ToyTime Company Management Principles

ToyTime Company Management Principles Yuhong Dai Abstract This report shows the some management problems in the ToyTime company. I will using SWOT model analyze the problem (Question 2) and I will talk about management tools: KPI and SMART principleto solving the problem in the future. (Question 3). I will also mention some of my own opinions in the end. Introduction The company in accordance with the situation in previous years want to launch new toys. However, in the process is not very smooth.They expect sales to increase by 10% this year,but because the marketing manager Jacob Marks lack of communication with the production manager McConklin so because the raw material is not enough to lead,the ToyTime company can not supply new toys on time. Body of work QUESTION 1: What management problems are apparent in the ToyTime Company? Why have these problems occurred? Are the reasons related more to planning issues or to organizing issues in the company? -First of all, the biggest management problem is that the production of new toys can not satisfy market demand,I think it is because the marketing department and the product department did not achieve a common goal .Because of the introduction of new toys and the most positive response in the last five years,so the marketing department have projected that sales will be 10% higher this year than last.However, the product department just planning to raise inventory ,they do not have more communication with the marketing department.So that the raw materials not enough and new toys production can not meet the market demand.In my opinion,ToyTime Company tend to be management planning issue rather than other functions issue. Question 2: What is likely to happen to the company this year and in future years if the problem is not resolved quickly? -In this question ,we can use the SWOT model analyzing the problem in ToyTime company .S-strengths,W-weaknesses,O-opportunities,T-threats.I will use these four ways to analyze: Strengths: 1-Innovation. 2-Popular products. 3-Popular brand. 4-More clients. Weaknesses: 1-The goal is inconsistent. 2-The supplier is single. 3-All departments lack communication Opportunities 1-New toys development. 2-Demand is big. Threats: 1-Competitor. 2-Change in customer demand. According to analysis,we can see these main issues;the supplier is single,lack communication,there maybe competitors in the future .if the company not resolved quickly,then the companys economy will fall and they will lose potential clients.This would have a serious impact on the company. Question 3: Using the management tools discussed in your course, give examples of how each could be used to help solve the companys problems. -I will using Key Performance Indicator (KPI) to help solve the companys problems. Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. First of all, assign tasks in different departments and determine the performance indicators of the employee inside the department. This can strengthen employees motivation. For example, if the ToyTime company uses KPI as a management tool, firstly we suppose one goal: overall profit growth is 10%.So each department manager has to achieve a consistent goal .Marketing manager set the goal for sales growth of 10%.At the same time ,production managers are targeting a 10%increase in production.Various departments work in accordance with the unified strategic goal to help goals to achieve.And they can uses the SMART principle :S-specific means the goal must be specific.M-measurable means the goal must be measured.A-attainable means the goal must be achieved.R-relevant means the goal has to be related to other goals.T-time-based means the goal must have a clear deadline.As we know,whether it is set up by a group or a persons personal work goals they can choose the SMART principle Question 4:What would you recommend right now that can help resolve the problems being faced by ToyTime? What should it do to avoid the same type of problem in the future? I will recommend two ways :one for short-term solutions and the other for long-term solutions. The best solution in short-term : Looking for some temporary raw material suppliers,make sure the new toys are available on time. The company can hire temporary employees because work has to be done in a short time.Make sure employees work hours. The best solution in long-term: 1.The departments will communication together, set a clear goal, assign tasks and work together and they should make contingency plan in the future . 2. ToyTime company could introduce one more new toys next year to attract children . Work with advertisers and TV , get the topic . Conclusion Above all, it is suggested that the ToyTime Company can use KPI management tool to help solve the companys problems and also can be identify by the SMARTprinciple.The departments are working in one direction to achieve the companys goals. Executive Summary Teamwork is the main ingredient in a company.Communication is the most part of teamwork,communication can solve the problem and the problem in the ToyTime company are mainly the lack of communication between the various departments.If this company want to solve the problem quickly I think they need to change some management methods.KPI and SAMRT principle are very useful management tools to change management methods.But this is my personal opinion. References List https://en.wikipedia.org/wiki/SWOT_analysis https://www.klipfolio.com/resources/articles/what-is-a-key-performance-indicator http://wiki.mbalib.com/wiki/SMART%E5%8E%9F%E5%88%99