SG7003 Business Simulation with Professional Development Assignment Sample 2023
Part A: Strategy Paper
Introduction
The present study is going to discuss the good practices for the success of the business of M-Con. Based on the simulation activity of organizational management; the present study will be developed. The main focus of the presentation will be on the presentation and review of future plans of M-Con of the UK. The presentation of the strategic review of the company will be done based on the vision and strategy of M-Con. Besides, the progress report for each year of at least 5 years will be included in the study. Moreover, the study will consist of recommendations for the future business development plan.
Vision and Strategies of M-Con
In order to develop the assessment on the business simulation, the reference of the management of M-Con is going to be discussed. Based on the minimum five years of management activities, following discussion of the assessment will be developed.
Vision and Mission
In present times, M-Con has become one of the emerging mobile companies in the world. One of the major reasons behind the success of the company is its vision. The vision of the company is to deliver innovative and connectivity services to customers around the world and improve their quality of life. The slogan of M-Con is Beyond Imagination, which indicates the unique and advanced products and services offered by the company. According to Kerr and Moloney (2019), mobile technology has become a key component to transform the daily life of people.
The company’s mission is to explore the commercial opportunities to bring benefits to the society and community with the help of innovative products and services. The vision of the company includes improved innovation potential to contribute to sustainable living. The vision statement of the company is very impressive, which aims to be a leading player in the mobile industry by providing quality products and services. As per Chirita (2018), the focus of the company is not only on business development but also on contributing to social causes. The role and importance of mobile technology are laid out through the vision of M-Con. The company is helping the communities and societies around the UK and the world to grow by embracing technological changes for commercial development.
The more emphasis on the vision and mission statement of M-Con is on social and environmental responsibility. However, the goal of the company is also concerned about commercial development and market rivalry. Both the mission and vision statement of the company is closely associated with future development and business strategy Apart from this; resource allocation and decision-making process are included in the vision and mission of the company. Moreover, the mission and vision of M-Con are aligned with decisions of decision-makers in different aspects such as customer segment, target market and key competitors.
Culture and Values
The foundation of M-Con is illustrated through the organizational values of the company. As cited by Chirita (2018), the thinking and action of the top management of a company are developed by the combination of abstract ideas called organizational values. Besides, organizational culture is the combination of certain organization components such as expectations, philosophies and experiences. The culture of an organization is illustrated through the behaviour and ways of thinking of employees and owners. According to Wei (2019), culture is expressed in internal activities, external affairs, and self-image and future expectations. Values and culture of M-Con can be described with the help of three aspects namely, flexibility, diversity and innovation.
Based on the three pillars, the culture and values of M-Con are designed. The flexibility of the company can be seen in the engaging working environment. The working environment of the company is full of life and active all the. The company is focused on valuing the individuality of the employees. Therefore, a smart casual dress code is selected for the management and staff of the company. The company is also flexible in terms of work-life balance of employees. In order to make the work environment flexible and comfortable, many working styles such as remote working, part-time, shift roles and condensed hours, are included in M-Con. Besides flexibility, diversity has also been prioritized in the organizational culture and values of M-Con.
Embracing the change related to diversity, the company is focused on creating an open-minded and inclusive culture. As cited by Steiner et al. (2019), the company has recognized diversity that the customers are required to be illustrated through the diversity of employees. The ability of innovation and creativity of M-Con is fuelled by the inherent open-mindedness of the company. Value and organizational culture of M-Con are highly dependent upon innovation and creativity. The company is considered an innovation-oriented company that uses its creativity to enhance the lives of people. However, the innovation process of the company is strictly based on customer loyalty (Wei, 2019). It is completely determined to bring network experience, value to customers and best innovation.
Human Resource
Maurren Ogwu manages the department of humar resource management of M-Con. The overall process of HRM is developed based on the decisions of Ogwu. As per Harlow (2016), it is the responsibility of the HR managers to develop an assessment based on the performance reviews of employees. The consistent set of values and behaviours of the employees are defined in the program by paying attention to the speed of activity, simplicity of the process, trust development. The overall human resource management of M-Con is developed based on three aspects namely recruitment, retention and training.
In order to provide quality service to the customers, it is important for the company to hire skilled employees. In order to do so, the company based on analytical and soft skills, which vary from position to position, follows an effective recruitment process (Khan and Suhaib, 2019). Besides, the skilled and experienced employees are retained with the help of fair compensation and benefits. Moreover, training and development programs are used by M-Con to enhance the performance of employees and ensure customer satisfaction.
Performance Review
Competitive Analysis
Porter’s five forces
M-Con is an emerging company mobile technologies industry around the world. M-Con redefines the way of doing business and in terms of technology within the course of time. Industrial analysis of the company can be done efficiently with the help of porter’s five forces model. Based on five forces of the mobile technology industry the industrial analysis of M-Con is going to be done.
Threats of New Entrants
The innovation in the mobile industry increases by the emergence of new entrants. It has intensified the pressure on M-Con through reducing cost, lowering pricing strategy and providing new customer value proportion. In order to safeguard the comparative edge in the mobile industry, it is important for M-Con to manage all the challenges by developing effective barriers. M-Con is also an emerging company which is focused on developing a brand image in the mobile industry of the UK and the world. However, the threat of emerging companies such as SkyCom and Flash could become problematic for the company.
Bargaining Power of Suppliers
Most of the companies in the mobile industry of the UK purchase the required raw materials from various suppliers. In the technology sector, powerful suppliers use their power of negotiation to extract higher amounts of prices from companies like M-Con. Hence, the bargaining power of the suppliers affects the profitability of the company by increasing the price of raw materials (Gerard, 2018).
Bargaining Power of Customers
The demand and requirement of customers in the mobile industry is ever increasing. A major part of the customers prefers to purchase the most convenient offering by paying the minimum possible price (Kyengo et al. 2016). The high demand of the customers put pressure on the profitability of M-Con in the long run. The company has the potential to utilize the bargaining power of customer to enhance its performance. As the customers’ needs the enhanced quality of products in the lowest possible price, M-Con use cost reduction strategy to gain the attention of the customers. Bargaining power of customer can become a huge opportunity for the company.
Threats of Substitute
The profitability of an industry suffers when new services and products meet the requirements of customers in different ways. As per Satyanarayana et al. (2017), the impact or threat of the substitute, products are generally high in the mobile industry as similar kinds of services and products are offered by most of the companies. The threat of substitutes gets high when it offers a value proposition, which is different from current offerings of M-Con. In the same way of bargaining power of customers, the company can also utilize threats of substitute to get competitive advantage. The substitute products of the company can provide options to the customers to skip from established companies to M-Con.
Existing Market Rivalry
Overall profitability and business strategy in the mobile industry is highly influenced by rivalry among companies. M-Con operates extremely competitively in the industry, having big players such as Apple and Samsung. The long term profitability of M-Con is affected by the presence of extreme market rivalry. The existing marketing rivalry is the biggest challenge of the development of the company. As the market is already dominated by big companies, an emerging company like M-Con may find it difficult to grow. In order to remain competitive in the mobile industry, it is essential for M-Con to develop effective strategies and business policies.
Market share and product analysis
M-Con is an emerging mobile company of the United Kingdom; therefore, it has not strengthened its market share yet. The market target analysis of the company is developed based on three aspects namely price, quality and customer (O’Dea, 2020). Each of the segments of the market share is analysed by the demand of products. In the price segment of the market analysis, there 3 competitors have been identified. It is reported in the data of 2020 that the total segment demand is 1800000. Besides, there are three competitors have been identified in the quality segment. The total segment demand of quality has been reported to 1620000. Moreover, the third market segment demand of M-Con Mobiles is customer focus. The three different competitors have also been identified in this segment of market analysis. However, the demand of total segment of the company is 1140000.
The main product of the M-Con is advanced smart phone. The company is looking forward to develop innovative and advanced mobile phones to meet the needs and demands of the customers. Providing advanced smart phone for the customers, M-Con is focused on connecting the customers around the world. It has been identified by M-Con that Smartphone has become the basic need of the people in the today’s world. Therefore, the company is aimed the future of technology by innovation and creativity.
Competition
The mobile industry of the UK is full of competition by presence of the giants such as Apple and Samsung. It has been found from the analysis of porters five forces that existing competition is the biggest threat for the development of the company. Companies such as Apple, Samsung and Huawei are dominating mobile market of the United Kingdom. Hence, it becomes very difficult for the company to deal with giants of mobile industry.
Besides the competition of the above mentioned companies, M-Con is also facing challenges from emerging rivals such as SkyCom and Flash. Both of these companies have emerged as fastest growing companies which may affect the business of M-Con.
Competencies and capabilities
The competence and capability of M-con is relied upon its technology and innovation. The company has huge potential to become one of the leading players in the mobile industry. The capability of the company is illustrated through the analysis of market target. Some of the major KPIs (Key Performance Indicators) of the company are Profit Margin, Quality Segment, and Education Level of Staff. M-Con is capable of increasing the profit margin up to 15.72% by 2023 with the help of its strategy. The maximum quality segment that can be achieved by the company is 2.0. The company has potential to make the staff 100% educated by 2026 (O’Dea, 2020).
Performance results
Evaluation of Strategy
The strategy of the M-Con is developed based on three aspects namely Cost Leadership, Product Leadership and Customer Experience. However, the main focus of the company is on Cost Leadership strategy. As discussed by O’Dea (2020), the aim of the cost leadership is to gain a strong position in the existing market place reducing the cost and price of product. The demand of the customers is ever-changing, and they want the best quality of products in lowest price. Hence, the cost leadership strategy would be curial for the company to enhance the business development process. The cost leadership strategy of M-Con is driven by size, scale, scope and efficiency of the company. The business of the company has not started yet; however, it has been estimated that the company will secure the profit of € 24.828.993, 50 by 2021. The financial profit in the initiation stage of the business illustrates the success of its business strategy.
Decision Making
In order to develop business in the emerging markets, it is essential for a company to take necessary decisions. Companies such as Apple and Samsung are dominating mobile market for the last 3 years. In order to gain the top position in mobile industry of the worldwide marketplace, the company took the decision to use cost leadership strategy. The business scorecard suggests that M-Con will ensure the profit of € 652.965.032, 00 by the end of 2029. The main reason behind the profit of the company is its pricing policy. The scorecard of business clearly indicates that the company will be able to follow the business strategies and is dominate the emerging markets.
Future plans and recommendation
The future plans of the business development of M-Con are required to be developed based on the current scenario of the company is present and emerging markets. It can be understood from the above discussion that M-Con will perform well in the worldwide market. However, competitors of the company are becoming a major threat to the company (Kleiousis et al. 2019). In the domestic market, companies such as Apple and Samsung have become the biggest threat to the development of M-Con. On the other hand, emerging companies such as SkyCom and Flash have intensified the competition in the emerging marketing (Estrade and Imbault, 2017). In order to become the top player in the mobile industries around the world, M-Con is required to redesign its business development plan. The future plan of the company is to become the biggest mobile brand in the domestic market. The key decisions, which need to be adopted by the company in the next 5 years, are discussed below. The future plan of the company is needed to be developed based on diversification to support the current strategy of internationalization.
- In order to adopt the diversification strategy, M-Con should pay attention to the customer base first. Increasing the customer base would be helpful for M-Con in two different ways (Estrade and Imbault, 2017). First of all, it will be crucial for decreasing bargaining power of the customers around the world. Secondly, the sales and production of the company can be streamlined with the help of the strategy.
- Paying attention to future growth has become an essential aspect for most of the companies. M-Con has the opportunity to use innovative technology to support the business strategy. The company is required to follow the BOP (Bottom of the Pyramid Strategy) by the process of using the advanced Wi-Fi technology to provide internet-based service (Ahmad, 2020). In order to increase the innovation of the company, it would be important for the company to invest in R&D activities.
- It will be essential for the company to increase the customer base in emerging markets to grow better R&D departments. In order to increase the market share in the emerging markets, it is important for the company to pay attention to pricing policy. The BOP strategy will be crucial for improving the pricing policy of the company. M-Con can develop their brand low-cost mobile phone with the help of the strategy. The strategy will be helpful for decreasing the required investment, operating cost and increasing the customer base as well.
- In order to deal with the existing rivals in the present marketplace, the company is required to follow a diversification strategy. In the mobile industry, most of the companies provide similar kinds of services to the customer. Therefore, the customers get the opportunity to choose from the available products in the market. Hence, the presence of competitors is affecting the business of M-Con. The issues of existing rivalry can be alleviated by introducing new products and services. It can also collaborate with the competitors to increase the size of the market rather than increasing the competition in a small market (Wang et al. 2019). The impact of such changes in the plan is crucial for gaining a competitive advantage and becoming the leader in the mobile industry.
Conclusion
Based on the above analysis, it can be concluded that changes in the business strategy are important for M-Con for future development. It has been found from the discussion that M-Con is aimed to become the most powerful company of the mobile industry around the world by providing customer-oriented services. The customer-focused strategy of the company is the reason behind its strong position in the market. However, the analysis of Porter’s Five Forces has suggested that the competition in the mobile industry is the biggest threat to the company. The strategy and decision-making process of the company is focused on business expansion and gaining competitive advantage. However, the business report of M-Con demonstrates strategic failure. In order to dominate the mobile industry, M-Con needs to use a diversification strategy.
Executive Summary
The current report has discussed the business simulation and professional development plan. Two events for business simulation have been identified for analysis. Besides, theories and concepts of management such as Kotters’ change management theory, stakeholder’s theory and many more have been analysed in this report. The report has evaluated the practices of the mobile industry. Application of the theories and practices in the selected events has been described. Furthermore, some recommendations have been provided for the performance development of the mobile industry.
Part B: Professional Development Reflection Report
Introduction
Business simulation helps the learners to get knowledge regarding the practical environment of a business which increases their skills and capabilities. The current report is going to be on the discussion of the professional development review of the business simulation team. The report will analyse the two events of the business simulation team to evaluate their annual performance. Besides, related theories and concepts such as stakeholder’s theory, agency theory and many more will be discussed along with the mobile industry practices. These theories are going to be applied to analyse the success rate and learned attributes of the business simulation team. Furthermore, some recommendations will be provided for the future development of the simulation team.
Identified events
Event 1
In the first event, our team has to make marketing strategies for a company in the mobile industry. As discussed in the study by Draijer (2020), in the mobile industry, the quality of the service is the key aspect of success. Our team needed to focus on the marketing medium, target customers, convincing approach for marketing, leadership aspects of the team, required group dynamics for the success and many more factors. Besides, the probable success rate and major risk factors for the marketing strategies also needed to be discussed in this event. Besides, the event includes the time schedule for development of research skills with respect to M-Con simulation and estimated budgets required to perform the activities. Furthermore, leadership skills need to develop for proper maintenance of time management skills such that establishment of R&D can be undertaken adequately in M-Con. In this way, maximum investments can be controlled inside the workplace economy.
Event 2
Team formation for implementing a change of management is the second event for the business simulation process. In this event, a team with dynamic members and a good leader is needed to be formed to perform the change management activity of a company in the mobile industry. In this event, the company needs to establish and grow R&D for the purpose of business simulation aspects of M-Con. As mentioned in the study by Moran et al. (2018), the team needs to analyse the advantages and disadvantages for developing R&D, managing skills of R&D, evaluating it and many more aspects. Besides, the team needs to know abilities of individuals to tackle large amount of datasets in order to perform large data analytics. The change management is required for the operation of the R&D and in this event; our team is going to plan the change management activities to achieve proper implementation of the planning.
Review of relevant theories & concepts
Kotter’s change management theory
The change management theory of Kotter is essential to evaluate the required step to apply changes in management. The first step is to create the need for the change such that team members applying the change can get a clear goal. Management of the company needs to build a suitable team with the stakeholders having the capability to apply the required changes. As mentioned in the study by Kotter and von Ameln (2019), the team needs to have a wide range of skills and capabilities to achieve the organizational goal of changing management. A vision for the team needs to be created on the next steps and the management specifies their needs from the change management (Kotter and von Ameln, 2019). The communication is the key to perform a team task and in this task, the team members need to communicate with the team leaders as well as with the other team members.
The next stage of this theory is to implement the actions or the mains tasks to perform the job. The team needs to set up the required step and in this stage; they need to perform the required tasks to achieve their vision. As per this theory, the next target is to make short term wins such that team members can feel motivated after achieving the goals. As cited in the study by Haas et al. (2020), contentious development of the implemented changes is required as per the demand of the management and the stakeholders. The team needs to take care that a continuous change is happening in this stage. Finally, the changes needed to be permanent to complete the change management procedure.
Situational leadership theory
The situational leadership theory defines that based on the situation a leader can change the leadership style. As per this theory, a leader should have the switching ability to deal with several situations in order to get success with their team members. A leader should have the directing style of leadership for the enthusiastic learners as they are highly motivated, however, fewer skills. As depicted by Meier (2016), this theory defines that coaching style is applicable for the team members who are high directive as well as high supportive behaviour.
The next style is the supporting style where leaders facilitate, encourage, listen and make decisions together with the team members and this style is for the capable however cautious team members. According to Bosse et al. (2017), the last style of leadership is the delegating leadership and this style is for the self-reliant team members and leader to support the growth of the team member and help in difficult situations as well.
Stakeholder’s theory
The stakeholder theory defines that the stakeholders of an organization are the most important asset and the company should understand the importance of the stakeholders to achieve business success. This theory divides stakeholders into two parts: the internal stakeholders and the external stakeholders. The internal stakeholders are directly associated with the activities performed by the company and directly contribute to achieving organizational goals (Albasu and Nyameh, 2017). The internal stakeholders are owner, management and employees of the company. Besides, there are external stakeholders such as customers, suppliers, distributors, media, government and many more. In order to achieve the company’s growth, it is essential to have the support of the external stakeholders.
Agency theory
Agency theory describes the relationship between the agent and the principle where agencies are the employees of the company and principal is the management. As per this theory, the employees are the representative of the management or the company and thus they need to follow the instruction of the demand of the management. Employees need to reduce the conflict of interest in order to keep the peace and harmony of the organization (Shogren et al. 2017). The agents have the duty to perform the tasks as per the interest of the principal for achieving the business goals of the company.
Review of industry practices
In the mobile industry, the market competition is high and thus companies are planning on innovative strategies to get a competitive advantage. In my true opinion, this industry is standing on high-quality services and thus the service attracts the customers most. According to Valaskova et al. (2019), the price range of the plans and packages are other cardinal aspects for attracting customers. The mobile industry is all about changing the technologies to get the best services for the customers. Thus, investing in the R&D department to upgrade the quality of services of M-Con simulation is one of the common practices in this industry (Putri et al. 2019). The R&D department of the companies are working to increase the frequency bandwidth to increase their service in the rural area. Thinking as well as reasoning skills is required in this regard to maintain R&D development across M-con simulation.
Besides, mobile companies are using marketing techniques to increase brand value. Discounts are the most common practice of the mobile industry to attract customers. Companies give best possible discount offers to attract their customers such as discounts in phone calls, extra talk time, benefits for recharging in large amounts and many more. The customers are attracted to these discount offers as the changes are mostly for 1 to 3 months (Liotta and Holmström, 2016). The competition in this industry is high as the customers can switch their brand anytime they want without any major hazards. Therefore, companies try to hold their customers with exclusive offers.
Improving the quality of services is the next major practice of this industry as companies are focusing on the service centres and services over the phone. According to Agustin and Haryadi (2017), the number of service centres is increasing by the companies and they are trying to increase their connectivity by installing new towers. They are giving dealerships to the people who have the capabilities to provide people with the connection of their company. Besides, they are making business partners with other brands to increase the brand value and the overall profitability of the company. As discussed by Ferreyra et al. (2018), companies are making new teams for doing business in new fields such as broadband services, electronics devices such as routers, adapters and many more. They are exploring several fields to increase their customer base and connecting the customers with their company.
Introducing new technologies such as Chatbot, big data, AI, IoT helps this industry to increase its customer support services. Almost every company in this industry to engage with their customer and to resolve their frequently asked questions uses chat bots. Big data is in the practice because of its capability to manage the data of the huge customer base and predict the future success possibilities. Big data is used by the companies to get statistical results on the profit of the company, complaints of the customers, feedback from the customers, probable improvement for better performance and many more (Kryvinska and Greguš, 2019). Analyzing the statistical results with the help of big data technology mobile industries are making plans. Besides, AI and IoT are used to improve the network services to the customers to get a competitive advantage.
Application of theory and practices
In the given event, I have applied theories that I learned in the business management course and also the mobile industry practices to get success (Hernández-Lara et al. 2019). The application of these theories and practices on the two events are mentioned below:
Event 1
The marketing strategies need to be made for a mobile company and proper planning is required to achieve success. Our marketing team had dynamic members and the members had attributes such as innovative mindset, effective leadership skills, high communication skills, pressure handling capabilities, customization ability and ability to work in a team. In our team, I was the leader and following the situational leadership theory, I adjusted my leadership style. In our team, most of the members were experienced and thus decisions were made by consulting with each other. As discussed in the study by Levant et al. (2016), the team followed an innovative work culture environment such that innovative strategies can come out for the making of the company. The planned marketing strategy was to use social media platforms and internet advertising mediums. Additionally, skills development ensures great investment to tackle R&D development, especially in M-Con simulation.
Based on the agency theory, it is essential for the employees to avoid the conflict of interest and work as per the guidelines of the management. Therefore, we use the social media platform and digital advertising media such as email, internet advertising and many more to promote the brand. As mentioned in the study by Ruszkowska and Wardaszko (2016), the practice of the mobile industry is to provide discounts to attract customers and thus our team make new plans for the customers where they are going to get discounts on recharge for three months. In this strategy, the customers get 3 months time to analyse the performance of our company. Besides, our team had managed teamwork capabilities to great extent since introducing innovative products and services are one of the major responsibilities in M-Con. I developed myself by participating in this event regarding my leadership skills, decision-making capabilities and innovative thinking skills.
Event 2
Our company needs to increase the services in the R&D areas as from the industry practice of using big data it is known that the customers in such areas are constantly increasing. As discussed in the study by Vij and Sharma (2018), the team had the responsibility to plan the establishment of the new services centres across UK. In order to achieve that change management required as the team needed to contact the higher management for the permissions and budget sanctions. According to the study by Bach et al. (2017), the team needs support from the headquarters regarding data and plan implementation policies.
Our team needs to be in the contact of several service centres for information regarding their operations and performance and for that change management is required. As stated in the study by Brazhkin and Zimmerman (2019), applying the change management theory of Kotter our team was able to implement the management hierarchy changes in the organization only for our group. Also, this theory implies goals of change management to compliance positive effects and track progress in teamwork development regarding R&D.
Besides, the industry practices indicate the importance of establishing centres of R&D such that it can be monitored properly to attain success by gathering lots of investment in M-Con simulation. We chose suitable locations in the junction of R&D areas so that skills and competencies of research and developing innovative products of M-Con can be addressed (Brazhkin and Zimmerman, 2019).
Discussion
The events helped me to evaluate my capabilities in the practical field of business. I analysed my positive and negative aspects as a professional. In my opinion, these events helped me develop my leadership skills as I was the leader in the first event. I used the management theories of leadership to build a good team and I was able to analyse the skills of every team member in my team. As per the skills and knowledge, I was able to delegate the tasks such as making strategies, segmentation of the market, finding locations for service centres, contacting with the headquarter, head of communication, financial planning maker and many more. As in the team, there were most of the experienced people I used democratic leadership skills to handle the team. The decision making process was easy as decisions were taken by consulting with each other.
Besides, I learned the importance of having a dynamic group as in these groups people have the opportunities to work in the department they are interested in. Besides, some people can explore new job roles and can analyse their skills. One such exemplary include creating multidisciplinary activities to grow effective skills of R&D in M-Con simulation. I have learned that I have the capabilities of working in pressure situations as in one of the events where there were emergencies for making decisions as the deadline for the task is approaching. In this situation, I calm my mind and make decisions, which prove to be effective for the situation. Besides, I have improved my communication skills, which are going to help me to work in a group in future.
I have found that I need to understand the market segmentation procedure and should avoid the conflict of interest as a professional. In the case of location selection, I had issues with the chosen location as the facilities and the transportation medium of that location was not good. In this case, I preferred a location which was costly however best for the goal of the company. I interpreted adequate information to manage my services regarding R&D, such as tackling investments with essential care to grow services of simulations. Therefore, these events helped me to analyse my skills and capabilities as well as my deficiencies as a professional.
Recommendations
The recommendations are made for the business practices and the research such that the overall performance of the mobile industry can be improved. The recommendations are mentioned below:
- The target customers need to be identified to improve marketing practices in the mobile industry. Based on the data analysis the market segmentation should be done for achieving effective planning. According to the study by Pratt and Hahn (2016), the success of this recommendation is measured when the overall customers of the companies will be increased. This is achievable by changing the management activities and making every management activities such as marketing, expanding plans, employee distribution and many more based on the market segmentation. This is going to be achieved within 1 year.
- The marketing techniques need to be unique and the discount coupons should be based on the target customers. For example, in case some customers are not taking internet plans and only focusing on calling plans then the company must give them discounts on internet plans to attract them. As discussed in the study by Heinrich et al. (2017), the management and the marketing team should make these plans analysing the profitability and the cost of the company. This is going to take 3 months to implement this recommendation.
- The employees need to be trained with the latest technologies such that their professional growth can be possible to improve facility of R&D services in M-Con. As discussed in the study by Kumari (2019), in order to get a competitive advantage the employee of the company should be aware of the latest technologies used in the market such that they can implement these technologies for the development of their department.
Conclusion
Based on the above discussion it can be concluded that the events were essential for understanding the skills and capabilities of the team members. It has been analysed that situational leadership theory, Kotter’s change management theory, agency theory and stakeholder’s theory are essential for professional development and understand the business dynamics. The report has discussed that it is imperative to have dynamic group members such that people can be assigned with the tasks they are habituated with. It has been seen that in an expert group democratic leadership style is the most suitable. Besides, it has been found that in the mobile industry giving discounts and best services to the customers are the most common practices. It has been recommended that they can use market segmentation and employee training programs to improve their profitability.
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