Topic the plans, they will not be any

Topic 1

 

SMART goals:

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To have an idea as to where the company is
heading in the future, it is crucial to have SMART goals. The acronym stands
for Specific, Measureable, Achievable, Realistic and Timed. Specific goals need
to be detailed with sufficient information to clearly identify the problems or
opportunities. In the case of M.D Industries, being specific will enable them
identify new opportunities like expanding into new markets like they did with
Bluetooth speakers. Problems that will arise will mostly be regarding the
rising amount of different products they are manufacturing. Being specific will
help them decide if they want to concentrate on the auto part manufacturing or
Bluetooth speakers. Being Measureable gives M.D Industries the opportunity to check
if any attribute, quantitative or qualitative, can be applied to create a
metric. This quantitative or qualitative attribute will help M.D Industries
have an easier representation of the goals to achieve for example how many
products to sell, or to manufacture etc. Setting achievable goals helps firms
and in this case M.D Industries decide what they would like to achieve in the
projections. It is a little different from measureable as this allows M.D
Industries to aim high and develop as a company. In this case they can set
goals higher than the previous year and hope to achieve them by the end of the
time period. While planning it is very important to keep in mind that the goals
you are about to set as a firm should be realistic or relevant. This means
that, in the case of M.D Industries the realistic goals in planning will refer
to the manufacturing of auto parts or Bluetooth speakers. M.D Industries cannot
set a goal to sell more printers when they do not produce any. The last thing
to remember while planning is that there should be a particular time period for
the goals set. If there is no time sensitivity to the plans, they will not be
any incentive or motivation to achieve those goals. M.D Industries would
ideally have to plan for long term like five years or ten years or short time
like for one fiscal year at a time. All these points show how SMART goals hep
in planning, even for M.D Industries.

 

 

Topic 2:

 

Management Skills:

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There are four different types of management
skills required; namely technical, conceptual, human and motivational. All of
them are equally important and are required for good management. Technical
skills are those which enable the manager to have good understanding of
specific tasks as well as the efficiency of their performance. In the case of
M.D Industries, these skills will be regarding auto parts and Bluetooth speakers
as these are the products the company manufactures. Conceptual skills are those
which give the manager ability to see that the organisation is one whole and
how every little part is connected to and influential on the other. The sole
manager of M.D Industries factories possesses this skill. He realises how M.D
Industries works as one whole large business and how the manufacturing of
different products is influential to one another. The manager is able to figure
out how to manage all these small parts separately so that all of them work
well as a whole. The next skill required is the human skills. This is another
important skill as a manager is a leader of humans and has to motivate and
inspire them to do their most efficient work towards a goal. The M.D Industries
CEO and the higher level management possess this skill. They know how to handle
delicate situations with employees and how they work most efficiently. Unless
there is a trust in the manager, the employees will not produce their best
work. So by having these human skills, the manager and CEO of M.D Industries
manage to get the best out of their employees. The last skill is motivational
skills. As mentioned in the previous point, the manager is the leader of humans
who work as a team under him/her to achieve certain goals. One of the most
important skills required for the manager is the motivational skills as he
needs to inspire and instil confidence into his team that they can achieve
great results. Again, the higher level management and the CEO of M.D Industries
know this know how to motivate their teams inways so that they perform well.