Social media is an essential modern tool of communication that incorporates the technology feature of instant messaging (IM) form a sender to a recipient. It has revolutionized not only the social lives of people but also the business sector. In its initial stages of inception; social media was widely considered a social tool of communication that people would use interact freely across the globe. As a result of the mentioned feature, social media has transformed the entire world into a global village. For instance, it is now possible for a person in the U.S. to send a message to a colleague in Australia in a matter of seconds. Traditionally, this would take as long as days, weeks or even months.
The popularity of social media in communication has grown across the world. For example, online journalism is one of the beneficiaries of social media platforms where individuals share their stories with the world. Additionally, social media platforms are an essential tool for marketing services of an organization. According to recent marketing statistics, it has been observed that social media platforms provide the most cost-effective strategies for marketing a product, economically. The net cost of social media advertisement is relatively lower than the traditional ones, such as print media advertisements. Therefore, it should be considered in other operational areas of a profit-making institution. For instance, teamwork assignments can be coordinated and delivered with the effective use of social media platforms such as WhatsApp groups and Facebook pages. This would elevate the working level of professional as instant communication on a project would improve on the quality of delivery.
Re: Responsibility Accounting – Exercise 10-4
Responsibility accounting is a business management practice that is intended to ensure that assigned officials are not only responsible but also accountable. This practice is common in organizations that cover a global market in terms of production and distribution operations. Responsibility accounting is attributed to the net effect of efficient management as executive officials of a firm can verify the quality of production processes, such as financial bookkeeping. Essentially, this practice ensures that responsible and accountable officials are involved in the overall decision-making of an institution.
Mitchell Manufacturing, Inc. possesses the essential prerequisites of implementing an effective management strategy that capitalizes on the benefits of responsibility accounting. This organization has four sales divisions, three manufacturing plants, as well as the main office in Michigan. With such operations diversity, responsibility accounting would be implemented in a decentralized structure that separates the divisions in the form of operational departments. As such, there would be sales, production, and administrative departments each with a predefined set of roles and responsibilities.
When implementing responsibility accounting, it is imperative to acknowledge the imminent presence of precautions that should be considered for effective implementation. For example, the professional capacity of individuals who would occupy departmental head position is a precaution that should be addressed with colossal significance. Heads of departments would be assuming senior managerial roles whose contribution to the firm would aid in providing sufficient information to the executive management at Michigan. Similarly, leadership prowess of these individuals would also be a precautionary measure since there would be decentralization of power. Each departmental head should be accountable for their performance in case the organization records poor financial performance.