In: Economics
Choose a business you want to establish in the future
Conduct a thorough research about the business, what it takes to establish it (fund, location, experience, etc….) and why you choose that kind of business?
Develop a business plan
Conduct a SWOT analysis about the business of your choice
Summary: Write two pages about the project
Please Note the whole document has to be not less than 1500 words
Business : Smartphone Phone Manufacturing
Landscape analysis : Manufacturing business requires licensing from state and federal government, high cost lf setup and installation, revenue expenditure, strong management amd research teams, additional legal and consultancy help. Location majorly can be urban, rural amd semi urban areas with demographic of age 15 to 60 gears, both male and females and all socio economic classes.
SWOT Analysis :
Strengths
Access to local market
Economies of scale and
Highest patent growth
Innovation and design capability
Weakness
High dependent on OEM
Product cannibalization due to less differentiation
Focus majorly on high prices and premium segment
Opportunity
Tieups with Telecommunications operators for handset SIM
selling
Focus on rural markets
Focus on low price segment
Focussing on diversified products like smartwatches, IoT products,
Smart sensors, Smart devices
Threat
Chinese products and hypercompetition
Uncertainty in government policies
High taxation
Changing customer preferences
High depreciation and low resell value.
Business Plan Management
Any successful business is run by teamwork as corporate management is like playing football where all players cojointly strive forward for common goal.
Starting with HR which forms crux of employment and widening and talent acquisition, employee engagement, talent spotting, reserving and growing talent, promoting talent, corporate governance, ethical management and industrial labor relations has the potential to build strongest base for organisations.
Financial team comprises of risk management and investment banking, accounting, payments, and legal and audit requirements.
Marketing teams handle sales, marketing, public relations, digital marketing, analytics, strategy development.
Operations team make up for supply chain management, logistics, purchase, procurement, maintenance, supervision and engineering.
IT forms technical and analytical support and cyber security rusk support.
Thus we see all teams are intee related and it is cross
functionality that drives success. Eliminate any one function and
whole organisation gets paralysed. If HR doesn't work the
administration collapses. If Finance doesn't work out no marketing
expenditure can be taken ahead. If Operations doesnt work there is
no production nor sales.
If IT doesnt work there is no marketing and no payment
mechanism.
Hence all functions are extremely important and independent. However in overall opinion Hr forms the base because HR function recruits people who are biggest stakeholders and any degradation or malfunctioning in HR can destabilise any organisation.
Staffing global organisation requires methods like Social Media Hiring, Referral Hiring, and Thid Party Consulting based Hiring which gives quality candidates.
Social media hiring is best for cultural fitments however can be
skeptical which is disadvantage as it doesnt give an holistic
view.
Referral hiring is another effective way because of trust and
Recommendations shown. However it can be disadvantageous if
referrences are unchecked and unverified.
Consulting based hiring gives top level candidates based on
requirements and expectations. However disadvantages being cost of
hiring is very high.
Organisinations must check for quality and skills as well as
qualification like global experience, overall countries travelled,
cross border cross domain management skills, Leadership skills,
International relations management, Team building.
Predeparting on boarding opportunity is very critical for global
success and hence candidates must b egiven training in global
countries and should be given sufficient time to adapt to its
culture and way of doing business and then should be expatriated.
Here entire family expenses are taken care of and sufficient
financial and administrative support is offered for ease if
transition to new nation.
Ongoung training will incorporate learning through peers,
transition counselling through past expatriates, reverse mentoring
and case studies and collaborative approach like on job training
with senuor leaders. Here expatriates are offered regular support
to understand working culture, management style and organisation
structure and systems.
Repatriation policies like attractive remuneration and total
rewards package, career development plan for next 5 years, family
health and insurance, children schooling and education support,
long term stock options and bonsues, flatter hierarchy.
US employments laws like Equal opportunities as per Civil Rights act Article VI is most important and critical to be considered when in UsA as major emphasis is given on non discrimination policy of hiring. Other Acts being Sarbanes Oxley Act and Foreign Corrupt Practice Act which leaders must be aware of for ethical compliance and demonstrating integrity and honesty.