abhishreshthaa
Abhijeet S
Vizio is a privately-held producer of consumer electronics, based in Irvine, California, USA. It was founded in October 2002 as V Inc.[2] Vizio currently produces primarily LCD televisions. Amtran, a Taiwan-based company, is one of a number of investors in Vizio.
As of August 22, 2007, Vizio became the largest LCD TV seller in North America, with 606,402 TVs sold in the second quarter of 2007, a 76% jump from the previous quarter. Its market share increased from 9.4% to 14.5%.[3] In September 2008, Vizio started selling LCD TVs to Costco in Japan. In February 2009, Vizio announced they would stop production of plasma televisions.[4] At the CES 2009 Vizio introduced a 240 Hz LED-backlit VF551XVT 55" LCD TV. Vizio has also started making other Audio/Video equipment such as High Definition Surround Sound Systems, LCD computer monitors and HDTV accessories. The company released its first Blu-ray Disc player in August 2009.[5]
The company started in 2002 with $600,000 and only three employees. In 2006 the revenue was estimated around $700 million, and in 2007 it was estimated to have exceeded $2 billion. Vizio is known for aggressively pricing their HDTVs against major competitors.
On October 19, 2010, Vizio signed a 4-year contract to sponsor the college football's annual Rose Bowl game in Pasadena, California, beginning with the 2011 Rose Bowl presented by Vizio and ending with the 2014 Vizio BCS National Championship Game[6].
The restaurant and the expansion plan operate within a partnership as the business format. A partnership involves two or more people contributing capital and/or management skills in running the business to share in the profit and responsibility for business obligations. The particular type of business format is general partnership, which means that the three partners hold the responsibility to contribute capital and time to the business, share in the profit according to the agreement, and become liable for the obligations of the restaurant to stakeholders. A general partnership works for partners holding fiduciary relations since the success of the business depends on the collaboration of all the partners. (Paley 1999) Three long-time friends who share the commitment to an organic lifestyle own and manage the restaurant. This benefits the restaurant.
The restaurant’s organisational structure is flat. This supports open communications and smooth flow of information from one team to another to support the ease in recognising and handling problems as well as in making decisions. This also supports the change process involved in the expansion plan. (Bradford, Duncan & Tarcy 2000) The expanded organisational structure of the business to support market expansion includes the promotional/sales manager and the staff. In addition, there would be additions in the kitchen, service, and customer service staff to cater to the increase in customers. The general manager, operations manager, and finance manager are also the partners in the business.
Management should constitute a strong team so that apart from the ability to develop a collaborative working environment, the managers should also exude authority in assigning tasks, directing work, and integrating individual contributions, exercise decisiveness in handling issues that arise in the day-to-day operations, and translate strategies into particular tasks and guidelines for work completion. (Proctor 2000) These qualities necessarily require sufficient management experience. All the managers have months of experience in their work assignments but majority of knowledge and skills emerged from actual experience in running the restaurant. The managers can utilise accumulated knowledge and skills to direct the effectively actualisation of the expansion plan.
As of August 22, 2007, Vizio became the largest LCD TV seller in North America, with 606,402 TVs sold in the second quarter of 2007, a 76% jump from the previous quarter. Its market share increased from 9.4% to 14.5%.[3] In September 2008, Vizio started selling LCD TVs to Costco in Japan. In February 2009, Vizio announced they would stop production of plasma televisions.[4] At the CES 2009 Vizio introduced a 240 Hz LED-backlit VF551XVT 55" LCD TV. Vizio has also started making other Audio/Video equipment such as High Definition Surround Sound Systems, LCD computer monitors and HDTV accessories. The company released its first Blu-ray Disc player in August 2009.[5]
The company started in 2002 with $600,000 and only three employees. In 2006 the revenue was estimated around $700 million, and in 2007 it was estimated to have exceeded $2 billion. Vizio is known for aggressively pricing their HDTVs against major competitors.
On October 19, 2010, Vizio signed a 4-year contract to sponsor the college football's annual Rose Bowl game in Pasadena, California, beginning with the 2011 Rose Bowl presented by Vizio and ending with the 2014 Vizio BCS National Championship Game[6].
The restaurant and the expansion plan operate within a partnership as the business format. A partnership involves two or more people contributing capital and/or management skills in running the business to share in the profit and responsibility for business obligations. The particular type of business format is general partnership, which means that the three partners hold the responsibility to contribute capital and time to the business, share in the profit according to the agreement, and become liable for the obligations of the restaurant to stakeholders. A general partnership works for partners holding fiduciary relations since the success of the business depends on the collaboration of all the partners. (Paley 1999) Three long-time friends who share the commitment to an organic lifestyle own and manage the restaurant. This benefits the restaurant.
The restaurant’s organisational structure is flat. This supports open communications and smooth flow of information from one team to another to support the ease in recognising and handling problems as well as in making decisions. This also supports the change process involved in the expansion plan. (Bradford, Duncan & Tarcy 2000) The expanded organisational structure of the business to support market expansion includes the promotional/sales manager and the staff. In addition, there would be additions in the kitchen, service, and customer service staff to cater to the increase in customers. The general manager, operations manager, and finance manager are also the partners in the business.
Management should constitute a strong team so that apart from the ability to develop a collaborative working environment, the managers should also exude authority in assigning tasks, directing work, and integrating individual contributions, exercise decisiveness in handling issues that arise in the day-to-day operations, and translate strategies into particular tasks and guidelines for work completion. (Proctor 2000) These qualities necessarily require sufficient management experience. All the managers have months of experience in their work assignments but majority of knowledge and skills emerged from actual experience in running the restaurant. The managers can utilise accumulated knowledge and skills to direct the effectively actualisation of the expansion plan.