The corporation has a strong internal environment that makes it succeed in its business venture, which shuns away other players while maintaining both profitability and competitiveness. Its main competitors include Regis Slaons, Macy’s, and Sephora. In this regard, this paper seeks to analyse the company’s potential by scrutinising the internal environment, corporate resources, competence, and other attributes that depict its strength and weaknesses in under the SWOT analysis. Internal Environmental Analysis The company has adopted various measures that enhance its competitive nature embracing different procedures and policies. It has also improved the management department by providing suitable measures that define goals and objectives of the company for it to attain increased returns (Fukuoka et al., 2012).
A successful business creates a SWOTT analysis to improve business decision making and identify high-level performance areas as well as any other area needing improvement. A SWOTT analysis looks at the positive and negative in the business and helps to overcome any problem areas. Strengths and weaknesses are internal forces within the business that can be controlled and changed in most circumstances. Strategy is one internal force that can be changed when necessary. In this instance the business focuses on customers in a one-on-one setting or in small groups to allow them to feel special and treated with high priority.
Research competitors and industry trends to create new ideas and incentives. Compete with competitors – Price matching. With accurate information and efficient communication within the business will ensure business continuance despite possible problems. 4.0 Reports: Identify the types of reports you would be required to review regularly in order to monitor business performance, why is it important to create and use this report and who would the report be written for. 4.1: Performance Report: This report shows how well/poorly a business is doing based on a current revenue, and can identify performance areas that may need improvement.
HARROW COLLEGE Department of Business, English and Media Studies ASSIGNMENT BTEC DIPLOMA LEVEL 3 IN BUSINESS UNIT 4 – BUSINESS COMMUNICATION Unit Overview Any profit-making business needs accurate and relevant information from internal and external sources in order to operate profitably. A proper gathering of data creates an environment where informed decisions can be taken for the benefit of the business. For a business to manage information effectively there must be good communication systems within the organisations. Employees must possess good verbal and written skills in order to communicate and share information. Business information enables a company to obtain competitive advantage and promote efficiency.
United States and other developed economies use two key functions for the financial statements. They provide a way for company management to transfer information about business activities to people outside the company, which helps solve important problems known as information asymmetry. Also, Financial statement information is often included in contracts between the company and other parties (such as lenders or managers) because doing so improves contract efficiency. 2. Managers choose accounting procedures that produce the most accurate picture of the company’s operating performance and financial condition.
Business Communications - Homework Task There are various types of information that are both used by and created by organisations all of which have their own purpose such as informing employees of internal activities or stakeholders of developments within the organisation. You have been placed in charge of improving communication of a large company in the city of London and have been asked to study a competitor in order to facilitate this. Using one of the companies from the list below think about the types of information that they produce why they may produce it and where they will get the information from. It is important that you look at all aspects to get a whole view on the communications the business uses and why. Companies you may wish to consider: * BP * Thorpe Park * Ford
Does working in teams make people less receptive to outside input? How can social comparisons undermine trust in working relationships? How do the training and technical knowledge entrepreneurs take from previous employers impact the success of their new ventures? Wharton professor Jennifer Mueller and lecturer Julia Minson, and professors Maurice Schweitzer and Evan Rawley, respectively, examine these issues, and what they mean for business, in recent research papers. Confidence's Cost to Collaboration The corporate formula for innovation often focuses on creating a team of experts to cook up the next big thing.
From the private interview to town hall meeting, we are building our personal power or personal fascination in the corporation so that every colleague knows this figure. To be a top manager, the conceptual and technical skills are essential, but we could not ignore the importance of human skills. In this simulation, we learnt the rudimentary of human skills in the corporation to lead, communicate, coordinate and control the behavior of other individuals. We also learnt that a high need for power is especially importance to a manager, to build the credibility in the corporation and hold a high power. We could do the decision like hold town hall meetings, build a coalition of support and clarify organizational value.
The most generally accepted concept of emotional intelligence is contested by Salovey and Mayer (1990), which is regarded as the capacity to monitor self-awareness and use the information to an advanced performance (cited in Zeidner, Matthews and Roberts, 2004, p. 373). This essay will focus on three arguments for having emotional intelligence that could lead a successful management. Firstly, emotional intelligence has been claimed as an important connection with effective leadership. The second argument suggests that emotional intelligence could promote managers to build a strong communication skill. Finally, emotional intelligent managers would make in-depth decisions with a keen awareness of sentiments in each employee.
Paper: Today, in many organizations, businesses are pushing the envelope when it comes to creativity and technology in attempts to try to gain advantage over their competition. Based on MBA Matrix review, two categories of program outcome; Strategic planning and implementation and business Leadership would add the most value to my development in areas of leading change in an organization. To acquire both soft skills, such as leadership, communication and teamwork, and to develop business skills, such as marketing, economics and finance, will shape me into a better leader. Learning how to create a shared need, shape a vision and mobilize commitment among individual team members, appears to be a complex task. Personally, I believe that techniques and tools on motivating performance and creating sustainable competitive advantage over peers and other companies is the lessons I hope to take away from this program.