Managing Successful Businesses Assignment
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Added on 2020-06-06
Managing Successful Businesses Assignment
Added on 2020-06-06
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Managing SuccessfulBusiness
INTRODUCTIONIn a business process, the main focus is on analysing the market place so that the exacttrend can be determined in order to develop the products and services. This process is adopted sothat customer in the market place can be satisfied to the maximum level. This also helps ingaining certain competitive advantage. The operations conducted by the firm can be moresmooth and effective with the help of digitalisation and thus latest technology can be adopted sothat large number of customers can be attracted (Eckerson, 2010). Rolex company is beingchosen in this report and it deals in making Swiss watches which are counted in luxury items.This company was mainly founded in year 1905. Numerous elements which will be covered inthis study are purpose and objectives of the firm in order to evaluating and gathering informationfor interrogating results and outputs. Along with it, plan of project management with the certainaims and objectives and data will be analysed by the use of several tools and techniques. TASK 1P1 Aims and objectivesIn modern scenario, it has become necessary for the firm to adopt the latest technologyand digitalisation so that their survival can be ensured in the market place and growth andsuccess can be attained. The reason behind adoption is that needs and wants of the customers arechanging in rapid speed and to provide them satisfaction, it has become important but the moredigital technology is adopted, traditional marketing is vanishing from the market. The majorimpact of the digitalisation is that it provides appropriate guidance to the authorities of thebusiness to make correct decisions. Digitalisation provides cloud storage facility to the businessowners to share and store their database on the server and access them from anywhere at anytime and that requires even very less time (Crane and Matten, 2016). Moreover, digitaltechnology helps them to establish effective communication funnel so that performance level canbe improved and target market can be achieved and thus it will aid in making productivity andprofitability effectual in nature. In order to make company conduct its operations in smooth andeffective manner, thus it is required to have new and updated technology and it will in turn,require high amount of fund for the purchasing and adoption of various tools and techniques. Inmodern scenario, various number of platforms are being used like social media to convey themessage and communicate to the customers and also reach out for the uncovered people who can1
be future customers. It helps the business managers to determine the gaps which can hamper theoperations conducted. The most essential feature that technology provides to the business is thatmodification and development of goods and services in company like Rolex who makes thesmart watches according to the trend within marketplace (Incelli, 2013). Technology affects thebusiness in positive mode and thus aid in improving the sales and profit graph in the products ofthe company. Topic: Ways in which digital technology brought alteration into the business process of ancompany.Project Background: In modern era of business, nature of market is becoming dynamic and due to this, it hasbecome important for the business owners to adopt the latest technologies and bring innovationin their business operations. Digital technology has been replacing the traditional methodologieswhich were used earlier for attaining goals and objectives of the company. This provides positiveimpact on the products and services and helps company to determine the changes which needs tobe adopted so that more number of clients can be attracted and contented in an effective manner(Smith, Binns and Tushman, 2010). There are various positive impacts which have been taken bythe company like it has reduced the complexity of operations conducted and provided cloudstorage technology so that owners can save and secure their confidential data and it also hasreduced the work of accounts department. Apart from that, while making major decision it isrequired to have the sufficient data to come on a point and decide and that gathering of databecomes easy with help of digitalisation. There are various technologies which have beeninvented so that business can obtain new direction like with the help of mobile phone and socialmedia, it has become easy for the business to deliver their product and attached message in notime and acquire the market share through that. It is very important for the managers to decidethe aims and clinical of the firm (Kankaanranta and Planken, 2010). Aims: Execution of digitalisation for transforming business operations.Objectives: Identifying the digitalisation's impacts on the conduction of operations within company.Analysing various kind of impacts within business activities. Inspection of the business changes requirements. Research questions: 2
How digital technology creates impact upon business activities? State needs to bring change within business operations? State the ways by which transformation mainly takes place within the company? P2 Project management plan covering aspects of cost, scope, time, quality, risk andcommunicationFor the execution of tasks and activities, it is highly required by the firm and managers tomake effective plans and strategies so that tasks and aims can be earned in an better manner. Themain feature of the plan of project management is that it ensures that each task and activitieswhich are allocated in the project should be completed in desired time frame. In addition, thishelps managers to obtain the guidance in determining the cost, scope, resources, quality and riskparticipating for formulating the better project. Online business of Rolex is expanding by theutilisation of effective tools and techniques (Den Hertog, Van der Aa and De Jong, 2010). Thereare basically various major factors which company has to look out in order to take an effectivedecision and those are described below: Scope of Project: In modern era of business, the demands and desires of the customersare getting dynamic at fast speed and thus due to that, technological improvement takesplace. This scenario has created many growth possibility and has also enabledorganisation to modify and introduce new type of products so that more market sharecan be acquired. In case of Rolex, they have been expanding their business activitiesand now they have even started selling their products into online market. Therefore, itcan be said that scope of the project is much high and wide in nature.Management of Risk: Every business contains high risk and other factors, hence thiscan be stated necessary for evaluating again and thus mainly calculate every kind offactor before starting up of any kind of project . Rolex is a famous brand so the riskinvolved with that company is low (Chesbrough, 2010). Moreover, there are certaindeterminations which is done by managers along with many of the factors so thateffective results can be obtained. Quality Control: For attracting large amount of customers, company has to focus onquality of the products and services which are provided to the customers because thishelps in obtaining goals and objectives of the firm and also aids in conducting3
operations smoothly. This kind of strategy is being adopted by the Rolex which canmainly provide number of better customers and thus mainly maintain the same forhaving brand value and thus achieve key to growth. Cost: This kind of project mainly needs huge funds due to the number of activities andfunds are being involved and thus investment is being done for making the project inbetter way. Hence, tremendous amount of funds are being needed for projectimplementation in expected way (Ahmed Dine Rabeh, Jimenez-Jimenez and Martínez-Costa, 2013). Time: In order to achieve the expected results, it is essential that all tasks enclosed inproject should be achieved in allocated time frame. When the activities areimplemented and executed on appropriate time, it reduces the cost of project and aidsthe organisation to achieve the maximum profit level. This methodology is native bythe Rolex company due to the strategy of company in formulating plans within certaintenure. Communication: For completion of every task and activities it is required by themanagement process for developing and having better level of communication funnel inevery kind of sector of organisation (Lin and Chen, 2012). There are various kind ofresponsibilities and roles for the worker who has job within certain company. P3 breakdown structure and Gantt chart to provide stages and time framesThere is an factor which plays a vital role in gathering various ideas and opinions of otherabout topic and that element is 'Research'. The main feature of action plan is to provideappropriate direction and also enables organisation to use the resources in optimum manner andget the effective results which were expected. For a manager it is highly important to conduct adeep research to better realise several context of undertaking and better deal with the problemswhich are happening (Gebauer, Edvardsson and Bjurko, 2010). There are some main trackswhich are included in order to carry out the research and those are following: Evaluating reasons for carrying out research. literature review Resolving the issues Determining the project base. 4
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