Case Study J & J Company and Its Future Survival

Question: Discuss about theCase Studyfor J J Company and Its Future Survival. Answer: Introduction Success in the construction industry is based on various factors, which poses a direct effect on the delivery and performance of companies. Gbadamosi Nwankwo (2011) define success as the ability of a company to survive all adversities. For J J Company to survive in the current and future dynamic business settings, it should respond to market transformations and implement the finest business norms that are favorable for them to use the available resources. The company should adopt models such as entrepreneurial organization, entrepreneurial competencies, and entrepreneurial orientation in order to compete with other companies in the construction industry. J J Company is in a crisis, and it will only survive in future if the management adopts fundamental competencies of an entrepreneur including marketing competencies, technical competencies, and management competencies (Edwards, 2005). As such, the paper will examine at various organizational, financial, and marketing strategies th at J J Company needs to adopt for its future survival. Organizational Issues J J Company needs to organize itself well in terms of employees, finances, and marketing strategies. The company needs to identify and group the jobs that are to be accomplished by all the employees (Naoum, 2001). Equally, the company should define and delegate authority and responsibility and establish relationships among employees with the aim of encouraging individuals to work efficiently in accomplishing the goals of the company. According to Straton-Ferrier (2001), an organization comprises of any group of people, small or large; that cooperates under the guidance and direction of the executive leadership in attaining of specific common objectives. As such, for J J Company to survive in future, its executive leadership needs to develop an organization process and structure which identify relationships among employees and integrate each activity of the company towards a common purpose. Moore Hackett (2016), assert that an organizations structure is the only way that a company can manage to allocate its resources towards attaining its strategic objectives. To survive in future, J J Company must change its current organizational structure and develop a structure that meets its current objectives in the changing construction industry (Senior Halpin, 2013). Equally, J J Company should avoid being simple in their functions, goals, contents, and structure by adopting science and technology in their projects. In essence, the organization of the company should use technology to plan their activities, evaluate their systems, coordinate their departments, and assess their organizational behavior (Setiawan, Erdogan Ogunlana, 2015). Marketing Issues According to Fifield (2008), marketing denotes any human activity that satisfies the wants and needs of individuals through an exchange practice. J J Company should have a marketing plan that aims to make sales which can earn reasonable proceeds for the company. Additionally, J J Company must create and deliver to its customers the current and better construction materials. Since the company distributes construction material items such as parquets, wallpapers, kitchen cabinets, floor tiles and bathroom taps, it should conduct a market research to find out the exact quality of products that customers require. Then, the company should plan and develop products that would satisfy the requirements of their clients. Similarly, the marketing team should determine the best method of pricing, distributing and promoting the new products of JJ Company. Abd-Hamid, Azizan Sorooshian (2015) assert that the marketing objective of any company should be to develop a customer base that is characte rized by their needs and the organization strategies to meet those needs. Furthermore, the modern marketing concept concentrates on the customers as well as their satisfaction in order to increase the sale of products (Low, 1993). For J J Company to survive in future, it should undertake product development and planning before the real production occurs: other things such as pricing, distribution, competition, and profits are secondary. Financial Issues According to Ananthan, Appannaiah and Reddy (2010), it is essential for managers to be accountable since managerial accounting offers nonfinancial and financial information to a companys decision makers. Equally, J J Company should adopt concepts such as financial accounting which helps in reporting, collecting, and managing information that the customers demand. Due to the economic crisis that the company is facing, it is essential for the company to embrace both monetary and nonmonetary information reporting (Walaski, Rodriguez Keyes, 2015). These reporting styles will enable the company to provide financial statements that contain useful information to the managers (insiders), various employees, and other individuals interested in the organization (outsiders) (Eggers Lin, 2015). Additionally, J J Company should adopt procedures and concepts that can determine their products future costs. Equally, the finance department should develop a plan of how the company will conduct its yearly budgeting, product costing, break-even analysis, cost analysis, and profit planning. The plan will enable the managers to make informed decisions about the current and future costs of their products (Ross Williams, 2012). The predicted costs can be used in profitability analysis, product pricing, and in determining whether to buy or make a product. Conclusion Conclusively, there are many changes happening across the world that will force J J to change the way they have been conducting their businesses. Some of the changes include technological changes, where the tools, equipment, and machinery that are currently being used in the construction industry have changed. Similarly, there are changes in supply and demand, consumer tastes, and needs, as well as competition in various construction markets. Moreover, organizational changes can be as a result of political and social conditions, or the relations between businesses and government. Hence, to catch up with these changes, J J Company needs to change its marketing, organizational, and financial methods and processes. References Abd-Hamid, Z., Azizan, N. A., Sorooshian, S. (2015). Predictors for the Success and Survival of Entrepreneurs in the Construction Industry. International Journal Of Engineering Business Management, 71. Ananthan, B. R., Appannaiah, H. R., Reddy, P. N. 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