Knowledge needed to ensure effective decision

Assignment Help Business Management
Reference no: EM13943084

Scenario:

You are a senior manager working for a traditional family-owned Hong Kong company manufacturing and selling a range of consumer products in its own stores. To illustrate your answer, you can use any organisation that you are familiar with, such as the Wing On Department Store. Sales of your products have been declining in the past year.

You believe that the reason for this is that, while the nature of the market has been changing in recent years, your company has not kept up with the changes to customer needs, taste and method of shopping. You also believe that your company should do a lot more communicating with its customers, and that the information that it could be gathering from this communication should improve its decision making as it relates to customer and product decisions.

Task 1 - Information and knowledge needs:

1. Identify the range of decisions to be taken as they relate to products and to customers in the above scenario.

2. Review information and knowledge needed to ensure effective decision taking in the above scenario.

3. Assess internal and external sources of information and understanding in the above scenario.

4. Make recommendations for improvement in the above scenario.

Task 2 - Networking and communications processes:

1. Identify relevant personnel such as customers, stakeholders and other experts.

2. Discuss how the organisation can make contact with those identified and discuss developing business relationships with them.

3. Discuss how the organisation can Involve those identified in decision making as appropriate.

4. Suggest strategies for improvement.

Task 3 - Communication processes:

1. Evaluate existing processes of communication in the organisation you chose in the above scenario and look for ways to ensure and to improve appropriateness.

2. Discuss how you would implement and justify improvements to ensure greater integration of systems of communication in the organisation.

3. On a personal level, identify weaknesses and develop a personal plan to improve your own communication skills.

Task 4 - Appropriate systems:

1. Evaluate the organisation you chose in the above scenario's existing approaches to the collection, formatting, storage, disseminating information and knowledge.

2. Implement and justify appropriate changes to improve the collection, formatting, storage, disseminating information and knowledge.

3. Implement a strategy to improve access to systems of information and knowledge to others as appropriate.

Reference no: EM13943084

Questions Cloud

What is a source code control system : List and briefly describe the three basic approaches to program development order. What are the advantages and disadvantages of each?
Incorporated has a debt ratio : Snort and Smiley incorporated has a debt ratio of .42, noncurrent liabilities of 20,000, total asset of 70,000. What is snort and smiley's level of current liabilities? The answer is 9,400. I need the work to get to this answer.
How has technology enhanced our ability to collect the data : What are some of the challenges associated with collecting data over large periods of time (i.e., 100s of years)? How has technology enhanced our ability to collect the data necessary to understand climate change
Calculate the equivalent annual cost for four-year project : Two costs of construction of a small, remote mine are for labor and transportation. Labor costs are expected to be $120,000 the first year, with inflation of 6% annually for 4 years. If the firm uses inflation free MARR of 7%, calculate the equivalen..
Knowledge needed to ensure effective decision : Review information and knowledge needed to ensure effective decision taking in the above scenario.
Determine the after-tax cash flows : Some new production machinery has a first cost of $100,000 and a useful life of 10 years. Its estimated O&M costs are $10,000 the first year, which will increase annually by $4,000. Determine the after-tax cash flows. The property’s economic service ..
What are the technological advantages of a program : What are the technological advantages of a program like SETI? Using the sources provided, find a citizen science project and describe the goal of the project. What is required for those that sign up to participate
Why is there a difference between the two prices : A zero coupon bond matures in 5 years with a par value of $1000 and is currently selling at YTM of 8%. What would be the approximate price of this bond if required rate of return drops to 6% using duration and convexity formula? What is the actual pr..
What is the effective rate for option two per year : To purchase a house for $80,000, a new couple has $12,000 available for down payment. They are considering two options: Option 1: get a new standard mortgage with 10% APR interest compounded monthly for a 30-year term Option 2: What is the effective ..

Reviews

Write a Review

Business Management Questions & Answers

  What combination and amounts of food items

What combination and amounts of food items

  Determine which approach will yield the best results

Compare and contrast your process with the one which Palm Desert used. Determine which approach will yield the best results consistently in the long-run.

  Leadership role in change management

Show how would you prepare your organization to face and survive change

  Explain how does the answer change if a discount given

Suppose Sandra's fears about increasing out- sourcing costs come to fruition and the cost rises to $22/unit for subcontracting. Does this change the decision when the discount is $5?

  Cross price elasticity of demand

Cross price elasticity of demand

  Suggestions to avoid forecasting errorsyou have received a

suggestions to avoid forecasting errorsyou have received a call from the manager of a firm where you helped set up a

  Employees with disabilities and outdoor training

Employees with disabilities and outdoor training to develop teamwork - Outdoor teamwork building programs have become popular in the workplace.

  Write a proposal to solve the readers problem

What questions will you need to answer before you can write a proposal to solve the reader's problem? Be as SPECIFIC as possible.

  Demographic data collected on these students comprised class

Demographic data collected on these 96 students comprised class (freshman, sophomore, junior, senior), age, gender and major

  Explain risk response strategy

Risk Response Strategy. Develop a risk response strategy with both primary and secondary (contingency) actions for each of the top 5 risks. Offer supporting rationale. Comprise nominated action owners for each action.

  Explaining company overpay their income taxes

Why might a company overpay their income taxes?

  Evaluating the impact of health care law on health care

Select a health care law that is either previously in effect or under consideration. Using APA format, make a minimum 10 slide power point presentation evaluating the impact of this law on health care

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd