Control Process

BCG matrix is the corporate kind of tool of planning which is being utilized in portraying the portfolio of the brand on quadrant along with the relative kind of market share which is shown in horizontal axis along with speed of the growth of the market in the vertical axis. This helps in analyzing the business potentiality along with other involvement of the different investment strategies (Barney 2017).

Furthermore, BCG is being designed which helps in long term strategic planning which will help the business in considering the different growth strategies. The four major quadrants are as follows:

• Dogs – Low growth share
• Question Marks – High market growth and low market share
• Stars – High market growth and market share
• Cash Cows – low growth markets and high market share

These are the four main quadrants in BCG matrix which helps the company in analyzing their market share along with their market growth in an efficient manner. Furthermore, this has been noticed that in order to understand the BCG matrix, this is essential to understand how the share in market and growth in market in interrelated. The businesses can analyze the different aspects through BCG matrix which are as follows:

• Profile of the product or businesses
• Cash demand of the products
• Development cycle of the products
• Resource allocation decisions

Personal Interpretation on Results

From the BCG matrix, this can be seen and analyzed that there are different kinds of benefits which are as follows:

• The BCG matrix is simple along with easy to understand and this helps in quickly screen the different opportunities and helps in making most of them.
• Moreover, this is used to identify how the corporate cash resources can be best used as to maximize the future growth along with profitability of the firm.

However, there are different limitations of using BCG matrix in the organization as well which is inclusive of the following:

• High market share do not mean profit all the time
• Business with low share in market can be profitable too
• Problems of receiving data on share and growth of market

From the BCG matrix usage in the business, this can be analyzed that this method is simple and useful portfolio matrix which have been used by the different large organizations  having multiple products and this helps in making the right decisions easily as well. Lastly, with the help of the BCG matrix, this will be helpful in analyzing the different other opportunities which will help in improving the future growth and opportunity of the company in an efficient manner.

Management by Objectives is the performance management approach which helps in creating a balance between the objectives of different employees along with the objectives of the employer or organization. This helps in determining the joint objectives and this helps in providing feedback on the different results. By increasing the level of commitment, the managers of the organization are provided with the opportunity as this will assist them in focusing on the new ideas which will contribute towards the development and objectives of the organization.

There are few steps which are required to be followed in order to put MBO into practice:

• Determining the organizational objectives
• Translating the different organizational objectives to employees
• Stimulating the entire participation of the different employees in determining the different objectives
• Monitoring the overall progress
• Evaluating and rewarding the different achievements

With the joint effort for team leader along with members, the different objectives will be achieved and the actions can be taken into consideration. From the diagram, this can be analyzed that in the MBO, this can be analyzed that the plan is required to be done by both leader and subordinate. Furthermore, the act is required to be done individually and lastly the control is required to be done jointly as well in order to improve the overall efficiency.

Strategic planning process is essential to the organization as this helps in providing sense of direction and this will measure the desirable outcomes. The strategic planning is the tool which is useful in guiding the different day to day operations and this helps in progress of the company. As per the diagram, in a corporation there are various strategic business units which is inclusive of HR, finance, manufacturing along with marketing activities as this will help in proper formulation of the strategy in a positive manner.

Organizational Controls

Corporate strategy is the direction which is taken by the organization in achieving the business success in the long run.

Business strategy is the aspect which helps in the long term business planning which will assist the organization in becoming successful.

Functional strategy is the aspect which is being adopted by the organization which is inclusive of marketing, HR and finance resources.

The different corporate, business and functional strategies are required to be analyzed by the organization which will help in making the business successful in nature. There are different stakeholders such as employees, government along with the different suppliers who will be involved in the proper implementation of the strategy which will assist the company in becoming stronger in all the aspects in an efficient manner.

1. A) Growth strategies Seek an increase in size and the expansion of current operations
2. B) There are two types of growth strategies: Concentration and Diversification

1. D) Globalization, Multidomestic and Local

1. C) Failure of planning and failure of training

5)  B) Tactical and strategic planning

6)  A) Broad guidelines for making decisions and taking action in specific circumstances

7)  B) Making assumptions about what will happen in the future

8)  E) Identifying alternative courses of action that can be implemented to meet the needs of changing circumstances

9) D) Allows increase of efficiency

10) C) The ability to use resources efficiently and operate at minimum cost

11) B) Determination of the point at which sales revenues are sufficient to cover debts

12) B) Break-Even Point = Fixed Costs / (Price – Variable Costs)

13) A) The cognitive processes by which consumer interpret and integrate information from the environment

14) E) Learned predispositions to respond favorably or unfavorably to a product or brand and where the response is the behavior

15) B) Family influences play important roles in the socialization of people but don’t affect individual purchase decisions

1. a) SWOT analysis is the strategic kind of technique of planning which is utilized by various organizations in identifying their positive and negative internal and external factors which is being related to the planning for the project (Helfat and Peteraf 2015).

The main four aspects are as follows:

• External Factors comprises of threats and opportunities
• Internal Factors comprises of strengths and weaknesses
• Positive aspects is inclusive of strengths and opportunities
• Negative aspects is inclusive of weaknesses and threat

Strengths are inclusive of the different advantages of the organization which have different questions such as:

• What is the competitive advantage of the company in comparison to the other competitors?
• Discuss the strong points in comparison to the other competitors in the market?

Weaknesses are inclusive of the different issues which are being faced by the company which is inclusive of the different questions such as:

• What are the different factors which are hindering the growth of company?
• What are the different worst areas in comparison to the other competitors?

Opportunities are the different strengths which can be utilized by the company which is as follows:

• Whether the different promising markets are being covered in the potential segment of the market?

Threats are inclusive of the different competition from the other competitors which are as follows:

Is there any tough competition in the market which is affecting profitability of the firm

1. b) The BCG matrix approach helps in the formulation of the corporate strategy as this is a framework created by Boston Consulting Group which helps in evaluating the strategic position of the entire business along with the portfolio along with potentiality. With the help of the BCG matrix, this helps in performing the various steps:

• Choosing the unit along with defining the market
• Calculation of the relative share of the market
• Finding the growth rate of the market
• Drawing circles on the matrix

For instance-

 SWOT analysis is defined as the strategic planning technique which is being used by the different organizations as this helps them in identifying the strengths, weaknesses, opportunities along with threats related to the project planning or the business competition as well (Cohen and Olsen 2015).

The four categories of the SWOT analysis are inclusive of the following:

• External Factors – Opportunities and Threats
• Internal Factors – Strengths and Weaknesses
• Positive Factors – Strengths and Opportunities are beneficial to the business
• Negative Factors- Weaknesses and Threats are exerting bad influence on the business

Strengths

The other term which can be used in this regards is advantage which can be defined by the question-

• What makes the organization perform well?
• What is the strong point in comparison to the different competitors in the market?

Weaknesses

This is the opposite of the different strengths which will be hindering the growth of the company in a negative manner.

• What are the different factors which are hindering the growth of the company?
• What are the areas which are performing worst in comparison to the other competitors?

Opportunities

This is inclusive of the different opportunities which are being gained by the company which is inclusive of the following:

• Whether there are any kinds of potential markets which have not been covered?
• What potential customers have not been found out effectively?

Threats

• Is there any kind of huge and successful competition from the other competitors in the entire market?
• What are the different kinds of markets which can damage the position of the respective company?

The different essential financial aspects of the performance of the entire company is inclusive of the following aspects which are as follows:

• Gross Profit is the first aspect wherein the financial prospects and profitability of the entire organization is being measured (Harding 2017).
• Net Profit is the other aspect which helps in managing the operational plan along with profitability or losses which are being incurred or gained by the company.
• Current Ratio is the aspect which is required to be taken into consideration which will help the company in measuring of liability and this will help company in paying off the short-term liabilities (Ramya et al. 2017).
• Accounts Receivable is the last aspect which will be analysing the different kinds of position of the firm in meeting the debts of the company.

1. c) Important attributes of website are as follows:

• Mobile compatibility
• Accessible for all the different users
• Well planned architecture of information
• The content is well formatted which is easy to scan
• Load time is fast in nature (Michael, Storey and Thomas 2017)
• Consistency in the browser
• Effective kind of navigation
• Handling is effective in identifying the different errors
• Valid clean code and mark up
• Usable forms

1. a) The different steps in the process of planning is inclusive of the following:

• Setting Objectives is the first step which is inclusive of the different aspects of what is required by the organization. The organizational objectives are the integral part of the process of planning as the main objectives of growth of organization are profitability along with corporate growth.
• Determining wherein the company is standing relative to the goals is essential in nature as this will help in analysing the different limitations of the resources. The corporate goals do not exist in the vacuum and this can be analysed through potential and actual liabilities
• Development of the premises of planning wherein the premises is inclusive of the organizational environment assumption which will help in analysing the nature of the environment. The different factors along with forcing adoptions of the current operations along with their reviews (Wheelen 2017).
• Choosing from alternatives is the other aspect in which there are various kinds of alternatives are available for reaching the desired kind of goals such as evaluating the different alternatives and choosing from them the most suitable alternative which will be appropriate for reaching the goal (Shanbhag, Dutt and Bagwe 2016).
• Developing methods which will help in controlling the different operations of the plan is the other aspect which involves the continual analysis and measurement of the actual operations which will be established along with developing the process of planning (Rothaermel 2015).

1. b) Important Financial Aspects of Organizational Performance:

• Gross profit is the first aspect which helps in analysing the profitability along with financial performance of the organization effectively (Bettis et al. 2015).
• Net profit is the second aspect which assists in gauging the different measures the operational plan along with profitability in comparison to the other competitor business (Hitt and Duane Ireland 2017).
• Accounts receivable is the other aspect which is the lifeblood of the cash flow of the business. This helps in calculating the overall profitability which has been earned by the organization along with providing indicator for the income of the business (Meyer, Neck and Meeks 2017).
• Current ratio is the last aspect which helps in understanding the ability of the business to pay off the debts and this will furthermore check the ability of the company to pay back the short term liabilities as well (Torquati et al. 2018).

1. c) Six Generic Consumer Behaviour Choices

• Product is the first aspect which is being chosen by the customers before purchasing the products from the market.
• Brand is the second aspect which is being decided by the customers while purchasing the required products and services.
• Shopping area is also being decided by the consumers wherein the area of shopping helps in deciding the attitude of the customers such as internet or offline shopping techniques
• Store type is the other aspect in which this includes the type of stores whether offline or online shopping techniques
• Store is the aspect wherein the customers prefer walking to the store for purchasing the different products and services (Hill, Jones and Schilling 2014)
• Nonstore source is the aspect which is inclusive of catalogs or television shopping techniques used by the customers.

References 

Barney, J.B., 2017. Resources, capabilities, core competencies, invisible assets, and knowledge assets: Label proliferation and theory development in the field of strategic management. The SMS Blackwell handbook of organizational capabilities, pp.422-426.

Bettis, R.A., Gambardella, A., Helfat, C. and Mitchell, W., 2015. Qualitative empirical research in strategic management. Strategic Management Journal, 36(5), pp.637-639.

Cohen, J.F. and Olsen, K., 2015. Knowledge management capabilities and firm performance: A test of universalistic, contingency and complementarity perspectives. Expert Systems with Applications, 42(3), pp.1178-1188.

Harding, S., 2017. MBA management models. Routledge.

Helfat, C.E. and Peteraf, M.A., 2015. Managerial cognitive capabilities and the microfoundations of dynamic capabilities. Strategic Management Journal, 36(6), pp.831-850.

Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.

Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.

Michael, S., Storey, D. and Thomas, H., 2017. Discovery and coordination in strategic management and entrepreneurship. Strategic entrepreneurship: Creating a new mindset, pp.45-65.

Niesten, E. and Jolink, A., 2015. The impact of alliance management capabilities on alliance attributes and performance: a literature review. International Journal of Management Reviews, 17(1), pp.69-100.

Ramya, S., Harshidaa, S., Gomathi, P. and Kochar, D., 2017. A Study on 

Robson, W., 2015. Strategic management and information systems. Pearson Higher Ed.

Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.

Shanbhag, M., Dutt, M.L. and Bagwe, S., 2016. Strategic Talent Management: A Conceptual Analysis of BCG Model. Imperial Journal of Interdisciplinary Research, 2(7).

Torquati, B., Scarpa, R., Petrosillo, I., Ligonzo, M.G. and Paffarini, C., 2018. How can consumer science help firms transform their dog (BCG Matrix) products into profitable products?. In Case Studies in the Traditional Food Sector (pp. 255-279).

Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. pearson.