BUSINESS MANAGEMENT
Business Management: SWOT, BCG and I.R. Matrices Analysis
When the company has stepped into the market and is ready to deliver its products or services to the market consumers, it engages itself in evolving. For this purpose, it has to develop strategies that are favorable for its company continually. The strategies are based on the unceasingly changing external factors such as market risk, legal considerations, technological changes, competition, consumer preferences, etc., that shape the competitive landscape each day. Based on the available information from inside and outside the company, the business strategies have to be outlined with planning tools for simplifying, organizing, and focusing on the inputs and outputs. This paper aims at providing an analysis of the significance of the SWOT matrix, BCG matrix, and, I.E., a matrix that would influence recommendations for strategic plans for improving the companys position.
The significance of the SWOT matrix is that it helps the company create and mix and match all four areas of the matrix to find new opportunities and overcome its threats. SWOT matrix would be valuable in outlining the companys battle plan. It helps pinpoint its internal strengths and the available resources and compensate itself for the weaknesses for fighting with external forces, like a market rivalry. The company sets itself to realize that there are factors that it cannot control, especially...
For instance, W.O. combines a companys weaknesses to take advantage of the available market opportunities (Mondal, 2017, p. 164). In Macys case, it can improve on its weakness of insignificant technological advancement for capturing the opportunity of market share, product variety, online sales marketing, and customer service.Similarly, SO strategies could be formulated by analyzing the SWOT matrix to help Macys realize its opportunities and capitalize on its existing strengths, such...
…the parameters of strengths and weaknesses that would influence the business in the long term, short term, and medium-term basis. Since the matrix has nine cells divided into three major sections with their strategic implications, Macys should understand its significance in growing and building its business. It would lead the company to either take the help of intensive strategy for market penetration, product development or market development, etc. or hold and maintain its already achieved market share that would inculcate market penetration and product development. Macys positioning in the, I.E. matrix could be seen in I, II, IV, V, VI, and IX cells. This means that the above two scenarios in which intensive strategy and maintaining/holding position could be carried out simultaneously.With the above-mentioned strategic management tools, Macys would be able to provide an overall direction to its business by developing plans that are in favor of achieving the desired objectives by utilizing its resources carefully and gaining a…
References
Budiono, G.L. (2017). Mapping and selecting company’s competitive strategy. European Research Studies Journal, 20(4A), 696-706.
Hossain, H. & Kader, M.A. (2020). An analysis on BCG growth sharing matrix. International Journal of Contemporary Research and Review, 11(10), 21899-21905. https://doi.org/10.15520/ijcrr.v11i10.848
Mondal, S.H. (2017). SWOT analysis and strategies to develop sustainable tourism in Bangladesh. UTMS Journal of Economics, 8(2), 159-167.
Business Major A major in Business Management seems secure, and yet, it could be easily rendered an obsolete concentration. If Business Management were rendered obsolete, it would have adverse implications on the economy, on issues related to social justice, and on the ability for organizations to thrive. Especially during an economic recession, the need to develop future business leaders becomes apparent. Interviews with successful managers who were once students in an
Business Management Business Operations and Systems The objective of this study is to outline the essential components for effective business operations management for a UK business whose products are delivered to the door. The parcel delivery conundrum will be examined using an appropriate system and methodology and a discussion will be provided to support appropriate business operations models. Included will be CATWOE, Root Definition and a detailed picture to illustrate the
Management and Business Management Theories and Principles of Each Reading The Fifth Discipline forces managers to look at the way in which learning disabilities which are common to organizations can actually stunt their growth and progress. The author targets several common learning disabilities which can riddle even powerful organizations, they are: identifying with only one position, external enemies, the illusion of taking charge, fixation on events, the parable of the boiled frog,
" On the subject of personal development, which company E. should encourage, McGill and Beaty (2001, pp. 85-86) write that in addressing personal development issues, an employer could devise a forum for workers to bring their issues forward. The one rule would be that the issue "is of significance" to the employee; the issues that could be discussed in the personal development session include: "personal motivation towards work"; relationships between managers
Business Management Principles -- Questions from PowerPoint Chapter Described the major factors that have influenced the evolution of management thought. The major factors that have influenced the evolution of management thought are economic, social, political, technological, and global factors. Generally, economic factors relate to resource availability and distribution in society; social factors consist of culture and interpersonal issues; political factors relate to the effects of political institutions; technological factors relate to the
Business Management Supply chain management is a process conducted by several business entities, which involves planning, implementing and controlling any production and supply activities, with an aim of providing it to consumers in efficient ways. While supplying, there are intermediaries who play a role in connecting producers and consumers, who ensure efficiency in the supply chain too. Supply management is done to ensure collaboration between the intermediaries (Catholic Relief Services, 1999,
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now