Principles of management Essay Example | Topics and Well Written Essays - 1750 words

Principles of management - Essay Example Megan needs to find out how CAR’s competitors are managing to sell their products at a lower price than CAR. Increase in the need of research and innovation A major problem of the CAR’s products is that they are getting comparatively outdated whereas the customers are looking for latest and innovative designs and features. Change management Last but not the least, Megan needs to manage any change that she makes to deal with the aforementioned challenges so that the strategies she develops are appropriately implemented and yield favorable results. Theoretical analysis Motivation of the employees is one of the most fundamental drivers of their performance at work as well as retention (Sandhya and Kumar, 2011, p. 1778). According to the Employee Retention Model, organizations need to understand what the employees like and what they do not like in order to retain them (Howatt, n.d., p. 5). While employees differ in what they like and dislike, an organization should address the needs of the masses; the most important needs and concerns that must be addressed at priority are the ones that are common. Once things have been adjusted in the big picture, it becomes practicable and more convenient as well to address the needs and concerns of individual employees. ... on of the word competition, competition means â€Å"[r]ivalry in the market, striving for custom between those who have the same commodities to dispose of† (Newman, 1989, p. 3). In this sense, a perfect competitor actually does not do any competition. The strive for custom is the action of competing and is a dynamic process. A firm that is perfectively competitive accepts the market price passively rather than paying heed toward what the rest of the companies are doing in the industry. There is an assumption of the rivalry in the market in all cases. On the other hand, the new models of game theory visualize competition as a strategic decision-making process that is under uncertainty. These models depict the engagement of firms and people in competition. For instance, â€Å"an important aspect of competition neglected in the models of perfect competition is the public revelation of private information held by individuals† (McAfee and McMillan, 1996). Solution for Employ ee retention Megan needs to conduct a survey to obtain the employees’ views on what are their expectations from the organization, what their needs are, and what aspects of the organization are disliked by them. Apparently, the case study suggests that the biggest problem is with the sales department, so Megan should start over with the sales department first because conducting a survey of an organization with 3500 members is quite time-consuming and taxing. Megan should identify the common needs and areas of concern and do the needful to address them at the earliest. Some of the ways in which Megan might be able to easily address their needs and concerns include providing the employees with team building trainings, increasing recognition, carrying out the culture inventory of the organization, and