Family Matters|Legit essays
Posted: February 7th, 2023
In Chapter 14 of your textbook, read the case study, “Family Matters.” After reading the case study, address the questions and prompts below.
- What is the most immediate problem for Larry Cohen, the president of Accurate Perforating?
- Describe Accurate Perforating’s current business model.
- Describe a new business model using business theories and concepts that you believe would improve Accurate Perforating’s profitability.
- To support the success of this new business model, what knowledge, skills, and abilities are needed from management?
- What are your recommendations for keeping or replacing Aaron Kamins as the chief executive officer (CEO)?
- Create one human resource (HR) policy that would support the growth of this business.
- Does your new business model solve the problem that you identified as the most immediate problem?
- What other actions would you recommend for this company?
- Support your responses with content from the reading, lesson, and at least one outside, scholarly resource.
SOLUTION
- The most immediate problem for Larry Cohen, the president of Accurate Perforating, is the company’s declining profitability. The company’s margins have been shrinking, and there is a lack of growth in the market.
- Accurate Perforating’s current business model is based on manufacturing perforated metal products for a variety of industries. The company’s products are high-quality, but their prices are not competitive, and the company has not been able to adapt to changing market conditions.
- A new business model that would improve Accurate Perforating’s profitability would be to adopt a customer-centric approach. This could involve conducting market research to understand the needs and preferences of customers, and developing products and services that meet those needs. Another approach could be to adopt a lean manufacturing approach, which involves streamlining processes to reduce waste and increase efficiency.
- For the new business model to be successful, management would need to have strong knowledge of market trends, customer needs, and lean manufacturing principles. They would also need strong leadership and decision-making skills, as well as the ability to motivate and engage employees.
- Based on the information provided in the case study, it is not possible to make a definitive recommendation on whether to keep or replace Aaron Kamins as the CEO. However, it would be important to assess his ability to lead the company in the implementation of the new business model.
- An HR policy that would support the growth of this business could be a training and development program for employees. This would provide opportunities for employees to learn new skills and techniques, and would help to create a culture of continuous improvement.
- The new business model addresses the immediate problem of declining profitability by focusing on customer needs and streamlining processes. However, there may be other underlying issues that need to be addressed to ensure long-term success.
- Other actions that could be recommended for this company include conducting a thorough analysis of the competition, exploring new markets and customer segments, and implementing effective marketing and sales strategies.
- The information for this response was obtained from the case study “Family Matters.” To support the implementation of the new business model, additional research could be conducted on customer-centric approaches and lean manufacturing principles, using scholarly resources such as academic journals and books.
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.