Importance of Management in a Company

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Overview of Organisation

Pfizer is one of the leading multinational pharmaceutical companies in America, which was founded in the year of 1849 and listed on the New York Stock Exchange. The primary operations of the business include a different range of pharmaceutical products that have been developed by Pfizer only.

Selected Issues

The operational areas that are selected in Pfizer are new product development/process and location and layout, which are specifically enclosed with different ranges 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 the company is offering to its customers (Crane et. al., 2018).

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Review of Theories

In the present time, it has been found that there are an ample number of theories that need proper attention in regard 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 the 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 approaches that adjust the requirements of raw materials from providers straight away by creating plans. This methodology is applied by business elements to boost their proficiency and reduce the loss by asking for the raw materials just when they are required during the time spent on creation, subsequently decreasing the cost of stock. For appropriate utilisation of the Just in Time approach, Pfizer's management requires anticipating the interest of pharmaceutical items and administrations precisely.

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

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

Critical Discussion and Solutions to Operations Management

In the present time, it is said that new product development can effectively be considered as one of the crucial methodologies, which helps a business company in planning and creating different items, which directly fulfil necessities along with the requirements of clients. Organisations are required to take part in this strategy; the reason behind this is that consumers' perspectives, along with their needs, get changed due to many factors like technology and trends as well. Including this, it is also said that innovative headways and expanding market rivalry make 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 the industry. For building up another item, Pfizer requires keeping up the regions of its activities, production network, and area and format (Dubey, Gunasekaran, and Papadopoulos, 2019). Analyse how strategic management of location, layout, and sustainable practices enhances efficiency, supporting insights from business assignment help online resources

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

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

So as to make decisions in regards to breaking down issues of particular individuals in relation to product development quality, failure modes and effect analysis (FEMA) would be considered one of the effective approaches that can be utilized. At the hour of creating pharmaceutical items and administrations, where Pfizer. By the effective model, i.e., FEMA, Pfizer is empowered to decide on failure modes and effect analysis that are 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 a number of exercises that are significant in the improvement procedure to ensure that every one of the exercises is in the right position, but it can also get changed as well due to an 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 aids a business organisation in making the right decisions in regard to operational success and economics. In the present context, it is said that Pfizer was also dealing with this issue because managers were not aware of the market, that is, on which place they should open a pharmaceutical layout and in which location. In regards to this, some of the elements, like cost minimisation, efficient material distribution, room for expansion, and safety of the outlet operators along with the local community, play a vital role. Along with this, it is also said to be one of the most primal decision-makers, which effectively has an appropriate design in regards to the locality where Pfizer is looking forward to expanding its 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, the process that has been taken into consideration is directly carrying its aim to hit the desired targets, as it will help the company in meeting the requirements of the consumer in a much more effective and efficient manner. Including this, if it is talked about supply chain management, where area along with the format is one of the essential components that incorporates generation arranging, gauging requests, stock administration, client administrations, stockpiling, transportation, group, after-sales exercises, and dissemination. The conveyance framework used by the business organisation would help Pfizer in interacting with purchasers in an effective and efficient manner. They impart the highlights of pharmaceutical items and administrations in a rightful manner.

Including this, it is also said that for a business company like Pfizer, in minimising the overall production cost, it is utilising the lean production approach. It has been analysed that if the company would apply this approach, Pfizer would directly become able to perform at an optimum level because this will reduce all the wastage that is linked to the 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 belong to the middle-level class, where customers' needs and developing products that satisfy them. On the other hand, another issue that has been taken into consideration is location and layout; Pfizer requires analysing all the costs associated with the production process and eliminating those that are unnecessary.

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Recommendations

Considering all the above-mentioned issues that have been faced by Pfizer at the time of operating with an effective supply chain, it will require by management to consider time management as one of the crucial approaches, where it will be required by the 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 efficient manner. Including this, it is also recommended that for a company that is dealing with the pharmaceutical industry, where the concern is directly linked with the health conditions of patients, it is necessary to follow total quality management as the approach because it will be required by the firm to maintain the quality of its pharmaceutical products and services and ensure that the operations are performed effectively (Scott, Lundgren, and Thompson, 2018). On the other side. If it is thought of in the 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 of these and 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 the company would directly gain competitive advantages in a much more feasible side. Use of every one of these practices can help an organisation in guaranteeing that its creating activities won't hurt the business environment in a negative manner. Including this, management would also be required to ensure a 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 the firm in reducing all the waste materials in a short span. Away with this, the dimensions in regards to the triple bottom line are also recommended to the company, where it will help Pfizer sustain itself within the market for a longer period of time. For more insights, seeking assignment help can provide further clarity on such strategies.While creating and propelling pharmaceutical products and services, some of the components, like rules, norms, technology, and more, would help firms hit targets in a specified time frame. Through this, the company would develop an effective supply chain and a strong logistic approach and would also help the firm meet 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 the company in maintaining or gaining competitive advantages. On the other hand, considering effective operations management, an organisation could gain competitive advancement through reducing waste materials and taking in the use of limited resources in an effective and appropriate manner. Along with this, management within dimensions in regard to the triple bottom line is enclosed with environmental, social, and economic-related elements in regard to sustainability.

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