Boots strive to provide their customers with low cost products; as well as improving this they are constantly opening new stores
Task 1
Using the same Business you have chosen to use for Task 2 of Mrs McNulty's Assignment 1, Introduction to Business.
Describe the vision aims and objectives of this Business and explain how these could be achieved through planning and monitoring.
This provides evidence for P1
Vision Aims and Objectives
Aims:
Boots mission statement is:
"Boots aims to be the place for health and beauty customers. We want to secure market leadership in the UK and build on our brands' growing success internationally."
As a private sector company, Boots will also be aiming to make a profit for their shareholders.
Objectives:
Boots strive to provide their customers with low cost products; as well as improving this they are constantly opening new stores, while renovating their old ones at the same time, throughout the UK and Europe. Boots also provide their customers with unique services which their competition does not.
Activities:
* In order to achieve these objectives, Boots offers its customers loyalty schemes such as Boots advantage card.
* They have a lot of own brand products which as good as the leading brand, but at reduced prices.
* They have a dedicated customer service team who try their best to provide their customers with what they want.
* The pharmacy has a private consultation room where customers can talk to the pharmacist on a one to one basis.
* In some areas Boots provide a prescription delivery service to customers who are unable to make their own way to the pharmacy to collect it.
* Boots provide customers with a facility to be checked for diabetes free of charge in some of its larger stores.
They have an optician service available in some locations throughout the country, but they are not usually in the same building as the pharmacy.
Vision Aims and Objectives
All of the above mentioned aims and objectives can be achieved through planning and monitoring. Planning is a set of specific targets either in an organisation as a whole or within the function areas of a business. The plans are set out by managers then they cascade down to the employees, everybody must understand what the business is trying to achieve and how they intend to do it, the employees need to be informed of the duties they are required to carry out.
Strategic planning helps to focus the aims and ...
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Vision Aims and Objectives
All of the above mentioned aims and objectives can be achieved through planning and monitoring. Planning is a set of specific targets either in an organisation as a whole or within the function areas of a business. The plans are set out by managers then they cascade down to the employees, everybody must understand what the business is trying to achieve and how they intend to do it, the employees need to be informed of the duties they are required to carry out.
Strategic planning helps to focus the aims and objectives of an organisation. It is carried out in four stages: Where are we now?; Where do we want to be (vision)?; How do we get there? And finally a review of the performance is carried out.
A business could set out a S.W.O.T. Analysis chart to figure out the strengths, weaknesses, opportunities and threats the business may face when trying to carry out their aims and objectives.
An organisation will set out a vision which indicates what they want to work toward, compare this to where they are now and examine the differences between the two points. From this the business can set out aims and objectives to follow in order to close the gap. It is important to review progress of the business regularly.
Boots aims to be the market leader in their business sector. They can do this through planning and monitoring through the use of well thought out (SMART) objectives. In order to keep offering their customers low prices they must have well thought put plans to keep them from losing money. Their loyalty scheme (Boots Advantage Card) will help them to achieve their aims and objectives as it will encourage people to use Boots the Chemist. Offers such as 3 for 2 will encourage people to buy these products as they could work out cheaper than in other stores. Boots own brand products are considered to be among the leading brands of beauty products and are well respected by its competitors.
Task 2
Using the four headings: Physical resources, Financial resources, Human resources and Technological resources describe the ways in which a manager's role would include the management of resources for your chosen organisation.
Unit 2 Lecture 8
Unit 2 Lecture 9
BTEC National Business Book Pgs 64 - 71
GNVQ Advanced Book Stephen Danks Pgs 13 - 14
This provides evidence for P3
Physical Resources
Physical resources refer to things such as buildings, facilities, equipment, etc. The management of Physical Resources involves planned maintenance of the resources (buildings, equipment and facilities). Regular refurbishment of the buildings is required, organisation of insurance, arranging of security for employees and the arranging of contingency plans should the business run into trouble.
Financial Resources
Good management of financial resources is very important in a business because without finance the business cannot survive. It will not be able to build new premises, buy new stock or take on and pay staff. Finance can be obtained through grants, loans or additional investment from a third party.
Looking after finance involves looking at what is currently happening in the business as well as planning for tomorrow. It is important for a manager to ensure good liquidity of the business. Good working capital is also needed. Contingency plans are needed and need to be ready at all plans if the business starts to lose money or if the business incurs any unexpected expenses this helps to avoid liquidation of the company or bankruptcy.
Human Resources
Human Resources involves existing staff and recruitment of new staff. Human Resources require careful management as humans need to be dealt with sensitively. Staff are protected by legislation under both UK and EU Laws. A business needs to consider how they recruit staff, use recruitment practices, attract the right people (with the right skills) needed for the job, use the best selection methods and meet the legal requirements set out in the equality legislation and other laws.
Potential employers can use Interviews, Psychometric Testing (intelligence, personality, skill), Role Plays, Presentations or stimulated exercises when recruiting/selecting new staff.
It is important for an employer to retain employees as frequent advertising and recruiting of new staff can cost the business a lot of money. This can be done by the following methods: Good information about the job, well written job descriptions, access to company policies and procedures, in-house training, a healthy and safe working environment and continuous assessment and reviews of performance.
Technological Resources
Technological resources include: software, designs, music and text.
It is often referred to as 'Intellectual Property'. It is designed to protect the resources mentioned above although this can be difficult. The protection of these resources is secured by law, but these laws can be difficult for a company to enforce, especially since many companies have websites with much of their contained on them.
Task 3
Explain how management activity can raise the performance of a chosen business. Consider some problems that may arise and indicate how managers could deal with these problems.
GNVQ Advanced book Stephen Danks Pgs 541 - 542
Business Vocational A Level Pgs 510- -519
BTEC Nation Business Book Pgs 64 - 71
This Provides Evidence for P2, M1
Task 3
Explain how management activity can raise the performance of your chosen Business. Consider some problems that may arise and indicate how managers could deal with these problems.
This provides evidence for P3, M1
Management Activity
Managers can get things done through the work of other people. Managers will plan, set objectives, organise, control and motivate the people working for them using different techniques and activities. The objectives are set out in an overall way, and then the manager will set them out in ways that are necessary and understandable to their staff to achieve. Managers have to make sure that everybody knows what they have to do to achieve the objectives set to them. If workers are operating under a good management system they are more likely to be well motivated to produce the work needed and to the standard which is required by the company they work for. Managers have to be able to motivate their staff to produce work to their full potential. Managers must give regular evaluations of performance of their staff.
Some problems which could arise in a business are things such as: Low staff levels, low money levels/income of money or on a larger scale, failure of the business. Ways managers could deal with problems such as these include: recruitment of new staff, cutting budgets or staff levels and in the event of failure the business will refer to their contingency plan.
BTEC National Diploma in Business Unit 2: Business and Management
Laura MacKenzie
