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    Management Assignment 2

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    hamdahjahangir56

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    Management Assignment 2

    Uploaded by

    hamdahjahangir56
    2 views5 pages

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    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2 views5 pages

    Management Assignment 2

    Uploaded by

    hamdahjahangir56

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    MANAGEMENT ASSIGNMENT

    BBA 1- GROUP B

    GROUP MEMBERS
     HAMDA JAHANGIR
     FATIMA TASSADDUQ
     ALISHBA BASHARAT
    QUESTION #01
    What role do you think goals would play in planning the change in
    direction for a company? List some goals you think might be important.
    Make sure these goals have the characteristics of well-written goals)

    Goals are really important for planning changes in a company like Garmin. They
    help focus efforts and measure success. Here are some simple goals that might be
    important for Garmin:

    1. Increase Sales by 15% in One Year: This gives a clear target to aim for.
    2. Launch New Features by Next Quarter: This sets a timeline for new product
    improvements.
    3. Partner with Three More Automakers in Two Years: This will help expand their
    market reach.
    4. Improve Customer Satisfaction Ratings by 20%: This focuses on making
    customers happier with their products.
    5. Reduce Production Costs by 10% in One Year: This can help increase profits.

    QUESTION #02
    What type of plans would be needed in an industry such as this one? (for
    instance, long-term plan or short-term plans, or both?) explain why you
    think these plans would be important

    In an industry like Garmin's, both long-term and short-term plans are important.

    Short-term plans might include immediate actions like improving production


    efficiency or launching a new marketing campaign to boost sales quickly. These
    plans are crucial because they help the company respond to market changes and
    consumer demands in real time. For example, if smartphone navigation is becoming
    more popular, a short-term plan might focus on a promotional campaign
    highlighting the unique features of Garmin devices.

    Long-term plans, on the other hand, would involve strategies like developing new
    technologies or forming partnerships with automakers. These plans are important
    because they set the direction for the company's future and ensure sustainability.
    For instance, if Garmin aims to become a leader in embedded GPS systems in cars
    over the next five years, this long-term vision will guide their investments and
    resource allocation.

    Both types of plans are essential for balancing immediate needs with future growth,
    allowing Garmin to adapt to current market trends while positioning itself for long-
    term success.

    Question #03
    What contingency factors might affect the planning Garmin executives
    have to do? how might those contingency Factor affect the planning?

    Contingency factors are unexpected events or circumstances that can impact


    planning for Garmin executives. Here are some important ones:

    1. Market Trends: Changes in consumer preferences, like a shift towards


    smartwatches or smartphone apps, can affect Garmin’s product development plans.
    If more people start using their phones for navigation, Garmin might need to adjust
    its strategy to focus on integrating their products with mobile technology.

    2. Technological Advances: Rapid advancements in technology can render existing


    products obsolete. Garmin executives need to plan for research and development to
    keep up with innovations, such as improved GPS accuracy or new features like
    augmented reality.

    3. Economic Conditions: Economic downturns can reduce consumer spending on


    non-essential items like GPS devices. Garmin might need to adjust its pricing
    strategy or focus on more affordable product lines during tough economic times.
    4. Regulatory Changes: New regulations regarding data privacy or environmental
    standards can impact product development and manufacturing processes. Garmin
    would need to ensure compliance, which might require changes in their planning.

    5. Supply Chain Disruptions: Issues like natural disasters or geopolitical tensions can
    affect the availability of materials needed for production. Garmin executives would
    have to create contingency plans to manage supply chain risks, such as finding
    alternative suppliers.

    These factors can lead to shifts in priorities, resource allocation, and overall
    strategy, making it essential for Garmin to have flexible and adaptive planning
    processes.

    QUESTION #04
    What planning challenges do you think Garmin executive face with
    continuing to be the global market Leader? How should they cope with
    those challenges?

    Garmin executives face several planning challenges in maintaining their position as


    a global market leader:

    1. Intense Competition: The market for GPS devices and wearables is highly
    competitive, with many companies entering the space. Garmin needs to
    continuously innovate and differentiate its products to stay ahead. To cope, they
    should invest in research and development and focus on unique features that set
    their products apart.

    2. Rapid Technological Changes: Technology evolves quickly, and Garmin must keep
    up with new advancements. This requires agile planning and the ability to adapt to
    new technologies. They should establish a culture of innovation and encourage
    teams to explore emerging technologies and trends.

    3. Global Supply Chain Issues: Disruptions in the supply chain can impact production
    and delivery times. To manage this, Garmin should diversify its suppliers and
    consider local sourcing strategies to reduce dependency on specific regions.
    4. Changing Consumer Preferences: As consumer needs evolve, Garmin must
    anticipate these changes and adjust its product offerings accordingly. Conducting
    regular market research and gathering customer feedback can help them stay
    aligned with consumer desires.

    5. Economic Fluctuations: Economic downturns can affect consumer spending.


    Garmin should develop flexible pricing strategies and explore different market
    segments to mitigate risks during challenging economic times.

    By proactively addressing these challenges through innovation, market research,


    and strategic planning, Garmin can better position itself to maintain its leadership in
    the global market.

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