Assignment | Management and Business
8 Pages2243 Words197 Views
Added on 2019-11-25
Assignment | Management and Business
Added on 2019-11-25
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Running head: MANAGEMENT AND BUSINESS CONTEXTManagement and business contextName of the student:Name of the University:Author note:
1MANAGEMENT AND BUSINESS CONTEXTThe hospitality industry has recently witnessed a massive growth, as the people arenowadays interested in exploring new flavors of food. Australia is a country wherein the popleare fond of exploring new flavors and dishes. Being a multicultural country, opening an Indianrestaurant be a great idea. Knowledge management and e-commerce are the contextual factorsthat can be utilized to enhance the business operations of ‘Indian Spice’. Knowledgemanagement and e-commerce can be very effective in making the restaurant business profitableby guiding and enhancing the business activities. Knowledge management refers to theintegrated approach of creating, organizing, accessing and utilizing the intellectual assets of anorganization. The intellectual assets involve the human resources of an organization andknowledge management involves developing their knowledge in order to enhance theperformance of an organization. Knowledge management is a mix of various tools andtechniques that improve the organizational efficiency (Liebowitz & Frank, 2016). On the otherhand, e-commerce refers to the buying and selling of goods and services over the Internet. E-commerce involves technologies such as electronic fund transfer, online transaction processing,mobile commerce, Internet marketing and several other systems (Kaur, 2017). In case of arestaurant business, which is a business to customer (B 2 C) business, e-commerce helps inincreasing the sales and profitability of the business by enabling the customers to purchase fooditems and beverages online and getting them delivered at their desired place (Omondi &Mbugua, 2017). E- commerce enables the businesses to have a greater reach. It is very effectivefor small businesses as it enables the small businesses to earn greater revenues by helping inlarge- scale operations. By using e- commerce, small businesses can reach the customers beyondgeographical boundaries. It also enables the businesses to obtain customer feedback, which is
2MANAGEMENT AND BUSINESS CONTEXTvery useful in understanding the tastes and preferences of the customers. This in turn enables thebusinesses to bring the necessary changes in its business operations (Da Costa, 2016). Knowledge management involves study of organizational science, cognitive science,information technology, education and training, collaborative technology and many otherdisciplines. In the rapidly changing world, it is necessary to apply knowledge management inhospitality industry in order to remain ahead of the competitors. There is a deep relationshipbetween the application of knowledge management and the performance of a restaurant. Intoday’s world, the survival of an association largely depends upon several factors such as theorganizational culture, strategies, resources, market environment and knowledge management. Inthe rapidly changing business environment, it is essential to review the organizationalperformance more frequently due to the rapid changes in these factors (Levanti & Klein, 2016).This helps an organization to plan and control its activities and take corrective actions wheneverrequired. Knowledge management helps the organizations to understand the changes in themarket and helps in taking proper strategic actions. Knowledge management helps in improvingthe profitability of an organization by helping the organization in taking more effective decisions(Valsamidis et al., 2017). There is a positive relation between knowledge management and therestaurant businesses as it helps the restaurant owners and management team to understand thetastes and preferences of the customers. This helps the restaurant owners to offer those cuisinesto the customers, which are liked by them. Knowledge management also helps them in knowingthe trends prevalent in the market according to which they can device their marketing strategies.The major factors that attract the customers towards a restaurant are the type of food available,the taste of the food, variety of items available, ambience of the restaurant, parking facility,behavior of the attendants and waiters, decoration of the restaurant, price of the items provided
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