Question

Explain why both effective pricing and credit management are crucial. What does the international manager need to do both alone and in conjunction with managers of other business functions, such as marketing, human resources, and operations, to effectively manage these areas? (500 WORDS)

Answer 1

Effective Credit Management Is Key to Avoiding Insolvency. Corporate insolvencies increased by around 8 to 10% last year – a clear sign that many businesses in many industry sectors are struggling to make a profit in competitive markets. Despite this, relatively few understand exactly what they can do to protect their operations from insolvency.

In markets with increasing volume and price pressure, the right pricing approach is essential to remain competitive. It brings you the value you deserve for your products and services offered and secures the profits you need to invest in change and growth.

Managers just don't go out and haphazardly perform their responsibilities. Good managers discover how to master 3 basic functions: marketing, human resources, and operations.

A manager manages the marketing resources of a business or product. He may be responsible for various products and services or be in charge of a single product or service. A manager needs to have a friendly, social and spontaneous nature. In accord with these attributes, he needs to be highly focused, detail-oriented and very scrupulous of meeting budget restraints and timelines.

Overseeing department functions and managing employees. That's why human resources managers must be well-versed in each of the human resources disciplines – compensation and benefits, training and development, employee relations, and recruitment and selection.

An operations management is key part of a management team and oversees high-level HR duties, such as attracting talent and setting training standards and hiring procedures. They also analyze and improve organizational processes, and work to improve quality, productivity and efficiency.