(MCKI) Managing Communications, Information Knowledge
13 Pages3935 Words138 Views
Added on 2020-01-07
(MCKI) Managing Communications, Information Knowledge
Added on 2020-01-07
ShareRelated Documents
MCKI
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Discussion of the range of decisions to be taken..................................................................11.2 Information and knowledge required for effective decision making....................................21.3 Internal and external sources of information and understanding .........................................21.4 Improvements in the methods used for selection and analysis of information.....................32.1 List of stakeholders in decision making process...................................................................32.2 Methods for developing business relationship......................................................................42.3 Involving these identified in decision making process ........................................................52.4 Strategies for future improvements ......................................................................................53.1 Existing process of communication in an organisation.........................................................63.2 Way to improve appropriateness...........................................................................................63.3 Implement improvement to ensure greater integration of system.........................................73.4 Plan to improve communication...........................................................................................74.1 Report on existing approaches to knowledge and information.............................................84.3 Strategies of improving the access to system of information and knowledge......................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONManaging communication is a systematic process of planning, monitoring, utilizing, andtransformation of all the mediums of communication within the business and between thebusinesses. Managing communication helps in smooth flow of information among theworkforce, who are working for a common goal or objective (Adams, Bessant and Phelps, 2006).This report is based on a case scenario. This report will outline the information and knowledgeneeds and strategies to increase personal networking to widen the involvement in decisionmaking process. Moreover, This report also covers the development of communication processesand process of improving systems relating to information and knowledge.TASK 11.1 Discussion of the range of decisions to be takenFor starting a new retail business it is important to develop a business structure thatinvolves some essential decisions for successful establishment of new venture. These decisionsare as follows,Operational Level: For the starting of new retail business it is necessary to choose theoperation type of business. For instance, if firm is decided to start a retail business byopening outlets or store in some locations than the management have to take importantdecision for the location where it can attract maximum number of customers (Wu andLee, 2007). Further, if organization has decided to sell through online portals than theorganization will have to take important decisions regarding product orders, packaging,shipment and delivery process. Strategic Level: The Strategic level decisions regarding new retail business set upincludes the important decisions regarding the finance, marketing and sales of theproducts etc. Finance decisions includes the decisions regarding finance for starting anew venture etc. these finance decisions may also involves the important decisions likethe source of finance or if the firm will have to borrow the money from market. Further,the strategic decisions for starting a new business also includes the decisions regardingmarketing and sales planning in which the management of the firm will have to decidetarget customer segment and strategies to attract the potential customers.1
1.2 Information and knowledge required for effective decision makingIn order to make the effective decisions the management of the retail firm will have togather the information about its competitors and target customer segment. While in the procedureof establishing new retail business the management the firm will first have to make importantdecisions for the products it wants to sell in the market and how it will be successful for thedevelopment of the business (Borghoff and Pareschi, 2013). Further, the owners of the businesswill also have to collect the information about the competitors of the new retail business innearby location or on online retail portals. For instance, in chosen location there are alreadysome retail stores than it will be difficult for the new retail business to attract the customers. Further, the new organization will have to collect information about its targeted customersegment as well. For instance, what products there regularly in demand by the customers,customers buying behavior and purchase decision making ability of the consumers. However, thenew retail store can provide the products to the consumer's as per their demand and currentmarket trends.1.3 Internal and external sources of information and understanding Internal sources for collecting information and their suitability and reliability for openinga new business are as follows,Financial information: Financial information of the organization provides theinformation about the funds available in the organization for starting a new business.These financial information also make the impact on the daily operation of new retailbusiness with its sales and profitability.Marketing and sales information: this source of information helps in determining themarketing and brand promotion activities of the new retail business in the target marketto attract the more number of customers. Moreover, this internal source of informationalso provides the information about the demand of customers for a specific product(Kankanhalli, Tan and Wei, 2005). These informations can help the new retail business inproviding better and effective services to the customer's as per their demand and currentmarket trends.External sources of information:Database and researches: Previous database and research papers are the effective sourceof external information. These researches and database will help to know the cultural2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Managing Communication in Retail Businesslg...
|13
|4283
|264
New Business - Strategic Communicationslg...
|15
|5124
|148
Managing Communication Reportlg...
|11
|4045
|159
Managing Communication in Businesslg...
|12
|4558
|140
Managing Communications, Knowledge and Information Report - Zaralg...
|11
|3858
|104
Assignment on Managing Communication Knowledgelg...
|18
|5428
|199