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Business & Marketing Admission Services
INSTRUCTIONS:
Write around 450 words for each question on the Business & Marketing Admission Services.
The following questions are interview essay questions of the business program.
– A student has been extremely busy trying to wrap up a project for his/her internship employer, so unfortunately the student has not devoted a sufficient amount of time toward the completion of his/her final paper. The final paper is due tomorrow and the student still has not finished the paper, but the supervisor of the internship has requested that he/she join the team out at a local restaurant to celebrate the finalization of the project. Faced with this dilemma, what should the student do?
– A student is selected as Class President and is scheduled to accept the position and speak to the entire student body on Friday. On Wednesday it is discovered that the student has not completed a self-study course requirement that is mandatory for all student senate representatives. The course takes a week to be completed. Given that the student has not started the coursework and will not be able to finish before the announcement on Friday, please describe what actions should be taken in order to resolve the situation.
– For the first time in many years the basketball team has made it to the championship game. In order for a player to be eligible they must have a “C” grade average. A few days prior to the game the coach learns that his two star players have dropped below the required grade average. According to policy, they should be suspended from the team but, if they are suspended, they won’t play in the championship and the whole team is depending on them. What should the coach do?
– You have been offered an opportunity to interview for an internship with a company that is on your target list. The interview is on Wednesday at 10 AM on the north side of town. On Tuesday, you receive an offer from your top choice company to interview on the same day at 11 AM. The companies are 45 minutes apart by car. This is your dream opportunity, however, you have already made a commitment to the other company. What do you do?
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Business Operations Decision
This paper aims at presenting low-calorie microwavable foods to support the firm’s continuous operational decisions. The paper will assess the results of supply chain since it demonstrates the existing market structure while putting into consideration the expected changes to sell environment and some of the factors that may lead to such a change. Also, the paper will assess the main short run as well as long-term production and cost functionalities as used to new cost information to establish whether there are conditions that can result in discontinuation of business operations decision.
Because there are changes in the market structure, it is important to examine the pricing structure to increase profits. In the end, the paper will present two strategies the firm should implement to enhance profitability while maximizing shareholder value.
Market Structure and Its Effectiveness for the Company
Each firm in a competitive market is the plays an important role in determining the price while the equilibrium cost as well as productivity in the industry are due to supply and demand. Low-calorie microwavable food market demonstrates the way in which demand and supply produced in perfect competition; regulate total productivity and the cost clients are ready to part with. In this case, the equilibrium cost and quantity are 407.65 and 24,335 respectively.
QD = 65,100 -100P
Qs = -7909.89 +79.0989P.
Companies in the purely competitive market have no power regarding the cost of their goods. Nevertheless, it may determine the quantity supplied to the market. Success or failure relies mainly on a pure competitive selling environment and the manner in which the firm identifies production expenses and depicts its products. The capacity of productivity revolves around the revenue the company will generate by producing goods (McGuigan, Moyer & Harris, 2014).
The company should implement strategies of conducting operations to make sure that it increases profits and output in the long run. An effective strategy is necessary when it comes to defining the efficacy of selling environment the firm operates. Furthermore, a proper plan will mainly highlight the availability of products, some enterprises participating, pricing patterns and powerful methods of brand promotion.
Business Operations Decision
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2. Changes in market structure and reasons that have caused changes from the market structure specified in Assignment 1.
Market survey shows that variations in the market structure are based on perfect and the imperfect market systems (Bragg, 2012). In an imperfect competitive oligopoly environment, the organization has the power to determine the price of its products. Information on competing organization demonstrated that there about 15 firms competing for low-calorie microwavable foods’ market share, out of which three companies control 75% of the market.
When it comes to sells, the firm is position 2 with approximately 77% of low-calorie microwavable foods, which reflects market concentration share, which is simply a measure of total market main players in the sector possess. For that reason, it may be necessary to assume that the firm is currently operating in the oligopolistic market, which is a competitive selling environment with relatively a few firms offering comparable brands as well as services (Routledge, 2008). The primary cause of such market is the withdrawal of rivals or increases or declines in the product costs (Bragg, 2012).
These changes mostly impact the operations of the company in different ways. To start with, there is likely to be significant output because the market share grows due to increases operation expenses influencing advertisement and labor costs. It is clear that labor costs may decline in the long run since the companies are controlling new firms are solidifying while redundant positions are eliminated (McGuigan, Moyer & Harris, 2014). Moreover, these changes can make an organization to modify its operations and adopt modern technologies in the operations.
Business Operations Decision
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3. Short and long-run production and cost functions for the frozen, low-calorie microwavable food company.
TC = 160,000,000 + 100Q + 0.0063212Q2
VC = 100Q + 0.0063212Q2
MC= 100 + 0.0126424Q
From assignment 1 QD = 350,000 -100 P
QS = -7909.89 + 79.0989P
ATC = TC/Q
= (160,000,000/Q) + (100Q + 0.0063212Q2)/Q
= (160,000,000/Q) + 100 + 0.0063212Q
AFC = 160, 000, 000/Q
AVC = 100 + 0.0063212Q
To determine production level for minimizing average total price, it is necessary to compute the average total cost to minimum cost.
This to say; the cost of Q =159,096.35 exemplifies production level, which reduces the average total cost. Meanwhile, when production level = 159.096.36, it is easier to fabricate optimum average collective price.
To determine the time it takes manufacturing at the lowest average total cost (ATC):-
This presents per-unit price of production, especially the proficient echelon. In the long-run, if the market varies, a company is forced to generate at the lowest total average price.
Business Operations Decision
4. Circumstances under which a firm should cease operations.
The association between ATC, average variable cost (AVC), and minimal costs (MC) can be illustrated well using a graph. The MC curvature transects the ATC and AVC curves at their lowermost points. Subsequently, price plummets with MC beneath AVC; however, price rises when the MC is above the average cost. While MC represents price of fabricating the last production unit, MC curve escalates with the measure of production, as such, the MC curve intersects ATC and AVC curves underneath their lowest points and increases.
The form of Minimal Cost curve is informed by the Rule of Shrinking Earnings. Shrinking proceeds in the fundamental logic come about in the event that marginal product flows an increasing measure of a parameter with a corresponding input is smeared to a fixed one (McGuigan, Moyer & Harris, 2014).
In this regard, the closure point is where the minimum AVC overlaps the MC. The firm can contemplate shutting down operations, when the cost plummets below the lowest point b as indicated on the graph. Implicitly by closing down the business can avoid running into more losses. It is only prudent for the organization to close down operations instead of accruing losses.
Business Operations Decision
However, the company can only go about with services by putting in place contingency measures and a strategy that allows it to change tactic and curtail losses (McGuigan, Moyer & Harris, 2014). This may be realized by changing production to a different SRATC curve through several capital alternatives.
When it comes to the breakeven point, the MC transects the ATC. Nonetheless, if the market price falls beneath $21.11, represented by point C on the chart, and above point b, the business may proceed with activities in the short-term. Largely, this may be because the price at the lowest point takes care of variable and fixed cost. Nonetheless, in the long-term under competitive setting, the firm has to quit the industry. As recapped by Stokes, the company’s administration has to play an integral role when it comes to market issues, putting market research individuals and being at the forefront dealing with market costs (Stokes, 2008).
Business Operations Decision
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5. The pricing policy that will allow frozen, low-calorie microwavable food company to capitalize on profits.
With regards to increasing profitability, I suggest cost profit maximization method, whereby the marginal revenue is equal to marginal cost. In this procedure, the firms examine the suitable output with the price levels with the goal of increasing returns. Quantity q* is illustrated by the convergence of MR and MC curves. The price that matches the amount is obtained by increasing q* with the demand curve to find p*.
There is another useful price rule that will be effective at a high rate will reduce the sales below q* while a lower price is likely to increase sales above q*. With the demand function, QD=350,000- 100P, inverse demand function can easily be calculated;-100P =350,000-Q.
P= (350,000/100) – Q/100
= 3,500 – 0.01Q
Total Revenue (TR) = P*Q
= (3,500 – 0.01Q)*Q
= 3,500Q – 0.01 Q2
MR = TR/Q
= 3500-0.02Q
Therefore, to increase earnings, marginal revenue should be compared to marginal cost.
MR = MC
3,500 – 0.02 Q = 100 + 0.0126424 Q
3,400 = 0.0326424Q
104,159.01 = Q
Q denotes return optimizing production that is beneath the output at the lowest average total yield. Therefore, realizing the actual cost for the fabricated unit, to enhance profit, the quantity in the profit is substituted as follows:-
P = 3,500 – 0.01Q
= 3,500 – 0.01Q (104,159.01)
= 2,458.41 = $ 24.58
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Business Operations Decision
6. To evaluate its financial performance.
Based on this computation, production permutation of 104, 159.01 units and with $24.58 as the retailing price puts us at the apex of our profit activity. Owing to our market power, the amalgamation puts the company in the changeable position of the demand curve. Any increase in the price will culminate in the loss of market share and a price fall that lead to higher profit realization. The computation below evaluates the fiscal performance with a fabrication quantity of 104,159.01 units
Products retailing at $24.58 and nevertheless, it take $22.95 to manufacture, generating earnings to the tune of $1.63 per unit. This is a monetary profit.
In this case, short-range earnings would be computed as; T R – TC
Where; TR = P *Q
Therefore; $24.58 * 104,159.01
= $2,560,228.47
TC = ATC * Q
$22.95 * 104,159.01
$2,390,449.28
Profit = $2,560,228.47 – $2,390,449.28
$169,779.19
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Business Operations Decision
7. Two (2) ways the firm can improve profitability and deliver more value to its stakeholders.
The significant costs to the firm are increasing energy costs, and raw material. Much as the organization has broadened the operations through brand innovations; the fixed as well as variable costs keep on increasing. The organization should search for strategies of reducing fuel, raw material and packaging expenses (Bragg, 2012). With regards to reducing fuel costs, the firm can use a direct delivery structure regarding scheduled sales and online orders by each client. Consequently, the company may put into consideration other external delivery channels.
Because the firm handles individual client orders, it should it account the use of direct to customer sales as a campaign to fund learning institutions or other entities. Again, the company needs to consider the techniques of minimizing packaging expenses by either converting the material to cryogenic freezing or suitable packaging methods (Routledge, 2008). By and large, the organization should allow employee participation, especially in the identification of reducible expenses and strategies of conducting such identifications.
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Soybean International Trade
Soybean and soyfoods are widely marketed in the United Kingdom. The United Kingdom is ranked as the leading exporter of soy food and product (Kwon, 2007, p. 71). The country has maintained the products’ economic and market value, thus increasing consumer interest and market value each year. This has influenced the level of consumption and production of the product all over the United Kingdom. To identify the stability of the soy market in the UK, it can be analyzed through the folloing marketing mix elements
Pricing
The pricing value of a product is an essential element of the marketing mix. This significanly affected the availability of the product in the market. Soybean is highly dependent on the market pricing value in the United Kingdom. The pricing for soya beans has been different in the UK depending on the quality and the maturity of the soybean. The quality of soy also influences its market value.
Tesco Soya beans for example have a high pricing value to indicate their quality in the market. The pricing of soy is strategic at influencing its worth in the UK market. During peak harvest, the pricing is set to drop and shoot during low harvest in the market (Hospes, 2014, 425).
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Place
The location or place also influences the market allocation of soya bean in the United Kingdom. Most soy product in the UK is exported to the United States and Canada as the primary target location. The location is influential in determining the target consumer and the region of sale. The UK has specific market locations for their for soy products. Statistically, UK has increased their soy export position to countries like Chile, developing new market ground for their product and increasing the sale and marketing of soybeans and products (Tomei et al., 2010, p. 301).
Soy products are also marketed in locations where consumers are keen on maintaining a healthy lifestyle. Such avenues offers a ready market for the soy products in the United Kingdom. This is strategic at increasing the market value of the soy product and different strategic locations in the UK.
Kwon, N. 2007, “Super Soy!”, Canadian Grocer, vol. 121, no. 6, pp. 71-71,73,75. Retrieved from http://search.proquest.com/business/docview/222850267/742DDE9E412947B7PQ/7?accountid=45049 Tomei, J., Semino, S., Paul, H., Joensen, L., Monti, M. & Jelsøe, E. 2010, “Soy production and certification: the case of Argentinean soy-based biodiesel”, Mitigation and Adaptation Strategies for Global Change, vol. 15, no. 4, pp. 371-394.
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Business Operations and Systems
Introduction
B&M is the fastest growing retailer business that has outlet stores on more than 450 high streets in UK and Germany. In the UK for instance, the company offers clients a wide range of FMCG products at reasonable costs. The company’s primary operations objective is to provide customers with an enjoyable shopping experience, premium products and eccentric value to win customer loyalty.
In 2015 the retailer registered an average 2.7 million client transactions on a weekly basis. Zero expenditure on the advertisement is what drives the cost leadership. This paper evaluates operation management for a B&M retail stores in the UK. It looks at some of the challenges the company grapples with in its bid to transition online.
Part 1
Why Customer Turn up to the Stores
Electronic retail establishments’ invest a lot on promotions to gain more clients. The approach is even capital intensive when customers flock online, especially with heightened competition. With this in mind, it would be prudent to comprehend the type of entry for every client to determine the earnings of the marketing efforts. B&M embraces various channels to win customer loyalty including; recommendations, paid search, marketing offers, mobile apps and gift cards among others.
Customer engagement
Clientele involvement is crucial because it aids in determining consumer behavior. To evaluate customer relationship at B&M, it is necessary to use three fundamental dimensions such as mailer response, visitation trend and procurement behavior.
B&M should use mailer response to enhance shopping. Personalized reminders can be employed to attract customers. Close consideration to this will enhance the organisations capacity to capture the most actionable client-related statistics.
Visitation trend: this type of information is one huge playground on which in-depth review can be pegged. This type of data is critical when it comes to helping clients engage with customers (Pettersen, 2009). For computing customer value, defined metrics such as some visits to either particular brands or offers may be employed to project the clients value (Slack et al. 2012).
Procurement Behavior: Autoresponders and the visiting trend can be used to analyze the customer interest. Buying behavior is a reflection of how clients are involved.
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Customer Exit/Churn
It is the dream of every business to retain clients, however, for most online retailers, about 50% of customers will just make a one-time purchase. Some recurrent purchases may also wither over a particular period.
At least one in every four online shopping has failed to reach the client in good time, as such; millions have been forced to put up with late consignments (Retail Week. 2012). While more than 50% of people prefer to make online purchases all for good reasons, about twenty-six percent of online customers have witnessed issues when it comes to delivery of products (Retail Week. 2012). In short, B&M is likely to grapple with the urgency of delivery for online distribution market.
Customer value for online shoppers
People make online purchases not because a given store has some of the most sophisticated technology or impressive media; they buy from these infrastructures because they need solutions to their problems. For sustainable business operations, B&M should help clients resolve problems by offering products that are tailored to solving client problems.
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The Changing Online Value Chain
When transitioning online, the value is altered by a linear flow of physical goods and services to a multi-directional data flow. At every phase of the supply chain, valuable information is collected, evaluated and disseminated to others. Apart from the products and services, the information is critical when it comes to creating real clientele value. While B&M takes advantage of cost leadership it is also essential to understand that customers make purchases not because of cheap prices but for many other reasons such as:
Save time: B&M should assist people to access goods and services promptly.
Minimise Risks: Offer complete data that assist each client in making informed procurement decisions Stock Things they Treasure: Sell products people may want to buy
Status: Develop networks with specialized discounts All these variables are dependent on having the best data about items, services, clients, markets and partners. Gathering, synthesizing and disseminating information in ways clients find essential is a powerful means to value creation.
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Challenges of Online Buying
Buying goods online are convenient compared to visiting a physical store. Also, online buying presents clients the opportunity prices a wide of products. Much of online marketing and security have developed; it is associated with a myriad of problems including buying the wrong product, being scammed on the internet (Slack, Chambers and Johnston, 2004).
Wrong order
When buying online, if a shopper request for a product and get a wrong one, it is the responsibility of B&M to correct the mistake or refunds the customers. Online stores recognise the customer service can either make or harm their operations; therefore, B&M should be prepared to correct this issue if they occur. For instance, they can compensate the cost of shipping.
Nonetheless, on internet auction websites, this procedure is not clear since they act as platforms for connecting shoppers and sellers (Rosemann, 2010). In certain cases, they can provide an online method for addressing delivery of wrong products and act as intermediaries in the procedure. Therefore, for B&M when settling for an online system, it should put in place a resolution center to address issues related to the wrong delivery of products as such errors can adversely affect its operations.
Delayed delivery
With online buying, there are changes of not getting products or delayed delivery. If shoppers fail to get their products within the stipulated time frame, the seller should refund the buyers. As such, B&M will be put in place appropriate models to ensure clients get their orders on time. Furthermore, the store will also be ready to help clients in case the product is not delivered. Nevertheless, if the product is not delivered B&M will provide shipping as well as tracking details; refund or send a replacement.
Under certain condition, an order can be shipped but goes to the wrong address; stolen, or inadvertently left. If such occur, the store will be ready to give resolve such issues. With regards to international customers, when a wrong order is delivered, major online vendors require settling the case in a local court. This is not practical; therefore, B&M will liaise with a store near the clients and replace it with the right one.
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Appropriate operations models (quality/depth).
Delivering products to clients on time and the suitable temperature is an import strategy for B&M’s success. Clients have a higher expectation when it comes to distribution of goods, accuracy and flexibility. B&M has to adopt a window while ensuring that frozen products are stored at the appropriate temperature. There are different operation models including;
Distribution operation; this model is regarded strategic operation for an online entity to perform its delivery channels. It implies that the organisations has total control of the distribution process and can use it as a venue for developing a relationship with clients. B&M can adopt its delivery channels enabling it to provide state-of-the-art in a 2-hour delivery window.
Outsource distribution of goods; B&M can contract a third party like express distribution services. This will help the organisation to delegate the challenging role of scheduling daily routes to an expert, permitting it to concentrate on other parts of the operations.
This model does not investigate infrastructural facilities though it’s flexible if demand fluctuates. Nevertheless, this method is perilous such that B&M outsource a third party firm to control its operations. Additionally, this model provides an opportunity for developing a relation with client.
Third location delivery or click and drive model; the clients make online orders and pick them at particular locations.
These sites can be owned by B&M or particular warehouse or third-party areas such as post office. Third location delivery will allow B&M to save distribution expenses and increase client fulfillment with extra services (Retail Week. 2012). Unattended delivery through insulated boxes: This will enable B&M effectively use its distribution routes. Also, this model is convenient particularly, for clients who are present during childbirth time.
There is no appropriate model, in-store buying model appears effective especially, in small demand sectors, however once the volume increases centralised warehouse technique is efficient. Some stores have realized and are adopting hybrid techniques, integrating in-store model with centralised warehouse technology (Johnson & Clark, 2008). Similarly, stores are experiencing a trade-off between providing convenient delivery services and efficiency.
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Creating Customer Value
There are different ways for the organisation to create value for its clients, especially when buying online. These methods include;
Release trapped value to improve efficiency. Creating value is sufficient where shoppers can quickly find products and at affordable rates. B&M can convert its Saturday parking area into a full-time shopping area. Offering new techniques to perform regular tasks also increase value, for example, providing instant downloads for important details instead sending via post office.
New-to-the-World Value presents new things that clients find not only essential but also valuable. In this case, B&M stores can offer products that meet the needs of the individual client, allowing them to develop groups of shared interests while allowing collaboration between individuals separated by location and time.
Online buying is flexible B&M can test new offers and determine the one the works effectively. Integrations can be applied to interrupt existing pricing strategies and increasing access globally. Regardless, value creation plan, the store can rely on the provision of relevant information to create long-term client value.
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Part 2
Tips: Structure for part two:
Root Definition (based on your chosen solution).
Root definition will be used by the project team, estimators and development managers; they will take the project (online ordering system) from the business manager. Using the necessary technology, expertise, process and develop an understanding of the project and the required costs (Holt, 2009).
This is a significant step as it helps the B&M to examine if the project is viable or not. This will be done within a short period with the assistance from consultants. This procedure is extremely competitive where the suitable bidder is selected based on the performance as well as organisational goals.
Table for CATWOE (this is to test the Root Definition).
This project will include
Customer: in this case, B&M clients
Actors including development manager, project team, estimator, software engineer and business manager. In short these are B&M employees who will manage the online system
Transformation; this will be in the form of processes, knowledge, technology and relevant details about the project. All the aspects are important in preparing a detailed recognition of the project while cost estimation to evaluate the viability of the bid. Why bother? Is vital in examining the probability of making the tender.
Therefore, B&M store should adequately understand the project. In essence, the organisation should determine whether or not the project fits with its objectives, cost and time frame. Owner; this include the project team. The environment includes different factors including organisational objectives, quality, cost, timeline, and competition.
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13. “AS IS” process plan (include brief summer of the process plan).
14. “TO BE” process program (include summary to explain the process plan)
In the “AS IS” process plan the problem is defined based on the clients’ perspective, there will be the challenges of wrong delivery or products and delayed delivery. Therefore, the process will be designed in a way that addresses these problems. In addition, the process will be developed while putting into account the incentive structure of B&M store. For instance, the company will monitor delays and unlawful delivery of products by returning the product to the warehouse.
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When it comes to the cause of wrong or delayed delivery, B&M will adequately assess the current condition with careful consideration of the problem. In the case of additional stages in the delivery process, the firm will eliminate some to fasten the process. After which an improved plan will be designed as shown below;
Part 3
Discuss how the managers would turn performance objectives into operations priorities and the resources that would be necessary for effective implementation of the new process (about six hundred words).
Transforming a strategy into positive outcomes starts with organizing people and practices through actions that are not restricted to strategy formulation, strategic and practical planning, accounting, talent and initiative control, projecting and technology (Heizer, 2011).
The leadership at B&M should implement a deliberate strategy by formulating, scheduling, and strategy control as opposed to depending on informal procedures and worksheets. There’s also the need to link the strategy and operations with an understanding that all areas of the company work in tandem to deliver performance (Marr, 2011).
Handling implementation as a process
The use of a balanced scorecard can help to translate approach into operational reality. Research indicates that the leadership craving for transformation and commitment essential to create and enhance a rigorous performance supervision process enhance the chances of success (Fitzsimmons & Fitzsimmons, 2007).
Strategy development
B&M managers can develop tactics to turn performance objectives into operations priorities. Regardless of the extensive use of management techniques such as balance scorecards, a few managers are skilled in developing a strategy. With a strategy in place, the managers will be able to clearly articulate operational priorities in a given time frame (Holt, 2009). In addition, they will easily galvanise B&M based on a particular as well as measurable strategic direction.
The managers will also use the strategy as a platform for identifying drivers of performance that result in positive outcomes. Besides, managers will be capable of understanding how clients and external environment affect performance while they rigorously examine inherent abilities.
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Translating the strategy
Translation of policy requires that managers use the outcomes and integrate them into a structure such as balanced scorecard. Strategy translation is vital as managers will use it to understand the connections between cause and impact among performance objectives and operations results through a particular structure (Jeston & Nelis, 2008).
This is imperative, as it helps managers to not only identify, but also select and search for portfolios required to prioritise operations. Apparently managers assign responsibility to drive performance against strategic goals while developing an information- acquisition technique to collect metrics (Sachon, 2010).
Structuring
When it comes to structuring, managers control the continuous alignment of the firm by the performance objectives. However, the managers are required to export priorities identified during strategy translation (Jeston & Nelis, 2008). Much as this is vital and challenging move, it requires working in two unique though connected ways. To start with, whether the company is implementing a new process or not, employees should work together and recognise the change.
Managers should be aware of the firm’s strategy and use different methods to ensure that employees understand it (Fitzsimmons & Fitzsimmons, 2007). They also need to align incentives with plan. This is the social component of structuring, where managers persuade the firm to recognise while supporting change.
Moreover, there is a technical aspect of restructuring, which require managers to make sure that different operations work seamlessly. As such, the managers have to align improvement plans using Six Sigma or other performance targets. This procedure is commonly known as cascading and it has to integrate operational dashboard as well as balanced scorecards with strategies associated with the wider strategy of the firm (Rosemann, 2010).
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Plan operations
The top management at B&M should weave initiative control into the budgetary planning process, to ensure strategic investments obtain funding. This calls for the development of an incorporated scheduling procedure that provides a smooth transition from strategic planning to financial planning that is comparatively seamless and harmonized (Simchi-Levi, 2007).
They should employ methods like rolling estimates, model driver transparency to allow on-time allocation (Harrison, 2014). Above all, managers at B&M should leverage the company’s performance and business intelligence applications to support each stage.
Using a Balanced Scorecard, discuss how the business performance can be measured post implementation
Perspectives
As far as the balanced scorecard is concerned, the B&M is examined from four viewpoints, and to develop metrics, collect data and evaluate it based on these perspectives:
The Learning and Growth Perspective
This perception comprises employee training and organisational cultural attitudes connected to both individual and corporate self-improvement. In this age of technological transformation, it is somewhat critical for information employees to be in a continuous learning mode (Kaplan, 2010).
Metrics at B&M can be executed to instruct top managers in channeling training funds where they are needed most (Anupindi et al. 2008). Whatever the case may be, learning and development comprise for the success of B&M. Moreover, learning entails communication among employees that enable them to obtain help on an issue if need be.
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The Business Process Perspective
With this perspective, the top managers can determine how internal business processes run, and whether or not its business processes conform to clientele requirements (Kaplan and Norton, 1996). However, metrics should be developed by those people who understand the business operations, with the organisation’s distinct objectives (Heizer, 2011).
Customer Perspective
When it comes to client perspective, B&M focuses on fulfilling the expectations of customers. These are the main parameters; if the B&M fails to meet clients’ needs, they find other companies, to satisfy these expectations. The poor performance of customer perspective is the main parameter of that can lead to the decline of B&M though the companies past financial records look well. In creating satisfaction metrics, B&M must analyse the type of clients and varieties of procedures used to produce goods and services.
Financial Perspective
Financial information is vital in measuring post implementation. As such it should be timely and accurate as such B&M management should be ready to provide it when needed. There is adequate processing of financial records. With the adoption of the online ordering system, processing will not only be centralised but also automated.
Nonetheless, economic contributes to unbalanced condition compared to customer, business process and learning perspectives (Harrison, 2014). For that reason, financial-based information like cost-benefit and risk assessment information can be integrated to measure adequately business performance.
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Fair Trade Jewellery
Abstract
This reports aims at establishing the manner in which Fair Trade Jewellery can be mainstreamed. A brief history is described in this paper that clearly looks at the emergence of Fair Trade Jewellery. Additionally, the report also draws an analysis on the challenges the jewelers face in the process of Fair Trade and concludes by giving some thoughtful insights on how this approach may be improved.
Introduction
The purpose of this report is directed towards discovering the manner in which Fair Trade Jewellery can be mainstreamed. The aspect of fair trade Jewellery emerged as one of the responses aimed at tackling the discrepancies that have existed in the current global trade systems that is entirely based on the concepts of free trade. This aspect has evolved to see small organizations buying products from different producers in developing states and selling these products to their acquaintances through a global movement which primarily bases its campaigns of the benefits of such trade networks economies (Alvarado, 2009).
This segment therefore aims at analyzing the manner in which fair trade Jewellery may be mainstreamed or if this aspect of destined as a niche market. Additionally, the section will take an analysis of some of the challenges that jewelers face with the aim of making this a reality.
The Mainstreaming of Fair Trade Jewellery
It is clear to determine the fact that Fair Trade Jewellery offers practicable support directed towards combating the aspect of poverty and approaches that offer structural change on the unjustified trade relations (PR, 2015). The mainstreaming of Fair Trade Jewellery can in this case be depicted as the process of Fair Trade Jewellery economic actors developing approaches aimed at moving from a fully operation of Fair Trade value chain to the increase of operation in conventional market value chain. In achieving the goals of mainstreaming, the introduction and inclusion of product certification is considered, a factor that opens up possibilities for value chains with other mainstream actors.
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A fair approach of trade in this case is one that is characterized by approaches aimed at ensuring that both the social and environmental standards are adhered to, with this considered as an effective approach that ensures the sustainability of the environment and other livelihoods. However, it is essential to also consider the extent at which sustainable use of the environment and sustainable livelihood can be viewed (Jeevananda, 2015).
Fair-trade Jewellery production is one that has several defining elements that include the making of products from different materials. On the other hand, the producer organizations tend to operate in a highly segmented market where products are considered to be relatively expensive and are high in quality with most of the sales of these products done in the Western countries.
Additionally, it is vital to point that organizations that engage in Fair Trade Jewellery have a social mission with profit considered as not the only goal of the operations. In consideration of the aspect of mainstreaming, it is vital to note that organisations are required to comply with the Fair Trade criteria’s (Boyd, 2014). Mainstreaming in this case creates the opportunity for these organizations to increase their sales, spread the risks noted in the industry and learn the different enterprenual skills that come from mainstreaming enterprises.
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Challenges that Jewelers Face
Considering the fact that Fair Trade jewelries sales continue to grow as a result of the growth in new geographical markets, few consumers are in a position to pay the much required for the products, a factor that points out to some of the challenges that this jewelers face (Child, 2015).
It can therefore be argued that since more consumer are not willing to pay the prices for the developed product that would ensure Fair Trade standards are meet within the value chain, then growth in this industry is considered as impossible. On the other hand, several handicraft markets are also characterized by the oversupply and the aspect of poor economic prospects, a factor that has been considered as the reasons why price variables can be viewed in the industry.
Conclusion
This report has clearly discovered that the aspect of fair trade Jewellery emerged as one of the responses aimed at tackling the discrepancies that have existed in the current global trade systems that is entirely based on the concepts of free trade. Fair Trade Jewellery offers practicable support directed towards combating the aspect of poverty and approaches that offer structural change on the unjustified trade relations (Child, 2015).
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The mainstreaming of Fair Trade Jewellery can in this case be depicted as the process of Fair Trade Jewellery economic actors developing approaches aimed at moving from a fully operation Of Fair Trade value chain to the increase of operation in conventional market value chain. In achieving the goals of mainstreaming, the introduction and inclusion of product certification is considered, a factor that opens up possibilities for value chains with other mainstream actors. Some of the challenges that the jewelers encounter in this industry include the, few consumers being in a position to pay the much required for the products.
Jeevananda, S. (2015). Effectiveness of Market Development Assistance Scheme In Handloom And Gems And Jewellery Sectors In India. Scholedge International Journal Of Management & Development, 2(8), 37-50.
PR, N. (2015, December 8). Singapore Jewellery & Gem Fair 2015: A Triumphant Chapter for International Fine Jewellery. PR Newswire US.
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Factors Influencing Youth Consumers on everyday Purchases
Abstract
There exist various factors that influence how youth consumers make their daily purchases. It is good practice for organizations and firms to understand the trends of its customers so as to ensure that they perform their businesses in ways that will attract customers. The main objectives of this research are to find out the behavior expressed by the youth when buying products. It examines the attitude of the youth toward certain brands, products, and how they determine their purchasing tendency.
Additionally, the survey finds out the impact of cultural and social backgrounds on consumer choices. Other factors that are examined include the impact of quality of product, pricing, peer influence, consumer knowledge, promotions, advertisements, and product delivery on youths’ buying behavior. Also, this research aims at studying the effects of necessity and interests on the purchasing behavior of the youth (Solomon et al., 2012). It further seeks to find out the effects of culture and social set ups on the buying behaviors of the youth.
The study employed a descriptive research design. The study population involved 70 youths. The study was conducted online whereby a survey monkey tool was used. Structured questionnaires were used to collect data and Microsoft Excel used to analyze quantitative data and table tabulations were done.
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The findings of the valid responses from the research indicated that there are differences in the choice of brands, fashions, and hobbies in making purchases among the social classes with the lower class not observant of these factors. The highest income earners do their shopping in reputable markets and large malls while lower income earners do shop in the local markets and partly supermarkets (Holmes et al., 2013). Social media and televisions are the major sites for obtaining information more frequently about the products. Availability and durability of products plus easy access to the shopping points makes it easier to be purchased among the youth.
In conclusion, the income and social class of an individual affect his/her consumption decisions. Parenting also affects consumer behavior because the parents influence the youth while buying products. Culture and beliefs are also other determinant factors because the youth can regard some products to be related to old age (Atkinson & Rosenthal 2014). The curiosity of using a trending product can also affect the youth in most occasions while carrying out purchases.
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Atkinson, L. and Rosenthal, S., 2014. Signaling the green sell: the influence of eco-label source, argument specificity, and product involvement on consumer trust. Journal of Advertising, 43(1), pp.33-45.
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Porter’s Five Forces Model
Introduction
Starting a business or developing an existing business, it is necessary to consider the porter’s five forces to answer questions that may arise from competition. The five porters model help to determine whether a business will be profitable or not when comparing with other businesses within the same field of operation. Magretta (2013) the importance of comprehending the competitive forces and their fundamental reasons, will disclose the base of the market’s present productivity and will provide the procedure for forecasting and inducing competition overtime.
Purpose of porter’s five forces model.
The porter’s five forces study helps a company to comprehend the issues affecting productivity in a given market, help to update judgments connecting to: whether to entre a given market, whether to maximize volume in a given market and developing the competitive strategies, (Magretta, pg. 87, 2013). For example, threat of new entry to a given market is a strong force to the existing marketers in that market.
This is because a market which is productive will attract new entrants and this will eventually corrodes profitability. In order to maintain profitability, the given market will be protected by solid and long-lasting barriers to entry such as economies of scale, patents, government policies or capital requirement. Unless this barriers are implemented, the market will experience a competitive decline rate of profitability.
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Also, the buyer power is a weak force to determine the profitability and competition in a given market. This is because, it is easy for the buyers in a given market to drive the prices down. To do so, several factors such as importance of each buyer in the market, the cost of buyer switching from one supplier to another or number of buyers in the market, (E. Dobbs, pg. 43, 2014). If in a given specific market has few and influential customers, they are in a position to command their own terms.
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Soy Product Marketing in the UK
Soybean and soyfoods are widely marketed in the United Kingdom. The United Kingdom is ranked as the leading exporter of soy food and product (Kwon, 2007, p. 71). The country has maintained the products’ economic and market value, thus increasing consumer interest and market value each year. This has influenced the level of consumption and production of the product all over the United Kingdom. To identify the stability of the soy market in the UK, it can be analyzed through the folloing marketing mix elements
Pricing
The pricing value of a product is an essential element of the marketing mix. This significanly affected the availability of the product in the market. Soybean is highly dependent on the market pricing value in the United Kingdom. The pricing for soya beans has been different in the UK depending on the quality and the maturity of the soybean. The quality of soy also influences its market value.
Tesco Soya beans for example have a high pricing value to indicate their quality in the market. The pricing of soy is strategic at influencing its worth in the UK market. During peak harvest, the pricing is set to drop and shoot during low harvest in the market (Hospes, 2014, 425).
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Place
The location or place also influences the market allocation of soya bean in the United Kingdom. Most soy product in the UK is exported to the United States and Canada as the primary target location. The location is influential in determining the target consumer and the region of sale. The UK has specific market locations for their for soy products. Statistically, UK has increased their soy export position to countries like Chile, developing new market ground for their product and increasing the sale and marketing of soybeans and products (Tomei et al., 2010, p. 301).
Soy products are also marketed in locations where consumers are keen on maintaining a healthy lifestyle. Such avenues offers a ready market for the soy products in the United Kingdom. This is strategic at increasing the market value of the soy product and different strategic locations in the UK.
Kwon, N. 2007, “Super Soy!”, Canadian Grocer, vol. 121, no. 6, pp. 71-71,73,75. Retrieved from http://search.proquest.com/business/docview/222850267/742DDE9E412947B7PQ/7?accountid=45049 Tomei, J., Semino, S., Paul, H., Joensen, L., Monti, M. & Jelsøe, E. 2010, “Soy production and certification: the case of Argentinean soy-based biodiesel”, Mitigation and Adaptation Strategies for Global Change, vol. 15, no. 4, pp. 371-394.
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