New Business - Strategic Communications
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Added on 2020-01-07
New Business - Strategic Communications
Added on 2020-01-07
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TABLE OF CONTENTSINTRODUCTION................................................................................................................................3ASSIGNMENT 1.................................................................................................................................3INTRODUCTION................................................................................................................................31.1 A discussion on different decisions to be made ........................................................................31.2 Examination of the information and knowledge required to make decisions in relation to start upa new business.................................................................................................................................31.3 List of internal and external sources of information and understanding and justify it..............41.4 Recommendations for the selection and analysis of information needed for business start up.42.1 Identification of stakeholders for a decision-making process...................................................42.2 Making contact with identified stakeholders and to develop business relationships...............52.3 Price strategy and location strategy applicable for ABC retail business ..................................52.4 A strategy for future improvements...........................................................................................5EVALUATION.....................................................................................................................................6CONCLUSION....................................................................................................................................6ASSIGNMENT 2.................................................................................................................................7INTRODUCTION................................................................................................................................73.1 Identification of the existing processes of communication in an organization..........................73.2 Comparison of the different communication processes and improvisation of the appropriate communication in the organisation..................................................................................................73.3 Ensuring the integration of systems of communication.............................................................83.4 Explanation of improving the own communication skills by using the personal plan..............84.1 Existing approaches to the collection, formatting, storage and dissemination of information and knowledge........................................................................................................................................94.3 Appropriate changes to improve the collection, formatting, storage and dissemination of information and knowledge...........................................................................................................104.3 Implementation of a strategy to improve access to systems of information and knowledge. .10EVALUATION...................................................................................................................................10CONCLUSION...................................................................................................................................11REFERENCES...................................................................................................................................12............................................................................................................................................................142
INTRODUCTIONThe systematic planning, implementing, monitoring, and revision of all the channels ofcommunication within an organisation are known as managing communication. This is an importantpart of any organisation which helps in interacting with each other (Managing communications, 2016).This learning is comprises of two assignments, in one, it is about starting up a new business and theother is based on the case study of small political activists' in which strategic communication processas been described.ASSIGNMENT 1INTRODUCTIONTo start up the new business entity in the retail sector that is ABC company, there are variousdecisions are to be taken. Company should focus on making contact with identified stakeholders anddevelop their business relationships. The reports covers the decisions which are to be taken for thebusiness by considering internal and external sources of information.1.1 A discussion on different decisions to be made A discussion of the different decisions to be made in relation to starting up a business is noteasy task. So the company needs to make key decisions for the betterment. Different types ofdecisions include tactical, strategic and operational. These decisions involve how one will fund theoperation, how much money one need to survive in the early period of business and the location forthe facility. To start a new business, one should need finance. To determine the finance for the business,owner can borrow money from the bank or may be he himself will eligible for grant money (Tamir andet.al., 2015). Another option is to borrow from friends or family members or to involve with a partnerwho can supply the needed capital. Second decision are to be taken for the business is site. If, one isplanning to start a brick-and-mortar retail operation as opposed to an Internet or home-based business,choosing a location is a critical step. The location should be in the reach of the consumers so thatchances of the successfulness of business are higher. 1.2 Examination of the information and knowledge required to make decisions in relation to start up anew businessInformation and knowledge play a crucial role for conducting effective decision making processin the ABC retail business. Due to highly competitive market, organisation needs high level ofknowledge, skills as well as expertise people. Each level of management has certain kinds ofresponsibilities which include analysing for the effective market, to attract large customers base and toincrease profitability. By conducting various research, the management will find out about the various3
market analysis such as which customers segment should be targeted and how to influence the marketsales. They need knowledge and information to take decisions (Hwang and Yoon, 2012). For knowingthe level of knowledge, organization come across certain challenges, as tacit and explicit knowledge ofevery person differs in various ways such as price and location strategy. Knowledge and informationshould be properly managed with knowledge management techniques which improve strategic positionof business. 1.3 List of internal and external sources of information and understanding and justify itThe internal sources of information are collected from inside sources of the organisation.Internal source of information includes the account ledgers which are used for predicting future events,personnel and payroll systems etc. that is further used for costing a project and ascertaining theavailability. Other source can be marketing department which provides information based on theopinions and buying habits of potential customers (West and Bogers, 2014). These all will suitable forABC to start up a new business as well as determine the success of products and services offered totheir customers. External information can be collected by the external sources such as governmentwebsites, trade journals, multimedia like Facebook, twitter etc. To start a new business, Google willplay a vital role in gathering large amount of external information.1.4 Recommendations for the selection and analysis of information needed for business start upFor improving the methods used in the selection and analysis of information needed forbusiness start ups are as recommended. ABC business is focusing to become highly valued business infront of customers and community. The recommendations for the company are to be growing for theinternational needs for more decision making. Furthermore, the business should include strengtheningthe knowledge of the management systems and develop computerized decision support systems(Valacich and et.al., 2015). Other recommendations for improving the selection and analysis arecompetitor intelligence systems which will be highly advantageous for the organization.2.1 Identification of stakeholders for a decision-making processThe identification of stakeholders for a decision-making process are done on the basis ofmanagement, employees, customers and government. Other stakeholders includes stockholders,creditors banks, investors, communities, general public, media etc. Company should create betterpartnerships with their stakeholders who encourage constructive talk to make the business successfulby learning and listening each other (Hauck and et.al., 2013). This helps to reduce conflicts and assistsin better decision making. When, stakeholders are involved in early stages of planning process then,decision making problems can be minimized. Each company has a set of unique stakeholders and theirlevel of interest and influencing ability also differ. Here, the stakeholders which company is focussing4
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