Cumberlands Today's Business Environment Paper

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APA format is required. In-text citations should be from scholar articles and placed accordingly throughout the paper. References should be listed on its own page. All references should be from the years 2014 to present day. Answers may be found in textbook.

Review the rubric that will be used to evaluate this paper. All work must be completed individually and submitted by or on due date.

  1. What must companies focus on in order to survive in today’s business environment? Use at least two unique references. Length: 4-5 paragraphs.
  2. Read the case: Prime Bank of Massachusetts, available in the Operations Managementtextbook, Chapter 2. Develop a list of changes for the operations function that should be considered by the bank. Use at least one unique reference. Begin by identifying operations management decisions that would be involved in operating a bank, for example, layout of facility, staff, and drive-through service. Then identify ways that they can be improved at Prime Bank in order to support the strategy focused on customer service. Use at least two unique references. Length: 4-5 paragraphs.
  3. In the product screening stage of new product development, what are some questions that may need to be explored by the operations function? By marketing? By finance? Use at least two unique references. Length: 4-5 paragraphs.
  4. Describe how consumers can use the Internet to shop in new ways. Use at least two unique references. Length: 4-5 paragraphs.

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Explanation & Answer

Attached.

Running head: BUSINESS MANAGEMENT

Business Environment
Institution Affiliation
Name

1

BUSINESS ENVIRONMENT

2

1. Companies focus
The business world is a day in day out becoming more robust, challenging and interesting
and it is therefore vital for business enterprises to understand how processes, actions or methods
might implicate their performance and survival. Becoming open to changes as the environment
might present is one important aspect that has since time immemorial played a significant role in
shaping the existence of enterprises. The principle in business is to compete, change or die and
this is not changing any time soon.
Surviving today's business involves many parameters especially those that are involved
with planning and creating the need for certain products. Organizations must continuously be
ready to come up with new products and solutions that will make the customers stay and desire
to get more (Buckley et al., 2017). Planning is vital as without plan then it is challenging to
achieve the goals set. Goal setting for an organization is important as it creates the fire and
energy required by the key players of the team to deliver on the objectives set. In the 21st
century, businesses have ceased to exist because of their inability to plan and execute the plans
as well.
Careful management of resources is vital especially now that most businesses are trying
so much to adopt austerity measures. Reducing and minimizing wastages is important for
businesses at all levels as it will enable them to focus on the important aspects. Companies like
Google and Amazon have thrived because of understanding how much prudent management
might impact the overall business (Ansong & Boateng, 2019). Despite all the efforts to manage
organizational resources prudently, while focusing on goal setting and being innovative,
businesses cannot thrive without being able to be customer-centric. Customers need to inspire

BUSINESS ENVIRONMENT

3

businesses to keep working, and therefore it is vital for all organizations to keep focusing on
what makes customers pay (Buckley et al., 2017).

2. Prime Bank Case
Prime Bank of Massachusetts would be required to make several management decisions
if they are to become effective in their operations as outlined below.
Staffing
On staffing, the bank should establish a customer service department, especially for
offshore customers so that all offshore calls can be handled in the United States. Staffing should
entirely be an outsourced activity, and this will allow the bank management to focus on other
important aspects. The bank should also adopt a variable model that allows them to switch
depending on their needs (Reid & Sanders, 2016). The bank should also consider fixed staffing
with the flexibility of benched staff to ...


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