Mann Paryo

Importance of Internal Factor Analysis 1. Internal factor analysis helps to analyze its resources and functional strengths and weaknesses. 2. Internal factor analysis helps to understand the factors and work upon those factors so as to gain competitive advantage, growth, and profitability in the firm. 3. Internal factor analysis helps to internally assess the organization and formulate, implement, and evaluate the strategic plan and cross-functional decision so as to achieve the company's primary objective of above-average return and competitive advantage. 4. Internal factor analysis explains the company's available resources or ease of access to resources and whether those resources are rare, easily, or hardly imitable, and whether substitute available or not. Resources are defined by their type, nature, and amount. Internal factors analysis helps to understand the organization internally and with a clear understanding of its competencies and capabilities that...

Strategic groups are a group of similar firms/businesses within an industry having the same business models and strategies. For example, the restaurant industry has fast food, fine dining, etc. 1. Strategic groups help to identify the direct competitors and competitive environment. 2. Likely or the possibility of one strategic group moving to another group within an industry. 3. Identify strategic problems. 4. Strategic groups help in identifying opportunities. Therefore, Strategic groups help to understand the opportunities, strategic problems, and possibility of moving from one group to another, and identify its direct competitors. Strategic group characteristics can also be a way to understand its effectiveness. 1. Market Segments 2. Product/Services Diversity 3. Product/Service Quality 4. Pricing 5. Distribution Channels 6. Geographical Expansion

The mission statement is important because it explains the existence, objectives, and goals of our business. A mission statement is crucial for any organization to understand its business purpose very clearly and well-identified to achieve advantage, profitability, and growth. Nine Components of a Mission Statement 1. Customers - Who are the firm's customers? Analyzing the customer and serving them. 2. Market - Size of a market, Segmentation of markets. 3. Technology - Does the firm have advancements in technology? Is the firm using innovative technology? 4. Philosophy - Firm's policies, beliefs, attitudes, and values. 5. Concern for growth and profitability - Is the firm has a chance to grow and earn a profit? How growth and profitability are to be achieved? 6. Concern for the public image - Is the firm concerned about social responsibility? 7. Concern for employees - Is the firm taking employees as valuable assets to the firm? 8. Geography - Firm's ...

External Environmental Analysis (EEA) is the analysis of the external environment which helps in analyzing the trends and activities of the industry in the marketplace. The processes of EEA are: 1. Scanning 2. Monitoring 3. Forecasting 4. Accessing Micro and Macro factors in the Business Micro factors look at the specificity and macro factors look at the overall economy/business. Micro factors can be influenced because it is an assessment of the specific firm, and Macro factors are less influenced because it is external factors that are difficult to predict and understand. Therefore, micro factors are the factors of the specific firm such as the functional department, policies, procedures, laws, and others which can be influenced and changed when necessary. But, macro factors are external factors/segments such as demographics, political, legal, socio-cultural, technology, environment, and legal issues that can be difficult to predict and influence. External Environmental An...

The resource-based view is very effective because resources are an important part of an organization that defines the organization's distinctive competencies and capabilities. It helps in the competitive advantage over our competitors and helps in the growth and profitability of the firm. The resource-based view helps the organization to understand the accessibility of resources and use/implement/allocate those resources effectively and efficiently. Resources are of three types: 1. Rare resources (which other organization doesn't have much or doesn't have at all) 2. No substitute for resources that you have/own 3. Hard to imitate by the other competitive organization The type, amount, and nature of resources are to be understood by the organization so as to use them and allocate the resources properly. It looks at the specific products and services rather than a vaguely defining organization. Resources and function both are important in understanding the st...

Qualities and Characteristics of Good Leadership: Good Leadership is defined as motivating people to achieve goals and objectives interestingly and easily in any given situation. There are various characteristics of good leadership. In determining the goals and objectives, the leader plays an important role. Here, the role of a leader in leadership is to achieve certain goals. A good leader should have a clear sense of vision and good judgment so that the people under them work in a dynamic environment. Good leadership also has other characteristics of adaptability, objectivity, and self-knowledge. A good leader can adapt to any environment and have good self-knowledge about the task he is carrying. Another important characteristic of good leadership is that they can co-operative with any other members of the team. They can act independently in any situation. A good leader must always have a hunger for learning new ideas so that it is implemented for the given task. I...

How To Better Understand Manager And Leader A manager is the one who has the legitimate power and authority to manage the organization in his/her way to meet the organizational goals/objectives. They have the power to coerce the employees to work or reward the employees for their good work. They control the working activities of employees, decision making, planning, organizing, and coordinating activities of work and employees in an organization. Leader, on the other hand, does not have legitimate powers and authority, and they emerge from among the employees to represent the whole and for their betterment. They emerge from a certain group by building credibility, relationship, honesty, loyalty, and knowledge. They do not coerce others to work but coordinates and support the employees in their work. The differences in the Types of Power Manager and Leader Holds For Managers:  1. Reward power- Managers will reward their employees when the job gets done efficiently an...