Business, Seventh Canadian Edition
- 1. What are the various corporate-level strategies that a company might use? Which of these corporate level strategies did Seagram use under Edger Bronfman Sr.? Under Edgar Bronfman Jr.? Which strategy is Warner music group using now?
There are various corporate-level strategies that a company uses to establish a competitive advantage over competitors. These include Cost leadership, differentiation, focused on low costs, using differentiation strategy, and focused differentiation. Under Cost leadership, companies compete for wide clients based on prices whereby cost may be lowered to effectively be cost leader to attract more clients. In differentiation, worth is provided to clients inform of high quality features and product innovation that eventually, attracts many to purchase the product. Under focused low cost, companies not only struggle on prices but, penetrate to small segments of markets to attract more to buy the product. However, under focused differentiation, companies choose a small segment of the market to distribute goods and services. In other words, this strategy aims to meet the needs of a specific customer segment. Finally, under differentiation strategy, companies use this strategy to discover new skills and technologies.
With this in mind, Seagram used differentiation strategy under Edger Bronfman Sr whereby he focused on production of wine and distilled spirits with distinguished brand names such as Chivas Regal, Crown royal, and Absolute Vodka. Under Edgar Bronfman Jr, differentiation can be outlined whereby, worth is provided to clients inform of high quality features and product innovation that eventually, attracts many to purchase the product. As depicted, under Edgar Bronfman Jr, there was product innovation whereby there were efforts to convert a French water as well as, utility of the company into media conglomerate. On the other hand, Warner music group is focused on low cost and increasing sales of music download from cell phone and web networks.
- 2. What is involved in each of the four functions of management? Which of these four functions caused Edgar Bronfman Jr. the most difficult when he was CEO of Seagram?
For a smooth running of an organization, there are four functions of management that include leading, controlling, organizing, and planning. In facts, leading involves inspiring and influencing people to perform better on their respective duties and responsibilities. In doing this, managers create a positive working environment that pick up work performance and boost employee’s morale. As the name suggests, controlling entails imposing certain standards for employees and constantly evaluating employees’ work performance to ensure they track on the company’s goals. Organizing involves identifying various roles, delegating duties to employees, and choosing best people on various job positions. Finally, planning involves identifying the organization’s goals, and eventually developing various strategies that can be applicable to achieve goals. From the four functions of management, Edgar Bronfman Jr. is said to experience difficulties whereby the company got into trouble when stock price dropped penetratingly. In this context, Edgar Bronfman Jr encounter difficulties in planning where he failed to identify identifying the organization’s goals and strategies that would be applicable to achieve company’s goals.
- 3. How do you tell if a person is a good manager? Is Edger Bronfman Jr. a good manager?
In facts, for to be a good manager, he or she should possess various qualities for effective management. First, a good manager should generate a productive environment, which can be achieved by enhancing team work, increasing employee satisfaction that eventually boost morale and work performances, and at times using financial incentives to stimulate productivity. Secondly, a good manager should define success by making it clear to employees what the company wants to achieve and actions that can enhance such achievement. Thirdly, to be a good manager, one should enjoy interacting with his employees to obtain feedbacks of what is going and suggestions of what can enhance success. Fourthly, an effective manager should augment employee satisfaction by building morale by giving employee’s a sense of importance to the company. Finally, a good manager should have a structured mindset, and be ready to learn from mistakes for company’s growth. With this in mind, Edger Bronfman Jr is a good manager who had a clear vision and insight to the company so that it could capitalize on major trend. However, he failed to generate a productive environment that would both attract employees and investors.
- 4. What skills do manager need to be effective? In what skill did critics say Edgar Bronfman Jr. was weak? Explain.
It is articulated that, there are various skills that manager should possess for effective management. In essence, there are four paramount skills that managers require to master; Leadership, communication, building trust, and motivation skills. Under leadership skills, a manager should influence others to accomplish goals and objectives by clearly sharing vision to his employees. At this point, a manager should create an environment that ensures that all team members exercise the duties and potential for company benefit. A leader should effectively communicate to his employees in meetings, and anticipating any suggestion or question that employees may have in mind. With no doubt; building trust results to successful outcome, whereby a manger may build trust by demonstrating ability, expertise, commitment, and competence. In other words, employees should count the manager to get job done. Lastly, a manger should give employees the support required in getting work done because, motivating employees build morale and satisfaction, which eventually improve productivity. In this context, critics believe that Edgar Bronfman Jr. was weak in motivation skills whereby he failed to motivate his employees to work on the goal he had set. At the end of the case study, critics believe that Edgar Bronfman failed to plan on what would enable the company to pick up on stock exchange.
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