Assignment Punjab Machine Tools Corporation

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  Q.1 What do you think is the mission of the enterprise? Ans. The mission of the enterprise is to promote its business in national as well as in international market too. Now a day we can see so many competitions in the market to publish their goods in the field of international to earn as much as possible money. The mission of the enterprise is to introduce high-tech metal cutting tools by using new models of technologies to fight against cheap second hand machinery. Its automatically increase the domestic as well as export market share. Every company needs to make suitable mission or strategy to improve their business. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path and guide decision making. It provides the framework or context within which the company’ s strategies are formulated. It’s  like a goal for what the company wants to do for the world. Q2. What kind of opportunities and threats exist in the firm’s external environment? Ans. Its very obvious that every firm has get opportunities as well as threats in their external environment, let us discuss below:- The opportunities that firm’s has in their external environment are: - 1. They can establish their business in the national and international market, so it can removal of international trade barriers. 2. An unfulfilled customer needs. 3. Because of cyclical nature of business, firm has get an opportunity to increase utilization levels in user industries. 4. By arrival of new technology, it gives us an opportunity to fight cheap second hand machinery to increase domestic as well as abroad market share. 5. it gives opportunities to loosening of regulations. The threats exits in the firm’s in their external environment are: -  1.   Shifts in consumer’s tastes away from the firm’s products create threat on firm. 2.   Changing technology threatening your position. 3.   Do you have bad debt or cash-flow problem in your firm that might be causes of threat? 4.   It increases trade barriers. 5.   Are quality standards or specification for your job, products or services changing? Q3. How would you go about evaluating the strengths and weakness of the firm? What factors are critical for success or failure? Ans: While evaluating the strengths and weakness of the firm. First of all we have to know about the strengths of the firm. A firm’s strengths are its resources and capabilities that can be used as a basis of developing a competitive advantage. Examples of such strengths are:- 1.   Patents 2.   Strong brand names. 3.   Good reputation among customers. 4.   Cost advantages from proprietary know-how. 5.   Exclusive access to high grade natural resources. 6.   Favorable access to distribution network. The absence of certain strengths may be viewed as a weakness of the firm. Examples of such weakness are:-  1.   Lack of patent protection. 2.   A weak brand name. 3.   Poor reputation among customers 4.   High cost structure. 5.   Lack of access to the best natural resources. 6.   Lack of access to key distribution channels. The factors that are crucial for the success or failure for the firm are:- 1.   Internal factors_ such as strengths and weakness internal to the organization. 2.   External factors-such as opportunities and threats external environment to the organization. Q4. ‘To be successful an organization must be an open system’ What does this mean and how does it apply in this case?  Ans: An organization is the term given to a company that facilitates its members and continuously transform itself. An organization develops as a result of thye pressures facing modern organizations and enables them to remain competitive in the business environment. An organization has 5 main features; system thinking, personal mastery, mental models, shared vision and team. Organization should become more like communities that employees can feel a commitment to work harder for an organization. As organizations grow, they lose their capacity to learn as company structures and individual thinking become rigid. When problems arise, the proposed solutions often turn out to be only short term and re-emerge in the future. To remain competitive, many organizations have restructured, with fewer people in the company. This means those who remain need to work more effectively. To create a competitive advantage, companies need to learn faster than their competitors and to develop a customer responsive culture. An organization need to maintain knowledge about new products and processes, understand what is happening in the outside environment and produce creative solution using the knowledge and skills of all within organization. That’s why organization should be in an open system. In this case ‘Punjab Machine Tools Corporation (PMTC), organization should take a good balance between the firm’s structure as well as customer’s needs. For examples - there is no need to go in for new models instead the focus should be on reducing the cost and price. Customers are more interested in getting value for money. So as a result the relationship between customer and organization should be successful in open system.
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