BS7026 Fundamentals in Business Management Assignment Sample 2023
Introduction
Business management means managing all the activities in the business. There are different departments in the company and all have to work together to achieve the target (Mosteanu et. al. 2019). Employability skills refer to different skills which are required at the workplace to complete work properly. There are some employability skills like a problem- solving, communication, collaboration, time management, decision making, teamwork, entrepreneurial skills. The report examines, different elements of business such as marketing, finance, operations, technology, HR. Running a computer company requires a lot of money, technology, experience, and employees must have the necessary skills to work efficiently. The business simulation model is used from Sim venture.
Marketing
Marketing plays a crucial role in an organization because it helps in increasing by providing relevant information to people. Marketing is essential for the growth of the organization and there are some key concepts of marketing like production, selling, product, and price (Marom and Lussier, 2018). These concepts help in enhancing organizational performance and better products can be provided to people.
How Organizational performance can be improved
An operating a computer company is not easy because it requires huge investment and skills. Sim venture is used by companies to run their business virtually. This is beneficial for the growth of the organization as better plans can be made and good products can be provided to customers. To improve organizational performance managers are providing training to employees and feedback is given so that they can improve their performance. Managers are providing good working environment to employees to increase their efficiency and they can focus on their work.
Role of analysis, planning and implementation
Managers should control all the activities in the marketing process to improve the performance of the company and to earn more profit. Analysis, planning and implementation plays a vital role in success of company because when analysis is done then good plans can be made. Proper implementation of plan is necessary to achieve targets. Managers of a company are responsible for making plans and implementation plans properly so that goals and objectives can be accomplished. It is essential to do marketing by using different tools and techniques which is beneficial for the growth of the firm.
Some skills are required in marketing like good teamwork skills, communication skills, commercial awareness, numerical skills (Fila et. al. 2020).
4 Ps of marketing- This theory of marketing is applied in the computer company as it includes, product, price, place, and promotion (Deepak and Jeyakumar, 2019). Marketing helps in increasing sales of the firm and it improves the overall performance of the organization.
Marketing is one of the important business elements because it helps in attracting more people and more revenue can be generated (Mothersbaugh et. al. 2020).
Product– Product means to make the innovative product as per the choice of people. Company is providing scanners, digital web cameras, external drivers, and other office machines.
Price– Managers should keep prices low in starting to run business smoothly. In computer company prices are kept low as compare to competitors to attract more people and to earn more profit. The company is new so to create good image in market and to attract more people prices are kept low.
Place– The place should be decided after analysing the market situation. The computer shop is situated in the market where there are no competitor and people can reach easily.
Promotion– Promotion helps in providing correct details to people about the product. For promotion, social media platforms can be used because nowadays, people are more active on social sites and it is the best way to do marketing. Computer company is new and to cover wide area of market social medial platform is appropriate option. This theory is used in a computer company for marketing to earn profit and to run business smoothly (Grewal et. al. 2020).
Finance
Finance is the key element of business because to run a business smoothly funds are required. The manager should make proper budgets so that the financial position of the company can be identified. It is essential to determine the income and expenses of an organization because it helps in making plans. Funds are a crucial part of business management and it helps in determining how much money a company can spend and where they can spend (Huang, 2019). Managers are responsible for managing all the activities and making plans which are beneficial for the growth of the company. It helps in determining business strategy and directions are provided which improves the overall performance of a firm. In a computer company, finance is required because to run a business and to purchase material money is needed. Business management is important to run a business properly and profit can be earned.
Analytical and interpretative skills
Analytical and interpretative skills are required in the field of finance as an analytical skill means the ability to draw conclusions and break information into smaller categories. This helps in understanding things in a better way and plans can be made accordingly. Analytical skills include different skills like critical thinking, logical reasoning, data analysis. In the finance field, an employee should have the ability to analyse graphs and determine the financial position of the firm. Employees should understand things and draw correct conclusions (Giebel et. al. 2019). Interpretative skill is used to examine diagrams, charts, graphs and gather relevant information which is useful for the growth of the company. Analytical and interpretative skill is required at the workplace because it helps in understanding key financial data.
- Network theory– According to this theory graphs can be represented in symmetric relation and it is useful in the computer company. This theory is used by the company to analyse data and is specially used in the field of finance. Graphs are used in analysing the financial position of an organization and in a computer company this theory is used so that work can be done properly. This theory is beneficial for the organization in identifying mistakes and better plans can be made in the future to gain a competitive advantage. Network theory helps the manager of computer company in understanding ways and directions which is beneficial for them (Belousov and Timofeeva, 2017). There are some benefits of network theory such as enhanced knowledge, the adaption of new resources and technology. Network theory is applied in the computer company to determine whether income and expenses and estimated profit or loss can be determined. To manage funds in an organization manager, have to make budgets and evaluate the performance of a company.
Human Resource
Human resource is another element of business management that helps in achieving targets. In an organization, HR is handling all the activities and manages work to run a business. Managers are responsible for making policies and procedures which are to be followed to complete work. With the help of human resource management, the performance of the firm can be improved. Human resource managers are responsible for motivating employees and satisfying their needs to boost their confidence (Michael, 2019). This is a strategy that helps in improving the efficiency and performance of workers. Managers should conduct analysis and identify the need of employees. To enhance managerial performance needs of employees should be satisfied. The human resource manager is recruiting and selecting the correct candidate for the right job position.
How Managerial performance can be enhanced
It is essential to manage all the activities at the workplace and provide a good working environment to employees. To enhance managerial performance, managers should improve organizational communication, develop effective training programs at the workplace, provide feedback to employees to improve their performance. The latest technology should be used by the company and use resources efficiently. This helps in improving the overall performance of the company and targets can be achieved. It is the responsibility of the manager to make proper plans and strategies to finish work on time and this improves the productivity of the company. Managers should motivate employees to focus on their work and complete given tasks effectively. Rewards should be given to employees to improve their performance and it helps in achieving the goals and objectives of a firm.
Skills required for HR
Skills which human resource managers should have are good communication skills, the ability to influence other people, the ability to take the correct decision, a positive attitude, problem-solving skills. Human resource management plays a vital role in the organization because they are managing all work and measures the performance of employees. Training and development programs are organized by the human resource manager to improve efficiency and overall productivity. Business management is essential because it helps in managing all the activities and targets that can be accomplished. Business management helps in providing a clear overview and direction which helps in achieving the target (Boon et. al. 2019). Managers are controlling all the activities and making changes if required to accomplish targets.
Maslow’s hierarchy of needs- According to this theory, employees are having many needs and managers should fulfil the need of workers to boost their confidence. Maslow’s theory includes five stages, physiological need, safety need, love, and belonging need, esteem, and self-actualization need. The manager should satisfy all the needs of employees to improve their efficiency and to motivate workers (Brondoni, 2018). In a computer company, this theory is applied because in starting to run business smoothly and to gain a competitive advantage in the market needs of employees must be satisfied. To motivate employees, Maslow’s hierarchy of needs is applied in the computer company. This theory helps in identifying need of employees and manager can fulfil their needs to boost confidence of employees. For a new venture it is essential to retain employees and provide them good services to increase their efficiency. These needs include basic needs like food, shelter, friendship, a good working environment, respect, freedom. All these things help the manager in motivating employees and boosting their morale to work efficiently and effectively (Ahammad et. al. 2020). This is beneficial in accomplishing the goals and objectives of the company.
Figure 1 Maslow’ hierarchy of needs
(Source: Hopper, 2020)
Operations
Operations management means strategies that are applied by an organization to increase efficiency and production. This is used to meet the requirement of customers and to earn profit. All the businesses are making plans and strategies to achieve the goals and objectives of the company. The operation manager is responsible for increasing the overall productivity and efficiency of the company. They are determining production and ensuring that resources are used efficiently or not.
Effective operation management
Operation management is helpful for a company as it improves the quality and productivity of a firm (Choi et. al. 2018). Effective logistics and operation management at the workplace is beneficial for a firm because all the work is done on time and there is no issue. When operation management is effective then the business can be done nationally and internationally. Operation management helps the company in maintaining an optimal level of inventory, controlling freight, proper transportation modes, and reducing cost. This is beneficial for a company as they can run business smoothly and more revenue can be generated. Operation management helps in doing business in the international market and products can be provided in a foreign market. The manager should arrange inventory and give orders in advance. Production should be done continuously and deliver products on time.
Skills that are required in operation management are planning, delegation of work and responsibilities, knowledge, time management, active listening, problem-solving. Operation management is important for a company because if the material is not available on time, then production cannot be done. Operation skills are essential because it helps in increasing the productivity of the firm and targets can be achieved (Kumar et. al. 2018). To operate efficiently, managers are giving an order for inventory in advance. Operation management is essential for the growth of a firm and better products can be provided to people. Proper inventory should be maintained in the company to avoid the chances of a shortage of resources and products can be done on time.
Scientific management theory- According to this theory, economic efficiency and labour productivity can be improved. This theory helps in analysing workflow and evaluating the performance of employees to make improvements. According to this theory, all the members should work together to achieve the target and manage inventory. When resources are available then it becomes easy to work and production can be done on time. This theory is applied in a computer company and employees are working together to achieve goals and objectives (Lohmer and Lasch, 2020). Scientific management theory is applied in the computer company to improve productivity and efficiency of employees. With the help of this theory, performance can be evaluated and changes can be made if needed. For sim venture computer firm, it is important to create positive image in market by providing good quality products to customers. So, this theory is beneficial for future growth of company.
Technology
Nowadays, technology is changing rapidly and there are new techniques that can be applied by an organization to run business smoothly and to earn profit. Business data means all the information related to an organization like sales, customer contact details, websites. Competition is increasing day by day and to gain competitive advantage in market company has to perform better than others. Data can be used to improve performance by following some steps like, identity what are the objectives, collecting the data, analysing the data, improving the supply chain, and making improvements in future results by making better plans. It is important to apply new technology to make better products and all work can be completed on time (Bennett et. al. 2018).
Information and communication technology
Information and communication technologies help the company in gathering information and make business more efficient. ICT includes research and development, sales and distribution of products, design, and manufacturing. There is some common type of technology which is used by companies like, telephone communication, inventory control system, accounting system, software, networking. With the help of technology, managers can collect relevant details and it helps in making better plans which is beneficial for the growth of the company (Sibanda and Ramrathan, 2017).
Tools to enhance data for analysis
To collect information about the market or competitors, technology can be used. To collect information, a survey is being done on social media platforms. When information is gathered then it becomes easy to make plans and strategies. Some challenges are faced by companies are information security, cloud computing, integrations, automation, skills gap. These are some issues that an organization has to face to do business and find the solution to earn profit and to satisfy the need of the customer (Ranganathan et. al. 2018). To enhance data for analysis Microsoft Excel was used. In excel all the information is mentioned and after that analysis was done. Information was communicated through mail and all members are having their views.
It is essential to gather information and apply technology accordingly to improve the productivity and efficiency of a company. Managers should identify the market situation and based on that technology can be used to increase overall efficiency and more revenue can be generated. Technology is changing rapidly and it is not possible to implement new technology because it requires investment and for a start-up, this is not easy. In a computer company, managers have to apply new software and evaluate performance to increase overall productivity (Erasmus et. al. 2017). The technology available to computer companies is a computer-aided manufacturing system. To enhance their performance company can use networking and an accounting system. This helps in performing better than others and targets can be accomplished.
Figure 2: Elements of business management
(Source: self-made)
Conclusion
From the above discussion, it can be concluded that business management plays a vital role in the success of the company. Business management helps in clearing confusion and provides a clear overview to run business smoothly. It helps in managing people and completing work on time. Business management helps in improving the performance of the company and better plans can be made for the future. Five elements of business management are marketing, finance, HR, operations, and technology.
Description– A new computer company is started and there are five business elements which are used to run business smoothly. All the elements are working together to accomplish goals and objectives of firm. Manager is controlling all the activities and managing work to earn profit and to satisfy need of people.
Feeling– My experience was good as I learn many things. To run a business there are different departments and all have to work together to achieve goals and objectives. It is essential to evaluate the performance of employees and provide them feedback to improve their efficiency. Some skills are required at the workplace to achieve the target. It is essential to have skills so that work can be completed on time. My experience is as good as I learn many things which is beneficial for my growth. I was feeling good and my knowledge was enhanced.
Evaluation– The performance of employees was evaluated so that improvement can be made. Evaluation was done by manager in computer company to make better plans for future and targets can be accomplished. Self- evaluation was done by me to take necessary steps to improve my performance.
Analysis– Analysis should be done to make better plans and perform better than others. I learn new things and develop skills to work efficiently. It is essential to identify the market situation and make plans accordingly.
Conclusion– Overall my experience was good and I learn many things and enhance my knowledge by learning how to work in a team. There should be proper communication in an organization to avoid confusion and misunderstanding.
Action plan– For future companies should conduct analysis and identify elements that can affect business. My experience of working in the company was good as I get the knowledge that how people work in a computer company and how they are using tools. According to my opinion, there are some skills which employees should have like, communication, technical, problem solving, decision making, ability to influence others.
References
Books and Journals
Ahammad, M. F., Glaister, K. W. and Gomes, E., (2020). Strategic agility and human resource management. Human Resource Management Review. 30(1). p.100700.
Belousov, Y. and Timofeeva, O., (2017). Budget Transparency Ranking of Russian Constituent Entities as a Tool to Improve Public Finance Management Effectiveness. Public administration issues. (4). pp.139-157.
Bennett, W. L., Segerberg, A. and Knüpfer, C. B., (2018). The democratic interface: Technology, political organization, and diverging patterns of electoral representation. Information, Communication & Society. 21(11). pp.1655-1680.
Boon, C., Den Hartog, D. N. and Lepak, D. P., (2019). A systematic review of human resource management systems and their measurement. Journal of management. 45(6). pp.2498-2537.
Brondoni, S. M., (2018). Competitive Business Management and Global Competition. An Introduction. In Competitive Business Management (pp. 21-42). Routledge.
Choi, T. M., Wallace, S. W. and Wang, Y., (2018). Big data analytics in operations management. Production and Operations Management. 27(10). pp.1868-1883.
Deepak, R. K. A. and Jeyakumar, S., (2019). Marketing management. Educreation Publishing.
Erasmus, B., Strydom, J. and Rudansky-Kloppers, S., (2017). Introduction to business management. Oxford University Press: Cape Town.
Fila, M., Levicky, M., Mura, L., Maros, M. and Korenkova, M., (2020). Innovations for Business Management: Motivation and Barriers.
Giebel, C. M., Flanagan, E. and Sutcliffe, C., (2019). Predictors of finance management in dementia: managing bills and taxes matters. International psychogeriatrics. 31(2). pp.277-286.
Grewal, D., Hulland, J., Kopalle, P. K. and Karahanna, E., (2020). The future of technology and marketing: A multidisciplinary perspective.
Huang, W., (2019). Built on Value: The Huawei Philosophy of Finance Management (p. 456). Springer Nature.
Kumar, S., Mookerjee, V. and Shubham, A., (2018). Research in operations management and information systems interface. Production and Operations Management. 27(11). pp.1893-1905.
Lohmer, J. and Lasch, R., (2020). Blockchain in operations management and manufacturing: Potential and barriers. Computers & Industrial Engineering, 149, p.106789.
Marom, S. and Lussier, R. N., (2018). Developing a small business management concentration within a business degree. Small Business Institute Journal. 13(2). pp.15-30.
Michael, A., (2019). A handbook of human resource management practice.
Mosteanu, N. R., Facia, A., Torrebruno, G. and Torrebruno, F., (2019). Fractals–A Smart Financial Tool to Assess Business Management Decisions. Journal of Information Systems & Operations Management, pp.45-56.
Mothersbaugh, D. L., Hawkins, D. I., Kleiser, S. B., Mothersbaugh, L. L. and Watson, C. F., (2020). Consumer behavior: Building marketing strategy. McGraw-Hill Education.
Ranganathan, R., Ghosh, A. and Rosenkopf, L., (2018). Competition–cooperation interplay during multifirm technology coordination: The effect of firm heterogeneity on conflict and consensus in a technology standards organization. Strategic Management Journal. 39(12). pp.3193-3221.
Sibanda, M. and Ramrathan, D., (2017). Influence of information technology on organization strategy. Foundations of Management. 9(1). pp.191-202.
Online
Elizabeth Hopper, (2020). [Online]. [Accessed Through] :< https://www.thoughtco.com/maslows-hierarchy-of-needs-4582571>
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