Information, knowledge and communication management play very important role to staring up a new business. First part is related with starting new trade in retail sector. It provides the solution of unique challenges incurred to open fresh organization in competitive market. It provides view of the importance of individual relationship and information for firms. The second part of report is a case study which focuses on the required communication skills to manage political and social relationship to develop business.
To start a new business there are many decisions which must take by the owner. Decision taken at the time of opening a trade may affect life time, so first decision should be very effective according to organization. They must have all reliable data and awareness regarding retail sectors. Followings are the key decisions which a businessman must take at the starting time(Alexander, Cryer and Wood, 2008).
Location selection: It is very important decision for owner that where should be our plant because it can affect our cost of production life time. Location should be perfect according to retail sector. It depends on transportation facility, availability of human resources, environment etc. factors which can influence decision to select standard location for trade activities.
Investment: Money is the blood of any organization, without it they can not run their business. At the time of starting new business it is the biggest question that from where funds should be arranged. Managers has many option in the market, they have many sources of finance to generate more funds. All activities of the business depends on the investment decision(Eppler, 2008).
Buyers: Customers of the firms play very critical role for new business. They have to research on their customers to provide best quality product at affordable price at right time. For that managers has to select their target buyers and market which reduce cost and give good profit at the time of starting.
Supply chain management: Big company can not distributes product direct to consumers. It has to find out some agencies which can directly contact to buyers. Selection decision regarding agents depend on the cost and availability of the distributers. Distributors of the company are the pull between customers and firms, they know customers very well. They can help to provide valuable information regarding customers(Fernie, 2009).
Stakeholders: Associates has many stakeholders like shareholders, suppliers, government/public, customers etc. They are the factors which can affect managerial decisions of the organization. Managers has to make some unique and efficient decision regarding stakeholders to improve productivity of the trade.
Company must find out some internal and external resources which can provide unique and reliable information to effective decision making. Internal source may be individual ability to analyze the situation. It will help to choose the right stakeholders for their trade. Research and development activities can be another internal resource which will help to understand retail market, its competitors and suppliers. It will provide way to develop marketing strategies at the time of starting new plant(George, 2003).
There are kind of external source of information like internet, social media, news, books, journals, research firms, TV medial, professionals and experts. All source are capable to provide the updated trends of the retail market. Marketing managers can take help from research firms and professionals to make effective marketing plans. Many a time government also provide some data which are most trustable source to analyzing data of the market(Hannabuss, 2002).
Information provided by the internal and external sources should be most reliable for retail business. They must improve their selection methods to achieve the objective. They can use statistical data, figures and numbers to analyze the situation because it may be trustable sources. Managers can find the most famous and reliable experts of the market for their research. For generating most reliable data we can use survey techniques which will help in getting most valuable information regarding customers and competitors. They should trust on expert advice which has been proved by professional(Hargie and Tourish, 2009).
Company has many persons and institutions which required data of company for decision making are called stakeholders. They may be connected with directly or indirectly to the company(He and Cai, 2012). There are kind of stakeholders for retail sector. List of them are as follows.
Organization must communicates with their stakeholders to make decision regarding their selection of professionals and other stakeholders. There are kind of way to communicate with them successfully. At present market internet is the big source to communicate with people in fast way and worldwide. Managers can send Emails to stakeholders and can use social media and other online websites of communication. Trade shows, news paper, public announcements are also effective method to contact with the people for trade activities(Hirose and Sonehara, 2008).
Company has many methods to develop a business relationship with stakeholders and others. Every business must build relations to create a buzz in the market. It is very beneficial for new unit in the field of retail. They can build relation with suppliers by finding the available suppliers of the market which supply materials at reasonable prices and continues way. Company can make relationship with their customers by survey and getting feedback of them. They can also provide unique offers and services to customers. Enterprises can make relations with investors by giving consistent dividend to shareholders. If it gives good returns they will definitely maintain good relations with the business. Associates can also communicate with regular phone calls, social media, emails and using other communication sources(Liu, 2012).
Company has lot of methods to involve their stakeholders in making decision. Many a time government policies regarding retail sectors can help in pricing strategy of the product. Customers and suppliers helps the business to making decision regarding quality and services of the product. They also helps in location selection strategy. Investors also provide way to decide the plant location and other important selection decisions(Maier, 2007).
The business can adopt many immerging strategies of world to improvement future expectation. They have e-marketing option through which they can help it to increase market. It will help to create new customers group. It is the most effective and affordable tools of modern retail sectors. Company can reach their consumers worldwide with minimum cost of distribution and promotion. It is very safe and secure option for trade. Company can also use the method of online retailing through which they can directly contact with the customers by using internet technology(Malmelin, 2007).
Assignment Number:2. Case Study
The case study is the related to the organization which is suffers from many communication problems. It follows informal communication for their work activities. The volunteer supervisor is not able to choose appropriate interview process to determine skill-need matches. Employees of Company is in frustration because volunteer supervisor does not provides information to them effectively so it will decreasing enthusiasm among the employees. The method of communication used by company is horizontal because supervisor thought that it is the only way to delegate projects to employee. It create mismanagement situation for employees which are not getting proper information. There should be proper manual understanding between volunteers and supervisors. She using their communication skills to impress management of the organization(Mentzas, 2003). She has no plan to control their project well. The whole thing is that entire company needs more efficiency in communication process.
Organization has many communication process for small voluntary organization. It can adopt direct verbal communication which is the most common and simple methods of communicating the information in effective manor. It can use personal interviews, meetings, telephones etc. to better and fast communication. There is also a techniques of communication which called written communication. It includes letter, e-mail etc. source for success. They can use this tools to explain the information regarding project. They can provide full written data to doing work with efficiency. We have another option which is electronic communication. E-mail is the form of it. this is the fast way of communicating with others. They may also use the social media, web conferencing for their marketing activities(Miller, 2011).
Enterprises has kind of process of communication which can be compared as follows:
Horizontal Process: It is the process of communication in which information flow top level to down level straight. It is very simple and effective in the corporate. Information straight flow from sender to the receivers by message or another format. It is the one way process which does not need opinion of the low level employees
Two ways Process: It is the process in which massage delivered in formal or informal way by using resource of communication and sender gets wait for receivers response. Receivers can give opinion in decision making. That’s why it is very effective process.
Circular process: It is the process of communication in which information's flow in all circle similarly. It is the process of communication which does not stop. Message regularly flow in circle(Moghaddam, 2013).
In the given organization supervisor is not able to handle her volunteers effectively. There is a situation of lack of communication. Company require to improve the process of communication which can reduce the problem of the enterprises. She should adopt the modern techniques of the communication for better management. She can use the two way communication in her organization. This process is very easy to use at work place. It helps in effective delegation of projects and work to the volunteers. It will help to correct the wrong activities which are in the organization. volunteers feel free in this type of communication. They also can give opinion to do work effectively. Supervisor can use the best source of communication to reduce time and cost. It also help her in time management activities(More, 2000).
In this business there are many situation in which supervisor does not helps the volunteers. So she needs to develop best skills to manage the employee effectively. She should develop the system of communication for the organization. They requires to evaluate their communication approaches and policies by getting feedback from volunteers time to time. Supervisor need to increase coordination between employees. If she can not communicate with volunteers verbally then she can communicate with written techniques like business memos, emails etc. They should discuss by conducting meeting regarding problem of communication(Mutch, 2008). It will reduce error of communication. Management should interfere in the problems by conducting the seminars and other events which will help them to do project with minimum error.
If I was the supervisor in given case study I will make effective personal plans to improve my own communication skills. I would have choose the best methods and processes of communication which give me better results or performance. I would have improve my communication by reading books, journals and other relevant document which helps me to overcome my skills(Orna, 2005). I suppose to use the two ways communication process because it is the best process as I show above. I would have conduct meetings to reduce gap and error of communications. I would like to delegate the project after proper discussion with the volunteers because it will create the good relationship which motivates the employee for doing activities in effectively. It will also increase the efficiency and productivity.
I use the evaluation and review techniques in my life it will helps me in my business also. I can take feedback of the employees to check my ability and error(Thompson, 2006). I will always motivate people for doing work in simple way, it will avoid the frustration and help them in correcting the mistakes. I will use face to face style of communication to represent my self effectively. I will improve ability to listen and speak with efficiency. I will help my employee regularly even after delegation of task. It create the better relationship between me and my volunteers. I always use best technology tools in massaging in office. I will use the email, video calling, computer projector, mobile application etc. for better communication which makes me comfortable in professional life. It will also increase productivity and reduce the cost of the organization(Alexander, Cryer and Wood, 2008).
In the given case existing approach of organization to collecting, formatting, storage and dissemination of information and knowledge was horizontal top down communication. It has many disadvantage to manage the situation well. Method of collecting, formatting, storage and distribution was not clear and effective in the case. She has not proper collection of data. she requires more data for project. She did not scan the information properly because she is not good time manager. Supervisor also has not a clear method of storage. The flow of the information are formal and very straight. She did not involve employees in decision making, it will create a big gap between her and volunteers(Eppler, 2008).
Dissemination approach of the information and knowledge is very week. It will increase lot of confusion and frustration between employees. Workforce of the organization are not satisfied with the activities of the supervisor because she is not supporting them for doing work with minimizing error and mistakes. Many a time she create some disturbance in the business which affect the activities of the enterprises. She needs to develop talent of communication for managing the project effectively. She did not use the modern source of communication for generating information and knowledge(Fernie, 2009).
In the given study company and supervisor requires to develop approaches to collection, formatting, storage and dissemination of information and knowledge. There should be proper way of collecting all required data of the project. Many a time lack of information can affect the whole project so they should collect right and important data. Supervisor can demand more valuable data from management. They can take help from other relative department of the organizations.
They should use collected information in proper manor and according to time limits. Supervisor should arrange data in proper manor which will give meaningful information. Company should use scanning techniques for better management(George, 2003). There are many modern techniques to arrange data in formal manor to find out the right and valuable information.
Storage of information and knowledge is also a big issue of communication which creates problem regarding missing of data and other missing. They have many modern equipment in which they can store their data in effective manor. Computer is one of the modern instrument in which we can storage lot of data in simple way which can give valuable information. In this high technology market every day new technology developed. Company can use technology for reduce cost and error of storage of information and knowledge(Hannabuss, 2002).
Dissemination of information and knowledge is the process of distributing the information to the employees. It is the very important part of communication process which is very practical part. Company should disseminate there data in two way communication which is the best way of the communication. There should be high level of control and coordination for this process. Supervisor requires most effective techniques to distribute information in the volunteers. They must have training for this purpose. Group discussion, meeting, seminars etc. may be effective in this situation(Hargie. and Tourish, 2009).
There are kind of method through which organizations can improve access to systems of information and knowledge. Suggestions and ideas from low level side play very important role in any business. Employees has many ability of making decision regarding management because they has lot of experience regarding situation of the enterprises. They can provide valuable feedback to company. So supervisors should give the freedom to employees to provide opinion for particular projects. They can take help of experts and professional in complex and challenging project to do particular work. It can help them in doing work in effective manor(He, and Cai, 2012).
At the present time everybody use the high level of technology worldwide. So we can also use the tools for judgment the activities. They can share ideas by using video calling, web conferencing, Skype etc in order to develop the latest and advanced knowledge. Investment in research and development activities also the way of generating new and unique knowledge about any special project. It increases perfectness of the work and it also makes supervisor more experienced person. They can implement the management information systems (MIS) in significant areas for well transmission of the information within the company. They must use scientific method to reduce error in communication(Hirose and Sonehara, 2008).
Knowledge can be improved by using the training programs, group discussion, seminar of relevant subject. Supervisors have many institutions which provide the range of courses to develop skills of getting proper knowledge. They also learn there about communication skills. Many a time government also helps company to generate knowledge about economy of the country. Govt. provide policies and many other reports regarding political and economical issues which can help company to increase knowledge. Avoiding duplication of efforts and projects also can improve access to information and talent. Company can use all the above options according to situation to access to information and ability(Liu, 2012).
The research report and the given case study evaluated and examined the various issues related to the starting up new business in retail sector. A business has many types of stakeholders which influences the decision of the business management. For successful opening a enterprise, owners has to create relationship with stakeholders and they must communicate with them regular. Associate must develop relationship with political members and media members which helps a company for promotion. Organization needs some valuable market information to open new business. They must take some important right decision before opening a enterprise which can affect the business lifetime.