Range Of Decision In Lg Business

Published Date: 02 Nov 2017

Introduction

Business Industries depend a great deal on main management tasks like planning, leading and controlling. These types of functions entail managers to practice specialist communication techniques. Thus to attain all these steps of managerial tasks, a managed and appropriate communication process run along with information have to be established. With the aid of proper communication, managers can fulfil their responsibilities related with the job. For instance, when planning is completed for a project, it is vital that the manager gets to know all the fundamentals and necessary information compulsory for it. Once planning is completed, the manager should communicate it to the members of the team to ensure that everyone know how to proceed with the task. Thus this kind of two way communication works as a basic asset in organizations. Similarly, organizing and entrusting jobs also needs efficient communication routines to be set-up to attain team goals. (Role of Communication in Business, 2011)

The Organisation which I am going to talk about in this assignment is LG Electronics. LG Electronics, Inc. (LG) is a worldwide leader and technology trendsetter in consumer electronics, house appliances and mobile interactions, employing more than 82,000 people working in 114 operations including 82 subsidiaries around the world with annual worldwide revenues exceeding $40 billion.

Task 1

What is decision?

Decision is an own choice between two different ways. If you have only alternative you don’t have a decision. Webster’s 9th dictionary adds some richness or great idea of choice. In this he say about the word of choice the root of decision

What range of decision managers make day to day?

Manager’s decision

Recruitment

Marketing

Sales

purchasing

Apprenticeship/training

Range of Decision in LG business

In LG business the decisions are taken on different level. The ranges of decisions are as follows.

Customer care

New Innovation

Employee’s motivation

Relationship building

Create good will

Technology Improvement.

Marketing and growth of company

Find out new markets.

Review information and knowledge needs

The LG Corporation needs information from its customer, suppliers and as well as from distributors to analysis the customer needs and for cost the planning about the potential need of company. The objectives of information needs in LG Corporation are:

Information is required by LG to assemble and sell electronic machinery and appliances, to assemble process and sell plastics. Information is also required to manufacture, sell, lease and franchise multimedia hardware and software, to carry out businesses for the telecommunication service company, to develop and sell software related to the products, to manufacture and sell machinery and appliances for oil combustion, to engage in the factoring business and to engage and invest in businesses related to any of the foregoing objective.

Sources of information and strategies to gather

There are two sources of information that are used in LG, these are as following.

Internal sources of information

External sources of Information

Internal sources of information:

The internal sources of information mean the information that the company received or obtained within the organization. It can be

Previous year’s sale data

Company `s Orientation

Meetings, conference

Board Members

Organization’s environment observation

Previous year’s financial statements

Feedback from Employee

External sources of Information:

Brokers.

Media

Internet

Government Statistics

Trade Associations

Commercial Services

National and International institutions

Customer Feedback

LG Strategy of Information Gathering

The following procedure broadly defines an LG’s information gathering strategy:

Problems and Recommendations

Whilst LG have stressed the need to research widely and thoroughly, this is different to attempting to establish everything that there has even been written on a topic. This is both impractical and unlikely to produce the desired results. Considered development is a regular come within reach of to positioning for the greatest aggressive advantage by continuously creating the best possible fit between its inner and outer environments. Strategic Planning is an efficient try to produce basic decisions and actions that shape and guide the administration for the betterment of the LG that how to take the organisation to the peak of glory and make them as the leading organisation of the market. LG is under reflection with conventional approach in the data gathering, contact and information processing systems. For system of sales it is currently forecasting sales on the trend analysis which is based on past information as well as for this reason there is a threat of random variations which can involve the development and assessment. For this they can use possibility investigation to overcome these distinctions. For the acquirer of raw material, the company is always dependant on one or two most important dealer but this list have to expand so that there will be no lack of equipment yet in the case of default of some major supplier. Additionally the business relies in progression expand through the internal power assessment questioner filled by the employees of that particular section for the appraisal of internal controls. They must gather further confirmation to support their result. As company is using fixed approach it is using primary source of data forever for every procedure and project. It should be a very expensive scheme. As a substitute the company should make groups of information and use them where suitable. In conclusion there must be assessment concerning the information together through external sources and the executive should look for any difference concerning the dependability before using the information

Task 2

Different Stakeholders of LG and their effect on decision making

"Customer first" is at the heart of everything LG do. It strives to create real value to its customers by always considering the customers’ perspectives and realizing customers’ high expectations in all LGE’s business activities. (LG, 2010).

Following diagram shows some of the important stakeholders of LG and their expectation and affect on decision making. (LG, 2010)

lg stakeholders.png

Ways to contact stakeholders

LG places customers first so it is one of the most important groups of stakeholders for the company. It makes contact with its customers through different advertisements and use of different feedback forms. The company makes contact with its shareholders through different meetings like AGM in which some of major shareholders raise different concerns. Internal communication is also necessary and that is where employees come which one of the major stakeholders of the company is also. Internal communication in the organization is done through email or by memos and meetings. (LG, 2010)

Improvement strategy

Along with the advertisement and sales promotion, LG should also concentrate on personal selling. Sales Management achieves personal-selling objectives through personal-selling strategy. Key decisions in personal – selling strategy are

a) The kind of sales force required and

b) The size of sales force required

The decision on the kind of salespersons defines the role that sales personnel play in their contacts with customers & prospects. The decision on the size of the sales force dictates deployment of sales personnel as well the frequencies & intensities of their contacts with customers & prospects. (Lakhotia, 2011)

Evaluation of Recommendation

Personal selling is predominantly beneficial when functioning with goods of high value. So LG will require influencing buyers more with supplementary luxurious stuffs. The buyers don’t require to wait long to get his queries responded. He can find out what he requires to be acquainted with instantly. One disadvantage is that your customer reach is limited through personal sales. As a result, it will require extended time period to create product awareness, particularly if you don’t use other forms of advertising. (Lakhotia, 2011)

Task 3

LG have a great wings in all over world and it's just because LG have a great skills of communication with their employees and with the customers and know more about the markets competition and customers basic needs and what they need in their regular use of life.

LG have very large branches in all over the world. And when they produce any new stuff in the market first the make a meeting with the mangers of the particular places and then they decide the Pricing strategies of the product.

LG communicate with Public why such activates like:-

1. Email: They send E-mails to the costumers to tell them about their products and new updates by LG in markets and some where this thing make an attraction to customers about that stuff.Email is a form of direct marketing which uses electronic mails as a mode of commercial or raising messages to an audience. In its broadest sense every stuff send by mails to potential or recent customers could be considered email marketing.

Disadvantage:

Some people have lack of computer knowledge. So that's not sure all receiving parties use email system. Some time Email creates VIRUS which can damage the user system and it make the bad image of a company in consumer mind. Some time Email might not send due to loss of connection to the Internet.

2. Conference calls: Conference call is a way to communicate with various parties from different places by audio, video and web. There are mainly three types of conference calling system Web, video and audio conferencing. A conference call is a Telephone call in which the calling party wishes to have more than one called person listens in to the voice portion of the cell. It is easy to connect two people while one conversation and advice someone more affected. Company's employees called the customers as a Customers Service to help the people and to inform more about the updates by the particular company.

Disadvantage

However there are some disadvantages of choosing call conferencing like while doing audio conferencing some of the jokes or remarks will be misunderstood into something else by individual as they are not able to see the facial contents. There might be sometime quality of the call lower when more people added to the conference.

3. Travelling: Travelling communication also can say communication on the road. In this system companies worker used to contact with people and let them know about the products and give them the best pricing and tell them about the selling rates of the stuff. And try to take more and more attraction to the customers towards the brand or any company stuff. By doing travelling market the people attract more to the product.

Disadvantage

In some places, most people will not able to speak and understand any another language. If you don't speak their language, they have May difficulty with common tasks like asking and getting understood so it will be difficult to communicate with this type of people.

4. Advertisement: Is a form of communication used to attract a customer or audience to take some action respect to products, ideas, or services. Advertising message are usually paid for by sponsored and viewed via various media; such as TVs channel, Radio, Internet (Mainly used in these days "www.youtube.com" ) and including traditional media such as like Newspaper, magazine, outdoor or direct mails or mobile phone text message by any individual company.

Disadvantages:

But some time it goes so wrong that they show the virtual image of a product by any company so that people get attract and give their best to buy that product. Some time that thing is not that much perfect as the advertisement companies show in their advertisement.

Improvements and Implementation

As a communication system should be strong a company will be improve his marketing strategy more easily and will rise more comfortably.

A company can make their communication level better by using the modern techniques like Social Networkers (e.g.., Facebook, Twitter, My space, YouTube and Orkut etc.

These types of social networks bring lots of attraction and pull the people towards the product or any stuff showing by advertisement by any particular social network. And this type of advertisement works more compare to Travelling, calls, leaf letting and etc.

Any news or any update by companies shown on the internet site any social network advertisement make a hunger inside the customers and make them to buy that product and tell them more about that thing more briefly and it's very easy to get understand by customers. Social networks and the need to communicate are worldwide human conditions social ties .Which helps to increase the strength of the company.

Personal Development Plan

My personal communication can be enhanced by attending special communication instruction sessions prepared by different articles. This can also be achieved by taking active part in the conference detained in my organization and turning over their messages of interest to those charged with the governance. This all depends upon my interest and inspiration level and how well I am informed by the current situation. It also includes my vision that what I want to attain in life and what are my aims and objectives, artistic tension and individual goals.

Thinking towards Improvement

I think that there are three parts of communication that I need to be excellent at. These are writing skills, listening skills, comprehension skills, and oral communication skills

Writing communication

As far as writing communication is concerned, it is important that I should be familiar with English composition and Business English. In both of these features, my writing must be efficient. I should know the diverse styles in writing and when to use every style.

Listening Communication

In listening communication, it is sensible to listen with heart and mind. To have the valuable listening skills, I need to uphold eye-contact with the speaker, and never to break off him or her. I may articulate my understanding by nodding. 

Oral communication

In oral communication, I should be trained in the techniques to catch the concentration of my listeners. When I have wedged their interests, it is important to uphold their concentration on me.

Task 4

LG has a very compatible strategy of the collection, processing and storage of information. At first stage, evaluation of existing data sets in relation to the objectives of the new programme is done, including accessibility of the data (i.e. computerised, on paper). Then the operating characteristics of the sector or subsector (e.g. fishery, market, fleet, community, institutional environment), also known as the census or frame survey are described. After this decision is made on the approach to be taken and enumeration or sampling is completed, including cost-benefit and cost effectiveness analysis and an evaluation of operational considerations (institutional, financial and human resources). Methods are designed according to the approach adopted, including the form of stratification to be used in sampling and finally implementation of a test phase is done to validate the method, including participation by other stakeholders and a continuing feedback mechanism is established between data sources and data users to ensure that data types, quantity, quality and origin are consistent with the requirements for determination of the performance indicator in question.

Appropriate Changes

The LG should have following changes to its data collection, storage and distribution processes.

Collection

The LG should assemble the information and statistics from its purchaser and distributors control to classify the purchaser needs, what the consumers wants what type of products.

Storage

All the data that are composed from unusual supply the company should be stored in a save and suitable system. Preceding year’s data should also be kept in such a way that whenever the company requires it they can access it easily. All the information and data should be given in a series and alphabetical order so that workers will find it effortlessly.

Distribution

The LG has realized that Selective distribution of Information (SDI) should be used. It is a tool used to keep the employee informed of new resources on particular topics. "SDI services contain alerts, current awareness tools or trackers. These organisms provide automatic searches that inform the employee of the accessibility of new resources gathering the employee’s specified keywords and search restriction. Alerts can be received in a number of ways, including email, RSS feeds, voice mail, instant messaging, and text messaging.

Performances of Strategies to improve Information system and knowledge

LG’s information staff appreciated for their skill to act and communicate with knowledge within a specific subject area. They will often advance the overall considerate of that subject through focused analysis, design and/or development. They use explore skills to classify problems and to identify substitute. Fueled by their knowledge and insight, they work to resolve those troubles, in an effort to pressure company decisions, main concern and strategies.

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The Company implements the following strategies to improve information system and knowledge.

Managers looking for to improve business efficiency throughout IT request.

Get response from its consumers and also from staff. Company takes regular assessment, believe the feedback to be important information.

Workers also are frustrating to improve knowledge base all of the time.

Assessment producer mixed up in rising and appraise strategic plans.

Administrative concerned in the management system to preserve in order system up to date.

Appropriate evaluation and support of important data and information.