Table of Content
1.1 Discuss the range of decisions to be taken while starting up the new business.
1.2 Examine the information and knowledge needed to ensure effective decision making.
1.3 Assess internal and external sources of information and understanding.
1.4 Justify recommendations for improvements in information selection and analysis.
2.1 Identify stakeholders for the decision-making process in relation to starting up a new business.
2.2 Making contact with those identified for developing business relationships.
2.3 Involve those identified in the decision making as appropriate for the new business in the retail sector
2.4 Design strategies for improvement
3.1 Report on existing processes of communication in an organization.
3.2 Design ways to improve appropriateness in communication in the organization.
3.3 Implement improvements to ensure greater integration of the system of communication in the organization
3.4 Creating a personal plan to improve communication skills.
4.1 Existing approaches to collection, formatting, storage, and dissemination of information and knowledge
4.2 Carry out appropriate changes to improve collection, formatting, storage, and dissemination of information and knowledge.
4.3 Implement a strategy to improve access to systems of information and knowledge.
Managing communication, knowledge, and information is very much significant. A company’s development or growth can support this. Lots of changes are occurring in technology as well as communication in modern times. As Maier (2012) notes, the want of the era is important to gain the competitive advantage of other companies (Maier, 2007). Therefore managing knowledge, communication, and information is very much advantageous. To manage knowledge by the accurate use of information and communication is significant. It is very important for doing daily actions in an effective way. For planning an innovative business in retail part information is needed is given by this assignment. In this case, many challenges have occurred. Also, it provides information on the making of the decision while setting up an innovative business.
The first part of this paper describes the essentials decisions to set up a new business. Then, the required knowledge, as well as information to make effective decisions in setting new business, is discussed. In this section, both internal and external sources of required information are analyzed and assessed. Then, it is justified that how the recommendation can be improved in case of information gathered. The second part of this paper mainly discusses the stakeholders of a new business. Next, how a relationship can be build up with the stakeholders are discussed. After that, suitable decisions are made and developed for a startup business.
1.1 Discuss the range of decisions to be taken while starting up the new business
To achieve the company’s objects or goals making a decision is a significant part. Different types of people are engaged in the making of the decision process in an organization. At every managerial stage, they get operative decisions such as senior level, middle level, and lower-level management. The proposed food company takes different types of decisions to achieve the organization’s goals which are described as below:
- Strategic decisions: The strategic decisions are taken by the management of senior-level such as directors. Senior-level management develops strategic decisions as well as a strategy for the proposed food company to achieve the organization’s objectives (Hargie and Tourish, 2013).
- Tactical decisions: The tactical decisions are taken by the management of the middle level. The middle-level management gets the decisions for achieving the strategy or policy so easily for the proposed food company.
- Operational decisions: The tactical decisions are taken by the management of lower-level such as the staff of an organization. In an operative way, this allows them to do their predictable responsibilities or deeds easily for the proposed food company (Turban and et . al., 2008).
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1.2 Examine the information and knowledge needed to ensure effective decision making
The key purpose of the information and knowledge in making effective decisions is to meet the company’s objectives or goals for the proposed food company. Awareness of the plans for the future is also needed. Developing strategies that are long term for the organization is significant for senior-level management. Knowledge in different working sections is important for middle-level management.
According to Bourlakis and Bourlakis (2013), particular employees are getting help from this. With the employment of staff, tactical decisions are created. Coordinators are in continuous concern with heads of department to get management in actions. For good teamwork, this would be simplified. The knowledge on weekly goals should keep in the staffs’ mind. The company should undertake total works planning. Preferences of consumers are also important for making effective decisions for a company. As hart (2014) notes, staffs that are in the lower stage should be conscious of their duties or responsibilities……..
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