CRJ 565 AL 6 Essay Example | Topics and Well Written Essays - 750 words

CRJ 565 AL 6 - Essay Example Management allocates resources that are required to develop new products, and therefore it is important for it to be (DuBrin, pp.1-10). The students recommend that the management of Rapid Cash Store should review its business activities. In the recommendation, the student proposes that the store should diversify its operations and move away from the business of lending money. He cites the previous financial performance of the company indicates that the store is on the verge of collapsing. Although the student’s suggestion is a noble idea, the decision can be made as a last resort. In a market where retailers are making a kill by offering discounts, all Sam has to do it to provide competitive interest rates. Sam has to reconsider the decision of offering high-interest rates. All he has to do is to reduce the interest rates and monitor the effect to the performance of the store (DuBrin, pp.330-340). The third students provide an interesting discussion on the importance of having strategic plans. The students suggest that Manchester Foods should have a clear mission and vision on what they intend to achieve in terms of new product development. Equally, like the first student Kim has a very noble idea. For any project to succeed, proper planning has to be made. Resources are in nature, and, therefore, appropriate mechanism has to be laid on how to utilize them and attain the desired results. Furthermore, the students encourage the firm to acquire other subsidiary businesses that are in the same industry but offer different products. In doing so, Manchester Foods could have succeeded in developing new products. In addition, the student proposes that the Manchester Foods should conduct a market research before developing a new product. A market will help the firm to establish the needs of customers so that they can be into the new product. Lastly, Riggans