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Roles of Management in Successful Business

By:   •  July 26, 2019  •  Research Paper  •  2,107 Words (9 Pages)  •  385 Views

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UNIT II ASSIGNMENT

COLUMBIA SOUTHERN UNIVERSITY
          DO VAN TAN

Management levels plays an important role in launching business successfully. General administration of all business activities of the enterprise, the administrator at this level is called the highest level manager (president, general director, director ...). Plan the goals, the scope of your business, feel the big problems and their causes to find solutions that are the first and most important responsibility of senior management. A business with a vision, mission and core values ​​is planned and a guideline in the business that will grow sustainably. In addition, the top management is also responsible for determining the desired end result, approving major business policies, policies, approving the organizational structure, major action plan plans to achieve are set goals. The goals must follow the development orientation of the company and the senior executive, which helps the company avoid wasting resources on unnecessary projects. Different tasks will be run by the members of the senior executive. For example, identifying necessary human resources and providing operational funding according to job requirements, executing executives, assigning responsibilities, delegating, coordinating all activities of the staff and executive functions, approval of human resource planning programs including: recruitment, salary, promotion, promotion, discipline and anticipate control measures such as reporting, checking and evaluating organizational effectiveness.

It is undeniable the benefits of strategic management for the company. The company's Vision will be defined and implemented more clearly. In addition, strategic management also helps members of the company focus on the company's goals, aiming at a common goal, thereby saving time, human resources, and avoiding waste and still achieve the goal. Moreover, a company with a clear management strategy will easily adapt to the development of external factors thereby improving the management process accordingly.

In the context of increasingly competitive business and affected by factors such as inflation, tariffs, free trade agreements, technology, politics ... strategic planning and management become more and more so more important. Therefore, for businesses with employees and managers to easily adapt to changes in the environment, the study and training in enterprises is extremely important. Since then, the company will improve its capacity and competitiveness.

Behind the board is the board of directors, each director is responsible for a separate segment such as marketing, production, personnel, ... depending on the company model. Under Spencer Stuart a member of international team of contritutors has written a article about BoDs responsibility. In general, the strategies put down by management will be a premise for performance of BoDs. They must plan implementation and directly monitor the implementation process and report to the management. Strategic decisions must be made in a timely manner. At the same time, BoDs must also take into account the risks that businesses may face in the future, from which general planning and solutions are proposed. For businesses to grow sustainably, BoDs also need to update laws and regulations to ensure that the company's business is lawful, while ensuring profitability and community responsibility.

According to Wheelen and Hunger (2017), Strategic management is said to be active if the questions are approved and decisions are made in accordance with the company's vision, strategy and policy. An example of a mobile world company in Vietnam, with culture throughout the company is every customer is pleased to come to the mobile world. Culture has been trained by the board of directors for employees to instill and work naturally, without force. Staff from the lowest level always smile whenever they meet customers. When the value of the company is determined by senior management in line with the company's orientation, strategy and goals, the company will grow constantly.

Approved by the US Congress on July 30, 2002, the law was sponsored by the former Senator of Maryland, Paul Sarbanes and Congressman Michael Oxley, and is one of the basic laws of accounting and auditing.

The main objective of this law is to protect the interests of investors by forcing public companies to ensure greater transparency of reports and financial information when disclosed.

At the same time, the law also adds provisions binding personal responsibility of executives and financial directors to the reliability of financial statements, which require public companies to there are changes in internal control, especially control of accounting.

Also thanks to this law, the position and market position of auditors are placed in the central position, which is an important bridge to create financial reports with high independence and higher level of trust.

The Sarbanes-Oxley Act has 6 important points. Firstly, the executives and financial directors must directly sign the officially issued financial statements and ensure the truthfulness of the report. If there are mistakes, they may have to go to jail. Secondly, companies must set up an accounting supervisory board to supervise the group's internal accounting activities, and closely monitor the operations of audit firms for that group. Thirdly, auditing companies are not allowed to perform all the auditing operations of a corporation, but must share the work for other auditing companies to avoid the concentration of benefits that may lead to negativity. can happen. Fourth, the management of the company is not entitled to decide whether or not to terminate the contract with the auditing company, which belongs to the company's audit committee. Fifthly, every year, companies must have internal control reports, in which information about the company's financial situation must be certified by the auditing company. Sixthly, crimes related to changes, cancellation of records, documents or hindering legal investigation may result in imprisonment of up to 20 years. ( Dave, n.d)

Part II SWOT analysis

Vietjet Air is the first private airline to enter the air transport market in Vietnam, has been licensed to operate since December 2007. Vietjet has quickly built a solid position in one of the markets. The airline school is the fastest growing, and emerged as a leading Southeast Asian low-cost carrier. Vietjet started operations in Vietnam at the end of 2011 and has become the country's largest domestic airline. Let's analyze the SWOT of Vietjet air to understand Vietjet air's strengths, weaknesses, opportunities and threats.

Strengths

  • Vietjet joins the aviation market at the perfect time.
  • Vietjet has quickly captured a significant market share
  • Vietjet is one of the lowest cost airlines in Asia and around the world
  • Non-ticket revenue (Ancillary revenue) - an important element of the success of low-cost airlines, has helped Vietjet achieve its profitability in the first phase.
  • Vietjet has quickly built a strong brand in Vietnam.
  • Strong marketing strategy, brand promotion has helped Vietjet become a famous low-cost airline brand.
  • Vietjet has realized the dream of flying for middle and low income classes
  • Wide ticket agency system
  • Deploying IT systems catch up with the trend, helping customers convenient in buying airline tickets.

            Weaknesses

  • Some inappropriate business strategies have failed
  • Vietjet's ticket prices are low, increasing competition in the market
  • Management board does not manage effectively
  • Vietjet does not do strong marketing abroad
  • Strategies to sell and lease aircraft are not really effective

Opportunities

  • Vietnam has gradually become a popular tourist destination. The number of tourists exceeded 10 million in 2016, an increase of 26% compared to 2015
  • Vietjet until now is based entirely on direct flights, typical of a new low-cost airline in the early stages of development.
  • Vietjet also has a strategy to pursue cooperation in codeshare flights
  • Vietnam GDP grew by 5% from the launch of Vietjet, 6% in 2016.
  • The political and economic situation is stable
  • The government has new policies to promote tourism
  • Young population, big travel needs

Threats

  • Vietjet has been facing increasing competition of another domestic and foreign airline
  • The domestic market is growing slowly, Vietjet is facing a competitive challenge in the fierce international environment.
  • Poor airport facilities lead to congestion at the airport.
  • High inflation rate leads to rising fuel prices

Strengths

The improvement in income levels and the rapid increase in middle class growth in Vietnam have made air travel, with many people, within reach. This demand is increasing when the price of low-cost aircraft is now lower, just equal to the fare of passenger cars or trains on most domestic routes.

Vietnam, a long and narrow piece of land with highways and railways, has many weaknesses, making it difficult to move between cities. People, therefore, are willing to transfer from passenger cars and trains to select cheap domestic flights.

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