...ASSESSMENT 3: Evaluation of business case The case study presents a successful vehicle manufacturing company, Toyota Australia (Toyota), as it evaluates radical strategic options in light of contracting sales and no sign of improvement in future. Established in 1958 in Port Melbourne, Australia (Toyota Australia n.d.), Toyota became very successful locally and started to look for opportunities overseas. It made its first shipment abroad in 1986. By 2011, Toyota became the largest exporter of manufactured automobiles in Australia, exporting 73% of vehicles overseas. However, in 2013, as GM-Holden, a competing Australian vehicle manufacturer, announced complete shutdown of its operations by 2017, Toyota was facing existential threats both at home and abroad. In 2013, there were only three vehicle manufacturers in Australia. However, Toyota’s main competitors were not the Australian, but overseas car producers. Starting in 2005, Australia embarked on signing the Free Trade Agreements (FTA) with Thailand, the ASEAN counties, and New Zealand (Australian Trade Commission n.d.), as a result exposing local manufacturers to significant competition. Increased competition from the overseas car manufacturers eroded the revenues of all local producers. Toyota also had to reduce its production volume and operate at an unprofitably low capacity utilisation rate. In an effort to improve its competitiveness in 2012, Toyota launched a Toyota Australia Future Business Transformation, a cost-cutting...
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...CU744 Evaluate and Improve Own Performance in a Business Environment 1. Understand how to evaluate and improve own performance 1.1 Explain the purpose and benefits of continuously improving own performance in a business environment There are many ways in which continuously improving your own performance within a business environment can be beneficial for both yourself, on a personal note, and also for the business that you are working for. On a personal level, there are reasons such as a possible increase of income if you get recognised and get promoted as a result of this, you will be able to meet and exceed any personal goals that you may have and also one of the main benefits of continuously improving your own performance is that you will become more motivated to do your job. From a business’s point of view, improvement of personal performance means things slightly different to them. By improving personal performance, one of the main things that this will mean for the business are that you will be able to, and are more willing to; obtain the high company standards that the business have. • On a personal level, one of the main benefits of continuously improving your own performance in a business environment is that you will be more motivated to do your job role and therefore you will enjoy your work more. After all, there is nothing like going to work and really not enjoying it. Also, the more motivated you are to do your work, the higher personal goals and standards you...
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...Level 3 Unit 1-D1 Evaluate the influence different stakeholders exert in one organisation Every organisation has stakeholders, these are groups or individuals that affect or are affected by the business. The number of stakeholders of a business varies as does their importance and influence. The type of organisation and the product or service it supplies also determines its stakeholders. An organisation such as Coca-Cola has far more stakeholders than a family business; it is therefore much more influenced and affected by the actions, aims and objective of its stakeholders. In this report I will evaluate the influence of some stakeholders; Employees and Suppliers of Coca-Cola. Employees Employees are very influential stakeholders of Coca-Cola and they are one of the most important for the running of the organisation. Coca-Cola has around 146,200 worldwide employees who have a high impact on the organisation. Satisfaction and performance of employees fully depends on the way human resources are managed in the company. Employee’s main interests are salaries, wages and job satisfaction; all these influence the company’s staff turnover, industrial action and the quality of the product and/or service. Coca-Cola must consider a lot of factors when employing new staff and managing the existing staff. Employees can affect and influence in various way and due to various reasons, some of which are: skills and qualifications, personal views and opinions, employee performance, training...
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...Evaluate the appropriateness of business information used to make strategic decisions In this task I will be evaluating the appropriateness of business information used to make strategic decisions. The organisation I will be relating to when giving examples is Apple. When a business produces a strategy they are producing a large scale plan with plans to achieve one or more goals set by the business by using strategic decisions. The factors that affect the plan in both negative and positive ways are uncertain. When making a strategic plan a business will have to take into account all factors and plan for them. Strategy is crucial for a business as not only does it give them a sense of direction and a set of goals to achieve, but also resources are usually limited so using a strategy will help to guide the business and make the best use of the resources that they have. Strategy allows a business to see where they are going with the business; it gives them an indication of how well or bad they are doing as well as if they’re meeting their targets they set out for themselves. If a business is doing better than they expected from their plan, then the business could modify the plan again so that the targets are realistic for them which will mean that they could aim for something higher. Strategy will have a very strong financial implication on a business because money is commonly what permits a business to grow and expand. Additionally, most businesses have plans from the minute they...
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...Identify and critically evaluate four variables that account for the emergence of international business. International Business, which is the other way to seek an opportunity of brand new markets and a better driver of changing the recent environment (Ramirez-Aleson & Espitia-Escuer, 2001). It is thought as a business or industry that attracts and provides in international economic activities (Peng, 2011). From the views of domestic and international industries, the former competes and collaborates with the foreign entrants, the latter enters an aboard market to get the market share for growing itself up. Peng (2011) argues that International Business includes both international activities and domestic activities. The traditional boundaries of international and domestic business are deliberated blurring, because most of the previously national markets are globalized now. Mention to the current situation about International Business, it is essential to understand what and how International Business is emerged. The variables of why International Business happened have been defined by scholars, first of all, Dunning (2001) believes competitive advantages are quite important to help corporations extend their business. Second, Johnson & Tuner (2003) indicates five drivers of International Business, that are Economy, International governance and regulation, Finance and capital, Communication technology, Social and cultural convergence, etc. Additionally, Huang (2005) and...
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...Summative Assignment Topic 2 Evaluate how far TOYCO’s approach to REWARD is consistent with its’ business objectives Actions Toys for a Lifetime Actions Toys for a Lifetime Business and Management (BU) U58024 Introduction to People Management (IPM) Submission Date: 7th December 2015 Module Leader: Suze Mathews Word Count: 2000 Student Number: 13113235 Overall comments (FORMATIVE FEEDBACK) The beginnings of a good report, you will need to: 1. Ensure your line spacing is consistent. 2. Provide a little more detail in your introduction about TOYCO’s challenges. Refer to a wider range of PM and Reward theories. 3. Apply fully to the case study. 4. Provide action-based specific recommendations. Jane Chilman 14/20 Executive Summary This report was written in response to the request from the Senior Management Team at Contents Overall comments (FORMATIVE FEEDBACK)…………………………………………………..2 Executive Summary……………………………………………………………………………….....3 1. Introduction……………………………………………………………………………………...5 2. People Management………………………………...…………………………………………5 3.1. Employee Relations…………………………………………………………………5 3.2. ‘Hard’ vs. ‘Soft’ HRM………………………………………………………………..6 3.3. 10-C Model…………………………………………………………………………..7 3.4.1. Comprehensiveness………………………………………………………..7 3.4.2. Coherence…………………………………………………………………...7 3.4.3. Control………………………………………………………………………...
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...When a business forms a strategy they are producing a large scale plan with plans to achieve one or more goals set by the business. The factors that affect the plan, in both negative and positive ways, are uncertain. So when making a strategic plan a business will have to take into account all factors and plan for them. Strategy is imperative for a business as not only does it give them a sense of direction and some goals to achieve, but also resources are usually limited so you have to a strategy will help to guide the business and make the best use of the resources that they have. Strategy give the business direction, it helps them to see whether they are over achieving/under achieving and meeting the goals they have set themselves. If a business is doing well and surpassing the expectations of their plan, then they can alter it accordingly and set themselves new targets, aiming higher. It will also have very strong financial implications, as money is generally what allows a business to do research, grow and expand. Plans will be put in place by most businesses governing what they spend their money on, what they need for expenses and what they can use in order to develop. The Human Resource (HR) sector of a business has various roles and responsibilities within a business. They are largely involved with the recruitment process within a business. This means that they will also be responsible for spotting talent internally and externally from the business. They also have to...
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...D2 evaluate the adequacy of accounting ratios as a means of monitoring the state of the business in a selected organisation, using examples: The importance of ratios in any business is very important because it gives the business a better understanding of the financial data. By using ratios the business is able to compare data from the current year with the previous years. From this the business will know and be able to identify if they are making more profit or a loss or if they just broke even. There are four types of ratios that a business has to calculate. These are things like investment ratio, financial ratio, profitability ratio and utilization ratio. From the results shown you can see if the business profits are increasing which is a positive thing and shows the company is on a rise and they are making money, this is a steady rise in the company’s money. If the results show a decrease it means that the company is making a loss. another one you can evaluate is the net profit margin as this is helpful as it shows how profitable the company has been throughout the years and whether it is increasing in profit or not. Current ratio is the most effective because it shows you whether you can have enough money to pay back your debts. The ratio shows that they have more liabilities it means they would struggle to pay off their debts. A figure below one means that the business does not have enough current assets to pay off its debts, a figure between 1 and 1.5 means that...
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...ratios in all business in the world are very vital to the business as it helps the business understand how they are perfoming and understnad their financial data. By using ratios the business is able to compare data from the current year with the previous years. for this businees,we will be able to know if they are making more profit or a loss or if they just broke even. There are four types of ratios that a business has to calculate. These are things like investment ratio, financial ratio, profitability ratio and utilization ratio. From the results shown you can see if the business profits are increasing which is a positive thing and shows the company is on a rise and they are making money, this is a steady rise in the company’s money. If the results show a decrease it means that the company is making a loss. another one you can evaluate is the net profit margin as this is helpful as it shows how profitable the company has been throughout the years and whether it is increasing in profit or not. Current ratio is the most effective because it shows you whether you can have enough money to pay back your debts. The ratio shows that they have more liabilities it means they would struggle to pay off their debts. A figure below one means that the business does not have enough current assets to pay off its debts, a figure between 1 and 1.5 means that they have just enough assets at the moment to pay off their debts and a figure that is above 1.5 means that the business has enough...
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...Evaluate the impact that Entrepreneurial Networks will have on the Novice Nascent Entrepreneur setting up Business for the first time Introduction The extent to which entrepreneurial networking has an impact on the nascent entrepreneur is an interesting hypothesis. There is evidence to suggest that the nascent entrepreneur is reliant on the use of networking, yet other evidence states that the success of this type of entrepreneur stems from contrary elements. "Entrepreneurial networks provide a framework for processes aiming at organising resources according to opportunities" (Johannisson & Monsted 1997, p109). This definition clearly states what the use of entrepreneurial networking sets out to do, and is supported by the assumption that networking is the "acquisition of entrepreneurial skills" (Martinez & Aldrich, 2011, p7). This report sets out to assess the impact of which entrepreneurial networking has on the nascent entrepreneur: "Individuals who are in the process of starting up new ventures" (Renko, 2012, p1045). In the following report, an investigation as to what classification of impact that entrepreneurial networking has on the entrepreneur will be assessed. Based on academic research, a definitive conclusion will be made and a judgement of the usefulness and level of impact these networks have will be assessed throughout. The report will take into account the difference between academic opinions, and note that many academics believe that entrepreneurial...
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...British Ceramic Tile | Briefly evaluate the key aspects of the role of HR in managing the impact of contemporary business issues and external business influences | Word count 920 | Terri Fenwick 16th March 2015 | HR continuously works in a changing landscape of variables, including technology and legislation. Writing in Personnel Today, Dennehy (2014) states that “every year brings with it numerous legislative changes”. This will force businesses to regularly review their policies and procedures and adjust them accordingly in light of external forces. Technology has advanced significantly and we are now seeing a massive increase in Social Media such as Twitter, Facebook and LinkedIn being used in the Business environment for many things including general business marketing and as a recruiting platform. Employers need to keep up with technology and embrace the changes in order to compete with other Businesses. The key in HR successfully keeping up with these contemporary business changes is Change Management (Massachusetts Institute of Technology MIT 2004) * Planning for change * Implementing change * Supporting continuous improvement following change According to MIT (2004) in order to successfully manage change, HR must always plan for change due to the ever changing environment. It needs to reinvent itself to develop and grow with the change. Human Resource Management comes in different national styles but none of these are ‘free from the pressures...
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...Evaluate ways in which David could assess how PCL’s marketing activities assist in the achievement of its business objective. (13) Marketing is the management process that identifies, anticipates and satisfies customer needs profitably. It ensures a business has the right product, at the right place, at the right time and at the right price. If David wants to assess whether something works the best way to find out is through market research. Market research can be used to evaluate the success of marketing activities that David has already conducted, this will allow him to see whether they are helping the business achieve their objective. There are two methods of market research which are primary and secondary, primary research is research that has not yet been conducted and have to be done by the business, this is a more expensive and time consuming method of research but gives more specific results as the business can find out exactly what they want to. Secondary research is research that has already been conducted which means it is usually free and a lot less time consuming that primary research, although it may be hard to find the specific research data you wanted and the data may not be up to date. PCL’s current objectives are to meet their business principles and increase demand, increasing demand is not specifically mentioned in the case study as an objective but he is looking to take over another business and question two of the exam asks to discuss the appropriate pricing...
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...“Critically evaluate how international and geo-political risk to business might impact upon a person’s overall lifestyle”. Introduction My lifestyle keeps me busy but I enjoy the ability to catch up with friends and relax at a café or the beach. I am able to do the things I enjoy through working two jobs, on a regular roster. I enjoy cultural activities with friends in Sydney and regularly getting to the beach for a swim. Australia is a beautiful country which allows me to enjoy the sun and beach on a regular basis. A combination of flexibility and structure allows me to financially support myself while studying full-time; work is enjoyable and adds to my social and physical well-being. The flexibility in university and work allows me to catch up with friends regularly, while maintaining my financial independence. The political environment enhances my wellbeing by provide an avenue to defer my university fees until I graduate and get a job. Risk is considered the probability of a specific loss of worth, against the prospect of gaining value through the intentional interaction with uncertainty (Slovic, 2000). Risk is associated with a given action and/or inaction, of a foreseen/unforeseen nature that can result in a loss or gain in regards to financial wealth or physical health. Slovic (2000) expresses that all human interactions carry some risk, but the degree of risk depends on the situation and the perception of its severity. ...
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...D1- evaluates the appropriateness of business information used to make strategic decisions. The two functions I am going to be talking about is finance and marketing for my organisation which is H&M. Marketing: Marketing is the action or business of promoting and selling products or services, including market research and advertising. Market research is the action or activity of gathering information about consumers' needs and preferences. H&M need to use market research in order to improve their business and make further plans for the future. Also use advertising to promote their products. It is vital for H&M to do this because they need to know what their customers like and dislike also if there is an issue, what the issue is and how they can overcome it. They need to sell their price at the right price so it is affordable for customers and so on. H&M need marketing to find out customers reviews. This is because they need to know what to improve in and what to change in order to make the business even better and more successful in the future. In H&M the marketing manager needs customer’s views. The customers need satisfaction and complaints which allows the business to expand. If this is not done then customers will not want to come back because they will think H&M are not bothered about their customers and only their products which will put H&M’s name at risk for this reason they need to consider customers views and try and change where they...
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...[1] "The study of international business is fine if you are going to work in a large multinational enterprise, but it has no relevance for individuals who are going to work in small firms." Evaluate this statement. Comments: Globalization is changing the world economy. Firms, even small ones, can no longer ignore events going on outside their borders because what occurs in one country has implications for the rest of the world. Individuals who believe they can act in isolation by working for a small firm are not being realistic, but rather myopic and insular. Today, thanks to advances in technology, many small firms sell and source internationally very early in their evolution, those that fail to take advantage of international opportunities may not achieve their full potential, and ultimately may fail as competitors that do recognize the importance of international business dominate. In the United States, for example, almost 90 percent of firms that export employ fewer than 100 people. They also account for more than 20 percent of U.S. exports. [2] How have changes in technology contributed towards the globalization of markets and of production? Would the globalization of products and markets have been possible without these technological changes? Comments: Technological change has made globalization a reality. Major advances in communication, information processing, and transportation have brought the world closer together. The development of the microprocessor...
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