Essay on Business Management
Document Type:Essay
Subject Area:Management
Also, a business management course helps individuals to stay ahead of the evolving landscapes of business. This is because, as technology consistently reinvent processes the current job roles should be changed as new roles as created. Thus, the course provides students with the right knowledge they need for them to stay abreast on their skills. Furthermore, in today’s competitive business environment, it is important to gain a greater understanding of business operations across the vast areas of operation. Though there is a great value in having a practical and hands-on experience in an actual working world, having the theoretical knowledge of how businesses operate is equally important. Furthermore, they get to listen to the consumers to determine the features that they think should be included, analyze their response and use the information they have gathered.
This enabled them to make decisions regarding the prospects of their product including the features that will be possible to add, priority features and those that will be impossible to add and afterward create a roadmap for the products. The product manager is responsible for a product’s lifecycle by ensuring that everyone within the company follows the product roadmap with the prompt release of quality features. Project management comes with a huge responsibility especially if a company depends on the product that is being managed. Hence, a product manager is at times required to make complex decisions regarding the product's future. Furthermore, integrated learning provides students with insights about an external occupation or trade that is taught at the learning institution hence introducing them to a specific occupation, workplace setting or industry.
Integrated learning may also help in facilitating the establishment of industry networks and potential for gaining employment after the completion of the course (Atkinson, 2016). As well, students gain an opportunity to obtain enhanced knowledge of the culture and professionalism of the workplace. SWOT Analysis This section entails a SWOT analysis of Walmart Stores. Walmart is a multinational company based in America. The financial position of the company has given it influence over the smaller retail companies or to set up new stores in locates that exhibit good business prospects. The rapid expansion has led to an increase in the company’s market share thus helping it maximize its revenue. Furthermore, the company’s fast growth has offered support to its low-cost methods by providing the company with benefits of economy of scales as well as a huge bargaining power over its suppliers (Barney, 1995).
Therefore, an excellent financial position implies that the company is in a better position to invest in technology and marketing activities among others. Weaknesses One of the major weaknesses of Walmart lies in its ability to manage human resources. Such issues seem to be threatening the market share of the company because some of the customers refuse to be linked to a company that oppresses its employees. In other cases, Walmart has been required to pay civil fines concerning the violation of the rights of their employees. For example, in May 2012, the company was required to pay 4. million dollars in damages, back wages and civil fines for refusing to pay their employees for the extended working hours (Banjo, 2012). Opportunities Walmart has various opportunities to improve its competitiveness and enhance its further growth in the market like for instance, an improved economy of the developing markets.
The company has also been exploiting the potential of introducing services such as banking, healthcare, and internet. Besides, increasing its sources of revenues, its plans to introduce healthcare services may prove beneficial to its customers especially those located in the remote regions. Threats Walmart is also faced with different kinds of threats like for instance, the threat of economic crisis in its major markets. Europe and the United States have always formed a large market for Walmart. However, the markets have suffered an economic recession in the last few years. This position requires an individual to write consumer stories, understand as well as create solutions that meet the needs of customers. As well, the position requires that an individual actively identifies and helps in resolving emerging issues during the lifecycle of a project.
This position, however, requires an individual to possess certain skills and qualifications. In order to qualify for an internship program at Walmart as a product management intern, an individual is required to exhibit intellectual curiosity, self-motivation, and a positive attitude. Additionally, an individual should be passionate about interacting with people and matching communication skills (Cooper & Kleinschmidt, 1995). However, I still need to learn how to develop a business plan as well as an investment case for the development of a new product. Moreover, I still need to refine my technical skills to help me emerge successful in this occupation. Walmart has a strong, unique culture that has enabled the company to emerge successfully over the years. This same culture also matches with my lifestyle choices. Thus, I believe that considering the internship program at Walmart will be an excellent step towards learning more and gaining employability skills in the world’s most reputable company.
Such skills can show potential employers that one is hardworking, responsible and knowledgeable with regards to commerce. Moreover, many employers may need to hear my ideas regarding the development of their products and the perceptions I have of the market they operate their businesses in. A product management internship program presents a wide range of duties which implies shifting between different job functions. Thus, a project management internship program equips one with the necessary skills and knowledge to start a business which may also be an option after the successful completion of a degree in business management. References Atkinson, G. The Academy of Management Executive, 9(4), 49-61. Basker, E. The causes and consequences of Wal-Mart's growth. Journal of Economic Perspectives, 21(3), 177-198. Cooper, R.
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