Define feedback. What forms of feedback can a small business owner obtain to analyze the actual performance of its operations?
What will be an ideal response?
Feedback is the response a receiver gives through further communication with the sender of the message or some other person. Information on actual operational performance comes through some form of feedback. This feedback takes the form of observation, oral reports, written memos or reports, and/or other methods.
Observation will probably be most satisfying because you are at the scene of action and have direct control over the situation. However, this method is time consuming, and you cannot be in all places at one time. But you can justify using this method if your knowledge is needed, your presence may improve the work, or you are present for other purposes.
Oral reports, the most prevalent type of control used in small firms, are also time consuming, but they provide two-way communication. Rumors are an informal form of feedback and can be useful so long as one can "separate the wheat from the chaff."
Written memos or reports are prepared when a record is needed or when many facts must be assembled. This type of feedback is costly unless the reports are the original records. A good record system is a valuable aid and it should be designed to be a ready source of reports.
You might also like to view...
Which of the following is the removal of an unpleasant event or outcome after the display of a behavior?
A. positive reinforcement B. negative reinforcement C. neutral reinforcement D. reward
To develop a public relations program, which process approach would you choose for a client? Explain your thinking
What will be an ideal response?
A company's income before interest expense and income taxes in Year 1 and Year 2 is $225,000 and $250,000, respectively. Its interest expense was $45,000 for both years. Calculate the company's times interest earned ratio, and comment on its level of risk.
What will be an ideal response?
Identifying an unmet need does not ensure that a venture will succeed in the mar-ket. Therefore, a business plan should include the—
a. main competitive methods used by potential rivals. b. product lines of every potential rival. c. product lines of major potential rivals. d. all(a-c) should be included in the business plan. e. botha and bshould be included.