Reviewing the course objectives, all course objectives are required to become successful in management. Being able to handle situations that can cause a potential legal and/or ethical problem is a huge deal. Not being able to have the skill set to handle this situation can blow up larger than what occurred. Being able to handle all situations in a professional and ethical manner is an important aspect and is not always easy. Being able to understand that objective and learn to apply the knowledge can help with that. Another really important objective is creating plans to improve business operations. With being a manager, you should always be thinking of ways that you can improve your day-to-day functions. Every area has room for improvement and the world is continuously improving. Being able to know that and know how to look for improvements can help with that objective. There are a lot of risks associated with not mastering these objectives, but the main issue for me would be a manager not trying to learn or improve their skills. Not every manager can master everything, but a manager that doesn’t try is not fit to be a manager. Not knowing how to handle ethical or legal situations can set the company back in many ways such as sales or even with employees. Employees are an important part of a business and not being able to have correct ethical standards with your employees can cause issues and that can always set the company back.
It is very important to have current data in a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. If data is not current and the company is using data from 6 months ago, they can miss what new strengths the business has gained and they can focus on weaknesses that are no longer a problem. The company can seek out opportunities for growth that are no longer available. Using old data can cause any company to miss out on the new threats that they may have. Using old data and cause the company to lose a lot of time and money.
Accomplishing the course objectives listed for this course will support my success in management by exposing me to and preparing me for the varying levels of complexity, change, and oversight associated with being an effective leader in any organization and industry. Mastering these objectives will aid in my ability to critically evaluate team and company preparedness, make sound and logical business decisions, and create effective change management plans. These skills will ensure minimal, negative business impacts that can impact the company, my team, and the internal and external customers served. The risks and challenges encountered by failure to master the course objectives are very similar to risks and challenges I have notated from other courses and course objectives if failed. Those risks and challenges are company revenue and profit losses, potentially new and existing customer losses, industry and customer distrust, and legal issues (Spight, 2020). For any business, large or small, these are things that could be the difference between success or failure and even remaining open or having to close (Spight, 2020).
A SWOT analysis is a strategic management tool that allows a company to analyze internal and external environmental factors to assess where the company stands in the industry and market and develop strategic business plans based on these factors to guarantee growth and remove failures. This type of analysis “provides the basis for companies’ strategic decision-making processes” (Büyüközkan & Ilıcak, 2019). When making any decision, it is critical to have the most current and up-to-date information. Otherwise, the decisions made will be false-positive or false-negative as the data and real-world circumstances are counterfeit. “Knowing the current environment is necessary to understanding the future environment” (American InterContinental University, 2021). As a result, current data “can help firms to put their aptitudes, their experiences and their available data in a correlative order, to synthesize methodically, cohesively and effectively their answers against the pressing challenges they are facing” (Büyüközkan & Ilıcak, 2019). This ensures that the various organizational areas can utilize the internal capabilities to meet the company’s vision, mission, and objectives and thwart off threats and improve weaknesses.
Coca-Cola is an American company with operations all over the world. Its products include non-alcoholic beverages and syrups. It is one of the companies that have unique products that are tailor-made to the market and the offerings are dependent on the target market. Certain products in the United States include Minute Maid, Schweppes, Fresca, Dasani Water, Coca-Cola, Sprite and Fanta. However, when looking closely at other markets, the products offered by these companies are different from the original American products. In Japan, most of the products are iced tea such as green tea, iced coffee, Coca-Cola, Fanta, and Sprite. In India, the products include spiced buttermilk, Coca-Cola, Minute Maid, and Dasani (Coca-Cola India. n.d.).
One of the main factors pointed out on the websites of these three countries is that most of the original products are available in these three countries. However, there are additional products that are country-specific based on the culture of the country and the drink preferences. Most of these products are not shared by other products, and in most cases, they bring the company the most sales. The websites of the company in these countries are similar in the aspects of color as they use the official Coca-Cola color red. However, the content of the three websites is different, America’s website has the company’s milestones on the home page, The Indian website has the people and management while the Japanese have the product offerings and current campaigns (Products / Campaigns. (n.d.).
Companies with global markets have unique offerings in different markets. The brand names of the products are different, and even the ingredients are different. This event is due to the differences in the culture, and the availability of the ingredients. It is also important to note that there may also be differences in terms of marketing and management strategies.
Halliburton is a global leader in energy services in the United States and India. It began it’s venture into the energy sector around the world back in the 1910’s when it was known as HOWCO. It was a company that could separate water from oil back in the 1920’s in rural Oklahoma. It became internationally known as Haliburton in the early 1960’s, and it began to expand in oil production and revenue, before going international. Dick Chaney was the CEO of Haliburton before becoming Vice President under President George W. Bush. During the time being a CEO, there were scandals that popped out to mind, like the Deep Water horizon, allegations of wrong doing in Nigeria, and environmental mistakes along the way. Looking at the different websites in Houston, Dubai and the Middle East, there are subtle differences in the way how the website is laid out, there is more information on jobs in India and the Middle East, as opposed to having the same products that is being produced in the U.S. It is second in the energy business, only behind Schlumberger. It continues being very profitable, and it continues it’s hauling of sand in Texas and Louisiana. Halliburton is known around the world, and it’s reputation follows the name.