Introduction to Small Business Enterprise
As per as the current report is concerned, it is focused on the operations of small medium enterprise. The organisation that has been chosen in the following task is Bazaar Voice. Company is engaged in providing marketing research solutions to their clients. Company is regarded as one of the leading organisations in dealing with the marketing research and UK. They had achieved rapid growth in current market with the help of their innovative and creative operational activities (Carr and Hancock, 2006). Present project report is able to provide a clear description of significance of developing business skills. This presentation of the significance of developing business skills is beneficial for the management of operational activities in efficient and effective manner. Further, importance of change management will be explained for improving the performance of business. Report will also include document of operational and managerial planning for the purpose of monitoring.
AC 1.1 Corporate profile of Bazaar voice by considering their strength and weakness
Bazaar voice is a company that is dealing in the field of promotion for the business and process the reviews of the customers to the business so that the business can know about their strengths and weaknesses and can bring improvement as per demand. They generally do complete study of the business and prepare a report based on the success and failure points of the company. Based on the research, the planning is done about what form of strategy can be applied that can bring the company on the right track.
Strengths of Bazaar Voice
The major strengths and weakness of the company is concerned, it is determined with the complete study of the internal as well as the external market of the company. As far as Bazaar Voice is concerned, they have the following strengths as mentioned below:-
- The companies who are choosing Bazaar voice are able to increase their sales. The major reason behind this is the market research that Bazaar voice is doing for their client. As the company is good enough to do market research successfully therefore, it become easier to determine the strategy that can be beneficial to increase the sales of the companies who research has been done by Bazaar voice.
- The company is able to reach 700 million of the consumers within a brand. Therefore it becomes easier for the brands to reach to the crowd and produce brand awareness with the help of Bazaar voice.
- The company is helping other brands to know the reviews of the customers easily through the marketing campaign that are organised by the Bazaar Voice. With the help of the customer’s reviews, the brands are able to bring those products to the customers that are demanded by the customers of the company.
- The company is helpful in determining the actual market reputation of the companies in the eyes of the consumers. The reviews collected form the consumers of the company are beneficial for evaluating the current position of the company in the market and help them to plan for the new strategies that are helpful in enhancing the market position of the company.
- The Bazaar Voice is helpful in bringing the new product to the market as they promote the new and initiated products in the market at the initial stage and help the management of the company to bring some awareness in the market about the product.
- There is a proper management of the SEO system, through which the company is able to collect all the information that are related to the management of the company as a whole. This system is a major strength for this firm as they are dealing with the research of the customers viewpoints about the products of the other company.
Weaknesses of Bazaar Voice
As per as the weakness of the company is concerned, there are lots of improvement needed in the servicers that are offered by the company to its various global as well as local clients. The major among them is the lack of the proper human resources for the company. The company needs some of the innovative workforce who is capable to derive the major information from the market. But there is no such workforce that is available with them at the current point of time. Due to this, some of the competitions of the company are taking advantages and are attracting some of the clients of Bazaar Voice. At the same time some of the clients are not satisfied with the services of the company and therefore searching for the better services from the other competitors of the company. Along with the above weakness, there is lack of investment with the company due to which the expansion of the company at the global market is not possible at the initial stage. At last, the market approach that has been adopted by the company needs some sort of improvement in the initial stage to remain in the market for a long time.
AC 1.2 Analysis of business of TXO Systems by utilizing comparative measures of performance
As per as the performance analysis is concerned, it is generally dine with the help of the evaluation of the small business operational status. There are some of the key performance indicators that are indicating the performance of the selected company:-
Cost- As per the analysis of the financial status of Bazaar Voice, there is restricted funds available with the firm which need to be decided and invested in an efficient manner to derive the actual results. Therefore, the management of the entity is planning to invest the funds in such a manner that the company is able to gain maximum profits with limited investment in the operations.
Quality- Bazaar Voice is trying to provide the best consultancy services and trying to provide the actual research report of the consumers as demanded by the clients of the company. This is the reason that in some areas, the services are quite popular of Bazaar Voice and the clients are referring to their other companies to adopt the services from Bazaar Voice for the market research. For better service delivery the company is designing the best technique of research and market approach.
Work culture- The work culture of Bazaar Voice is quiet good as the people who are recruited in the firm are as per their desired role and they professional in nature. This kind of behaviour of the employees as well as employer strengthens the relation of employer and employee and brings a good and friendly environment in the company (Boselie and Paauwe, 2005). There is proper training sessions organised for the employed staff so that they can enhance their performance.
Operational activities- Main issue that is face by the management of Bazaar Voice is related to the planning and controlling on operations of business. This is the reason that the management of the company is focusing on the operational activities of the company and are providing the better management for the same (Haines, Saba and Choquette, 2008).
Share in market- The market position of Bazaar Voice is quite high as compared to the earlier stage. The company has lots of shareholders who have believed in the holdings and operations of the company and are interested to purchase the shares of the company easily.
AC 2.1 Recommendations to overcome weakness in Bazaar Voice
As per the current situation of the company concerned, there is a need of proper planning and implementation of the plans so that the weakness of the company can be overcome easily and effectively. The major recommendations to overcome the weaknesses of the company are mentioned below:-
- The company need to build some of the innovative and effective promotion strategy so that they can bring the services of the company globally and will be able to serve the global clients on permanent basis.
- The company has to decide some of the parameters based on which the judgement of the services delivery can be made and the loopholes of the company can be rectified (Carr and Hancock, 2006).
- The research that is done from the consumers of the clients need to be done in proper manner as this will bring more clients to the company and will increase the reputation of the company in the market.
- The human resource need to be increased as per the requirement of the research so that the research that is processed by the company can be enhanced and the company is able to gain more profit in sort period of time.
AC 2.2 Ways to maintain and strengthen the current business performance in Bazaar Voice
The company is dealing with the collection of the customer reviews for the clients so that they can focus on their products and services in an effective manner. For continuous delivery of the best services, the company need to check the quality of the services given to the clients on regular basis. The evaluation of the quality will make the clients associated with the company more loyal and will never search for the other opportunities in the market.
Along with the quality management, the company need to bring some sort of innovation in the services of the company. This will attract the attention of the market at quick note and will make the company gain maximum reputation in the market (Mason and Mouzas, 2012). The company need to take care of the training of the staff as the company is dealing in the service industry. The company is able to increase the motivation of the employees through the proper training and development of the employees. With this the services quality of the company will definite increase and improved in short duration of time (Contini and Cordella, 2007).
AC 2.3 Recommendation for expanding the new business area in Bazaar Voice
As per as expansion of Bazaar Voice is concerned, there are lots of opportunities available with the company. As per now the company is dealing in the market research of the other companies. So the company can think over processing of this information for the benefits of the company and deal with the management of the company (Haines, Saba and Choquette, 2008). Along with this the company can also focus on the marketing and launching of the new products of the market os that the company can be able to gain maximum profit in short duration of time.
AC 3.1 Assessment of existing plans and objectives of Bazaar Voice
As far as Bazaar Voice is concerned, it is one of the major companies that are providing the customer reviews for the other firms that are contacting the company for their market solutions (Yasin and Gomes, 2010). Based on the current business plan of the company named as Bazaar Voice, there are certain parameters that are set for the company so that the quality of the company can be enhanced as per the demand of the market. The objectives of the market are given as follows:-
Development of human resource among the company so that services can be delivered in an effective manner. This will enhance the work capacity of the company and will bring more clients to the market.
Development of new technology among the firm (Simpson, 2012). With this kind of development the company will be able to collect more information from the customers and can focus on the deals of the customers as a whole.
Expansion of the services in the global market or overseas market. The expansion of the company in the global market will bring more reputation to the company and will increase the market reputation of the company as a whole.
New innovation in the marketing strategies applied by the firm.
Resolution to the issues faced by the research and development department of the firm.
AC 3.2 Revision of business plans to change implication in Bazaar Voice
As per the strategic business development is considered, there is a systematic arrangement of business operations that has been carried on with the development in the functional departments of the business of Bazaar Voice (Ratten, 2009). In Bazaar Voice, all the functional activities that are carried out by the management to bring are interconnected with each other. With the output of one department, the further department processes their work. Considering the loopholes of the current business plan, there is requirement of some changes which will enhance the performance of the firm efficiently. The changes are marked as follows:
- A modification is required in the current business objectives of Bazaar Voice so that the operations management can be strengthened.
- The business objectives are made understood to the workforce of the firm (Bradley, 2012).
- There is requirement of modification in the organization structure of the firm so that the roles and responsibilities can be segmented in proper manner.
- The management system need to the developed as per the customers’ expectations.
- The service delivery of the company need to the accelerated as per the demand of the market (Coronas and Teresa, 2008).
- A proper controlling system need to be designed so that the loopholes in the services can be rectified at initial stage.
- The employees need to be trained as per the requirement of the new business objectives.
AC 3.3 Action plan for improving existing business plan of Bazaar Voice
As per the demand arose in the market and as per the necessity of the firm, there has been a development of a new and innovative action plan that is beneficial for managing the business responsibilities (Marchington and Wilkinson, 2008). Along with this, with the help of the following action plan there will be an enhancement in the functional operations in few course of time in an effective manner. This action plan will not only be able to resolve all the issues that are generally faced by the employees of Bazaar Voice while delivering the services to its clients but at the same point of time determine the issues that are faced by the clients and will resolve them on priority basis. There are some of the strategic changes that have been brought during the formation of the current action plan for the business.
As per the business goals and objectives of Bazaar Voice is concerned, they are associated with the firm and are suitable to the firm as they have been prepared as per the necessity and nature of the work. The CEO of Bazaar Voice is regarded as one of the major pillars who are wholly responsible for all form of business decision making. Along with this, the management of the firm is also handled in an effective manner due to the regular involvement of the CEO of Bazaar Voice (McLean, 2005). The objectives of the Bazaar Voice are directed towards achieving the demands of the customers (Kneer, 2009). The modification in the organization structure will direct the functions of the firm towards success. Along with this, the training of the employees will lead the firm to process its operational practices in efficient manner. There should be use of quality systems and effective control system for monitoring all the business activities of Bazaar Voice.
AC 4.1 The impact of action plan in Bazaar Voice
As per the above discussions the management of Bazaar Voice has decided and planned and an action plan that is suitable for reducing the issues and problems in Bazaar Voice. The discussion of the action plan is given in the following ways:-
The rigid and regular stringent management operations will be analysed properly with the help of the prepared corrective objectives and goals of the Bazaar Voice (McLean, 2005). The management has designed new action plan so that the objectives which are predefined can be achieved properly on time and in an effective manner.
There is some of the effective training and development programs have been planned for the development of the staff of the company named as Bazaar voice. These programs will have positive impact on employability and skills of staff. At the same time, the CEO of Bazaar voice will be able to make himself relax and can manage the overburden of the company in an effective manner.
The action plan will be beneficial for the reduction of the problems and issues of management and business operations. At the same time it will increase service quality, timeliness of delivery and attainment of business goals (Ward and Daniel, 2012).
AC 4.2 Plan for change management in Bazaar Voice
There is demand of some changes in the management of the Bazaar voice. For bringing such form of changes in the management, the company needs to have planning, organizing, monitoring and controlling the implementation of changes in Bazaar Voice. As far as the planning of change management is concerned, it includes all the tools and technologies that are related to the change management practices (Rivalogic, 2014). There is a clear requirement of analysis and setting the standards and objectives of improvements. With these kinds of implementation of the process, the company will be able to bring some of the positive outcomes for the company. Along with this, there will be reduction in the challenges for improvements. There is another or next process designed so that the implementation of the following planned strategy with involvement of change practices can be done easily in the company. These activities will be monitored and controlled by a effective project control tool. So on whole this action plan will be implemented along with a backup plan and stringent control mechanism.
AC 4.3 Monitoring of improvement in given time scale for Bazaar Voice
With the changes brought in the management of Bazaar Voice, there is requirement that the management of the company focus each and every activity that is conducted in the following company. With this kind of focus, the company will be able to evaluate each and every task of the company properly and will be able to determine the loopholes in the activities performed. Once the activity is evaluated properly, the management can again build some of the action plan that can bring the company in the right track with the rectification in the lacking task. In other words, the company will be able to determine the positive effect as well as the negative effects of the task and will be able to rectify them as per the requirement. All the obstacles should be identified and corrective action plan should be designed. It can be monitored periodically through PDCA (Plan, Develop, Check and Action plan) model through which all the changes and their respective outcomes can be controlled in favour of Bazaar Voice.
This report is giving details or the action plan and strategic decisions for the CEO of Bazaar Voice. There are some weaknesses are identified like lack in operational efficiency and staffing which are corrected from the proposed plan for sustainability of Bazaar Voice. There are some suggestions which are proposing expansion and diversification scope for Bazaar Voice to sustainable development of its business with effective change management.
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