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Harte Shoes Ltd is a small family run manufacturing business, located in Monaghan, which has operated in the highly competitive footwear industry since the 1970s - Leaving Cert Business - Question 2 - 2015
Question 2
Harte Shoes Ltd is a small family run manufacturing business, located in Monaghan, which has operated in the highly competitive footwear industry since the 1970s. At... show full transcript
Worked Solution & Example Answer:Harte Shoes Ltd is a small family run manufacturing business, located in Monaghan, which has operated in the highly competitive footwear industry since the 1970s - Leaving Cert Business - Question 2 - 2015
Step 1
Define the management activity of planning.
Answer
Planning is the process of setting specific goals and objectives for a business and creating the strategies to achieve these targets. It provides a clear direction for the organization's future and establishes the framework for decision-making. Effective planning ensures that all efforts are aligned towards the common goals of the business, facilitating a methodical approach to resource allocation and time management.
Step 2
Explain the management activity of planning.
Answer
Planning involves several key elements, including:
- Setting Objectives: Determining what the organization aims to achieve in both the short- and long-term.
- Identifying Resources: Assessing the resources required including manpower, finances, and materials necessary to achieve the goals.
- Strategizing: Developing a comprehensive plan that outlines how to efficiently use resources to accomplish the goals.
- Implementation: Putting the plans into action while ensuring that the workforce understands their roles and responsibilities.
- Monitoring and Reviewing: Regularly checking the progress towards goals and making adjustments to the plan as necessary to respond to changes in the external environment.
In the context of Harte Shoes Ltd, effective planning was critical for adapting to the competitive footwear industry and leveraging the rising popularity of Irish dance.
Step 3
Conduct the SWOT prepared by Christine Landers.
Answer
SWOT Analysis for Harte Shoes Ltd
Strengths:
- Highly skilled shoe makers and an effective sales team which contributes to quality production.
Weaknesses:
- Lack of a computer-aided design system (CAD) which may hinder innovation in product design.
- Absence of an effective online sales platform, limiting market reach.
Opportunities:
- Growing markets in the UK, America, and Australia due to the global popularity of Irish dance, providing potential for increased sales and market expansion.
Threats:
- Competition from Eastern European manufacturers who may offer lower-priced alternatives due to lower production costs.