Communicating Via Blog

I think the blog is a great idea to write in instead of handing in papers but I must say I gotten lazy to write in it from time to time. I think the questions for the blog got harder as the time went on, but the questions get you to think about things that you normally won’t think about. The questions and responses developed included everything that I learned from Baruch, marketing, finance, economics, management. It was hard to think back at everything I learned and incorporate everything all together. Even though there was no textbook needed, I did refer to the library databases for help. I think the blog should remain a component in this class because it was an informal, fun way in writing a paper.

Diagnosing Strategic Problems

I use to work at Bank of New York which merged with Chase and I noticed that over half of the customers were not please with this result. What I learned about Chase compared to other banks such as Wachovia, Citibank, Bank of America was that Chase did not have much product variety compared to competition. Chase and other banks offer the same products, but it really depends who offers the better rates which is usually not much of a difference any way. Retail banking has now become something totally different. Bankers have to pull in new customers and sell, sell, sell just so they can meet their quotas. It has gotten a lot harder now because of the variety of banks that has open up. It is no longer customers coming in to want to open an account but a banker has to find customers to open an account and also retain current customers. This leads to high employee absenteeism and turnover because of the stress and quotas that need to be fulfilled. Bankers are always high on demand because of the high turnover. A way that they can try to gain a competitive advantage can be through customer service. I think that Chase lacks customer service and emphasizes more on sales. And to resolve the turnover problem, chase should offer rewards or bonuses for their hard work. There has been way too many acquistions and mergers happening to banks lately.

Competitive Advantage

1.Wal-mart holds a competitive advantage over retailers with their everyday items of low prices and being one of the U.S largest retailers. Wal-mart holds categories of grocery, candy, tobacco, pharmaceuticals, health and beauty aids; photo processing, electronics, clothing and etc. Wal-Mart division is the largest supermarket operator in the U.S.

2. Starbucks holds a competitive advantage against Dunkin Donuts by building their brand through advertisement, and expanding their stores on every block. They have wireless internet and seating areas for customers to sit and relax.

3. McDonald's holds a competitive advantage over other fast food restaurants such as competitors like Wendys and Burger King. Their M logo has been very well kown in the U.S. and internationally. McDonald is the leading global fast food service and has focused on value and customer service.

Business Strategy

1. Target has been known for is fashionable clothes for a reasonable price. Their business strategy is cost leadership. They offer a huge selection of brand name clothes for low prices and with their assets and money, it has provided Target to invest in its core business and focus on their repositioning of the company.
2. Macy’s department store business strategy is differentiation. They offer to all consumers from upscale to middle class and of all age groups. Macy differentiates themselves by “growing "better" and "affordable luxury" assortments, with an emphasis on private label merchandise; improving customer perceptions of fair value in less discounted prices, and enriching the overall shopping experience”. Macy is unique compare to most department stores because you can find all your favorite name brands in one place and offers sales and discounts.
3. Lastly Wal-mart, I believe is going towards the focus strategy. Target is one of Wal-Mart’s main competitors when it comes to the apparel segment. Wal-mart is trying to refocus their apparel segment and concentrate on basic casual low price clothing to distinguish itself from target.

Porter's 5 forces

When entering a industry, using the Porter's 5 factors is effective to determine the industry attractiveness. It gives us a summary of the main factors that can help us judge and decide the industry successfulness. The supplier power, barriers to entry, threat of substitutes, buyer power, and rivalry can impact the industry. There is always competetion and a company must have a competitive advantage in order to survive in the industry. For example I believe that the restaurant Industry has a high barrier to entry. A number of restaurant chains have been subject to acquisitions or have sold off because of underperformance. These acquisitions and closings have taken place in both the casual dining and quick-service segments of the industry. Restaurants are facing rising costs for both food commodities and labor, which is hard to profit in this industry. It is high to enter the restaurant industry because of the cost of labor (because of the quantity of labor needed), the cost of equipment and food rises. This is an industry that has many competitors. Survival in this industry is hard because of the location, food, and the rivalry of other restaurants. Because of the many restaurants, it is easy for customers to just go to just about anywhere. The driving competition for customers can hurt the restaurant industry.

Mission Statement

Task

I am a young and ambitious individual who is going to school to recieve my BBA degree in Human Resource. I am striving to to learn more concepts and perspective on management to add more value and knowledge to myself for future employers.

Vision

I wish to see myself in a well-known and respected financial firm after graduation.

Value

I value the education and work experience recieved throughout the past years to further me in my career.

Goal

My predominant goal is to become a HR generalist to learn about each area and then focus towards employee relations.

Bringing Strategic Management to Life

Within the next 5 years, i would like to graduate from Baruch College with a BBA in Human Resources. People say once you graduate from college, you're going to miss school or they rather keep going to school instead of getting out in the real world working. But I just can't wait to get out of school! It's just very tiring going to work in the morning and then heading to class at night. After graduating, I would like to work at least a year and a half for a known consulting firm or a known company with a HR department. Depending where I am in my career such as if I'm making alot of money and I'm happy with my job I would not go back to school to get my master degree just yet, but if things aren't going so good in my career and I hate my boss, I would most likely continue my education and get my master's degree in labor relations or industrial psychology to find jobs elsewhere. No matter what, I am hoping to go back to school and get my masters. Lastly I want to save money to buy a new house with my family. We have been longing for a house for so long. We have been constantly searching but still have not found the right one. My parent wants my brother and I to be the signers on the mortgage so that means that I have to stop spending and start saving. 5 years to accomplish these goals is not that bad, because I'm very close to completing my first goal already.

Assignment #1

Hi! My name is Amy. I have finally made it to the last class that all seniors have to take before they graduate! I'm excited because I cant wait to get out of Baruch. My major is Human Resource Management and currently I work and I go to school full-time. Its hard to manage work and school at the same time and sometimes its difficult but I try to manage. Somethings about myself is that I like to shop but what girl doesnt,I have recently started to pick up shooting pool and even though I'm not that good, I still love the game and I can't wait to get my very own pool stick and I like watching chinese soap operas on my spare time. Well hopefully you guys will get to know me better throughout the semester! So far the first two classes has shown me that it will be a interesting and fun semester. I know this because I haven't doze off in class yet and I havent dread coming in yet also, so see everyone soon!