Managing Resources in a Business

This article discusses the importance of managing resources in a business and how it can lead to cost reduction and increased profits. It covers topics such as resource allocation, delegation, and marketing strategies. It also explores the impact of resource management on businesses, employees, environment, and society.

Managing resources in a
business

Table Of Content
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
Aim :.........................................................................................................................................4
Objectives.................................................................................................................................4
How objectives will be achieved:.............................................................................................4
Time scale.................................................................................................................................4
Brief about the topic..................................................................................................................5
Background search:...................................................................................................................5
Marketing strategy....................................................................................................................7
Constraints................................................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Managing resources is an important activity for a business and a company in order to have
effective control over the management. Efficient uses of resources will give an advantage to the
company and helps in reduction of cost of production and increase in profits and sales of the
company. Assigning the right resource to the right task is the main objective of resource
management. The resources of the company involves intangible resources such as people and
time, tangible resources such as material, equipment and finances. All these resources are a
major part of the workings of the company. The company uses various methods in order to avoid
shortage or excess inventory as shortage of inventory will stops the operations of the company
and excess and inventory will increase the carrying cost and will require extra fund which can be
used in other activities if not invested in inventory. The excess of resources other than finance is
also not good for the company as it will indulge the extra funds of the company. In context to
tesco, they are operating in 12 different countries and have approximately 500000 employees
who contributes to the success of the company. They believe that all the resources are equally
important for the company but the resource that can have impact on the company the most is the
human resource of the company which means the employees of the company and in order to
manage their resources well it is important to give additional attention to the employees of the
company.
MAIN BODY
Aim :
The aim of this study is to analyse the ways in which company manages its resources.
Objectives
 To Analysis of the sources through which company collects its resources.
 To Identify the ways in which company delegate its resources
 To find Ways in which company adopts the technological innovation in their operations
 To elaborate Effective ways of marketing used by the company
How objectives will be achieved:
In order to achieve the objective first the collection of resources by the company must be
identified and in context to Tesco the company collects their resources from different suppliers in
order to achieve the maximum efficiency and to achieve the minimum cost possible. The

delegation resources is done by the company to the team leaders as it s the responsibility of team
leaders to manage their allocated resources at the maximum efficiency and with minimum
wastage. The team leaders must ensure that the operations of the assigned projects are running
smoothly and without any unwanted interruptions. The third is to involve technological
innovation in the workings of the company and in order to involve updated technology
efficiently, Tesco provides training to their employees and make sure that utilization of
technology is in the favour of both company and staff members. The last one is to describe the
marketing strategies and the marketing strategies used by Tesco is always thought the most
effective ways so that they can reach large audience and attract potential customers. They
generally use digital media and campaigns which helps them in marketing their products and
services.
Time scale
Timescale of this report is mentioned below:
Description of Work Start and End Dates
Phase One
Task 1 Resource collection: Tesco collect
their resource from various
suppliers so they can distinguish
their products from their
competitors.
12/04/2021 to
15/10/2021
Task 2 Delegation of resources: They
delegate the responsibilities to its
team members in order to perform
tasks effectively and efficiently.
10/05/2021 to
20/10/2021
Phase Two
Task 1 Technological innovation:
Launching and improvement of
products or services helps Tesco
to remain in competitive position.
11/06/2021 to
25/10/2021
Task 2 Marketing: Tesco market their
products through various channels
such as social media, digital
media, campaign, television as
well as their websites.
19/04/2021 to
20/11/2021

Brief about the topic
Managing the resources of a company: in order to achieve the effectiveness and efficiency of a
task the company needs to do resource management so that right resources can be used or
assigned to right tasks or activity on the right time. The true resource management is to know the
availability of resources and the benefit that the available resource can give when assigned to
different activities. The allocation of resources to the activity that can give most of the benefit to
the company and can improve the productivity of the company by reducing cost of production is
the correct way of allocating or managing resources.
Background search:
According to Hansen 2018, resource management is a process of allocating, scheduling and
planning of resources in order to achieve maximum efficiency. Major task of resources is to help
the company in completing their projects and executing the projects in the best possible manner.
Resources for a company can be its staff members or the equipment that the company have or the
material that the company is going to use. It is important to do resources management in order to
avoid any waste of resources or efforts. Company sometimes deals with scares resources and
wastage of that resource can be very harmful for the company as it not only involves huge costs
but also can stop the operations of the company because of lack of material. Companies
sometimes hire a separate individual whose work is to manage resources and avoid any wastage
of resources. The post of the individual is known as resource manager and this individual is
responsible for the allocation of resources and to manage the allocated resources in the best
possible way.some of the advantages of managing resources are given below:
Reduces the cost of resources: Resource management helps an organization to allocate
the resources wherever it ca give most of the benefit which in turns increases the profitability of
the organization also reduces the cost of production by eliminating wastage of resources. It helps
the organization to maintain a balance between the projects and their resources.
Reach economic order quantity level: resource management helps the company to
reach the level of economic order quantity which states that the company must order only that
much amount of resources that are necessary for the project and avoid any unnecessary inventory
as it will increase the carrying cost and ordering small amount of resources can increase ordering

cost. So it is beneficial for the company to order the amount of inventory where ordering cost
and carrying costs are the same and achieve maximum efficiency.
Build transparency: Resource management helps the company to build transparency
among the teams or group of different projects in an organization (Brianna Hansen, 2021.).
Transparency helps the company to manage their workforce effectively as the employees and the
staff members are satisfied with the resources they get for their projects and make sure that the
work is completed within time limit and with optimum efficiency.
Avoid unforeseen obstacles: By effectively managing the resources the company can
avoid and mis-happening of the future related to resources and can also avoid the obstacles that
can come in the working of a project because of lack of resources. The company can make sure
that they have enough resources to fulfil the needs of a specific projects without increasing the
cost of the project and without compromising with the quality of the project.
Some of the techniques of resource management are:
Resource allocation: Based on capacity, skills and team member the resources must be
allocated so that the best possible result can be achieved. When done perfectly it will help the
organization to achieve maximum efficiency and help the management to avoid the situation of
going over budget.
Resource leveling: It refers to the technique of resource management that helps the
company to find or discover the underused resources or the resources which are not getting
utilized on maximum efficiency. By identifying those resources the company can utilize them in
a manner which is beneficial for the company and which can help in achieving maximum
efficiency.
Resource forecasting: In order to achieve efficiency in people, material and finance, the
company needs to do planning. It allows the management to predict future and to forecast the
requirements of the resources in a given project. It also helps the company to identify unforeseen
risks that can be involved in the project and is related to the resources used in the project.
Marketing strategy
Competitive advantage: It refers to having any resources or techniques that are better
than the competitors ad which provide growth to the company(Chaudhary, R., 2020. ). In order
to generate more sales and to produce better and cheaper products and services as compared to
rivals is known as competitive advantage. In context to Tesco, the company has achieved a way

of developing low cost and high quality products that attracts the potential customers and also
has a good customer service which helps the company in retaining their existing customers.
Market segmentation: it refers to dividing the market on the basis of characteristic of
products, services, religion, culture, background, age, geographical locations etc. The segments
are divided by the companies in order to target the customers according to their preferences also
to make slight changes in the products and the services so that they can satisfy the needs and
wants of the customers. In reference to Tesco, they segment their market on the basis of
individuals who are cost-conscious and who are interested in bargains and sales in order to have
variety of choice.
Market existence: It refers to having a separate existence of each and every product of a
company in a market. The company needs to have their existence or presence in the market on
the basis of their products and services which can decide the survival of the company (Curado,
C., 2018. ). Market existence plays a major role in the survival of a company as more market
existence can completely be related to more market share. In respect to Tesco, they are market
leaders in the groceries segment of UK and their market share is approximately 28.4%. the
company has its existence in the markets of five countries.
Impact on business while managing their resources
Business: Resource management effectively supports businesses in delivering products and
programme more efficiently on schedule. This is because improved use of resources helps
increase insights and timing predictions on asset supply each area of an undertaking from
organizational connections to high level formulation and management it may be affected.
Working with an efficient resource managed their services as they provide businesses with
resources to control uncertainties and organize workforce and plans(Haratian and et. al., 2017. ).
Resource management helps the business to work on optimum efficiency and provide better sales
and increased profits to the company. It helps the business to finish projects on time and reduce
and wastage time which involves cost and will eventually increases the cost of the products as
well as services.
Employees: Resource management helps the employees to achieve maximum efficiency
and to improve their productivity. When an employee is engaged in a work in which that

employee is expert then it will automatically increases the productivity and performance of the
employee. With the help of resource management the company can make sure that they are
utilizing the optimum efficiency of the worker and are satisfying the needs of the worker as they
will feel valued in that organization. Employees when satisfied will work towards the goals and
objectives of the company which is beneficial for the company and will increase the productivity
of the company. Scares resources are the major concern of the businesses and management will
help the business to allocate scare resources top the projects on right time and at right cost as
well.
Environment: By utilizing the resources to the maximum efficiency and not allowing any
wastage of the resources the company can make sure that they are protecting the environment of
the organization and satisfied workers or employees will also lead to positive environment of the
workplace (Harzing, A.W. and van Ruysseveldt, J. eds., 2017.) . When all the projects are
finishing with optimum efficiency and no losses are faced by the company the company will be
able to provide bonuses and benefits to the employees as a reward of their hard-work which will
also help the organization to retain their employees and reduce the employee turnover as much
amount of funds and resources gets wasted in employees training and development and when an
employee leaves an organization the funds invested on their recruitment and selection as well as
training and development will become losses for the company.
Society: The company uses the resources of the society and in return of those resources it is the
responsibility of the company to do something for the society also known as corporate social
responsibility. The company provides job opportunities to the society which helps the people of
society to increase their purchasing power and increase their standard of living. The employee of
the company receives monetary benefits that helps them to fulfil the needs and wants of
themselves as well as their families (Kehoe, R.R. and Collins, C.J., 2017.) . Also when the
company provides good quality services and products to the society in lower cost it will increase
the satisfaction of the needs and wants of the people of society. The company when earns profit
will also provide economic benefits to the society as well.

Constraints
Arranging finances: The company need finances in order to provide resources to the
company (Hoon, C., Hack, A. and Kellermanns, F.W., 2019.). Company needs to plan their
budget so that they do not suffer from the shortage of the finances as the funds are limited and it
will create an obstacle in the workings of the company. Effective planning of finances and
efficient use of finances will lead the company towards profits and will also help the company to
invest remaining funds to update their other resources so that the company can achieve profits.
Finding a location: It is one of the major concern in front of the company as the
company wants their registered office to be placed in a good location (Kuang and et. al., 2017. ).
The company’s office and manufacturing space must be on a location which can provide
maximum efficiency to the resources of the company. The location of the company provides
reassurance to the potential clients also it look professional on the documents of the company.
This is the reason why most of UK companies want to have their offices in London.
Government approval: The business needs to take approval from the government in
order to do anything. The companies needs to make themselves register with state government in
order to start their business (Jia and et. al., 2018, December. ). The intervention of government is
to ensure that all the companies are doing business in an ethical way also to make sure that the
consumers are protected and the companies are following all the necessary rules and laws in
order to create a healthy and positive competitive environment in the market. The small
businesses needs to be protected so that they can survive in the market and intervention of
government in the commerce activities makes sure that large companies are not dominating
small companies.
Resistance from local business: The management of resources might be difficult for the
business itself as the employees of the company may resist to change in certain situations. The
new update in any equipment or the changes in the culture of the organization might effect the
employees or the staff members of the company that can discontinue the operations of the
company or may lead to strike in some cases. The company needs to be very careful while
changing or updating their resources so that the internal management of the company does not
get disturbed.

Resistance from local people: The local people are generally very close to the business
that is in their nearby area. They treat them as their family and are potential customers of the
company. The company also generate employment opportunities to the local people of that area
which helps them to earn more and to increase the purchasing power as well as their standard of
living (Jiang, K. and Li, P., 2019. ). When a company fails to influence local people about their
resource changes that the might have to face huge losses as the resistance of local people can
delay the working or projects of the company.

CONCLUSION
From the above analysis, it is concluded that Management of resources is appropriate as it is an
accurate and productive creation of the resources of an entity. Such services can include
monetary capacity, stocks and expertise, manufacturing services and raw materials, or
information technology. Management of resources is the best possible process for preparation,
planning and assignment of resources. The ultimate objective is to increase the productivity of
your services. This helps the mission, job or operational objectives succeed. Capital management
is the most practicable approach to prepare, plan and allocate money. The ultimate goal is to
increase the productivity of your services. This in return will help the idea, mission or business
objectives succeed. Tesco manage and handle their services by understanding which resources is
not available and which require more materials in their business as this helps them to operate
their work effectively and efficiently in organisation. The main objectives of organisation is to
identify and understand the sources by which company gather resources in order to develop
business performance, delegation of resources to its employees to work effectively and
efficiently as well as provide sufficient to produce and manufacture resources. When Tesco has
enough resources then they can adapt and innovate various technologies in venture. Tesco
market their products to promote their brands in order to attract their end users and meet the
requirement to fulfil their needs and wants so that they gain the trust and interest of audiences
towards their products. Timescale is an important part to manage all the resources accordingly to
their time as it lead to achieve organizational goals and objectives. However, it impacts
positively as well as negatively as when management of Tesco does not have effective resources
then it impacts negatively because it affect performance of business.

REFERENCES
Online
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available through <https://www.wrike.com/blog/what-is-resource-management/>
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