Essay: Management concepts

Firstly, the question comes that what is pitfall, by New York Times Pitfall is An unexpected source of trouble or danger; a hidden hazard or potential pitfalls stems a business from their optimistic inflation assumptions” (New York Times) . As we asked our respective manager about her business plan and the precaution on pitfalls ,she replied to us saying, They have a business model where they want to get as many clients as possible and ensure that they (customer) have strong interest working with them (manager), and also Their finance team will make sure that there is a buffer in their account so if there’s a hit in their business they have shelter to do business in an aggressive competition and economic uncertainty. For personal point, she (manager) will make sure that she has strong links with other companies and if necessary she would find another opportunity and find another challenge, she herself too need to make a certain for her own future”. For me, to obtain success in business, a manager must be able to analyse the upcoming future and also he or she should have a solid business plan because, a business without a solid plan is more like a boat without a sail. Moreover, a manager also must be aware of potential pitfalls, as pitfalls are also a part of business. So, a manager must know how to work together and get back to business when a company steps into pitfall. So, I felt like our respective manager’s answer on this question was quite positive.
8.  Tracking is a way that project managers uses update executives and stakeholders on the status and what’s happening on the company. (Billows D, 2015), when we asked our manager about how she keeps tracking progress her, answer was really strategic, she replied saying that “ She keeps update with her company progress, is from all department. She is in sales, she has to refer to finance department, top levels managers about what direction they want to go and how they want it to be done, suppliers relationships keeping update to make sure there will always stock available when client need, also other government bodies and company entities. Basically by having a strong relationship with her surrounding keeps her updated from their companies directions, to clients directions and future expectations of their business and it does affect us too, government bodies getting information the movement of the government in our industries, basically it expresses the picture.” When a company’s goal is clear that means that certain company is ready to sail their business. After that the most challenging part comes to a manager which is tracking the progress. To be honest that requires strong communication and leadership skills because, a manager must maintain a good relationship with his or her subsidiaries to track companies overall progress and each status report from team members can be used to measure progress and our interviewed manager is also exercising the same objectives.
9.  An organizational strategy is the sum of the actions a company intends to take to achieve long-term goals. Together, these actions make up a company’s strategic plan. Strategic plans take at least a year to complete, requiring involvement from all company levels (Johnson S, 2018) Ours interviewed manager’s answer was something like this when we asked about her organisational strategy for the long run of her company “Yes even any company have their own strategy, we have our short term and long term goals. Both are equally important. We just need to work together in the company achieve those goals.” A manager’s one of the tough challenge is to find organisational strategy and how to apply them in the workplace. It is to say that, to maintain a corporate level and to run a stable business a clear and good organisational strategy is must. A good strategy defines how dedicated a company is to achieve their organisational goal. As our interviewed manager stated that they have a clear short time and long time goals and strategies and it expresses how dedicated and hardworking they are as a company to achieve their goals.
10.  A strategic group is a concept used in strategic management that groups companies within an industry that have similar business models or similar combinations of strategies. (Hussein M, 2014) Before any planning a company first must check their resources. Base on the resources they have, they (company)will know what they need and they can start a proper planning. Most key questions of planning which is do what is the direction to achieve in the company? How and what do a company need to make it? Who is their competitor? Who is their clients? Do they have enough labor resources? Does their suppliers have such items that they need? Do they need to find new suppliers?, Amirah (our interviewed manager) combine the team from Finance, HR, Sales Team and others, so they all know the directions and proper planning and gather all informations from other department would make their mission achievable. According to Muller-Stewens, as cited in Strategy Train (2009), the strategic behaviour and performance within a strategy group are very similar. The industry may consist of several or only one strategic group. A strategic group may consist of one or more members.
11.  Generally when a company introduces new product, process or services to achieve affirmative changes in the business. This can be use for improving existing practices or methods or starting from scratch. (Cassidy F, 2018) When we asked Amirah (manager) about how she feels about new ideas or innovation she replied us saying   that matters the most and their company loves to hear new ideas from the employee as long either intercept obstacle or new ways and technology that would bring the company with more advantage than their competitors. In my opinion, opening a business is easy but, the most difficult for any business is to come up with new ideas to achieve the title call “Successful Organisation” and the process of of bringing those hypothesis to reality is called innovation. The vast majority of professionals agreed to the point that that business innovation is the key to success for any kind of business. As our interviewed manager welcomes new ideas and innovations from employees that means she is strong enough to welcome changes throughout the organisation which is ideal thing to do.
12.  A management innovation can be defined as a marked departure from traditional management principles, processes, and practices or a departure from customary organizational forms that significantly alters the way the work of management is performed. (Hamel G, 2014). When we asked our respective manager Amirah about how she handles effective management of of innovation, her reply was, “The team itself must be top notch, working with people with integrity making sure company information will not leak, and they must be the people that know how to be a team players and from there as a manager must able to lead and give directions to the team and at the same time giving support to the team so that the project or the innovation can successfully complete the task.” Nevertheless, for me, after interviewing her, I can say she is really capable of dealing with effective management of innovation and she really knows how it is done and that’s a mindset of a charismatic manager.