This assignment is divided into four sections. Section (1) is associated with identifying and analyzing the elements of microenvironment. Competitors, Suppliers, the market, Intermediaries and customers are going to be explained in the assignment. Any three environment will be selected in the macroenvironments and the move of the environment factors is also going to be discussed. In the second section, any two management theories of the organization will be discussed. In the third section, any five key roles of managers will be discussed. In the fourth section, viability of the expansion and its objectives is going to be discussed using SMART analysis.
Microenvironmental factors plays a very important role in the success of the company because it affects the efficiency of business. Important elements of micro-environment are as follows:
Competitors: It is very essential to keep an eye on the strategies adopted by the competitors because if the company want to achieve competitive advantage, it has to work upon improving its strategies and need to make it better than its customers (Kadocsa & Francsovics, 2011).
Suppliers: The management of the company need to make good relationship with the suppliers so that they can get the raw material of good quality in minimum cost. Good relationship with the suppliers is also important for getting the timely delivery of the raw material (Kadocsa & Francsovics, 2011).
The market: Market analysis is very important thing because it focusses on the price and demand in the market which proves highly beneficial in important decision makings of the company (Testa, Gusmerottia, & Corsini, 2016).
Intermediaries: Having positive relationship with intermediaries results in good connection with the customers and with the suppliers which ultimately improves the profit of the company (Testa, Gusmerottia, & Corsini, 2016).
Customers: Making good bonding with the customers results in improving the sales of the products of the company (Testa, Gusmerottia, & Corsini, 2016). The company need to focus on adopting effective strategies to fulfill the corporate and social responsibilities so that the customers and other people can be attracted towards the company. Adopting effective CSR practices also helps in developing the brand of the company (Kadocsa & Francsovics, 2011).
Nowadays, latest changes are taking place in the business (Testa, Gusmerottia, & Corsini, 2016). For example: Nowadays, digital marketing is becoming a part of the working process of the company that is why there is a need exists to use latest technological tools. Nowadays, mobile applications are also using for making the purchase process more effective and convenient (Kadocsa & Francsovics, 2011).
The political environment needs to be in the favor of running the business. For examples: The policies of the Government should be in the favor of the business and the Government need to be supportive in running the business (Kadocsa & Francsovics, 2011).
Having a deep understanding of the cultural environment affect the selling process of the company (Testa, Gusmerottia, & Corsini, 2016). It is true that selling is the most important function of business environment which is related with attracting maximum number of customers. Understanding the cultural need of the customers will results in improving business strategies of the company which are specially related with product design, pricing, marketing and selling (Kadocsa & Francsovics, 2011).
‘Human relation theory’ is the best suitable theory which matches with the need of the organization (Gordon, 2022). This theory provides special focus on improving the relationship with all the human of the organization. For example: This theory believes that maintaining favorable relationship with the customers and employees will helps in improving the business of the company because it will improve the profit (Adebayo, 2019).
It is true that in managing the tuck-shop, there is a strict need to maintain good relationship with the suppliers and the customers so that maximum level of profit can be achieved. That is why ‘Human relation theory’ is best suitable for the company (Adebayo, 2019).
‘Theory X and theory Y’ are used for motivating the employees in any business (Wangdi & S, 2022). ‘Theory X’ believes that most of the employees do not like the work that is why the management need to adopt strict policies for making the work done (Wangdi & S, 2022). Whereas ‘Theory Y’ believes that employees like the work that is why rewards need to be provided by the management so that employees can be motivated towards the work (Wangdi & S, 2022).
In managing the tuck-shops, employees need to do a lot of work and that is why management need to motivate the employees so that they can do more and better work (Wangdi & S, 2022).
Five key roles of a manager in relation with the organization:
Planning: The managers need to plan many important future events of the company. Managers also need to anticipate the demand of the products in the future so that they can make essential strategies to achieve a huge number of sales ( Tucker, 2017).
Organizing: Managers need to arrange and organizes necessary human resources and raw material along with all the essential techniques so that the work of the company can run without facing any difficulty ( Tucker, 2017). This stage needs a lot of efforts because arranging and organizing the various important things like human resources and raw materials are necessary to be arranged ( Tucker, 2017).
Staffing: ‘Staffing’ is associated with recruiting and maintaining the employees for the company (Tovmasyan, 2017). The hiring and recruitment process of the company need to be managed by the managers so that only right number of employees can be hired in the company with having right set of skills (Tovmasyan, 2017).
Directing: The managers need to guide and direct the employees so that they can do the work as per the expectations of the organization (Testa, Gusmerottia, & Corsini, 2016). It is true that managers need to use positive and effective leadership styles so that they can help the employees in getting the work done (Tovmasyan, 2017).
Controlling: This role of manager is associated with controlling all the important business functions like production, selling, transportation, marketing and finance (Tovmasyan, 2017). The manager has to take follow ups of all the above major business functions so that the work of the organization can run without facing any difficulty (Tovmasyan, 2017).
On the basis of case study, it is found that the business is going to be diversified and expanded so that maximum level of profit can be achieved. Butcheries and hardware are also planning to be opened (Adebayo, 2019). Previously, items of daily use specially the items of electronics and homewares were selling but the company is planned to diversify and expand the business in butcheries and hardware which is totally new to the company (Kadocsa & Francsovics, 2011).
The business is viable but a significant amount needs to be invested in the business for making it successful (Adebayo, 2019). Proper planning is required and there is need to understand the micro and macro business environmental factors for taking right decisions about the business (Adebayo, 2019).
SMART objectives of the expansion:
Achieving 5% hike in the total profit of the company within next six months.
The objective of the expansion can be achieved if proper marketing strategies are adopted. The company is new to this field that is why effective promotional campaign need to be adopted for making the business expansion successful (Tovmasyan, 2017).
Conclusion
On the basis of above discussion, it can be easily concluded that all microenvironmental and macro environmental factors are directly connected with the growth and success of the business of the company. Different roles of managers are analyzed and it is concluded that the managers need to play many roles in order to gain future success. Managers also need to work upon using suitable theories so that they can manage the employees and other humans in the company in more effective manner. It is found that the company is planning to expand its business in Butcheries and in hardware that is why it is essential to understand the marketing principles and theories in order to make the business plan successful.
It is also concluded that the expansion plan if the company is viable and there are higher chances exists that the company will get success in expanding the business.
References
Tucker, E. (2017). Engaging employees: Three critical roles for managers. Strategic HR Review.
Adebayo, O. (2019). EVALUATE THE INFLUENCE OF CLASSICAL AND HUMAN RELATIONS APPROACHES IN MANAGEMENT TODAY. Researchgate.net.
Gordon, J. (2022, March 25). Human Relations Theory of Management – Explained. Retrieved March 20, 2022, from The website of thebusinessprofessor.com : https://thebusinessprofessor.com/en_US/management-leadership-organizational-behavior/human-relations-theory-of-management
Kadocsa, G., & Francsovics, A. (2011). Macro and micro economic factors of small enterprise competitiveness. Acta Polytechnica Hungarica, 23-40.
Testa, F., Gusmerottia, N., & Corsini, F. (2016). Factors affecting environmental management by small and micro firms: The importance of entrepreneurs’ attitudes and environmental investment. Corporate Social Responsibilities and Environmental Management , 373-385.
Tovmasyan, G. (2017). The role of managers in organizations: Psychological aspects. Essuir.sumdu.edu.ua.
Wangdi, T., & S, T. (2022). The Impact of McGregor’s Theory X/Y on the Level of Job Satisfaction of Teachers and Principals. Management, 9, 1-4538.
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