this is a project for walmart 1.Management (4 points) Write a summary of the man
ID: 339936 • Letter: T
Question
this is a project for walmart
1.Management (4 points)
Write a summary of the management for your organization. To support your analysis, include at a minimum the following:
Board Members
Research the board members’ background and experience. Do they serve on other boards? Can you identify any conflicts of interest?
Company Officers
Who are they? What are their backgrounds? Do you feel they are adequately qualified?
Management structure (Centralized or Decentralized)
Leadership Approach (Trait, Behavioral, Contingency, Full-Range, other)
Number of employees
Management SWOT analysis (5 points)
Based on your findings do you believe that is company is being effectively managed? Why or why not? (5 points)
Explanation / Answer
Research the board members’ background and experience. Do they serve on other boards? Can you identify any conflicts of interest?
Board Purpose and Responsibilities. The Board represents and acts on behalf of all shareholders of the Company. The Board, acting either as a whole or through its committees, is responsible, among other things, for establishing, and helping the Company achieve business and organizational objectives through oversight, review and counsel. The Board, acting either as a whole or through its committees, also:
A. approves and monitors critical business and financial strategies of the Company;
B. assesses major risks facing the Company and options for their mitigation;
C. approves and monitors major corporate actions;
D. oversees processes designed to ensure the Company’s and Company employees’ compliance with applicable laws and regulations and the Company’s Worldwide Business Conduct Manual;
E. oversees processes designed to ensure the accuracy and completeness of the Company’s financial statements;
F. monitors the effectiveness of the Company’s internal controls;
G. selects, evaluates and sets appropriate compensation for the Company’s Chief Executive Officer;
H. oversees succession planning for the Chief Executive Officer position;
I. reviews the recommendations of Company management for, and elects, the Company’s principal officers; and
J. oversees the compensation of the Company’s principal officers elected by the Board.
Company Officers
Who are they? What are their backgrounds? Do you feel they are adequately qualified? Management structure (Centralized or Decentralized)
In the management section of your business plan, you describe who'll run the company. This may be no more than a simple paragraph noting that you’ll be the only executive and describing your background. Or it may be a major section in the plan, consisting of an organizational chart outlining interrelationships among every department and manager in the company, plus bios of all key executives.
Time and again, financiers utter some variation of the following statement: “I don’t invest in ideas; I invest in people.” Whether this is the whole story—investors certainly prefer capable people with good ideas to inept people with good ideas—there’s no doubt that you, and the people who run your company, will receive considerable scrutiny from financiers as well as from customers, suppliers and anyone else with an interest in your plan. People are, after all, a company’s most important asset. Not adequately addressing this issue in a business plan is a serious failing. Luckily, it’s one of the easiest parts.
Education. Impressive educational credentials among company managers provide strong reasons for an investor or other plan reader to feel good about your company. Use your judgment in deciding what educational background to include and how to emphasize it.
Employment. Prior work experience in a related field is something many investors look for. If you’ve spent ten years in management in the retail men’s apparel business before opening a tuxedo outlet, an investor can feel confident that you know what you’re doing. Likewise, you’ll want to explain the key, appropriate positions of your team members. Describe any relevant jobs in terms of job title, years of experience, names of employers, etc. Feel free to omit any irrelevant experience.
Skills. In addition to pointing out that you were a district sales manager for a stereo-equipment wholesaler, you should describe your responsibilities and the skills you honed while fulfilling them. Again, list the skills that your management team has that pertain to this business. Each time you mention skills that you or a member of your management team has spent years acquiring at another company, it will be another reason for an investor to believe you can do it at your own company.
Accomplishments. If you or one of your team members has been awarded patents, achieved record sales gains or once opened an unbelievable number of new stores in the space of a year, now’s the time to tell about it. And don’t brag: Just be factual and remember to quantify. If, for example, you have 12 patents or your sales manager had five years of 30 percent annual sales gains, this is the stuff investors and others reading your business plan will want to see.
Personal. Investors want to know with whom they’re dealing in terms of the personal side, too. Personal information on each member of your management team may include age, city of residence, notable charitable or community activities and, last but far from least, personal motivation for joining the company. Investors like to see vigorous, committed, involved people in the companies they back. Mentioning one or two relevant personal details of your key managers may help investors feel they know what they’re getting into, especially in today’s increasingly transparent business climate.
In a longer plan, when you give your management team’s background and describe their titles, go on and tell readers exactly what each member of the management team will be expected to do in the company. This may be especially important in a startup, in which not every position is filled from the start. If your marketing work is going to be handled by the CFO until you get a little further down the road, let readers know this up front. You certainly can’t expect them to figure that out on their own.
Board members. Your board members, and their reasons for being included, should be a brief part of your business plan. A board of directors gives you access to expertise, provided you choose them wisely, but at the cost of giving up control of the business to them. Technically, the officers of a corporation report to the board of directors, who bear the ultimate responsibility for the proper management of the company.
A board of advisors is a less-formal entity. You can have the same kind of people on an advisory board but you don’t report to them nor do they have the same power as a board of directors. Your board should be able to challenge your thinking, help you solve knotty problems, and even change management if necessary.
Outside professionals. Some of the most important people who’ll do work for you won’t work for you. Your attorney, your accountant and your insurance broker are all crucial members of your team. Your business plan should reassure readers that you have your bases covered in these important professional positions.
Investors want profit. They don’t just give money to people they like or admire. But it’s also true that if they don’t like, admire or at least respect the people running your company, they’re likely to look elsewhere. The management section of your plan is where you tell them about the human side of the equation. You can’t control your readers’ responses to that, but you owe it to them to provide the information.
Leadership Approach (Trait, Behavioral, Contingency, Full-Range, other)
Number of employees
Leadership is the process by which an individual mobilizes people and resources to achieve a goal. It requires both a set of skills that can be learned as well as certain attributes that can be nurtured. Leaders inspire, challenge, and encourage others. They can persuade and influence, and they show resilience and persistence. All aspects of society have leaders. The concept of leader may call to mind a CEO, a prime minister, a general, a sports team captain, or a school principal; examples of leadership exist across a variety of organizations.
Leaders motivate others to aspire to achieve and help them to do so. They focus on the big picture with a vision of what could be and help others to see that future and believe it is possible. In this way, leaders seek to bring about substantive changes in their teams, organizations, and societies.
Leadership is a relationship between followers and those who inspire them and provide direction for their efforts and commitments. It affects how people think and feel about their work and how it contributes to a larger whole. Effective leaders can mean the difference between increasing a team’s ability to perform or diminishing its performance, between keeping efforts on track or encountering disaster, and even between success or failure.
Leadership and Management
Leadership is one of the most important concepts in management, and many researchers have proposed theories and frameworks for understanding it. Some have distinguished among types of leadership such as charismatic, heroic, and transformational leadership. Other experts discuss the distinctions between managers and leaders, while others address the personality and cognitive factors most likely to predict a successful leader. The many dimensions of leadership indicate how complex a notion it is and how difficult effective leadership can be.
Leaders vs. Managers
The terms ” management ” and ” leadership ” have been used interchangeably, yet there are clear similarities and differences between them. Both terms suggest directing the activities of others. In one definition, managers do so by focusing on the organization and performance of tasks and by aiming at efficiency, while leaders engage others by inspiring a shared vision and effectiveness. Managerial work tends to be more transactional, emphasizing processes, coordination, and motivation, while leadership has an emotional appeal, is based on relationships with followers, and seeks to transform.
One traditional way of understanding differences between managers and leaders is that people manage things but lead other people. More concretely, managers administrate and maintain the systems and processes by which work gets done. Their work includes planning, organizing, staffing, leading, directing, and controlling the activities of individuals, teams, or whole organizations for the purpose of accomplishing a goal. Basically, managers are results-oriented problem-solvers with responsibility for day-to-day functions who focus on the immediate, shorter-term needs of an organization.
In contrast, leaders take the long-term view and have responsibility for where a team or organization is heading and what it achieves. They challenge the status quo, make change happen, and work to develop the capabilities of people to contribute to achieving their shared goals. Additionally, leaders act as figureheads for their teams and organizations by representing their vision and values to outsiders. This definition of leadership may create a negative bias against managers as less noble or less important: “Leader” suggests a heroic figure, rallying people to unite under a common cause, while “manager” calls to mind less charismatic individuals who are focused solely on getting things done.
Management SWOT analysis
SWOT Analysis is the most renowned tool for audit and analysis of the overall strategic position of the business and its environment. Its key purpose is to identify the strategies that will create a firm specific business model that will best align an organization’s resources and capabilities to the requirements of the environment in which the firm operates.
In other words, it is the foundation for evaluating the internal potential and limitations and the probable/likely opportunities and threats from the external environment. It views all positive and negative factors inside and outside the firm that affect the success. A consistent study of the environment in which the firm operates helps in forecasting/predicting the changing trends and also helps in including them in the decision-making process of the organization.
An overview of the four factors (Strengths, Weaknesses, Opportunities and Threats) is given below-
Strengths can be either tangible or intangible. These are what you are well-versed in or what you have expertise in, the traits and qualities your employees possess (individually and as a team) and the distinct features that give your organization its consistency.
Strengths are the beneficial aspects of the organization or the capabilities of an organization, which includes human competencies, process capabilities, financial resources, products and services, customer goodwill and brand loyalty. Examples of organizational strengths are huge financial resources, broad product line, no debt, committed employees, etc.
Weaknesses in an organization may be depreciating machinery, insufficient research and development facilities, narrow product range, poor decision-making, etc. Weaknesses are controllable. They must be minimized and eliminated. For instance - to overcome obsolete machinery, new machinery can be purchased. Other examples of organizational weaknesses are huge debts, high employee turnover, complex decision making process, narrow product range, large wastage of raw materials, etc.
Organization should be careful and recognize the opportunities and grasp them whenever they arise. Selecting the targets that will best serve the clients while getting desired results is a difficult task. Opportunities may arise from market, competition, industry/government and technology. Increasing demand for telecommunications accompanied by deregulation is a great opportunity for new firms to enter telecom sector and compete with existing firms for revenue.
Advantages of SWOT Analysis
SWOT Analysis is instrumental in strategy formulation and selection. It is a strong tool, but it involves a great subjective element. It is best when used as a guide, and not as a prescription. Successful businesses build on their strengths, correct their weakness and protect against internal weaknesses and external threats. They also keep a watch on their overall business environment and recognize and exploit new opportunities faster than its competitors.
SWOT Analysis helps in strategic planning in following manner-
SWOT Analysis provide information that helps in synchronizing the firm’s resources and capabilities with the competitive environment in which the firm operates.
Based on your findings do you believe that is company is being effectively managed? Why or why not?
Customer experience encompasses every aspect of a company’s offering—the quality of customer care, of course, but also advertising, packaging, product and service features, ease of use, and reliability. Yet few of the people responsible for those things have given sustained thought to how their separate decisions shape customer experience. To the extent they do think about it, they all have different ideas of what customer experience means, and no one more senior oversees everyone’s efforts.
Within product businesses, for example, product development defers to marketing when it comes to customer experience issues, and both usually focus on features and specifications. Operations concerns itself mainly with quality, timeliness, and cost. And customer service personnel tend to concentrate on the unfolding transaction but not its connection to those preceding or following it. Even then, much service is rote: Otherwise, why would service reps ask, as they so often do, “Is there anything else I can help you with?” when they haven’t even dealt with the original reason for the call or visit?
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