GAME: TEAM LEADER

This assessment tested our leadership skills by demonstrating througha set of multiple choice questions which we are then scored through...I completed the senario multiple choice questions resulting in 50/100.

This weeks task was to choose one of the answers which I chose in the multiple choice and what score i received... (these answers are from the website which i have cut and pasted to show my results).

Follow up exercise from last week I hope you all played the McKinsey game from last week. To follow up I would like you to share some insights on th discussion page. Can each of you please share -1) Your answer to one (pick one that someone else hasn't so get in early) of the questions and the corresponding correct answer. Include the score you got (out of 10) for your answer.2) Please include your thoughts on the exercise. What were some of the key qualities McKinsey is looking for in their consultants.

I found the game rather interesting. If you do not read the answers correctly you can choose the wrong one. Its better to take time to read the questions and maybe answers then just glance.

Question: A quick call to Messina’s assistant reveals that you have two options. What will you do?

Your answer: 2 Point(s) B) Schedule interviews for when he returns. The purpose of interviews is to gather information for the study and create buy-in. Without adequate knowledge of Wang Fo or the study you won’t know what information you’ll need, and your ill preparation will only sour Messina on the study and make it harder to get the information you’ll need later. (EM Time: 0 hrs.)Why: This was to be your first substantive interview with Herbert Messina since the initial high-level interviews. You had the chance to hold a substantive interview with him in week one, but you decided not to because it would have been unstructured. This will set you back, and it would have been better to meet with him, however unprepared you might have been. Interviews have value even if they are unstructured. By holding a structured interview later, you miss out on valuable information about the culture of Wang Fo that you need now.
The best answer:A) Set up interview with Messina for tomorrow. Your work-plan is incomplete and you will not have time to prepare a structured agenda, so you may seem ill prepared. Still, it is crucial to see him as soon as possible. Admit that you are not prepared, but that you think the interview will still be valuable. You can set up a structured interview when he gets back. (EM Time: 2 hrs.)Why: This is a good decision. It is crucial for you to establish communication with top managers, and to let them become comfortable with you. Even if you do not know what specific information you need, you will hear valuable information about the company culture. You will also open the door to other managers in the Finance area. On the other hand, by not taking the time to structure the interview, you run the risk of seeming disorganized and unsure to the interviewee.


http://www.mckinsey.com/locations/swiss/career/team_leader/game/a3.asp

Channel margin tool:

Do you understand it?

The channel margin tool shows how each section of the channel have to make a profit so it introduces how different parts of the channel increase their margin to make a profit. The tool just demonstrates how the cost and price changes per part of the model.

How did you go?

By playing around with the numbers it shows how the prices change from the beginning of the channel to the final channel link.

Did you work out the answers or use trial and error?
I used trial and error to work out the answers.

Topic 3: Ethics

Please provide some examples which highlight good/poor ethical standards in workplaces you have been associated with (don’t name them).

In my currently work place there is not any poor ethical standards. My current job offers breaks, meal incentives for each shift. Where I work , my boss’s sponsor local clubs and associations.

Although there are a few poor ethical standards which can be seen in the fashion industry such as the introduction of size 00. Introduction of size 00 as a standard for fashion models and celebrities shows bad ethics. Models and celebrities act as role models for young teenage girls. With the un healthy size 00 been shown as an ideal weight for girls this strongly influences and gives bad body image. After much controversy in the media many fashion designers have cut out models that are size 00. To give a much more realistic body image for girls the fashion designers now design bigger clothes which demonstrate a more ideal size for females.

Good ethical standards in workplaces are their support for the community. With businesses wanting to “do right” by the community their support is influential to their growth and support of the community. Such support as sponsorship for local clubs, events and fundraisers show a good community support.

Bad ethical standards in the workplace for example would be like companies which let out bad gases into the environment killing wild life and polluting beaches. Bad ethical standards could be like companies which give no breaks on shifts which are over 6 hours and giving no meal breaks. Companies have their own policies which employees obeyed by and sometimes do not know or understand their legal rights which have been set out by the government to protect employees.

Laws have been set in place to ensure good ethical standards in businesses. Workplaces who do not pay their employees superannuation are violating legislation and practising bad work ethics.

(my opinion)

Week 2: Questions

Explain the specific ways in which business markets vary from consumer markets, using the headings in the notes.

There are many ways in which the business market varies from the consumer market. After reading the notes the specific ways which these markets vary are:
· Sales volume
· Purchasing volume
· Number of buyers
· The size of the buyers
· Geographical concentration of buyers
· Supplier customer relationship
· Distribution channels
· Professional buying
· Multiple buying influences
· Complex negotiations
· Reciprocity
· Leasing
· Personal selling
(week 2 notes from Ian Knox, 2010).

When selling to a consumer market ideally businesses are selling to an individual whereas selling to businesses means that there is a lot more purchasing. Business to business for example is a farmer selling to Coles or Safeway. Whereas the consumer market is Coles selling those products to consumers. Another specific way in which the business market varies from the consumer market is that ideally business markets tend to be more “price driven than brand driven” (Know this, 2010). This means that businesses are more likely going to buy products at a better price rather than look at the brand meaning little brand loyalty. Another difference is that the business markets are generally seen to be more unpredictable than the consumer market (Know this, 2010).


Provide examples, to demonstrate your understanding of derived demand, fluctuating demand, inelastic demand and joint demand.
The different characteristics of demand are:

Derived demand: When looking at derived demand this is when the consumer product is basically associated with the business product. An example of derived demand is petrol being sold to consumers. The petrol stations buy the petrol from companies and then sell to consumers. If there was no demand for petrol then the consumer will not buy the product.

Fluctuating demand: From my understanding and interpretation fluctuating demand is basically when there is an increase in a certain area of a business and the business then purchases more “plant and equipment” (Knox, 2010). Fluctuating demand can be influenced by the economy. An example of fluctuating demand is mobile phones. Slide mobiles were very popular at one stage but as soon as a new product such as the iphone was introduced the demand decreased.

Inelastic demand: Inelastic demand is when the price does not really affect the percentage of the quantity demand of a good/service. An example would be eating at a very expensive restaurant and not worrying about the price.

Joint demand: joint demand is basically when two or more variables affect the demand of supplying the product. For example if the gas stations stopped producing gas (such as gas supply ran out) to homes then people would not receive the gas from their gas supplier. Or if Pizza hut do not receive their flour for the dough from their supplier then they can not make pizzas for consumers.

3) My (UB supplied) laptop is broken and I am getting a new one. I do not like the brand, the model or the specifications of the laptop I will be supplied with (a Toshiba Tecra). It will cost $1,500. I have found that I could buy a laptop I prefer for around half the price (retail, off the shelf). Discuss this case, and provide reasons for/against the lack of choice afforded to me by my employer.

When looking at this scenario it seems that the reason why the employer would buy the same brand for employees is because of the cost which they pay for directly from the company. The lack of choice would mostly be because the business have a relationship and if there is any problems then the company can go straight back to the supplier. If the “you” bought the laptop cheaper and at retail price if something goes wrong with the product then there is some time delay in fixing the issue. If for example the laptop stopped working after a month then the employee would have to go back to where they bought the product, get the retail store to send it back to the supplier and wait until the store brings it back. Whereas if there is an issue when purchasing from business to business, the company can go straight back to the supplier and resolve the issue faster and more direct. Basically in my option the lack of choice is ideally price orientated and not brand orientated.

The case involves three people that have the same information. Michael Moore is a purchasing agent at Telecom Pty Ltd. He needs to pick the most promising candidates to make a presentation concerning why Telecom should do business with them. Irena Jackson is a direct sales person for RJ Systems (a multinational producer of photocopiers) and is looking for potential customers. Irena needs to decide how to approach each customer. Tom Brown is a student graduating with a degree in marketing and he is looking at the list trying to decide where to send a job application.

Not sure if this is correct but at least I attempted...

4a) analyse the information from Michael's perspective.
When reading the following information it seems that Michael needs to find these candidates to make a business relationship with the companies. Basically Michael needs to figure out which companies would have a longer and better relationship with Telecom which would be beneficial. Michael is trying to build a relationship with the company because he intends to have a business arrangement which can cause issues if he is not impressed with any of the presentations. The other companies have to try and impress Michael to ensure they receive his business.

4b) analyse the information from Irena’s perspective
Irena basically has to try and obtain business from businesses. This basically means Ireana needed to find clients to build a business relationship with to sell her products to. Irena has to try and persuade potential businesses to do business with her company so her approach needs to work in the best interest of the company. With many businesses being price driven and not really brand driven this means that Irena has to appeal to clients price expectations to obtain the clients.

4c) analyse the information from Tom’s perspective
Tom basically is trying to figure out which business is best suited for him. Tom has to figure out what direction he wants to take and if the business is going to let him grow and be enjoyable. Tom needs to research the businesses and figure out which business best suits his needs.

4d) What is the mission statement of the University of Ballarat?
Ballarat universities mission statement is:
"To use education, training, research and consultancies to promote the growth and wellbeing of the communities in our part of Australia." (University of Ballarat, 2010).

References:

Knowthis.com(2010). Business vs Consumer markets. Retrieved March 14, 2010 from: http://www.knowthis.com/principles-of-marketing-tutorials/business-buying-behavior/business-versus-consumer-markets/

University of Ballarat.(2010). History of the University of Ballarat. Retrieved March 15, 2010 from :http://www.ballarat.edu.au/fdp/international/ub_history.shtml

Week 2 tutorial reading by Ian Knox.

Useful Links

When looking at business to business commerce there are a few good links which would ideally help me in completing this course. Some of these links are:

http://e-articles.info/e/a/title/The-Evolution-of-Business-to-Business-Commerce/

http://www.ecommercetimes.com/?wlc=1268646510

http://ecommerce.hostip.info/pages/141/Business-Business-B2B-E-Commerce.html

http://www.electronicmarkets.org/

These following sites were rather interesting and I think I will be using them in the future to help with my understanding.