Management and Business Context - PDF
Added on 2021-04-19
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Running Head: Management and Business Context VICTORIA TAXIManagement and Business Context
Management and Business Context 1Structure of an organization describes the hierarchy of authorities, duties and responsibilities within workplace. The major role played by organizational structure is to evaluate the ways in which roles, duties and responsibilities are regulated so as to attain organizational desired objectives and goals. Apart from this, it also engages the communication flow from top level management to the lower management. It is designed on the basis of the rules, policies and standards of the organization which are designed in order to accomplish organizational tasks in an effective manner. This essay will focus over the organizational structure of Victoria Taxi (Victoria Taxi, 2018). Along with this, impact of internal as well as external forces over the business performance will also be covered under this essay. Current risks factors confront by the organization, decisions taken by the management of Victoria Taxi in relation with uplifting organizational performance and crucial functions of the organization for developing effective strategies in relation with the accomplishment of the objectives will also be covered in this essay.Organizational structure of Victoria Taxi follows the traditional system under which the highest authority controls every activity within the workplace. Top most authority of the organization is CEO (chief executive officer) and then board of directors are responsible for managing organizational performance. Primary role of Victoria Taxi is to provide travelling services to the people and along with the travelling services, they care for each and everything so that travellers could feel safe and secure while travelling with Victoria Taxi. After board of directors, senior level management holds the responsibility for accomplishing organizational tasks with the view to uplift its performance in the target market. further, middle level management and workforce comes as the organizational structure of Victoria Taxi and these are majorly responsible for performing physical tasks so that plans made by the senior level management could be convertedas reality (Zheng, Yang & McLean, 2010).External and internal environmental forces plays crucial role in uplifting or declining organizational performance. External forces are economic conditions of the country, technological factors, political environment and socio-logical factors. While internal forces which affect organizational performance are employees, company’s financial performance, resource availability, etc. As Victoria Taxi is engaged in travel industry, thus, both internal as well as external forces will affect their business performance and in order to avoid these impacts,management of the organization is required to adopt appropriate strategies and the policies. Their
Management and Business Context 2major objective is to attract people for consuming their taxi services while it is also necessary forthe organization to adopt appropriate measures so that the policies could be developed by considering internal as well as external environmental forces (Chen, Huang & Hsiao, 2010). Oneof the major external environmental factors is innovation and in terms of Victoria Taxi’s activities, it is necessary for them to adopt this factor so that rapid improvements and new features could be added into their practices. Innovation in terms of Victoria Taxi could be improvisation in their services which will help them to develop a unique image in the market as compared to its competitors. Organization will be able make their practises effective as well as efficient through which desired goals and objectives would easily be attained (Chittithaworn, Islam, Keawchana & Yusuf, 2011).Risk factors confronted by Victoria Taxi are increase sudden increase in the fuel prices, entry of new companies in the taxi business, etc. These factors have the potential to affect organizational profitability directly. Apart from this, there are certain external risk factors such as increase in interest rate, exchange rates, etc. which could also affect organizational performance in negative manner. As Victoria Taxi is performing its activities in Canada and seeking for growth in international market, thus, they also need to confront the risk factor such as facing competition from the existing companies in the international market. For conducting taxi business in an effective manner, appropriate code of conducts needs to be practiced so that the travellers could feel safe and secure while consuming the taxi services. Along with this, Victoria taxi is required to improve their systems to match up with the international standards of taxi business in order to uplift its performance as well as to attain its desired goals and objectives. Competition risk plays vital role in the taxi business, thus, organization needs to adopt appropriate defensive strategies so that they could be able to save their acquired position in the target market for a longer time period (Wang, Chen & Chen, 2012). Certain other risk factors could also affect Victoria Taxi’s performance which is changes in the laws and regulations, new rule applied by the government, etc. Hence, organizational senior level management and board of directors are required to adopt appropriate measures so that all the above risk factors discussed above could not affect organizational performance in negative manner (Shneiderman, 2010). Apart from this, improvisation is necessary to grow and prosper for every organization along with confronting risk factors. Risk factors plays dominant role in adaptation of the strategies for improving organizational performance as well as it also lead the organization to adopt innovation in their
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