Note: This Assignment accounts for 25% of the student’s final grade.
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Assignments should be submitted on or before the due date. Zero mark will follow late submission of an assignment unless you have an acceptable reason approved by the instructor.
Due date: April 27, 2020.
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Please refer to your text books, reference books and the internet to write the answers. Quote references wherever necessary.
Imagine yourself starting your own business. Based on what you learned in an introduction to management course you are requested to answer in details the following questions:
Briefly clarify what the business is, where it will be located, what it
will provide to the market in terms of goods or services.
I would like to do business in the physical as well as online mode. The company is intended to offer the customer all kinds of kids related products such as the following.
Powders, and lotions, etc.
Along with the kid’s products, the company would like to offer products to meet the needs of parents also.
All the management functions that will have applications in this business shall be given below.
What kind of managerial functions you will use to run your business
Both online and offline data collected from customers will be used for the purpose of planning. The company intended to prepare a plan for the next five years at all levels of the business. The organization also like to prepare a report on the expected trend in the market for the next five years that shall be used for policymaking purposes.
Here in this function, various activities of the organization will be grouped together so that the company could ensure specialization and also the effective implementation of activities planned in the organization. Also, the company plans to keep all the records in a common database that will be beneficial in easy retrieval and speedy decision making.
Clarify how many levels of management you might need and why?
All the staff of the company needs to be recruited by using various methods. Special care will be taken to bring people from existing e-commerce and retail companies.
Standards and targets will be fixed for all the departments so that organization could ensure better overall results in the company.
Levels of management
All the three levels of business such as top-level, medium level, and the lower level will be applicable to this business also. Different levels of the management of the business will be the following.
What are management skills do you think would be most important
for your business managers to have? Why?
Corporate owners, the board of directors, the Managing director, and the general manager will be there at the top level of the management of the company. This level will be responsible for the framing of organization objectives, plans, and also the preparation of organizational policies.
Different functional department heads, as well as heads of various product segments such as newborn babies, school supplies, parent products, etc, will come under the medium level of management of the company.
Floor supervisors, accounts assistants, marketing executives, etc will come under the lower level management of the organization.
How might the following management theories/approaches be useful to your business: scientific management, behavior approach and systems approach?
The company will be using important managerial skills such as decision making, motivation, and communication, etc. for the effective running of the business. Decision making will be important for the company because many decisions are to be taken in the company on a daily basis. As it is a retail business employee motivation is most important, the employees in the company should be kept motivated by various rewards, incentives and other non-monitory benefits. For better functioning of the organization, there must be better communication taking place in the company. So the company will give more focus on the communication skill of business managers
Following management theories can be applied in the company.
Scientific management theory will be used in the company for streamlining of the workflow in the company and thereby improve worker efficiency, quality, and productivity.