Free Essay

Principles of Business Management

In: Business and Management

Submitted By greve84
Words 765
Pages 4
S.W.O.T Analysis During the analysis of such Auto company founded in 1920 surviving through recession and government bailouts there are very positive strengths to the company and a possibility to turn their glaring weakness into a great strength. The below table outlines my observation of this specific Auto Company:

S.W.O.T Analysis of Auto Company | Strengths | * Quality Cars at affordable Price * Staff development program * Diversified Business Plan (Partnering with loan companies for home and auto financing and insurance) * Extended 100,000 mile warranty Program * 60 month interest-free financing program * $5,000 dollar buyback program * Target market and measure demands by location | Weaknesses | * Low customer satisfaction ratings * Assumed to be in debt (Government Bailout) * Less (Closed) dealerships | Opportunities | * High-Tech vehicles * Environmentally friendly vehicles
Dealer Scorecard * Personal based approach towards customers * Internet Sales | Threats | * Potential government fines for strict environmental-friendly guidelines * Other large automobile manufactures (Ford, GM, Toyota, etc…) |

After reviewing this companies S.W.O.T analysis it is obvious that this company has a large hurdle of changing the customer perception due to bailouts and the low satisfaction ratings. Along with fighting the above battles, they need to adapt their business plan to incorporate more economically friendly vehicles as well. If I were to advise this company based on my analysis I would create a priority list of the challenges needed to be focused on and how we can turn into our strengths. The following would be my priority list: 1. Customer Satisfaction Ratings 2. Debt (Reality) 3. Debt ( Public Perception) 4. Government green standard fines 5. Competitors
Although competitors would be at the bottom of my priority list they will help drive the path forward to new technologies the Engineering team can dissect and implement into their systems as well, and we have no control in eliminating the competitors. Customer Satisfaction ratings and public perception are key to turning the company back around, and having less dealerships can quickly be turned around into an opportunity providing more exclusivity and allow the personal relations to be established again. Along with establishing the personal customer relations again, I would emphasize a media campaign with our strengths of quality work from quality employees backing it up on our 100,000 mile warranty, multiple leasing/insurance options we can be a one stop shop for anyone and put a heavier emphasis on a web page purchasing program. If they can’t get to dealership then create a program where the dealership will either come to them or they can order their car on-line and have dealership deliver car to house with financing paperwork in hand to fill out. There should be also be a S.M.A.R.T plan in place to get out of debt but once all debts are paid back to the government. While doing so there should be bonus/commission incentives and goals for every dealership to encourage reaching specific goals at milestone times to beat other competitors who were bailed out as well to keep employee’s driven and can possibly create a campaign to be the first company to pay back their debts. With a strong perception of a cash flow positive company, this provides the company to focus back into the core of its company… Quality workers. Once given the opportunity, they should re-invest back into their workers by setting up educational benefits programs for specific engineering programs to help find other fuel efficient technologies and implement new technological innovative ideas as well. Of course depending on company financials, it would most likely benefit based on state tax incentives and locational demand another manufacturing plant specifically for more green cars, this would help stay ahead of the curve of green technologies and depending on location can possibly save costs of shipping either interstate or internationally.
In order for any of the companies plan above to be accomplished, they would need to go into more specifics of current sales numbers, projected sales numbers, and setting milestones for each plan and hurdle to complete as well as a specific budget for each task. A marketing budget would be imperative, as well as knowing other variables such as federal/state tax incentives for either the consumer or business and market as necessary for each. If I were personally involved in such a realistic situation I would be very excited at the opportunity, but writing the plan down in a S.M.A.R.T plan based on the S.W.O.T Analysis are the first few steps needed in order to successfully rebuild.…...

Similar Documents

Premium Essay

Principles of Management

...PRINCIPLES OF MANAGEMENT lecture notes Document Transcript • 1. UNIT I OVERVIEW OF MANAGEMENT Definition - Management - Role of managers - Evolution of Management thought - Organization and the environmental factors – Trends and Challenges of Management in Global Scenario. 1 • 2. Management - as how the mind controls the human body and its function similar management (mind) controls the various activities ( human body) in the Organisation - Collection of physical equipments, 4 M’s in Organisation – Men, Machine, Materials, Money, and leads to nothing. For efficient and profitable functioning it is necessary that all these factors are put to work in a co- ordinated manner. Management Definition Management is the art of getting things done through others. Harold Koontz Def as “ Management is the process of designing and maintaining an environment in which individuals, working together in groups efficiently to accomplish selected aims” • Managers carry out their managerial function • Applies to any kind of Organisation •Applies to managers at all Organisational levels •Aim is to create a surplus •Concerned with productivity, implies effectiveness and efficiency •Mgt of 4 M’s in the Orgn – Men, Machine, Materials & money Characteristics of Management • Mgt is Universal • Mgt is dynamic • Mgt is a group of managers • Mgt is Purposeful • Mgt is goal oriented • Mgt is integrative Function • Mgt is a Social process • Mgt is a Multi-faceted discipline • Mgt is a continuous......

Words: 12503 - Pages: 51

Premium Essay

Management Principles

...Management Principles Abigail Ramirez MAN103 Robert Campbell October 1, 2013 In this management class I have learned many things, many of them that I will use in my daily life and in my working environment. The top five management principles are planning, leading, controlling, decision making, and human relations. Planning is my first management principle; it requires the planner to anticipate the future. A systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future. In planning there’s decision making stages and formal planning steps. General decision making is identify and diagnosing the problem by making the choice, implementing, and evaluating it. Planning in general I learned is all together a preparatory step. Which determines when, how, and who is going to perform the specific job. Planning has been a weakness for me because I lack in planning but I have learned in this course and through past experiences that planning ahead of time is planning to anticipate the future. Without planning the future would be a total disaster. Planning starts with setting goals and objectives to be achieved. A goal in management is a target or end that management desires to reach. The main goals in planning have to be good, smart, specific, measurable, attainable, relevant, and time-bound. Also you can’t just have a goal you have to plan to have a goal and you have to plan out that goal. The plan......

Words: 1657 - Pages: 7

Premium Essay

Principles of Management

...1. What is scientific management? How might today’s organizations use it? According to Bateman and Snell (2013) scientific management advocates “the application of scientific methods to analyze work and to determine how to complete production tasks efficiently” (p. 37). Today’s organizations may use this method to streamline a manufacturing production process. Determining the best way to complete a production task leads to efficiency and reduces waste of both raw materials and time. 2. Table A.3 lists Fayol’s 14 principles of management, first published in 1916. Discuss the principles and note if you believe they are as useful today as they were then? Why or why not? Most of Fayol’s principles of management are as relevant and useful as they were when published in 1916. The principles are duplicated below from table A.I (Bateman & Snell, 2013, p. 39). 1. Division of work – divide work into specialized tasks and assign responsibilities to specific individuals. If we didn’t adhere to this principle there would be chaos. Imagine accountants assigned to a production line and vice versa. This situation would be neither productive nor efficient. 2. Authority – delegate authority along with responsibility. A manager must be allowed to make a decision in order to be responsible for the outcome of the decision. 3. Discipline – make expectation clear and punish violations. Each position in a company should be clearly defined. When an employee......

Words: 2285 - Pages: 10

Premium Essay

Principles of Management

...the cost of human resources incurred in an organization, including wages and salaries and training expenses. Human Resource Accounting is the activity of knowing the cost invested for employees towards their recruitment, training them, payment of salaries & other benefits paid and in return knowing their contribution to organisation towards it's profitability. Contemporary Issues •Human Resource Audit ◦Objectives and benefits of Human Resource Auditing ◦Human Resource Auditing Process •Human Resource Accounting ◦Methods of Human Resource Accounting •Human Resource Information Systems •Outsourcing and Crowdsourcing •Employer Brand •Temping or Temporary Staffing •Attrition •Call centers •Exit interviews •Stress Management •Balanced scorecard •Competency mapping •Human Resource Benchmarking •Employee absenteeism The American Accounting Association’s Committee on Human Resource Accounting (1973) has defined Human Resource Accounting as “the process of identifying and measuring data about human resources and communicating this information to interested parties”. HRA, thus, not only involves measurement of all the costs/ investments associated with the recruitment, placement, training and development of employees, but also the quantification of the economic value of the people in an organisation. Flamholtz (1971) too has offered a similar definition for HRA. They define HRA as “the measurement and reporting of the cost and value of people in......

Words: 1576 - Pages: 7

Premium Essay

Principles of Management

...Principles of Management Communication Karen Brown BUS600 Management Communications with Technology Tools Professor Brian Shaw April 7, 2014 Principles of Management Introduction Management refers to the process of taking control of the surrounding items or the people while management foundations are the building blocks that lead to a strong management venture. Being in a management position means that one is held responsible for all the happenings therefore they need to have expertise and a clear understanding of the principle that lead to a success in management (Baack, 2012). Management Principles Management principles are applied across the board to ensure a smooth running of organizations. All managers with the responsibility of running the daily operations of any company have a number of principles that guide them. These include the process of planning, organizing and directing as well as controlling the tasks in the respective organizations. Planning in management refers to the process of communicating as a manager to employees in prior to take a course of action. The whole process of planning occurs in about all sectors whether it is work related or on individual grounds. It so happens that some individuals may have plans that are more formal as compared to others but the bottom line is that they all have a schedule to guide them towards whatever goals they have set out to achieve......

Words: 3016 - Pages: 13

Free Essay

Principles of Management

...Introduction Fayol’s 14 principles derive from the circumstance that Fayol felt that management was not well defined. In his striving to change this circumstance he suggested “some generalized teaching of management” to be a main part of every curriculum at places of higher education and even beginning in “primary schools” . Fayol’s dedication to this idea is demonstrated by the fact that after retirement he went on to not just write books about management ideas, but more importantly, he found the Centre For Administrative Studies (CAS) in 1917 in Paris . The CAS mainly functioned as a centre of discussion between professionals from a large variety of professions, in order to further the knowledge and understanding of management principles. Discussion is what Fayol had in mind, when he presented his 14 principles . In Fayol’s own words: “Are they [the principles] to have a place in the management code which is to be built up? General discussion will show”. In the following I will discuss each of his principles under the aspect of a comparison with examples, historic or modern, and in relation to other theoreticians of management, in order to examine how Fayol’s principles hold up as “management code” today. Principle 1: Division of work The idea of division of work, or as Adam Smith called it “division of labour”, in 1776 probably goes back to the beginning of work itself. Fayol recognizes this in considering specialization as part of “the natural order” comparing...

Words: 4716 - Pages: 19

Premium Essay

Management Principles

...Management Principles: Management covers extensive topics which mostly educate us about the principles involved in ethics, leadership, staffing, culture and many other pertinent topics. I have gained the ground knowledge of representing myself as a leader especially when it comes to structure your staff and then controlling them. There are lot of principles to keep in mind when conducting a management in any company whether it is a small or big. Management in a company involves strategic planning (long- term planning) and short term planning (short term planning). There are sophisticated models and methods such as Gnatt Chart, critical path method and program evaluation and review technique to provide building block for site selection, facility layout and job design. Corporate companies explore their business around the globe therefore ethics and international part of this course explains us how to interact and be socially responsible towards the culture difference.  There has been discussion about motivation and performance appraisal. How a quality management motivates its employees which induct to a better output. One of the outstanding topic of the subject was how planning and organizing helps in a management. Planning and organizing is one of the important keynotes for a leader as well as an employee. SWOT (strength, weakness, opportunities and threats) determines the relation with a competitor and hence helps in strategic planning of a firm.......

Words: 374 - Pages: 2

Premium Essay

Principles of Management

...Principles of management APPLIED RESEARCH (USMC 3RD MAR DIVISION) William Roeder Park University Internet Campus A course paper presented to the School for Arts and Sciences and Distance Learning In partial fulfillment of the requirements for the degree of Bachelors Computer Science Park University December, 2014 This paper or presentation is my own work. Any assistance I received in its preparation is acknowledged within the paper or presentation, in accordance with Park University academic honesty policies. If I used data, ideas, words, diagrams, pictures, or other information from any source, I have cited the sources fully and completely in a citation within the paper and also listed on the reference page. This includes sources which I have quoted or that I have paraphrased. Furthermore, I certify that this paper or presentation was prepared by me specifically for this class and has not been submitted, in whole or in part, to any other class in this University or elsewhere, or used for any purpose other than satisfying the requirements of this class, except that I am allowed to submit the paper or presentation to a professional publication, peer reviewed journal, or professional conference. This is not a draft, and is submitted for grading to satisfy in part the requirements for this course and the program(s) in which I am enrolled. In typing my name following the word 'Signature', I intend that this certification will have the same authority and......

Words: 4031 - Pages: 17

Premium Essay

Principle of Management

...Principle of Management homework Principle of Management The dominant view in management theory and society in general is that managers are directly responsible for an organization’s success or failure; this is the omnipotent prospective view of management. Others have also argued that the organization’s success or failure is due to external forces outside the manager’s control. The six external environment components are demographic, economic, technical, sociocultural, political and legal, and global. It is important that managers understand these components because it poses constraints and challenges to managers. In the 1980’s the U.S economy was growing and tax rates were low, low inflation and low interest rates fueled consumer spending. Individual took risk by investing in the stock market, buying houses, and starting their own business. In 2008 gas price hit $4 plus per gallon, adjustable mortgages adjusted upward with higher monthly payments due, many consumers couldn’t keep up. Continuing advances in technology make-work more efficient and improve available information and communication. Technology is any equipment, tools, or operating methods that are designed to make-work more efficient. Intranet is a private computer network that uses Internet technology and is accessible only to organizational members. It is important for managers to pay attention to demographic trends and shifts because it can prepare a long-term marketing strategy to be ready when......

Words: 411 - Pages: 2

Premium Essay

Small Business Management/Principles of Management

...BSB 203/BALM 111/BCD 130 SMALL BUSINESS MANAGEMENT/PRINCIPLES OF MANAGEMENT CAT 1 Answer all Questions 1. To organize in an effective manner, managers have certain guidelines to use and make useful decisions. Explain the principles of organization that can be used by a manager. (10 marks) There are various principles that guide managers in their daily operations. They include: i. Principle of equity- this principle is geared towards ensuring all workers especially in a joint effort are treated equally to manage joint projects. This principle allows managers to develop standard ways of evaluating worker performance. ii. Esprit de corps-this is the principle that fights for unity and morale among workers. This principle allows the manager to develop motivational programs geared at motivating productivity and loyalty to the organization. iii. Principle of initiative-this principle advocates for managers to allow for initiative patterns that allow their employees to come up with new ways. The principle allows the manager to delegate duties and allow new techniques of handling problems. iv. Principle of remuneration-this principle should allow the manager develop a good payment system because money is an important motivator. We should never forget that there is no perfect remuneration system. v. Principle of unity of direction-this principle advocates for similar objectives for people conducting one task in a single plan. The manager is able to......

Words: 1565 - Pages: 7

Premium Essay

Principles of Management

...Since taking this Principles of Management course, it has taught me a lot of things which will help in furthering my professional career. In this paper I will detail the concepts, ideas and situations which had the greatest impact on me. Before taking this course, my definition of the concept of management would've been strictly based on power relationships within an organization, how to use power to achieve your goals and how to manipulate people. Although this definition might seem totalitarian, my background in Political Science supported my initial misconceptions of management. I am a business major and the questions most often asked in business courses deal with power within a structure and how this power is used, abused and expressed by those in control. Therefore, I came into the Principles of Management course with the notion that I was going to be learning about power. This notion was challenged as I learned that there are three different perspectives that are used to analyze an organization. There are three different perspectives used to view organizational behavior and processes: Strategic-Design, Political and Cultural. Initially, I was looking at the organization and the process of management from the political perspective. This perspective deals with the use of power and influence throughout the organization. However, I also had to learn about the strategic-design perspective, which dealt with the differentiation, efficiency, strategy, coordination and......

Words: 303 - Pages: 2

Premium Essay

Management Principles

...MODELS OF HUMAN RESOURCE MANAGEMENT (HRM) UNIT 10 SHRM, SESSION 2 P R E PA R E D B Y: M S S H A B N A M Unit 10 SHRM, Prepared By: Ms. SHABNAM LEARNING OBJECTIVES By the end of this session students will be able to:  Understand the HRM system  Explore various models of HRM  To gain an understanding in relation to the application of the various HRM models within organisations Unit 10 SHRM, Prepared By: Ms. SHABNAM HRM SYSTEM HRM system operates through HR systems that bring together in a coherent way:  HR philosophies describing the overarching values and guiding principles adopted in managing people  HR strategies defining the direction in which HRM intends to go  HR policies which are the guidelines defining how these values, principles and the strategies should be applied and implemented in specific areas  HR processes consisting of the formal procedures and methods used to put HR strategic plans and policies into effect  HR practices comprising the informal approaches used in managing people  HR programmes which enable HR strategies, policies and practices to be implemented according to the plan Unit 10 SHRM, Prepared By: Ms. SHABNAM VARIOUS MODELS OF HRM  The Harvard Framework  Guest’s Model of HRM  Best Practice Model  Storey’s Hard and Soft HRM  Patterson’s Model of HRM  Best Fit/Contingency Model Unit 10 SHRM, Prepared By: Ms SHABNAM Theoretical Perspectives on HRM The HRM models:  Provide an analytical framework for studying HRM ......

Words: 1344 - Pages: 6

Premium Essay

Principle of Management

...PRINCIPLES OF MANAGEMENT SHORT QUESTIONS AND ANSWERS UNIT: I 2 MARKS 1. Define Management. According to KOONTZ & WEIHRICH, “Management is the process of designing and maintaining of an environment in which individuals working together in groups efficiently accomplish selected aims”. “Management is the art of getting things through and with people in formally organized groups”. Ex: Human Resource Management, Financial Management. 2. Is Management - an art or science? Managing as practice is an art; the organized knowledge underlying the practice is a science. Managing has the following features that make it an art. 1. Creative 2. Individual approach 3. Application and dedication 4. Initiative and 5. Intelligence. The following features make it a science. 5. Systematic decision making 6. Universal management process 7. Situational output and 8. Universally accepted management. Thus management can be called both as an art and science. 3. What are the essential skills of Managers? The major skills required or expected out of managers are:Technical skills – Pertaining to knowledge and proficiency in activities involving methods and procedures; Human skills – Ability to work effectively with other persons and to build up cooperative group relations to accomplish organizational objectives; Conceptual skills – Ability to recognize significant elements in a situation; and to understand the relationship among those elements; and Design skills – Ability......

Words: 4785 - Pages: 20

Premium Essay

Management Principles

...Notes of: Principles Of Management By: Faheem Ali Khokhar MBA-92 Reg: 1146106 Managerial Roles: A role is an organized set of behaviors. Managers acvt in specific ways when they interact with others in the course of performing the four management functions. Henry Mintzberg (1973) has identified ten Sub roles common to the work of all managers. He argued that all managers take on these patterns , or roles in order to be effective in their jobes. The ten roles are divided into three groups: informational, interpersonal and decisional. Informational Roles: It involves gathering information from inside and outside the organization and communicating it also inside the organizationm and outside the organization while making contacts and building relationships inside and outside the organization. Monitor: Collecting information from organizations, both from inside (staff, employees etc) and outside (customers, competitors, partners, suppliers etc) of the organization. Managers when working within the organization and also outside the organization while meeting with them or communicating with them, he or she gets information, ideas, innovations which is laked by your organization which you don’t know and in this way Manager perform his role as Monitor (scans the whole information) Disseminator : Sharing the outside information to inside the organization for improving performance quality or in any other means. Communicating information to organizational members or......

Words: 1945 - Pages: 8

Premium Essay

Principles of Management

...MGT301: Principles of Management 2012 The organization which I worked for and am going to focus on is the United States Army Reserve Component Transition Branch. This organization assists Active Duty Soldiers in weighing their options after their initial commitment. “Explore your options and incentives available in the Army National Guard or U. S. Army Reserve.” (USAR 2012) I will discuss how they use strategy to “sell” the United States Army Reserve (USAR). “Managers exist in every business. In fact, managers do the same types of tasks in all businesses. Whether a person manages a hair salon or a factory, the manager’s job consists of similar tasks. Planning, organizing, leading and controlling all serve an important part in achieving management’s vision. Each component is important and one cannot function well without the others.” (USA, 2012) Planning: “Planning enables managers to align resources (labor, input, technology) with company goals and objectives (output, profit). “ (Principles of Management 2012) The first component of managing is planning. A manager must determine what the organizations goals are and how to achieve those goals. Much of this information will come directly from the vision and mission statement for the company. Setting objectives for the goal and following up on the execution of the plan are two critical components of the planning function.” (Reserve, 2012) In the Reserve Component Transition Branch, planning is the essential part of......

Words: 1146 - Pages: 5