It’s hard to accomplish anything without a plan. Whether you’re coaching a football team, cooking Thanksgiving dinner, or running a small business, you need a strategic plan.
Jacob McManus's insight:
Strategic planning is essential for daily use in and outside the workplace. There are 5 different basic questions to ask yourself for better strategic planning, these include determining where you are, identify whats important, define what you must achieve, determine who is accountable, and review. These should be the basic questions when coming up with a strategic plan.
Target Corp. (TGT) is living up to the second half of its “Expect more. Pay less.” slogan by winning the latest round in its pricing battle with Wal-Mart Stores Inc. (WMT)
Target this month had lower prices than Wal-Mart for the first time since October, according to research conducted by Bloomberg Industries. The Minneapolis-based chain also led by its widest margin since the monthly study began two years ago. The study examined the gap in average price across a basket of 150 like items at stores within five miles of each other.
The discounters are fighting for U.S. customers who are still dealing with high unemployment and slow wage growth. The chains also are facing more competition from online retailers such as Amazon.com Inc. (AMZN), which offers free shipping and is adding distribution centers to speed up delivery time.
The second-largest U.S. discounter won this month by cutting into Wal-Mart’s lead in food prices. Bentonville, Arkansas-based Wal-Mart’s advantage in groceries fell to 1.35 percentage points from 4.5 percentage points in July. Target’s improvement in food may have come because of more promotions tied to back-to-school shopping, Bartashus said...
With contstant price battles between Wal-Mart and other multinational companies, Taylorism is put into effect to create a more efficient workplace to keep prices low for customers, as well as trying to stay ahead in the competition.
What are the effects of Taylorism in multinational companies, like Wal-Mart, and what are the advantages and disadvantages for the consumers and the producers?
This article is relevant to this weeks topic by how certain factors can determine the efficiency of teamwork in the workplace. Some factors include how well a team can work together, the qualities brought forth to each member of the group, the research and distribution of work to each member, and leadership within the group.
This article caught my eye on how psycological mechanisms can affect decision making for mangers. It shows on how if a manager is not to be forced on decision making, they would be more likely to see the potential ethical consequences of their actions and in turn make efficient, desirable decisions.
This topic was relevant to my interests because we covered EQ but did not cover how to raise EQ. This topic covers six key factors to raise emotional intelligence, which are: 1.Self awareness 2. Empathy 3. Self regulation 4. Motivation 5. Social skills and 6. Happiness
As Microsoft prepares to name a new chief executive and plot a course out of its funk, the role of Bill Gates has been a source of wide fascination.
Jacob McManus's insight:
Microsoft has been looking for Bill Gate's replacement to take the company in the right direction. This article is relevant because all of the canidates for Bill Gate's replacement are male. This is because their dependency of great authority and success relates to hofstede's dimension of masculinity.
Upton Sinclair once wrote, "It is difficult to get a man to understand something if his salary depends upon him not understanding it." If your business objectives aren't linked to employee compensation, it sends a strong message that they aren't a real priority, and motivation is adversely affected. The flip-side, however, isn't true. When business objectives are linked to compensation, motivation to drive for results is rarely meaningfully enhanced.
this article caught my eye on how turning market norms in the workplace into social contracts can increase, or sustain, motivation at work. If there is no compensation in the worker's salary to be innovative, bright, and be motivational, the worker will push these characteristics aside since they are not the biggest priority and in turn can damage ones. But other practices like ackowledging workers for their acheivements or giving awards to the people who bring something extra to the workplace can be a better motivator than money.
It has been said that leaders do the right thing and managers do things right. While this is a subtle distinction between leaders and managers, in business, it can be the determining factor between failure and success.
Jacob McManus's insight:
This article was relevant to my interests on the basic functions of proper managing and how its related to success in business. I agreed on the article on how organizational skills play a huge role into becoming a better/superior manager in the workplace.
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