Category: Business 11471

Introduction

Modern management and leadership strategies define the quality of work and the success of a business in various ways. There are many ways for individuals to improve their performance, and the article by Herminia Ibarra and Anne Scoular for Harvard Business Review in 2019 focuses on understanding the role of the manager as a coach. The authors underline that such a fundamental shift is not always easy for all leaders, and it is critical to learn how transformations should occur (Ibarra & Scoular, 2019). The chosen article explains why not all leaders can become good coaches, what ways exist to help with transitions, including the GROW model, and how to implement coaching as an organizational capacity in todays business.

Discussion

At the beginning of the article, attention is paid to the areas of improvement in management and leadership. Ibarra and Scoular (2019) identify the major fields of technical, functional, and professional domains. It is not enough for a good manager to command and control other employees or give answers and share examples. Today, more benefits are related to the coaching ability implemented in working relationships. Instead of judging and dictating rules, leaders ensure that employees properly define their organizations culture and ask questions to motivate (Ibarra & Scoular, 2019). The article shows a significant gap between what leaders understand as aspiration and practice, and coaching has to be a meaningful strategy.

One of the major steps in implementing coaching as a leadership approach is recognizing current mistakes and misunderstandings. Ibarra and Scoular (2019) rely on a study where 3,761 executives had to access their coaching skills, revealing that about 24% continued overestimating their abilities and interpreting their obligations incorrectly. Even the most competent managers are not able to accept coaching in their leadership. Therefore, companies need new tools for assessing their leaders decisions to deal with the challenge of confusion between control and inspiration. The styles of coaching represented within two axes define what individuals do and do not as directive, situational, laissez-fair, and non-directive leaders in a complex working environment (Ibarra & Scoular, 2019). The GROW model is another approach to demonstrate what actions should be taken to recognize the leaders roles and values properly. To be successful, coaching must include goals (what to achieve), reality (when and where to do), options (the decisions to make), and will (the intentions to promote) (Ibarra & Scoular, 2019). Rewards will be observed when leaders start to delegate their responsibilities and involve employees in discussions.

Therefore, the establishment of coaching as an organizational capacity is a serious element in organizational leadership. Managers have to understand why they need to gather outside opinions and make observations, how to create model behaviors, support transformations, and remove barriers rooted in biased judgments (Ibarra & Scoular, 2019). Coaching is not a new style of leadership but a perfect combination of several styles traits with the help of which managers support their employees, motivate their goals, and achieve the best outcomes in delegation and education.

Conclusion

The offered article generally contributes to a better understanding of what sufficient leaders could do. Todays business is never simple, and executives are responsible for various decisions and steps to be taken by other employees and stakeholders. Rewarding teams is not enough; leaders should offer institutional support and represent themselves as coaches. Many ways to maximize performance exist, and it is the leaders responsibility to learn what the company can do for its employees and vice versa. Leadership as coaching is a new tendency in management, and the chosen article properly explains the basics of this approach.

Reference

Ibarra, H., & Scoular, A. (2019). The leader as coach. Harvard Business Review, 1-11.

Reflection: Job applicant

Interviews are part of any professionals life. When undertaking an interview, the first impression of the person being interviewed is very important. It determines whether a person will pass the interviewee or not. The person should be calm and respond to the questions as effectively as possible. Generally, being calm always ensures that the interviewee can handle all issues raised during the interview comfortably and without any tension.

There are various methods for conducting an interview. The interview may be conducted physically with the interviewer and interviewee being in the same room, or via the phone or virtually using other communication devices such as video conferencing in case the interviewer and the interviewee are not in the same place. The most common form of interview is the physical interview. During an interview, the person should first greet the interviewers or make comments that show that he/she is at ease. During the interview, I was not able to create a favorable first impression on the interviewers, as I was not at ease. However, as the interview progressed, I was able to feel at ease with the interviewers and answered their questions as effectively as I could.

I generally answered the questions giving varied answers to a single question. This would enable the interviewers to have a good understanding of who I am. In most of the questions, I would give three or more answers to the questions to answer the question posed by the interviewer. Some of the questions usually entailed giving only one answer to the question. Questions such as what is your greatest strength require the person being interviewed to have only one answer, which he can thereafter clearly elaborate to the satisfaction of the interviewer. This was proof that I was not ready for the questions, as I did not have an immediate answer to the questions. In answering the questions put forward by an interviewer, the person being interviewed should not answer questions that the interviewer has not asked (Hathaway, 2005). However, in giving many answers I provided answers to question which the interviewer had not even asked.

I need to undertake several measures to help improve my future performance in an interview. Among the most important factors to consider is being at ease. I should show the interviewers that I have no tension by being as friendly as possible, and by bringing out my true personality. I should also ensure that I am well prepared for the question posed by the interviewers.

In the interview, I was not able to come up with direct answers to the question posed by the interviewers. I mainly played around with the answer by giving so many responses even in questions, which required only one response. In the future, I will ensure that I am prepared as possible to enable me to answer the question effectively. To facilitate this, I will ensure that I undertake as much research as possible on the job or the company before the interview. Effective answering of the questions shows that the interviewee is knowledgeable of the job. Also, the method of presenting the answers shows the self-confidence of the interviewee, an attribute which most interviewers keenly observe. Most of the interviewers will recommend a self-confident person; sometimes disregarding whether some of the answers that he provided were wrong.

While undertaking an interview, the person being interviewed should mention any skill, which he has, regardless of how small or irrelevant to the job it is as the interviewer may use it to determine if the interviewee has the necessary abilities (Hansen, n.d). During the interview, I was able to bring out my experiences clearly as required. However, I did not mention particular instances in which my experiences could be helpful to the company. I mainly talked about things generally without referring to real life situations, as well as how some of my experiences could be beneficial to the company if they hired me.

Reflection: interviewer

In determining the candidates who should fill a certain position in an organization, the organization mainly looks at the qualifications of the candidates before performing an interview to determine the most appropriate candidates. Just like qualifications- mainly academic and experience  job interviews are also very important in the selection of prospective employees. The job interview enables the interviewer to understand the interviewer on a personal level and can therefore use the understanding to base his decision to determine whom to hire for the vacant position (Heathfield, n.d). The main aim of the questions in an interview is not to intimidate the candidates being interviewed but to extract information from the candidate which is important in coming up with a decision on who to hire for the position. The formulation of the interview questions is therefore very important to the interviewer. Good questions would enable the interviewer to get as much information from the candidates for the specific job whereas bad questions may generate information that is irrelevant to the job vacancy which is being filled by the candidates and ultimately leading to the selection of candidates who are not fit for the job.

The job the company had advertised was for HR Administrator. This job mainly entails working with other people to increase the productivity of the company. It entails bringing out the best in the employees. The candidate should have good interaction with the other employees to enable them to have high productivity, enhance teamwork, and customer satisfaction. The personal attributes of the candidates are therefore very important in the effective handling of the above duties. The person should have strong leadership qualities and should be able to motivate other people. Also, the person should be able to help in building teamwork in the organization, which is essential for the high productivity of the employees and the provision of high-quality work that meets customers expectations.

The questions asked should therefore try as much as possible to bring out the personal attributes of the prospective employee since the screening process of the interview is expected to have removed all the people who do have the necessary qualifications. In undertaking the interview, the interview should first start by asking questions that the candidate can easily answer. This will enable the candidate to be relaxed before the interviewer starts asking questions, which are seemingly hard (Heathfield, n.d). Finally, when the candidate is relaxed the interviewer can have a better evaluation of the candidates behavior and personal attributes which will greatly help him in picking the right candidate for the job.

In undertaking the interview, simple questions were first asked the candidate to enable the candidate to be relaxed when answering other questions. By asking the candidate to first introduce him/herself, the interviewer enabled the candidate to have time to relax before asking the other question. Also, the other was relatively easy with the comparative hardness of the questions increasing as the interview progressed.

Also, the interview did not concentrate on the achievements of the candidates. The interviewer asked questions that tried to portray the personal attributes of the candidates, a very important aspect of the job advertised. The questions posed by the interviewer were mainly to determine how the candidate would be able to function under certain conditions that would be common if the candidate were hired for the specific job. The interviewer poses questions that try to make a connection between the personal attributes of the candidate to the job being offered to determine the relevance of the attribute to the performance of the job by the candidate if he was hired by the company. This, therefore, enables him to obtain as much information, which is relevant to the working of the employee from the individual as possible.

The last question posed by the interviewer is very important in determining whether the candidate can perform the job or not. The question tries to summarize all the relevant information that the interviewer has obtained from the candidate to get a clear picture of the candidate. The interviewer may ask a question, which is contrary to the general format of the questions that were asked before this question. In the last question, the interviewer asks a question that relates to the application of the academic work of the candidate to the job. This question deviates from the general formulation of the question in that it concerns the application of what is learned to the job and not the personal attributes of the candidate. The question underpins the importance of applying what is learned in class to the organization and uses that to determine the competence of the employee to the job.

Reflection: observer

As the observer, I filled the table below to determine how the interviewer and the interviewee behaved and the effectiveness of the interview.

(5 = Excellent; 4 = Good; 3 = Average/Fair; 2 = needs improvement; 1 = poor).

Reference List

Hansen, K., N.d. Job Interview Strategies for Teens: Part II  During and After the Interview. Quintessential careers. (Online). Web.

Hathaway, L. R., 2005. Savvy answers to tough interview questions. (Online). 

Heathfield, S. M., N.d. Job Interview Tips: How to Interview Potential Employees Hold Fair, Legal Job Interviews. (Online). 

For modern consumers, pricing can be explained and defined as a complex decision which influences sales and profits of a sales organization. For customers, prices may have symbolic meanings because a modern consumer may associate discounts with a reduction in quality. Prices are closely connected with the notion of value proposition and unique image of the product itself. Modern consumers suppose that quality fashionable products always have higher prices than mass merchandise.

The position chosen can be justified by emotional and psychological responses to a product. Many customers are not willing to buy cheap products and services because of personal image and high social status. The role of pricing varies with the product and its stage of development. Pricing is closely connected with branding and emotional responses of potential consumers. Fundamental and functional decisions necessitate basic changes in consumer habits, which are difficult to achieve and require heavy branding. High prices can be explained as strategic and tactical decisions which lead to great changes in consumer habits, a fact that may shift the focus of the branding job (Hollensen, 2007; Nagle and Hogan, 2005). For instance, customs of such brands as Jaguar, Bentley or Lancôme never buy low cost products because it would damage their image and self-identity. Most of the buyers are willing to pay high prices available to rich and wealthy customers only. These decisions are ethical as they leave poor customers a chance to buy cheaper products and use low cost services. The poor from Chicago would never have a chance to drive a Bentley or buy luxurious cloths from Valentino.

Regardless of economic models, it is difficult to establish an optimum price because demand and costs change over time. The attention usually settles on current profit maximization rather than on the long-run maximization; the whole life cycle of a product and the total product line, rather than a single item, must be considered in pricing; and price must be considered from the perspective of the total marketing mix (Hollensen, 2007). For instance, customers of such designers as Valentino, Channel or Calvin Klein would never buy products at the same price as products sold through low cost supermarkets. But the major problem is that detailed data are not available. Yet, several techniques can be used to approximate elasticities, including market tests, statistical techniques of historical or cross-sectional analysis, and surveys. Product brand image and its perception by potential is an important component of effective price setting (Paley, 2006). In many cases, effective price decisions (usually dealing with high pricing strategies) add value to a product. Customers usually measure added-value equities indirectly, by inference, it is easy to slip into thinking that brand equity is just an incremental return on marketing investment. The consumer is an active participant in the creation of equity. Some fashion retailers even call the consumer an equity partner in the brand in order to attract his/her unique qualities of the product.

In sum, there are always some products on the market that meet personal needs and the desire of customers to pay high prices. When small variations in price bring about relatively large variations in buyer reaction, the price elasticity is high. The situation is reversed for low elasticity. Since various customers react differently to price changes, knowledge of demand elasticities helps to set prices.

References

Hollensen, S. 2007. Global Marketing: A Decision-Oriented Approach. Financial Times/ Prentice Hall; 4 edition.

Nagle, Th, T., Hogan, J. 2005. The Strategy and Tactics of Pricing: A Guide to Growing More Profitably (4th Edition). Prentice Hall; 4 edition.

Paley, N. 2006. The Managers Guide to Competitive Marketing Strategies. Thorogood.

Introduction

Founded in 2014 in Dubai Silicon Oasis, Lavender Landscaping is a fast growing company that specializes in providing affordable, but high-quality services to customers that value natural surroundings and want to embellish their houses or officers with beautiful gardens. The company owns a plant nursery with flowers and other plants to give customers the best prices when it comes to landscaping services. Lavender Landscaping hired skilled architects to satisfy the needs of the most demanding clients; currently, the company can create designs of pools, fountain irritations, and outdoor landscaping, which are all considered essential in the context of Dubai, the city where design and architecture are deemed essential for a comfortable life.

Mission Statement

Lavender Landscaping views outdoor landscaping as one of the most effective tools for improving ones surroundings, lifting the mood, and creating a balance between concrete buildings and soft, peaceful gardens. Therefore, the companys mission is to:

• Provide high-quality landscaping services that will be affordable to the citizens of Dubai and other regions.
• Develop and maintain strong bonds with customers to ensure satisfaction and client retention.
• Have an immediate response to the changing needs of clients and follow the latest trends in landscaping design for ensuring a competitive advantage.
• Create a social media presence to communicate with customers, get feedback, share the examples of work, and provide online consultations.
• Make continuous efforts to improve landscaping services and develop new skills for completing new projects.
• Maintain professional relationships within the team and ensure that all employees are working towards a specific organisational goal.
• Build strong connections with suppliers and other third parties that may be involved in the design and implementation of landscapes.

Companys Vision

The vision of Lavender Landscaping, a creative, trendy, and hard-working team of designers, architects, and gardeners, ready to fulfill the dreams and desires of the most demanding customers and is quick to respond to trends and new developments in the sphere of landscaping design. Since Dubai is a city that boasts of its contemporary designs of houses, shopping malls, hotels, and entertainment arenas (NASPA), it is crucial for a landscaping company to be involved in the design of outdoor landscapes that will complement the overall look of the city.

Lavender Landscaping Mission

At Lavender Landscaping, every employee is valued for his or her contribution to providing immaculate services to customers. Every employee is a team player, who is expected to perform assigned duties to the fullest capacity and potential. The company invests time and funds into training new specialists and enhance the skills of already qualified professionals who want to improve and be capable of designing the most outstanding outdoor landscapes.

Lavender Landscapings objective is the commitment to the requirements and needs of customers as well as the establishment of a high standard of landscaping services to make sure that every client is satisfied and is left with a good impression to recommend the company to friends, family, and colleagues. Since the services the company provides are built on trust and mutual understanding among those involved in the design and development (both customers and service providers), Lavender Landscaping makes sure to communicate every detail of the process. By doing so, the company has achieved a high-performance indicator of customer satisfaction through providing innovative designs that do not cost a fortune.

Past Projects and Future Goals

Lavender Landscaping has already been providing immaculate landscape design services for almost three years. Among the most prominent projects are MBRSC landscaping and parking interlock, Mr. Firazs penthouse balcony, Villa of Mr. Al Suwaidi, villas of Mr. Al Qassimi and Mr. Al Moalla. Some of the visual examples of the companys work can be seen in the images below:

Currently, Lavender Landscaping is working on a large project with MBRSC, which will include two pergola fountains and an outdoor landscape. In the future, Lavender Landscaping is planning to undertake even greater projects and cooperate with independent designers and constructions worker to cater to the needs of respectable clients such as shopping mall owners or hotel owners. Overall, the company is planning to expand its business, hire more professionals, establish more plant nurseries, and cooperate with foreign flower and plant distributors to have an advantage over competitors that do not have an opportunity to import plants from other countries.

Target Objective: Capturing Attention

Among the key objectives of Lavender Landscaping, the establishment of a solid reputation is the most important for the company. Because it is relatively young, the company has not had a chance to capture the attention of many customers despite providing affordable, high-quality services. The primary tool for achieving this objective will be the creation of an online image. The website will constantly be updated on the recent news, photos of the latest landscaping creations, as well as offers and discounts. Lavender Landscaping has a long way ahead of it, and it has great potential to achieve the established goals and become a well-known and reliable provider of landscaping services.

Work Cited

NASPA. About Dubai. Zu, n.d.. Web.

Background Information

Joe Fresh is a fashion brand created in Canada by the designer Joe Mimran for the Canadian group Loblaw Companies Limited. The company focuses primarily on producing apparel, footwear, accessories, cosmetics, and many other units under the general brand name Joe Fresh. The company is well-distributed all over Kanada. Joe Frashs products are currently available in over 1450 outlets, including over 350 Loblaw stores, 1200 Shoppers Drug Mart stores, and eight freestanding stores (About Joe Fresh, n.d.). The general concept of the brand was focused on advancing the clothes in the supermarkets. Earlier, Mimran cooperated with Loblaw.

However, the collections were created specifically for children. Joe Freshs branding was supposed to overtake the market of adult clothes. After several months of the project realization. The production surpassed the total proposed net profit (About Joe Fresh, n.d.). Consumers found such an approach to clothes buying convenient. Later, the company focused on advancing several plated shops of brands. The supermarket sales were significant, but Mimran strived to expand. The success in the home market encouraged Mimran to open several shops in New York and other American regions. Despite the doubts of the authorities of the Law, the brand managed to become one of the most successful clothes retailers. Uniting with the J. C. Pennys department store chain Joe Fresh opened many separate shops in the United States of America (About Joe Fresh, n.d). Thus, the Joe Fresh brand moved to the international level.

SWOT Analysis

SWOT analysis is a method of strategic planning for assessing internal and external factors that affect the development of a company. SWOT analysis is needed to evaluate the strengths and weaknesses of the company and determine development prospects and external threats. SWOT analysis helps to identify and structure facts about a company or product, compare data, and reveal subtle connections (Benzaghta et al., 2021). As a result, it will be much easier to develop a product promotion strategy in the future. For the selected company, the results of this analysis are, first of all, the basis for the development of an interconnected set of strategies, competitive measures, and optimization of business processes.

Strengths

One of the significant advantages of the companys strategy is allocating the vertical trading concept. Vertical marketing is such a marketing approach when there is a single product distribution system consisting of a manufacturer, sellers who buy goods in bulk, and retailers who sell products to the end customer. In such a system, only one participant owns all funds circulating in the system (Dong et al., 2018).

It creates a significant competitive advantage for Joe Fresh compared to traditional retailers. Brand controls all the production and distribution processes, avoiding buying wholesale with overpaying. Such an approach to production results in low prices which attracts customers and makes production affordable. These techniques perfectly corresponded with the necessity to sell the supermarkets products.

Another strength of the brand is the strategy to make luxury clothes more affordable. Inspired by famous brands such as Balenciaga, Mimran recreates similar clothes designs using cheaper materials (About Joe Fresh, n.d.). The clothes are not duplicates or identical. The designers only follow the fashion tendencies established by popular retailers. Product variety is one of the most effective competitive advantages of the brand.

The variety of apparel and accessories for women, men, kids, toddlers, and babies ensures a broad client base (Joe Fresh affiliate program, n.d.). Moreover, allocating such varied populations created stability for the companys existence. Such an approach eliminates the risk of changing fashion tendencies. Moreover, the products for primarily all population ensures a particular level of income buying time for the company to follow the fashion trends established by major luxury brands.

Weaknesses

The strategy of Joe Fresh seems well-designed, establishing medium-quality products in combination with the affordable prices policy. However, one significant weakness is related not to the independent shops but to supermarket distribution collections. The major problem is the low level of the services in the supermarkets. People have almost nobody to consult with on the topic of the size or availability of goods. Such an issue can be associated with the negative experiences of customers.

Another problem can be associated with the issue of copying luxury products following general fashion tendencies. The brands status can be significantly damaged if people see popular brand goods direct references or fakes. This aspect of production should be carefully controlled. The boundary between imitation and inspiration should not be crossed. Another weakness can be associated with the inquiries of vertical sales. Entirely integrated companies are slower to adapt to new technologies due to high exit costs. Integration forces the company to focus only on its own capabilities and sources of supply. Moreover, vertical integration with component manufacturers can reduce a companys manufacturing flexibility and increase the time it takes to develop and bring new models to market.

Opportunities

New strategies in advertising policy will bring buyers to the world of fashion. The development of the website resource is another opportunity that is related to the first one. Through efficient advertising on social networks, the company can advance the brand, which will increase the awareness of the customers about online shopping opportunities. Implementing new technologies and different platform recommendation algorithms can become one of the most efficient methods to expand the client base (Ding et al., 2019).

Regularly updating the available products and integrating with the different networking sites and advertising platforms is the potential opportunity for the rand expansion. It is even possible to find funding opportunities besides Canada and d the United States. The development of new regions will expand the customer base. The company regularly strives to upgrade sites through the affiliate program (Joe Fresh affiliate program, n.d.). However, the brand has more significant potential in the sphere of E-Commerce. The development in this sphere can help to expand new regions will expand the customer base.

Threats

The decline in the populations standard of living may result in the decreased necessity to buy the brands production. However, considering the pricing policy and the avoidance of spending on wholesale, the brand has the potential to prevent such a threat. Severe disruptions in the supply chain can also become a significant threat to the company. Considering the international character of production, it is necessary to manage the supply chain accurately. The company showed the experience of the magnificent success of selling brands in the supermarket. Following Joe Freshs example, many companies can focus n a similar type of selling strategy. As a result, the increase of the competitive advantage of competitors can occur. Despite the enormous supportive basis in Kanada and America, the brand should consider such a threat.

References

About Joe Fresh. (n.d.). Joe Fresh. Web.

Benzaghta, M. A., Elwalda, A., Erkan, I., Mousa, M. M., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 5573. Web.

Ding, S., Wang, J., & Yin, C. (2019). Mobile marketing recommendation method based on user location feedback. Human-centric Computing and Information Sciences, 9(14). Web.

Dong, Y., Guo, X., Yu, Y. (2018). Pricing for sales and per-use rental services with vertical differentiation. European Journal of Operational Research, 270(2), 586598. Web.

Joe Fresh affiliate program. (n.d.). Joe Fresh. Web.

Mejía-Vasquez, P.R., Sanchez-Gómez, R., Serafim da Silva, S. and Vazquez-Suárez, L. (2022). Organisational form and performance in fashion retailing. Journal of Fashion Marketing and Management, 26(3), 550564. Web.

Abstract

The assessment paper reveals that post-evaluation of the training programs is critical, as it contributes to the continuous improvement and increases the efficiency of the subsequent training programs. This aspect is crucial, as the training advances the competences of the workforce while driving the development of creative ideas.

As for the solutions to improve the effectiveness of the programs, the learning and development plan has to be introduced, as it establishes the set of measures and activities, which can be utilized to monitor success. In this case, the four-level strategy can be applied as an additional constituent since it assesses the program from dissimilar angles and considers learning, satisfaction, results, and behavior.

Main

Group work is a critical component, which is used to enhance the creativity, improve the atmosphere in the organization, and propose innovative solutions (Volkov & Volkov, 2015). Meanwhile, the training has similar advantages while prioritizing the expansion of the competences of the workforce (Saks, Haccoun, & Belcourt, 2010).

Nonetheless, the effectiveness of some training programs is questionable, as it is difficult to measure the compliance of the real results with the initial goals and outcomes of the setting. In this instance, despite the significance of the initial activity, the post-program evaluation has to be considered to determine the compliance of the outcomes with the principal goals and objectives of the training program to evaluate its effectiveness.

Consequently, the primary aim of the paper is to describe the necessity of post-program evaluation while questioning where the satisfaction and positive attitudes are another for the successful completion of the workshop.

In turn, the strategies to ensure the achievement of the different levels of goals and objectives have to be introduced and propose the efficacious measurement systems to determine the success of the applied program. In the end, the conclusions are drawn to summarize the outcomes and findings of the assessment.

Necessity of Evaluation

Firstly, it is crucial to provide a rationale for the importance of the post-program evaluation to the overall success. In this case, it has to be mentioned that the critical goal of the post-evaluation is to determine the overall effectiveness of the program and define whether it was able to reach the objectives and goal successfully (Barnett & Vance, 2012).

In this case, the measurement of the program effectiveness will contribute to the definition of the return of inputs on outputs while determining the necessity to implement a similar program in future. Meanwhile, another benefit of the post-measurement is the continuous improvement of training (Kirkpatrick & Kirkpatrick, 2007).

It could be said that this approach contributes to the analysis of the program while depicting its strengths, weaknesses, and opportunities, and this strategy will assist in the enhancement of the quality of the subsequent programs in future.

In the end, this procedure remains a necessity, as it contributes to the rise in the domination of the principles of the continuous learning improvement while taking the advantage of growing possibilities and benefits and eliminating the impact of threats.

Recommendations for Effective Measurement

As it was revealed previously, the evaluation has to be viewed as a critical component of the programs effectiveness to define the ability to reach the required goals.

It has to be mentioned that the satisfaction of the participants is a critical element to determine the success of the setting, but it does not illustrate the overall image of the process and guarantee the efficiency. Nonetheless, the measurement of the results is a complicated process, and the primary goal of this section is to highlight the appropriate tactics to ensure the efficiency.

One of the approaches is the introduction of Learning and Developing program, which will propose the standardized measures related to proficiency, beneficial impact on the learners education, effectiveness, acquired knowledge, behavior by using qualitative and quantitative surveys and indicators such as ROE (return on expectations) to assure the compliance with the initial outcome, efficiency, and effectiveness statements (Barnett & Vance, 2012; Kickpatrick & Kickpatrick, 2010).

Meanwhile, the reports have to be used on the regular basis while depicting the ability of the participants to meet deadlines, the results of the tests, and frequency and popularity of the particular learning methods applied (Barnett & Vance, 2012). It could be said that his strategy helps determine the critical stages of planning to ensure the continuous evaluation of the program and its efficiency.

In turn, it is essential to differentiate participants by types and evaluate the success of each group separately, as this approach assists in understanding the necessity of development of dissimilar strategies for the teams with various characteristics and definers of effectiveness (Brinkerhoff, 2006).

This aspect will help understand the essentiality to modify the teaching principles for the particular groups. Furthermore, evaluation of the external environment will have a beneficial effect on the understanding of the drivers of the success of the training program. The outcomes of the training have to be compared with the inputs to define the overall efficiency while employing Success Case Method (SCM) (Brinkerhoff, 2006).

The last aspects, which cannot be underestimated is the utilization of four-level system to evaluate components at different levels such as reaction, learning, behavior, and results (Kirkpatrick & Kirkpatrick, 2007). The first qualitative measure implies the necessity to access the attitude of the participants about the course while the next stage focuses on the achievement of the learning outcomes (Kirkpatrick & Kirkpatrick, 2007).

The subsequent levels determine the modifications in the trainees behavior, their ability to apply knowledge into practice, and the evaluation of the outcomes (Kirkpatrick & Kirkpatrick, 2007). It remains apparent that these matters are interdependent, and the effectiveness of one is dependent on the quality standards of previous stages.

In the end, it could be said that the four-level measurement strategy has to be utilized as a part of the learning and development plan, as it ensures the effectiveness of the program at different levels while highlighting that the participants satisfaction is one of the critical components.

Conclusion

In the end, the paper contributes to the understanding that the post-evaluation is an essential procedure, which cannot be underrated. The assessment assists in conducting the sufficient analysis of the program while highlighting the potential opportunities for improvement while considering the viewpoints of the participants and results acquired from the indicators.

Despite the vitality of the opinion of learners, the sophisticated qualitative and quantitative measures have to be used to portray the situation from dissimilar angles and ensure the agreement of the results with the original objectives.

As for the recommendations to improve the efficiency of the programs, the learning and development plan has to be introduced while defining goals and using the four-level system for assessment of the results. In this case, the simultaneous application of quantitative and qualitative measures will assist in acquiring the overall image of the training program.

References

Barnett, K., & Vance, D. (2012). TDRp white paper: Talent development reporting principles.

Brinkerhoff, R. (2006). Telling trainings story: Evaluation made simple, credible, and effective. San Francisco, CA: Berrett-Koehler.

Kirkpatrick, D., & Kirkpatrick, J. (2007). Implementing the four levels: A practical guide for effective evaluation of training programs. San Francisco, CA: Berrett-Koehler.

Kickpatrick, D., & Kickpatrick, W. (2010). ROEs rising star why return on expectations is getting so much attention. T+D, 64(8), 34.

Saks, A., Haccoun, R., & Belcourt, M. (2010). Managing performance through training and development. Mason, OH: South-Western Cengage Learning.

Volkov, M., & Volkov, A. (2015). Teamwork benefits in tertiary education: Student perceptions that lead to the best practice assessment design. Education & Training, 57(3), 262-278.

Nowadays, most employers would probably dismiss the thought of introducing a four-day work week. Everybody is used to the fact that a work week lasts for five days, and reducing the number of days employees spend at work  and, consequently, lowering the amount time they spend in the office  should seem to cause a reduction in the output of produced goods or services, decreasing the profits of a company. However, this is untrue. Introducing a four-day work week without reducing the workers salary may be highly beneficial for both the organization and its workers, because it can help save time and money, increase the workers morale and job satisfaction, and decrease their fatigue and burnout, improving their productivity. The reasons for this are provided below.

First of all, introducing a four-day work week should allow for saving resources of both the company and its workers. Having to work one day per week less means the absence of the need to pay the bills for the fifth day of activity. In the case of a four-day work week, there is no need to provide power, heating or conditioning for the whole premises of the company during the fifth day of work; employees who use the companys cars do not have to do so; etc. This may be quite a considerable saving, especially in times when the company experiences financial difficulties. Workers also win in case of four-day work weeks; they have to spend 20% less time per week to get to work and to return home if they only have to go to work four times a week rather than five; their transportation expenses are reduced as well. On the whole, both the company and its workers can save resources if the work week is reduced to four days instead of five.

Second, it should be noted that introducing a four-day work week can decrease employees fatigue and lower their burnout rate, resulting in better concentration and productivity. Nowadays, employees often tend to get excessively tired at work. This reduces their focus, which has a detrimental effect on their performance. If the job is stressful and/or difficult, employees accumulate fatigue, and may eventually burn out. Introducing a four-day work week gives workers half again as many free days as they have with a five-day work week, greatly increasing their opportunity to rest. This can help them avoid fatigue and burnout, and stay energetic during their shifts, improving their focus and productivity, and helping them work more efficaciously.

Finally, employees who work four days a week while gaining the same salary should have better morale and increased job satisfaction, which is highly probable to improve their performance. Due to decreased fatigue, such employees can gain more pleasure from working. Also, working four days instead of five is much easier psychologically. Reducing the number of work days can make starting a work week significantly easier for the workers. A boost to the employees morale and job satisfaction should also allow them to work more effectively, probably doing the amount of work they usually did in five days only in four days. However, the employees salaries should not be reduced, or this may be perceived as a demotion, thus negating the boost to morale and causing the workers to seek additional sources of income.

All in all, it should be observed that introducing a four-day work week can provide numerous benefits for both the company and its employees. The organization can save resources (such as power) and gain less fatigued and more satisfied, effective, and loyal workers. Because the employees are likely to be able to do the same amount of work in four days, there is no reason to lower their salary; in addition, doing so can cause many benefits of the four-day work week to be negated. Therefore, introducing a four-day work week without reducing the employees salaries is highly recommended.

Reward Reflection

In this reflection paper, the researcher used Gibbs Reflective Cycle to analyse how reward should be given to the junior employees and top executives.

Description of what happened

Reward is one of the most important factors that define employees motivation. According to Lindenau-Stockfisch (2011), employees tend to work best when they are motivated. I realised the power of motivation when I read through the class notes provided in the slides. I noticed that the rewards for the executives are different from that of junior employees. Top executives are given bonds and shares to motivate them, while junior employees are rewarded based on their performance (Yaping, 2003).

The Feelings

I have realised that when it comes to giving of rewards, care should be taken to understand who should be given what based on their managerial position in the firm (Toh & DeNisi, 2007). The top executives need rewards that can tie them to the firm. On the other hand, the junior employees mostly need monetary rewards or sometimes promotion at work. The feelings in this case are what define how the reward will be viewed. I noted that to the top executives, giving them part of the firms ownership makes them feel happy. On the other hand, junior employees are always happy when they are granted promotion or offered monetary benefits. This was a pleasant experience because it resulted into a win-win situation to all the parties involved.

Evaluation

I noted that reward plays an important role in motivating the employees. From the slides provided in class, it is clear to me that the only way of improving the output of workers is to give them a reward which is of value to them. Sometimes the need for a pay increase may arise. The employees may feel that the management is not doing enough to reward them appropriately. As I learnt from the notes provided, this may affect the way they handle their assignments.

Their total output, including what they produce during overtime, can be much less compared to what they produce before during the normal working hours if they feel that they are neglected. I noted with concern, that the issue of employee reward is something that a firm cannot take lightly. This to me is a demonstration that something must always be done to arrest the situation as soon as the employees start demanding for changes in their reward (Gowan & Ochoa, 2008). The management must consider the issue of the reward and adjust it as per the expectations of the employees.

Analysis

The analysis of the slides has made me appreciate the fact that reward is an important factor that defines employees motivation. As Kronberg (2011) says, money is not the only form of reward that a firm can give to its employees. In fact, Hofstede (2004) says that sometimes it may not be the most effective approach of motivating the workforce. However, there is a minimum allowable amount of reward that is commensurate to the output of the employees that the employer should not ignore (Grigoroudis & Siskos, 2010).

From the class notes provided, I noticed that, top management unit needs reward just as much as the junior employees. The only difference is the nature of reward they require as they work for the firm. From this analysis, I realised that a firm cannot ignore the relevance of employee rewards as a way of motivating employees (Hernon & Whitman, 2000). Maslows Theory of Needs may help the management to define appropriate reward.

Semi-skilled or unskilled employees who are just getting started in a firm will be interested in meeting physiological needs (Kusluvan, 2003). They need a pay that can meet the cost of their food, shelter, water, and basic health. Employees who have stayed in a firm for some time shall develop safety needs. These include security, safety, stability and protection at work (Kuballa, 2007). Skilled employees employed at junior management level will demand that social needs be met. The senior managers have esteem needs that should be met. As demonstrated in the class notes, these senior officers may need to be given shares as a way of motivating them. Self-actualisation may be achieved by the top manager (Clardy, 2007). Understanding the position of every employee makes it easy to determine the reward that is needed.

Conclusion and Action Plan

I have come to appreciate the importance of reward for all employees, from junior officers to top executives. Going forward, I strongly propose that the human resource unit should be conducting regular appraisal of the employees to determine how their rewards should be adjusted. I believe this will eliminate issues such as complaints or even rebellion at work.

Performance Reflection

Description of what happened

I took time to go through the notes provided in class about the performance of employees. The PowerPoint slides describe in details what it takes to make employees perform optimally. I noticed that it takes more than just telling them what to do or how to do it. Employees performance, including the performance of the top executives, is based on a number of factors. The quality of their output can be poor is the right approach is not used. As Novikova (2009) says, when the performance of an individual employee is affected in any way, then the overall performance of such an entity will be affected. This means that the management should be keen on addressing this issue.

The Feelings

I went through the slides to determine how the feelings of the employees are affected when there is a problem related to performance. I noted that every employee would prefer a situation where the performance of their firm and their individual performance is good. The slides and notes demonstrate that no one would be interested in being in an organisation that is underperforming. I learnt that performance of an individual firm has a direct impact on the feelings of its employees.

Evaluation

After critically evaluating the class materials that were provided to me, I noticed that the performance of employees can drop or improve based on a number of factors. The drop can be in terms of quantity of the output and quality of the products. This can be very destructive for a firm that is competing with others in the market. The situation can threaten the very existence of a firm and all the benefits that related stakeholders get from it.

Analysis

From the knowledge gained from these notes, I leant that the performance of the employees heavily depends on their level of motivation within an organisation. When an employee is not motivated, then it is almost impossible to expect good performance from them. I noted that when the management fails to take into consideration the plight of its employees, then it is almost impossible to get any good results from them (Oltra, Bonache & Brewster, 2013).

I also noted that it takes a serious effort for the managers to understand the needs of the employees. Sometimes employee may not communicate directly when addressing an issue that is affecting them. Instead, they act in a way that will alert the managers that something is wrong (Starling, 2011). It is the responsibility of the managers to identify what the problem is and how it can be addressed in time before the issue can be escalate to unmanageable scales.

Conclusion and Action Plan

From our class notes, I have learnt that performance of the employees is affected by the level of their motivation. Given the position of administrator, I can do a number of things that will help in motivating the employees. As a responsible manager, I will try to ensure that employees remain motivated in order to ensure that they perform optimally. I noted that the management should always respond to issues affecting their employees as soon as they arise (Gaurav, 2013). When it becomes apparent that employees are serious in their demands, the management should rush and find means of addressing the issue in a way that will protect the interest of all the stakeholders involved.

References

Clardy, A. (2007). Strategy, core competencies and human resource development. New York: Human Resource Development Internationa.

Gaurav, K. (2013). Drivers of employee satisfaction and attrition. New York: Grin Verlag.

Gowan, M. & Ochoa, C. (2008). Parent-Country National Selection for the Maquiladora Industry in Mexico: Results of a Pilot Study. Journal of Managerial Issues, 10(1), 103-118.

Grigoroudis, E., & Siskos, Y. (2010). Customer satisfaction evaluation: Methods for measuring and implementing service quality. New York: Springer.

Hernon, P., & Whitman, J. R. (2000). Delivering satisfaction and service quality: A customer-based approach for libraries. Chicago: American Library Association.

Hofstede, G. (2004). Exploring culture: exercises, stories, and synthetic cultures. New York: Yarmouth Intercultural Press.

Ivancevich, J., & Konopaske, R. (2013). Human Resource Management. New York: McGraw-Hill Irwin.

Kronberg, I. (2011). Employee Satisfaction on Cruise Ships. Munchen: GRIN Verlag GmbH.

Kuballa, J. (2007). Employee satisfaction  A precondition for economical success of service companies. Munchen: GRIN Verlag GmbH.

Kusluvan, S. (2003). Managing employee attitudes and behaviors in the tourism and hospitality industry. New York: Nova Science Publishers.

Lindenau-Stockfisch, V. (2011). Lean Management in Hospitals: Principles and Key Factors for Successful Implementation. Hamburg: Master Publishers.

McKeown, J. L. (2002). Retaining top employees. New York: McGraw-Hill.

Novikova, K. (2009). A study of customer satisfaction factors and employee satisfaction in the hospitality industry. New York: Cengage.

Oltra, V., Bonache, J. & Brewster, C. (2013). A New Framework for Understanding Inequalities Between Expatriates and Host Country Nationals. Journal of Business Ethics, 115(2), 291-310.

Starling, G. (2011). Managing the public sector. Belmont, CA: Wadsworth Cengage Learning.

Toh, M. & DeNisi, A. (2007). Host Country Nationals as Socializing Agents: A Social Identity Approach. Journal of Organizational Behavior, 28(3), 281-301.

Yaping, G. (2003). Subsidiary Staffing in Multinational Enterprises: Agency, Resources, and Performance. The Academy of Management Journal, 46(6), 728-739.

Several mathematical models have been deployed in economics to help in such practices as simulation and forecasting production, distribution, and even demand and supply. According to Kronberger (2019), game theory can be described as a catchword attractive even to individuals who believe that economics and economic theories are subjects befitting scientists in their abstract realms. While this argument may be true to some extent, it can be illustrated that game theory is quite abstract but still useful in developing economic models applicable across industries and sectors. For example, businesses can use it to determine whether to compete or collaborate in a particular market depending on the actions and reactions of the opponents. The famous Prisoners Dilemma can illustrate this scenario where choices are available to two prisoners based on what they choose to do. The focus of this essay will be to explore how game theory has impacted economic development. To achieve this objective, arguments will be illustrated using examples of areas of economics where game theory has played a critical role. Before this exploration, a brief understanding of game theory and the key constructs will be presented.

Overview of Game Theory

Game theory is one of the many mathematical models used in the analysis of scenarios and strategies adopted by stakeholders in any particular problem. It can be described as an autonomous discipline common in such fields as applied mathematics and social sciences. Most considerably, game theory finds critical applications in engineering, politics, economics, computer science, international relations, and philosophy. In essence, game theory is used across all areas that require a mathematical study of conflict and strategy (Bhuiyan, 2016). The term game is critical in defining the theory. According to Bhuiyan (2016), a game can be defined as an abstract scenario comprising a strategic situation. Under normal circumstances, strategic interactions involve two or more players or decision-makers, each with two or more courses of actions or strategies, where outcomes are subject to the strategic choices of all players. In this definition, it is apparent that a minimum of two parties are required to make rational choices that seek to maximize their interests.

In the above description, it can be argued that game theory is a strategic tool used across all competitive situations. Its use is majorly to help find the best course of action based on the expected outcomes or payoffs. For example, two companies competing based on prices have the options to lower prices, raise the price, or keep the current prices. If the first decides to lower prices with the hope to lure customers, the second might follow suit and lower the prices even further. In this scenario, the competitive payoffs can deteriorate with each retaliation. Alternatively, the competing firms can agree to standardize prices and share the market between them. This is a scenario of competing or collaborating where the decisions are made to optimize the payoffs of the players. A key idea to emphasize is that the outcomes are subject to both own choices and those of the opponents (Schecter & Gintis, 2016). In such areas as economics, governments can make decisions on regulation or deregulation based on what industries and sectors behave and the outcomes of these behaviors.

Throughout its application, game theory has evolved considerably as the scope and purpose widens. The idea of evolutionary game theory has been discussed by many scholars who emphasize that large numbers of players are involved, all of whom can freely access the information needed to make rational decisions (Xie & Wu, 2019). However, the basic idea remains that conflicts and strategies are the defining features of game theory modeling. The idea of the game theory emerged from some key publications, some of which date back to the early 1700s. However, it is the 1944 publication by John Neuman and Oskar Morgenstern titled Theory of games and Economic Behavior that introduced a mathematical and economic model now called the game theory (Bhuiyan, 2016). Applications have diversified since then as multiple disciplines found uses for the model. Government regimes, politicians, economists, engineers, and practitioners from other disciplines have all used the model. As will be discussed in the section below, many of the applications have had a direct implication on the growth and development of world economies.

Impact of Game Theory on Economic Development

Assessing the impacts of game theory on economic development may require a critical analysis of where game theory is applied and what economic outcomes can be derived from these applications. As a mathematical model and a tool for strategic decision-making, it can be argued that game theory has led to the development of industries and sectors starting from individual firms and their consumer bases. The decisions made by businesses have an impact on the economy, which means a successful application of game theory can manifest itself in successful companies, international expansion, emerging industries, and improving economic indicators. With little literature available on this subject, inferences are the key basis for most arguments presented here.

The first step in exploring the impacts of game theory on economic development is to examine the economic applications. Such an attempt has been made by Newton (2018), who highlights such areas as finance, macroeconomics, market selection, and industrial organization. In macroeconomics, businesses have been using game theory to make production decisions, especially the input levels. In market selection, behavioral game theory examines the markets and their characteristics. The outcome of this application is that a company can decide on the best market or determine the behavior of consumers in response to the firms business offerings. Finance can necessitate the application of Nash equilibrium and other game theory tools used to model costs and to achieve stochastic stability. In these cases, the optimal decisions are made based on the forecasts made from the information available and the expected reactions of all stakeholders. A successful business can display such properties as growing revenues, expansion across multiple dimensions, and profitability levels.

In industrial organizations, the focus of the game theory has largely been on pricing and competition. These two aspects are critical since they affect not only consumer behavior but also that of other firms across the entire industry and their supply chains. Therefore, the key players in the game model are the consumers and the sellers. In this case, the buyers select the best offerings in terms of price, quality, and technology while the companies work with multi-price Nash equilibria to meet both the demand of the consumers and leverage against the actions of competitors (Newton, 2018). Firms that can gain a competitive edge will deploy all the necessary strategies and expect the best possible payoffs, which include more market share and reduced competition. From an economic perspective, competition has always been beneficial since it drives innovation and development. Many emerging businesses have focused on becoming better than incumbents, while the current ones attempt to adapt to remain competitive. The developments taking place in such a scenario have positive implications for the overall economic development.

The implications of game theory on the industrial organization can be illustrated by examining how individual industries and the businesses therein make critical decisions that impact the economy. Some of the emerging economic concepts include the circular and sharing economy, a paradigm that is characterized by reduced wastage, environmental sustainability, sharing resources, and collaborative commerce (Choi et al., 2020). The growing popularity of these concepts can be the result of the advantages gained over the traditional economic models. Their disruptive nature means that further developments in the economy can be expected. The role of game theory in the development of this economy has been explored by Choi et al. (2020) who finds that production is the key component targeted by this mathematical model. In this case, such aspects of production as resource utilization and social issues are modeled in game theory in the context of the sharing economy. Therefore, businesses deploying a sharing economy can predict what resources will be needed and how the end product will be received. In essence, the firms will be hoping to appeal to a certain clientele that subscribed to the core ideologies of the sharing economy.

The circular economy deploys similar game theory modeling to sharing economy. According to Choi et al. (2020), the key components modeled in a circular economy include sustainable operations, fair distribution of resources, and supply chain operations where both options of competition or collaboration are explored. Businesses will formulate policies depending on what the outcomes of the model dictate. For example, if the model predicts that resources are distributed more fairly through cooperation between the stakeholders or players in a supply chain, then supplier management policies can be developed to maximize related outcomes. Businesses in the same industry can also decide to compete or collaborate in the circular economy based on the optimal outcomes in sustainability and resource distribution. For example, a joint supplier management framework can be developed to allow producers to derive the best possible value from their suppliers and sourcing considerations. Considering the size and outputs of the circular and sharing economies, game theory can be credited for making many aspects of their development possible.

Another case example of the impacts of game theory in economic development can be illustrated using the oil and gas industry. Today, this is one of the largest global industries comprising multi-billion-dollar businesses. Mining oil and gas can be an expensive affair due to the heavy investments made. Considering many companies have to prospect and select the right exploration methods, it can be argued that the returns on investments are not the only consideration in the decision-making. Shale gas and hydraulic fracturing are the two main methodologies used in this industry and the outcomes have to be effectively modeled. The application of game theory in this context has been illustrated by Gao and You (2016), who find that besides maximizing the net present value, other considerations have to be made. In other words, the problem can be described as multi-objective with mixed-integer linear characteristics that cannot be resolved using other optimization models. Therefore, the development of this industry and its role in the development of global economies can be attributed to the game theory.

The gas industry of the modern-day operates at a time when global warming and sustainability are becoming critical to all stakeholders. Therefore, some of the many objectives include sustainability and greenhouse gas emissions (Gao & You, 2016). Additionally, shaling and hydraulic fracturing have environmental implications that have to be added to the list of objectives. A balance between all these aspects, including the return on investments, determine the possibility of oil exploration and the acceptable externalities. For instance, fracturing close to farmlands or residential places can be discouraged since the dangers can outweigh the economic benefits. Game theory is one of the few models that can support the existence of the oil and gas industry and the economic implications it has on individual countries.

Another industry with critical economic implications is agriculture, where its massive size and its role in sustaining nations have necessitated the deployment of game theory. Farmers across the work can face some scenarios similar to those in the gas and oil industry, especially greenhouse gas emissions, sustainability, and environmental consequences. According to Xie and Wu (2019), such countries as China have had to formulate farming policies based on the hawk-dove game theory to model both the ecological environment and the countrys food security. The rationale for this approach is that there exist, multiple stakeholders, including farmers, the government, consumers, and environmental protection groups. The policies made have to be aligned with the interests of all people. For instance, the government is concerned with food security, the farmers consider economic viability, consumers would be interested in the quality and prices of the food products, and the environmentalists advocate for reduced pollution. Therefore, Nash equilibrium is pursued where all these mutually exclusive objectives are at the optimal level.

The importance of the agricultural industry to the global economies cannot be ignored. The World Bank (2021) estimates that the industry has to feed an expected 9.5 billion people by 2050. In some developing countries, agriculture accounts for up to 25% of the gross domestic product (GDP). From an environmental perspective, agriculture is also responsible for an estimated 25% of greenhouse gas emissions. Therefore, the size of the industry is massive with the consumer base being practically all human beings on the planet. The agrarian revolution can illustrate how agriculture has led to the emergence of global economies, and the application of game theory has made it possible to further develop agriculture. The main argument is that all critical industries are the basis of economic development, which means that the role of game theory in these sectors translates directly to economic development.

With globalization, many economies become integrated and liberalized, which means that businesses have to conduct operations across national borders. The movement of people and products between international destinations is a multi-objective that requires game theory. A case scenario is the operation of ports and their strategic decisions. Like all major industries, the port operations comprise multiple stakeholders with some interests that can be mutually exclusive. According to Hidalgo-Gallego et al. (2016), the application of game theory is necessitated not only by the size and number of stakeholders but also by the complexity of the industry. The sophistication emanates from the massive number of intervening agents and components of strategic decision-making that have to be included in the modeling. Examples include terminals shipping lines, supply chains, and transport operators. Additionally, the primary objectives of the port management can cover such areas as cost, time, schedules, policies, regulations, port planning and governance, port selection, mergers and alliances, and spatial analysis of seas. With all these aspects, game theory becomes the most important model since others cannot cover everything exhaustively.

Many studies have historically plauded the ability of the game theory to help in the management of all port economics. From an industrial organization perspective, Hidalgo-Gallego et al. (2016) argue that competition and cooperation across such dimensions as ownership, regulation, and port activities can be modeled. Even with government devolution and increasing privatization, port profits become a key component of the national welfare of all countries that have seaports. Strategic decisions often focus on the ownership and investments, as well as the nature of the market. across the world, seaports tend to operate either ad monopolies or oligopolies since only a few of them exist. Whether state-owned or private, ports have to consider strategic decisions, including cross-country competition in key regional hubs and the behavior of all customers served by them. Efficiencies in operations and costs can help boost growth and profitability, which reflects in the countries GDP. With game theory, port economics can become easier to model and understand and critical decisions can be made with ease.

From the examples discussed above, it can be seen that virtually all major industries in the economy are forced to deploy game theory due to their complexities. Modeling strategic decisions can be achieved using various tools but each of them has varied capabilities. Game theory has been described as the tool that makes it possible to include multiple stakeholders and objectives. However, focusing on industries alone may not offer a clear picture of what role game theory plays in economic development. Major areas of application can also, some of which span across multiple industries, can also be explored. For example, some scholars believe that project management is increasingly becoming dependent on game theory as a tool for strategic decisions (Piraveenan, 2019). In essence, project management is an area that tends to use a wide range of tools and concepts in decision-making. Examples include investment analysis can be accomplished using field analysis, cycle cost method, NPV, internal rate of return, and prospect theory. Game theory is only gaining prominence in project management due to the shortcomings of these methodologies and approaches.

It is important to acknowledge that project management is a practice that covers all industries. Information technology, agriculture, transport, construction, mining, and manufacturing all incorporate projects, some of which are extremely complex and multinational. According to Piraveenan (2019), a project can be defined as a time-bound exercise seeking to obtain a service, product, or result. In construction, projects yield infrastructure, while IT projects often involve software and hardware. Regardless of the project, game theory is particularly useful in scenarios comprising entities pursuing similar outcomes. As compared to other tools, game theory is the most feasible in project management since it offers a more rigorous mathematical framework. Additionally, the game theory makes it possible for managers to understand the interests and needs of all stakeholders, which helps complete projects successfully. From an economic perspective, all projects accomplished leave a positive mark on the economy. For instance, construction projects yield roads, buildings, and other major infrastructure that support the economic development of a country. A key point to note is that the relationship does not necessarily have to be direct.

Conclusion

Game theory is a mathematical model that has existed for decades and has helped shape modern economies. Economic development can be assessed from the perspective of the trends and paradigms across industries and sectors, beginning with the individual entities. Economic development is the result of advances in businesses and industries. Therefore, the impact of game theory can be examined in terms of the extent to which it has supported the growth of businesses. Firstly, the term game theory has been described as a mathematical framework for use in abstract scenarios comprising conflict and strategy. The economy comprises stakeholders whose interactions fall under either competition or cooperation. Therefore, this model has been critical in influencing key economic decisions.

Multiple examples of major global industries have been used to illustrate the role played by game theory. Gas and oil is one of the largest industries where critical decisions have to cover NPV, sustainability, and environmental protection. The same applies to agriculture, an industry whose consumer base is practically the entire world population. The emerging sharing and circular economy concepts have also relied on game theory to balance their key objectives, including shared resources, sustainability, and resource distribution. Lastly, project management covers all industries, and game theory is only gaining prominence. All these industries and economic applications explain how game theory has positively impacted economic development.

References

Bhuiyan, B. (2016). An overview of game theory and some applications. Philosophy and Progress, 59-60(1-2), 112-128.

Choi, T., Taleizadeh, A., & Yue, X. (2020). Game theory applications in production research in the sharing and circular economy era. International Journal of Production Research, 58(1), 118-127.

Gao, J., & You, F. (2016). Game theory approach to optimal design of shale gas supply chains with consideration of economics and life cycle greenhouse gas emissions. AIChE Journal, 63(7), 2671-2693.

Hidalgo-Gallego, S., Núñez-Sánchez, R., & Coto-Millán, P. (2016). Game theory and port economics: A survey of recent research. Journal of Economic Surveys, 31(3), 854-877.

Kronberger, T. (2019). The economic concept of Expanded Game Theory as justification for the Queens Evidence and for understanding the reasons of protectionism. 33rd IBIMA Conference. Granada.

Newton, J. (2018). Evolutionary game theory: A renaissance. Games, 9(2), 1-67.

Piraveenan, M. (2019). Applications of game theory in project management: A structured review and analysis. Mathematics, 7(9), 1-31.

Schecter, S., & Gintis, H. (2016). Game theory in action: An introduction to classical and evolutionary models. Princeton University Press.

The World Bank. (2021). Agriculture and food. The World Bank.

Xie, H., & Wu, Q. (2019). Analysis of fallow farming decision-making behavior of farmers based on hawk-dove game theory: The case of Guizhou Province. Sustainability, 11(14), 1-15.

Executive summary

Primark is one of the largest retail outlets in Ireland. With approximately over 187 stores it also has branches in United Kingdom, Spain and Holland. The company employs more than 27,000 people. it has the largest market share in Ireland and United Kingdom in the growth retail sector. It sells high value clothes targeting middle and upper class income earners. Being a subsidiary of a British food company that operates in more than 45 countries Primark has a good chance of expanding to very many places. The companys main objectives include;

• Provision of highly competitive prices through the use of technology, efficient distribution and due to supply and volume buying from suppliers.
• It also targets the right market and focuses on the market with the right products.
• It also offers the main stream market with quality products which can be found in the high streets of the cities.
• They strive to have superior outfit for all their customers.

Mission statement and business overview

The companys mission statement is to provide services that satisfied the customers needs through the use of modern technology and this mission statement has ensured that the company uses the right distribution channels and models in conducting their business to reduce negative impact on their future performance(Easy M., 2002)

Market summary

Retail shop has many competitors which affect the demographic market needs, trends and growth.

Market demographics

The main target for the retail consists of all people regardless of their age, education, gender, and levels of income. They target people with extra disposable income who have high regard for fashion and best products. They also have outdoor activities which makes them a success in the market. The company has managed to blend the market from the ages of 5 to the ages of 80 because their products cut across. The market armed with annual earnings of between £ 45, 0000 to £100,000. They can afford to do shopping in the high streets. To be able to serve this market with enjoyment is one of the challenges that have faced Primark over the years. in order to be able to serve this market well market segmenting has been made possible by the company(Easy M., 2002).

Most of the population of the countries under which this company operates have disposable income as compared to other parts of the world. The company has taken this population and grouped them into different groups for the purpose of distributing. The market has been segmented into the following demographics that are easily measurable (Kraft Manfred and Mantrala Murali K ,2006).

Celebrities: celebrities is one of the main segment for the retail shop this group is fashion conscious and once the patronize the business many people will do the same because they act as role models in the country. This group forms a small part of the target market although it is the best segment because of the influence they will have on the population, they are people of the ages between 18 to 50. They range from well known footballers, actors, musicians and other artists. They like buying luxury clothes most of them designer clothes. They use these products for a few times before doing away with them (Easy M., 2002).

Budget conscious: this is the majority of the population and they range from the age of 20 to 50, they earn between 50k to 100k P.A. This segment mostly has families therefore they provide all the basic needs of the family thus being budget conscious. However, some in the group may have extra disposable income and will go for fancy and luxury clothes which they use for a short while. This segment has made the company sustain its profitability because of their loyalty. They are the long term clients and they continue patronizing the company products for a long time(Easy M., 2002).

Young generation: this is the main target for this company especially people under the age of 35 because this people they do not have many commitments and they are fashion conscious majority of whom are women. Men and children only contribute to 25% of the revenue of the company. they also in the same category have sportsmen who contribute some percentage to the revenue through the high quality products they offer and the promise of the service, that is above the competitors the company has managed to grow up faster(Easy M., 2002).

Market needs

The market under which the company is operating has various needs for the products that they market. There is a gap in the market that needs to be filled by aggressive marketing especially lower class and upper class. The needs of the market are changing regularly though not drastic of late and the market has responded very well to this changes by providing assorted products to the markets (Doyle, P and Stem, P 2006). The need for highly competitive products with quick service through the use of technology has made the company to be on their toes in analyzing and distributing the products accordingly. Currently, customers patronize businesses which comply with corporate social responsibility and primary has not been left behind since they have complied with this requirement (Kraft Manfred and Mantrala Murali K., 2006).

Market trends

In the recent past, the market trend has changed and a need for products that takes into consideration, the price, quality and service of a company. Customers are patronizing businesses that consider these qualities. Most customers wish to patronize businesses that have assorted products under one roof and this has made Primark; differentiate their products by having various diversified products under the same roof. They have responded this challenge by coming up with distribution centres which have a large capacity such as Leicestershire and Naas where a number of products are available in the market. For them to move forward and serve the market better they need to venture into other products such as personal finance and convenience clinics in their stores (Kraft Manfred and Mantrala Murali K ,2006).

Market growth

The market is growing at the same time there is easy entry and exit of companies into this market. The growth of this market although hampered by various factors such as economic crisis that has engulfed the whole world. The company commands 187 outlets in a country with revenue of 233 million pounds. It is the second largest fashion business in the Great Britain because they offer high quality fashion products which in their own words give young generation a value for their money. Armed with the motto of Look Good, Pay less they have managed to grow in the market (Easy M., 2002).

Pest analysis

Pest analysis involves analyzing the political, economic, social and technological factors that affects the business. This helps the company to indentify opportunities and threats represented by the market.

Political:- This company operates in countries with stable political environment unlike Third world countries such as Madagascar and Zimbabwe. The company has updated themselves on the rules and regulations relating to taxation, competition regulation, registration regulation and other rules affecting the business (Easy M., 2002).

Economic:-The current financial crisis has also had an impact on the performance of the company in terms of profitability because being a multinational the company is being affected by interests and exchange rates as they affect the consumer. The consumer is currently cautioning themselves against possible economic crush therefore high profile fashions are being given a back sit in family budget (Doyle, P and Stem, P., 2006).

Social:-The changing lifestyles that are taking in the world today are affecting advertising and marketing products. The internet is playing an important role in shaping up marketing of products. The company has impressed the social changes in order to keep in touch the customers (Kraft Manfred and Mantrala Murali K ,2006).

Technology:- The company has stated up with technology by coming up with modern technological marketing tools that has ensured that there is make growth in the business. They have embraced the use of credit cards my customers in order to make the company have loyal customers. They have also brought in internet as a way of assessing their products. Their stock is maintained online and all the branches are connected with internet and this has made management easier(Easy M., 2002).

SWOT analysis

Strengths:-The Company being the largest in Ireland, and well diversified to other markets they have managed to create customer confidence especially in the streets. The company has increased market share acquisitions and alliances with various stakeholders to the Company. They have a variety of products that they promote under one roof this becomes strength as customers under one roof get various products. They have a high profitability due to high profitability margins and less risk. Lastly the company has highly experienced management and staff who are willing to put extra effort for them to succeed (Kraft Manfred and Mantrala Murali K., 2006).

Weaknesses:  The Company has seen their return on capital employed and revenue declined due to financial crisis. They will also find it difficult to enter into foreign markets due to barriers in those markets or because the parent company is operating in those countries. They also operate in highly operating companies and with companies with huge financial outlay in the same market. The company has raised money from its banks rather than shareholders (Easy M., 2002).

Opportunities:  The Company has been increasing their market share through strategic positioning of outlay. They have also been monitoring the changing lifestyles of people in the market. The company has incorporated new technologies in order to stay ahead and combat competition which arises from the market. They have entered international markets such as Holland, Spain; they should also enter into markets such as china, India and Africa (Easy M., 2002).

Threats:-The main threats for the company are the current economic crisis which has made competition very difficult because it is hard to borrow the money. There are a number of rules and regulations affecting the number of goods and regulations wallet (Easy M., 2002).

Competition

There are various competitors for this company among them supermarkets such as TESCO, Marks and Spencer and other fashion companies. Competition is very stiff for the company and the company should focus on the weaknesses and threats and try to minimize them and try to remain competitive in the market (Kraft Manfred and Mantrala Murali K., 2006).

Product offering

The company offers clothing and other fashion related products to the target market. This makes the company to be in a sector. They have control over the products they sell as they planned the products as well as they decide what should be offered to the outlets. They have differentiated their product and this has enhanced their growth and making them a great competitor in the market. They have a strong stock management theme which manages stock for the success of the company Kraft Manfred and Mantrala Murali K., 2006).

Key to success

The key success factor for the company has been its reputation because people prefer the brand name. Another success factor has been diversification and product diversification that the company has. They have a good customer service which targets all age groups without discrimination. They have also brought in new ideas to the market that has made them to be beyond the market (Easy M., 2002).

Key strategic issues

The company being in a highly competitive environment they have outperformed their rivals by diversifying their products as well reducing the costs by outsourcing some of their services, investing in new technologies and bringing in new key stars marketers (Kraft Manfred and Mantrala Murali K. ,2006).

Financial objectives

The company financial objectives have been to maintain high price ratio and keep revenue growing at a considering rate although this objective has been hampered by the current financial crisis and increasing competition. From the companys financial statements it can be noted that we have been growing at a reasonable rate(Easy M., 2002).

Societal objectives

Social objectives have been to remain socially responsible in our dealings to ensure we command respect in our society. The company has participated in environmental clean up and has joined among the few with an objective of packing the customers shopping with packing material that is re-usable (Easy M., 2002).

Strategy Pyramid

Primark has been outperforming its rivals and their strategic position is well stabilized. Their debts level has started to fall and their revenue and profits are going up. The key reasons for success is that they are focusing on their weaknesses and threats and trying to minimize them however threats related to economy and competition still remains major factor in Primark. Therefore it is continuing to offers products and services to consumer at competitive prices and also focusing on new customer through MasterCard customer to gain market share. Horizontal integration between department and mangers such as moving experts to its under performing operations to turn it in to profitable business unit.

Primark strong brand reduces the barriers of entry and helps them to enter foreign markets to achieve organizations international strategic objectives. They are diversifying its range of products to meet the consumers need across the target market using their key success factors (Easy M, 2002).

References

Chisnail P (2001) marketing research 6^th ed. London McGraw Hill

Doyle, P and Stem, P (2006) marketing management & strategy, 4^th ed England prentice

Easy M (2002) Fashion marketing 2^nd edition, London Blackwell publishing.

Kraft Manfred and Mantrala Murali K (2006) Retailing in the 21^st century current and future trends, Springer publication, 2006, XI, 413 p. 79