Revision

This term, i studied Introduction to Business and Management.

So, today i try to revise and practice about final exam.

As regard Quiz,it is a definition part.

1.What is the purpose of SWOT?

SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that you face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you.

2.What does SWOT stand for?

Strengths, Weakness, Opportunities, Threats

3. What is the purpose of a PESTLE?

Companies want to know external business environment for future factor.

4.What does PESTLE stand for?

Political, Economic, Social, Technology, legal and Environmental.

5.What is the purpose of Porter's value chain?

Use analyzing internal organisation.

6.What is the purpose of Poters 5 Forces?

Analysis competitor and the market.

How profitable with competitor and business position in the market knowledge.

7. Name each element in the 5 forces.

1.buyer power

2. suppler power

3.substitute

4.competitive rival

5.new entry

8. What is the overall purpose of these tools in Q 1-7?

Do not want to fail for analysis.

Inform decision and know position at make strategy.

9.what is the micro environment?

Customer, competitor, suppler.

10. what is the macro environment?

Use PESTLE.

 

1. The major external and uncontrollable factors that influence an organization's decision making, and affect its performance and strategies. These factors include the economic factors; demographics; legal, political, and social conditions; technological changes; and natural forces.

2. Specific examples of macro environment influences include competitors, changes in interest rates, changes in cultural tastes, disastrous weather, or government regulations.

 

 

11.What is another word for strategy?

Plan (long, mid, short)

12. which 2 models can be used to determine a strategy?

Ansoffs Matrix

Poters Generic Strategies

A business will look at these and use them as a guide to decide their future strategies.

Lastly, my tutor said 'Once a business has used a model to decide which strategy it is going to follow, it then needs to turn these into actions the business can complete'. Also, for instance, market penetration (Ansoff) the business could: strengthen its brand, open more coffee shops, change its pricing policy, offer a wider variety of coffees/other products, change the coffee shop decor.

In my opinion, this part would concentrates exactly words mean, purpose and theory with theorist.  

With respect to case study, it is the UK coffee shop market.

 The topic is Coffee: Competition brewing!

Firstly, they introduce, the UK branded coffee shop market share situation,  growing and turnover. 

Then they case study mentioned,

Strong resilience of coffee chains

Branded coffee chain segment still growing

New consumers

Aspirational and mass appeal

Further market growth is predicted.

My tutor gives to me us about the hint and article about 'Goggle, Amazon, Starbucks: The rise of 'tax Shaming' by Vanessa Barford & Gerry Holt. Maybe it is source of the case study and structure. So, she mentioned, 

SWOT (tax shame) - Starbucks (current and possible opportunities)

PESTLE - Coffee industry (future)

Poters - Coffee industry (5 forces and current +future)

This is tools to look at business environment.

Also, the plans they can develop with business environment information.

• Ansoff, poters and Generic -> strategies organisation may use? Starbucks (mass market chains) small independents.
• CSR- What they do, why they do it! and Does it make a difference to the business or customer?

I think, in the exam, i will read the question then i should link with the question and preparing knowledge. Alison said a lot of students would lose mark because they did not read and just writing their own knowledge.

Essay questions are 3 topic about globalization, bureaucracy (Weber) and classical management theories and it is mock exam question and Alison told me us about the module answer and i will write down my own opinion.

1. Discuss the methods an organisation may consider when attempting to achieve global success.

we should define for globalization then why globalization is important today such as saturated markets, lower costs, increase standards of living in developing countries, create worldwide presence then we would mention examples and a few advantages and disadvantages.

In addition, we need to write internal methods such as investment, e-commerce, exporting then discuss what each means and give examples. 

For example, i can write, Exporting is selling goods to other countries such as amazon. They sell a lot of goods and books from other countries also, they have a lot of companies at the each countries.

External methods are joint venture, strategic alliance, merger, takeover, franchise and outsourcing. Also, need to discuss what each is and give example.

For instance, e-commerce leads to be much cheaper and quicker then off-line shops.

Sources:

What may stop globalization? 

Tax, tariff, bans quotas, subsidies then give each examples and explains. 

why might a government use these methods?

Retaliation, protect home industry and employments, etc..

Legal differences (what is legal in one country may not be in another), culture, language differences.

Obviously moving in to any market can only be achieved if the correct industry analysis has been undertaken using SWOT, PESTLE and Poters 5 Forces.

2. Weber suggested bureaucracy was the right way to run an organisation. Evaluate whether this structure is effective in today's business environment.

I should write who is Weber and what is bureaucracy then discuss bureaucracy. Tall organisation typical of bureaucracy then discuss features of tall structure. Also, it need to decision making centralized, long chain of command decision making slow, narrow span of control. In addition, managers in charge of a few so they can control them. This mean they can communication face to face then i need to try give examples. ( Advantages of bureaucracy and disadvantages.)

Weber suggested that this was the rational way to run an organisation, however, today they are not flexible and if they are in innovation or technological or fashion markets or ones which experience change or competition, they will lose market share.

Examples of bureaucracy today.

 Tall structures and bureaucracy is not a thing of the past, and is used in organisations today. Although usually alongside human relations methods.

What are the alternative.

Flat structure, decentralized, chain of command shorter and decision are made quicker. The business is flexible to external market. Managers delegate, staff are empowered. Managers are over-worked. Communication with line manager difficult due to number of staff. Then need to examples such as Google. Goggle is flat structure but they do not have a lot of managers then tall organisation so, some mangers get tires then tall structure. 

Then maybe i can try to write advantages and disadvantages of flat structures.

Flat structures rely on human relations management approach - team work, participation such as Google as well.

Lastly, importance of the right structure for corporate success. Flexibility in competitive market (organic structure) or mechanistic structure in stable environment (burns & stalker) 

3. Discuss the relevance of classical management theories in modern day business.

 (Classical human relations theorist - Elton mayo, Mary Forker, Follett)

Classical management theories were the firsts management theories which become established in the early 1990's, Theorists such as Ford, Taylor, Weber and Fayol stressed this approach was the correct way to manage an organization.

Classical theorist suggested tall organization structures were the rational way to run an organisation.

Classical theories vary a little. Ford car (any color as long as it is black) automated the production process at the expense of staff. Taylor identified 'the best way' to do a job. He broke down jobs and found the quickest and safest way to do a job. Both suggested that people only work for money, and both use the carrot and stuck approach : in other words the more people produce, the more money they earn. Weber and Fayol suggested organisations need to be managed by sets on principles which include. 

Then this essay would write advantages and disadvantages of classical management approach.

Also, Alternative management approaches : Elton mayo and human relations approach. Advantages of this approach and disadvantageous. More often found in flatter organisations.

Contingency approach is also used alongside human relations and classical approach then give examples throughout.

To sum up, classical not out-dated and used today. Give examples and except used with other models rather than instead of.

Actually, i chose second question about Weber. The mock exam, i got 15/25 ( K-4, a-5, e-3, English- 3). I think my English is most problem for me and she mentioned i need to more use examples. So i will concentrate more good evaluation and examples with explanation. 

Today the last blog, i based on our lecture and PowerPoint. However, i wrote all about the information and a lot of examples and revision. I think the blog activities were good my experience and help my own knowledge and remind. I think my blog need 100 mark.

Finally, Alison claims, "identify" or "explain' - we simply have to show my knowledge of a term and its benefits and problems like a operating in Niche Markets.

"discuss" or "evaluate" show my knowledge of a marketing concept and give an opinion and make judgement such as A BCG analysis.

"to what extent" - do my agree something is important? i can also suggest other concepts are important too such as place or distribution channel in the marketing Mix.