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Month: November 2020

The Impact of FinTech on Firm Performance in the UAE

Introduction

As one of the most competitive financial centers in the Middle East Africa and Southeast Asia (MEASA) region, the Dubai International Financial Centre is transforming the forthcoming era of monetary services and corporate performance in the UAE and beyond. Recent work in the financial industry has revealed that Fintech is an important element in the present revolution. We have chosen this company as it is a fast emerging as has innovative means of achieving greater financial inclusion. They also have proven goals of inclusive growth by improving speed, efficiency, and convenience of the financial services (Lukonga, 2018).

Financial technology has opened up a world of vast opportunities for the financial industry and the business world by supporting the delivery of more innovative services, transforming the traditional business models, and generation of better profits. Fintech has brought forth a major impact on the current and future of the corporate world, which implies that businesses need to explore in their Fintech investmentsto provide users with greater value, yield higher revenues, lower funding costs, increased efficiency, risk evaluation, which ultimately improve the firms’ performance.

Across the UAE, Fintech is rapidly coming of age with the UAE government and regulators examining about the impact on firm’s performance and the economy. Today, the company is ranked as number 1 in the region and top 10 Fintech hubs globally, therefore, this literature review considers how Fintech is well positioned to drive higher growth and act as a platform for accessing vast opportunities, which, enhances theperformance. Majority of the firms are still facing challenges in the acceptance and adoption of Fintech, but the most recent progresses have radically transformed various activities by offering viable solutions to the age-old problems, which have a profound impact on businesses.

FinTech

The theoretical framework of this review will be based on the theory of unified acceptance. We will look at how the company has adopted newer information systems and how it has impacted their business (Howard, Restrepo, & Chang, 2017). In addition, this review focuseson three business areas that have been transformed by the use of Fintech: payment processes, low funding costs, and the customer engagement. 

Application of Fintech in the UAE Companies

2.1. Smart Payment Processes

In the recent past, the payment industry has experienced several great modifications largely due to the Fintech revolution by combining financial services, online-based transactions and pioneering analysis capabilities. The financial technology solutions prevent firms and consumers undergoing the cumbersome and time-consuming processes of cash and card payments. These transactions are easily completed online using the mobile banking applications,alternative payment methods such as digital wallets, blockchain technology (Arslanian& Fischer, 2019). 

Smart Payment Processes

At present, Fintech wholly modifies the manner in which consumers and businesses engage in managing and operating payments. Though, while majority Business-2-Business (B2B) consumers appear to know the designation of the term, the private consumers in the UAE still do not haveform of general knowledge. Therefore, this study is unique in the sense that it delves further by investigating how UAE firms can increase their performance by increasing the uptake of the Business-to-Consumer (B2C) Fintech enterprises that target the wider audience, public consumers.

Various studies have examined the impact of the Fintech on transforming the payment processes used by companies and customers. Kang (2018) looked at the inclinations of mobile-based Fintech payment services and categorized them based on their service types to aid in delivering better and securer payment services in the future. The author postulated that as the market for mobile payments is activated and payment frequency by users rises, there is a need to develop simplified payment processes for all users. Overall, the study has laid down information that is applicable to UAE firms as they have laid down the requirements that Fintech payment services must provide. It has also detailed the security challenges that these services will face in the view of mutual authentications, availability, authorizations, integrity, and data privacy. Overall, Kang puts forward the notion thatthis platform when provided on mobile will develop into much safer services in the long run.

Broom (2015) discusses that by examining the developing capabilities of Fintech in both wholesale-corporate and consumer-retail payments processes and discussing the Fintech’s monumental role – as well as solutions it offers – will play in influencing the course of the UAE’s payments industry. Similarly, several studies have also discussed how Fintech can create value for firms in the UAE. Leong & Sung (2018) argue convincingly that numerous Fintech applications are based on payment, advisory, financing and compliance services that generate value for businesses. In the study, it was found that in terms of payment processes, the cashless payments are one of the biggest development trends in Fintech because companies have devised payment processes for customers. In summary, from a business viewpoint, the latest developments of financial technologies, expand business progression, like improving sales, automating of services, as well as customer retention. In the future, propose further planssuch as data transmission technology, safety measures, better customer experiences, and data analysissystems (Leong & Sung, 2018). Some of the issues faced by older payment systems is signature-based receipts, paper receipts, checks and the security threats to our credit cards (Wile, 2014).

Thus, based on preceding literature the first hypothesis (H1) states: The current Fintech revolution will resolve the age-old payment problems faced by firms in the UAE.

Ease of access and sourcing of funds

Budding entrepreneurs experiencenumerous impediments such as access to funding in establishing new business once they identify opportunities or expansion of existing businesses to increase their capacity and firm’s performance. One of the most key challenges is raising funds to launch new venture or grow existing businesses. Traditionally, firmssought capital from banks, angel investors, friends’ contributions and venture capitalists. Freedman & Nutting (2015) postulated thatone of the key solutions provided by Fintech is crowdfunding, which allows entrepreneurs to appeal to the public using online platforms tosupport innovative ideas and grow businesses.

A study by Wati&Winarno (2018) was conducted to analyze the functioning of the crowdfunding model as one of the differentfinancingsources for SMEs in various countries. They found that themostfunding was attained by the equity crowdfunding model, where the funding targets, total of backers as well as minimum investment sum has a positive impact on the realization of crowdfunding.This shows that due to the use of FinTech, the crowdfunding model was successful in raising the required amount of money for the venture. This could be used by budding entrepreneurs to source the required funds for setting up their company.

Li, Spigt&Swinkels(2017) aimed at clarifying the importance of FinTech digital firms throughout the financial industry by examining the impact of the start-ups funding on stock returns of retail banks. The study shows that the financing of the new businesses that are in the digital banking sector has a positive impact on the stock returns which is a signal of higher firm performance.

Therefore, based on previous literature the second hypothesis (H2) states: The ability to source funds through the use of FinTechis much easier and efficient compared to other platforms.

2. 3. Interactive Consumer Engagement

In the last few years, Fintech has disrupted conventional financial services by focusing on the customers first to deliver a seamless consumer experience through increased automation and individualization. Most older technologies make use of a lot of effort to engage with customers personally. This has been resolved by Fintech as it uses SMS as well as other communication tools aimed at reducing the costs and efforts of engaging with consumers. The tools have contributed towards the achievement of an interactive customer engagements by resolving complaint, gathering feedback, and disseminating information, which fosters greater sales andcustomer loyalty.

Tonder&Beer (2018) presented the new views on the relevance of customer satisfaction as well as obligation in promotion of consumer citizenship behaviors. One of the findings of their study is that banks are well aware of the different kinds of developments in the fintech environment,but they need to emphasize on beneficial partnerships in order to deliver the digital deal. Banks are making hefty investments in IT systems in a bid to meet customer expectations and guarantee a hassle free transaction banking and other digital solutions.

Larsson (2017) has studied Swedish bank management perceptions of FinTech’s impacts on digitalization and consumer e-loyalty. The study shows that Fintech has altered the classical interactions between thefirms and their consumers using computers or smartphones. In the study, they also explored the challenges that FinTech companies have posed to Swedish banks with regard to securing higher customer loyalty by conducting interviews with managers of different banks. The study has found that the FinTech expansion has encouraged the traditional banks to accelerate digital transformation to generate a distinctive profile of customers and meet their expectations.

Along with the fast development of Fintech, it has been observed that information technology can be applied to financial services by focusing on extensive application methods including influencing mechanisms behind the implementation of Fintech services. Hu et al. (2019) proposed a better technology acceptance model, which incorporates innovation, governmental support, image of the brand, as well assupposed risks as the core trust determinants by investigating how consumershave adopted Fintech. With respect to the consumer, thestudyreveals that the perceived ease of use does not have an impact on the attitudes towards adopting Fintech services. The ease of use is used to refer to the extent to which customers feel relaxed and their efforts in learning how to use the Fintech services that provide better services and improved customer experiences for customers, by firm’s personalization of customers’ needs.

Therefore, based on literature the third hypothesis (H3) states: The Fintech revolution has improved customer engagement in the companies that have adopted this system.

References

Arslanian, H., & Fischer, F. (2019). The future of finance: The impact of FinTech, AI, and crypto on financial services. Basingstoke: Palgrave Macmillan.

Broom, D. (2015). Innovation in Payments: The Future is Fintech. The Bank of New York Mellon Corporation.

Freedman, D. M. & Nutting, M. R. (2015). Equity crowdfunding for investors: A guide to risks, returns, regulations, funding portals, due diligence, and deal terms. Wiley publications.

Hu, Z., Ding, S., Li, S., Yang, S., Hu, Z., Ding, S., Li, S., … Chen, L. (March 01, 2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11, 3.

Leong, K. &Sung, A. (2018). FinTech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology, 9, 2, 74-78.

Li, Y., Spigt, R., &Swinkels, L. (2017). The impact of FinTech start-ups on incumbent retail banks’ share prices. Financial Innovation, 3, 1.

Lukonga, I. (2018). Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions. Imf Working Papers, 18, 201, 1.

Howard, R., Restrepo, L., & Chang, C.-Y. (2017). Addressing individual perceptions: An application of the unified theory of acceptance and use of technology to building information modelling. International Journal of Project Management, 35, 2, 107-120.

Kang, J. (January 01, 2018). Mobile payment in Fintech environment: trends, security challenges, and services. Human-centric Computing and Information Sciences, 8, 1.

Teigland, R., In Siri, S., In Larsson, A., In Puertas, A. M., & In Bogusz, C. I. (2017). The rise and development of FinTech: Accounts of disruption from Sweden and beyond. Abingdon, Oxon; New York, N.Y.: Routledge.

Tonder, V. E., & Beer, D. L. T. (March 28, 2018). New perspectives on the role of customer satisfaction and commitment in promoting customer citizenship behaviours. South African Journal of Economic and Management Sciences, 21, 1.

Wati, C. R., &Winarno, A. (April 23, 2018). The Performance of Crowdfunding Model as an Alternative Funding Source for Micro, Small, and Medium-Scale Businesses in Various Countries. KNE Social Sciences, 3, 3, 16.

Wile, R. (2014, May 7). The way we buy stuff is totally ridiculous-Here’s what needs to be fixed. Retrieved from https://www.businessinsider.in/tech/the-way-we-buy-stuff-is-totally-ridiculous-heres-what-needs-to-be-fixed/articleshow/34792576.cms


Impact of FinTech on Firm Performance in the UAE by Subject Academy

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Essay on Processed Food

Processed food is mainly considered unprocessed foods. Processed food are foods that are either packaged or boxed and contain artificial colors, flavors or any other chemical substance that keeps it fresh in their containers and they may include shelf life, which means that they are kept on shelves for days or even months and still stay fresh. There are many reasons and side effects of processed food and why they exist.

What are the main methods of processed food and why does is exist?

Processed foods are anything that are bagged, boxed, jarred or canned and has a list label that has the ingredients. Processed food is more convenient, it’s so easy to bake, cook and very fast to use and eat. Thus, the main methods of processed food are also freezing, refrigerating, and aseptic processing (foods that are sterilized or packaged into containers). People eat processed food too, because it makes it easier to make food, more available, safer, and has more nutrients. Processed foods have the advantage of saving time and this makes them tempt to people who have a busy lifestyle and for those who don’t particularly like to cook. Most processed foods come with a very low-price tag that makes people buy more from it and eat more (The Many Risks of Processed Foods, 2019).However, we have to look at the bad hidden costs that it has and how it effects our health badly. Hence, 90% of the money spent on food is used to buy processed food, mostly everyone spends less on organic food rather than processed food, because processed food is cheaper and easier to cook and comes in a bigger quantity than organic foods. I do not blame people who buy processed food, because its tastier and fast to eat and all organic foods are expensive and are double the price of any processed food. The capacity of processed food isn’t a medical issue, but the reactions handled from processed food are deceptive.

Processed food

What is the difference between Ultra Processed food and Processed food?

However, there is a difference between Minimally Processed foods and Heavily processed food. (Eating Processed Foods Can Cause Many Digestive Problems, Brown, K. June 24, 2019).Minimally processed foods are food that does not change the product at all. Minimally processed food is defined as ‘unprocessed food’. However, heavily processed foods are the changes of regular food to Ultra-processed food which are called ‘Tertiary processing’ (food that are ready and fast, and easier to eat. I also learned about the health risks of heavily processed food and how it increases the risk of cancer, lacking nutritional value, depression, anxiety, and that it is full of artificial ingredients and bad for our health. What we actually eat has a humungous impact on our health and in a very bad way, and ultra- processed foods like sweets, candy, pizza, soft drinks, and chips don’t contain a sufficient amount of beneficial nutrients. The more ultra-processed foods we eat, the poorer the overall nutritional quality of our diet and health. However, not every food that comes in a box is ultra-processed. Grown-ups whose diet include progressively heavily processed foods like, burgers, ice cream, junk food mainly leads to risks like cardiovascular disease and more often their lives are shorter, because it kills and breaks down your body very fast.

Processed food

What does Shelf life (prolong) food mean and why it exists?

 Thus, Processed food exists, as a result of many reasons that embrace shelf life(prolong) which they place it in an appealing means that grabs your attention that causes you to get additional in a humongous way and doesn’t coast plenty. Processed foods area unit sometimes is less vulnerable to early spoilage than recent foods and area unit higher fitted to long distance transportation from the supply to the buyer, after they were 1st introduced, some processed foods helped to alleviate food shortages and improved the general nutrition of populations because it created several new foods offered to the plenty. As we know, every type of food merchandise remains for a special length of your time and there are a unit variety of things which will have an effect on the time period of an exact food. (Hidden Dangers of Processed and Package Foods What to Eat Instead, 2007).Not purely will the time period of your food rely upon the means during which it’s been hold on reception and also the means it’s been handled, treated and held on before incoming at supermarkets and this additionally plays a task in how long your food can remain.

How to stop eating Processed food and have a healthy lifestyle?

 However, reducing processed food could be a bit hard if your used to it, therefore by time you need to continuously scan the labels, begin slowly to make yourself get used to the routine and food in order to protect yourself and your body and have a healthy lifestyle. (Hidden Dangers of Processed and Package Foods What to Eat Instead, 2007). However, in my opinion it’s much better if you cook your meals at home, to know what you are eating and if it is harmful or healthy for you.

In conclusion, processed foods are very bad and have a humungous negative influence on your health and may lead to many diseases and sickness. However, people do not realize what they are eating is bad for them, but because it tastes delicious and fast to cook and eat, so people should start stopping processed food and go to organic and healthy food in order to have a better health without any diseases and sickness.

Reference list:

  • The Many Risks of Processed Foods. (n.d). Retrieved from

https://www.lhsfna.org/index.cfm/lifelines/may-2019/the-many-health-risks-of-processed-foods/


Essay on Processed Food By Subject Academy

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Business Issue: Culture Shock in Business Environment

Introduction

Businesses are growing globally and thus giving various opportunities to organisations and individuals to grow career-wise. With these global business expansions, an individual gets an opportunity to work abroad or the ongoing projects of the company on foreign land allows these representatives to work with natives. Every culture has its customs and tradition and they are also reflected in our work culture. Various cases reflect that it becomes very difficult for a Chines immigrant to work in American culture or vice versa. The articles listed below focus on various culture shock experienced by these representatives.

Article 1

Shi, L., & Wang, L. (2014). The culture shock and cross-cultural adaptation of Chinese expatriates in international business contexts. International Business Research7(1), 23.

The article focuses on the important causes of cultural shock by “Chinese business representative “and the difficulties they faced in adjusting to the international business environment. To identify the causes of cultural shock a semi-structured interview and an online of 80 Chines business experts who were associated with organizations who did business globally.  The finding of the study highlighted eight major causes of cultural shock were “language, professional communication, religion, time coordination, power distribution, traditions, openness and socialism. The study also concluded that almost all expatriates face the problem of culture shock while doing business internationally and were extremely affected by the mentioned issues. The research further reveals three major problems such as inability to adapt to business communication, languages barriers and the extreme pressure from work duties. On the bases of research conducted various measures are proposed. (Shi & Wang, 2013)

The article has focused on eight major factors of cultural shock which have not been considered in other articles cited below. The study specifically focuses on a particular country which has experience of cultural shock. The study was conducted on the people of China who went abroad for work. The article highlights the major causes of cultural shock and the survey illuminates that almost every individual has experienced cultural shock which has affected the business greatly.  

Culture Shock in Business Environment

Article 2

Selmer, J. (2004). Psychological barriers to adjustment of Western business expatriates in China: newcomers vs long stayers. The International Journal of Human Resource Management, 15(4-5), 794-813.

The article focuses on the psychological factor and sociocultural adjustments of western business expatriates working in China. To study the problem a mail survey was conducted and the psychological barriers for adjustment and its impact on socio-cultural and psychological adjustment were studied.  This was an exploratory study and the finding concluded that the continuous incapability and unwillingness to adjust with newcomers have affected various aspects of sociocultural adjustment but it doesn’t affect the emigrants’ psychological adjustment. It has been observed that these factors have not stabilized over time in anyways there are no effects in case of long stayers in China. The study also suggests that in upcoming time both factors of inability and unwillingness towards adjustment may become of some importance. Paper suggests various points for selection of emigrants for job selection in China. (Selmer, 2004)

The article focuses on people who came to China to work and the cultural shock they experienced while doing business. The article focuses on two factors i.e. the psychological factor and sociocultural adjustments and their impact. These factors have been a great part of cultural shock and highlight major issues of cultural shock. 

Article 3

Ruben, B. D. (1989). The study of cross-cultural competence: Traditions and contemporary issues. International journal of intercultural relations, 13(3), 229-240.

The article studies cross-cultural communication skills attained by individuals or people working overseas to cope up with problems encountered by them. Though this paper it was observed there exists cultural shock difficulties, adjustments at the personal level, adaptability with regards to culture and cross-cultural effectiveness. The problem was significant in businesses which came in the form of project failures, the return of workers and loss of time and money. Though the studies it was observed that these problems occurred due to personal adjustment issues or due to lack of cultural participation. It was concluded that they needed a perspective so that the essential needs of the business were met. (RUBEN, 1989)

The article focus on the factor of individual adjustment with regards to culture and cross-cultural effectiveness. It considers the problems caused by these cultural shocks in the business. It highlights the major causes of cultural shock.

Article 4

Kaye, M., & Taylor, W. G. (1997). Expatriate culture shock in China: A study in the Beijing hotel industry. Journal of Managerial Psychology, 12(8), 496-510.

The article explores the existence of cultural shock occurred among emigrant managers in the joint venture hotels in Beijing and China region. The article focuses on factors infusing culture shock. The exploratory study was conducted and a model was proposed that predicted cultural shock which was determined by situations and intercultural sensitivity. The finding reflected a strong relation between cultural sensitivity and cultural shock. It was concluded that Asian expatriates experienced a great level of cultural shock due to inter-culture sensitivity.  (Marianna Kaye, 1997)

The article shares a case of the joint venture of hotel industry where the cultural shock was experienced. The study is a case analysis which has not been studied in any of the previous articles cited. The article highlights the strong relationship between cultural sensitivity and cultural shock.

Article 5

Fink, G., & Holden, N. (2002). Collective culture shock. Contrastive reactions to radical systemic change.

The article focuses on culture shock experienced during organizations moving from one economic system to another or when these businesses undergo expansion. By analyzing various factors it was suggested that culture shock has four components namely “integration, assimilation, separation, and marginalization”. This extension movement results in difficult social adjustments and undergoes an extreme challenge for a systematic way. To demonstrate the collective cultural shock the research was examined in four countries Russia, Europe, South Africa and Japan. The observation reflected that these shocks are the result of economic complexity, specific social and political situations. The article concludes that culture shock is an important factor or tool for managers who are responsible for constructing and evolving international business strategies to understand the complexities of culture shock or to adjust to the change in the traditional system of management. (Gerhard Fink, 2002)

In this article, the cultural shock is studied on the economical aspect which has not been considered in any other article. The article studies cultural shock in four countries Russia, Europe, South Africa and Japan and results conclude the causes of culture shock. The article highlights that is a key factor responsible for constructing and evolving international business strategies.

Conclusion

From the above cases, we could conclude that immigrants have faced a lot of difficulties while doing business on foreign land. The culture shift has been one of the reasons for that has affected various business tremendously. Due to the cultural shock organisations have undergone huge losses.The language barrier, adaptability and pressure of work duty timing and cultural difference have been a major reason for these cultural shock which can be overcome by giving initial training to the representatives about language and culture.

References

Fink, G., & Holden, N. (2002). Collective culture shock. Wien: Research Institute for European Affairs.

Kaye, M., & Taylor, W. (1997). Expatriate culture shock in China: a study in the Beijing hotel industry. Journal Of Managerial Psychology12(8), 496-510. DOI: 10.1108/02683949710189102

Ruben, B. (1989). The study of cross-cultural competence: Traditions and contemporary issues. International Journal Of Intercultural Relations13(3), 229-240. DOI: 10.1016/0147-1767(89)90011-4

Selmer, J. (2004). Psychological barriers to adjustment of Western business expatriates in China: newcomers vs long stayers. The International Journal Of Human Resource Management15(4-5), 794-813. DOI: 10.1080/0958519042000192951

Shi, L., & Wang, L. (2013). The Culture Shock and Cross-Cultural Adaptation of Chinese Expatriates in International Business Contexts. International Business Research7(1). DOI: 10.5539/ibr.v7n1p23


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Analysis of Demand Forecasting

Enforcement methods used and forecasting the demands

The enforcement method used is the Trend Project method. This method is the most classical business forecasting method that considers the movement of variables about time. It is the quantitative method that requires secondary data. The data should be long-time serial data that can help in predicting the demand for a product. This is only applied to long term series data.

Forecasting the demand

As discussed the Trend Perfect method uses the data that is in series, so to forecast the demand sales data of the previous year and current year is used to predict or forecast the upcoming demands.

The sales report of a current and previous session can help to identify the market demands in the past and the demands in the current year. With the predictive analysis, it can be observed hat would the demands in future. To conduct the predictive analysis, secondary data would be used and various techniques of analysis can be applied for future prediction.

Forecasting Accuracy

As the prediction is based on market trend the accuracy is expected to be high. The sales reports from the previous year’s give the idea about the market trends and the sales report from current year reflects the ongoing trend. On comparing both present and past trends it becomes easier to forecast the upcoming trend. This in turns results in maximum accuracy.

 It is essential studies the past demand and ongoing demands to get the accurate forecasting rate. This plays a vital role in predictive analyses as it affects decision making. 

Analysis on Demand Forecasting

Overcoming and Improving Challenges

Although this analysis is considerate to be highly accurate there are still gaps in the analysis which can cause a major loss to the company. Incorrect data collection, wrong application of analysis tools could be some of the challenges. These challenges could be overcome by understanding the market and its changing patterns. This could be done by continuous monitoring of the ups and downs of the market.

The technological method used for forecasting

Exploration techniques are used for forecasting. It is mainly the process of searching for economical depth. This is conducted over a wide area and on prolonged duration to predict the upcoming trend.


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Social Media Related Challenge

Introduction

It is believed that online media communication is the trending topic among practitioners handling public relations for various organisations(David Phillips, 2009).The digital media mainly focuses on mobile phones, satellite, television and the internet used as means for Internet marketing. In recent years Social Media Analytics have become a booming topic. This is mainly associated with the operational challenges, managerial issues and advantages which increases the implementation and uses of social media for promotional activities, entertainment, communication etc. Social Media is a platform for communication. It has reduced the distance between two individuals. Social media has brought down the world to just one click away. A student wanting to learn a particular subject can do the same from any teacher in the world through online tutoring. A farmer can get the information about the weather in order to sow seeds or to reap the field just by a click.

Social Media Related Challenge

Mostly companies these days make use of various social media platforms so as to build customer base and to earn profit. The report contains the description of social media and how it is different from concepts that are related i.e. web 2.0 etc. On the bases of the definition social media is further classified into various categories like blog, content communities, networking sites etc.(Andreas M. Kaplan, 2010)This report focuses on examining the impact of social media, exploring the new approach and the challenges. To study the importance of social media and its effects with the help of various literatures studied. Empirical observation explained the perception about social media and challenges associated with them.

Literature Review

(Shintaro Okazaki, 2013)Studded thetheoretical concept that is useful in research on social media with reference to international advertising research and they aimed to find further scope with relation to theory building in social media research. The paper derived three key features from the previous work. These features were in regards to theatrical concepts in research that can be used in advertising media for promotional purpose. These three concepts perspectives (networking capability, image transferability, and personal extensibility) is an advantage in case of understanding and acts as a disadvantage for publicity. The gap in the studies is that the international content is still in its beginning, which need the attention. A framework is practically none existing for the gap. 

(John Carlo Bertot, 2012)Proposes theincreased use of social media by government agencies in order to build the connection with those whom the serve. The use of social media involves exchange of crucial information which if leaked may result to greater damage to a nation. These media have provided the advantage of exchanging the information but on the other hand it is also becoming a threat. The paper suggest various challenges with respect to privacy, weak security, data management, governance, accessibility and various other policy issues in regards to information. The continuous adoption of the social media has overtook the supervised framework in regards to information, though the guideline rules behind the framework are still necessary. The paper discusses the regulations of the existing framework and the methods in which they are applicable to social media.

(Andreas M. Kaplan, 2010)Suggests the trends of social media and their adoption in various businesses. Discussed how consultancies and business makers can use these technique for their benefits. YouTube, Wikipedia, twitter and Facebook has become few of the trending platforms of social media. With their bulky content there comes the issue of privacy, security and data management. These are few challenges that are being faced by social media today. It appears that the word social media is partially understood the exact definition and meaning is explained in the paper. Basic concept of social media is explained and difference between them in relation to relative concepts such as Web 2.0. On the bases of the definition provided in the paper classification of social media is done.

(Kristian Tørning, 2015)Suggests social media to be an upcoming field in the academic research and organisation practices. The paper discusses the operational issues, management challenges and advantages of adopting social media platform for the functioning of the organisation. To conduct this study multiple case study were studies and interview were conducted. The empirical finding explains the perception of social media among managers and the managerial challenges directly associated with media production, what’s more, vulnerability about the arrival of venture via web-based networking media exercises.

(José van Dijck, 2014) The paperinvestigates the social media rise in European public service broadcast mainly in the reason of UK and Netherland. The author explores the encounter of “social” and “public” with regards to three levels: professional, institute and content. After deep analysis of these three levels some questions of general like the way general public is coping up with challenges of social media, the way public television earn from social media without adjusting public values are answered. The paper also discusses the challenges regarding the social media content, violation of public values and privacy.

Main body

Generate Multiple Ideas

  1. The uncensored or violent content in social media tends to bring aggressive behaviour in people which affects the mental health of the viewer.
  2. The unnecessary content present on social media engages students and they tend to waste lot of productive time.
  3. There a lot of dependency on social media that student prefers this platform more than books.
  4.  Spending more time on virtual word affect their social life and reduce their public involvement.

Justify why this option was chosen

This topic is chosen because various research shows that in youth of today spend more time on social media which involves high risk of depression, stress and anxiety in them. As they are not physically socialising, these problem are increasing day by day which results in higher rate of suicides amongst youth. 

Research Question: To study the impact of social media and its content on youth.

Hypothesis:

H0:There is no significant impact of social media and its content on youth.

H1 :There is asignificant impact of social media and its content on youth.

Draw a Journey Map

Journey Map of the interviewed students

The interviews shows that students often tend to waste their time on social media and the reason is its catchy content. The journey map of their problem is as follows:

Journey Map

Empathy Map

Said   It is difficult to censor the content on social media.   There is no option.    Think   This has become an addiction and student think spending more time in real world is waste of time and that’s why they prefer virtual world.
Do   Content censoring is a struggle on social media.Feel   They feel virtual world is making them more advance.

Conclusion

Due to this addiction the students have lost the ability of creativity and decision making and the uncensored content has violated all boundaries. Thus they need to realise to control this addiction. Although this problem cannot be overcome on a large scale but if these social media platform censor their content so that they don’t turn out to be more harmful.

The solution to this problem is strict laws to be implemented to control and censor the content on social media. In case of youth and student there should be a limit on their social media usage. Collages and university should promote book learnings, outer door games, events of interest and gathering in order to socialise more.

References

Andreas M. Kaplan, M. H. (2010). Users of the world, unite! The challenges and opportunities of Social Media. Elsevier Business Horizons.

Link: www.sciencedirect.com

David Phillips, P. Y. (2009). Online public relations : a practical guide to developing an online strategy in the world of social media. Philadelphia : London ; Philadelphia : Kogan Page, 2009.

Link: https://trove.nla.gov.au/version/44762970

John Carlo Bertot, P. T. (2012). The impact of polices on government social media usage: Issues, challenges,and recommendations. Elsevier, 30-40.

Link: www.elsevier.com/locate/govinf

Kristian Tørning, Z. J. (2015). Current Challenges in Social Media Management. Research gate.

Link:https://www.researchgate.net/publication/283105178

Shintaro Okazaki, C. R. (2013). Social media and international advertising: theoretical challenges and future directions. emerald.

Link:www.emeraldinsight.com/0265-1335.htm

Van Dijck, J., &Poell, T. (2015). Making public television social? Public service broadcasting and the challenges of social media. Television & New Media16(2), 148-164.

Link: https://journals.sagepub.com/doi/abs/10.1177/1527476414527136


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Operation and Supply Chain Management

1. Introduction

Operation management and supply chain, both are important aspects of a business. Operation management involves all the activities inside the organization and supply chain management includes the activities related to the supply of products to the market. This report is a detailed analysis of the operation and supply chain management of the company M&M.  M&M has a rich history from the past 100+ years. The company is continuously offering new products and new segments of the business but one thing is common that all the segments act as family members(Abbady, Hessian, & Alaam, 2017). M& M plain chocolate candies were introduced by Forrest E. Mars in the United States. In 1950, the company came up with a new solution to maintain the uniqueness of their products by stamping m letter on every candy. In 1954, the company introduced M&M peanut chocolate candies. In 1960, the company introduced fruit chews. In 1984, the plain and peanut chocolate candies offered by the company became the official snack food of the Olympic Games. In 1989, in the US, the company came up with peanut butter chocolate candies.  The company M&M continued its innovations by introducing caramel candies in 2017 and crunchy mint in 2018.

This report is a detailed analysis of the operation management and supply chain management of the company for its products and services. The first section of the report explains the key products offered by the company. In the second section, the report has discussed the competitive capabilities of the firm. The third section shows the comparative analyses of the company with its competitors through polar chart and dominance frontier. The fourth section of the report is about process calculation analyses. The fifth and sixth section discusses the supply chain of a product and new location of the warehouse of the company. The last section of the report explains how the firm can improve its productivity through mass customization.

2. Key products/ Services and Input-Output process

The company offers various categories of products. The products of the company can be categorized based on the occasion, personalizable products and non-personalizable products. The products of the company are available in different flavours: chocolate, peanut, chocolate peanut and peanut butter(Abbas, 2018). These chocolate and peanut products are available in different colours. In this section, the report has discussed the main products and their input-output process. The company offers different product based on different sizes, chocolates, nuts, spices and herbs, fruits, deserts and colours. Input-output process of products of the company is as follows

Inputs: The main inputs for the process of chocolate and chocolate related products making is cocoa beans, chocolate, milk, electricity, labour, machine and paper.

Process: It includes various processes to prepare the products such as sorting, mixing, grinding, winnowing and roasting.

Output: The main products produced are chocolate products and waste products.

3. Competitive Capabilities of M&M

The chocolate brand M& M offers chocolate products in different colours and sizes. M & M is the sub-company of Mars Inc. There are various competitors of M&M in this industry. But the company has gained a competitive advantage in the food and beverage industry because of its strengths. The main strengthening factors of the company are high brand recognition in all over the world, affordable products, variety of colours which attract the attention of the customers, attractive marketing and advertisement strategy and personalized gifts for birthdays and parties. Hershey is the main competitor of the company which is regularly offering new brands of the chocolates(Dubai, 2018). But M&M has kept eye on them every strategy of its competitors to gain competitive advantage. The tagline of the company “Melts in your mouth, not in your hand” helps the company to attract a large number of customers.

4. Comparison of the company with other companies using Polar chart and Dominance Frontier

In this section, the report has described the comparison of M&M with its close competitor Hershey. The comparative analyses of both these companies have shown through the following polar chart. The comparative analyses of both of these competitors describe that overall score of the company M&M according to Knoji ratings is 3.8 and the overall score of Hershey is 3.9. Hershey is highly recognized as compared to M&M. This brand is globally recognized because of discounts and offers provided by it o its customers.

Packaging

Low price strategy followed by M&M Company has made it able to compete with the other competitors in the market. One positive factor which attracts more customers towards M&M as compared to Hershey is the variety of chocolate products offered by the company. The company offers chocolate products in different colours and sizes. The products of the company can be categorized based on the occasion, personalizable products and non-personalizable products. The products of the company are available in different flavours: chocolate, peanut, chocolate peanut and peanut butter. These chocolate and peanut products are available in different colours. In this section, the report has discussed the main products and their input-output process. The company offers different product based on different sizes, chocolates, nuts, spices and herbs, fruits, deserts and colours. But on the other hand, Hershey offers limited chocolate products in limited colours.

The above graph explains how the company can make the supply chain and distribution process easy by following the dominance frontier in operation management and supply chain process. This process will help the company to use specialization of skills and to increase productivity. It will also help in overcoming the challenges related to delay in delivery of products.

5. Process Analyses Calculation

Every organization uses flow rate, inventory and flow time as the main units of measure the performance of the workers as well as the overall productivity of the organization. For the process analyses calculation, the organizations use the term flow unit which represents every single activity in the firm(Landry, 1998). All the chocolate products offered by the company are known as flow units. The number of products manufactured by the company in per unit of time is known as flow rates. Flow rate term also represents the speed of delivery of products from the operation department to the supply chain department and its further processing to the customers through the distribution process.

The time taken by the supply chain department to the customers is known as the average flow rate. This stream pace of administrations conveyed to the clients is known as the normal rate. The aggregate sum of time spent by stream units in the business procedure is known as the complete time of preparing. If there should be an occurrence of more than one way, this stream time is determined through the way which is the longest(Wu & Pagell, 2011). The all outnumber of stream units took care of by the business procedure is known as stock. Stock at the organization is determined by separating the stream rate isolated by stream time. Stock can be determined to utilize the speed of conveyance of administrations to the clients and the quantity of clients handles by the office in a specific time. The chiefs for the most part centre on expanding the throughput. Accordingly, they attempt to lessen their cost and attach the speed of conveyance of items to the clients to expand the income of the organization(Zuckerman, 2002). The organization wants to get the input from the clients identified with the administrations offered by the organization to improve the administrations later on. This encourages the organization to build the speed of conveyance of administrations to the clients because the organization modifies their administrations according to the input got from the clients.

6. The supply chain of a product and risks related to supply chain

In this section of the report, we are discussing the supply chain process of M&M peanut chocolates. Supply chain process of the M&M Peanut chocolate consists of various elements for the movement of products. The supply chain of these products starts with the customers and also ends with the customers.

Supply Chain

Customers: This chain starts when the customers start liking the products and demand for these products and finally purchase the products offered by the company through the retail store. The customers’ order for the products as per their requirement and sales department of the company receive the orders to manufacture the products(Stephenson, 2014).

Planning: The next step of the supply chain process of the company is to plan for manufacturing. The planning department is responsible for all these planning to fulfil the requirement of the customers. According to the plans, the company purchases the required raw material.

Purchase: The planning department sends the list of required raw material to the purchasing department. This department further sends the purchase orders to the different suppliers to purchase the materials.

Inventory: Afterreceiving the raw material from the suppliers, quality and accuracy of the products are checked and the material is sent to the warehouses.  After supplying the material, the suppliers also send the invoices to the specific departments from where the material was ordered(Sarkis, 2006).

Production: According to the plan of the production, the raw material is transferred to the specific departments. Using this raw material, finish products are also produced as per the requirements of the customers.

Transportation: After receiving the finished products, the shipping department decides to ship the products to the customers by using efficient methods. When the goods are delivered to the customers the company also sends an invoice for those goods.

Supply chain risks: The Company also faces various challenges in the supply chain process of the products. These risks include supplier failed to deliver the raw material. Although the company gets the raw material from renowned suppliers, yet the risk of poor material or latte delivery of products always exist(Joshi & Rathore, 2013). Other risks can be outsourcing, logistic delays, loss of information, miscommunication regarding orders, risks related to political, economic and natural calamities and risks of theft and terrorism. These risks can affect the supply chain process and production and distribution capability of the organization.

7. New Location for the warehouse or service centre of the firm through the Center of Gravity method

By using the centre of gravity method, the firm can locate a new place, which can increase the productivity of the firm by reducing its cost. Through this method, the company can locate the area which is near to its distribution centres. Less distance between the distribution centres and the operational plants will help the company to reduce the cost of transportation. The following example shows how the company M&M can find a new location using the centre of gravity method.

Operation and Supply Chain Management
Numerical  Data

The above numerical example proves that the company can use this center of gravity method to decide about the location which can help in minimizing the cost of transportation of the company. Center of gravity method is an approach used by organizations to find a new facility which can help in the minimization of the costs of the organization. The main input used in this method is the volume of services offered by the firm(Wu & Pagell, 2011). In this case, we are discussing the services offered by M&M chocolate company. Facility location for every organization is a one-time decision(Stephenson, 2014). This decision cannot be reversed. Overall cost pattern is based on this facility location. This facility location directly affects the sales of the organization. The main factors which influence this plant facility are its distance from the raw material centre, its distance from the market and its facilities and infrastructure

This new location explored using this centre of gravity method will help the company in increasing the speed of delivery of the products. It will increase the satisfaction of the customers of the company as well as it will increase the revenue of the company by decreasing its cost. 

8. Application of Mass customization to the product

Mass customization is known as the production of unique goods on a large scale. Using this technique the firm can serve different requirements of the customers, preferences of the market by producing varied products. Through this technique, the company can easily overcome the challenges related to delayed delivery and the disappointment of the customers. Mass customization can help the company for knowing the choices of the customers so that new products can be able to meet their requirements. This strategy acts as a postponement tactic to attract a large number of customers towards the products of the company(Landry, 1998). The company can also adopt modular design and packaging for its chocolate products through this strategy. In the way, the company will be able to compete with its competitors.The Company also faces various challenges in the supply chain process of the products. These risks include supplier failed to deliver the raw material. Although the company gets the raw material from renowned suppliers, yet the risk of poor material or latte delivery of products always exist.

Other risks can be outsourcing, logistic delays, loss of information, miscommunication regarding orders, risks related to political, economic and natural calamities and risks of theft and terrorism. These risks can affect the supply chain process and production and distribution capability of the organization.  As we have studied previously, the main competitors of the company are Hershey for its chocolate products and it is regularly introducing new chocolate products for its customers. Thus the company needs to adopt this mass customization technique to maintain the interest of their customers in these chocolate products and to attract new customers to gain competitive advantage.

9. Conclusion and Recommendations

­­The study concludes that M&M is a renowned company in the Food and Beverage sector of the United States. The company has covered a large share of the market by introducing a wide range of chocolate products to the customers of the company. Although the main competitor of the company Hershey has gained the largest share of the market in this industry the company has made its recognition through a variety of chocolate products. The report has described the comparative analyses of the company with its close competitor Hershey through Polar chart from the aspects of quality, price, taste, packaging and variety. The report has also explained the supply chain process and supply chain risks of the company. The only risk faced by the company is related to the delay in delivery of products to the customers. The new location facility explained that the company can overcome this risk by finding a new location near its distribution plants through the centre of gravity method. This new location explored using this centre of gravity method will help the company in increasing the speed of delivery of the products. It will increase the satisfaction of the customers of the company as well as it will increase the revenue of the company by decreasing its cost.

10. References

Gerhard F. Knolmayer, P. M. (2009). Supply Chain Management Based on SAP Systems: Architecture and Planning Processes. Springer Science & Business Media.

Hodges. (2012). Supply Chain Management. Net Library inc.

Hugos. (2011). Essentials of supply chain management. Willey publications.

Joshi, & Rathore. (2013). On Supply Chain Competitiveness of Indian Automotive Component Manufacturing Industry. International Journal of Production Economics, 21-35.

Landry. (1998). Supply Chain Management. Harvard Business Review.

Laudon. (2010). A New Supply Chain Project Has Nike Running for Its Life. In Essentials of Management Information Systems: Managing the digital firm. sixth edition Pearson Education.

Sarkis, J. (2006). Greening the Supply Chain. Springer Science & Business Media.

Snippet, V. (2015). Supply chain development. Global Ecology and Biogeography, 2 (1), 311-325.

Wu, & Pagell. (2011). Balancing priorities: Decision-making in sustainable supply chain management. Journal of Operations Management, 65-78.

Zuckerman. (2002). Supply Chain Management. Kingdom: Capstone Publishing.


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Quality Management in Celsete Medical Center

Introduction

Total Quality Management (TQM)  refers to management methods used to enhance quality and productivity in business organizations. TQM is a comprehensive management approach that works horizontally across an organization, involving all departments and employees and extending backward and forward to include both suppliers and clients/customers. TQM has five major elements that are essential to successful implication, which are:

  1. Focus on customer satisfaction: TQM focus employees on the importance of fulfilling customers’ expectations.
  2. Continuous improvement: is apolicy or process that helps keep the focus on improving the way things are done through regular incremental improvements or achieving larger process improvements.
  3. Employee involvement: ensure that employees are involved in implementing the TQM concept.
  4. Strategic and systematic approach: in TQM, organizations have a strategic plan in place which integrates quality as its primary component.
  5. Fact based decision making:TQM requires the organization to continually collect and analyze data in order to improve decision making accuracy.

Quality management plays a crucial role in your company’s growth and performance. It is also a key resource in the competition for customer relationships, striving to deliver a superior experience. Total quality management can help the organization by maintain loyal customers, due to the continuing improvements of the products, incorporating changes, and neglecting the defects. Furthermore, quality management provides companies with the specific information they need in order to develop the goods and services that customers want. This will increase the market share and gives the organization a competitive advantage. Also, total quality management can decrease human errors, and this helps to improve the company’s validation. For example, the employees will have a list of guidelines which they have to follow it during their day to day operations. 

Nowadays people demand for better healthcare systems. The importance of total quality management has risen in the health care field as it has become a part of the hospital’s competitive strategy. Using quality management in the health care system will help balance efficiency, equity, and quality which could be very challenging in order to provide a high-quality service. This strategy will improve performance and increase patient satisfaction (Mosadeghrad 2016).  

In healthcare services there are three definitions distinguished; Total Quality Management from other approaches: “it is a comprehensive strategy of organizational and attitude change for enabling personnel to learn and use quality methods, in order to reduce costs and meet the requirements of patients and other customers” (Balasubramanian 2016).

Total Quality Management is also defined as “a management philosophy concerned with people and with the work processes that focuses on customer satisfaction and improves organizational performance” (A.Al-Shdaifat 2015). In other words,we use quality to reflect high value service. With this concept we can see that the importance of total quality management has increased in the health care system as it has become part of the hospitals competitive strategy.This will provide the hospital or clinic to offer potential cost saving while quality is maintained and improved. As a result of undertaking all these measures would insure the satisfaction of the patient and will reduce the risk of consequences regarding human health. Alongside using and implementing quality management this system will establishpolicies to fulfil the healthcare service providing in the market. Quality management has several principles to guide the achievement of the system. These principles were mentioned in Greame Knowles, a book on quality management, which includes the following:  (Knowles 2011)

  • Customer Focus
  • Strategic Focus
  • Leadership Focus
  • Process Focus
  • People Focus
  • Scientific Focus
  • Continual Improvement, Innovation and Learning
  • System Thinking

As said above the most important focus is the customer, we must understand the customer’s needs and expectation to create the value wished. Moreover, to insure getting the most out of the system, it needs to have a committed leader who can actively drive the strategy and spread positive vibes to have better engagement with the clients. All these aspects contribute to attain a recognizable quality management system.

Research objective

The research objective of this report is to understand and to identify the use of total quality management in Celeste Medical Center.

Methodology

Our research follows a qualitative design. We conducted an interview that was based on a set of qualitative questions which were directed to the manager of Celeste Medical Center to identify what type of quality tools they use.

Literature Review

Quality management is defined as the act of managing all the actions and responsibilities required to keep a desired level of quality. This includes the aim of a quality policy, which is making and applying quality arrangement and guarantee, as well as quality control and quality development. It is also known as total quality management (TQM). Overall, quality management emphasizes on the long-term goals of the application of immediate initiatives.

At its center, quality management (TQM) is a business philosophy that holds the impression that the long-term success of a business originates from client satisfaction. TQM requires all shareholders in a firm to work together in order to advance developments, products, services and the values of the business itself.

A famous example of quality management is the Toyota’s application of the Kanban system. A Kanban is defined as a physical sign that generates a chain response, resulting in a precise act. Toyota used this knowledge to apply its just-in-time inventory method. To make its assembly line more effective, the firm decided to just keep enough inventory available to fill client’s requests as they were produced.

Thus, all pieces of Toyota’s assembly line are allocated a physical card which has a related inventory number. Before a part is fit in a car, the card is detached and moved up in the supply chain, successfully demanding one more of the same part. This permits the firm to keep its inventory lean and not overstock needless assets.(Quality Managemnet , 2018)

Quality Management in Service Industry

Overseeing the quality of products and services is essential to assure that the company excels at meeting their consumers requirements and accomplishes their organizational goals. Whether it’s an industrial company producing hardware or a software firm delivering services to customers, quality management is the very core of constant development and business advancement.

Quality Management

The process of handling the quality of services brought to a client according to his expectations is named Service Quality Management. It essentially measures how good a service has been delivered, to progress its quality in the future, recognize issues and fix them to increase client satisfaction. Service quality management includes the monitoring and preservation of the diverse services that are accessible to customers.

Whether it is a software company delivering services to customers or working in hospitality or travel business, service quality management is essential to handling customer’s expectations and company development.

Quality Management in the UAE and GCC Service Industry

Many contemporary organizations across the UAE, GCC and the globe are implementing total quality management (TQM)systems to please and satisfy their clients. The necessities of today’s modern world require us to deliver quality products and open services in order to increase the competitive advantage and to improve client time value. TQM involves making a client‐centered principle in the service business. Starting and implementing a TQM system in most of the service organizations is a key task. It requires a full and organized analysis of client expectations, system procedures, functions, detailing and quality restrictions. TQM has a huge effect on various service industries performance. (Talib, 2010)

Companies in the UAE are facing problems in attaining high level of client satisfaction and constant progress. Lately, quality divisions such as center of quality have been added to many firms in the United Arab Emirates whether to the government, private, or semi-government firms. This is because good quality management is anessential field that should be combined in such firms.

There is a requirement to study Total Quality Management and barriers of application of TQM in UAE firms. TQM arena is a new management style that came in 1980s in US and therefore, UAE firms have been influenced by the novel management style; though, no information or evidence is given in journals or documents concerning the affects or achievement aspects in UAE. The culture in UAE still requests experimental evidence and actual case successes to simplify the new style built on results.

Total Quality Management is a novel philosophy of management that was recognized in United Arab Emirates and the Gulf region quite recently. Total Quality Management in UAE nevertheless, received slight care and studies from researchers and experts concerning the critical success aspects and constant development. (AbdulAziz & Al Ali, 2012).

Research Methodology

Our research is qualitative research. Qualitative research is a scientific, exploratory method used to gather non-numerical data. We used this method to enquire and gain more understanding regarding quality management. As a team, we prepared a questionnaire and conducted an interview with the Manager of a small medical centre in Al Ain.

Questionnaire development

We first drafted 8 questions which covered areas including; quality management, quality control, performance standards and customer satisfaction. Then we continued to edit the questions until we came up with the final 10 questions.

Data collection

A member of our team Miss ReemKheir had contacted an aesthetic clinic known as Celeste Medical Center to schedule an appointment with the top manager.

On the day of the meeting, which was on 7th October 2018, all the team members were prepared for the interview with their set of questions. After arriving at the clinic, we were taken to the manager’s office, and with permission we started to record the interview. The interview session lasted for 30 min to answer all our questions.

The interview was conducted in English. It was a two-way conversation where we were supported even by their monthly quality checklist towards the end of the session. After leaving the clinic, the team members discussed their experience of the session. It was not surprising when we all agreed that the there wasn’t any formality involved in getting to choose a flexible time for an interview with the manger, which is unlikely for many other companies. Since our objective of this research is Quality Management, it was imperative that we also analysed the clinic’s conditions and equipment’s. We were given a friendly tour to look around the clinic to better understand their services conditions and hygiene standards. Finally, we took away a lot of information from the interview, which will be further discussed in the analysis of this research paper.

Analysis

Strategies in measuring customer satisfaction

The clinic has high quality services because of the type of machines uses. The origins of machines are from the best countries in the market to satisfy their customers. This results eventually in a very good service given to their customers. As a part of measuring their satisfaction, they have not implemented any such strategy to measure service after its completion or after visiting the clinic. Leaders establish a comprehensive plan for their business to manage the daily operations. Failing to contribute towards strategic customer management plan could risk the business its survival. The clinic could initiate by creating a plan for managing the customer satisfaction that outline the initiatives, and milestones. They should figure what they want to achieve and how do they want to record its feedback technically. To measure the satisfaction dimensions that they want to measure, the clinic must have its objectives set and their standards which should be in compliance with the HAAD standards.Finally, an approach to collect the data, analyse the customer response, and address major issues for continual progress. (Duggan, 2018)

Measuring customer feedback

The clinic has feedback forms always placed in the reception. There are also suggestion boxes, and the employees of the clinic accept complaints in person. However, the manager at the clinic is the one who reviews these feedbacks forms and evaluates them in his own perspective. There is no software, or anytactics implemented for measuring customer satisfaction. The Manager could consider liable approaches best suitable for measuring customer satisfaction from techniques such asmeasuring customer growth orthrough the referral rate.(Olsen, 2011)

Future planning to develop the approach of receiving customer feedback & incorporating or using technology

The clinic does not receive many complaints. Therefore, we understand that our customers are satisfied. However, when these complaints are made, they are only recorded through the feedback form or left in the suggestion box. Management is later approached to resolve those issues face-to face with responsible persons.

Motivating team to achieve quality performance standards

The management team of the clinic believes that it is a must for their employees to match the standards of service that is expected of them in the line of service where demand is very high, and it is believed that this is very sensitive because the customers are directly impacted through it. The technicians and doctors are informed from the phase of their selection and orientation about what is expected from them in this regard. The management team provides its employees with greater monetary rewards than what is given in their local industry market. This is one of their motivational approaches. For their overtime after the completed shift for the employees, the manager applies the minimum wages as per labour laws and multiplies it by 2 times its amount,  as a motivational technique for working extra hours in the clinic.

Enforcing Quality

Celeste Medical Centre has a contract with another quality company who regularly check their machines. However, it seems that they are not reliable enough as the manager informed us that he must be there in person when an inspection takes place. This is because he has seen some sort of neglecting of ethics from their behalf in the form of putting tags on machines which haven’t been checked.

Overall satisfaction with the outcome of quality at the clinic

The current manager is satisfied with the quality of the existing machines but mentioned that when he was first hired as a manager, he was not satisfied with all the operations running in the clinic. The previous manager didn’t have any contracts with health insurance companies and wasn’t following the health authority standards. He acknowledged that as a manager, it was the first crucial thing he had to do. To ensure that quality controls were enforced.

Although the manager didn’t mention using any tools to measure patient’s satisfaction regarding quality, one could suggest that using patient satisfaction surveys could be beneficial. Studies have shown that patient satisfaction surveys have gained increasing attention as meaningful and essential sources of information for identifying gaps and developing an effective action plan for quality improvement in healthcare organizations. In the western world, specifically in Germany, measuring satisfaction has been required since 2005 as an element of quality management reports. Furthermore, since 2002, the Department of Health (DOH) has launched a national survey program in which all NHS trusts in England have to survey patient satisfaction on an annual basis and report the results to their regulators. Therefore, measurement of patient satisfaction is a legitimate indicator for improving the services and strategic goals for all healthcare organizations ( Al-Abri& Al-Balushi, 2014).

HAAD standards

The company started following HAAD standards in August 2017 with the help of an insurance coordinator because they had more knowledge about them.

HAAD is responsible for licensing, quality control, and regulating all of the health care facilities and health professionals in the Emirate of Abu Dhabi.HAAD standards are consistent with JCI standards but focus on the fundamentals of patient and facility safety. All health care facilities in Abu Dhabi must achieve the authorized or compulsory standards during an inspection to be licensed in the Emirate. Each new version of the standards, which is conducted approximately every three years, reflects the dynamic changes occurring around the globe in health care. As a general principle, licensed providers are expected to meet the following professional obligations:

  • Ensure the clinical and other professional qualifications of all staff according to HAAD licensing policies; in turn licensed clinical staff is expected to act in a manner that is consistent with international good practice in the management of patients to maintain safety and provide such benefit as they are able.
  • Ensure their facilities and equipment are enough to deliver safe, high-quality care in accordance with international good practice.
  • Ensure there are healthy clinical and management processes for the tracking of patient safety and the effectiveness of treatment, including the keeping of accurate, fit-for purpose clinical records.
  • Report any occurring incidences that result in a risk to patient safety or compromises the
  • delivery of high-quality care. ( Health Policy & Regulation, Health Authority Abu Dhabi, 2008)
  • The importance of HAAD standards are very clear. It was also very noticeable that the quality of service in the centre improved after adopting the HAAD standards.

Software that measure quality management

The company doesn’t have any special software directly related to quality, but they have an employee system that shows the duties of each doctor, and a patient schedule to manage bookings.

It would be extremely beneficial and in fact necessary that the company invests in a QMS. One could be ENCOR, which is an award-winning software platform, that provides comprehensive quality reporting solutions for hospitals and clinicians.

Standards at a clinic that differ from the department of health standards in UAE

The company do also have their own set of slightly different standards that they apply. They have a check list in every room which is collected at the end of the day to measure and observe how many patients have visited the clinic, and how many patients have cancelled the appointment.

One of the checklists they could use in the  future is a Patient Safety and Quality Improvement (PCQ) scoring requirement, which is one of the measurements of HAAD Standards. PCQ will be very valuable to the centre because quality and safety will be rooted in the daily work of the health care professionals and other staff. Doctors and nurses will assess patient needs and provide care. PCQ can help them understand how to make real improvements to help their patients and reduce risks (Health Policy & Regulation, Health Authority Abu Dhabi, 2008).

Conclusion

From our research, we come to conclude that Celeste Medical Center uses some techniques in order to enhance its quality. However, we observed that it’s mostly manual based and they haven’t installed any special software, nor do they have any strategies to enforce quality management. TQM is an important aspect of any business because it will help the organization in eliminating human errors, increasing customer’s satisfaction, and improving the company’s performance.

References

A.Al-Shdaifat, Emad. 2015. “Implementation of total quality management in hospitals.” Journal of Taibah University Medical Sciences 10 (4): 461-466. doi:https://doi.org/10.1016/j.jtumed.2015.05.004.

AbdulAziz, E., & Al Ali, A. S. (2012). Total Quality Management Implementation. A Study to Critical Success Factors and Continuous Improvement to UAE organizations, 122.

Al-Abri, R., & Al-Balushi, A. (2014). Patient satisfaction survey as a tool towards quality improvement. Oman medical journal, 29(1), 3-7.   https://www.haad.ae/HAAD/LinkClick.aspx?fileticket=dI0JyhF3pDc%3D

Balasubramanian, M. 2016. “Total Quality Management [TQM] in the Healthcare Industry.” Science Journal of Public Health 4. doi:10.11648/j.sjph.20160404.11.

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Picincu, A. (n.d.). The Importance of Quality Management. Retrieved from https://bizfluent.com/about-5377881-importance-quality-management.html

QualityManagemnet.(2018).Retrieved from investopedia: https://www.investopedia.com/terms/q/quality-management.asp#ixzz5XTkYnz4F

Richa. (2014, May 15). Service Quality Management: How to Measure and Manage It. Retrieved from Udemy: https://blog.udemy.com/service-quality-management/

Talib, F. (2010). Studying the impact of total quality management in service industries. Int. J. Productivity and Quality Management,, 6, 249.

Total Quality Management. (n.d.). Retrieved from https://www.inc.com/encyclopedia/total-quality-management-tqm.html

TOTAL QUALITY MANAGEMENT. (n.d.). Retrieved from http://tqmgroups.blogspot.com/p/customer-satisfaction-is-key-component.html

Duggan, T. (2018, November 24). How to Measure Customer Satisfaction for Strategic Management. Retrieved from Small Business: https://smallbusiness.chron.com/measure-customer-satisfaction-strategic-management-51164.html

Olsen, E. (2011, November). STRATEGIC PLANNING: MEASURE CUSTOMER SATISFACTION. Retrieved from dummies: https://www.dummies.com/business/business-strategy/strategic-planning-measure-customer-satisfaction/


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Business Proposal of ISUZU

1. Introduction

Every business model is established by the firms to create value for the customers and to generate maximum value from that return.  Thus the main components of business models are value proposition of firms for customers, stakeholders and partners of the business and requirement of processes and resources to deliver this value to the customers. A good business proposal reflects how the business plan will solve the problem of the customers. This business proposal details about the new business proposal for ISUZU which is a Japanese company, manufacturing commercial vehicles and diesel engines. This report contains detailed analyses of business proposal by throwing light on the business model description, value proposition development, business operation development, supply chain development, competitive advantage, financial value capture, strategic fit and solution to the uncertainties related to customer desirability, technical feasibility and financial viability.

2. Business model description

From the detailed study of reports of the company, it has been observed that the customers of the company are facing issues related to long term protection of vehicles. Especially, they are facing issues related to road side assistance (Candace & Ronald, 2018). Thus the main idea of this business proposal is that the company can provide this road side assistance facility for life time. The customers will have to pay a small amount of charges at the time of purchase of vehicle. The company can use that money to contact with the third party dealers for this road side assistance in every city (Osterwalder, Pigneur, Bernarda, & Smith, 2014). It will create value for the customers. The following components describes about the business model in detail.

  • Key Partners: The main partners of this business model will be the consumers, all internal and external stakeholders and third party dealers who will provide the services. Partnership with third party dealers will help the company to provide easy road side assistance to the customers in every city (Pastor, Santana, & Sierra, 2010).
Business Proposal of ISUZU
  • Key activities: The main activities as per this business proposal will be to provide long term protection of vehicles to the customers. The company would contact with third party dealers to provide life time road side assistance to the customers in case of any emergency.
  • Key resources: The key resources for this new idea will be the customers who will pay a onetime small amount at the time of purchase and the third party dealers who will provide services to the customers in case of emergency (Schnellbächer, Heidenreich, & Wald, 2019).
  • Value proposition: The main value proposition of this idea is to provide protection of vehicles in case of emergency, especially to focus on providing long term road side assistance to the customers.
  • Customer relationship: This idea will help the company to maintain a long term relationship with the customers because most of the customers complain about the problem of road side assistance (Sreenivasan & Tripathy, 2014).
  • Channels: The customers will have to register their request with the company. The company will immediately contact the third party dealer and they will provide the quick services to the customers as and when required.
  • Customer segment: The targeted customer segment for this business proposal will be all the customers using the vehicles of the company.
  • Cost Structure: All the cost of this life time road side assistance will be covered through a small amount of extra charges at the time of purchase of product. The company will charge this amount from every customer but all the customers will not demand for road side assistance at the same time (Tang, Tang, & Su, 2019). Thus the company will be able to use that money for hiring third party dealers to solve the problem of the customers.
  • Revenue stream: This idea will increase the sales of the vehicles of company and the revenue of the company will also increase with every sale of vehicle.

3. Value proposition development

Through value proposition, the company can maintain long term relations with the customers and can attract new customers. The development of value proposition consists of requirement of new resources and capabilities for the innovation of new services. Customers, stakeholders and third party dealers will be the main resources of ISUZU for creating this new value proposition. The main idea is to provide life time road side assistance to the customers without charging any cost (Tellis, MacInnis, Tirunillai, & Zhang, 2019). The company can charge a small amount at the time of purchase of product and can make a budget to contact with third party dealers in every city. It is obvious that all the customers will not ask for road side assistance. But this service provided by the company will help in creating value for all the customers.

4. Business operations development

For this new business operation, the company needs to measure the scalability of the business. The company can follow the step by step procedure to measure the scale of the business and to know about the requirement of resources and capabilities to complete the business operations. The first step to measure the scale of the business is to evaluate and plan. The company should evaluate the existing sales and revenue of the company so that total expenditure and total revenue with the introduction of this new business operation can be estimated. The second step is to explore the resources to finance this business operation. The company will not have to bear any extra cost (Wadstrom, 2019).

Business Operations Development

The company can easily provide these services to the customer by collecting an extra small amount at the time of purchase of product. The third step is to market for this new value proposition. The company will have to plan for proper marketing process to attract the customers. The company can use technology to make people aware about this new business operation (Osterwalder & Pigneur, Business model generation, 2010). Online advertisements can help a lot in the development of this business operation. The last step of measuring the scalability of the business is to strategically outsourcing the business operations. The employees of the company can help a lot in outsourcing of the business operations.

5. Supply chain development

The company can create an efficient supply chain development model with the help of its existing business partners. For this new business operation, the company needs support from customers, stakeholders and employees of the company. Thus the company will have to make an overview of the company before taking decision regarding this new operational development (Aulet, 2017). The company can have estimate about annual total revenue and total expenditure by analyzing the data of the previous years. The research background of the company will be helpful to identify the determinants of varying revenue and expenditure. The company also needs to analyse the social, economic, cultural and political aspects of this business venture before creating this new supply chain model.

Supply Chain Development

6. Financial value capture

The main resource of making money as per this supply chain model will be the customers. The company will charge some extra amount from the customers at the time of the purchase of the product. The company will provide them assistance whenever required with that amount through third party dealers (Erkutlu & Chafra, 2018). But it is obvious that all the customers will not demand for such services at the same time. It may be possible that the customers do not need this service at all. Thus it will increase the benefits of the company. Thus the extra cost bear by the company will be covered from the amount paid by the customers (Goldman, Schlumpf, & Scott, 2017).

7. Competitive advantage

The major competitors of the company are Volvo, Ford, Daimler and Volkswagen. All these companies are providing emergency protection as well as road side assistance to the customers but their services are for limited period. Later on the customers need to pay for it again (Kryger, 2019). Thus the customers remain dissatisfied in case of requirement of emergency protection. That is why this business proposal is based on the core capability of providing life-time road side assistance through third party dealers in every city. It will help the company to be favorite choice of customers among all competitors by providing this unique benefit of life-time road side assistance.

8. Strategic fit

ISUZU has won the award of “Best of the Best” in 2018 for high customer satisfaction in case of product quality.  Customer satisfaction is the key factor which is continuously promoting the sales of the company. It reflects that in case of product quality and durability, the company has already won the hearts of the customers (Lamb, Butler, & Roundy, 2017). By adding this new business venture, the company can become a top name among the list of its competitors. Thus we can say that this idea is compatible with the parent organization.

9. Uncertainty related to customer desirability, technical feasibility and financial viability

In every innovation process, desirability, feasibility and viability play an important role. These three factors assure for the successful completion of this business venture and satisfaction of customers. Feasibility refers to reduction in cost and maximum revenue. Technical feasibility refers to provision of on the time road time assistance to the customers in effective and efficient manner and desirability refers to provision of services as per desire of customers. Financial viability refers to increased profit of the company by introducing this new business venture (Palumbo & Manna, 2018).

Argumentation to support the use of tools and techniques

The main target of the company behind every new innovation is the satisfaction of the customers. Thus it becomes essential for the company to use appropriate tools and techniques to measure customer satisfaction (Mendes & Machado, 2015).

Various companies use SAAS platform to appoint third party to get their work done (Rumbles & Rees, 2013). Social media platform can help the companies to get the accurate data regarding satisfaction of the customers (Sinha, 2019). Through business agile tools companies can measure the intelligence level of customers (Wang, Noble, Dahl, & Park, 2019). Mobile apps can also help to assess the customer intelligence for estimating the success of the project of the company (Durica & Svabova, 2015).

Application of tools and techniques

  • ISUZU can use CRM tool to maintain effective relationship with the customers.
  • The company can assess the traffic on the website of the company through click cracking tools.
  •  Through text analyses, the company can provide facility of filing complaints and suggestions to the customers.
  • Mobile applications can make the process of customer feedback easy.
  • SAAS can help to get the work done through third party.
  • Through business agile tools, the company can have access to real time customer intelligence.
  • The company can convert the voice messages of the customers into text through speech analytic tool.
  • Social media platform can also play an important role in getting the feedback of the customers.

Reflection

This business proposal has helped me to assess the knowledge about practical application of marketing tools and techniques. Previously I studied everything theoretically. I was very weak in practical implementation of these tools and techniques. But this task has increased my knowledge regarding business models and its components. Now I am strong enough to create business proposal for any company. The problem identification part has increased my knowledge about various companies, their business models and their working process. In short, this business proposal has improved my practical knowledge about marketing concepts.

10. Conclusion

To conclude, this innovative idea can help the company in attaining the top position in the market. The company has already won the award of “Best of the Best” in 2018 in terms of customer satisfaction for product quality. The only need is to focus on the service quality aspect. This business venture will help the company to be at top among all competitors.

11. References

Aulet, B. (2017). Disciplined entrepreneurship workbook. New Jersey: Hoboken, Wiley.

Candace, F., & Ronald, L. (2018). The relationship between participation in differenttypes of ms and gainful employment for formerly incarcerated individuals. Human resource development quarterly , 29 (3), 263-286. https://doi.org/10.1002/hrdq.21325

Durica, M., & Svabova, L. (2015). Improvement of Company Marketing Strategy Based on Google Search

Results Analysis. Procedia Economics and finance, 26, 454-460. https://doi.org/10.1109/EBR-09-2015-0088

Erkutlu, H., & Chafra, J. (2018). Despotic leadership and organizational deviance. Journal of Strategic Management, 11 (2), 150-165. https://doi.org/10.1108/JSMA-04-2017-0029

Goldman, E. F., Schlumpf, K. S., & Scott, A. R. (2017). Combining practise and theory to assess strategic thinking. Journal of Strategic Management, 10 (4), 488-504. https://doi.org/10.1108/JSMA-02-2017-0012

Kryger, A. (2019). Iterative prototyping of strategy implementation workshop design. Journal of Strategy and Management, 11 (2), 166-183. https://doi.org/10.1108/JSMA-07-2017-0051

Lamb, N. H., Butler, F., & Roundy, P. (2017). Family firms and corporate social responsibility: exploring “concerns”. Journal of Strategy and Management, 10 (4), 469-487. https://doi.org/10.1108/JSMA-02-2016-0010

Mendes, & Machado. (2015). Employees’ skills, manufacturing flexibility and performance: a structural equation modelling applied to the automotive industry. International Journal of Production Research, 53 (13), 4087-4101. https://doi.org 10.3233/WOR-2012-0735-4389

Osterwalder, A., & Pigneur, Y. (2010). Business model generation. Hoboken: New Jersey: Wiley.

Osterwalder, A., Pigneur, Y., Bernarda, G., & Smith, A. (2014). Value proposition design. Hoboken: New Jersey: Wiley. https://www.wiley.com/enus/Value+Proposition+Design%3A+How+to+Create+Products+and+Services+Customers+Want-p-9781118968055

Palumbo, R., & Manna, R. (2018). The need for requisite variety to support growth: an organizational life cycle perspective. Journal of Strategy and Management, 11 (2), 241-256. https://doi.org/10.1108/JSMA-10-2016-0072

Pastor, Santana, & Sierra. (2010). Managing knowledge through human resource practices: an empirical examination of the Spanish automotive industry. The International Journal of Human Resource (Schnellbächer, Heidenreich, & Wald, 2019)Management, 21 (13), 2452-2467. https://doi.org/10.1108/EBR-11-2015-0142

Rumbles, S., & Rees, G. (2013). Continuous changes, organizational burnout and the implications for HRD. Industrial and Commercial Training, 45 (4), 236-242. https://cquprimo.hosted.exlibrisgroup.com/permalink/f/1rb43gr/TN_emerald_s10.1108/00197851311323538

Schnellbächer, B., Heidenreich, S., & Wald, A. (2019). Antecedents and effects of individual

ambidexterity – A cross-level investigation of exploration and exploitation activities at the employee level. European Management Journal, 37 (4), 442-454. https://doi.org/10.1016/j.emj.2019.02.002

Sinha, S. (2019). The emergent-strategy process of initiating organizational ambidexterity. Journal of Strategy and Management, 12 (3), 382-36. https://doi.org/10.1108/JSMA-12-2018-0140

Sreenivasan, & Tripathy. (2014). Employment Relations in the Automotive Industry. The Indian journal of industrial relations, 49 (3), 499-512. https://doi.org/10.3233/WOR-2014-0735-4389

Tang, C., Tang, Y., & Su, S. (2019). R&D internationalization, product diversification and international performance for emerging market enterprises: An empirical study on Chinese enterprises. European Journal Management, 37 (4), 529-539. https://doi.org 10.3233/WOR-2012-0735-4389

Tellis, G. J., MacInnis, D. J., Tirunillai, S., & Zhang, Y. (2019). What Drives Virality (Sharing) of Online Digital Content? The Critical Role of Information, Emotion, and Brand Prominence. Journal of Marketing, 83 (4), 1-20. https://doi.org/10.1016/j.emj.2019.02.002

Wadstrom, P. (2019). Aligning corporate and business strategy: managing the balance. Journal of Business Strategy, 40 (4), 44-52. https://doi.org/10.1108/JBS-06-2018-0099

Wang, H. S., Noble, C. H., Dahl, D. W., & Park, S. (2019). Successfully Communicating Cocreated Innovation. Journal of Marketing, 83 (4), 38-57. https://journals.sagepub.com/doi/pdf/10.1177/0022242919841039


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Process of Strategic Management

Part 1

Strategic management refers to understanding the strategic position of an organization. The process of strategic management involves the methods to explore corporate strategies of organizations.  Strategic management helps the organizations to examine the activities of top executives (Ketchen & Short, 2012). The concept of strategic management used in the organizations these days has borrowed various ideas from the strategic management of ancient times. In the classical military, all the major decisions were considered as strategic while the minor decisions were considered as tactical. In 1491 BC, a hierarchical delegation of authorities by Moses is the best example of ancient strategic management. Moses implemented their strategies by dividing all people into small structures for better implementation of strategies (Kreutzer & Rueede, 2019). Sun Tzu in his book “The Art of War” described the business such as Gap inc. used the “win without fighting strategy”. With the use of this strategy, their main motive was to open their stores and to create their own space in the market as compared to other traditional brands in the market.

Traditional strategic management is based on three strategic approaches: design, planning and positioning approach. Although these approaches of strategic management are simple, yet these cannot be applied to every type of business. Managers need to understand the strategic aspects of these approaches to apply it to their business. The design approach in traditional strategic management is based on a top-bottom strategy (Mendes & Machado, 2015). All the major decisions under this approach are taken by higher authorities. Under the planning approach, all the strategic decisions are taken by a specialized team. This approach makes problem-solving and decision-making process easy for the organizations.  Positioning approach is based on the strategy implementation by considering the overall position of the firm in the market. Various companies such as Walmart, IKEA and Southwest airlines have replaced their traditional approach with the modern approach of strategic management (Schnellbächer, Heidenreich, & Wald, 2019).

In modern times, strategic management in the organizations is based on the strategy implementation based on five Ps. These five Ps includes plan, ploy, position, pattern and perspective. The modern definition of strategic management includes the art of taking decisions regarding multiple activities in the organizations through scanning of the environment, formulation of the strategy, implementation of strategy, proper evaluation and control. The organizations focus on simplifying the dynamic and complex processes through strategic management. For example, BHEL uses strategic management techniques to reduce the complexity of long term plans (Jurksiene & Pundziene, 2016).

Part 2

The process of consolidation of classes will impact both internal and external stakeholders of the school. Stakeholders of the school are directly associated with the welfare and success of the school. Every stakeholder, through its crucial role, impacts the development of the overall educational empire (Breen & Jonsson, 2010). The main stakeholders of school are students, parents, educators, professionals and members of the administration. All these stakeholders play a significant role in the success of a school. If the school administration has planned to consolidate the classes, then there will be a high impact on all of the internal stakeholders. But the form of impact will depend upon the type of stakeholders (Campbell, Sinclair, & Browne, 2019). These stakeholders can be categorized into two categories: internal and external stakeholders.

  • Students and their parents are considered as the external stakeholders of a school because they are consuming the services offered by the school.
  • Educators, professions and members of the administration are known as internal stakeholders. 
Strategic Management

The plan of consolidation of classes by the school will impact both the stakeholders. Thus internal and external stakeholders both committees will be a part of the strategic management process of this school. It will cut the cost of the school that is paid in the form of wages to the teachers because some of the teachers will be shunted and on the other hand, it will impact the internal stakeholders (students) because it will lead to a large number of students in the classes which will further affect their study. The students will not be able to have one to one interaction with their teachers (Buchmann & Hannum, 2011). There will be less clarity of concept in the class and they will have to look for another option to make their concepts clear.

For this strategic management process of the consolidation of classrooms in the school, students, parents, educators, and members of the administration will act as partners. The major cost of this project will be bear by the external stakeholders. Consolidation of classrooms will impact the wages of teachers but it will not impact the cost bear by external stakeholders (Gorondutse & Hilman, 2019). They will pay the same amount as they were previously paying for the education of their children. This process will further impact the services offered to them.

School administrators, who are responsible for planning the overall curriculum, work as per the direction of teachers and professionals. The idea of consolidation of classrooms will hardly impact their performance. But external stakeholders can be the main victim of this consolidation of classes (Jabbour, 2019). The school needs to adopt strategic management approach before adopting this idea of consolidation so that the interests of both internal and external stakeholders can be kept. The school administration should inform the students as well as their parents before taking this action. Another victim of this act will be the teachers because the school would cut the wages of the teachers to cut the overall costs. On the other hand, it will be an opportunity for the school to merge the classes and to save from wages.

Optimal solution

The school management has come to this decision after environment scanning and strategy formulation process. They have observed the existing number of students in the classroom. Thus, while deciding the consolidation of classes, they should target only those classes which have less number of students. Consolidation of such classes will not impact the external stakeholders. They will not have any issue with this decision of the school. On the other hand, the school administration should also inform the teachers regarding this consolidation of classrooms. In spite of cutting wages of the existing teachers, they should shunt some extra teachers and should pay the same wage to the existing teachers.

References

Breen, R., & Jonsson, J. O. (2010). Inequality of Opportunity in Comparative Perspective: Recent Research on Educational Attainment and Social Mobility. Annual Review of Sociology, 31 (1), 223-243. https://doi.org/10.1146/annurev.soc.31.041304.122232

Buchmann, C., & Hannum, E. (2011). Education and Stratification in Developing Countries: A Review of Theories and Research. Annual Review of Sociology, 27 (1), 77-102.  https://doi.org/10.1146/annurev.soc.27.1.77

Campbell, N., Sinclair, G., & Browne, S. (2019). Preparing for a world without markets: legitimising strategies of preppers. Journal of Marketing Management, 35 (9), 798-813. https://doi.org/10.1108/EBR-09-2015-0088

Gorondutse, A., & Hilman, H. (2019). Does organizational culture matter in the relationship between trust and SMEs performance? Management Decision, 57 (7), 1638-1658. https://doi.org/10.1108/MD-05-2018-0557

Jabbour, A. L. (2019). Going in circles: new business models for efficiency and value.

Journal of Business Strategy, 40 (4), 26-43. https://doi.org/10.1108/JBS-05-2018-0092

Jurksiene, L., & Pundziene, A. (2016). The relationship between dynamic capabilities and firm competitive advantage. European Business Review, 28 (4), 431-448. https://doi.org/10.1108/EBR-09-2015-0088

Ketchen, D & Short, J. (2012) Strategic Management: Evaluation and Execution.

Kreutzer, K., & Rueede, D. (2019). Organizational identity consistency in a discontinuous corporate volunteering program. European Management Journal, 37 (4), 455-467. https://doi.org/10.1016/j.emj.2018.12.003

Mendes, & Machado. (2015). Employees’ skills, manufacturing flexibility and performance: a structural equation modelling applied to the automotive industry. International Journal of Production Research, 53 (13), 4087-4101. https://doi.org 10.3233/WOR-2012-0735-4389

Schnellbächer, B., Heidenreich, S., & Wald, A. (2019). Antecedents and effects of individual ambidexterity – A cross-level investigation of exploration and exploitation activities at the employee level. European Management Journal, 37 (4), 442-454. https://doi.org/10.1016/j.emj.2019.02.002


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Event Marketing Plan

1. “Do you agree with the definition of marketing used in this chapter? How can it be improved?”

This chapter is based on the micro definition of marketing given by Miller and Layton. According to the definition, marketing is a combination of business activities which are based on planning, price of product, promotion and distribution of products and services in the targeted market to achieve the goals of the organization (Burrow & Fowler, 2015). This definition includes a limited aspect of marketing and it can be further improved if it is based on the process of attracting potential customers for the products and services offered by the company. The process word in this definition includes planning, price, promotion and distribution of products and services but the main aim of this process is to attract the customers. This definition of marketing can be useful for event management a well (Maiske, Neware, Jamgade, Jamgade, & Dubey, 2017).

2. “Why should an event manager segment a market? What are the advantages?”

Market segmentation helps to categorize potential customers into small groups. This customer-oriented term carries modern philosophies of marketing. In other words, it is a process of categorizing a homogenous group of customers based on their common expectations.  Even the manager can easily understand the interests, needs and expectations of the customers through this process of market segmentation (Thomas & Bowdin, 2012). An event manager cannot make its marketing strategy successful without proper segmentation of the market. Market segmentation helps in increasing the focus of the firm. It further increases the competitiveness of the firm in the market. The event manager will also be able to increase brand loyalty through this process.

Event Marketing Plan

3. “Outline five key motives of attending a community festival. Why should an event manager focus on these motives, rather than motives of a festival organizer?”

Event managers used to attend community festivals to make environmental analyses.  The main motives behind these environmental analyses are to judge socio-cultural criteria, political, economic, technical and entertainment factors which decide the success of an event. Political factors describe the role of government in sponsoring these events. Economic factors show how this event management is a strength for economic aspects (Crowther, 2010). A Sociocultural aspect decides about the organization of the event as per the socio-cultural requirements of the customers. Use of online and offline technology for the marketing of the event decides the strength of the technological aspects. Entertainment factor decides the satisfaction of leisure consumption of the consumers. The event manager can assess the major aspects to satisfy the customer for leisure consumption by attending such events. Thus every event manager should focus on these motives, rather than motives of a festival organizer (Reid, 2011).

4. “Identify the key steps in the consumer decision process. Offer examples of how each step affects the event consumer?”

Before purchasing a product, a consumer goes through various stages. These stages are considered as the consumer decision process. The consumer decision process of event consumers is based on the PIECE acronym:

  • Problem Identification: The first step of the consumer decision-making process of event consumers is to identify their need related to their leisure consumption. This will help in understanding the requirements of the customers.
  • Information Search: To search internal and external solutions based on the choice of leisure consumption of consumers so that the event manager can satisfy the needs of the customers (Clarke & Jepson, 2012).
  • Proper evaluation and selection of leisure activities: To choose leisure activities as per the choice of the consumers. The customers will be able to enjoy extra leisure activities in addition to the targeted one.
  • Choice of attending an event: To analyse the choice of consumers based on their choice for extra purchases at the event.
  • To evaluate the post-event experience of consumers for future decision making. The customers will be able to provide feedback for their experience at the event so that the event manager can improve it further if required.
Consumer Decision Process

5. “Given that Manly Musical Society does not wish to make enormous profits and their cast and musicians are not paid, what do you think would be a fair price to pay for a ticket to one of their productions that covers their costs and produces a surplus to fund their next production? Five shows including a matinee would be scheduled.”

According to the case study, Manly Musical Society is a nonprofit organization. They are not paying to their musicians and casts. But they are bearing advertisement cost. They are providing extended facilities to the customers through SABO (Reverté & Izard, 2011). Previously, they were not charging any fee from customers, but now as they have shifted to the larger theatre – Glen Street and are using their in-house box office facilities. The company will be able to bear this cost if it is charging a small amount of $5-$7 for a ticket. This amount will help to cover the expenditure of ticketing agency and managerial costs. As society is going to schedule five shows including a matinee, the cost of marketing can also be easily covered through this small amount of ticket.

References

Burrow, J. L., & Fowler, A. R. (2015). Marketing. Cengage Learning.

Clarke, A., & Jepson, A. (2012). Power and hegemony within a community festival. International Journal of Event and Festival Management, 2 (1), 7-19. https://doi.org/10.1108/17582951111116604.

Crowther, P. (2010). Marketing event outcomes: from tactical to strategic. International Journal of Event and Festival Management, 2 (9), 68-82. https://doi.org/10.1108/17582951111116623

Make, K., Netware, p., Jamgade, N., Jamgade, A., & Dubey, P. (2017). Review Paper on Event Management System. International Journal for Research in Applied Science & Engineering Technology, 5 (8), 45-98. https://www.ijraset.com/fileserve.php?FID=12457Reid, S. (2011).

Event stakeholder management: developing sustainable rural event practices. International Journal of Event and Festival Management, 2 (9), 20-36. https://doi.org/10.1108/17582951111116597.

Reverté, F. G., & Izard, O. M. (2011). The role of social and intangible factors in cultural event planning in Catalonia. International Journal of Event and Festival Management, 2 (1), 37-53. https://doi.org/10.1108/17582951111116605

Thomas, R., & Bowdin, G. (2012). Events Management Research: State of the Art. Event Management, 16 (3), 103-106. https://www.researchgate.net/publication/262895335_Events_Management_Research_State_of_the_Art


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