Management practices of planning, staffing, leading, organizing, and Term Paper

Management practices of planning, staffing, leading, organizing, and controlling implemented in the workplace - Term Paper Example After noting the vital aspects of each management staff, the stakeholders find it appropriate to engage the qualified personnel in running a firm. Similarly, the selected employees to manage the organization have to be experienced, motivated and focused individuals (Hannagan and Bennett, 2008). If this is not done, the stakeholders may run into losses, as the coordination of all the management processes may not be functional. In many instances, the stakeholders engage both external and internal training to equip the management with vital knowledge. Through the training, the managers also acquire ample skills to help in coordinating the management practices. In essence, the Management practices of planning, staffing, leading, organizing, and controlling in an organization are vital, as they have direct effect on the [performance of the organization. To begin with, the first management practice that has an effect on the performance of an organization is planning. Planning involves forecasting on various aspects that may affect the sustainability of the firm. First, the planning process involves forecasting on the intended expenditure of the form. Firms have to make allocations in concern to their expenditure, probably for a whole year. As such, they have to involve all the accountants and financial managers who reiterate the proposed expenditure for the firm. Secondly, the firm has to plan for the proposed expansion plans in ensuring the firm is improving its market niche (Leonard, 2013). For instance, in my previous work place, planning for investments in new markets was an approach that enhanced the market niche of the company. This is especially due to the nature of the products, which are highly needed in new markets. Since the company deals in technological appliances, finding new markets is appropriate for business sustain ability. Thirdly, the management should involve planners, especially in concern to unforeseen circumstances. At times, the unforeseen

Sports Marketing and Merchandising Essay Example | Topics and Well Written Essays - 500 words

Sports Marketing and Merchandising - Essay Example With its acknowledgment of the differences between male and female market, WPCG also designs special services and sources for female. Amidst its popularity and prominence in the UK market, WPCG has its own set of marketing challenges and weaknesses. It is however, expected that the use of STP (segmentation, targeting, and positioning) technique will enable it to understand its customers, create a more efficient marketing strategy, and further boost its performance in the industry. STP is considered as the essence of strategic marketing. This tool enables a business organization to identify the value that it wants to provide, deliver the value, and communicate the value. Segmentation refers to the process of dividing the market based on certain variables like geographic, demographic, psychographic, and behavioral factors. The rationale of market segmentation is the identification of a specific market which a business organization can best serve. This way, it is better positioned to create a product or service which more suitable and appropriate for a specific market as well as complement it with other components of marketing mix such as price, promotion activities, and distribution channels.