Economic Environment 40 Marker Essay

Economic Environment 40 Marker Essay Economic Environment 40 Marker Essay The external environment in which businesses operate can have a significant effect on their success. To what extent do you think that the external environment in the UK is favourable for businesses at the moment? (40) The UK economy grew by 2.6% last year, the fastest pace since 2007, at which point the country was in a recession. The unemployment rate stands at 5.8% of the adult population. Although this is still high (1.91 million people are unemployed) it is the lowest in six years meaning that generally, consumers now have higher disposable income; this is particularly significant as average earnings including bonuses are now up by 1.8%, with wages rising faster than inflation. Inflation has also fallen to 0.5%, allowing for cheaper purchase of materials/supplies and more cost-effective production. However, the pound has weakened against the dollar and the euro, having implications for imports and exports. It could be argued that the UK environment is favourable for businesses at the moment in terms of Human Resources, as unemployment is high, meaning more people may be willing to work for a minimum wage. This allows businesses to reduce costs in areas such as wages, meaning they are more able to invest in other areas such as expansion in order to encourage growth. This will particularly benefit the economy as growth of businesses means a higher GDP for the UK due to increased output as a result of increased demand. High unemployment means that firms also have access to a wider pool of labour, allowing them to target a more specific demographic during the recruitment process. However, these people may not have the skills required, perhaps affecting productivity as well as quality, as goods may be made faulty or services may be delivered incorrectly. Issues with skills may be particularly significant as Rolls Royce are planning to make redundancies of 2,600 employees as part of a cost c utting programme to compete against bigger rivals such as General Electric. These are likely to have specialist skills, meaning they may struggle to provide skills for vacancies elsewhere. In addition, these people may only be able to take the job in the short term which will mean a business has to go through the recruitment process regularly. This will in the short term prove a cost to the business, something to be avoided during times of low demand as a result of unemployment or inflation. It therefore depends on Government intervention as this could lead to the implementation of education/training programmes for the unemployed, which will determine their skills set and their motivation to stay with a firm for the long term once employed. In turn, this will govern whether the employees are increasing costs for the business more so than they need to be, determining whether the UK environment is favourable for businesses in terms of HRM. The UK economic environment can also be considered favourable in terms of a firms marketing, as increased GDP indicates there is a high demand, allowing firms to market themselves as a brand based on pricing, something firms find difficult to do during a recession as consumers expect prices to be lowered. This could perhaps allow firms to increase profit margins so that profit could either be reinvested or distributed as dividends to shareholders, encouraging further investment. This increased investment could allow some firms to become much more efficient, creating a USP or even acting as a competitive advantage against other firms, which is particularly important in a growing economy as there will be a higher chance of business start-ups being successful. However, it could be argued that the UK environment is not favourable in terms of marketing as it is more expensive to advertise due to higher demand as a result of a higher disposable income. It may also be particularly difficult for businesses to differentiate themselves from other companies as most businesses will be advertising to try and increase

A Project Report On Marketing Fundamentals Tesla

Market research is one of the vital components adopted by companies to understand the needs, beliefs and desires of the customers. Primary and secondary are the major types of research that includes market information, market segmentation, market trends, SWOT analysis and other tools that help to gain an insight of the market conditions (Elliott, Thiele and Waller, 2014). Tesla is an American based automobile company that has very well positioned itself through its planned and extensive market research (Tesla, 2017). The company performed a strategic market research by using different tools such as PESTEL analysis, surveys and questionnaires and other methods to gather information from the market. Tesla used PESTEL analysis to assess the political, economic, social, legal, environmental and technological factors of the market to construe that the governments are promoting the production of environmental cars because of rising prices of fuel. The customers, on the other hand, have also begun to prefer the cars that protect the environment and do not pollute it due to which there was a demand for electric cars in the market (Forbes, 2016). Further, Tesla also conducted interviews with groups of moms and women of different ages to take their opinion about electric cars (Forbes, 2016). Thus, from the research, the company developed its marketing strategies and launched the product Model X especially for women (Forbes, 2016). The model was designed by considering the core selling points including safety, large space for kids and a third row. The engineers of the company incorporated all of this into the car design and manufacturing process. Another feature that was inferred from the research was that the female generally prefer to have a beautiful car along with ease for their children (Forbes, 2016). Thus, the company strategically used market research data to develop an effective product for the female.    Competition in a market arises when there are several players offering similar product or services to a large number of consumers. The players compete with each other in order to acquire a larger market share of the market and increase their sales revenue (Economics Online, 2017). The players could compete on the basis of prices, marketing, strategies and attributes of products to attract a greater share of target audience (Lin, 2016). Coca Cola is one of the largest producers of cold drinks with its huge network of sales and distribution around the world. The company has established its unique brand identity through its quality products and strong global recognition. Coca cola has its huge fan following that is a result of its customer loyalty (Lin, 2016). The main competitor of Coca Cola is Pepsi that is a thorn in the flesh for the company. Coca cola would have become the leading soft drink company around the world without Pepsi. The presence of Pepsi has brought significant changes in the marketing strategies of Coca Cola company. When Pepsi reduced its prices in the market of Australia, Coca cola also reduced the prices in order to maintain its position in the supermarket’s shelf. Coca cola has to incur a huge loss in order to carry out this campaign and retain its market position (Lin, 2016). The advertisements launched by Pepsi also influence the marketing strategies of Coca cola (Lin, 2016). Coca cola responds with complete maturity to the ads of the Pepsi in order to retain its position in the minds of the consumers. Thus, Coca Cola has to invest a huge amount of money to compete with Pepsi through huge advertising and marketing strategies. Coca cola has increased its advertising budget amount in order to stay in competition with the Pepsi (Lin, 2016). PESTEL analysis helps to determine the political, economic, social, technological, environmental and legal aspects of a country that would facilitate the growth of the product and the company. Samsung introduced its latest product Galaxy S8 after an extensive PESTEL analysis of the market in order to acquire maximum returns from the market. The political factors include stable political conditions, country relations and the support of government. Overall Samsung has received favorable response from the market of US, Australia, Europe and developing nations of Asia (Walters, 2017). The company faced some issues due to volatility of Latin American countries that affect the operations of the company. Samsung Galaxy S8 has captured the market in a short span of time in the developing nations but faced some issues in developed nations due to low purchasing power of the customers. Korea’s strong currency also affected the revenue of the product. The market has witnessed rising popularity of electronic and mobile devices among the consumers because of changing and emerging technology. The main challenge that the company faces is the frequent changes in the demands of the consumers. Samsung has very well tailored its product to suit the needs of almost every consumer around the world (Walters, 2017). Samsung is one of the most innovative companies that stays ahead of its competitors and makes optimum use of technology to offer the latest products to the customers. Samsung has produced amazing software and applications by effectively blending the market demand and technology in a single product Galaxy S8 (Walters, 2017). Samsung has to face numerous issues regarding Copyrights and patents. The company also faced challenges regarding wireless communication regulations and had to adhere to the laws and regulations pertaining to electronic device safety around the globe. Samsung has always considered the laws and regulations of the environment and has deployed processes that do not pollute the environment. SWOT analysis is used by the companies to determine their strengths, weaknesses, opportunities and threats to develop a marketing plan (Lamb, Hair and McDaniel, 2008). Woolworths is one of the Australian retail based firm that consistently enhance its strategies in order to retain its market position. Woolworths occupies the largest market share of Australia and is the pioneer firm to introduce the concept of retail chain (Greenblat, 2017). The retail chain has established its brand name and unique identity through its quality products and services. Woolworths is one of the oldest retail companies but does not have a global presence when compared to its competitors. The retail chain also has not been successfully able to develop a sustainable unique selling proposition that questions its credibility and market positioning (Berry, 2016). The company delayed to enter online market due to which it has to face tough competition. Woolworths could expand its business by exploring new markets and establish its global presence. It could deploy franchise model and joint venture strategy in the beginning in order to penetrate deeper in the market. The cost of food material and other products has witnessed an increase that could affect the profitability of the firm. The ongoing recession has also influenced the activities of the organization. There is an intense pressure in the market from Aldi and Coles that is again affecting the market share of the company (Berry, 2016).    From the SWOT analysis, the company has explored its opportunities by entering the international market of UK through marketing mix element. Product: Woolworths introduced its quality services that ensure freshness of food and high product quality (The Conversation, 2017). Price: Woolworths has deployed economical pricing strategy in order to capture the market (The Conversation, 2017). Promotion: Woolworths offered discount offers to attract large number of audience. Place: Woolworths opened its stores in the main market area in order to attract the audience. Segmentation is the process of dividing the entire market into smaller segments to determine segment for the company (Lamb, Hair and McDaniel, 2008). Segmentation could be done on the basis of demographics, geography, lifestyle and psychology of the customers.   The different segments could include youngsters, executives, professionals, adults, female, housewives, unemployed and college students (Elliott, Thiele and Waller, 2014). After segmenting, a particular group of people called target market is targeted by the industry through strategic marketing and advertising. Positioning is influencing the minds of consumers through effective marketing strategies (Elliott, Thiele and Waller, 2014). Retail industry is one of the largest industries of Australia that targets a large group of segment. Around 70%-90% of the consumers prefer to shop their groceries and other household material from the retail chains because of the availability of a wide range of products (Greenblat, 2017). The target customers of retail industry include housewives, females, adults and middle aged people. The customers are attracted towards the retail chains because of low priced products and quality services (Greenblat, 2017). Thus, the retail industry has very well identified its target group from which it can increase its sales revenue and profitability. Further, the strategic positioning involves offering low priced product along with quality services, discounts and special offers during festive season also excite the customers to shop from retail stores. The customers are also promised fresh food products and customized services such as home delivery, app based shopping and other unique services (Greenblat, 2017). The consumers feel elated and experience a unique shopping experience with the retail stores that compels them to shop for next time and become a loyal customer. Thus, the industry has strategically positioned itself as a low cost brand that offers quality services along with a unique experience to its consumers. Brand management is one of the most crucial elements of marketing that has occupied the top most concern for the leaders of the companies. A brand has to consistently evolve itself in order maintain its sustainability by meeting the customer demands. Apple is one of the examples of successful brand management around the world. The brand has very well utilized and internalized the concept of perceived value due to which the consumers always assess the benefits of its products of much higher value as compared to their prices. The brand has built itself by connecting with the consumers through their emotions that they experience while using the Apple’s products (Bajarin, 2016). The customers never forget a brand with which they have had a great experience and Apple has very well internalize this process through its highly innovative and technologically advanced products. Another major reason for Apple’s success is its risk taking ability and targeting the emerging market through which it became a pioneer and leader in the electronics market (Scheidies, 2017). Nokia is a Finnish multinational corporation that demonstrates the example of failed brand. Nokia might have evolved as successful brand but failed miserably because of its ineffective marketing strategies. The major reason for Nokia’a failure was Nokia did not deploy appropriate marketing strategies and projected itself more like an engineering company in the market (Huy, 2016). The company could not touch the chord of the consumers through its products and services. The company was rather more focused to build hardware devices instead of satisfying the needs of the consumers. Nokia always underestimated the significance of software in a mobile set due to which it was unable to adapt itself with the transitioning business environment (Surowiecki, 2016). Nokia never adapted the latest operating system and insisted on its hardware design. Another blunder of Nokia was its inability to analyze its competition that it faced from Apple and Samsung. Elliott, G., Thiele, S.R., and Waller, D. (2014). Marketing. Australia: John Wiley & Sons. Forbes. (2016). Tesla's Unique Position In The Car Market Is One Of Its Biggest Strengths. Forbes. Available at: https://www.forbes.com/sites/greatspeculations/2015/07/02/teslas-unique-position-in-the-car-market-is-one-of-its-biggest-strengths/#427a537e3ad7 [Accessed Online 4 May 2017]. Huy, Q. (2016). Who Killed Nokia? Nokia Did. Insead Knowledge. Available at: https://knowledge.insead.edu/strategy/who-killed-nokia-nokia-did-4268 [Accessed Online 4 May 2017]. Lamb, C.W., Hair, J.F., and McDaniel, C. (2008). Essential of Marketing. Cengage Learning. Surowiecki, J. (2016). Where Nokia Went Wrong. New Yorker. Available at: https://www.newyorker.com/business/currency/where-nokia-went-wrong [Accessed Online 4 May 2017].

Understanding Workflow Design Research Paper Example | Topics and Well Written Essays - 500 words

Understanding Workflow Design - Research Paper Example As a means to expound upon the process, this brief analysis will seek to three different concepts that were related in the workflow assessment of healthcare IT toolkit as well as seeking to summarize the article in question, â€Å"Developing a mentor program for our cardiovascular ICU†, and providing key ways that these techniques could be utilized within the given context. Firstly, with reference to the three techniques for workflow assessment, the ones that this student has selected for being the most pressing involve the following: determining system requirements, creating and maintaining checklists for work flow and completion, and discussion of systems operation with affected shareholders. With respect to the first and third steps, these act as a type of relay within which the director of change can help to categorize the process and make sure that it adequately addresses the needs of the component parts (Rose 127). All too often when change is initiated, regardless of context, it very often takes place at the very upper echelons of management with no forethought with regards to how that change will affect the individuals upon whom it relates. Secondly, with regards to implementing plans and change mechanisms, it is necessary to determine the overall system requirements and seeking to make the workflow match the given needs that are exemplified (R ouse 4). Lastly, writing down a checklist of goals and integrations helps to force the process to portray something that will take careful consideration of all facets that the workflow process will touch upon. As a means of implementing the aforementioned three components, the article that was reviewed, â€Å"Developing a Mentor Program for Our Cardiovascular ICU† helps to acquaint the reader with the needs of providing a paradigm shift in training for the cardiovascular ICU (Bredeger 112). In

Advanced HealthCare Management Assignment Example | Topics and Well Written Essays - 500 words - 3

Advanced HealthCare Management - Assignment Example The first approach which is based on equity in maintaining a smooth business relationship with employers actually stresses fair and equal perception of employees to the tasks accomplished and to the remuneration that is received. Likewise, it was noted that it is natural for people to compare what is received with those that are received by others – given similar inputs. When there is some indication of inequality or unfairness within the work setting, the disparity would ultimately allegedly lead to anxiety, tension, and demotivation in the workplace. In the equity theory, employees apparently judge the fairness of the reward system. The fairness of the reward system was acknowledged to be evaluated in terms of the ratio between an employee’s outcomes and inputs, and on how this ratio compares with those of others. If the employees perceive the reward as equitable, they would probably continue to perform at the same level of output. However, if the reward is perceived as inequitable, they will apparently experience tension that could motivate them to react in a manner so as to reduce the inequity. The reaction would ultimately aim to bring outcomes and inputs on balance with each other and with those of others. The second approach, the expectancy theory reportedly relates to the connection between effort and performance. This theory allegedly indicates the strength of belief that performance will be determined materially by corresponding effort. The stronger the connection between effort and performance, the higher the expectancy. Likewise, one is convinced that the formation of expectancies is influenced by the worker’s own evaluation of his competence. In addition, it was explicitly discussed that the expectancy theory contains four relevant components, to wit: job outcomes; valences (or the individuals’ feelings about the expected job outcomes); instrumentality, which refers to the link between performance

Sustained Silent Reading Essay -- Education

Sustained Silent Reading Most administrators and educators, if asked what is the area that needs the most improvement in schools today, would answer reading. Children seem to battle with reading at almost every grade level. As reported by Trelease (2006) students do not read very much. In one reported study, 90% of the students studied devoted only 1 percent of their free time to reading and 30% to watching television. Fifty percent of the students read for an average of four minutes or less per day, 30% read two minutes per day, and 10% read nothing at all (p. 1). These statistics only serve to worsen the fear of students low reading abilities. Educators have developed a myriad of programs to improve students’ comprehension, retention, and higher level thinking skills. These skills are especially important in the improvement of scores on the state mandated assessments. Among these programs is Sustained Silent Reading (SSR), which promises that students can improve comprehension, enjoy reading for pleasure, and become life-long readers in fifteen to twenty minutes a day. Sustained Silent Reading is a program where students read any type of printed material for an uninterrupted, specific amount of time. Gardiner (2001) states there are many different names for SSR, such as Drop Everything and Read (DEAR), Uninterrupted Sustained Silent Reading (USSR), and Providing Opportunities with Everyday Reading (POWER) to name a few (p. 32). Each program varies a little from the others, but they share the same guidelines. Students read silently every day, choose their own materials, read for an uninterrupted amount of time, do not have to finish a book or other material, notice the teacher reading as well, and do not have to tak... ...his article: http://dx.doi.org/10.1080/19388070309558400 DEAR me: What does it take to get children reading? By: Lee-Daniels, Sonya L., Murray, Bruce A., Reading Teacher, 00340561, Oct2000, Vol. 54, Issue 2 Teaching of English Language and Literature (TELL) Journal Volume 15, Number 2, November 1999 Anthony Seow The Read aloud Handbook Jim Trelease's 2006 Penguin Books http://www.educationworld.com/a_curr/curr038.shtml "Sustained Silent Reading" Helps Develop Independent Readers (and Writers) Article by Gary Hopkins Education World ® Copyright  © 1997 Education World Originally published 11/19/1997 Updated 10/15/2007 Why Sustained Silent Reading (SSR) Doesn’t Work June 25th, 2011 | Mark Pennington, MA Reading Specialist Pennington Publishing Blog http://penningtonpublishing.com/blog/reading/why-sustained-silent-reading-ssr-doesn%E2%80%99t-work

The Benefits of Team Working

3. 1:Assess the benefits of team working in my organisation. Team works means the process of working collaboratively with a group of people in order to achieve a goal. Teamwork is often a crucial part of a business organisation, as it is often necessary for colleagues to work well together, trying their best in any circumstance. Teamwork means that people will try to cooperate, using their individual skills and providing constructive feedback, despite any personal conflict between individuals. Now I am going to discuss the benefits of team working in my organisation. DiversityWhen a team works on problem-solving, organisation benefit from various ideas and perspectives. That variety often leads to creative solutions. Brainstorming sessions uncover ideas and answers that might not have occurred otherwise. Speed Another benefit of teamwork is the speed of project completion for an organisation. Duties can be shared and get done quicker. Very large tasks can be broken up among team memb ers and are less daunting. Quality Teamwork encourages a greater commitment to quality in the organisation. Team members have more sway encouraging each other than a single manager dictating the work.Morale When the employees of an organisation work on teams, they tend to feel like they're really part of the process and take ownership of it. Improved morale results, and that in turn leads to less turnover. Synergy Synergy occurs when forces combine and the result is greater than the sum of the individual parts. Teamwork enhances synergy, and the result is greater efficiency and a more positive end result. 3. 2: A conflict I faced when working in a team for achieving specific goals. I worked as a technician for a large firm.I worked in a team of seven people who prepared material for shipping. On the team were four women and two other men. The people came from three different countries. One of the men on the team feels I worked too slowly and was not doing my share of the work proper ly. He laughs with the other team members about me and talks about me in nasty ways. When I tried to talk about that problem, the rest of the team seemed to be against me. It was a very uncomfortable situation for me to work in; I was constantly made fun of and criticised. I was not understanding what to do.

The Key to a Successful Business Is Planning - 687 Words

Most new businesses show that they fail to work out in less than five years. There is a four out of five chance that the business will survive. Causes for this include poor planning, not being able to compete in a challenging market, or a lot of debt. Opening a business takes a lot of planning and patience. If you rush to open up a business without any financial planning, you could possibly fail. Studying microeconomics can help you in this situation. Before your studying and planning, you need to be aware that starting a business is not easy and there are going to be many things that come along with it. This can include writing out a business plan, strategy, and advertising. You should also figure out if you are going to have employees in your business, how many you will need, and the insurance that will be included. If you are opening a business that falls in the retail category, you may want to consider looking for vendors and suppliers which will really help in starting your retail business. Looking at where you are going to open your business is very important. Always inspect where your location to assure that is where you will want to open your business. Taking out a loan is the best route to take, but you also need to make sure you will be able to pay it back. This is a main reason why financial and business planning is really important. 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