Question

1: Identify how managerial levers can be used by decision makers to effect changes in their organizations

2: Examine a potential strategy which can be used to prepare for competitors in the industry and potential new entrants

3: Examine the impact of the value system in information source

4: Evaluate the role of the working outward strategy to improve the relationship between the business and the customer.

5: Explain the best way for an organisation to gain an advantage via the internet

6: Explain loose, close, and tight relationships

Answer 1

Hi,

Please find below my answers.

1) Let's take an example with IT industry and see how managerial levers can be used by decision makers to effect changes in their organization.

Basically the 'Decision Making' comprises with Authority to initiate, approve, implement, and control various types of decisions necessary to plan and run the business.

'Formal Reporting' helps to set up and ensure the coordination among all units within the organization.

Responsible to evaluate the Performance measurement helps to assess success in the execution of plans and the processes by which such measures are used to improve the organization quality and deliverable.

2) In every industry it is very common of having threats of 'New entrants' and the existing competitors handling.

This actually affects the profitability of the organization in all the aspects. Because new competitors can be attracted very easily and gain their profit; they can threaten or decrease the market share and profit of the existing competitors.

Profit loss would lead to compromise the product quality or product price.

3) Information source is highly reliable for anyone who actually seeks information in it. Every Information source should maintain its value system which is predominant for showcasing the integrity.

Basically information source is useful when someone is uncertain about their decision making on any specific matter.

Information failure, some of which are not the result of an attempt to deceive but of carelessness, cognitive bias and/or social and work pressures.

4) A business ecosystem, in the most basic sense, comprises an interconnected community of trading partners – customers, suppliers and so on.

In any business relationship between customer and businesses are very important and should be maintained especially by the business.The challenge is to convert acknowledgement into action. While everyone agrees that relationships are important, there is seldom any type of concerted effort to focus on and improve relationships.

Relationships between members of your company form the foundation of your relationships outside your company, so keeping them strong should be a high priority. One of the best ways to build strong relationships within your company is to use a mentoring program.

Building relationships with your vendors and contractors which will help you to deliver good and quality products to your customers. Striving to maintain good relationships throughout all aspects of your business will help improve your teamwork, streamline collaboration with your business partners, and boost customer satisfaction for more sales.

5) In order to competitive in the market, organization should continually focus on innovation.Internet provides new ways to innovate and get new customers. For example, you can sell your products across the globe through internet. Think about Amazon and how it is selling its product through internet.

Internet also helps company's internal communication by making effective decisions. It makes the communication every easier and saves lot of time.

Apart from customers and employees, internet also helps to grow business by collaborating with partners.

So it creates new opportunities, grow business, innovate new products and help you stay ahead of competitors.

Please let me know if you have any questions. Happy Learning!