A company 'M' Ltd. is manufacturing mobile phones both for domestic Indian market as well as for export. It had enjoyed a substantial market share and also had a loyal cutomer following. But lately it has been experiencing problems because its targets have not been met with regard to sales and customer satisfaction. Also mobile market in India has grown tremendously and new player have come with better technology and pricing. This is causing problems for the company. It is planning to revamp its controlling system and take other steps necessary to rectify the problems it is facing.
(a) Identify the benefits the company will derive from a good control system.
(b) How can the company relate its planning with control in this line of business to ensure that its plans are actually implemented and targets attained ?
(c) Give the steps in the cntrol process that the company should follow to remove the problems it is facing.

Explanation

The company should follows these steps in a systematic manner:
(i) Setting performance standards.
(ii) Measurement of actual performance
(iii) Comparing actual performance with standards
(iv) Analysing deviations
(v) Taking corrective action