This report discusses the effectiveness of a business in dealing with problems and applying strategic approaches to improve business condition. It includes a case study of Lucy Gough Stylist, SWOT and PESTLE analysis, and the impact of potential strategic solutions.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Business Communication
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Table of Contents Part-1................................................................................................................................................3 Introduction......................................................................................................................................3 Summary of the case study.........................................................................................................3 Exploration of business problem.................................................................................................4 Impact of potential strategic solutions........................................................................................5 Conclusion.......................................................................................................................................6 References........................................................................................................................................7 Part-2................................................................................................................................................8 Reflection.........................................................................................................................................8 References......................................................................................................................................12
Part-1 Introduction For an organisation to successfully and sustainably exist in market it is important that effective changes are made in business functions and operations so that the changing demands of market can be fulfilled efficiently. It also help the businesses in gaining competitive advantage in market along with increasing their customer base so that sales can be increased along with enhancing their profitability and productivity(Bhardwaj, Crocker and Wang 2018). In this report the effectiveness of a business in dealing with problems so that they can sustainably exist in market will be discussed so that strategic approaches can be applied and problems can be efficiently dealt with. Summary of the case study In this report the case study related with Lucy Gough Stylist is discussed which is a business that help aspiring stylists in learning everything about interior designing, mood board techniques, creating a basic portfolio and in building concepts through real life case studies so that they can become better stylists. The business witnessed a downfall in its growth and progress during the coronavirus outbreak as the businesses were shut down and the classes related with interior designing were cancelled which lead to increased loss to the business. It is important that strategic actions are taken so that the business condition can be improved and it can continue to exist sustainably in the market(Foss Frederiksen and Rullani, 2016). The business scenario of Lucy Gough Stylist can be analysed by using effective model like SWOT, PESTLE and Porter's five forces model etc. so that the impact of various factors on the business can be analysed along with identifying the problems related with the business. SWOT analysis
Strengths Increased demand for courses related withinteriordesigningsothat decorations can be done.Improvinglivingstandardofpeople which lead to an increase in demand for designing. Weaknesses Thecoursescanbecomesuccessful when a large number of students enrol in the course. Designingrequireshighlyinnovative and technical thoughts so that designing can be effectively done. Opportunities Increaseddigitalisationcangivethe business boost in its sales as the courses can be taught online.More number of people prefer online classes which can also help in reaching to a large number of people irrespective of their distance and time. Threats The outbreak of coronavirus has lead to decrease in the sales of business due to lock-downandleastcontactamong people. Increasedcompetitioninmarketcan leadtodecreaseinthesalesof business. PESTLE analysis: It is a strategic management tool which can help in determining the impact of external environmental factors onLucy Gough stylist:Political: UK is politically stable nation which can help Lucy Gough stylist in increasing the sales of the company.Economical: UK has a stable economy with people having high living standard along with high income which can help Lucy Gough stylist in increasing its business.Social: The people in UK are highly fashionable which is increasing the demand for interior designing course among people(Hinault and Lemaire 2016).Technological: The technological advancements in UK can help Lucy Gough stylist in using digital technology to increase its business reach.Legal: The company can follow all the laws related with business to successfully survive in UK market. Environmental:Thecompanycantaketheadvantageofoutbreakofcoronavirus pandemic so that it can use digital platforms and increase its customer base.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Exploration of business problem The problem which is being faced by the business is related with decrease in the sale of classes for the course of interior designing which has increased losses for Lucy Gough stylist. In order to deal with the business problem it is important that efficient solutions are found so that profits can be earned continuously by attracting prospects and converting them into customers. In order to deal with the situation of coronavirus lock down it is important that online classes are taken through digital platform so that students can be enrolled in online classes and they can be given lectures regarding interior designing(Norris-Tirrell and Clay, 2016). It is important that strategic solutions are found for dealing with such problem so that the effectiveness and efficiency of business in the market can be increased. Impact of potential strategic solutions In order to deal with pandemic situation which has lead to decreased sales of the business of Lucy Gough stylist it is important that strategic solutions are found so that the problem can be dealt with in an efficient manner. Based on the above discussion it can be said that the business is facing problems because of the situation of lock-down due to the spread of COVID-19 pandemic. Because of the lock-down the business is facing a downfall in the enrolment of students for interior designing course leading to a decrease in the profits of company along with decrease in the number of its customers. In order to deal with this situation in an efficient manner it is important that strategic solutions are found so that they can be analysed based on their effectiveness in achieving the goals of company(Van Aken and Berends, 2018). From the many strategic solutions identified best solution must be found which can be applied by Lucy Gough stylist so that highly effective results can be achieved. The best solution which is selected by the business is use of digital platform so that the situation of decrease in the sales of company due to outbreak of COVID-19 can be handled in an efficient manner. The impact of the strategic solution on the business has been positive as Ms Gough launched the self-paced course in mid-May and within two weeks of starting the online course has already attracted 112 students from as far as Canada and Poland. The increased use of digital technology can help the business in reaching to a large number of customers irrespective of their time and distance which can increase the sales of company. It can also help in increasing the brand image of business in market with an estimated increase in the profits of up-to£20,000 so that the profitability of company can also be enhance. Thus the increased use of digital
technology and the increase in demand of e-learning globally can give businesses the opportunity in enhancing their reach to a large number of customers along with increasing their profits. Also the use of digital marketing techniques can help in attracting a large number of customers so that the sales can be increased along with improving the way in which businesses exist in the market.
Conclusion From the above report it can be said that businesses need to bring innovation in their processes and operations so that they can deal with changing situations in market and survive sustainably. This can also help them in attracting new customers while holding on to existing customers so that they can help the company in increasing its sales along with improving its brand image in the market. New technologies can also be implemented in the company which can help increasing the efficiency of company in market along with dealing with the changing conditions in an efficient manner.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
References Books and Journals Bhardwaj, G., Crocker, A., Sims, J. and Wang, R.D., 2018. Alleviating the plunging-in bias, elevating strategic problem-solving.Academy of Management Learning & Education, 17(3), pp.279-301. Foss, N.J., Frederiksen, L. and Rullani, F., 2016. Problem‐formulation and problem‐solving in self‐organized communities: How modes of communication shape project behaviors in the free open‐source software community.Strategic management journal,37(13), pp.2589-2610. Hinault, T. and Lemaire, P., 2016. Age-related changes in strategic variations during arithmetic problem solving: The role of executive control. InProgress in brain research(Vol. 227, pp. 257-276). Elsevier. Norris-Tirrell,D.andClay,J.A.,2016.Strategiccollaborationinpublicandnonprofit administration: A practice-based approach to solving shared problems. CRC Press. Van Aken, J.E. and Berends, H., 2018.Problem solving in organizations. Cambridge university press.
Part-2 Reflection In order to effectively develop self employability reflection plays an important role as it help in identifying personal skills and abilities along with the areas which needs improvement so that continuous development can take place through effective learning. Reflection plays an important role in the personal and professional development of an individual as it help in evaluation of work and activities done by an individual so that the efficiency in completing the work can be analysed. Based on my personal learning experience while studying the moduleit can be said that I have used my skills and abilities in an efficient manner so that I could acquire the knowledge about various subjects taught during the module along with improving my capabilities so that my effectiveness in dealing with situations can be enhanced. During the module I have acquired a variety of skills like communication, numeracy, ICT, problem solving, team working skills etc. which can help in enhancing my employability. IhavecontinuouslydevelopedtheseskillsbyusingeffectivemodelslikeKolb's reflective cycle through which my problem solving and communication skills improved. In this model there are four stages which must be followed so that continuous learning can take place which can also help in identifying and improving the weak areas so that overall development can take place. As per this model it is important that first the experience needs to be gained in relation to a work like studying, learning, communicating etc. The next stage is related with reflecting on the experience which is achieved by reviewing the experience based on good or bad so that the effectiveness of a person in dealing with situation can be analysed. After this the learning experience is analysed or concluded so that new idea or concept related with the experience can be developed which can help in developing learning of a person. The final stage of this cycle is implementation of new ideas or concepts in dealing with similar situations in the future so that better experience can be generated which can help in continuous development of an individual. I use this cycle effectively so that I can become better in my problem solving skills and communication skills so that I can become better along with improving my employability. These skills are required in making an individual competitive in market and in gaining desired job in desired company as wit the help of these skills effective decision can be made and better relations can be made with stakeholders of company. Thus while learning this module I have
continuously developed my skills which can help me in increasing my employability in market and can also help in my career development so that I can become successful and satisfied with my job. While learning the module I have also learnt about the effective use of models like Belbin and Tuckman which can help in improving my team working skills so that I can work effectively with others which can also help in enhancing my employability. In businesses team working skills play an important role so that projects can be completed effectively by the team members by improving coordination among them along with improving effective communication so that desired results can be achieved. I have learnt efficiently about the use of these models so that I can work with others and collaborate with them so that the roles and responsibilities can be performed and targets can be achieved on time. With the help of Belbin model I can manage the team in an efficient manner by delegating work among them depending on their characteristics and abilities so that they can perform the work in desired manner. Based on this model there are nine team roles which can be allocated to team members like Shaper who are the people who accept challenges are dynamic in nature and encourage the team members to improve their work. Implementer are the people who believe in practically implementing the ideas so that the team members can use their skills and abilities in achieving the goals which are to be achieved by performing actions. Completer-finisher are the people who ensure that the projects are completed thoroughly by looking for any errors or mistakes so that the project can be completed in an efficient manner. Coordinator are the ones who help in coordinating the work among member and take responsibility of the work so that it can be completed in the manner desired. Team worker are the people who provide support to the team members so that effective cohesion among team members can take place which can help them in working together. Resource investigator are the people who are innovative and curious and they explore options available so that best option can be selected in solving problems. Planter are the people who have innovative ideas and who help in coming up with new solutions to a problem so that they can be solved efficiently. Monitor-Evaluator are the people who analyse and evaluate a situation so that effective decision making can be done. Specialist are the people who have specialised knowledge regarding a problem so that they can efficiently get the work completed. I can use the above model in an efficient manner so that the roles among team members can be effectively dealt with which can help in completing the project on time along with
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
establishing effective communication among them. Use of Tuckman model can also be done so that effective team can be formed through stages like forming, storming, norming, performing and adjourning so that team work can be completed on time. These skills are thus very important in improving employability skills so that I can get employed in my desired firm and get my desired job so that I can achieve high job satisfaction. I also need to continuously reflect on my capabilities so that I can develop my skills related with communication both verbal and written which can be evidenced by improvement in my ability related with classroom discussion, presentation and report writing. With the help of SMART framework I can continuously improve my skills and become highly capable in acquiring job that I want. SMART framework is a tool which can help me in efficiently planning the ways of achieving desired goals in the time desired. An action plan which can help me in improving my skills effectively are: SkillsSteps that needs to be followed Resources required Success criteriaTime required Communication skills Theseskillsare important so that betterdecisions canbemade.I needtoimprove bothverbaland non-verbalskills sothat informationcan be understood in themanner desired. Use of books and journals,help fromteachers, participationin discussion, presentation etc. Improvementin theabilityof doingdiscussion inclassroom, improved presentationsand report writing so that better marks can be scored. 1 month Problem solvingTheseskillsare importantfor takingeffective decisions and can With the help of teachers,books, effectiveanalysis ofinformation Improvementin gatheringof informationand its analysis so that 1.5 months
beimprovedby improving critical analysisand thinkingsothat situationscan be analysed effectively. through continuous practice etc. assignmentscan be made effective andhighly understandable. Team workingI can make use of Belbinand Tuckmanmodel sothateffective team working can takeplaceand workcanbe completed efficiently. I need to take up moreprojectsso that I can develop myskillsrelated withworking within a team. Improved efficiencywith which team work iscompletedon time and effective resultsare achived. 1 month
References Books and Journals Asyari, M., Al Muhdhar, M.H.I. and Susilo, H., 2016. Improving critical thinking skills through the integration of problem based learning and group investigation.International Journal for Lesson and Learning Studies. Beaird, G., Nye, C. and Thacker II, L.R., 2017. The use of video recording and standardized patient feedback to improve communication performance in undergraduate nursing students.Clinical Simulation in Nursing,13(4), pp.176-185. Burgener, A.M., 2020. Enhancing communication to improve patient safety and to increase patient satisfaction.The health care manager,39(3), pp.128-132. Ellis, P., 2018.Leadership, management and team working in nursing. Learning Matters. Jungmann, F., Wegge, J., Liebermann, S.C., Ries, B.C. and Schmidt, K.H., 2020. Improving Team Functioning and Performance in Age-Diverse Teams: Evaluation of a Leadership Training.Work, Aging and Retirement. Simamora, R.H. and Fathi, A., 2019. The Influence Of Training Handover Based SBAR Communication For Improving Patients Safety.Indian journal of public health research & development,10(9), pp.1280-1285.