Kaaz Economics

COLLEGE OF BUSINESS EDUCATION
(DAR-ES-SALAAM CAMPUS)
BACHELOR DEGREE IN BUSINESS ADMINISTRATION

COURSE NAME: BBA
NAME OF STUDENT:JOB J BISENDO
REGISTRATION NO : 03.4626.01.01.2021
MODULE NAME:MANAGERIAL ECONOMICS
NATURE OF WORK:INDIVIDUAL ASSIGNMENT
ACADEMIC YEAR: 2023/2024
Question
Managerial theories conceive a firm as a “coalition”(of managers
workers,stockholders,suppliers,consumers,tax collectors)whose members have
conflicting goals that must be reconciled if the firm is to survive.Briefly explain how
you would reconcile the the conflicting goals for the firm to survive.
A coalition is an organization of diverse interest groups that join their human and
material resources to produce a specific change that they are unable to deliver as
independent individuals or separate organizations.An organizational coalition consists
of individuals who, despite their persistent differences, work together to pursue a
mutually beneficial goal.
In the context of managerial economics, a coalition refers to a group or alliance
formed within an organization, typically comprising various stakeholders such as
managers, workers, shareholders, suppliers, consumers, and other relevant parties.The
concept of a coalition in managerial economics highlights the dynamic interplay
between different stakeholders within a firm and recognizes that managing these
relationships is essential for effective decision-making and organizational
performance. It acknowledges the complex web of interactions and negotiations that
occur among stakeholders as they seek to advance their individual interests while also
contributing to the overall success of the firm.
Here is how I would reconcile the the conflicting goals for the firm to survive;
Setting policies about functions and responsibilities within a firm.Policies can help
reconcile conflicting goals for survival in managerial economics by providing clear
guidelines, promoting consistency, and ensuring alignment with organizational
objectives.This is done through clarifying expectations so as to reduce ambiguity and
minimize misunderstandings that can lead to conflicts,promoting consistency through
uniformity and fairness so as employees are less likely to perceive favoritism or
inequity, reducing potential sources of conflict,mitigating risk from unethical or non-
compliant behavior and ensuring compliance.
Creating an action plan based on goals and sharing it with members.This can
reconcile conflicting goals for the firm's survival in managerial economics by
promoting alignment, transparency, accountability, and collaboration.By Creating an
action plan based on clearly defined goals will ensures that everyone within the
organization understands the firm's strategic priorities and how their efforts contribute
to achieving those goals.Also Sharing the action plan with all members of the
organization will let employees understand what is expected of them and how their
work fits into the broader context of the firm's goals, they are less likely to pursue
conflicting agendas or priorities.
Consulting with individual members to avoid hurried decisions.This can reconcile
conflicting goals for the firm's survival in managerial economics by promoting
collaboration, consensus-building, and informed decision-making.When I consult
with individual members will allows for the exploration of diverse perspectives and
interests within the organization and a comprehensive understanding of the various
goals, concerns, and priorities at play, helping to identify potential conflicts and areas
of alignment. By engaging those stakeholders in discussions and seeking their
feedback, the firm can identify common ground and work towards mutually
acceptable solutions that reconcile conflicting goals.
Enhancing Communication and Trust:Through open communication and trust

within the organization will demonstrate a willingness to listen and consider the
perspectives of others, the firm strengthens relationships and builds trust among
stakeholders, creating a supportive environment for reconciling conflicting goals.This
will also promotes a sense of ownership and commitment to decisions and outcomes.
When stakeholders are involved in the decision-making process and their input is
valued, they are more likely to support the resulting decisions and actively contribute
to their implementation, reducing resistance or conflicts that may arise from perceived
imposition of decisions.
Practising ethical leadership and corporate social responsibility (CSR). These are
essential in reconciling conflicting goals for a firm's survival in managerial economics
by fostering trust, alignment, and sustainable practices.This sets the tone for the
organization by establishing clear values and principles that guide decision-making
by prioritizing integrity, fairness, and transparency.By ethical leadership, I can create
a culture where conflicting goals are addressed with honesty and respect for all
stakeholders,balancing the interests of various stakeholders, including employees,
customers, shareholders, and the broader community.By embracing CSR initiatives, I
can address conflicting goals related to sustainability, social impact, and ethical
business conduct such as environmental conservation, community engagement,
ethical sourcing, and fair labor practices and take a step ahead to dal with them.
Creating a timeline. This can help reconcile conflicting goals for a firm's survival by
providing a structured framework for decision-making and resource allocation.
Conflicting goals often arise from competing demands for limited resources, such as
capital, manpower, or time.Now,a timeline establishes clear deadlines and milestones
for achieving various goals and objectives. Through prioritizing tasks and activities
based on their importance and urgency, the firm can focus its efforts on addressing the
most critical conflicts first, thereby minimizing disruptions and maximizing
efficiency.Also timeline helps the firm allocate resources strategically by identifying
when and where they are needed most. By aligning resource allocation decisions with
the timeline, the we can optimize its use of resources and mitigate conflicts over their
allocation.
Generally,by recognizing the inter connectedness of stakeholder interests and aligning
them with the firm's overarching objectives, organizations can foster a culture of
cooperation and shared responsibility, laying the groundwork for sustainable
success.By articulating a common purpose and values, firms provide a unifying
framework that guides decision-making and fosters a sense of collective identity. This
shared vision serves as a beacon, guiding stakeholders towards common goals and
minimizing the risk of conflicts stemming from divergent priorities or
misunderstandings. This not only enhances morale and commitment but also
strengthens relationships among stakeholders, fostering a culture of trust and mutual
respect in a firms that can navigate the intricacies of managerial economics with
agility and foresight, fostering a culture of collaboration, innovation, and sustainable
growth.
References
Mankiw, N. G., & Taylor, M. P. (2014),Economics,3rd ed,Cengage Learning, Boston,
US
Keat, P. G., & Erfle, S. E. (2019),Managerial Economics,8th ed,Pearson,New York
Baye, M. R., & Prince, J. T. (2017),Managerial Economics & Business Strategy,9th
ed,McGraw-Hill Education,New York.
Thomas, C. R, & Maurice, S. C. (2018),Managerial Economics,12th ed, McGraw-Hill
Education: New York.
Froeb, L. M.,Ward, M. R. (2018),Managerial Economics:A Problem-Solving
Approach,4th ed, Cengage Learning: Boston, MA.

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COLLEGE OF BUSINESS EDUCATION

BACHELOR DEGREE IN BUSINESS ADMINISTRATION

Enhancing Communication and Trust:Through open communication and trust

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