Impact of Lack of Resources on Business and Mitigation Strategies - A Study on Marks and Spencer
Verified
Added on  2023/06/08
|12
|3803
|279
AI Summary
This project analyses the impact of the issue of lack of resources on business and strategies to mitigate it. It includes a literature review, marketing strategy, and impact analysis. The study is focused on Marks and Spencer.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
1. Lack of Resources
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
2. Table of Contents 1. Lack of Resources....................................................................................................................1 2. Table of Contents.....................................................................................................................2 3. Introduction of the project......................................................................................................3 4. Aim.........................................................................................................................................3 5. Objectives...............................................................................................................................3 6. Achieving Objectives...............................................................................................................4 7. Timescale.................................................................................................................................4 8. Background of the problem....................................................................................................5 9. Literature Review....................................................................................................................5 10. Marketing strategy.................................................................................................................7 11. Impact analysis.......................................................................................................................8 12. Constraints...........................................................................................................................10 13. Conclusion...........................................................................................................................11 REFERENCES................................................................................................................................1
3. Introduction of the project The project is about analysing the impact of issue of lack of resources on business and mitigating the strategies in favour of it. The project includes the aspects through which the business faces the problem of having lack of resources at large scale (Doern, Williams and Vorley, 2019).The project is all about identifying the issue which is lack of resources on business and what is the impact of it. It is very important the business has proper resources which helps in creating value to the operations and other processes which are being included within the business at large scale. Due to lack of resources, the project gaols within the business are also hard to achieve and this creates problem for the tasks and responsibilities which are being allotted to the employees. This project topic has been chosen as it will help in providing the concerns related to solve the issue of lack of resources within the business at large scale. This project topic is able to identify the concerns regarding the issue to be solved of having the lack of resources which is the basic requirement of the company at large scale (Haseeb and et.al., 2019).It is very important for the business to improve its resources and make them available for gaining the profitability and ensuring the gaols and objectives are achieved within the business. Therefore, this project topic has been chosen so that the business is able to identify the concerns regarding the providence of the resources at large scale effectively. 4. Aim To analyse the impact of the issue of lack of resources on business and strategies to mitigate it – A study on Marks and Spencer. 5. Objectives To understand the concept of lack of resources for a business. To analyse the impact of issue of lack of resources on business. To evaluate the importance of mitigation strategies for the issue in Marks and Spencer. To recommend strategies to mitigate lack of resources in the business.
6. Achieving Objectives The objectives will be achieved by identify the issue which the business is facing at large scale. With the help of objectives, mitigation strategies will be framed which will analyse the problem which is lack of resources (Learning, 2020).By framing the proper structure and analysing the key points which are to be achieved for the project will be analysed and identified at large scale. This will help in addressing the concerns regarding the solving of the issue which is lack of resources. the objectives will also be achieved by preparing the themes which will helps in achieving the results at appropriate manner. With the help of Literature Review, the objectives will be achieved as they will help in framing and explaining the parts which is essential for addressing and analysing the key concerns which are related to impact of the issue which is lack of resources (Almgren and Hjelm, 2021). This will help in identifying the concerns which are being initiated and are considered as importantregardingthegrowthanddevelopmentofthebusiness.Therewillbeproper explanation of how the objectives will be achieved by analysing and identifying the issue at large scale in respect of the business in effective manner. 7. Timescale Time scale is defined as the detail schedule of the project as to what is to be included within the project. There will be certain activities which will be performed in different weeks and this will help in indicating that the project activities will include all the essential points which are to be included within the project effectively. ActivitiesWeek 1Week 2Week 3Week 4Week 5Week 6Week 7 Selecting the research topic Developing research aim and objectives
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Conducting literature review Analysing market strategy Evaluating impact analysis Analysis of constraints Submission of research project 8. Background of the problem The problem which is identified is that are issues which are concerning the lack of resources within the business at large scale. This is the major problem that the business is being impacted by the lack of resources within the company which is Marks and Spencer. Due to lack of resources, the company is unable to identify the assets which are made available (Morkunas, Paschen and Boon, 2019).This leads to the projects which are understaffed and underequipped andthiscreatestheproblemsrelatedtoinsufficiencieswhichleadstoproblemsand communication issues between the team members of the company. For example – due to lack of resources Marks and Spencer faces the problem regarding the lack of resources. This is affecting the business and the company is unable to seek growth and development at large scale. This is the major problem which helps in indicating that the company needs providence of resources at large scale. 9. Literature Review Theme 1 - Concept of lack of resources in a businesses
Haseeb and et.al., (2019) stated that lack of resources is a state where a business is unable to procure the required resources which are necessary for them to conduct their business operations appropriately. When there are less resources available in the business, there are more issues which generally arise with the organization which has an adverse impact on their capability to produce better quality of output in the industry. The ineffective management of resources is a reason why many organizations fail to fulfil their aims and objectives properly. According toBigliardi and et.al., (2022), lack of resources is the inefficiency of the business to allocate their resources properly for gaining competitive advantage. It is suggested to be one of the most important aspect which a company needs to provide due consideration to in order to reduce the risk of losses and challenges which have to be faced by the company due to this factor. It may have significant influence over the results which are achieved by the business in the industry for increasing their productivity in the business environment. If an organization fails to manage their resources properly, serious repercussions may be faced by it which can have a negative impact on their overall development process. Theme 2 -Impact of issue of lack of resources on business As perPham, (2020), It is very important to analyse the impact of issue of lack of resources on business. Due to lack of resources, the business growth and development is also affected and this concerns the aspects regarding the profitability of the business. There has been greater impact of issue regarding the lack of resources on business at large scale. The business due to lack of resources will not be able to operate and function within the different departments which are being managed and are addressed within the company. There are number of operations and processes which will be affected due to the lack of resources. Resources are the major source through which the company is able to create value and contribute in the business at significant scales. According toCanhoto and Clear, (2020), resources availability is the major concern which helps in addressing that their lack is not contributing to the business and this is indicating the perspectives related to success to be achieved at large scale. The projects within the scheduled deadline are also affected and this impacts their time of completion due to the lack of resources at large scale. This is how the company will be impacted at large scale and in effective manner possible for growth.
Theme 3 - Importance of mitigation strategies for the issue of lack of resources As perKlimova, (2019), there are several issues that arise before the business which has a negative influence on its overall effectiveness in the industry. Appropriate mitigation strategies needs to be prepared and implemented by the management in order to eradicate the negative influence of these aspects on the business. These strategies are useful for the business to enhance their overall performance by making effective changes in the way they are conducting their business practices. It has a positive impact on their overall management of the resource planning process which is necessary for the business to grow and gain better advantage in the industry. Haynes and Haynes, (2022) stated that mitigation strategies should be developed by businesses to minimize the possibility of the risks which have a negative impact on the success of the organization. These issues are not beneficial for the company to grow and achieve better quality of output in the industry which is necessary for achieving growth. Business may have a positive approach towards the mitigation of these challenges as they are helpful in enhancing the success of the business in the industry. 10. Marketing strategy The business will adopt a specific marketing strategy which will be beneficial for them to improve their efficiency in managing different resources and increasing the overall output of the business in the industry. Marketing strategy is an appropriate plan which is useful for the business to identify major issues and challenges which have a negative impact on their business practices. Effective strategies are them prepared by the management in order to mitigate these risks which are crucial for the business to grow in the industry. The business will use the product strategy by which it will focus on providing quality products and services to the customers at minimum prices. This may be beneficial for the organization in order to eliminate the negative factors which are useful for the business to grow and achieve better success in the industry (Guldmann and Huulgaard, 2020). This can be useful for the business to manage their work appropriately and increase the interest of the customers towards the products and services which are provided by them in the industry. This is useful for the business to gain competitive advantage in the industry by improving the quality of their products and managing all the resources which are necessary for mitigation of the challenges. More emphasis will be given by the business on the quality of output which is achieved by the company in the industry which is beneficial for them to grow and achieve better
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
productivity. With the help of this aspect, the business maybe able to allocate their resources properly and evaluate the actual need which is necessary for the business to grow and achieve better success in the competitive business environment. The business may segment their customers by analysing the market properly which can be beneficial for increasing the overall success of the business in the industry to grow. It is useful for gaining better competitive advantage and enhancing the development opportunities which are necessary for ensuring the success of the business in the industry. The existence of the business in the market will be able to facilitate by allocating their resources properly and improving their production and distribution process. With the help of these aspects, the business will be able to find better opportunities in the industry to expand their services to new markets and improve their competitive advantage between their key rivals in the industry. 11. Impact analysis Lack of resources is a major issue which has a significant impact on the overall performance of the business to produce better quality of output in the industry. The business may face difficulties in operations if there are not appropriate resources and services available with them for further use. This may have a significant impact on their overall effectiveness in increasing their growth in the industry and achieve their targets on time. The poor procurement and management of the resources is a major aspect which has a negative influence on the success of the business to produce better resultsin the industry. Due to these aspects, the business is unable to gain better advantage and increase their success opportunities which are helpful for them to grow. The management of resource needs of the company is a significant factor which is required to facilitate the production process of the business. These resources are an integral part of the overall production and procurement process which is necessary for the business to grow and gain advantage in the industry(Wang and Yu, 2020). It is necessary for the organization to procure their resources appropriately in order to standardize their business processes properly. It iscrucialforthemtogrowandachievebetteradvantageinthecompetitivebusiness environment. Lack of resources in the organization may lead towards delay in the work which can further increase the expenses and losses of the company. The employees may get dissatisfied due
to these issues which is inappropriate in order to grow and create better practices in the industry. This may create difficulties for the business to motivate their employees to develop better practices and increase their efficiency in the industry. Inefficiency of the business to manage their overall resources like raw material, workforce, assets etc. may lead towards several issues which can increase the challenges which are faced by the business in the industry. This is a negative factor for the business which may degrade its image in the market whichisnotappropriateforthemtogrowandachievebettersuccessintheindustry. Unavailability of the required resources with the company increases the issues which has a negative influence on the capability of the business to show effective results for the benefit of the company. The business is unable to maintain their significance in the industry due to these aspects which are crucial for them to grow and achieve better advantage in the industry. This may have a negative impact on the society as the company performance of the business in the competitive environment will significantly decrease which can create issues for the company to grow. This has a major impact on the efficiency of the business to deliver the promises which they have made with their clients in the industry. This will create hindrance for the business in the market which is inappropriate for their growth in the industry as a whole. The workforce may face issues in achieving their targets effectively due to these aspects which are crucial for them to achieve growth in the industry. Instability in the business environment will increase due to the lack of resources which are available with the organization in the business environment. Due to this instability the capability of the business to execute simpler tasks will be lost. It may have a negative influence on the success of the business in the industry. The business will not be able to give appropriate emphasis to complex projects which have a negative impact on their effectiveness in the industry. With the help of different aspects, the business will be able to grow and create better opportunities which are useful for increasing the quality of output for the business. There are several changes which have a significant impact on the success of the business in the industry. The overall morale of the team will decrease leading towards difficulty in managing the work on time. It can create a complex business environment for the company where the managersarenotprovidedwithappropriateresourcesforcompletingthetasksand responsibilities effectively. It has a negative impact on the valuation of the company and the business is unable to impress their investors which are one of the major stakeholders of the
business in the industry. Due to this aspect there is a sense of threat in the business environment which degrades the quality of results which are achieved by the business in the competitive business environment. People are unable to execute effective results in the competitive business environment which has a positive impact on the success of the company in the industry. 12. Constraints Arranging finance The financial aid for the organization can be arranged by asking for investing from angel investors which will be helpful for the business to allocate their money to be spent on specific resources which are important for the company to grow. This investment will provide better assistance to the organization for acquiring better resources and material for reaching their goals effectively. Finding a location Popular locations which are near public places like airports, parks, shopping malls will be targeted by the business in order to attract more and more customers to buy their products. This will be helpful for them to increase the interest of the customers in visiting their stores more frequently. Government approval Taking appropriate approval from the government is useful for the business to reduce the risk of hindrances from the side of the government officials on the business. This will be necessary for the company to be safe from these practices in the industry(Hyytiä and Righter, 2022). Resistance from local business Local businesses often creates difficulties for the organization to operate successfully in the business environment. They often have a negative impact on the competitive advantage of the business in the industry. Resistance from local people Local people also create difficulties for the businesses by giving preference to other businesses which provide better offers and services to them which is helpful for them to grow. It is crucial for the company to provide better services these businesses and attract them towards their organization.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
13. Conclusion From the above report it has been analysed that Marks and Spencer has found that lack of resources is a major issue for them which has a negative impact on their effectiveness in the business environment. There are different mitigation strategies which are used by the business in order to reduce the negative impact of these aspects on the development of the business. With the help of these strategies the organization has been able to create better opportunities in the competitive business environment. Due to the changes in the business process, organization have been able to experience positive changes in their results which is helpful for them to grow and achieve better quality of output. It has been crucial for the company to adopt new practices and enhance their business system for improving their overall management of the resources properly.
REFERENCES Books and Journal Almgren, R. and Hjelm, O., 2021. Implementation of General Sustainability Objectives as Tools to Improve the Environmental Performance of Industry.Sustainability.13(15). p.8144. Bigliardi, B. and et.al., 2022. Introducing the implementation of open innovation approaches by academic entrepreneurship as a viable solution to tackle the lack of resources.Int. J. Technology Management.88(1). p.1. Canhoto, A.I. and Clear, F., 2020. Artificial intelligence and machine learning as business tools: A framework for diagnosing value destruction potential.Business Horizons.63(2). pp.183-193. Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises: business as usual? An introduction and review of the literature.Entrepreneurship & Regional Development.31(5-6). pp.400-412. Guldmann, E. and Huulgaard, R.D., 2020. Barriers to circular business model innovation: A multiple-case study.Journal of Cleaner Production.243.p.118160. Haseeb,M.and et.al.,2019. Industry4.0:Asolutiontowardstechnologychallengesof sustainable business performance.Social Sciences.8(5). p.154. Haseeb,M.and et.al.,2019. Industry4.0:Asolutiontowardstechnologychallengesof sustainable business performance.Social Sciences.8(5). p.154. Haynes, G.W. and Haynes, D.C., 2022. 17 Small Business Ownership: Impact of the Lack of Transparency and Separation on Small Business Finances.De Gruyter Handbook of Personal Finance, p.269. Hyytiä, E. and Righter, R., 2022. Performance degradation in parallel-server systems with shared resources and lack of coordination.Performance Evaluation.153.p.102260. Klimova, T., 2019. Education and Business: Prospects for Cooperation–Psychological Analysis of Resources and Lack of Understanding. InBusiness Community Engagement for Educational Initiatives(pp. 113-121). IGI Global. Learning, L., 2020. Reading: Strategy and Objectives.Introduction to Marketing I (MKTG 1010). Morkunas, V.J., Paschen, J. and Boon, E., 2019. How blockchain technologies impact your business model.Business Horizons.62(3). pp.295-306. Pham, H., 2020. Impact of human resource management practices on enterprises' competitive advantagesandbusinessperformance:Evidencefromtelecommunication industry.Management Science Letters.10(4). pp.721-732. Wang, H. and Yu, H., 2020. Lack of Resources, Gender Blindness, and Competitive Skill Training Programs for Women: Research on the Chinese Mongolian Women's Livelihood Transformation and Resource Acquisition for Re-Employment Skills.International Journal of New Developments in Education.2(7). 1