Unit 2- Business Resources D1- Evaluation on Managing Resources Can Improve the Performance of a Business If a business manages its physical and technological resources effectively, this will impact the performance of the business as it will give Cheshire Balloons the full benefits of the resources. The same applies to the Cheshire Balloons budget, if the budget is controlled and managed effectively, this will improve the performance and success of the business. As profits are the way to recognise any improved performance with in the business, if business profit levels were to improve, this would mean the business has managed to maximise its income and minimise it cost. This is an overall improvement to the Cheshire Balloons performance. As the business is aware of what will sell and be successful with in there shop.
A review of 80 studies evaluating motivational methods and their impact on employee productivity highlighted several activities that could increase productivity (Verma, 1996). These activities included goal setting, efforts to enrich jobs, employee participation in decision making, and monetary incentives. The Engstrom bonus plan basically incorporated all of these activities. Where I think they fell short was the communication breakdown between the company and the employees when the economic downturn first started. I believe the monthly meetings between the company and the employees should have been putting more responsibility on the employees to come up with ideas to deal with reduced sales due to the economic conditions.
Herman Miller concentrates on producing high quality products. The company is trying to reduce fixed manufacturing cost by outsourcing with their strategic suppliers, which helps controlling the company’s overall cost structure and accomplish a competitive advantage. The survival of Herman Miller when facing recession came from a flexible business strategy and plan. The company did well in developing new products and designs to broaden its activities. Herman Miller also tried to strengthen existing relationships with strategic suppliers.
The finance division of De Mar has to make sure that the products´ cost is high enough to cover the expenses of the personnel that are available 24 hours a day. The staffing department has to make sure that they have enough skilled workers available to work at anytime during the day. The repairmen need to ensure that they are skilled enough to handle the vast issues they may encounter on the job. They also need to have good customer service skills so their clients will recommend them to family and friends. 3.
Besides, products of a company which has a good brand equity, are perceived to be higher quality when compare to the similar a generic unbranded products. In conclusion, brand equity drives buying decisions and enhances customer loyalty, grows and defends market share, supports pricing premium, expands business and increases market value, so it is very important to develop brand equity. Q2: What are the key factors when considering brand strategy? Firstly, the company should be clear the message from its brand which it wants to transmit to its customers. Then, the brand equity and brand value are very important factors.
This would be good for Tesco if they wish to expand at present. If interest rates are low then Tesco will be willing to borrow as they feel that they can afford their repayments. This will increase demand for goods and services within their business and help economic growth. Government support – The Government provides us with new road networks, rail and
Competitive Strategy: The generic competitive strategy that was selected for Impala Athletics was the best-cost provider strategy. The goal in implementing the best-cost provider strategy was to give consumers more value for the money by offering higher quality products at a lower cost than the competition. This strategy blends elements of differentiation and low-cost strategies in such a way that increases value to the consumer (Thompson, Strickland, & Gamble, 2012). In order to achieve competitive and financial success using the best-cost provider strategy, several actions were built into Impala Athletics’ strategic plan. The first priority was to make changes in order to conduct operations at a higher level of social
Another possible alternative for Ann Taylor would be to adopt more of a focused strategy approach. They already excel at offering numerous fashion solutions for nearly ever lifestyle. With this approach, I suggest that they eliminate their low cost brands, raise prices and offer a more unique, luxurious shopping experience. Ann Taylor had, at one point, positioned itself as an upscale leader in the woman’s fashion industry. By offering a premium price, they may be able to improve the quality of their stores, and fashion development to ensure that they more accurately predict fashion trends.
With reduced costs, company can allocate resources to other activities, such as research and development, so they can have constant improvements and growth. 2. Operational: Franchising is about evenness of procedures, which reflect on consistency, strengthened productivity and better quality. Franchisee operators are usually highly motivated for success, as they invest quite a lot of money and time in the business they are running. Therefor they work hard to show best possible results.
This has been provided a better advantage to the company because it is able to increase its operations as expected. With the use of new current technologies, the operations of the company have been made better and faster. The customers are usually served in a faster manner and this has motivated them to continue purchasing from the company. Again, it has become easy to identify the operational areas of the company and make adjustments where necessary using the new technologies available. The quality of the products is also another greater strength for the company.