Communication play vital role in making decision of the business. It is systematic process of the exchange the words between two or more person. Managing of the information transfer is very important for each and every organisation. It helps to setting of vision and mission of the new business enterprises. Communication assist to understand expectation, trends and market competition. Along with this it helps in selection of the vendor of the raw material, chosen of the distribution channels and target customer to offer the products or service to satisfy their need (Coombs, 2014).
Increase Your Odds of Success With Our
- Scholastic academic documents
- Pocket friendly prices
- Assured reliability, authenticity & excellence
The report is based on the Samsung which is leading company in the technicals product. Now the enterprise looking to expand it business function by reaching the new market in UK. The micro and macro factor affect decision procedure of company.
It is very essential for the organisation to understand market situation to choose a particular sector and best product for the business. Technology field is dynamic and demand of goods are continuously increase in market. Company can easily achieve its goals and objectives by proper target or analysis of the customers. To expand business and start new business is very crucial to owner to study of consumer and market. Generally a qualitative product can satisfy the need of the buyer (CaracaÅŸ and et.al., 2011). As the producer point of view to use superior material or technology in product to fulfil the demand of consumer.
An enterprise face many challenges in start new business regarding to arrangement of the fund, select the business and product, vendors or suppliers selection, use of the human and technicals resource of organisation, market analysis to select product segment and customer. In the success or collapse of the business the above elements have huge impact. To attract the big size of the customer its important to give a suitable name to product, appropriate location of the stores and use better punch line to create interest in buyers mindset towards organisational goods.
In addition to this, it can be stated that decision making is a one off activity which doesn’t give any other chance to decision makers. By having a decision in regard to finance, human resource and operational activities the management of Samsung can easily overcome the issues. Planning decisions also need to be referred effectively because it helps in effective management of work activities. By having assistance of financial decisions the activities like fund allocation and budget can be taken into account. Risk taking decisions also need to be referred effectively to manage tactical aspect so that long term sustainability can be accomplished. Strategic decisions like marketing strategies formation and application is also significant because it helps in meeting objectives.
In the new business success information and knowledge play a vital role. In present globalization era market movement is based on the circumstances so information and knowledge helps to business to adopt change and respond it proper (Rossetto, 2013). It is very difficult to new entrance to compete with existing rivalries to meet with goals and objectives. Before the start business owner must get knowledge about the competitor product, price and promotional strategy. As the growing of the technicals industry competition is increase through entrance of the many companies. Provide product at lower price with better features is very essentials for new joiner in the particular business industry.
In the present business era using best technology in operation is very crucial. It helps to producer to use better tools and equipments to reduce the cost of the production. Along with manufacture organisation must adopt innovative ideas in marketing of their product (Allen and et.al., 2007). Knowledge of the market demand of the customer is very essentials for the new enterprise to meet the goals and objectives in effective manner.
The success or failure depends on the efficiency of management at Samsung to convert the information into knowledge and implement in business. It has been noticed that by analysing the details about customer needs the activities are being framed by the management. It allows to meet key goals and objectives. In -depth information about customers is gained through application of market research. It assists in meeting the standards and provide better opportunities to business development. By analysing the competitors values the significance of technology in success can be analysed effectively.
Micro and macro source of the information and understanding:
Micro: these are internal factor of the organisation to assist in making business decision for the new product of the service to fulfil the demand of customers. These can take within the organisation;
- Information about sales and marketing conduct through the various accounts statement of the enterprise at specific period of time, and revenue of sales and channels of distribution of the company.
- Amount of the profit, cost, investments and cash flow provide the financial information to top management (Kristensen and Vinter, 2012).
- Quality, asset and standard provide production information to higher authority to take decision for improvement of the manufacturing.
- Company documents are internal source of the knowledge of the information it include the debit and credit memo, invoice etc.
Macro information source:it is relate to the market fluctuation, rules and regulation from government side and other elements which impact on the business function of an organisation;
- Competitor information can collect from the telephone catalogue (Kramer, 2014).
- Journal of trade also provide the necessary information about current and potential change of the market which help organisation to make adjustment.
- Internet is more suitable source for gaining information in the present time, it provides wider range of the knowledge about market and customer.
Internal source: for the new business organisation to collect or gain the knowledge from internal because company not having the employees and customer yet (Huckfeldt and Mendez, 2008). These source of the information is available for only existing company.
External sources:for new business enterprise these are very useful. Internet and telephone helps to gain the essentials knowledge before the start of business, it helps to select the best suitable product or service and chose specific target market.
The primary stage is gathered of the information regarding market change and customer preference. Survey assist to organisation to collect necessary knowledge about fluctuation and trends. It is method in which surveyor ask some question form the number of people about predetermined elements. It is relate with need and desire of the customers, their like and dislike and getting their suggestion where and how enterprise can improve in its product or services. In the context of Samsung survey provides information which kind of the technology consumer wants in company goods (Cahn and Abigail, 2007).
The next steps is study of the data which is collect through survey or other sources. Analysis mostly done by top management or expert person of the specific field.
In this context of Samsung in collecting data and analyse need some improvements. In the first, it is very critical to collect data in the market field due low interest of people but access knowledge of the competitor shops and regular customers to perform through internet a online survey about to start up a new business.
Stakeholders whose actions may influence decision making processes: these are integral part of the organisation. Samsung have opportunities to enter new product segment such as the TV, it is only company which is provide the first curve television in the market to provide better experience of the sound and picture quality (Geppert, and Roessler, Avaya Inc., 2010). The stake holder of the company helps to enterprise to new enter in this particular segment. These are two types that describe as under:
Internal stakeholder:for the company employees and worker is its internal stakeholders. They provide essentials information which assist to company to take better decision to achieve goals and objectives in effective manners. Subordinate know better how deal in specific condition of works.It has been noticed that by having an effective consideration of internal stakeholders the Samsung can be easily improve its performance. Internal factors like directors, managers and employees are significant for business. Samsung must have improvement in services and working by analysing the information about such aspects.
External stakeholder: the are outsider person that affect the business decision of organisation. It includes consumer, investor, bank and vendor of enterprise. The provide essentials suggestions regarding the market trends and competition to enhance its market share and achievement of goals and objectives (Pernu, Piipponen and Ruuska, Nokia Corporation, 2010). If stakeholders needs are considered effectively then it will impact the overall outcome in desired manner. Classification of stakeholders can be government, media, advertising agencies and various pressure groups. Satisfaction must be provided to such stakeholders for sustainable development.
Method to relationship establishment with stakeholder:
To maintain a good relationship with the stakeholders to get the desired outputs following are important;
Define the stakeholder:it is the primary stage of the relationship building with stakeholder. In this step management must detail study of the stakeholder, their benefits and ability of the decision making influence to Samsung.
Prioritize: within the group of stakeholder prioritize is important to organisation and their needs such as; demand and supply quantity etc (Anantatmula and Thomas, 2010).
Recognise the need:it very crucial for the Samsung to identify the need or desire of stakeholder in term of monetary. To fulfil this purpose regular communication is crucial to understand their expectation with organisation.
Engaging:proper communication helps to take appropriate suggestion to improvement in organisational product. In present time company mostly use the software to regular communicate with target stakeholder. To maintaining relationship with them two communication is best method.
Monitor:if you not review the communication it would be waste of the information. Getting feedback helps to increase relationship between producer and stakeholder (Lee, 2010).
In order to have better communication with internal stakeholders the Samsung is well focused towards application of emails, meetings and providing group task. By having an advancement of such aspects the issues can be overcome in desired manner. It helps in direct interaction with employees for sustainable development. On the other side, for better communication and relationship with external stakeholders the organisation is well focused towards application of methods like campaigning, meetings. By having changes in work activities the issues can be overcome in desired manner. Effective communication with media and developing various social welfare projects for environment and public is also beneficial for Samsung.
A plan to involve the identified people in the decision making process.
Competitor pricing strategy: in this setting of the pricing of organisational goods according to rivalries price. It provide the options of determining of value of goods lower price, same price and higher price. For new product low pricing strategy is more suitable to get success. It helps to increase the size of the consumer.
The role of suppliers is very crucial in setting price of the goods, if they provide raw material at lower rate company can easily produce qualitative product at affordable price vice versa.
Competitors are also important in determined the price of goods. Samsung evaluate rivalry products features and price than define value of product (Chawla, Chawla and Khosrowpour, Dell Products LP, 2011.
Customer are most important factor of the price determination. Effective or suitable price of the goods or service stimulate them to buy product or services. In addition to this, it can be stated that customers' motivation level must be improved by taking feedbacks on purchase. After sales service process will also advance the positive values so that management can advance the customers involvement. For better involvement with government diverse meetings can be organised by company. Along with this, Government also sets different rules and regulation for business in order to advance the participation.
Samsung must evaluate the pricing strategy to improve it. It is based on the micro and macro key people. They are describe as under:
customer: price is set to satisfy their need in effective manner, generally they want low price of the quality product, without consideration of the customer interest organisation can not get success. So improvise owner must focus on their benefits.
Suppliers: involvement of the vendor is very importance in pricing strategy of the organisation. Proper communication is helps to assurance of the quality of strategy (Skuse and Cousins, 2007).
Employee: they are most valuable asset of corporation, their presence increase the quality of the pricing strategy of the goods or services. They provide essentials thing which helps to enhance the nature of blueprint.
Communities: to satisfy the mass customer desire the feedback of society is very crucial for enterprise. It helps to make adjustment in pricing and production strategies of products.
Want to Join the Circles ofHIGH ACHIEERS?
Make it a reality with our EXPERTSOrder Now
Communication is defined as the transfer of the information or message between the sender and receiver through using medium. Success of the communication is based on their understanding of the message and its reply (Baker and et.al., 2011). In the context of the Samsung organisation must follow the under described process:
Sender: is the person who send the message to receiver. The owner of the organisation will start the process to communicate with targeted person to get their views about their need or expectation with product.
Medium: it is link which helps to sender to send the message to target person to make understand him or her with his idea. Effective use of the medium remove the barriers of the communication.
Receiver: it defined as that target person who get the message from sender. He or she must thinking form the senders viewpoint to improve the communication (Jonker, Robu and Treur, 2007).
Feedback: it is most crucial in the success of the information process, appropriate feedback help to create better understanding between them. Feedback is symbol which indicate the receiver get the message and aware with intend of communication.
In addition to this, it can be stated that there are number of mediums of communication which are employed by Samsung so that goals and objectives can be accomplished. Email is referred as medium which allows to directly interact with customers, employees and other stakeholders. Use of memo is also beneficial to referred so that long term sustainability can be advanced. Memo provides the detail information as compared to email about particular task. It has been noticed that calendar notes can also be employed so that better communication can be taken into account. In this, daily activities chart can be provided to employees so that they can understand key values effectively.
Types of communication:
Horizontal communication: it is communication which process at same level within the organisation. It generally known as the one way process.
Vertical: in this type of process information flow top to bottom. In vertical process top management provide the orders or instructions to workers.
- Two way communication: it is most suitable communication process where the flow of message run in two direction. It start form the sender to receiver and then feedback flow receiver to sender (Nilakantan and Jaszewski, Scalent Systems, Inc., 2008).
In addition to this, it can be said that formal communication can be taken into account among employees so that better outcomes can be attained by having an improved focus on communication through predetermine factors. It allows to ensure that information is being shared effectively among members so that goals and objectives can be accomplished. Along with this, application of verbal and non-verbal communication aspects is also significant for organisation. It helps in use of words so that information can be shared in written form. Moreover, message sharing through body language and facial expression the level of communication can be advanced. If employees are having appropriate information about facial values then he or she can easily observe communication elements within organisation.
Communication is very crucial for the Samsung to successfully expand it business operation. To improve the transformation of the information. Integration of the planning and strategies are assist to improvise it. The key elements which aid in importance of the communication that are describe as under;
Define goal: the basic primary major elements is setting the objectives of the communication, it helps to understand the vision of the organisation.
Target audience: product of the Samsung must be determined the target audience in the market segment to get the competitive advantages (Coom