Managing communication for knowledge and information is important for the every organization to target new market. Communication is essential for the integrity of the entire firm. Knowledge and information is needed for planning and decision making (Alna, Haccoun and Belcount, 2010). For Kooky Fried Chicken this report will discuss the knowledge and data company required for new opening of restaurant. It will include decision making process and evaluation of sources of information of company. In the next part of report will explain the decision taken by the stakeholders to create strategy to increase their personal networking for sales.
LO 1 REQUIRED DATA AND KNOWLEDGE FOR DECISION MAKING
1.1Requried decision for new restaurants
For the new restaurants opening Kooky Fried Chicken have to analysis some information for making decision. Those are:
Place: Company has to decide location for the restaurant they are going to open. They required convenient place where people arrive easily and use services provide by the Kooky Fried Chicken (Doole and Lowe, 2008). So they have to make decision for place and collect information to suitable areas.
People: Kooky Fried need employees for new restaurant, organization need assistants of HR department to recruit new people. Top management has to make decision for appointing new employees. For that company required to conduct interviews to have skilled employees (Bertocci, 2009).
Physical setup: To start a food restaurant company need a good interior for attracting people and that’s also help them to set entertaining environment. This decision can be made by the owner and by the knowledge of area.
Funds: Kooky Fried needs money to open the restaurant, this very important decision for the company (Osarenkhoe and Bennani, 2007). The organization required knowledge about the stakeholders and bank loans. That decision taken by the top management of the organization to insure good presents in market.
Raw material: The food chin company required raw material for serving good food to the consumers. For that they need information about the nearest Chicken provider and sign the agreement for supplying required amount of material to Kooky Fried.
Competitors: The Company has to collect all the information about the competitors to set their services at the best level (Hong, et.al, 2003). Analysis of their pricing and promotional policy will help Kooky Fried to make decision and provide best services to the consumers.
Consumers: Information and knowledge about the consumer will be much needed for company to take decision for the setting menu for them.
1.2 Important information required for decision making
Decision making is essential for selecting a course of action among the alternative possibilities. For effective decision making Kooky Fried need information for achieving their desired results and plan strategy to fulfill them (Kettunen and Kantola, 2005). The organization is going to start a new restaurant for that need to analysis problems face by the consumers at their other stores. Critical evaluation of these problems will provide data to make decision to avoid such problems. After that company has to set new objectives for particular restaurant and plan strategy to obtain them. The alternatives action must be developed to insure their decision will be suitable for organization. Making decision without planning does not end well. Planning allows for decision to be made smart and comfortably. Planning gives chance for establishing goals and standard of measurement. It helps in converting values to action. The information of alternative courses of action will help Kooky Fried to make changes in manufacturing method and take decision to sub-contract parities for raw material (Andrews and Russell, 2012). The company required information from market for forecasting of cost and make changes in menu according to test of consumers. This information help to take decision to provide standard service at the minimum cost, knowledge about consumers wants.
The company also needs information for location where they going to start restaurant. To catch most of the consumers for that they can prefer malls and public places. For decision making organization required information of sources and funds which are much needed for them. So decision making of Kooky Fried will be effective as per the knowledge and information regarding surrounding of company (Gupta, Et.al., 2007).
1.3 Analysis of internal and external sources of information and impact on decision
The internal and external sources of information provide relevant data for decision making and planning for new objects. For Kooky Fried internal sources of information are employees, management policies, and feedback of consumers at their other restaurants, sales records. Organization analysises of the information they collected through those sources will help them to take decision for new restaurant opening. Employee provides information about the environment of place and collect data from consumers to understand their needs (Hinton, 2006). Management policies of company will give instruction to generate good services and aid to make decision for make them better with the time. Policies are made to standardize service and accomplish needs of consumers. Feed back of consumers provides information regards problems they face during experiencing services of Kooky Fried and on the behalf of that data organization can take decision to remove them. Sales records analysis informs to find out the major sales area of food chain and mark decision to improve them (Hall, et.al., 2011).
External sources of information for Kooky Fried could be socio-cultural, economic and political. These are major issues for information gathering, analyzing and decision making. Knowledge about the socio-cultural of area make easy to understand needs of their people and in development of menu for them. Analysis of this data will provide idea to organization how to promote their product and enhance sales. An information about economic condition for Kooky Fried help to decide prices of product. Economic conditions effect operation of organization directly, so top management has to analysis them regularly. Company required government approval to establish business in new market and information of all polices can be collect through the internet will help to take decision according to information provided by government. All these factor need to be evaluated by company to start new restaurant (Spence, 2010).
1.4 Recommendation for improvement of customer feedback
Consumer feedback is always desirable for every organization to be successful and create brand name in market. For Kooky Fried food chain organization it’s very important to satisfy their consumer by services and take feedback for enhance their services. So, here are some recommendations for improvement in customer feedback:
Gather customer feedback at every opportunity: Kooky Fried tried to get customer feedback at every single service. It will let them know how much they are enjoying their place and services (Jalal-Karim, 2013).
Believe that customers possess good ideas: Sometime companies reject the idea of customers. But asking customer about participating in the finding of problematic area of company will help them in improvement.
Continues improvement: Customers feedback also a service for organization to craft new policies. By solving customer problems at the time will increase participation of customers in organization (Singh and Karn, 2012).
Seek real-time feedback: Manager have to note down problem of customers and try to solve them on time. It will also ask them to avoid such things in restaurants. It enhances the image of the Kooky Fried and customer love to come their place.
Easy method to provide feedback: Online survey tools provide easy services to filling details for customer ends. Customers didn’t like complex process to provide their information (Lin, Lu, and Wu, 2012).
Reward them for best feedback: Company has to give rewards for the suggestion which help them to achieve more customers. That will enhance the customer participation in organization.
Customer feedback will enhance the company’s brand image and participation. By that organization can be able to know needs of customers and improve their services to meet them.
LO 2 STRATEGY TO INCREASE PERSONAL NETWORKING IN DECISION MAKING
2.1 Porter’s five forces to identify key stakeholders
By the help of porter’s five forces model to identify the key stakeholders for the Kooky Fried are:
Suppliers: In the food chain company supplier is most valuable stakeholder to provide raw material and effect the decision of the organization (Rojko, Lesjak, and Vehovar, 2011). They affect the labor and services and cost of product. Suppliers may affect decision are:
Cost related decision.
Differentiation of product.
Distribution channel of Kooky Fried.
Buyers: Company is running behalf of the customers. They influence the market of Kooky Fried and they affect decision of organization (About Information Systems. 2006). If they are not satisfied with services it will directly harm revenue of food chain. Buyers affect many decision of company. Like their pricing policy, services quality and product availability.
Competitor: These are the big threat for Kooky Fried. Company has to collect information about them to beat them. These are the major decision changers in organization. They affect the management decision according to pricing policies, product quality. Degree of transparency and power of competitive strategy (Effective Workflow for Collaborative Decision Making. 2009).
Government: The tax policies and rules of government affect the decision making of Food Chain Company. They required meeting the government policies and following them. Tax polices effect price of product and operation cost.
Owner: They are responsible for the changes made by organization. Decision made by top management will be pursuit by owner. Their desire will be take place in the decision of the organization (Spence, 2010).
2.2 Stakeholders and their involved in decision making
Stakeholders of the organization are those who can influence the business activities or can be influence by the business enterprise activities. They have significant role in the functioning of the business enterprise. The Stakeholders of Kooky Fried can be categorized into internal and external stakeholders.
Owner: They are the actual business owner of the company. They wants to have sufficient ownership control over the business and want to earn incremental profits from the business (HassabElnaby, 2012). Decision which could be made by organization infulance by them.
Manager: Manager is the one who make important decision related to the growth of the business and makes organizational policies and strategies to fulfil the common objective of the business.
Employee: Employee of the Kooky Fried take part in the decision making process of the organization and wants to get good remunaration for their work. If the firm fails to fulfill employees need then employees can create barrier on operational efficiency of the company (Hall, et.al. 2011). Company can take decision on their suggestion.
Customers: Customer are those stakeholders which desires to have the best quality of product and services from the Kooky Fried at the best optimal price.
Shareholder: Shareholders are ones who invested their money in the share capital of the organization. Shareholders wants to earn maximum return on their capital invested. They want to see exponential growth of the business. They take part in board meeting and influance the decision.
Government: Government are concerned with the collection of taxes from the business enterprise. Government collects different types of taxes from the companies like corporate tax on profit of the firm (Gupta, Et.al., 2007). Government also gives emphasis on the safety and security of the people and value for their money. Organization has to take decision as per the government policies.
Creditors: They can take part in the management decision if the firm has borrowed large amount of firm from the bank or venture capital. They wants to earn interest on the amount they gave on credit and effect the decision of Kooky Fried.
2.3 Stakholders and business relationship with them
For every business stakeholders are required to develop company’s image. In that case company tries to maintain good relation with them (Kettunen, and Kantola, 2005). Here are some stakeholders and company’s relation with them:
Customers: They are desired to have best deal with company at minimum price. Kooky Fried offer services them by saving Fried Chicken. Company’s business is running behalf of them and they must have to maintain good relationship them. By taking feedback organization tries to provide best service as per their desire. Sometime they provide offers discount to attract them and built relation with customers (Doole and Lowe, 2008).
Shareholder: Shareholders are ones who invested their money in the share capital of the organization. Shareholders wants to earn maximum return on their capital invested. They want to see exponential growth of the business (Andrews and Russell, 2012). Kooky Fried mantatin good relation with them to gain trust and get their support. Company oblised them by inviting them in parties held at the restaurents.
Employee: Employee of the Kooky Fried take part in the decision making process of the organization and wants to get good remunaration for their work. Company make good relation with them by rewarding them for their good work. Organization suppor t them to learn and develop their personlity. If their staff will be happy with the organization then they can perform in any condition (Bertocci, 2009).
2.4 Strategies for improvement
There are many strategies that can be used by Kooky Fried Chicken in order to expand their business or product which is not working effectively Substantive growth strategy implied by company is to develop their scope of more than one business in terms of their customer group and alternative action to improve organizational overall performance. There are many alternatives available for substantive growth is as follows:
Vertical integration: This type of strategy can be used by Kooky Fried as they have strong competitive position in the growing targeted market (Kettunen and Kantola, 2005). This strategy can have advantage in cost, stability and quality of products and making more difficult for the competitors to sustain in the same industry. This will improve their brand image and provide new dimension for targeting new market which is still far for them.
Horizontal growth: This strategy involves in expanding the company’s existing products into new locations or new market segment, or offering more products and services to the existing market, or a combination of both. It will provide new profit generate area for organization and increase sales (Hall, et.al., 2011).
Related diversification: In this category of strategy company can diversify product but into the related market so that they can utilize their existing resources like technology, customers, distribution, location to present a new set of product into the market. It can help them to acquire new customers and increase brand image.
LO 3 DEVELOP COMMUNICATION SKILLS
For every person in current scenario it is necessary to learn swiftly and continuously. There are many methods by which I can understand a process of learning and development (Jalal-Karim, 2013). I can develop myself by lecture method to save time and money and improve skills. It is easy and direct method of present my views and learn how to put ideas in group. Presentation skills will help me to build my confidence. Group discussions help to identify problem at same time and make me able to speak on multiple point in various ways within crowd. By group discussion I can discover numerous ideas to solve and explain a problem as it provides clarification to other people. Written test paper will help me to improve my writing skills and use of words. In order to understand the corporate language and their writing format I need to Review company documents (Lin, Lu, and Wu, 2012).
By observing social group working process and routine I can learn time management and presentation skill. Interviews or face to face encounter will make me prepare how to present myself. It will increase my thinking process and give motivation to face the situation. In the organization an employee play many roles and deal with different people. To understand the behavior of other and improve my communication, role play method would help me to avoid the problem like confusion and conflict (Rojko, Lesjak and Vehovar, 2011). It will enable me to give required respond to specific problem. For understanding the organization environment and making effective decisions, management games would provide me knowledge and develop leadership skills to meet the demand of organization. These learning will help me to work together with people and communicate my message not only in organization but also outside company. Communication skills are important part of any job. How I present myself to customer on behalf of company does matter. So learning is must for being a part of any corporate and for self improvement (About Information Systems. 2006). To overcome my faults self assessment is also required to gain knowledge and evaluation of my work performance. For developing skill of interacting with people, I can do debate with group of top management which will improve my base with rich and various information to understand consumers requirement. Self assessment is needed to recognize my strength; weakness and individual performance. For that I can join assessment center to learn and develop my personality.
A good learner could be beneficial in many ways for organization. Training and development is an organizational process aimed to explain the functions to newly recruit employees (Effective Workflow for Collaborative Decision Making. 2009). A skilled employee can craft new damnations in organization. This will motivate the entire organization and improve quality of production. It will also help to make positive environment or develop a squad of good member of staff to establish company and boost the self-confidence of other employees. An alert member of staff can identify problem and present good plan to achieve more revenue and enhance the brand name of organization. Teams of skilled employees allow company to develop and apply new strategic plans. Adoption of new technology to improve production can be made by trained employee. A skilled member of staff can accomplish the objective of company on time. It can also increase sale and find new marketplace for product or service. Aim of worker should be to perform their operation effective and smoothly with improvisation (Rojko, Lesjak and Vehovar, 2011). It will help me to improve my communication skills and achieve good position in organization.
By the report it can be concluded that Kooky Fried need relevant information to make decision to start new restaurant. They need to evaluate sources of information to insure that decision they made is right for organization. The report identifies the comprehensive list of stakeholders and their presents in decision making. In the end it suggests strategies to improve services and quality of products.
Alna S., Haccoun R. and Belcount M., 2010. Managing Performance Through Training and Development. Cengage Learning publises.
Andrews, G. and Russell, M., 2012. Employability skills development: strategy, evaluation and impact. Higher Education, Skills and Work-based Learning.
Bertocci, I. D., 2009. Leadership in Organizations: There is a Difference Between Leaders and Managers. University Press of America.
Doole, I., Lowe, R., 2008. International marketing strategy: analysis, development and implementation. Cengage learning EMEA.
Gupta, N.D., Et.al., 2007. Intelligent Decision-making Support Systems: Foundations, Applications and Challenges. Springer publishes.
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