Principles Of Business Essay Examples

Business

Chapter 8: Producing Quality Goods and Services
Question: What steps have U.S. firms taken to regain a competitive edge in the global marketplace?
The U.S. firms have ensured innovation via which they have found a better way to produce the products, and achieve competitive edge in the marketplace. The U.S. firms have also hired skilled workers who can operate and manage the sophisticated and technology intensive equipments. So, the U.S. firms are making more goods with fewer workers and are maintaining their competitive edge within the marketplace.
Question: Is it really necessary for service firms to engage in research and development? In planning and production, and operations control.
It is essential for the service firms to involve in the research and development, in the planning, product, and operation control because research and development helps in the identification of the idea for meeting the needs of the customers. Research and development also helps in the development of new idea for the product and service, and for designing and developing a plan, so that the idea can be converted into new goods and services. It also helps in planning so that the site of production can be identified. It facilities operational planning for determining the amount of goods and services produced within a particular time period.

Question: How are the four areas of operation control interrelated?

The four aspects of the operation control, which are purchase, inventory control, scheduling, an quality control are interrelated with one another. This can be analyzed in a way that purchasing helps in determining the demand of inventory, and the shipping cost, which helps to ensure the management of inventory and minimization of the inventory cost. The control on inventory helps in scheduling in a way that it helps in ensuring that the required materials are at the proper place in the proper time, and proper management helps in ensuring the quality control, in which the goods of the required specifications, features, and qualities are produced and delivered to the customers.

Chapter 9: Attracting and Retaining the Best Employees

Question: What are the major challenges and benefits associated with a culturally diverse workplace?
The major benefits associated with culturally diverse workplace are the reduction of the cost by hiring the trained and culturally sensitive employees, development of the reputation of the companies for being acceptable and unacceptable employer for the minorities, female employees, and ethnic groups. Further, culturally diverse workplace helps in the improvement of the marketing efforts, ensures flexibility, creativity, bilingual skills, and the problem solving skills. The challenges faced by the culturally diverse workplace are the conflict among the employees due to difference in the race, culture, ethnicity, and religion etc.

Question: Are employee benefits really necessary? Why?

The employee benefits are really compulsory because they help in motivating the employees and compensating them in an effective manner. Some benefits are the rights of employees. and they are also required by the law such as compensation insurance of the workers, and unemployment insurance. They are also important for attracting skilled employees. However, some benefits are also essential in order to make the employees capable of meeting the emergency and contingency situations.

Question: Why are there so many laws relating to HRM practices?

There are a lot of laws relating to the practices of HRM for ensuring the protection of the rights of employees, for providing the job safety to the employees, for eliminating the discrimination from the workplace, for ensuring equal treatment in the workplace, and for ensuring the empowerment of the employees.

Chapter 11: Building Customer Relationship through Effective Marketing

Question: What is relationship marketing?
Relationship marketing is the establishment of the long term and mutually beneficial and satisfactory relationships between the buyers and sellers. The relationship marketing involves the activities and decisions that emphasize on the achievement of the long term as well as satisfactory relationships with the customers. The relationship marketing helps in increasing the trust of the buyer in the organization. It also helps in increasing the understanding of the company regarding the needs and desires of the customers, and play a significant role in building the customer loyalty.

Question: How is marketing-oriented firm different from a production oriented form or a sales-oriented firm?

The marketing oriented company is different from the production or sales oriented company. A marketing oriented firm considers the needs and the wants of customers, whereas the sales oriented firm is concerned about the sales of the products. The production oriented form focuses on increase in the efficiency of production and output. It is concerned about taking the orders and distributing them.

Question: What are major components of marketing strategy?

Marketing strategy indicates a plan that makes an organization capable of utilizing the resources in the best possible manner in order to meet the objectives. The major components of the marketing strategy are:

Analysis and selection of the target market

Formation and management of marketing mix
In the selection and evaluation of the target market selection, the needs and wants of the target market are analyzed, and then target market is segmented and differentiated in accordance with the needs and wants to cater them in an effective manner. In the formation and the management of the marketing fix, product, price, place, promotion, and distribution are analyzed for satisfying the needs of the specific target market.

Chapter 10: Motivating and Satisfying Employees and Teams

Question: Describe the steps involved in MBO Process?
There are 5 steps involved in the MBO process which are:
1. In the first step, an MBO program is set for getting acceptance from the top management.
2. In the second step, Major goals are established by the top management and other parties in order to describe the strategy and mission of the organization
3. In the third step, the manager explains the goals of the organization to every employee and seeks their opinion for achieving the goal. The manager personally meets the employees, and they decide about the resources to be used for accomplishing the task.
4. In the forth step, the managers and employees, however, meet on the periodic basis for reviewing the progress and performance of ever employee.
5. The last step is evaluation, where the employees and managers meet for determining the success of employees in the attainment of the goals, and the rewards are based on the achievement of the goals and the performance of the employees.

Question: Identify and describe major types of teams?

There are many types of teams but the major types of teams are:
Problem solving teams
Self managed teams
Cross functional teams
Virtual teams
The problem solving teams comprise of the employees that have knowledge and skills, and they are brought together for solving the problems.

In the self managed team, the employees have the required skills and authority to ensure management on their own.

In the cross functional teams, different individuals having different skills specialties, and expertise are combined to achieve the common objective.
Virtual teams comprises of the members of different geographical locations, who are communicating electronically.
Question: Explain the major stages of team development?
The staged of team development are
Forming
Storming
Norming
Performing
Adjourning
In the forming stage, the members are new, and they try to know each other.
In the storming stage, the objectives and goals of the teams are established
In the norming stage, the duties and roles of individuals within a team are recognized and accepted
In the performing stage, every member of the team makes effort for accomplishing the task and attains the desired goals
In the adjourning stage, the goals of the team are accomplished and the team is broken