How employee performance is managed and measured at a business
Assignment 4-How employee performance is managed and measured at a business .0 Introduction I will write a report regarding an employee working at Tesco, and analyse how Tesco look at their employees and review their performance and see how they manage them. This is so that they can get the best performance out of them, as different people need different ways of managing them. This leads to performance improvement, the measures leading companies use to effectively manage employee development, rewards and recognition, recruitment and selection, and employee satisfaction and morale. 2.0 Findings 2.1. How Tesco manage and measure a performance of an employee Tesco is a global company and for them to remain one of the best they must man manage their staff, and measure how well they are performing as an employee, this not only benefits the company as sales will be better but also the employee can see what areas they are exceeding at, but also what areas they can improve upon. Performance Management- There is many approaches that Tesco take upon to the development of a sound performance management system with employees. Tesco believe that an employee must have clear work plan objectives that are aligned with the goals of the company, measurements to assure whether an objective has been achieved, such as has the employee reached their sales total of the day. An assessment of
Business Costs
Business Costs In a business there are three different types of business costs these costs are: Direct & Indirect Direct costs are expenses that can be attributed making a particular product such costs include factory labour, raw materials and operating machinery. Indirect costs are the general overheads of running a business for example; salaries, telephone bills and rent. Firms that make more than one product will want each one to earn enough sales revenue to cover its direct costs and make a contribution to indirect costs. If all the products together make enough contribution then the business will make a profit. Fixed & Variable Fixed costs are costs which do not vary. They are mostly indirect costs - Management salaries, telephone bills and office rent. They have to be paid even if the firm produces nothing. Variable costs are costs that cab change every time a bill etc... must be paid, these are mostly direct costs such as factory labour, raw material etc...Some costs are semi variable, they only vary slightly because they have a large fixed element, for example workers wages - most people receive a basic salaries and only part of their pay is linked to output. Fixed costs are usually only fixed over a short period of time, if a firm is expanding, it will take on more managers and rent more offices so the fixed cost will increase. A firm can work out their
business online
Task 1 In the report I will be investigating why it is important to have a business online, how it affects the business and the importance to investors and other businesses. I have chosen two businesses to research how being online helps them what their aims and objectives are A) 1. The online business I've chosen is Amazon 2. The super market I've chosen is Tesco B) Amazon.co.uk is famous for selling books but the turn over wasn't making enough profit, but now they sell other stuff like from cameras to coffee machines, exercise videos to Elvis CDs, they say there's something for everyone. They also enable independent sellers to sell new and used items on their website via Amazon.co.uk Marketplace. Within Amazon.co.uk you are able to use a variety of resources to help you make your choice, this including customer reviews and personal recommendations. The Amazon Associates program was the first online affiliate program of its kind when it launched in 1996. Today, it is the largest and most successful online affiliate program, with over 1,000,000 members world-wide Customer Focused - Amazon seeks to be the world's most customer-centric company, a place where people can find and discover anything they might want to buy online. Previously Amazon only sold books, music and toys, as they found out that they weren't even breaking even so they decided based their company
Business resources D1
D1, Evaluate how managing resources and controlling budgets can improve the performance of a business. If a business manages its physical and technological resources well this would the performance of the business it will give Sainsbury the full benefits of the resources. If Sainsbury manages and controls its budgets effectively then it can improve the performance and success of the business. If a business manages to maximise it income and minimise it cost then it would improve the business profits level which would improve the business performance. If a business manages it cost and budgets properly by purchasing the right stock level which it needs and knows it would sell with a specific period of time then this means that the business would benefit by making substantial sales revenue from those stock as a result. Another benefit is that the business would be saving money from the space needed to hold the stock in the stockroom. Another benefit would be that the business would be making good profits level from the sales. This would improve the performance and success of the business overall. If a business manages its costs efficiently then it would improve the success and performance of the business. If a business employs the right amount of workers it needs then it would reduce the cost of the business. Another benefit if the business employs the right amount of staff
ICT in Business
ICT in Business The main aim of this assignment is to establish the growth of E Commerce within British Retail. In order to do this appropriate research methods must be carried out which will mainly be done via internet. The two main E Commerce businesses I have chosen to research are Amazon and eBay, which are the two major e commerce stores currently dominating the online market. British Retailing is also named as 'E Tailing', e-commerce consists of the buying, selling, marketing, and servicing of products or services over computer networks. The information technology industry might see it as an electronic business application aimed at commercial transactions. Out of the two chosen e commerce companies it has proven that eBay is one of the main dominating companies it has been predicted that by April 2010 online shopping will have expanded by 320% resulting £60 billion a year and accounting for 20% of all UK sales. Amazon was launched in 2000 and has taken on alliances such as 'Cars Direct', 'drugstore.com' and 'wireless phones.com' which has a connecting link to other British retail stores online. By Amazon and eBay using e commerce as source of British Retail it will enable consumers to access products a lot faster which will save time as opposed to going out and physically going to have to buy them. The benefits of using ICT within this specific area of British
Business Activity & PLC
Business Activity Tesco specialises in food and drink as their core product and this helps them to concentrate in one major area. This also helps them purchase a large number of products in bulk and therefore gain huge discounts as they are benefiting from economies of scale. Tesco sells other types of products apart from breakfast cereals, toiletries and snacks. They do this because over the years they have realised that their customers want to do all their shopping under 1 roof rather than in 10 different shops. A few years ago Tesco decided to start selling other type of goods like foreign food, halal food, low G.I, organic and low fat food. Selling different types of products will benefit customers because they will be getting what they have in their normal diet but at cheaper prices. This shows that Tesco responds to the latest trends in the U.K., and thus satisfies everyone. The reason Tesco sells their products so cheap is because they buy them in bulk and gain low prices. Also selling products at low prices helps to gain customer loyalty which has helped the store a great deal, and helped them to gain huge profits. Tesco's main income is through food and drink but they sell other products as well. This diversification has helped the firm to raise £280 billion. Some of the items that are sold are clothes, household goods and electronics etc. Tesco aim their
Unit 4 Business Studies
Unit 4: Investigating Electronic Businesses Introduction In this unit I will be comparing two existing businesses which I will be choosing and in the comparison I evaluate whether they achieve their business aims and objectives of having an online presence. In the second part of my coursework I will be recommending some improvements which are to be made for one of the businesses, and I will also highlight some factors which influence a business to open themselves up to online trading. And finally I will be also designing a new website for a new business and planning the creation of the new website. Electronic business is: "Electronic Business, or "e-business", may be known as a business which relies on an automated information system; today this is done by web-based technology. The term "e-business" was put together by Lou Gerstner, CEO of IBM. The Electronic business methods allow the business to put together their external and internal data together more efficiently and flexibly which allows them to work more closely with their key stakeholders; and to reach the expectations of the stakeholders like customers. E-businesses usually include e-commerce; e-commerce is simple seeks to add revenue streams using the Internet. The internet helps them build and enhance relationships between the business and the key stakeholders being the customers and improve efficiency.
Business Case Study - Hormaz
Business case study Hozmallo Pumps Hozmallo Pumps is a private limited company located in India, that manufactures and distributes high quality (producer good) water pumps for buildings all around the country. Cyrus Polpet started the company 71 years ago, but now his son, Armand is taking over as CEO. Since the last 2 years, sales of the business have been rapidly decreasing resulting in very low profits (fig. 1.1) mainly due to the soaring inflation in India. Furthermore, the financial strength of Hozmallo Pumps has not been good. After calculating, the Current ratio of the business is 0.98. Armand found his fathers Budgets for the business (fig. 1.2). Many other problems have occurred in the business too over the last 2 years. Young and ambitious, Armand has set certain goals for the future to improve Hozmallo Pumps: > Reduce costs > Increase profits > Spread risk of the business > Increase market share > Expand into new countries Fig. 1.1 Armand wants to purchase the new 'Pumpmaster 3000' to reduce costs and increase output, but is finding it difficult to pull out $5,500 from the business. Also, he wants to expand the business operations into the middle-eastern market. Armand found that Oman would be a good country to expand into for various reasons after carrying out market research. Data collected: * Many clients willing to buy product * Competitive
Aims & Objectives of a business
AO1 Unit 1 Business Aims Aims & Objectives of a Business When a new business starts up, they have a number of aims and objectives to look up to as a goal of the new business. An aim is when the business has set up some goals to achieve; it is a statement of purpose, meaning the aims are made for the business for a reason, e.g. we want to get £3200 from the next profit share etc Business Objectives are a clear view of targets which have been set out by the business. The business then plans out how to achieve these targets/aims by a number of ways to suit the targets, so then can be achieved to help the business stand. The Objectives are broken down so that they are easier to achieve. The objectives help measure the progress towards its aims. E.g. of common business aims, * To make profit * To increase market share * To provide services * To improve the quality of a product or service To Make Profit One of the most important objectives of a business is to make profit. Without profit, a business is unable to do all the things a business wants to in order to continue being successful, for example, without profit, the business can't keep its shareholders happy, it can't pay higher wages to its employees, it can't invest in better technology to improve its products and so on. A company that does not make profit will find it difficult to reinvest money into research
Business Rise and fall
Over the recent years the economy has changed thoroughly there have been dips in the sectors of business and also rises. The two sectors that have become very unpopular due to lack of wage and no interest in the sectors are primary and secondary sectors. This is because the value for tertiary sector has become widely popular and more valuable in wage and also many other third world countries would rather do the primary and secondary jobs that were so popular during the Middle Ages. For example: - farming, mining, harvesting. Although these jobs are still around today they are less significant. The tertiary businesses nowadays are worth more because more wage more opportunities and also the education demands are getting a lot higher than they were 30 years ago and because of these more tertiary opportunities are becoming available to students leaving school. Also student nowadays have goals and thrive to get towards them and with the help of tertiary businesses they are able to pay their way through to achieve their own. The changes in the primary sector are due t o natural resources becoming available in third world countries. In these third world countries the poor are more determined to work for any possible wage. Whereas in the more economically developed countries example: - United Kingdom & United States of America these countries have more experienced resources and
