Unit-2 Business Skills for Proposals and Pitches
Unit-2 Business Skills for Proposals and Pitches
A. For your selected product/service analyse the macro-environment through the use of a PESTEL analysis.
Through performing PESTEL analysis the organization can evaluate macro environment of the organization. The success rate of the service introduced can be evaluated through this analysis. For the service event management, the macro environment is analyzed through the use of the PESTEL analysis.
- Political: The political environment of the hotel is very stable as the supports the growth and development of the hospitality industry. The introduction of the new service does not have to face any political impact in the UK market.
- Economical: The UK economy is very stable which can contribute to the success of the new service. This enables the organization to invest in the new product MegaSuit through financing with stable interest rates. The revenue generated through this new service can also contribute to the revenue generation of the nation through hospitality industry which can influence the economy positively (Gustavo, 2013).
- Social: Almost all families in the population of the market UK are having dual income. They also look for highly standardized service and prestige. This social characteristic of the UK population is quite promising to the success of the MegaSuit.
- Technological: The MegaSuit is associated with the latest technological adoption which provides the business class people to manage business from the room itself.
- Environmental: The MegaSuit cannot cause much harm to the environment and its implementation can be performed through adhering to the environmental laws. .
- Legal: The legal constraint can certainly influence the MegaSuit. Some of the regulations like the employee rights and benefit acts prevailing in the UK, fair and honest dealing etc can control the activities.
B. For your selected product/service select a target market through the process of market
Segmentation: Segmentation is the process through which a target market is identified and selected for the purpose of marketing and promotional activities. Segmentation can be performed by considering the similarity in the buying behavior of the customers, requirements etc (Weinstein, 2013).
- Geographic Segmentation: Since the UK market is associated with many reputed business organizations and holiday spots, they can be considered as the target market MegaSuit.
- Demographic Segmentation: The high class and the business class people of the UK population can be segmented for the new product MegaSuit as they prefer comfort and technological advances.
- Psychographic Segmentation: The customer who prefers high class life style and standardized services can be focused for MegaSuit.
- Behavioural segmentation: Based on the reaction of the customers to the new product Mega Suit the customers of the UK market can be grouped.
C. For your selected product/service analyse the micro-environment through the use of Porter’s five forces analysis.
Through porter’s five forces analysis the management can analyse the business environment and can identify the present situation of the new MegaSuit and can formulate appropriate strategies to achieve success.
- Threat of new entrants: This factor is medium as far as the event management is concerned. The probability of hotels to start this new MegaSuit is medium. Since it requires a good investment for developing a quality, standardized and luxury suits the small hotels may neglect providing this service.
- Bargaining power of customers: The customers can bargain for high quality service and this factor is very high for the service. The customer can switch to any other reputed hotels if they have any issues with the service
- Bargaining power of suppliers: The suppliers for this service may also possess demands as there are many hotels offering this service. Prior booking and nice relationship is very essential here (Franek, & Kresta, 2013).
- Threat of substitute products: This force is having less influence as far the luxury accommodation is considered as no service can be replaced with this.
- Competitive rivalry: The competition in this industry is very high as there are many hotels providing the same service.
D. Based on the research that you have conducted, justify the suitability and feasibility of this strategy.
As per the market research conducted in the hospitality industry UK is a market where the hospitality industry is having a dominant position. The government of the market also supports the growth and development of this industry. Hence the political and legal interference will be very less for the introduction of the new service. If a well defined business paln is produced which is confined to all rules and regulations and submitted the organization will certainly get the approval (Jiang & Schmader, 2014).
The economic and the social conditions of the market are also stable which provides potential customers to the new service. If the organization could exhibit high quality service and standards via MegaSuit then certainly it may gain success. The customers also prefer this service and are looking for differentiated services which provide a good opportunity. If the organization could perceive the target customers and could create a positive perception then this service can generate huge revenue and reputation for the organization. This can eliminate the present financial crisis of the organization.
Hence the introduction of the new product luxury deluxe suit MegaSuit can certainly gain the attraction of the customers and can generate revenue for the organization.
Unit-2 Business Skills for Proposals and Pitches
ORGANISATIONAL PURPOSES OF BUSINESSES
UNDERSTAND THE ORGANISATIONAL PURPOSES OF BUSINESSES
Q1.1 Identify at least four different types of organisations that exist in the U.K.
An organisation is an institution which is either owned privately or along with the public and government. An organisation is associated with either a product or services which is being traded under the guidance of an executive leadership to gain defined goals.
Four different types of organisations existing in the UK are:
1. Public sector organisation: They are run by the governments for providing to people. People pay taxes to the government, which in turn invests in providing infrastructure to the public at large.
2. Private sector organisation: They are run by private individuals. Examples of private organisations are sole traders, partnership firms, companies (public & private), and franchisee. They run private companies with major focus on profits, services, growth.
3. Voluntary groups: These are not owned by any individual or individuals. They are run under the guidance of the board with selfless interests.
4. Public private partnership: These are companies formed by the government and then bring in a private entity to run day-to-day operations. They are governed by the board leadership.
5. Sole trader: Business owned by one person
6. Franchise: This is a private business company which adopts the operational rights of a different company.
Two organisations chosen are Tesco and HSBC.
Reason for selecting the Tesco is its sheer size of retail development and its consistent expansion drive in the Asian and other markets around the world. It sells multiple products through its hundreds of retail stores to wholesalers and consumers. It is preparing its entry in the Indian retail market as the FDI market has opened up. Tesco is listed in the UK stock exchange market.
Reason for selecting HSBC is its global presence which has helped to garner real time news data about major investment markets and offers various service to their clients around the world. HSBC is incorporated in England and Wales in the name of HSBC holdings and its entities around the world offers range of services, which becomes part of the holding company HSBC. HSBC is listed in London, Paris, New York, and Hong Kong stock exchange market.
Q1.2 Select an organisation of your choice and describe the extent to which this organisation meets the objectives of its stakeholders.
The organisation selected is HSBC bank.
A stakeholder is an individual, a company or a group which has some direct or indirect interest or concern in a listed company. It can be a stakeholder by buying shares of the group or by taking an equity interests and having some advisable role to play in its day-to-day operations.
Primary stakeholders of HSBC bank are its customers, clients, governments, employees, owners, and the communities. HSBC helps customers by selling their services to them and offering them value for money products and after sales services. It helps its clients by giving them optimum return on their investments made into the bank and reliable advice for investments. It helps the government by properly and loyally paying taxes on time, which in turn helps the economy to remain progressing. It helps by investing in corporate social responsibility segments and help communities, especially in areas which are directly affected by the company’s operations. It helps its employees to have a well-paid job with substantial fulfilment of the employee’s personal and financial goals. It also helps its employee by offering job security, some kind of status and growth in business. Finally the company helps its owners who have invested capital in it by giving them profits and growing the business management in a consistent manner.
HSBC bank also has different objectives in various countries it operates in. It has social corporate responsibility division in all countries it operates in and thus participates in social activities and fulfils its obligations.
In addition, it operates on a global level and hence, it shuffles clients’ investment decisions and provides them a global vision for their overall investments and strategy. In this way it fulfils its domestic as well as international clients’ responsibilities.
By taking part in international negotiations between mergers and acquisitions, it manages to build various economies and fulfils its requirements towards countries in which it is present, by bringing in revenues.
Q1.3 Explain the responsibilities of the organisation you selected in Q1.2. In addition, explain the strategies employed to meet these responsibilities.
Various responsibilities of HSBC bank towards its customers is to offer them best services in banking, investments, advice, loans, equity markets, stock markets, etc. The banks responsibilities towards its owners are to make profits in the business and keep looking for new avenues for investments and growth. The banks responsibilities towards the respective government are to make substantial contribution to the economy by participation in the market. The banks responsibilities towards its employees are to offer them good development in the company, good paying jobs fulfilling their personal and financial goals. The banks responsibilities towards their clients are to offer them the best of services as investment advice, services, wealth management services, etc. The banks responsibilities towards the communities is to give them back and more if they have lost something as a result of their operations.
The bank has certain milestones for achievement to offer profits to the owners who have invested capital. This is being done by excellent practice on a daily basis and excellently managing the entire process, and perceiving any forthcoming risk to avoid failures, etc. The back designs some reward programs for encouraging employee participation which in turn will produce good results. The employees who are promoted depending on their performance has a sense of satisfaction and growth in their life. The bank has some social responsibility programs which invests in education, healthcare and providing basic infrastructure to the less deprived in small villages. The bank has the best hired portfolio managers who advice their clients to develop life-long relationship with them for sustained investments. The bank offers some services compared to their competitors for generating life-long banking customers.
LO2: UNDERSTAND THE NATURE OF THE NATIONAL ENVIRONMENT I
Q2.1 Using a country or countries of your choice, explain how two economic systems attempt to allocate resources effectively.
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Managing Human Resources Assignment
Managing Human Resources Assignment
Human Resource Management (HRM) is defined as a function within an organization to enhance the performance of the employees. HRM mainly deals with the management of the employees to maximize the productivity of an organization. HRM basically helps in achieving the goals of an organization in an efficient way through effective usage of employee management. The basic functionality of HRM deals with the knowledge of managing relations within an organization. People, place and purpose are the basic components of an organization. Various policies are used in evaluating and retaining the skills of an employee. Importance of HRM in both academic and commercial sector came into existence in 1980’s.
1. Distinguish between Personnel Management and Human Resource Management
Staff must make a valued contribution to the work of the organization. Eventually they will leave, more often than not because they find alternative employment or retire. Occasionally, however, employment has to be terminated.
This unit considers how human resource management deals with these aspects of personnel management
- It is basically work oriented
- Personnel management is considered as A technology used for human resource management in older days.
- It basically deals with the management of employees with an organization such as hiring employees
- It helps in explaining the expectations and actions of the management to the employees
- It performs the functions of an organization in a traditional way
- It keeps the record at an operational level
- It maintains the personnel records
Human Resource Management
- It is basically resource oriented
- It deals with the development of management and line management
- HRM performs functions as performed by the personnel management but in a distinct way
2.Access the functions of human resource management in contributing to organizational services
Various functions of Human Resource Management (HRM) are as follows:
- Selection and Recruitment of employees – the success of an organization is completely dependent on the workforce quality. So the HR department recruits the employees having good work experience to increase the productivity of an organization.
- Performance evaluation of the employees – the performance of an employee is analysed by the HR department on the regular basis. After analysing, the improvement in the performance can be done to increase the potential effort done by an employee. Action plan will be set up by HR department to analyse what an employee performs.
- Development and training of employees – Employees have to undergo regular training sessions in order to improve the efficiency level .On the job training is provided by the HR department to enhance the performance of an employee.
- Motivation and welfare of employees – Employee satisfaction should be the basic aim of a healthy organization. Various motivational activities performed by HR department are organizing get together parties of employees.
- Wage determination – Finance department takes the decision of wages and salaries of an employee. Wages are determined by the position of an employee within an organization
- Analysis and description of the job – Analysis of the job is done by determining the people, skills, structure, responsibilities and environment of the job. Job description implies relationship among the employees, skills and qualification of the candidates, responsibilities and duties of employees
Objectives of Human Resource Management
Various objectives of HRM are as follows
- Functional objectives – HRM mainly deals with the functionality of an organization
- Personal objectives – It helps in assisting employees in achieving their goals. Objectives of an employee will be met only if employees will get proper motivation time to time. Retaining of an employee’s objective are necessary to achieve the goals of an organization (Feringa, 2006). Employee turnover will go on rising if there is decline in an employee goals satisfaction.
- Organizational objectives – The effectiveness of an organization completely depends on the functionality of Human Resource Management (HRM). HRM basically deals to provide assistance to the entire department and hence serves the entire organization.
- Societal objectives – HRM is equally responsible for managing the needs of the social society.
3.Evaluate the role and responsibilities of line Managers in HRM
Line managers are the managers to whom employees or clients can directly contact. Implementation of HRM within an organization is done by the line managers (Benatallah, 2005). Various functions performed by the line managers are
- Employee management
- Regular standards for improvement like action plan, deadlines and targets
- Identification the underperformance reasons
- Proper supervision of employees
- Quality analysis
- technical expertise
- monitoring employee performance
- determining operational cost
- organization of the processes
4.Analyse the Impact of the legal and regulatory framework on HRM
Regulation of the design and implementation of the Human Resource department is done by the regulatory committee. Human resource management takes place against a background of organizational needs, policies and procedures that are themselves shaped by legal and regulatory requirements. The unit therefore gives consideration to the national and European legislation that has, for example, seen the introduction of a range of anti-discriminatory legislation, the significance of which can be seen regularly in high profile and often very expensive court cases. Organizations with effective human resource management policies, processes and practices will have committed skilled employees who contribute effectively to the organization. In competitive business contexts this is a significant contribution to maintaining a competitive advantage. During the selection and recruitment process of an employee within an organization, fair deal needs to be done by the HR department. Everyone should get the equal chance to compete for the job vacancies. Indirect discrimination is one of the legislation that is used during the recruitment process of various companies in the world. The employees must not be discriminated because of their marital status (Mathesius, 1998)