Understanding Business Function with Relevant Management Tools

Foundation of business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
BUSINESS CASE...........................................................................................................................1
Understanding of business function with relevant management tools and the example.............1
Example of tools applied.............................................................................................................3
PERSONAL REFLECTION...........................................................................................................5
Gibbs’ Reflective Cycle..............................................................................................................5
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business management defines the different discipline which devote the organising,
planning and analysing of various operations and functions that aid to gain better competitive
advantage by accomplish the goals and objectives on timely basis (Chabowski, 2020). The
management of business get processed as per the parallel involvement and participation of all the
employees that are working within the company. It brings a lot of responsibility on the
administration to perform all the task and activities within the timely basis and in systematic
manner. The report consist of two parts the first part include the project management focus
which is based on marketing plan for development and second part includes personal reflection
that is based on learning experience.
PART 1
BUSINESS CASE
Understanding of business function with relevant management tools and the example
Tesco is the largest food retailer in UK and along with this have offered the large variety
of products and services to the customers or at marketplace and includes telecom and internet
services, electrical goods, toys, petrol, clothing and many others as well. Tesco provides the
employment to 440,000 number of employees all across the globe and 280,000 in UK only.
Tesco provides it services at 2,000 stores with this also expands its stores over other countries as
like China, Hungary, Thailand and US. It is the private sector organisation thus faces a lot of
market competition with this offers the job opportunities and facilities in market. Due to
globalisation the working operations and function of business get directly impacted for this
company have imply different strategies in order to enlarge its customer base and profitability.
The vision, mission, objectives, strategies and the basic components that are induced
within the business so as to make successful development by making appropriate monitoring and
evaluation of overall performance (Chung, 2018). To manage the different challenges Tesco
maintain certain focus on diversity and inclusion that is by maintaining concern about
employment strategies. It encourage and helps to business while developing appropriate styles of
leadership as per the frameworks. In support of this company also provide timely training and
development to the employee by which the skills and capability get increases that helps to take
possible benefits by enhancing performance. In this Ansoff matrix is most suitable management
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tool that helps to make appropriate strategy that helps to maintain lead and enhance working
potential by which balanced and measured advantage from the aggressive competition get
attained.
Market penetration- It is a strategy that helps to maintain focus and concern about the
adoption of new strategy through which larger market get targeted and encourage to make more
use of different offered product and services. In this the local scheme introduced by the business
and it is promoted to enhance the sale and profit. In this company work on existing market with
existing product in order to increase sale (Davis, 2020).
Product development- In this strategy through which business work on existing market
with the new product and it is to maintain more focus to satisfy the need and demand of business.
It has been done by performing and investing on research and development that lead to expand
the product range of business by understanding the services of current market. It insist to make
more innovation in the offered product and services to attract more of the customers.
Market Development- It is a strategy that focuses to making entry in new market with
the existing product and services. In relation to this Tesco expands its business as by geographic
regions, customer segment, working capital etc. It is the most successful strategy to leverage in
the new market and potential customer base get developed. To maintain lead in global market it
is needed to induce profitable changes within the working by which effective expanding get
processed.
Diversification- In this strategy in which company produces the new product while
entering in the newer market. It is quite more riskier as in this product as well as market
development is required while mitigating diversification. It offers the better potential through
which certain revenue get synergise (Galipoglu, 2018). It is based on two prospect as like related
or unrelated as in related potential is increases in between new product in existing business while
unrelated there is not synergy in between new product and existing business.
There is tough market competition that is faced by the company and that is due to the
diversified range of business and product get developed in the market so as to make moderate
changes and implementation to enhance its sales and profit. In today's market it is not easy for
the business to make strong and long term relation with the customers as they switch the business
as per the availability of better and affordable products. Thus it is needed for the business to
target the specified range of customers by which they have maintain clear focus to fulfil the need
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