Assignments: Contemporary Business
Note: I need to complete the assignment 2 only. The template is what the assignment needs to be completed on.
COURSE DESCRIPTION
This course features profiles of innovators, entrepreneurs, and employees behind successful businesses. Their inspiring stories reveal how business works and the underlying core concepts every manager needs to know. Every two weeks, you will examine a key business function (operations, finance, marketing, human resources, and management and leadership) and how they work together to create and grow successful businesses. As you analyze the functional elements of a business, you will participate in real-world activities that will transform understanding into action and the ability to apply concepts to your organization.In this course you will begin to develop your business acumen and a big picture, strategic understanding of how businesses work to compete and succeed in the marketplace.
INSTRUCTIONAL MATERIALS
Required Resources
Black, A. (2015). How Business Works(9th ed.). New York, NY: DK Publisher.
COURSE LEARNING OUTCOMES
1. Describe how business works.
2. Examine the core concepts of product development, operations, marketing, finance, human resources, and management and leadership.
3. Evaluate the impact of competition in business.
4. Solve real-world business challenges using business concepts and critical and analytical thinking.
5. Communicate clearly, concisely, and professionally using business terminology.
6. Use technology and information resources to research business topics.
ASSIGNMENT 1: Product Development & Operations: Category Manager Analysis
Note: While representative of possible situations faced by Alikay Naturals, all scenarios in this assignment are fictional.
Real Business
Let's roll up our sleeves and use what we've learned this week in a real-life business situation. You'll encounter a scenario where you will assume the role of a businessperson at or who works at a national discount retail store, like a Walmart or Target. These companies provide important, everyday staples for millions of people across the country and have become very successful businesses in the process.
Discount retail stores have locations in communities across the country. They often have strong and recognizable brands that are household names. We will explore how business works throughout this course by taking on a few of the many different roles at successful companies like these.
Your Role
You'll assume the role of a Category Manager for the Beauty Products category at a national discount retail store.
What Is a Category Manager?
Category Managers are responsible for related groups of products (for example, baseball equipment or laundry detergents) for a retail business. They use research, information and insights about the category to change shopper behavior and increase sales of the products in the category. They also work with the suppliers of the products in their category to ensure that good products and services are available to customers.
As a Category Manager, part of your role is to analyze data and information about how well a product is selling to help the maker of that product improve the product and consider introducing new products. Rochelle and her team at Alikay Naturals have asked you, the Beauty Products Category Manager, to review one of their products and determine where it lies in the product life cycle. Additionally, they have asked you to recommend ways to improve the product in order to increase sales.
Instructions
Step 1: Product Life Cycle
Read the Product Report for Alikay Naturals Moisturizing Black Soap Shampoo. The Product Report contains important information that will help you to identify where the product stands in the Product Life Cycle and give you clues about what changes customers might like to see. Respond to Rochelle and her team at Alikay Naturals based on the information in the Product Report.
• Identify where Moisturizing Black Soap Shampoo is currently positioned in the product life cycle and describe the rationale for your position.
• Compose 3 questions that Rochelle should pose to her team to better understand the product's positioning and potential at this particular stage in its life cycle. (E.g., if you have determined the product is in the Introduction Phase, you might suggest the question: How have competitors priced similar products?)
Step 2: Product Changes
Based on what you've learned:
• What recommendation(s) do you have for Alikay Naturals to improve or replace Moisturizing Black Soap Shampoo?
Step 3: New Product Development
Read the New Product Proposal, which contains three examples of possible products that could be developed to replace Moisturizing Black Soap Shampoo. Based on the information in this proposal and the customer feedback in the Product Report:
• If you had to recommend one product, which product would you recommend they create? Explain your decision.
• Determine which type of innovation this represents from among the four main types discussed this week. Briefly explain why you chose that type of innovation.
Note: You should complete Step 4 after reading the material in Week 3.
Step 4: Production Methods
Based on your understanding of Alikay's position in the product life cycle and expected sales volume:
• Which production method do you think Alikay is using for the Black Soap Shampoo? Explain your rationale.
• If Alikay chose to keep the Moisturizing Black Soap Shampoo and launch your recommended product as a "limited time only" trial, what production method should Alikay use for the test market product? Why?
Step 5: Real-World Application
• Choose a product at your company or one that you are familiar with that is in the mature stage of the product life cycle. Briefly describe the product, why you believe it is in this phase, and what improvements could be made to change its current path.
ASSIGNMENT 2: Finance & Accounting: Senior Accountant Analysis
Note: While representative of possible situations faced by SunsTruck Sunglasses, all scenarios in this assignment are fictional.
Real Business
Large discount retailers like Target and Walmart employ large teams of Finance and Accounting professionals to help measure and understand the financial health of the business. Financial and accounting information helps these businesses make educated financial decisions, such as whether or not to continue partnering with a retail supplier. While often smaller businesses, it is equally important for these retail suppliers to use financial and accounting data to make educated decisions, such as the best approach to gaining additional funding.
Your Role
You'll assume the role of Senior Accountant with SunsTruck Sunglasses.
What is a Senior Accountant?
Senior Accountants take ownership of reporting costs, profitability, margins and expenditures for a given business. They use the principles of accounting to analyze sales information, create financial reports, make recommendations about the financial health of the company, and more. They are also responsible for training junior accounting staff.
For the last six months, SunsTruck has partnered with the discount retail store to run pop-up sunglasses stands in their stores for a big summer promotion. Due to the high customer purchase rate, the store has requested stock for five additional stores. SunsTruck needs to increase its production to meet the additional demand. In order to increase production, SunsTruck needs additional money.
In this assignment, you will need to help determine which type of financing option is best for your company and train your junior accountants on the accounting cycle and financial statements.
Instructions
Step 1: Financing
The junior accounting team has assembled a Financing Report that (a) offers three options for securing the additional funds required to meet the new order; and (b) details the criteria Shaun, the owner of SunsTruck, would like you to consider when choosing one of the options. Based on this report:
• Identify which financing option you think is the best option for SunsTruck to pursue given Shaun's constraints. Explain the rationale for your decision.
Note: You should complete Steps 2 & 3 after reading the material in Week 5.
Step 2: Accounting Cycle
A junior accountant is working to get everything in order for the new financing and has come to you with a question about what do next in the accounting cycle.
• Read the email the junior accountant sent you and identify the best next step to take in the accounting cycle. Explain your reasoning.
Step 3: Financial Statements
A potential investor has been identified, but before it is willing to commit, it has requested information about SunsTruck's current debt from the junior accountants.
• Identify the correct financial statement for your junior accountants that will provide the investor with the information it has requested. Explain to your junior accountants why you are giving them this financial statement and where the debt information is located.
Step 4: Financial Analysis
If you were the type of financier selected in Step 1, would you invest in SunsTruck? Explain the rationale for your decision.
ASSIGNMENT 3: Marketing: Marketing Manager Analysis
Note: While representative of possible situations faced by the Brooklyn Nets, all scenarios in this assignment are fictional.
Real Business
For a large discount retail store like Target and Walmart, it can be difficult to get the marketing mix just right for a given product. There are so many products in the store fighting for the attention of customers. There is also the challenge of helping the suppliers of each product maximize their profits while making sure the store is making money. With so many things to consider, working in marketing for such a large business can be a challenge.
Your Role
You'll be acting as a Marketing Manager in the sporting goods section.
What is a Marketing Manager?
Marketing Managers are responsible for developing, implementing and executing marketing plans, either for an entire organization or for particular categories or products within the organization, in order to attract potential customers and keep existing ones.
Their day-to-day tasks include managing and coordinating marketing and creative staff, leading market research to improve existing products and services, working with advertising agencies, and determining the best way to get products in front of customers.
As a marketing manager for a discount retail store in Brooklyn, you have been asked to evaluate a marketing plan for basketballs to ensure that the 4 P's of marketing are being applied well. Using your knowledge of the 4 P's and the best approach to generating sales, you'll take a look at a number of marketing recommendations and choose the approach that you believe will sell the most products.
Instructions
Step 1: Product
In the Marketing Analysis Presentation provided by your marketing team, you'll see three different basketballs that need to be included in the product display on Slide 2. Each product has unique features.
• Based on the information provided about the customers that shop at this store location on Slide 3, choose the basketball that you think will sell the most. Explain the rationale for your decision.
Step 2: Place
On Slide 4 of the Marketing Analysis Presentation, you'll see the results of a survey that asked potential buyers about where they are most likely to purchase these products.
• Use your knowledge about product placement to choose the best place to sell the products, deciding between traditional stores and online. Explain the rationale for your decision.
Step 3: Promotion
Slide 5 of the Marketing Analysis Presentation shows three recommended advertisements, including a special deal promotion, for the product that is expected to sell the best.
• Based on the information provided about the customers that shop at this discount retail store on Slide 3, determine which promotion will sell the most product at this particular store. Explain the rationale for your decision.
Step 4: Price
Finally, look at the pricing options available for each of the three products together on Slide 6.
• Based on your knowledge of the Pricing Strategies discussed on pages 186-187 in the textbook, choose the option that has the best pricing mix for all three products. Refer back to the customer information on Slide 2, if needed. Explain the rationale for your decision.
Step 5: Brand and Sales Pitch
The company that makes one of the basketballs is looking to rebrand the product. They have asked for your input on possible brands ideas.
• First, read the Brand Vision statement, which summarizes the goal for the new brand. Then, look at the logo, name, and tagline recommendations. Which of the two brand directions do you think best meets the goals of the brand vision? Please support your decisions.
• Second, write a 2-3 sentence sales pitch that you would use to try to convince someone to purchase this product.
Step 5: Market Segmentation
The marketing plan for the basketballs at the Brooklyn store has been in place now for four months, and the marketing team has assembled a report reviewing sales data and customer feedback for the last quarter's basketball sales. Overall, the results are lower than you expected and you are concerned that your marketing and creative staff has not properly segmented your target customers.
Remember, like many products in the marketplace, the basketball's marketing campaigns must target two different groups of customers: (1) adults who purchase the item as a gift and, therefore, do not actually use the product; and (2) adults and teenagers who purchase the item for their own use and enjoyment. Both groups have different reasons and expectations surrounding the item in question, and those reasons and expectations will have significant impacts on the buyers' purchasing decisions.
• Review the five customer segments detailed on pages 194-195 of your textbook: Behavioral, Sociographic, Psychographic, Geographic and Demographic. Select one focus area of each segment that you feel is most relevant to the sale of basketballs at this store location.
• Keeping in mind the 4 P's, write 1-2 questions for each focus area that will guide your staff as they investigate these aspects of your campaign.
ASSIGNMENT 4: Leadership & Management: Leadership Consultant Analysis
Note: All scenarios in this assignment are fictional.
Real Business
It can be difficult for a business to improve how it operates from inside the organization. Sometimes, an outside perspective is needed. The large discount retail store you work for wants to improve its in-store restaurant management team.
Your Role
Companies like Target and Walmart often works with outside consultants-people who are not employees of the company but who are hired on a contract basis to help with a specific project. As a Leadership Consultant, you've been hired by a large discount retail company to help the company improve its leadership structure and approach to management.
What is a Leadership Consultant?
A leadership consultant is a person called in to a company, be it a large corporation or a small business, to evaluate how it operates and make recommendations for improvement. Leadership consultants are typically hired when a business is struggling and needs to make changes in order to remain profitable. Such consultants are often highly educated in the field of business and have experience in managerial roles.
Instructions
Step 1: Organizational Structure
Take a look at the Organization Chart provided by the company.
• Based on your knowledge of hierarchies, would you say that this team has tall structure or flat structure? Explain your answer.
Step 2: Human Resources
The company would like to improve the culture of its team and the quality of its work. Its leadership has provided you with a Process Chart detailing how it currently applies Human Resources best practices.
• What step of the Human Resources Cycle is missing? Explain why it is important to include this part of the process.
Step 3: Leadership Style
You have been asked to help improve the leadership style of the company's team leader in order to meet the team's performance goals. The team leader has given you a description of what is most comfortable in terms of leading others.
• Identify this leader's style of leadership, and list two benefits and two drawbacks to that style as it relates to the performance of the team.
• Provide advice to the team leader on how to overcome the drawbacks of this leadership style.
Step 4: Real-World Application
Apply the thinking in Steps 1-3 as if you were a Leadership Consultant hired by the company where you work or for a previous employer.
• Review the organization chart for your company. Based on your knowledge of hierarchies, would you say that your company's team has a tall structure or flat structure? How does this affect the way your team works? Explain your answer.
• Consider the work conducted by the Human Resources team at your company. What steps of the Human Resources Cycle do they implement well? What steps of the Human Resources Cycle might be missing from your company or are not implemented as well as they could be? What is the effect of this on you and your team? Explain your answer.
• Lastly, reflect on the leadership style of either yourself or your supervisor. What leadership style do you have, or what leadership style does your supervisor have? What are the benefits and drawbacks of this style for your team? What might you or your supervisor do to improve leadership? Explain your answer.
ASSIGNMENT 5: Competition: Market Research Manager Analysis
Note: While representative of possible situations faced by Target & Walmart, all scenarios in this assignment are fictional.
Real Business
As you learned this week, understanding your competition and adjusting your own business accordingly is critical to a business's success. A large discount retail store like Target competes not only with other discount retail store stores but also with those stores that offer just some of the products Target does, such as grocery stores. Keeping track of all these competitors is quite a task; that's why large companies have a team of market researchers dedicated to managing that research.
Your Role
You'll assume the role of a Market Research Manager at Target.
What is a Market Research Manager?
Market Research Managers are responsible for creating and improving processes for gathering information on various market conditions, competitors, and consumer trends in their companies' industries. They are typically responsible for managing a team of researchers and reporting their findings to the head of the department. Teams across the company then use these findings to help improve products, guide marketing efforts, and more.
As a Market Research Manager, part of your role is to consistently analyze Target's position relative to its competitors and report on these findings. As part of this process, you complete a SWOT analysis for each of Target's main competitors each quarter. The quarter is coming to a close, and your boss has asked for the latest SWOT analysis for Walmart.
Instructions
Step 1: Research
Search online and find 1-3 articles that discuss the competition between Target and Walmart. For each article:
• Provide a link to the article.
• Identify which aspects of the article will be helpful as you conduct your SWOT analysis.
Step 2: Strengths
Based on your own experiences shopping at Target and Walmart and the research you conducted:
• Identify 1-2 strengths Target has in comparison to Walmart. For each strength, explain your rationale.
Step 3: Weaknesses
Based on your own experiences shopping at Target and Walmart and the research you conducted:
• Identify 1-2 weaknesses Target has in comparison to Walmart. For each weakness, explain your rationale.
Step 4: Opportunities
Based on your own experiences shopping at Target and Walmart and the research you conducted:
• Identify 1-2 possible opportunities Target has to be more competitive with Walmart. For each opportunity, explain your rationale.
Step 5: Threats
Based on your own experiences shopping at Target and Walmart and the research you conducted:
• Identify 1-2 possible threats that might diminish Target's competitiveness with Walmart. For each threat, explain your rationale.
Step 6: Who will come out ahead?
Based on your SWOT analysis, do think that Target or Walmart is better positioned over the long term to come out ahead? Why?
Step 7: Real-World Application
Conduct a SWOT analysis for your company and one of its biggest competitors using the methodology outlined in Steps 1-4.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Assignment-2-Template.rar