Question

Introduction Hivebeat a startup company with SaaS platform for organizations to manage memberships and events and get paid for both. Hive beat helps the customers and local cycling club, student organization, yoga club, high school, non-profit or any other type of organization set memberships on auto-pilot (like local fitness center) and sell tickets for open or members only events. Question-1- (10 Marks) Prepare a report mentioning the different objectives for the new startup company Hivebeat. Question-2-(5Marks) Describe economic models and theory. How these models help the economists to make different judgments about what is needed to explain their interpretations of reality. Scenario: CEGO Last year was a tough year for toy companies - even for Lego. During 2009, when most companies were holding tight to ride out the recession storm, Lego's profits soared 63%. Exploration of the global market was the key to this company's recession-bucking success. While in the U.S. Lego had a stagnant toy market, Lego was even planning to expand to Asia and increase its sales in Europe, bringing in the big bucks. Question - 3 (5 Marks) Explain how mangers take decision under turbulent conditions (risk and uncertainty) which lead to better utilization of resources.

Answer 1

Objectives can be set for the short run and/or for the long-run.

Considering that Hivebeat is a new start-up, the following should be its objectives:

1. Set a clear mission statement for the company detailing its purpose, its goals, the types of products that it deals in, its target audience, market, and its geographical region of operation.

2. Set a clear vision statement for the company describing what it wants to achieve in the mid or long -term future.This will serve as the guiding philosophy for the company.

3. Set values that the company believes in. This will help stakeholders understand what hivebeat as a company stands for.

3. Create a good online presence for the business. Increase the company's outreach and let people see what the brand is about. Start by working with a website designer to design a website for the company. Clearly explain about what the company does, its products, services, mission statement, vision statement, values, etc.

4. Target different geographical areas and make a list of all potential customers within that area. set a timeline for each geographical area and target all potential customers within that area.

5. Launch different online and offline marketing campaigns to increase the company's visibility.

6. Set a target number of customers that the company will on board within a specific timeline in each geographic area of operation.

7. Engage with all stakeholders through surveys, emails and meetings to ensure happy customers and employees, and sustainable growth.

8. Benchmark and analyse competitors to better Hivebeat's own product offering

9. Make a list of Key Performance Indicators to analyse Hivebeat's business performance over a period of time