals do not perceive how this could be a moral quandary since they do not understand the potential mischief it can bring about to a person. Web data mining can loan data out to different organizations for cash or once in a while for nothing. Clients are unconscious of how the data gathered about them is being utilized. Their own data can be abused, or is utilized for a reason other than the one for which it is provided. Henceforth, it is untrustworthy to utilize web data mining as individuals' protection is damaged. It is additionally an essential moral issue with web data mining is that, if some person does not realize that the information is being assembled or of how it will be used, she/he has not opportunity to consent or withhold consent for its gathering and utilize (Reyman, 2013). Unethicality in Gambling in Casinos Exploiting individuals with medical issues (betting addictions) Exploiting individuals with incidentally debilitated judgment (any individual who has had a drink) Utilizing mental control to build the measure of cash punters wager (free sandwiches/drinks, uniform lighting to make the progression of time more subtle, etc...) Distorting the odds of winning (all showcasing, fundamentally) Swindling at the amusements Utilizing the returns to support (or launder cash for) sorted out wrongdoing Security Issue Risks Turning into a loss of fake web business districts. These are areas made with the sole inspiration driving getting your information that can incite to discount misrepresentation and hacking. Oftentimes these districts will offer an amazing game plan that is hard to abandon, and a while later vanish fourteen days afterward. Turning into a loss of a trap or coercion by tricky merchants who never send the thing you've purchased. Managing false escrow districts set up to get your information. Working together on districts that are not mixed which can leave your information open to anyone Tricks by worldwide districts that aren't secure or don't have reliable vendors. Paying more than anticipated because of concealed charges, obligations or transportation (Grout, 2015) Measures Major working framework producers discharge normal redesigns to their product. Many redesigns contain security fixes that settle known feeble spots and make PC more secure. Observing utilization of remote Internet systems, especially when sending or downloading secret data, monetary data or other touchy information. Solid, as often as possible changed passwords are a vital part of an Internet security arrange. Most organizations utilize a scope of sites to oversee secret information on the web. Before opening a connection, checking the document name and the sender's email deliver to confirm that the record is honest to goodness is proposed. On the off chance that itseems suspicious of a connection, not opening it is suggested (Hashizume et al., 2013). References Ahmetoglu, G., Furnham, A., Fagan, P. (2014). Pricing practices: A critical review of their effects on consumer perceptions and behaviour.Journal of Retailing and Consumer Services,21(5), 696-707. Altounian, D., Burnett, A. (2016, January). Are There Enough Investors? An Analysis of Network Effect and Network Size on Venture Capital Investing using Metcalfe's Law. 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