Management And Business Context Essay †Free Samples for Student

Question: Discuss About The Management And Business Context Essay? Answer: Introducation The business environment is dynamic and changes are taking place at a very fast speed which affects the products and services offered. Innovations have resulted in a rise in the level of competition prevailing in the business environment. A shift has been analysed in the Bottled water industry towards the Flavoured water. There is a potential market available for this product. Plans have been formulated for starting a new company and name of the company will be Hardy Aqua which will offer flavoured water. Hardy aqua will be operating in the bottled water industry of Australia. For establishing Hardy Aqua in the market of Australia few strategies will be adopted. These strategies include competitive pricing strategy, seeking advice, product differentiation and marketing strategies (Cohan, 2012). Hardy Aqua will set the prices after analysing the prices of existing companies in the industry. This will help in attracting the customers. Advice will be taken from the experts so as to gain knowledge of the industry and support from the expert (Isaksson, 2015). It is vital to differentiate the products from the others in the industry. Effective marketing strategies will be selected for the promotion of the products offered. The promotion will be done of the products with the help of print media, advertising and social media platforms (DAvino, et. al., 2015). In this dynamic environment, people are more concern about their health. The vision of Hardy Aqua is to offer quality products for enhancing the health of the customers by ensuring safety. Flavoured water will be offered at a competitive price for meeting the needs of the customers. Hardy Aqua is planning to use advanced technology so as to provide quality products and covering the market. Hardy Aqua will operate at a medium level. Different organisational structures are available which can be used according to the need of the business. Hardy Aqua has analysed different organisational structures for analysing the advantages and disadvantages associated with the organisational structures. Hardy Aqua will adopt the functional organisational structure as it will offer a single product in different flavours. Different departments will be divided into different functions for executing the operations of the different functions in an effective manner (Morgeson, et. al., 2012). The functional organisational structure will provide specialisation and focus on the product in a better manner (Stare, 2011). Different departments will be specialised in the work assigned to them which will enhance the productivity of the company. Every department will have the idea of the job or of the roles and responsibilities which it has to perform (Lam, 2011). Hardy aqua will be offering flavoured water with different flavours which will improve the health of the people. Hardy Aqua needs to analyse the factors of the internal and external environment. There are various factors present in the internal and external environment of the business which creates an impact on the operations and performance of the business. Internal factors include mission and objectives of the company, availability of resources, communication, support from the internal stakeholders of the business and culture of the business (Dragni?, 2014). Missions and objectives of Hardy Aqua provide guidance to the operations of the business. Different resources are required for conducting operations of the business including human resource, financial resources and knowledge. Support from the internal stakeholders enhances the quality of the operations. Hardy Aqua needs to manage its employees in an effective manner for the attainment of the long term goals (Shiamwama, et. al., 2014). Employees will help in performing the different operations of the company in a better manner and will perform the roles and responsibilities by applying their skills and knowledge. Effective communication channels need to be developed which promotes the flow of information in an effective manner. A delegation of the tasks of operations of Hardy Aqua is required and healthy relations need to be maintained with the employees. Another crucial factor of the internal environment of business is culture. Hardy Aqua must ensure that safe workplace is maintained and policies and values are followed by the employees (Yu Zhang, 2010). External environmental factors of the business include suppliers, competitors, government policies, technological changes, economic conditions and cultural factors (Soriano, 2010). These external factors can affect the functioning of Hardy Aqua at large. Hardy Aqua needs to analyse these factors for coping with the changing needs and eliminating the impa ct of these factors on the functioning of the company. It is vital to analyse these factors and cope with them for gaining competitive advantage (Fereidouni, et. al., 2010). A newly started business may face various risks which can affect the operations and existence of the business. These risks must be analysed and dealt in an effective manner for ensuring that the operations are managed properly. Hardy Aqua is planning to launch the products offered by it in the market of Australia. Hardy Aqua may face certain risks which can lead to failure of the business. These risks which can affect the operations of Hardy Aqua include risk related to the product, risk related to finance, risk related to market, risk related to execution, risk related to the team, the risk of planning failure and strategic risk (Schick, et. al., 2010). Hardy Aqua is launching flavoured water which is launched with a motive to enhance the health condition of people and promote healthy habits among the people of Australia. Product selection has been made by analysing the risk related to product failure. Funds are required for the execution of the operations of business and lack of av ailability of funds can result in risk related to finance. Hardy Aqua must analyse the sources of finance for coping with this risk. Business must analyse the needs of the customers and trends of the market for avoiding risk related to the market. Management of different operations of the business by an individual can result in failure of the execution process. A team must be developed by Hardy Aqua as lack of proper techniques for team management can result in an increase in the chances of team risk. Planning failure and failure of a business plan can also act as a risk as these can affect the existence of the company (Parker Praag, 2010). Hardy Aqua needs to adopt business practices which will help in coping with the risks as well as enhancing the performance of the business. Various business practices and strategies can be followed by Hardy Aqua for improving its performance. These business practices include effective management of the resources, market research, use of forecasting tools, use of technological advancements and following a constant improvement approach. Hardy Aqua needs to utilise the available resources including human resource, financial resource and technology optimally (Richardson, 2014). This will contribute towards the chances of success of the business. Optimal utilisation of the resources results in generating the expected outcomes. Market research is an important aspect and Hardy Aqua must analyse the market trends and needs of the customers. This analysis will help in coping with the changing trend and meeting the expectations of the customers. Market research will help in dealing with the ri sing competition in the market (Soriano, 2010). Forecasts will help in deciding the future strategies and feasibility of these strategies for the future period. Constant improvements need to be made in the products for ensuring the satisfaction level of the customers. Technology plays a vital role as changes taking place in the business environment affects the operations of the business. Hardy Aqua must use technological advancement and innovations for improving the quality of its products (?alopa, et. al., 2014). Execution of the operations of the business is dependent on the functioning of different functions. These different functions can affect the performance of the organisation. These different functions of Hardy Aqua are research and development, production, marketing, sales, human resource, finance, customer service, distribution and administration function. All these functions must be managed properly for eliminating their impact on the performance. Research and development function can enhance the performance by using innovations and advanced technology (Hezam, 2015). Production function ensures that the demand for the product in the market is met. Shortage of products offered by the company in the market will affect its profitability and performance. The marketing function is responsible for the promotion and advertisement of the products so as to attract the customers towards the product. The sales function is responsible for developing a sales plan and maintaining records of sales. Malfunctioning of this function will affect the sales of the company. Human resource performs the operations of the company and support must be gained from the human resource for improving the performance of the business. Finance is required for funding the operations of the company. The shortfall of the financial resource will result in malfunctioning of the functioning of the company. Customer service function ensures that customers are satisfied with the products offered and analysis is done of needs of the customers. This help in meeting the needs of the customers and contributing to the overall performance of the company (Self, et. al., 2014). The distribution function is responsible for the distribution of the products offered by Hardy Aqua in Australia. This function ensures the supply of products at different locations in the right quantity. Administration function ensures that the management of different functions is taking place as per the plans formulated. 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