Emerging Issues in Business
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Customers determine the success or failure of organizations. Therefore, most organizations are focusing on customers mostly because they play a crucial role. Nike Company is one of the most successful companies in the industry because of its products and services that satisfy the customers (Cochran, 2000, p. 143). Nike Company produces equipment, clothing, accessories, and footwear products for sporting and athletic market globally. Because of its quality products in the market, it is one of the largest garment's selling companies in the world. It sells more than 19000 retails stores in the United States of America and in more than 150 countries in the world. The six leading countries that manufacture the Nike products are USA, Taiwan, Mexico, Italy, Korea, and China (Laura, & Ray, 2008, p. 134).
The company focuses very much on the customers by conducting market research and analysis on what the customers want. The organization faces pressure from the competitors in the market especially the Reebok, Adidas, and Converse. This means that the company should always ensure it outperform its competitors in order to gain competitive advantage (Laura, & Ray, 2008, p. 135). In addition, the new technology is giving the company hard times or pressure in the market because it has to maintain the required standards. Technology should be incorporated in the manufacturing of the products because customers are sensitive on what is introduced or sold in the market in the market. The major pressure in the market facing the company is competition, rapidly changing technology, and the rapidly growing market (Cochran, 2000, p. 144).
The company has set goals and objectives on how to improve and deal with the pressure from the industry. Customers in different market require different products; hence, the company is working on how to satisfy them. Furthermore, the lifestyle brand strategy has been used in the company to ensure aspirations and values of the customers are met. This will depend on the culture and the needs of the customers in various market segments. The company has used this for many years because it satisfies the customers in the market and outperforms the competitors. The identified market segments are identified and their products based on background (nationality, subculture, social class, and ethnicity), experience, preferences, and choice (Laura, & Ray, 2008, p. 135).
Meeting customer’s needs is crucial for the company in responding to customer needs in the market. The products should be convincing and abide with the lifestyle of those customers. In addition, the company has adopted market segmentation in order to deal with pressure in the market about the customers. This is where the company has selected groups of people in the market with same characteristics and features in the market. This is noteworthy because they can be provided with products that suit their needs (Cochran, 2000, p. 145).
The most common segmenting method adopted by the company is based on demographic factors or variables. These variables include education, occupation, income, race, sex, age, and household status (Laura, & Ray, 2008, p. 136). This is the most effective strategy that the company uses to deal with the pressure in the market about focusing on customers. Nike’s strategy of segmenting the market so that customers can effectively be served has helped it increase volumes of sales. In addition, it has helped it expand to new markets with opportunities. In addition, it is the leader in the market meaning that it meets what the customers want in different market segments. Furthermore, it has ensured customers get high-quality sporting and athletic goods especially the footwear (Cochran, 2000, p. 146).
Nike Company is focusing on elevating retail presence, brand leadership, product innovation, and creating consumer premium experience. In addition, it targets all the potential geographical locations and expansion. This has been crucial especially when opening new branches in oversees countries. The company has adopted adoption of the new technology. The employees are at the centre stage because they are the ones to ensure the products meet customer’s requirements and expectations. This has been crucial because it helps the company penetrate into new markets all over the world with ease. The growth rate of the market is based on the number of customers because of improved management (Laura, & Ray, 2008, p. 137).
Customers are the focus of most companies especially Nike. This is because without customers, the company may not exist. Total Quality Management (TQM) theory is necessary when focusing on customers (Cochran, 2000, p. 147). Customers or consumers all over the world are sensitive on the product’s quality. Nike Company should incorporate this theory because it is one way of maintaining or retaining customers in the competitive market. Therefore, this theory will help the company retain its customers in all market segments without straining its resources that may increase the cost of manufacturing and promoting the products. Focusing on what the customers want is an added advantage because the customers will feel part of the organization. This will happen when they get what they want in terms of quality and satisfaction (Laura, & Ray, 2008, p. 139).
In addition to TQM, Self-Service Technologies (SST) theory is noteworthy because it focuses on the customers. This theory will help the company focus on what the customers want in the market. Nike Company should introduce the use of technology when delivering their goods in the market. The customers can purchase products online in order to reduce on costs and time wasted (Cochran, 2000, p. 148).
The emerging business issues are numerous due to globalization. Technology advancement, e-commerce, and changing international business are the major issues. There are many rules and regulations guiding business operations in the world. Many countries are coming up with stringent rules and regulations guiding business operations in their countries (Loefton, 2008, p. 183). Many companies especially those in the telecommunication industry are facing a lot challenges due to the rapidly changing technology. Samsung Company is globally recognized for its high-quality products in the market and it is one of the companies that face stiff competition especially from Nokia and Orange telecommunication companies (Carla, et al. 2000, p. 222).
Employees need to be trained regularly so that they can manufacture high-quality products that can satisfy them. This is an issue that if it is not dealt with in advance, then the company can lose its customers and potential customers. In addition, this comes with new regulations in the market where it operates. The selling and marketing department have been affected negatively because of the changes that need to be sorted every time. The general operations of the company need to be structured and designed in a manner that reflects the company is trying to improve its services (Loefton, 2008, p. 184).
The processes and procedures in the company cannot are affected because of the imbalances created when decisions are made without consultation (Carla, et al. 2000, p. 224). To change the situation especially for the changing rules and regulations, Samsung Company should work with the lawmakers or governments of various countries so that they can negotiate on how to maintain favourable terms. This will ensure a business-oriented environment. Some rules and regulative can lead to closure of the company because it may not be able to meet the entire requirement provided, which are essential for business operations (Carla, et al. 2000, p. 224).
Furthermore, the issues facing Samsung Company have both positive and negative impact to both the company and its stakeholders. Though the company has many strategies to counter the issues especially technological and legal issues, it will be costly to implement some of them (Loefton, 2008, p. 185). Therefore, the company can decide to make decisions that will help save the company from collapsing. Issues that are commonly facing the company are related to the research and development that is costly and time consuming to the company. Company needs are crucial because failure to meet them will mean that the customer’s demands cannot be met too. This means that, the company’s returns will reduce significantly in the market (Carla, et al. 2000, p. 225).
Concerning technology, the company can conduct continuous market research and development. This is worthy because it will help the company compete with other firms in the industry offering the same products. This means that the company should maintain high-quality products in the market. Competition is a major challenge that the company should consider introducing new marketing strategies. Strategies are significant especially when there are many issues or challenges facing the company (Loefton, 2008, p. 187).
Advertising and promotional activities have been affected negatively. This is because the company has been forced to spend a lot of money in many countries or markets that it sells its products. Advertising and promotion especially to the Samsung Company requires crucial decisions. This is because its markets are large and need to be addressed so that its sales and profitability are not affected. Samsung Company will maintain or improve its image and reputation if it can deal with the issues or challenges facing it (Carla, et al. 2000, p. 227).
Emerging business issues should be addressed immediately in order for the company to manage other complex situations in future. Challenges that are not dealt with immediately will reoccur in future. This means that, postponing issues may complicate the future of the company; hence, competitors may take advantage of the situation (Loefton, 2008, p. 187).
Nike Company has many stakeholders. These stakeholders influence decisions of the company in different ways. These stakeholders include the customers, government, top management, employees, and shareholders. Customers are the most influential because they determine the success or failure of the organization. In addition, the company survives because of products sold to them in the market. This can be experienced mostly when the prices change in the market. The customers can decide to buy from the competitors offering the same products at a lower (Weiss, 2008, p. 342).
Therefore, this means customers determine the prices set by the decision makers in the company. They influence the top management when deciding on price to be charged on the products. They will dictate the prices because of the stiff competition in the industry. In addition, the customers will influence the decision on the product quality. It will force the company’s decision makers on the quality of products produced and sold in the market. The improved quality of the products manufactured by the company was because of the influence of customers in all market segments. The customers forced the company to manufacture quality because they could buy from other companies in the industry that offers the same products (Svendsen, 1998, p. 92).
Employees are critical in decision making because decisions made will affect them either directly or indirectly. They will influence the decision makers especially on terms and conditions of their job contract. This will include the training they require in order to produce products that meet customer’s expectations and needs (Weiss, 2008, p. 343). This means that the employees can affect the decisions in the company either positively or negatively. The employees especially those in the sales and marketing department can influence the allocation of funds in various department. This means that they may force the decision makers to allocate them many funds because they need to meet their targets. Their targets are usually high and failure to meet them can lead to the closure of the company (Svendsen, 1998, p. 93).
Employees of Nike Company have been advocating for improved terms and conditions. They want the job description and work load reduced because of the long working hours. Employees like other stakeholders can paralyze the operations of the company if the management (Svendsen, 1998, p. 94) does not respect them. Employees will affect how customers will react to the products of the company. Employees will determine the quality of products because they are the ones to conduct market research and analysis on what they want. This means that, the employees will influence the decision-making in the company depending on the needs of the customers (Weiss, 2008, p. 344).
Employees will demand more salaries and allowances for them to be motivated. Motivating employees in an organization is crucial because it is a pillar of company’s success. Employees who are not motivated may not perform as expected. Therefore, the top management decisions will be affected either positively or negatively depending on the employee’s demands. Employees will force the company’s top management to incorporate their desires and wishes when making crucial decisions. Motivated employees ensure the company achieve its goals and objectives within the specified period (Svendsen, 1998, p. 95).
The other pertinent stakeholders are the shareholders. Shareholders are paramount and can influence the decisions made in the company. The main influencing factor is the dividends and other returns that they expect from their investment. Therefore, the shareholders of Nike Company are powerful and influential in the decision (Weiss, 2008, p. 345). They usually demand higher dividends when the company makes huge profits. The top management of Nike Company always factor the grievances of the shareholders and their raised. Shareholders determine the success of Nike Company. If they are not remunerated well, they can decide to sell their shares and invest in other companies. This means that the company will lack capital to run its operations. Therefore, the shareholders should be considered when decisions are being made in the company (Svendsen, 1998, p. 96).
The most recent influence of the shareholders was witnessed in 2008 and 2009 when they demanded an increase in the dividends. Dividends in an organization are crucial especially to those who have committed their funds to the company. They will expect maximum returns from their investment. Decisions made by the top management will depend on what the shareholders will decide during their Annual General Meeting. This means that, shareholders like other stakeholders can decide the fate of the company. However, the shareholders of the company have been cooperative and understanding on various issues depending on the performance of the company (Weiss, 2008, p. 346).
The government decides on the laws, regulations, and guidelines governing the business. This means that, the decisions made in the company should consider what the government want them to observe. Most government rules and regulations are rapidly changing depending on what the customers and government requirements (Svendsen, 1998, p. 98). Because of the changing government systems, the decisions have to change too. Nike is a multinational company that needs to adjust to different laws governing it. Different countries have laws that govern business operations; hence, it has to adjust according for it to be recognized as legal in those countries. Some laws are stringent in some countries; hence, the company has to adjust according in order to meet such requirements. Therefore, laws in different countries can influence the decision making either positively or negatively depending on the operating environment (Weiss, 2008, p. 349).
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