Strategies for Building Effective Relationships Research Paper - 1

Strategies for Building Effective Relationships - Research Paper Example Is it possible to add new features to the existing product or entirely a new product needs to be developed? Where do the company’s products stand in comparison to competition in terms of overall acceptability? While marketing department’s feedback will help ascertain the key features required for a new product, the design department will help develop a product with those features. Developing a product with good aesthetics is also the responsibility of the design department. The costing department will put its efforts in keeping the cost as low as possible because that is the mantra for enhancing its acceptability. While marketing department emphasizes on ‘optimal pricing of the product’ as one of the essential requirements, the production and process department of the company will assess whether the current setup of machinery and equipment is sufficient to produce a new product commercially or any further investment on capital equipment is required. If addi tional investment is necessary, the finance department will have to explore whether it is feasible to manage those funds at all and if yes, then at what cost? The point is that while developing a new product, the project leader needs to coordinate with numerous departments and extract their expertise successfully. It is indeed a challenging job as none of the department directly reports the project leader. The project leader needs to exhibit exemplary leadership qualities to complete the task given by the company management. He needs to resolve conflict situation that may arise time to time between the departments of the company and their office-bearers, especially when it is known that the last project leader failed to resolve conflicting situations with peer managers and supervisors. While developing a new product through participatory management, the role of a project leader is multifaceted. Primarily, they need to be creative and innovative with good empathy for the customer so that they can develop a product at an affordable cost that is unique and no one else offers in the marketplace. At the same time, they must assess the company's strength accurately to deliver such a product on a commercial scale within a stipulated period. They also need to take some key decisions on final product design or features after great deliberations within the organization that may have long-term repercussions on the company. That is where they need to be visionary too. Prima facie, it may appear that the project leader functions as a coordinator and facilitator in the development of a new product but their success will largely depend upon how accurately and precisely, they can resolve all issues that may crop up during the developmental phase and in that sense, their leadershi p role takes over all other roles.

Current Macroeconomic Situation in the US Essay Example | Topics and Well Written Essays - 500 words

Current Macroeconomic Situation in the US - Essay Example The government has pumped money into the economy to boost spending which in turn boosts the aggregate demand by increases it. This move aimed at providing citizens with more money to spend. It has also increased its spending to hike confidence about growth. The rescue of insurers and banks also helped to build confidence to public and businesses in the economy (Moore, 2014). On monetary front, FOMC has undertaken buying government securities in an attempt to reduce interest rates and encourage investing. This increases the level of yield and betters confidence level. The government has tried its best to resurrect the U.S economy from the effects of 2008 crisis (Moore, 2014). According to Bureau of Economic Analysis, the GDP increased at an annual rate of 2.6% by fourth quarter of 2013 and in third quarter, it had increased by 4.1% (Pew Research, 2013). Real disposable personal income grew by 0.3 percent in February 2014 with a similar percentage increase recorded in January. As of September 2013, U.S GDP was $15.7trillion-2.2 growth in 2012; Unemployment was at 7.2%, Inflation at 2.1%, and public debt at 106% of GDP (Pew Research, 2014). The GDP has increased overtime as the employment and inflation rates have declined. Unemployment has come down slowly but steadily but creation of more than 300,000 jobs per month is what is required to bring it down with the desired speed (Pew Research, 2014). To ensure a steady growth in U.S economy, political leaders need to ensure that there is no interruption in nominal functioning of government (Moore, 2014). Changes are needed in budgetary procedures to curb such disruptions as government shutdown by abolition of nominal debt ceiling, to allow automatic authorization of resolutions passed by congress and borrowing implied by budgets. To give economic confidence a chance of entering positive territory, positive economic trends must continue. Government should increase money circulation in the