MGT503 Principles of Management Assignment No.1 Solution Spring Semester 2013

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MGT503 Principles of Management Assignment No.1 Solution Spring Semester 2013


SEMESTER SPRING 2013
PRINCIPLES OF MANAGEMENT (MGT503)
ASSIGNMENT NO. 01
DUE DATE: 02ND
MAY, 2013
MARKS: 20
ASSIGNMENT:
“Although caring may not be a word many people would normally associate with management. Cheryl Womack of Kansas City, Missouri, has built a $45 million company (VCW Inc.) by caring about her customers and her employees. She started her business in 1981 in the basement of her home with one telephone and call-waiting. What does VCW Inc. do? The company oversees the National Association of Independent Truckers. VCW offers
cost-effective insurance coverage, retirement benefit plans, low-interest credit cards, and other benefits to thousands of independent truck drivers who belong to this association. In addition, many large motor carriers who hire independent drivers are also her customers.Womack's customers are a unique breed, indeed! Independent truck drivers "move the world" as they travel across the country with the products we use every day. Independent truck drivers are also business people and must run their businesses efficiently and effectively or they won't survive in this intensely competitive industry. How does VCW show that it cares about its
customers-these independent truckers? It provides an answer to a problem that many of them face: where to find cost-effective insurance coverage that other insurance companies refuse to carry. Womack subscribes to the belief that if you can help solve a customer's problem, you'll be successful. She and her employees have been successful at solving their customers' problems and
caring about them by providing outstanding customer service. But
Womack's caring management doesn't stop with her customers. It extends to her employees, as well. Her most compelling statement about her management philosophy is that
"everything I do here is designed to cultivate and grow employees." From the beautifully designed offices to the formal dinners and travel experiences she provides, Womack sees her role as a mentor for employees, not as a boss. She wants her employees to not only do their jobs but also to recreate,
redesign, and expand them. Employees can earn $1,000 for proposing suggestions that help them do the job better. VCW Inc. also has a profit-sharing plan that gives employees a stake in the company's ability to make a profit. Womack also recognizes that employees need more than financial caring. To that end, she implemented on-site day care for employees' children, and employees enjoy inexpensive, delicious home-cooked meals at
the office prepared by an employee who started at VCW in customer service but who had always dreamed of a job cooking for others. Womack strongly believes in the power of such benefits to show employees that she cares about them and wants them to be committed and productive at their jobs”.
Q1) Which of the four management functions does Cheryl Womack
seem to be particularly strong?
Q2) Which of the management skills Cheryl Womack optimally
possessed? Provide examples supporting your choices.
Source: Based on Small Business 2000, Show 110.