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Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ - Leaving Cert Business - Question A - 2015
Question A
Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ. (B) Define the management a... show full transcript
Worked Solution & Example Answer:Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ - Leaving Cert Business - Question A - 2015
Step 1
Do you think that Martin Harte displayed enterprising skills/characteristics? Explain your answer with reference to the text of the ABQ.
Answer
Martin Harte demonstrated several enterprising skills and characteristics that significantly impacted Harte Shoes Ltd. Firstly, he showcased innovation through his decision to adapt the company's strategy to the rising popularity of Irish dance. This adaptability reflects a keen awareness of market trends, which is crucial for any successful entrepreneur.
Secondly, his proactive approach in seeking assistance from Enterprise Ireland’s ‘Get Export Ready’ scheme indicates a willingness to seek help and use resources available for growth. This aligns with the characteristic of resourcefulness, as he leveraged external expertise to enhance his business’s prospects.
Lastly, the execution of the SWOT analysis indicates strategic thinking—a vital trait of successful entrepreneurs. By evaluating the strengths, weaknesses, opportunities, and threats, Harte displayed foresight and planning abilities, which are essential for navigating the competitive manufacturing industry.
Step 2
Define the management activity of planning.
Answer
Planning in management refers to the process of setting objectives and determining a course of action for achieving those objectives. It involves assessing the current situation, forecasting future conditions, and deciding on strategies to reach specific goals. Effective planning ensures that resources are allocated appropriately and that the organization is prepared for potential challenges.
Step 3
Explain elements of a SWOT analysis and conduct the SWOT prepared by Christine Landers.
Answer
SWOT analysis comprises four key elements:
- Strengths: Internal attributes that give the organization an advantage over competitors.
- Weaknesses: Internal factors that place the organization at a disadvantage.
- Opportunities: External conditions that can be leveraged for growth or improvement.
- Threats: External challenges that could hinder the organization's performance.
For Harte Shoes Ltd:
- Strengths: Established manufacturing expertise, innovative designs, strong understanding of market needs related to dance footwear.
- Weaknesses: Dependency on a niche market, potentially limited resources to scale quickly.
- Opportunities: Expanding markets in the UK and beyond, growing demand for specialized footwear.
- Threats: Intense competition from larger manufacturers and changing consumer preferences.
Step 4
Evaluate the effectiveness of the approach taken by Martin to help Harte Shoes Ltd adapt to changes.
Answer
Martin’s approach, which included conducting a SWOT analysis and seeking external support, was effective as it led to a more structured response to market changes. By identifying strengths and opportunities, he positioned Harte Shoes Ltd to capitalize on the growing demand for Irish dance shoes. Furthermore, the integration of computer-aided design (CAD) streamlined the production process, enhancing product quality and design innovation.
However, while proactive, the effectiveness also hinges on the continuous evaluation of market conditions and adaptability to future challenges, such as competition and consumer trends. His investment in innovation and willingness to adapt signifies a robust strategy that could foster long-term sustainability for the company.