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Investigating business

Extracts from this document...

Introduction

Applied Business Unit 1: Investigating Business Contents Page Introduction to Bhs...................................................page 1 Bhs aims.................................................................pages 3 - 4 Bhs objectives.........................................................pages 4 - 5 External Environmental Factors ....................................page 6 Marketing Activities..................................................page 10 In this unit I will choose and analyse a particular organisation with concern to its main aims and objectives, which I will explore. With the use of P.E.S.T.L.E analysis I will also analyse how external issues have contributed to the success of the organisation. I have chosen to analyse a clothing and homeware retailer called 'Bhs' which is also known as 'British Home Stores'. Bhs has grown from a single store in Brixton in South London to a public company in 1931 to a multinational retail company. In 1945 Bhs introduced "a policy of quality and value-for-money that continues today". They are well established as they operate hundreds of stores across high streets nationwide in the UK and also have franchises in Europe, Russia and the Middle overseas. Bhs cater for men, women and children offering a wide range of products at affordable prices. They also offer a website to enable their consumers to browse through their products and make online purchases with ease from the comfort of their own home. Founder of Bhs is billionaire entrepreneur; Phillip Greene, who also controls the other high street clothing retailers: Topshop, Dorothy Perkins and Burton. Like most businesses, Bhs has the aim to maximise profits. A business sets itself aims or short term targets which are based on how they would like themselves to perform. Bhs also sets itself objectives which are also known as 'Long term targets', these are results of what they would want their business to achieve. They can be either qualitative which are based on opinions or quantative which are explained using numeric figures. Bhs's main aims * To sell quality products at low prices to its customers. - They carryout this aim by extracting low priced raw materials and then manufacturing and selling their products at below reasonable prices. ...read more.

Middle

The Product Life Cycle Fig.3 The introduction of a Bhs product never really attains the market. If this occurs, this part of the cycle will allow Bhs to make changes to the product e.g. specification or changes to the design of packaging based on market research. At this stage Bhs will need to use marketing to promote its product so customers are aware of their products. The next stage is the growth of the product, if the customers are satisfied with Bhs's products, sales revenues should in turn increase. Any on going research can then either be used as a guide to managers on marketing actions that are necessary or discontinued. Within this stage Bhs may use marketing to extend product awareness to new target markets if required. During the third stage of maturity, sales level off and the products may give a steady rate of profit. Marketing activities may be utilized for reminder advertising or to produce newer improved versions of the product to attract more customers. The final stage is the declining stage; this is when sales eventually descend. At this stage a business may decide to stimulate sales for a while longer by manufacturing revamped versions or by reducing prices, this is known as the extension strategy. As at some point Bhs may be forced to stop selling the product, they will introduce new products long before their established ones achieve the decline stage of the cycle. There was a time when Bhs went into decline, and this is when entrepreneur Phillip Green overtook Bhs and reinvented Bhs from a single store in South London into a Multi-nationally located departmental organisation. This was a major risk Green took and his enterprise skills have taken Bhs form zero to hero. He has given Bhs a massive boost and has without a doubt revolutionised retail. Price The price is the total amount charged by Bhs for its products. ...read more.

Conclusion

It allows a professional to attain and project their ideas to improve the business and indicate which other groups of teams will be required to complete these factors. With the help of teams Bhs have managed to: * Overcome their aim to generate a business that is stronger than competition. The help of the enterprise skills directing the teams has created Bhs a very strong competitor. * Transfer transactions efficiently as their team of tills staff have taken this role in an appropriate manner. The final factors of marketing activities are relevant for Bhs to use but this factor is less important than enterprise skills and teams. As teams are required to make a job complete but the enterprise skills are what makes a business achieve aims and objectives with the help of key characteristics. Marketing activities are an extra aspect all business must do efficiently to achieve an aim. It allows a professional to attain and project new ideas to improve the business and indicate which other groups of teams will be required to complete these factors. With help of marketing activities Bhs have managed to: * Provide the latest fashion wear at low prices as their current prices are priced at a value - price strategy. * Promote Bhs to a certain extent where their products and brand is well known throughout the UK as well as worldwide with several franchises. The four P's, Price, Promotion, Place and Product have contributed to Bhs as it has allowed Bhs to structure and organize their what they will sell, at what price, how they will promote and to where they will promote. Overall I think the most important factor is enterprise skills. These skills have allowed Bhs to hugely expand and innovate continuously. The enterprise skills have given teams the tasks to complete by using marketing activities. This is why I think Bhs's stem is its enterprise skills and the teams and marketing activities are its branches. ?? ?? ?? ?? Page 1 ...read more.

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