Foundations of Business Management

This report explores the foundations of business management and the use of relevant management tools in practice. It focuses on a case study of Independent Health and Beauty Spa Salon and discusses the project life cycle, stakeholder analysis, Gantt chart, and work break structure. Learn about the strategies and techniques used to raise brand awareness and achieve business goals.

Foundations of
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Business functions, relevant management tools and their use in the practice.............................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
A business or project management can be defined as the process of initiating, planning,
executing, controlling, along with closure of particular task in order to attain the desired goals
and objectives (Popkova, 2018). Basically, a project consists with team that works on a common
goal to meet specific success criteria within the set time frame. In present report, firm that has
been taken into consideration i.e. Independent Health and Beauty Spa Salon, which is looking
forward to exhibit, as company has started going through different aspects like decline among
both profitability and productivity, loss of goodwill, declining interest of stakeholders (investors)
and so on. Basically, this made them to develop a project where, Independent Health and Beauty
Spa Salon is going to exhibit to attain a good position within the market. Along with this,
assignment will focus on business functions and different management tools will also be applied
within the case study of Independent Health and Beauty Spa Salon.
Along with this, if it is talked about project of exhibiting the Independent Health and
Beauty Spa Salon is that it will help firm in different elements like generating the leads and
develop relationship with customers, it would help in learning about different range of
techniques and products, aid in enhancing the sales, it will offer demo treatments, connection
with other costumers, beauty consultation and so on.
MAIN BODY
Business functions, relevant management tools and their use in the practice
The primal goal of project i.e. exhibiting the Independent Health and Beauty Spa Salon is
that to raise awareness among targeted consumers about new products and service that salon is
offering. Away with this, the project is also holding a target of 4,800 visitors who will be
conducting the exhibition of where they will be expecting different opinions along with the
feedbacks as well from customers. Including this, Independent Health and Beauty Spa Salon's
management has also built the project to meet the qualified leads, so that it could effectively gain
competitive advantages. After that, just when the exhibition will be reach to an end, then it will
be the responsibility of project manager to focus upon desired goals, that if they got achieved or
not (Akhtar and et. al., 2018). With the help of this, firm will profits and build new relationships
with brand-new investors. In present context, there are different models that can be utilised to
practically execute this project like Project Life Cycle Model. On the other hand, if it is talked
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about the management tools then there are WBS, Gantt Chart and more, that can be utilised to
manage the whole project and attain the goal, which is to raise awareness among targeted
consumers in regards to products and services offered by Independent Health and Beauty Spa
Salon.
In order to exhibit, it will be required by Independent Health and Beauty Spa Salon to
have an effective marketing department so that the developed promotional plan where, firm will
be utilising different strategies like giveaway, social media (advertising), distribution of flyers
and develop strategies to build up the public relations. Away with this, the project is of around
£2843.00 as budget, which consists with different range of tasks and may help in enhancing the
customer's interactions with the company.
Project Life Cycle:
Project life cycle, can be defined as an effective model that can be utilised to attain
specific goals and consists with 4 different phases and these are : initiating, planning,
implementing and closing phase. Away with this, project life cycle can also effectively be
modified as per the needs and aspects of the organization. In present context, where Independent
Health and Beauty Spa Salon is exhibiting itself, it will lead company to reach to an all new
level, where they have considered different stages and given tasks to team to performing among
all of these phases and these are mentioned underneath:
Initiation Phase : Under this phase, the project objective or need is identified and these
majorly stays linked with both opportunities and problems. Here, Independent Health and Beauty
Spa Salon will focus over different aspects like to whom they should target and so on. Including
this, building Brand Awareness is the major goal of the company, which will aid them in
sustaining within the market for a longer period of time (Gans, Stern and Wu, 2019).
Planning Phase : Setting the budgets and preparation of the objectives from the different
opportunities that are available for them can be considered as something, that Independent
Health and Beauty Spa Salon will consider under this phase. Here, firm has to organise the event
based on the number of visitors that they are expecting and these are 4,800 visitors with the set
amount i.e. £2843.00. Along with this, project manager of this task has also decided to consider
different promotional tools like social media, distribution of the flyers and so on. This will aid
firm in meeting to the requirements in a short period of time.
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Implementing Phase : At this phase, the whole planning that took place will be executed,
that means the whole process where budget that has been prepared, the strategies and every
single thing, will be applied right on the path, so that exhibition, that has been conducted will
give the best out of all. Away with this, it is also said that all the stakeholders like customers,
employees, media, local authorities, suppliers, healthcare system and so on will be delivered with
all the information in regards to the whole planning would take place. This is where, exhibition
will completely be practised, that will help Independent Health and Beauty Spa Salon in meeting
the goal i.e. to spread brand awareness among consumers.
Closing phase : At this phase, the whole project of developing, executing and
implementing phases will reach to an end. Basically, at this stage the emphasis stays over
releasing final deliverables to the customer, releasing project resources, and communicating the
closure of the project to all stakeholders. In present context, it is the responsibility of
Independent Health and Beauty Spa Salon's project manager to focus on the outcomes, that if
they met with the desired goal or not and if not, then the whole process may start again of
spreading the awareness among customers (Mylnikov, 2018).
Stakeholder Analysis :
Brainstorming is the best way to select the stakeholders for a specified project. In present
context, project manager has utilised the same and found that Customers, Employees, Media,
Local authorities, Suppliers and Healthcare System are the primal stakeholders that will be
considered while exhibiting the Independent Health and Beauty Spa Salon. Apart from this, all of
the different sections of this analysis is presented underneath:
High power, highly interested people (Manage Closely): Customers and employees will
be required by Independent Health and Beauty Spa Salon to manage the overall presence in
specified time frame under this phase, to spread brand awareness among customers.
High power, less interested people (Keep Satisfied): Healthcare systems and suppliers
will be coming under this phase for the particular project that has been taken into consideration.
All of them are having high priority but they are less interested (Stanley, Purser and Singh,
2018).
Low power, highly interested people (Keep Informed): Media is said to be the
stakeholder that will considered to be as the element, which has lower power but, consists with
highly interest, as the company was considering different promotional tools.
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Low power, less interested people (Monitor): With the local authorities, who are the
stakeholder of Independent Health and Beauty Spa Salon can be considered as the individuals
that are coming within this phase of the stakeholder analysis model.
Gantt Chart:
In present time, Gantt charts can be defined as the effective management tool, which
helps in planning projects of all sizes and they are a useful way of showing what work is
scheduled to be done on a specific day. They also could help a project manager of business
organisation like Independent Health and Beauty Spa Salon while developing a project like
exhibition for brand awareness of Independent Health and Beauty Spa Salon. This will consists
with different bars, that will show all the different tasks, that consists with both start and end
dates for the developed project (Seaman and Young, 2018).
Work Break Structure:
Considering the WBS, for the project of Independent Health and Beauty Spa Salon, so
that brand awareness among customers can excessively take place. Here, project manager will be
distributing the different main tasks among sub tasks, which will help team members to hit their
targets, because sub sectioning all the activities would lead project manager to complete every
single process in a short period of time (Maglio and et. al., 2018).
CONCLUSION
With the help of above mentioned report, it is being concluded that to develop a much
more effective project management plan, it is required for a project manager to have the
knowledge in regards to different models that can be applied for attaining the goals and
objectives in a short span.
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REFERENCES
Books and Journals
Popkova, E. G. ed., 2018. Economic and legal foundations of modern Russian society: A new
institutional theory. IAP.
Akhtar, P. and et. al., 2018. Essential micro‐foundations for contemporary business operations:
Top management tangible competencies, relationship‐based business networks and
environmental sustainability. British Journal of Management. 29(1). pp.43-62.
Gans, J. S., Stern, S. and Wu, J., 2019. Foundations of entrepreneurial strategy. Strategic
Management Journal. 40(5). pp.736-756.
Stanley, S., Purser, R. E. and Singh, N. N. eds., 2018. Handbook of ethical foundations of
mindfulness. Springer.
Seaman, B. A. and Young, D. R. eds., 2018. Handbook of research on nonprofit economics and
management. Edward Elgar Publishing.
Maglio, P. P. and et. al., 2018. Handbook of Service Science, Volume II. Springer Publishing
Company, Incorporated.
Mylnikov, L., 2018, September. Conceptual foundations of modelling of innovative production
projects. In Titel: Proceedings of the 3rd International Conference on Applied
Innovations in IT, Volume Nr. III. Bibliothek, Hochschule Anhalt.
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