JB Hi-Fi Company: Business Decision Analysis and Strategy Report

This report provides a comprehensive business decision analysis for JB Hi-Fi, focusing on key challenges and strategies. It begins with an introduction to decision-making in business and then analyzes JB Hi-Fi's competitive landscape, including direct competition with Harvey Norman and threats from online retailers like TaoBao, eBay, and Amazon. The report emphasizes the importance of market research and quantitative analysis as decision-making tools to understand competitors and customer preferences. It also highlights the significance of employee well-being and ongoing job training, recommending strategies to improve employee satisfaction and retain knowledge capital. The conclusion summarizes the discussed decision-making tools, emphasizing their role in helping JB Hi-Fi maintain a competitive position in the market. The report incorporates references to relevant books and journals, supporting the analysis with academic research.

BUSINESS DECISION
ANALYTICS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Decision making is a very essential & necessary aspect in each and every business or
organisation. It totally depends upon the decision makers by which they can select their own
criteria with effective quantitative techniques which are mainly used to improve and correct
overall decision-making quality within the organization. In this report, JB Hi-Fi company is
being chosen for assessment. It is an Australian retailer that is publicly listed specialize in selling
of consumer goods. Human Resource manager is going to focus on three aspects which are direct
competition, competition from online stores and employee well-being and ongoing job training.
MAIN BODY
Direct Competition with Harvey Norman:
Harvey Norman is one of the famous online retailers of furniture, computers, beddings,
communication and consumer electricals electrical products. This company is direct competitor
of JB Hi-Fi company. It is very important for human resource manager of JB HI-Fi company to
take effective measures to overcome the threat of competition. However, the estimated annual
revenue of Harvey Norman is 3.28 billion which is quite low from JB Hi-Fi company. Market
research is one of the best decision-making tools that is used by human resource manager to
track the competition in the market (Hair and et.al., 2015). Through market research, JB Hi-Fi
company is can identify the strength of competitors which is Harvey Norman as it helps to
strengthen their position. It is true that knowledge is power and it helps to understand the target
audience. In addition to this, through market research they can also reduce the risk of investment
of the company. For example, launching of new product or services etc. Further, the best benefit
that the cited organisation can enjoy is to discover the strength and weaknesses of rivalry in the
market. It is because, it is very essential keep the eye open on the strategies and approaches of
the rivalries but especially on direct competitive firms. Therefore, by conducting market
research, JB Hi-Fi company can reduce the threat of direct competition by having competitive
strategies and approaches to maintain the position (Ambler, Witzel and Xi, 2016).
Competition from Online Sources:
Online businesses are now become one of the popular business in Australia as creating
online businesses is quite easier than compare to offline stores. JB Hi-Fi is facing huge threat of
competition from online sources such as TaoBao, Ebay and Amazon. These are the one of most
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preferable online firms used for shopping (Lee and Chyi, 2015). People are highly moving
towards the online shopping because the price of same products are low with different attractive
offers. In order to reduce the threat of competition from online sources, the best decision-making
tool Human Resource manager can used is Quantitative analysis. Human resource manager can
collect the data from online users, offline users on how they like to shop mostly through survey.
After collecting the data, human resource manager also evaluates the relationship between online
business and company profit (Rahman, 2017). Further, the collection of data occurs frequently
with quantitative investigation by using various authentic statistical tools, human resource
manager can evaluate the result. Other benefits of this decision-making tool are that HR manager
can also gather the data of various online sources like TaoBao, Ebay and Amazon. Thus, by the
application of quantitative analysis, human resource manager can plan their strategies
accordingly without fever amount of risk because the outcome from quantitative analysis is free
from personal interest and bias.
3. Employee Emotional well-being and ongoing job training
Employees are one of the most important asserts of the organisation. It is very important
to keep employee satisfied and happy so that they can provide effective performance to the
company. It is true that employee can give their hundred percent to the organisation only when
are mentally fit such as no anxiety, no depression and stress-free atmosphere. JB Hi-Fi company
mainly allows their management to meet the desire goals but it is fact that demotivated
workplace can place the business to higher risk (Oppenauer and Van De Voorde, 2018). If
employees are mentally fit and fully motivated, it can lead to raise the productivity as well as
allows company to execute the top level. To keep the employees motivated, human resource
manager should provide competitive pay positive work place, health insurance and some
common ways to improve the employee well-being.
Ongoing job training is also one of the core parts of the organisation as it is unable to
maintain the employee spirit without providing training to them. In present business
environment, ongoing training for employees plays an essential role. Training is needed even
when employees knows and understand their job responsibilities and roles. To overcome the
threat of competition and achieve competitive position, it is crucial to develop as well as retain
knowledge capital of the organisation (Mihail and Kloutsiniotis, 2016). JB Hi-Fi company
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should hire experts to provide them continuous training so that skills and knowledge they possess
can be furnished well along with it improve the job satisfaction of employees.
CONCLUSION
The report concludes that business environment now is highly competitive and
organisations are facing huge competition in the market place. To overcome the threat of
competition, the decision-making tools which are discussed in the report are market research,
quantitative research, expert training etc. that helps in maintaining the competitive position of the
company.
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REFERENCES
Books and Journals
Ambler, T., Witzel, M. and Xi, C., 2016. Doing business in China. Routledge.
Hair Jr and et.al., 2015. Essentials of business research methods. Routledge.
Lee, A.M. and Chyi, H.I., 2015. The rise of online news aggregators: Consumption and
competition. International Journal on Media Management, 17(1), pp.3-24.
Mihail, D.M. and Kloutsiniotis, P.V., 2016. The effects of high-performance work systems on
hospital employees' work-related well-being: Evidence from Greece. European
Management Journal, 34(4), pp.424-438.
Oppenauer, V. and Van De Voorde, K., 2018. Exploring the relationships between high
involvement work system practices, work demands and emotional exhaustion: a multi-level
study. The International Journal of Human Resource Management, 29(2), pp.311-337.
Rahman, M.S., 2017. The Advantages and Disadvantages of Using Qualitative and Quantitative
Approaches and Methods in Language" Testing and Assessment" Research: A Literature
Review. Journal of Education and Learning, 6(1), pp.102-112.
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