Task 1 The marketing mix is developed on four main elements known as Product, Price, Promotion and Place, but the marketing mix can also be extended by adding another three elements these are People, Process and Physical. Product – This is where a decision is made on what product or service should be offered to customers. This could also be improving an existing product or service, it is very important that technology based are updated as they may become out of date very quickly which would make them inferior to the competition. To create competitive advantage organisations may also use the product for brand naming, packaging and a guarantee that accompanies the product. Price – Price is a very important part of the marketing mix
Reactive change occurs due to outside pressures on the business these may include a perceived threat to the company or a new opportunity arises out of the blue. Proactive change is when the business actively seeks to modify its practises or work place environment. Proactive change is normally more controllably because the business has been able to plan it. Reactive change can be a bit more chaotic until the business has been able to adapt to the external force. Internal forces can be the business getting new equipment or a restructuring of personal and external forces are changes in one or more
A technological example is the introduction of new technology. Proactive changes come from within a business. Examples of proactive change include the introduction of new business activities, a drive to save money in certain areas, a need to reduce the number of staff, a change in the way business functions are organised, and to acquire new staff with specialist professional skills and expertise which the business needs but currently does not have. Section 2 – Understand the purpose of supporting change in a business environment 1. Identify the main reasons for reviewing working methods, products and / or services in a business environment.
It is important to have a universal organizational culture that fits the demands of the businesses environment. Obtaining the proper culture could be a competitive benefit for a business, however utilizing an improper culture within the organization could lead to difficulties in performance, organizational failure, and could be a barrier preventing the business from changing and taking risks (Organizational, n.d.). In order to have a strong culture it needs to be distributed throughout the company’s employees, which is a culture that most members in the company show consensus concerning the values of the organization (Organizational, n.d.). The stronger an organization’s culture, the more possible it is to assume the way employees think and behave. Legal, Ethical & Meeting Issues It is never ok to discriminate in the workplace, however discrimination against people based on their ethnicity, racial or cultural orientation in the United States is
It also affects the level of investment a business should make internally as well as with suppliers. But the decision to make or buy should be well analyzed by company at the procurement planning stage. This paper further analyzed the different factors put into considerations when decision to “make” or “buy” are made. Topic – Make or Buy AnalysisAs said earlier make or buy analysis is a general management technique used to determine whether particular work can best be accomplished by the project team or must be purchased from outside sources (Project Management Institute, 2008). Apart from the many risk associated with outsourcing, the project organization may be face with certain type of constrain which may warrant their decision on whether to make or buy.
But logically, the bonuses were for business productivity. How was the business productive if they received federal bailout money? It was said that the bonus money was in their contracts. Their clients took major loses and they take the bonus. I think that a business leader needs to act and conduct themselves in the best interests of their employees, and clients.
Lastly organizations must all seek the greatest profits meaning nothing else but profits. When these conditions are meet which isn’t often, organizations can supply goods following their own self-interests in a predictable manner to the market. Suppliers utilize the demand curve to determine the amount of productivity and the right cost for the market. The requirement that all the firms are large ensures no organizations will be able to gain more than another. These types of conditions keep firms from monopolizing the market.
UNIT 306 HOW TO CONTRIBUTE TO INNOVATION AND CHANGE WITHIN THE ORGANISATION Innovation in a business environment is not about doing the same thing better, but about doing something different to improve the end result. It helps keep the business competitive, by trying different methods to improve business opportunities. Customer service can be improved by providing a better service, one which benefits both provider and customer. Reduction in waste can be a result of innovation in a business environment by, once again, applying different methods to put this into operation. It is important to review existing ways in a positive way because it can strengthen the business and help build trust with customers and employees.
It is also doubtful that either victim or tortfeasor would insure at reasonable costs in the insurance markets of the real world 2. Loss-spreading justification that it is better for the economic well-being of society to spread the risk among many parties rather than on one shoulder. However where losses are spread by relieving the tortfeasor of liability we can expect more accidents and more losses. Also some of the victims may sustain large losses not small ones 3. People who stand to suffer economic loss should allocate the risk within their contracts effectively with property owners Argument assumes that all persons organise affairs in accordance with laws of economic efficiency, assigning liability to the ‘least-cost risk avoider’ Not all parties to a transaction share an equality of bargaining power 2.
This technology can help both firms reduce inventory expense, improve stock out performance, and respond more quickly to the customer’s demand. The system is very flexible and able to handle a variety of replenishment styles. In my opinion, this strategy benefits both companies; however, there are some major concerns. Besides the large investment on technology, it will take time to set up and familiarize with the system. Therefore, it requires a close relationship between two companies.