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Small Business Enterprise

Complete Analysis of Bazaar Voice

INTRODUCTION

The management of the small scale business is quite different than the management of the large business enterprise. Therefore there are lots of improvements that have been seen in the process of management of these types of business in the current times (Christopher and Chan, 2007). The report includes the complete analysis of a chosen business organization. The company that has been chosen in the following report is Bazaar Voice. The company named as Bazaar Voice is indulged in conducting the marketing research for its clients. With the help of the bazaar voice, the companies are able to know the reviews of the customers and understand the market demand easily (Gerstner and Day, 1994). With the help of the reviews of the customers that are provided to the companies by Bazaar Voice are beneficial for the companies as they can design their products and services as per the recent trends of the market. The report includes identification of strengths and weaknesses of Bazaar Voice (Inkson, 2008). There is a complete analysis of the business using comparative measures of performance of Bazaar Voice. Along with this an action plan to implement the changes has been mentioned in the following report. With this, the assessment of existing business objectives and plans has been processed along with the improvements in the performance of the business over a given timescale (Kaimenyi, 2014).

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1.1. Profile of Bazaar Voice

The company named as Bazaar Voice is indulged in conducting the marketing research for its clients (Kotzab, 2011). The companies that are planning to perform their business in the market, the company need to understand the complete market and understand the demand of the customers in long run. With the help of the bazaar voice, the companies are able to know the reviews of the customers and understand the market demand easily (Thibault, 2004). With the help of the reviews of the customers that are provided to the companies by Bazaar Voice are beneficial for the companies as they can design their products and services as per the recent trends of the market (Leadership style matrix, 2015).

1.2. Identifying strengths and weaknesses of Bazaar Voice

It has been analyzed that there are lots of strengths and weaknesses that are attached to the business which is dealing the small sector. Some of the major strengths of Bazaar Voice are described in the following points described below:-

  • Bazaar Voice is able to link the market reviews to the companies that are associated with the company as clients (Peterson and Jerry Hunt, 1997).
  • The market understanding is quite good as per the analysis done by the current employees of the company.
  • The employees that are employed in the firm are quite skilled and are able to handle the business operations of the company properly (Peterson and Jerry Hunt, 1997).
  • Along with this, the strategies that are adopted by the management of the company to process its operation is as per the recent trend of the market (Peterson and Jerry Hunt, 1997).
  • The management is able to provide the services of marketing research to almost all the big and huge industries who are currently dealing with the big brands of the market (Transformational Leadership: Becoming an Inspirational Leader, 2015).
  • The reviews that the customers want to deliver to the producers of the products are transferred to the final destination with the help of Bazaar Voice (Peterson and Jerry Hunt, 1997).

Considering the weaknesses of Bazaar Voice, there are some of the major weaknesses with the firm which the firm need to improve in the future are described in the following manner:-

  • Bazaar Voice is not able to manage with the human resource as there is lack of employees with the company in the recent times.
  • The management of the company need to focus on the marketing of the firm as the firm is only limited to some of the clients (Li, 2006).
  • The management also needs to design the competitive advantages as pee the recent market competitors of the market.
  • The tools that are used by the management for conducting the marketing research are not so advanced as compared to the other firms of the market (Li, 2006).
  • To some extent the services that are delivered to the clients are not so proper. Due to this, the clients are moving with dissatisfaction to the other market leaders.

1.3. An analysis of the business using comparative measures of performance of Bazaar Voice

As per as the performance of the company is analyzed, there are lots of improvements that have been brought by the management in the recent business operations of the firm (Robertson and Webber, 2000). As per as the management decisions are concerned, the management indulge its maximum time in planning the new operations styles for the business. Along with this, the management of the budget that has been invested by the investors is also managed in proper manner (Robertson and Webber, 2000). Due to this reason, there are lots of investors that approached to the company for the further investment schemes. Due to this kind of investment, the business expansion project of the company has proceeded to some extend and the management is able to lead the company from the small scale to the large scale company (Robertson and Webber, 2000). As per the balanced score card of the company is concerned, the four segment that are focused by the management team are financial management, customers, internal processes and learning and growth. The company is able to manage the finance investment properly (Robertson and Webber, 2000). Along with this, the clients that associated with the firm are loyal as the services delivered by the company are satisfactory for the long time. The internal processes of the company is also quite advanced and improved as there is independency in the process of decision making among the management and the employees of the company (Robertson and Webber, 2000).

1.4. Recommend with justification, appropriate actions to overcome the identified weaknesses in Bazaar Voice

As per as the weaknesses of Bazaar Voice are concerned, there is a requirement of in-depth focus on the issues that are acting as hurdles in the path of the company (Barr and Dowding, 2012). The following justifications are forwarded for the management so that the business operations of the company get advanced in the future:-

  • Bazaar Voice needs to recruit some of the best skilled and experienced people who can understand the requirement of the client and can act as per the demand of the demand of the clients (Barr and Dowding, 2012). This kind of recruitment will boost up the process of the business and will make the business more effective and efficient.
  • The management of the company need to focus on the marketing of the firm and should design some of the advanced and innovative marketing strategy so that the business of the company can be expanded to the global level easily (Barr and Dowding, 2012).
  • The management also needs to design some of the services that are innovative so that the business can give competition to the recent market competitors effectively.
  • The tools that are used by the management for conducting the marketing research need to be as per the recent market trend as the market is getting more complex and to understand the demand of the customers easily there is requirement of some new tools and techniques such as social media questionnaire etc (Barr and Dowding, 2012).
  • The services delivery of the company can be improved with the help of attending limited clients but that too with complete attention. Due to this, the clients are able to get maximum satisfaction with the demands (Barr and Dowding, 2012).

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1.5. Analyze ways in which existing performance of Bazaar Voice that could be maintained and strengthened

The ways in which the performance of Bazaar Voice can be maintained are mentioned in the following segment below:-

  • The task those are most important for the company need to be prioritized at the current times so that the company will be able to gain maximum profit in small interval of time (Barrow, 2003). With this, the management of the company is able to bring up the major services to the clients in whom the company is quite famous in the market and expertise.
  • The company needs to perform the task of marketing research in a smart way so that the huge customers can be approached at short duration of time (Barrow, 2003). With this the company will be able to get more clients as the satisfaction level of the clients will increase.
  • There should be proper schedule made for the processing of the marketing research as the data are useless after the major time is reached (Barrow, 2003). With the help of the proper time chart or Gantt chart, the management of the company will be able to achieve the goals of the business effectively.
  • The management of the company needs to take some breaks from the market research so that once the market gets completely developed; the understanding can be done properly (Barrow, 2003).

1.6. Recommend with justification, new areas in which Bazaar Voice could be expanded

As per as the expansion of Bazaar Voice are concerned, there is a requirement of in-depth focus on the issues that are acting as hurdles in the path of the company. The following justifications are forwarded for the management so that the business operations of the company get advanced in the future:-

  • Bazaar Voice needs to recruit some of the best skilled and experienced people who can understand the requirement of the client and can act as per the demand of the demand of the clients. This kind of recruitment will boost up the process of the business and will make the business more effective and efficient (Bhugra, 2013). The new expansion can be planned properly with the help of following staff recruitment.
  • The management of the company need to focus on the marketing of the firm and should design some of the advanced and innovative marketing strategy so that the business of the company can be expanded to the glob al level easily (Bhugra, 2013). The management will be able to bring new expansion with the help of the following strategies.
  • The management also needs to design some of the services that are innovative so that the business can give competition to the recent market competitors effectively (Bhugra, 2013). The new services will help to expand the business in proper manner.
  • The tools that are used by the management for conducting the marketing research need to be as per the recent market trend as the market is getting more complex and to understand the demand of the customers easily there is requirement of some new tools and techniques such as social media questionnaire etc (Bhugra, 2013).
  • The services delivery of the company can be improved with the help of attending limited clients but that too with complete attention (Bhugra, 2013). Due to this, the clients are able to get maximum satisfaction with the demands.

1.7. Produce an assessment of existing business objectives and plans

The major objectives as well as plans of the business are defined in the following manner:-

  • The Bazaar Voice is planning to change the trend of marketing research.
  • The company is planning to open new data resources for the marketing research in the upcoming years (Harris, 2004).
  • The management of the company is planning to increase the number of the client with the help of proper client satisfaction.
  • The management of the company is planning to produce the own new business as there is clear picture available with the firm (Harris, 2004).
  • The company is planning for the development of the human resource management in a systematic manner (Harris, 2004).

1.8. Revise business plans to incorporate appropriate changes

As per the objectives and plans of the company, the management needs to bring some of the development in the existing plans of the business (Jackson, 2008). Among them, the major changes that have taken in to account is the human resource development and the tools of the marketing research process which is the major source of business for earning profits in the long run. As per as the management of the human resource department is concerned, the company is taking a general training of the workforce (Jackson, 2008). Due to this, the employees are unable to understand the actual role of themselves in the fulfillment of the business objectives. With the help of the proper training, the employees as well as the new joiners of the company will be able to determine their inner skills that are necessary for benefit of the business operation process. Along with this, the motivation of the employee will automatically increase as they will be getting a personal development opportunities being a part of the firm (Jackson, 2008). Considering the marketing research tools, the company should bring some technology so that that data that are searched for the clients can be stored with the company for long time and can be used for the other research issues as well. With the management of the data, the firm will be able to serve the client in the best possible manner and will be able to lead the firm towards the global success (Jackson, 2008).

1.9. Prepare an action plan to implement the changes

As per as the action plan is concerned, the company need to bring all the changes that are mentioned above in a systematic manner by developing an action plan. Considering the issue of the development of the human resources, the company needs to appoint some of the marketing experts who can provide proper training to the employees in regular interval of time (Kabst and Matiaske, 2005). With the proper training, the management of the company will be able to determine the actual quality of the employees of the company and can defines the various roles as per their capabilities and skills (Kabst and Matiaske, 2005). With this, the company should bring a new data storage system where the data that are searched for the clients can be stored for long duration of time and can be easily used for the development of the company and other expansion projects of the company as well as the clients (Kabst and Matiaske, 2005).

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1.10. Report on the impact of the proposed changes on the business and its personnel

With the implementation of the following plan, the company will be able to gain the following benefits:-

  • The profits of the company will definitely increase in due course of time.
  • The control of the management on the performance of the employees will increase to a extended level (Kessler and Wong-MingJi, 2009).
  • The employees will be able to determine their skills and can use those skills in the benefits of the company.
  • The sources of the data can be stored along with the data that are searched for the benefits of the company (Kessler and Wong-MingJi, 2009).
  • The company can process the expansion of new business proposal easily with the help of the market research.
  • The client’s satisfaction will be at the maximum level (Kessler and Wong-MingJi, 2009).

1.11. Plan how the changes will be managed in the business

For the management of the build plan, the management of the company needs to divide the employees in to department so that the process of the training can become more systematic and can be completed in less time duration (Kippenberger, 2002). The experts who will be appointed for the development of the human resource can be asked to design the training module as per the department divided in the following firm. Along with this, the data storage issue can be resolved with development of the own software the data can be stored online for long time. With this, the data can be accessed from anywhere in the world with a authenticated log in id and password.

1.12. Monitor improvements in the performance of the business over a given timescale

It is important for every organization to keep a monitoring over the plans of the company if they are not approved in due course of time (Cross-Cultural Leadership, 2015). With the help of proper planning and monitoring process, the management of the company will be able to handle the issues of may occur during the development of human resource. The experts who are providing training to the employees need to check the performance of the employees at a glance and should correct them on the spot so that the time and the resources can be saved from getting wrongly utilized. Along with this, software that is build need to be updated regularly along with defining a new backup for the data stored. This will help the company from the loss of data due t some sudden consequences (Leadership across different cultures, 2015).

CONCLUSION

The report included the complete analysis of a chosen business organization. The company that has been analyzed in the above discussion is Bazaar Voice. The company named as Bazaar Voice is indulged in conducting the marketing research for its clients. With the help of the bazaar voice, the companies are able to know the reviews of the customers and understand the market demand easily. With the help of the reviews of the customers that are provided to the companies by Bazaar Voice are beneficial for the companies as they can design their products and services as per the recent trends of the market. The report includes identification of strengths and weaknesses of Bazaar Voice. There is a complete analysis of the business using comparative measures of performance of Bazaar Voice. Along with this an action plan to implement the changes has been mentioned in the following report. With this, the assessment of existing business objectives and plans has been processed along with the improvements in the performance of the business over a given timescale.

REFERENCES

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  • Kabst, R. and Matiaske, W., 2005.Human Resource Management and Economic Success.Special issue of management revue.2nd ed. Rainer HamppVerlag.
  • Kessler, E. and Wong-MingJi, D., 2009.Cultural mythology and global leadership. Cheltenham: Edward Elgar.
  • Kippenberger, T., 2002.Leadership styles. Oxford, U.K.: Capstone Pub.Lewis, J., 2003. Project leadership. New York: McGraw-Hill.
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