During week two the group was presented with new information that helped to teach different aspects of planning as a management function. The different types of planning include strategic, operational, and tactical planning. Strategic planning involves looking into the long term goals and plans. Tactical planning translates broad goals and strategies into specific actions to be taken within different parts of an organization. Operation planning is the specific short term procedures done at lower levels of the organization.
As problems in various companies were identified by the class a SWOT analysis was something that could be used to see what weaknesses, threats, strengths, and opportunities an organization has to combat issues. This is very important to see what the organization is doing wrong or right to help strengthen and decrease weaknesses and threats. It also helps a company to find its strengths and lean on them and to look for opportunities within the company. Then there are the threats to the company that we can try and get rid of like competition. Core competencies can be discovered during this process that gives firms a competitive advantage.
We discussed how organizations can remain competitive by choosing strategy options that competitors are unwilling or unable to imitate. In making sure that plans are successful managers have to make sure they implement their strategies effectively and efficiently.
Learning ethics and why they are vital to the hiring process was reviewed. Business ethics are the moral principles and standards that act as a guide for how those in the business world should act. Different ethical systems include universalism, egoism, utilitarianism, relativism, and virtue ethics. Egoism is doing the right thing that is best for one person where utilitarianism is doing the right thing for the group. Relativism is a fun one that influences business because it is based on opinions and behaviors. Corporate social responsibility or CSR is an organizations obligation toward society.
It was observed how ethical decision making is important in the business environment. Management has to consider all facts and how decisions will affect the organization on a short and long term basis. An example is an employee using paid work time to surf the Internet this cause’s lost wages for the company and could cause viruses to the company software by using outside company sites. In talking about ethics the topic of Greenwashing was mentioned. Greenwashing is the misleading of consumers concerning the environmental benefits of a product or service and it was discovered that several companies are guilty of this.
In considering what a business needs to have customers value them brand loyalty was learned. Brand loyalty in relation to price is seen because as consumers become more loyal to certain brands they are less sensitive to the changes in price. Consumers who are loyal to a brand feel that there is not another company who is able to imitate the one they have chosen to be loyal to.
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