Importance of Management in a Company

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Overview of Organisation

Pfizer is one of the leading but multinational pharmaceutical company of America, which was found in the year of 1849 and listed in New York Stock Exchange. The primary operations of business includes different range of pharmaceutical products that has been developed by Pfizer only.

Selected Issues

The operational areas which are selected in Pfizer are New product development/process and location and layout, which is specifically enclosed with different range of pharmaceutical products like consumer healthcare products where Bavencio® BeneFIX® Besponsa® Bosulif® Celebrex® Chantix/Champix® Detrol/Detrol® and more are said to be some of the good examples that company is offering to it's customers (Crane and et. al., 2018).

Review of Theories

In present time, it has been found that there are ample number of theories that needs proper attention in regards to location and layout activities along with new product development as well that specifically aid a company in meeting the requirements and dealing with various issues. In present context, a number of theories that can be taken into consideration are presented underneath:

Just in time, is being considered as one of the effective administrative approach that adjusts requirements of raw materials from providers straight away with creating plans. This methodology is applied by business element to boost its proficiency and decays the loss through asking for the raw materials just when they are required during the time spent creation, subsequently decreases cost of stock. For appropriate utilization of Just in time approach, Pfizer's management requires to anticipate the interest of pharmaceutical items and administrations precisely.

Lean developing which is said to be an effective technique, that can be utilised by Pfizer to take out the loss in deliberate manner from creating process. Utilization of lean creation approach may aid Pfizer in deciding those exercises that don't include any of the incentive all the while so that those can be reduced to minimal This methodology is effective to client relationship as it endeavours to address different issues and necessities of clients that they have (Dargham and et. al., 2019).

Total Quality management is being considered as another crucial technique that can effectively be utilised by the company in recognizing and minimising number of mistakes, which may happen and would create process, streamlining organization of store network and improving the experience of clients. This methodology focal points of improving the nature of item by making steady upgrades among different business practices. It is a client situated methodology as it specifically guarantees in creating of excellent items that directly may aid Pfizer in meeting the requirements of customers.

Critical Discussion and Solutions to Operations Management

In present time, it is said that New product development can effectively be considered as one of the crucial methodology, which helps a business company in planning and creating different items, which directly fulfil necessities along with the requirements of clients. Organizations are required to take part in this strategy, the reason behind this is that consumer's perspectives along with their needs gets changes due to many factors like technology and trends as well. Including this, it is also said that innovative headways and expanding market rivalry makes it important for an association like Pfizer to remain competitive and consider part in the NPD procedure so as to keep up its maintainability within the market and business case. Including this, it is said that launching a new product within the market, where a company could gain acceptability and maintain its strong position in industry. For building up another item, Pfizer requires to keep up the regions of its activities, production network and area and format (Dubey, Gunasekaran and Papadopoulos, 2019).

While growing new pharmaceutical items and administrations, Pfizer may confront different issues related with innovation, estimating, maintainability and so forth. The association is propelling a pharmaceutical items and administrations in which top of the line innovation is regards to increasingly complex diseases. To build up this pharmaceutical items and administrations, item advancement toolbox model is used by organization. The model includes a few stages which are referenced underneath:

In planning about the pharmaceutical products and services and its characteristics, quality functional deployment tool is being utilised, where Pfizer company is performing both competition and marketing analysis so as to determine the trends of market and preferences of customers. Along with this, if it is critically analysed then based on the situations of market it will be required by Pfizer to develop much more effective target costing strategy, which will aid company in making appropriate prices of different pharmaceutical products along with the services. This will directly aid Pfizer in taking right decisions so that different desired goals and objectives could effectively be attained in specified time frame. On the other hand, sometimes organisation may also go through various issues as well, while setting price of a particular product. Here, it can be said that Pfizer is dealing within the pharmaceutical industry and develops number of products and not only in America but in other nations as well like United Kingdom, company is having good market position due to its pricing strategy that has been adopted by company. The chosen or the targeted group particularly in regards to pharmaceutical items and administrations is middle and the lower class individuals who can bear the cost of this pharmaceutical items and administrations (Elluru and et. al., 2019). Here, Pfizer has considered various elements like quality, well-being conditions and different highlights, which directly aid company in looking at different plans and the procedures as well. Aside from this, managers of Pfizer would also require to build or develop cost sheet when planning the pharmaceutical items and administrations and creating it. Different expenses are mulled over like creating, material, fixed expenses and so forth. Standards like structure for get together is considered with the goal that organization can make in greater amount. Use of such standard aides in limiting the pharmaceutical items and administrations creating cost and different expenses including get together (What Is Total Quality Management (TQM)?, 2019).

So as to make decisions in regards to breaking down issues of a particular individuals in relation with product development quality, Failure modes and effect analysis (FEMA) would be considered as one of the effective approach that can be utilized. At the hour of creating pharmaceutical items and administrations, where Pfizer. By the effective model i.e. FEMA, Pfizer empowers to decide Failure modes and effect analysis that required to be taken for limiting the number of Failures when propelling the pharmaceutical items and administrations while looking at the market's situation. On the other hand, it is also said that a control plan is being built that specifically incorporates number of exercises that are significant in improvement procedure to ensure that every one of the exercises are on right position, but it can also gets change as well due to ample number of reasons (Ivanov, Tsipoulanidis and Schönberger, 2019).

On the other hand, another issue that was taken into consideration for this report i.e. Location and layout. Basically, this approach helps a company in various ways and it also aid a business organisation in taking right decisions in regards to operational success and economic. In present context, it is said that Pfizer was also dealing with this issue, because managers were not aware of the market, that on which place they should open a pharmaceutical layout and on which location. In regards to this, there are some of the elements like cost minimization, efficient material distribution, room for expansion, and safety of the outlet operators along with the local community, plays a vital role. Along with this, it is also said to be one of primal most decision taker, which is effectively having an appropriate design in regards to locality where Pfizer is looking forward to expand it's business. Along with this, it is also said that the organisation in regards to profitability along with the scope of future expansion, it has become vital for Pfizer to develop a whole new project in regards to developing a suitable site (Lamba and Singh, 2018). On the other hand, considering the process that has been taken into consideration is directly carrying it's aim to hit the desired targets as it will help company in meeting requirements of consumer in much effective and in efficient manner. Including this, if it is talked about the supply chain management, where area along with the format is one of the essential component that incorporates generation arranging, gauging request, stock administration, client administrations, stockpiling, transportation, group, after deals exercises and dissemination. The conveyance framework used by the business organization, which would help Pfizer in interacting with purchasers in an effective and efficient manner. They impart the highlights of pharmaceutical items and administrations in rightful manner.

Including this, it is also said that for a business company like Pfizer in minimising the overall production cost, through utilising the lean production approach. It has been analysed that if company would apply this approach, Pfizer would directly become able to perform at optimum level because, this will reduce all the wastage which is linked to production unit. Including this, it is also said that Pfizer would directly decrease the cost, which was specifically adding the cost, because it would help Pfizer in meeting the requirements of people that belongs to middle level class, where customer's needs and developing products that satisfy them. On the other hand, another issue that has been taken into consideration location and layout, Pfizer requires to analyse all the costs associated with the production process and eliminate those which are unnecessary.

Recommendations

Considering all the above mentioned issues, that has been faced by Pfizer at the time of operating with an effective supply chain, it will be required by management to consider time management as one of the crucial approach, where it will be required by company to enhance the overall new product development process for developing a whole new pharmaceutical product, which will help in meeting the requirement of customers in an effective and in efficient manner. Including this, it is also recommended that for a company, which is dealing within the pharmaceutical industry where the concern is directly linked with health conditions of patients, it is necessary to follow total quality management as the approach, because it will be required by firm to maintain quality of its pharmaceutical products and services and ensuring that the operations are performed effectively (Scott, Lundgren and Thompson, 2018). On the other side. If it is thought in long term, then it is recommended for the company to perform all the operations in an ethical manner, where it will be required by the company to keep up the benefit level in both the context and these are society along with the investors as well. Through this, Pfizer would directly start looking at the bright side of the whole market where they might start practising the number of benefits, where company would directly gain competitive advantages in a much more feasible side. Use of every one of these practices can help organization in guaranteeing that its creating activities won't hurt the business environment in a negative manner. Including this, management would also require to ensure with number of activities, that are directly connected with standards and laws (Zelalem, 2018).

On the other side, it is also recommended that if Pfizer continuously applies the total quality management approach then the overall cycle in regards to production would directly get minimised, which will help firm in reducing all the waste materials in a short span. Away with this, the dimensions in regards to triple bottom line is also recommended to the company where, it will help Pfizer in sustaining within the market for a longer period of time. While creating and propelling the pharmaceutical products and services, then some of the components like rules, norms, technology and more would help firm in hitting targets in specified time frame. Through this, company would develop effective supply chain, strong logistic approach and would also help firm in meeting the requirements of customers in a short span (Sharma and Tatavarthy, 2019).

CONCLUSION

Based on the above mentioned report, it is being concluded that both of the elements, location and layout including the new product development approach are said to be the crucial elements that would help company in maintaining or gaining competitive advantages. On the other hand, considering the effective operations management, an organisation could gain competitive advancement through reducing waste materials and taking in use of limited resources in an effective and in appropriate manner. Along with this, management within dimensions in regards to triple bottom line that is enclosed with environmental, social and economic related elements in regards to sustainability.

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