BIO0226 – Real World Business Issue Sample

Posted on October 12, 2023 by Cheapest Assignment

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BIO0226 - Real World Business Issue Sample

This assignment identifies the topics and concerns for the benefit of personal business managers by analyzing ideas from lectures one and two. In the beginning, the definition and benefits of individual business managers were stated. Then three ideas in two lectures were discussed in detail and evaluated why they are relevant to individual business managers in the changing nature of work now and in the future. The third part of this assignment is critically arguing about these three common ideas which were in lecture one and lecture two. Furthermore, a lot of reasons for raising these ideas were analyzed with numerous researched examples from lectures and reliable website resources. Then a brief critical and individual reflection about these common themes was discussed later. At the end of this assignment is a short conclusion about these ideas which was mentioned before.

What is the individual business manager? According to Prince (2015), individual business managers sometimes can be defined as personal chief finance officers (CFOs), who can achieve a lot of functions for their rich clients. For example, budgeting, bill paying, financial records, and cash flow planning and management. Furthermore, there are many benefits for individual business managers, for instance, the process of establishing a business and transferring the property right is simple. The manager of the company is also the owner, so the way of operating the business is quite flexible and fast.

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So, how the ideas are relevant to individual business managers in the changing nature of work? According to Lecture One and Lecture Two, these two guest lectures have some distinct ideas but with connections. In lecture one, many ideas were mentioned, for example, the relationship between customers and suppliers, motivation, trust, job satisfaction, teamwork, and the 3Ps. Lecture two talked about 6 positive results of sustainability, which are a successful business, the leading way, a better future for people, sustainable communities, low-carbon economies, and an improved environment. Overall, all of these are very crucial for a successful business. Furthermore, three clear or potential connections between these two lectures have a common thesis. Firstly, the trust between customers and the company was mentioned in lecture one and it can connect to the trust in the company’s ranking in lecture two. In lecture one, if customers can trust the company, it must be very helpful for the company to increase its customers and profits. It also can improve their company’s ranking which was also mentioned in lecture two. The Carillion company in lecture two has a high ranking and it is a really important factor to make a successful business. Secondly, the relationship with customers and suppliers which was in lecture one can connect to the leading way with customers and suppliers which was in lecture two. If the company gets well along with suppliers, it is possible to negotiate for discounts and can guarantee the quality of the supply food. In lecture two, if the company has a good relationship with suppliers, then the company can be the first choice for the suppliers. The last connection between lecture one and lecture two is the motivation of workers. Motivation can motivate you to work with happiness and purpose. For instance, motivation makes you wake up early and go to work in the morning. In addition, in lecture two, Carillion company provides better prospects for the workers, for example, by providing health security and flexible working time. It can be potentially connected to motivation.

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Next, a further argument of these connections which was mentioned above will be critically analyzed with some examples from the lectures and academic resources. Firstly, trust with customers is an important factor for a successful business in lecture one. Adams (2014) states that if you have the trust of the customers, you may have the customers forever. To enhance the trust, you must provide good service and environment to clients. Being honest and recognizing the mistakes are also important. It will be foolish if you want to play games with clients or hide it. As mentioned before, good trust with customers can help a business earn more profits and improve the business’s ranking. If there is no trust, there can be no business. However, building trust with customers is not easy work and it will take a long time. Tesco, as everyone knows, is a very huge food and daily goods retailer in the UK. According to Leahy (2015), Tesco is one of the most successful retailers in the world and has more than 14 years of growth in profits and sales. Additionally, people trust Tesco because it provides good food and daily goods with good service. People do not need to shop around and decide which is best and cheapest. But in recent years, the trust between customers and Tesco decreased, because the low price in Tesco is higher than Asda. The profits and sales also reduced. When a business is without adequate trust from customers, it must lead to losses to this business. Secondly, trust is also a really important component of making a good relationship. It says, no man is an island and no business can succeed without fostering a myriad of healthy relationships. As the common themes have been mentioned before, the relationship is a key factor of a successful business. In the business world, how to define a successful business depends on great relationships. When a person is not trusted by other people or organizations, it may lead to the failure of his business. According to Briere (2012), a good relationship with customers can help contact them and provide good information to help their business. Then take the next steps to strengthen the relationships with customers. In addition, the relationships can create loyalty, by developing a strong relationship with the clients, the business can become a brand they know and trust. To gain customers’ loyalty and trust, satisfied customer service needs to be provided and treat them like partners. This is essential to help improve the customer and supplier relationship. However, it may also exist many difficulties when trying to have a good relationship with customers. For instance, businesses may need a lot of communication with customers but do not gain any benefits. Sometimes, to obtain a good relationship with customers, businesses need to decrease their profits, for example, discount activity. In lecture two, Carillion plc, which mainly builds constructions like buildings, rails, and roads, is a very successful construction service company in the UK. According to Carillion (2013), the relationship between them and customers is solid, because they make customers satisfy their constructions and services. The Carillion company always keeps improving itself because it pays attention to customers’ feedback, tries its best to adjust, and maximizes customers’ benefits. So, the success of Carillion company cannot leave a good relationship with customers. The last connection is the motivation of employees, which means making people move. According to Lyimo (2015), motivation is having a direction and then trying best to take action to achieve aims. It is a goal-directed behavior to help you finish your missions. People are motivated when they expect to achieve goals and satisfy their needs. There are many ways to motivate employees to work hard. For example, the fear of losing jobs can make workers keep working otherwise they will be unemployed. Sometimes, a reward of increasing salary or their personal goals for the company also can motivate workers to aspire. However, sometimes, employees are not easy to motivate, because the work is too hard which they cannot achieve or the reward is not adequate to push them. So, a company needs to find the most suitable and practical ways to motivate employees and this can greatly help the business improve profits. Tanzania Portland Cement Company (TPCC) is built in Tanzania and produces Portland cement. The motivation of TPCC employees is the main reason for the high level of customer satisfaction. The products of TPCC are all produced to satisfy different customers’ needs. (George‚ 2015) As everyone knows, Apple is a very big and successful company that mainly produces iPhones, iPads, and MacBooks. Steve Jobs motivates employees to not only finish work quickly and efficiently but also enjoy their jobs. Apple uses intrinsic and extrinsic rewards to motivate its employees. Workers may enjoy the jobs that they do and feel proud when they accomplish them. Apple makes sure all of the workers are full of love and active in their work. Extrinsic rewards use extra salary or gifts to motivate their employees. Employees in Apple company can get iPod shuffles for free and have discounts for buying Apple products. Apple company also provides employees with life insurance and improves their length of vacation. Employees in Apple are sufficiently motivated and this is an important factor in the success of Apple company. (Apple, n.d.)

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According to this information, I think trust with customers, relationship with customers, and motivation with employees are all very necessary for the success of the business. In my opinion, if a business has the trust of customers, then the relationship between the company and its customers is highly strengthened. It will improve customers’ loyalty and attract more new customers for the company. Furthermore, if the employees are all motivated by the company with extra salary or a longer holiday, it will greatly increase the company’s profits and improve work quality and product quality. However, it may still have many difficulties and problems in enhancing trust, relationships, and motivation parts, for example, customers do not trust you anymore, the relationship becomes weaker and workers’ motivation decreases a lot. Therefore, the company needs to pay more attention to these 3 parts, to make a business successful and earn more profits.

In conclusion, 3 common themes which were in lectures one and two mainly described in detail with adequate notes and references. To prove the importance of these 3 ideas to business managers and leaders, a specific argument was analyzed in this assignment. In the end was a short personal reflection. Overall, all of these 3 common themes, which are trust from customers, relationship with customers, and motivation with workers, are all essential for business managers and leaders to be successful. These 3 factors are very important for a successful business, but it is also not easy to achieve the high task of them and may exist many problems. Therefore, if a business can try its best to do well in these three factors, the success of the business is nearly achieved.

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Reference:

Adams, M. (2014). Three Ways To Build Customer Trust. Retrieved from http://www.forbes.com/sites/yec/2014/04/22/three-ways-to-build-customer-trust/#be1d6e78db5a

Apple. (n.d.). Motivation. Retrieved from http://applecorporate.weebly.com/motivation.html  

Briere, L. (2012). Relationship Marketing – Connecting You with Your Customers. Retrieved from http://masterful-marketing.com/relationship-marketing-connecting-you-with-your-customers/

Carillion. (2013). Customer Satisfaction and Feedback. Retrieved from http://sustainability2013.carillionplc.com/customers-suppliers/customer-satisfaction-feedback.html

George, P. (2015). The Role Of Motivations In Retention Of Employees, A Case Of Tanzania Portland Cement Company (TPCC) (Doctoral thesis). Retrieved from https://core.ac.uk/download/pdf/44684885.pdf

Leahy, T. (2015). Tesco Eroded Customers Trust. Retrieved from http://www.bbc.co.uk/news/business-30881267

Lyimo, R. G. (2015). Contribution of Employee Motivation in Providing Quality Customer Service in the Banking Sector, A Case of Akiba Commercial Bank (Doctoral thesis). Retrieved from https://core.ac.uk/download/pdf/44684901.pdf

Prince, R. A. (2015). The Increasing Demand For Personal Business Managers. Retrieved from http://www.forbes.com/sites/russalanprince/2015/06/15/the-increasing-demand-for-personal-business-managers/#30a30ec56e8e 

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