Business Report
Introduction
Managerial functions in an organization determine the efficiency and performance of any organization. They influence the functions of the human resource management and determine the marketing strategies of an organization. This paper discusses the differences between planning, controlling, leading and organizing. It also defines the functions of the Human resource management. In addition, it explains the 4Ps of marketing concerning Nike Inc.
Explain the Differences between Planning, Organizing, Leading and Controlling
Managerial functions are important social processes in an organization that ensure effective and sustainable planning and regulation of business functions to enhance achievement of organizational goals. The basic functions include; planning that prepares a company's future course of action by defining its objectives and how they will be achieved. It responds to the question where does a company want to be in future and how will it reach its target. Organizing, conversely, involves the integration of financial, physical and human resources to ensure achievement of the pre-determined organizational objectives. The human and non-human resources are essential for ensuring the functionality of an organization. Leading as a management function motivates an organization’s human resource to achieve organizational objectives. Leading ensures that the employees participate actively and work effectively towards the implementation process of organizational goals. Controlling, on the other hand, is the monitoring process that measures the progress of an organization towards the achievement of its goals. It measures the actual performance against standard performance to identify any deviations and develop corrective measures. Through the controlling actions, a company’s management can correct any deviation from standards to ensure they achieve their objectives (Daft, Kendrick, and Vershinina, 7).
Discuss the role of human resource management within an organization
The human resource in an organization is responsible for conducting many important business operations in any organization. HR professionals are charged with the responsibility of organizing employees to ensure they perform their organizational duties efficiently and effectively. The human resource is thus an asset to an organization. The human resources management team is responsible for managing an organization’s workforce as a business resource. Among their functions are; overseeing the recruitment and hiring process of employees, directing workers’ benefits and making recommendations on workforce training and development approaches. The specific roles, therefore, include; commitment building in employees. The HR ensures employees are hired in the appropriate positions that are up to the standards of their qualifications, during the recruitment process. The strategy is referred to as job-matching (Ehnert, Harry, and Zink, 102).An HRM team also helps an organization to gain a competitive edge over its competitors in the industry. It builds the capacity of a company to ensure it offers unique and quality products and services that satisfy the unique needs of each consumer. The management team works collaboratively with the HRM team to develop workers' skills to ensure effective productivity in an organization. Through the HRM team, an organization can efficiently achieve its organizational goals.
Identify the 4Ps and provide a brief introduction of what each P represents
A product could be a good or service an organization offers to meet the needs of its customers. The product has to be designed in a unique way and with emphasis on customer needs and wants to ensure they fulfill consumer needs(Pride et al., 9). Nike, for instance, markets varied types of shoes, clothing and equipment products that are its top-selling products. Nike is a brand name that gives strength to the product, and it cannot be misidentified. The strong brand image and identity gives it a competitive edge over other competitors in the industry.
Price
Price defines the actual amount a consumer is expected to pay for a product offered to them. The price of a product has a direct influence on how it sells (Ramaswamy and Namakumari, 19). The price of a product is determined by the perceived value of the product. Price determinations affect a company’s profit margins, supply, and demand of the products and the overall promotional strategy. Nike pricing determination is structured to ensure a competitive advantage over other Fashion Shoe companies. The pricing targets premium segments of the market.
Promotion
Promotion is a communication strategy that ensures a company disseminates relevant information on the products they offer, defining the type and quality of the products. Promotion encompasses components like advertising, public relations, marketing over the social media, among others(Pride et al., 11). Regardless of the promotion strategy, it should be appropriate for the specific product and price being marketed. Nike promotional strategy entails sourcing for accessible store locations. In addition, it also advertises in the newspaper and uses brand ambassadors such as soccer players to promote its brand. It at times sponsors some events like The Golden West Invitational that promotes it further. Nike’s strong brand identity and provision of quality services has ensured customer loyalty and increased revenue.
Place
Place considerations in a company's marketing strategy ensure delivery of the right product, at the right price and place and at the right time. Identification of the ideal locations to distribute a company’s product determines its ability to attract new consumer (Pride et al., 10). Nike's products are distributed to multi-brand and multinational Nike stores. It markets its products through independent suppliers, licenses, and subsidiaries. Its production company is in Asia and customer service, and other business operations are distributed globally.
Conclusion
Works Cited
Daft, Richard L, Martyn Kendrick, and Natalia Vershinina. Management. Andover: South-Western/Cengage Learning, 2010. Print.
Ehnert, Ina, Wes Harry, and Klaus Zink. Sustainability And Human Resource Management. Berlin, Heidelberg: Springer Berlin Heidelberg, 2014. Print.
Pride, William M et al. Marketing Principles. Australia: Cengage Learning, 2014. Print.
Ramaswamy, V. S and S Namakumari. Marketing Management. [Delhi]: Macmillan, 2013. Print.
