Contribution to innovation and change. Explain three points of innovation in a business environment.
Task 1 You have been asked to write an article for a magazine called "How to contribute to innovation and change within the organisation". . Explain three points of innovation in a business environment. Businesses that encourage innovation and creativity are more likely to succeed than those which don't embrace change. This can be achieved by: > exploiting new ideas > taking advantage of new technologies > leading the market rather than follow it 2. Explain why it is so important to review existing ways of working in a positive way, identify four ways for doing so. > Improve business processes to increase efficiency and productivity > Develop new and improved services to meet rapidly changing customer demands > Differentiate your business from your competitors to increase your market share > Take advantage of new technologies to enter potentially lucrative new markets > Attract and retain key staff by building a reputation as a dynamic, forward-thinking organisation. 3. Explain three benefits of teamwork when contributing to innovation and list three behaviours and attitudes which will support this innovation. > People with diverse talents, personalities, and backgrounds who are able to exchange their ideas freely set the tone for change. > Recognition that there's not just one correct way of doing things and being appreciated makes you want to be more
Primark. The company I have chosen to look at is Primark, in this report I shall be looking into the operations management. Followed by the inputs, transformations and outputs to the company.
PRIMARK Contents Page Title Page Page N0 Contents page .0 Introduction 2 2.0 Operations Management 2 2.1 Primark 3 3.0 Managing Process 3 3.1 Inputs 3 3.2 Transformations 4 3.3 Outputs 4 4.0 Capacity Management 5 4.1 Forecasting Demand 6 4.2 Utilisation of Resources 7 4.3 Yield Management 7 4.4 Type of Demand 8 4.5 Human Resource Management 8 5.0 Improvement 0 6.0 Conclusion 0 7.0 Bibliography 1 8.0 Appendix 2 OPERATIONS MANAGEMENT AND DECISION MAKING .0 INTRODUCTION The company I have chosen to look at is Primark, in this report I shall be looking into the operations management. Followed by the inputs, transformations and outputs to the company. Then discussing capacity management in terms of what it means and how it affects Primark's organisation. In this report I shall expect to analyse the operations management according to Primark business, and additionally how it could possibly improve. As an employee of Primark, I am aware of how it operates internally, and hope to express this information into my report. My main sources of information regarding Primark, is primary data, as I was able to have a detailed discussion with the store manager of Primark, Mr Costello. Furthermore, I have also obtained secondary information from, the Internet and books. 2.0 OPERATIONS MANAGEMENT Finance, marketing and operations are three major
Internet Essay- The Internet is the Greatest Invention of Mankind- Discuss
The Internet Is The Greatest Invention of Mankind There are two sides to every story, and in this case, two sides to every argument. The above statement poses such questions as: if the Internet is not the best invention of mankind, what is? And, what would life be like without computers and the Internet? I hope to answer these questions and form a fact-based opinion on whether I think that the Internet truly is the greatest invention of mankind. One of the obvious benefits of the Internet is that it provides people with fast accessible information; mainly through search engines such as Google or Yahoo. These search engines are easily accessed, and they provide links to website containing information on what you searched for. Using these search engines, you can also search for images of whatever you want. But, we must ask, is this easy access to images and websites safe for young children? There are many upsides to the Internet. It can be used for banking, for buying products, for helping with revision, for providing information, directions, communication, education, news broadcasts and listening to music. Undoubtedly, it has provided many people with new business opportunities. The Internet has helped many people and since its invention, the Internet has become a household necessity. Over the period of April-June 2003 and estimated 12 million households in the UK could
McDonald's. What are the Management functions at McDonald's?
McDonald's INTRODUCTION TO McDonald's Mission Statement Mc Donald's vision is to be the UK's biggest, best quick service restaurant experience. Since McDonald's opened its first restaurant in the UK in October 1974, the Golden Arches have become a familiar symbol, now seen on high streets, alongside major roads, on cross channel ferries, in leisure and retail parks and at airports. During 2000, the company bought young people from communities all over the UK to perform on stage at the Dome in Greenwich as part of McDonald's Our Town Story. This explains the History of McDonalds. By the end of 2000, there were 1,116 McDonald's restaurant operating in the UK, representing a total investment in property and equipment of over £1.5 billion. The company employed just fewer than 50,000 people and 18,000 were employed by McDonald's franchises. Today, more than 2.5 million people in this country place their trust in McDonalds every day - trusting the Company to provide them with food of a high standard, quick service and value for money. E1 CLEARLY IDENTIFYING MANAGEMENT FUNCTIONS AND THEIR APLLICATION TO THE BUSINESS A restaurant manager makes sure that customers can come into the restaurant and enjoy the quality food and service they have come to expect from McDonald's. This takes in everything from the welfare of staff through to the performance of the restaurant
Samsung Strategic Management Case study
As mentioned in the report above strategic management can be defined as the brief process of identifying, selecting, choosing and then implementing actions that will help the organization in enhancing long term goals not only by creating ongoing compatibility between the internal skills and resources of the organization but by also bringing an change in the external environment within which it operates.[Ref] To better explain the concept of strategic management a real life case study is presented which is related to the Samsung company helmed by it chairman Lee Kun Hee. Today, Samsung is a major business group which is composed of various South Korean business sectors including Samsung electronics and Samsung Life insurance. Since Samsung today is at a place where most companies dream of, it is not easy for any organization to excel to such a position without a good strategic management. This shows that Samsung has an excellent strategic management active at all levels of management which makes the organization very successful. This can be clearly seen in the following words by the Samsung America Chief executive Oh Dong Jin "We believe we can be Number One" (Pearce II, Robinson, 2005: 21-1). This statement is the proof of the company's confidence in excelling because of an active strategic management. Since Samsung is aiming to be a world leading company it share certain
How important are staff/management relations?
A good relationship between staff and management is one in which each party respects and trusts one another, communicates with and understands one another and understands clearly what is expected of each other. Each party must make a fair contribution towards satisfying the interests of the other party. Demands placed on each other must be reasonable. Compromise and co-operation both play important roles in safeguarding the interests of the business while also satisfying the conflicting interests of it's workforce. It is imperative to build and maintain healthy staff/management relations for the following reasons. Good relations help to prevent disputes and if conflict does arise it can be better resolved between staff and management who have already developed a good working relationship which helps to ensure as little disruption to normal operations as possible. Good staff/management relations lead to high morale amongst a workforce. A happy workforce is a more productive one. The employer will also find it easier to retain its employees. Poor relations can lead to an unhappy workforce and dissatisfied management which is likely to result in reduced productivity and the overall failure of the business. The interests of a company and the interests of it's workforce are often in conflict with each other. A number of practices must be in place in order to simultaneously
effective cashflow management
Task 3 D1 It is now 12 months since Jane started the business. During the year she has had time to reflect on month to month trading. She has asked you as a friend to write her a report outlining the following: . What courses of action could be introduced to control the business's cash flow most effectively? 2. How will this contribute to the overall effective performance of the business operation and ultimately maximise cash flow. CASH FLOW FORECAST "Cash flow forecasting means preparing a cash flow statement for the future with predicted inflows and outflows." (Source: BTEC First Business) A business often prepares a cash flow forecast showing the money likely to flow into and out of the business in a given period. Forecasts are based on past experience of the business. Cash flow forecast include revenue such as cash sales, credit sales, loans and expenditures like wages, insurance, loan payment, etc. BUDGETARY CONTROL "A Budgetary control is a system of creating budgets, monitoring progress and taking appropriate action to achieve budgeted performance." (Source: www.brunswickis.co.uk) Budgetary control is a process of monitoring and analysing financial control within organisation. Budget "A budget is a plan, which is set out in numbers. It sets out figures that an organisation or company hopes to achieve in the future." (Source: THE TIMES 100) Budget is
Marketing Management - Swisher Mower and Machine Company.
MBA5009 Marketing Management Group Report Of Case 5 Swisher Mower and Machine Company Submitted by Zeng Min, Bernice Ellen Novidia Adisoebrata Tan Xiao Ling, Linda Liu Bei, Pat Paul Lim Suparto Quach Thi Thu Hien Huang Yue Hong, Sarah NUS Business School National University of Singapore Wayne Swisher, President and Chief Executive Office of Swisher Mower and Machine Company (SMC), was weighing the proposal of a private branding arrangement for SMC's line of riding mowers. He thought the inquiry presented an opportunity but details should be studied more closely. Situation Analysis: Company Background: Established in 1945 by Max Swisher, SMC grew steadily with unit volume for SMC riding mowers peaking at 10,000 units with sales of $2 million in 1966. In the 1990s, the unit volume remained constant with around 4,250 riding mowers per year. Compared with 1,263,000 unit sales in riding mowers and tractors industry, SMC only occupied around 0.3% market share. Max Swisher, the current CEO, thought maintaining a small company image had also been an important aspect of his business philosophy, which led to the good personal relationships with dealers and customers alike. SMC produced limited but differentiated products. SMC's flagship product, the Ride King, was credited with the first zero-turning-radius riding mower. SMC also produced a trail-mower called T-44
Outline and evaluate two physiological approaches to stress management.
Outline and evaluate two physiological approaches to stress management. One physiological approach to stress management is drug therapy. Drug therapy targets the symptoms of stress, two such drugs are Benzodiazepines and Beta-blockers. Benzodiazepines reduce nervous system activity, this happens because the drug reduces serotonin levels that reduce anxiety. Beta-blockers reduce autonomic nervous system (ANS) activity and stop the effects of stress becoming so harmful. Beta blockers relieve blood pressure and thin the blood. Drugs are used because they are very effective the patient can feel them working and they are easy to use, this is because drug therapy takes very little effort from the patient. Drugs offer a quick fix and are sometimes cheaper than using biofeedback. Drugs are brilliant at fixing acute stress problems, drugs also allow for the window of opportunity where they can clam the patient down and offer them an alternative to drug therapy. There are problems though with using drug therapy as you can become addicted to them, patients start to depend on them and can't go with out them. Another problem with using drugs is that the more people use the drugs they build a resistance to the drug and they become less effective. Drugs also carry side effects that can have damaging long term effects, such as: dizziness, dry mouth, upset stomach and tiredness. Drugs
Management of costs.
Management of costs Fixed costs are the expenses that do not alter in relation to changes in demand or output (in the short term). They have to be paid whether the business trades or not. Examples are rent, depreciation and interest charges. Variable cost is the cost that varies in direct proportion to changes in output, such as raw materials, components, piece-rate labour and energy used in production. In other words, these are costs that should double if output doubles. Although break-even charts require the assumption that some costs vary in direct proportion to changes in output, in practice it is unlikely that any costs will be totally variable. For instance, raw materials are likely to cost less per unit when buying in bulk. Therefore the materials cost might not quite double when output doubles. Examples of variable costs are materials, labour e.t.c. Semi-variable costs are costs that vary with output, but not in direct proportion. Therefore, in order to calculate total costs at a specific level of output, a manager would have to work out the semi-variables especially. This makes them hard to deal with, notably in break-even analysis. Examples of semi-variables include maintenance expenditure and telephone bills. In the latter case, it is clear that although a doubling of customer demand would not necessarily double a firm's telephone calls or bills, it is
