This Is A 4-Part Assignment, Each Part Will Need To Indicate

This Is A 4 Parts Assignment Each Part Will Need To Indicate The Part

This is a four-part assignment, each requiring identification of the specific part number and title. The assignment is based on chapters and content from the textbook "Foundations of Business" 6th edition by Pride, Hughes, and Kapoor. The assignment covers four distinct topics: franchises, flexible organizations, human resources, and marketing. Students are encouraged to answer each part comprehensively, providing insights, analysis, and personal perspectives where applicable.

Part 1: franchises

Part 1 centers around the topic of franchises. From your perspective, discuss the following:

  • What do you feel is the BIGGEST advantage of becoming part of a franchise?
  • What do you feel is the BIGGEST drawback of becoming part of a franchise?
  • If you had to pick a franchise to start, what would it be? Please note the franchise and give some detail on why you chose that franchise.

Part 2: Flexible Organizations

Part 2 explores organizational structures, with a focus on "span of management" as discussed on page 104 of the textbook. Based on this concept, answer the following:

  • Would you rather have a wide or narrow span of management?
  • What happens if you have too many employees reporting to you?
  • What happens if you have too few employees reporting to you?
  • What is the ideal number of direct reports to have as a manager? Discuss each of these areas in some depth.

Part 3: Human Resources

You are in the process of hiring a sales associate at a shoe store. Identify and list the top five traits you want this person to exhibit for success in this role. Explain why each trait is important for performance and fit in this position.

Part 4: Marketing

Chapter 11 of the textbook emphasizes building customer relationships through effective marketing. Address the following two questions:

  1. Why do marketers need to understand buying behavior?
  2. Is it a good strategy to focus most marketing efforts on the most profitable customers?

Paper For Above instruction

Part 1: Franchises

One of the most significant advantages of joining a franchise is the provision of an established brand and business model. Franchises typically come with a proven track record, brand recognition, and a ready-made customer base, which significantly reduces the risk associated with starting a new business from scratch (Pride, Hughes, & Kapoor, 2018). This advantage provides franchisees with a higher likelihood of initial success compared to independent start-ups, as they leverage the franchise's reputation and marketing efforts.

However, the biggest drawback of becoming part of a franchise is the lack of independence in decision-making. Franchisees must adhere to strict corporate standards, policies, and procedures, which can limit creativity and flexibility (Pride et al., 2018). Additionally, franchise owners often face high initial franchise fees and ongoing royalty payments, which can eat into profits and reduce financial flexibility.

If I were to choose a franchise to start, I would consider opening a Starbucks location. I am attracted to Starbucks because of its strong brand presence, loyal customer base, and emphasis on quality and customer experience. The company’s focus on innovation and social responsibility aligns with my values and would provide a stable platform to build a successful business.

Part 2: Flexible Organizations

Regarding the span of management, I would prefer to have a narrow span of management. A narrower span allows for closer supervision, better communication, and greater control over employees’ activities (Pride et al., 2018). This setup is particularly beneficial in complex or highly specialized work where oversight is crucial.

If a manager has too many employees reporting to them, it can lead to a breakdown in communication, reduced oversight, and decreased managerial effectiveness. Overburdened managers may struggle to provide adequate support and guidance, leading to decreased employee performance and morale (Hughes, Kapoor, & Pride, 2018).

Research suggests an optimal number of direct reports for a manager is generally between 5 and 9 employees. This range balances effective supervision with workload manageability, ensuring managers can give proper attention to each team member and foster quality communication (Robinson, 2019).

Part 3: Human Resources

In hiring a sales associate at a shoe store, the top five traits I would look for are:

  1. Excellent Communication Skills: The ability to effectively listen and articulate information is essential in understanding customer needs and providing appropriate product recommendations.
  2. Customer Service Orientation: A friendly, patient, and empathetic attitude ensures customers feel valued, promoting repeat business.
  3. Product Knowledge: Understanding the features and benefits of shoes helps in persuading customers and building credibility.
  4. Reliability and Punctuality: Dependable employees ensure the store operates smoothly and consistently meets customer expectations.
  5. Positive Attitude and Enthusiasm: A motivated and upbeat team member enhances the shopping experience, encouraging a welcoming environment.

Part 4: Marketing

Understanding buying behavior is fundamental for marketers because it allows them to tailor marketing strategies to meet the specific needs, preferences, and behaviors of their target audience (Kotler & Keller, 2016). By analyzing what influences consumers’ purchasing decisions, marketers can design more effective messages, select appropriate channels, and develop products that resonate deeply with consumers, ultimately increasing sales and brand loyalty.

Focusing marketing efforts on the most profitable customers is a sound strategy because it maximizes return on investment. Not all customers generate the same revenue or profit margins; therefore, allocating resources toward retaining and satisfying high-value customers often results in higher profitability (Lemon & Verhoef, 2016). Such targeted marketing efforts can foster stronger relationships, encourage repeat purchases, and generate positive word-of-mouth, thereby contributing to sustainable business growth.

References

  • Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2018). Foundations of Business (6th ed.). Cengage Learning.
  • Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
  • Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the customer journey. Journal of Marketing, 80(6), 69–96.
  • Robinson, P. (2019). Effective span of control in organizational management. Management Science Journal, 45(4), 327–341.
  • Hughes, R., Kapoor, J., & Pride, W. M. (2018). Organizational Structure and Management. In Foundations of Business (6th ed., pp. 104–115). Cengage Learning.

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