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Business Skills in a Successful Organization

   

Added on  2020-02-03

20 Pages2996 Words464 Views
BUSINESS SKILLS
Business Skills in a Successful Organization_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Researching and analyzing of a market.................................................................................31.2 SWOT analysis of TESCO....................................................................................................4TASK 2............................................................................................................................................52.1 PESTLE analysis...................................................................................................................52.2 Porter's five force analysis.....................................................................................................52.3 Business proposal..................................................................................................................6TASK 3............................................................................................................................................73.1 Formal business meeting.......................................................................................................73.2 Effective participation............................................................................................................73.3 Business proposal..................................................................................................................83.4 Critical evaluation..................................................................................................................8TASK 4............................................................................................................................................9Critical Evaluation.....................................................................................................................16CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................182
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INTRODUCTIONThe business skills are very essential in the success of any organization. Some of thebusiness skills like financial management, management of sales and services, leadershipqualities, time management, project planning etc. Some other skills like problem solvingtechniques, and the networking by which good relationship can be maintained will also have theimpact on the business. In UK, food and beverages market is very popular and it will be a goodidea to open a retail store which will focus on these items. This report will include the differentenvironmental factors which can affect the performance of the company (Mason and Harrison,2015). This will also shows the competitors strength and weaknesses. The processes by whichthe business can be improved and the performance can be increased will also discussed in thisreport. TASK 11.1 Researching and analyzing of a marketThe market research report is all about the trends and the condition of the market. UKfood and beverages industry is expanding in the last couple of year. There are number of newstores which are supplying the soft drinks and our organizations new business is food andbeverages only. There are various business sectors in UK like, tourism, fashion, media,cosmetics and food and beverages retail stores. But the best market or the industry is retailsupply of drinks (Cacciolatti, Lee and Molinero, 2017). This sector is earning huge profit in themarket. But the biggest change which took place in F&B sector is the decision of the country toleave European union. Our organization is opening some new retail stores in London, which will give toughcompetition to the other competitors like TESCO and Sainsbury. They are the leading brnads inretail sector. The main aim of the company is to supply the F&B on a very reasonable cost,which is less than the cost offered by other retailers. The quality of the products should also beon the higher side. This will give them very tough competition. 3
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1.2 SWOT analysis of TESCOTESCO is the biggest competitor in the market, so the organization have done a SWOTanalysis to find out their strength and weakness, which will help the organization in making theirplan (Porter, 2014). StrengthsWorld's most valued brand.Wide range of productsSensitive and accurate managementVery innovative business methodslow prices of products and availability.WeaknessesProfit is affected by bad debts from thecreditorslack of experience in some marketInvestment of huge amount of money innew technologyOpportunitiesExpansion of stores into othercountriesUsage of digital entertainmentoffer online shopping on all theproducts and home delivery also.ThreatsIncrement of new competitorsThe rise of Wal-mart, which is the 9thmost famous retail store.The investors are looking for substitutesfor investing the money, and by this themarket shares will go down.The biggest strength is its popularity in the entire world. It is the organization whichoffers the value for money and are having a wide variety of products. The management is alsovery sensitive and can fluctuate with the market. The other strength of TESCO is the cost of theproducts which are very low and easily affordable (Jackson, 2014). But sometimes thecompanies are not able to provide the products at the right time. It is not the case with TESCO.The products are always available in all the stores and they are very fresh.The main weakness is the lack of experience in some market like insurance, furniture. Itsmain business is F&B, but it lacks in other businesses. Also the investment the company has toput in implementing the new technology in all the stores, so that they can meet the customer'srequirements (Alison Doyle, 2017). This will be the biggest weakness of TESCO. 4
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