Assignment on Managing Successful Business : Victorinox
Added on 2020-06-06
25 Pages5727 Words38 Views
Leadership ManagementProfessional DevelopmentData Science and Big Data
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Managing Successful Business
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1. Aim and objectives of project .........................................................................................1P2. Project management plan covering various aspects.........................................................2P3 Preparation of Work breakdown structure & Gantt chart ..............................................3TASK 2 ...........................................................................................................................................5P4 Conducting small research by applying quantitative and qualitative research methods ..5TASK 3............................................................................................................................................7P5 Research and data with help of appropriate techniques and methods...............................7P6 Recommendations to draw valid conclusions.................................................................16TASK 4 .......................................................................................................................................17P7 Reflection on value of undertaking research to meet set objectives & performance......17CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18APPENDIX....................................................................................................................................19
INTRODUCTIONIntroducing new technologies in business activities assists in gaining competitiveadvantage from market. It administers lots of benefits to firm and highly contribute in thedevelopment of business (Zou, Kiviniemi and Jones, 2017). Use of digital technology providesan opportunity to organisation to store and manage a large amount of data for longer period oftime. It offers various platforms to the firm by which they can gather information of customersrelated to their preferences and tastes. All these assist managers at the time of taking decisionsregarding expansion of firm's activities. The main advantage of using digital technology is that itassists the company in promoting its goods and services in an effective way as well as in earninghigher profits. In the present assignment, chosen organisation is Victorinox which deals inmanufacturing of watches. The firm wants business expansion on online platform and for this,quantitative as well as qualitative research methods are applied in this study. It also includes planof project management as well as its aims and objectives.TASK 1 P1. Aim and objectives of projectIn the current scenario, with dynamic business environment, needs and demands ofcustomers are changing rapidly. So, it has become necessary for every business organisation tosatisfy their needs in order to attain higher sales and profits. For this, introduction of new orupdated technology in organisational activities are necessary so as to serve customers in aneffective way. Traditional processes of business are completely replaced with the development ofnew technology. It provides number of benefits to company. For instance, it administersopportunity to administrators for collecting information related to the needs and demands ofconsumers which ultimately assists enterprise in satisfying desires of customers effectively.Cloud technology facilitates the firm to store data and share it from one location to another invery less time period (Yeoh and Popovič, 2016). Technology offers numerous channels ofcommunication to Victorinox so that they can effectively convey value and benefits of theirproducts to target audience. All these assists in increasing the effectiveness of organisationalactivities and contributes in growth and sustainability of company. But, for using newtechnology in business processes, large amount of funds are required to be invested inmachineries and equipment. Another benefit of using digital technology is that it administers a1
large number of platforms like YouTube, Twitter, Facebook, etc. These applications are used byevery individual and helps the firm to reach at a large group of customers. Technology bringscooperation among operations of business (vom Brocke, Zelt and Schmiedel, 2016). It assiststhe top management in finding out deviations and remove them. It ensures quick implementationof production processes and assists company in maintaining quality of products. So, it can besaid that technology influence activities of business in a positive manner. Aim: Impact of digital technology supporting growth and innovation of small business .Objectives:To analyse the influence of digital technology implementation on business. To examine need of business operations transformation.To evaluate effectiveness of using digital technology on activities of business.Research questions: How effective the technology is in order to transform activities of business? Why it is significant to transform business operations? How can digital technology will be implemented? P2. Project management plan covering various aspectsIt is important for Victorinox to formulate an effective plan regarding projectmanagement in order to attain predetermined goals and objectives. Plans assists in administeringthe right path during implementation of various activities in an effectual way. It is necessary forthe organisation to develop effective plans so that goals and targets can be easily attained.Without proper planning, it becomes difficult to attain objectives in an appropriate way. Projectmanagement plan ensures the completion of each activity on time as well as in a cost effectivemanner (Schwab, 2017). It assists in providing long term advantage to company. Apart fromthis, it helps the manager in managing risks, resources, cost, time, quality, scope,communication, etc. Basically, the need of formulating project management plan is to make ituseful as well as successful. In this plan, Victorinox wants to grow their business on onlineplatform by the use of new or advanced technology. For this, it is required by the firm toconsider below defined aspects:Scope of project: With the advancement of technology, needs and demands of customersalso change rapidly. In the current scenario, there are many opportunities for development that2
are existing in business environment. It will administer advantages to firm to offer variety ofproducts to customers. Risk management: In every business, risk is associated. There are various kinds of risksincluded in the project. So, it is necessary for Victorinox to consider all the important factors thatmay cause risk (Turban and et. al., 2017). Before the implementation of project managementplan, it is essential for manager to calculate all risks associated with project so that its influenceon business can be reduced. For Victorinox, the chances of risks are high as it is not a popularbrand in watches. So, it is necessary for manager to manage risk in an appropriate way. Quality control: The aspect of quality is crucial in whole project. So, it is necessary forthe administrator to manage quality of products by including effective components (Ross, 2016).Victorinox offers high quality watches to its consumers and it is necessary for company to keepmaintaining the same quality in order to attain high growth and sustainability in the market byincreasing profitability and sales. Cost: Big projects include high costs that require more funds. For this, it is important forthe administrator to manage appropriate funds by using various sources. In order to execute theproject successfully, it is necessary for firm to have enough funds.Time: Projects are time consuming as they consume more time in the completion if planis not proper. So, it is important for the manager to keep in view all activities that are necessaryfor timely completion of project. It ensures reduced cost and increased output from project. Communication: It plays an important role in the success of organisation. It is necessaryfor the firm to have effective communication channels so that message and information can beclearly and transparently communicated (Peppard and Ward, 2016). So, manager of Victorinoxneeds to ensure that there is proper communication among all the departments so that project canbe implemented properly. Proper communication among employees ensures completion ofproject in specified time period. P3 Preparation of Work breakdown structure & Gantt chartThe main advantage of conducting research is that it assists the firm in collecting largeamount of data related to preferences of customers that facilitates the management in makingdecisions regarding expansion of enterprise activities (Nelson and Staggers, 2016). For effectiveimplementation of research activities, it is necessary for the investigator to design action plan3
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