Business management is a concept to manage entire activities of organization. It plays a crucial role in developing organization's efficiency for improvements at high level. The present report is based on understanding different approaches of business management of Coca-Cola. It is one of the world’s famous soft drink providers based in the UK. Through this study, techniques for implementing strategic planning including CSR challenges have been determined. In addition to this, various types of strategies that can be used in organization to operate business have been understood. Thus, approaches and processes used at the workplace are considered here. Moreover, individual reflection to develop the skills of employees are presented through this report.
Business refers to an activity of transaction of goods and services including enhancing quality services to achieve effectiveness in organization. Including this, performance of these business activities are recognized that generate ideas for further actions. However, manager of Coca-Cola analyzes current position of firm including business profile (Hall and Ko, 2014) . On behalf of which strategies for implementation and performance of entity is obtained It includes various strategies including transaction of products, market research and dealing with customers along with preparing strategic plans for recovering issues that occur at the workplace. Moreover, it also involves the performance of workers and technologies to gain better quality services. Hence, making decisions and developing strategies for the above mentioned activities are considered as business management.
Understanding of the performance and employee’s coordination with each other leads to gain better quality of soft drinks. In this process, it is valuable to aware societies and communities by providing secured and healthy goods. Along with this, it is able to establish a healthy relationship with consumers including agents, retailers and other business entities. It influences long term sustainability of organization for increasing the productivity and profitability of entity (Graafland and Zhang, 2014). Therefore, business management is the key component for overall development of entity to make effective position in market that put a huge impact on the goods and services of organization. However, internal and external environmental factors are also managed through business management approach. In this regard, manager and owner of the company makes decisions for overcoming the issues as well as for enhancing product’s value to pull consumers at a large scale.
Application of Business Management Approach
Coca-Cola applies different approaches for better performance and enhancing quality services of organization. It includes strategies related to development and analyzing product value in the market. For management of business, all factors and components that are included in entity are managed in an effectual manner. It is a useful technique for pulling customers and implementing strategies for increasing efficiency of organization. In this regard, sustainability and market demand for goods and services are affected (Eisenberg, Johnson and Pieterson, 2015). Therefore, applications for effective business management of organization can be understood as follows:-
Recognizing Current Business Activities:- It includes supply chain management, technologies used in organization, market research to identify customer attitude towards soft drink and comparison of business activities to other entity for example Pepsi etc. is determined.Thus, manager of Coca-Cola analyses the present condition of firm that acquires knowledge about market position also provides information to be focused for implementation as well creating positive atmosphere (Adekola and Sergi, 2016). In addition to this, business activity identification also involves analyzing relationship with public and different tools. This application leads to organize actions and developing strategies for effectiveness and sustainability in the market.
Preparing Plans and Task Structure:- Business management approach is related to prepare plans and task structure to be followed on. It involves variety of procedures and standards in the business operations. Therefore, planning strategy is able to step forward for creating framework as well that is liable for increasing strength to run organization smoothly. In this regard, decision-making and forecasting is done through this process. It provides techniques for implementing and managing business entity's activities. Moreover, scheduling and task oriented strategy is performed through this application. It is useful for proper business management and measuring tasks including its assessment to reduce the risks that occur in the firm. Thus, planning and task structural framework is determined as a smart idea for managing business activities effectively (Tang-Lee, 2016). It influences creative atmosphere of firm to meet the final objectives.
Management and Administration:- Coca-Cola approaches business management strategy through systematic management activity (Coca-cola Limited, 2016). It is related to preparing policies, formulating, implementing and evaluating all systems and procedures of business entity. However, it is a useful technique for optimum utilization of resources, applying techniques for better quality services and preparing planning for coordination of employees for enhancing enterprise's efficiencies (Vernuccio, 2014). Along with that, administration is beneficial for proper business activities to reach the set targets and maintaining good relations with consumers to present attractive tools for entity's efficiencies. In accordance with this, manager and administrator of soft drink company develops strategies and planning scheduling for firm's effectiveness. It involves planning, organizing, directing and evaluating the performance of organization to manage and develop a strong position in the market. Including this, various ideas are generated through this stage for business operations and their implementation.
Evaluating Employee’s Performance and their Developments:- Organization meets customer’s expectations by gaining supportive and effective performance of workers. Therefore, business management of Coca-Cola is obtained through employee’s role and coordination for increasing the quality services of soft drinks. It also includes preparing strategies for personal and professional development of workers. It creates a positive environment of organization which also reduces conflicts for planning ahead at the workplace (Lillqvist and Louhiala, 2014). Moreover performances. firm tries to develop their skills and have control over amiable performance. It is useful for decreasing turnover ratio of company to sustain workers in the organization. Therefore, effective contribution of employees remains helpful to accomplish the project quickly.
Management of all business activities are possible by applying the above mentioned techniques. It is useful for enhancing quality services and approaches for the entire development of entity. However, business runs effectively and sustains its qualitative place in the market by facing competition. Proper management of organization leads to increase the strength and grab opportunities to decrease weaknesses of firm that arise due to imbalanced transaction of goods. It influences the productivity and profitability of soft drink provider organization for preparing strategic plans and their implementation to create an effective environment of entity (Bargiela-Chiappini and Nickerson, 2014).
Various Types of Strategies that Coca-Cola uses to run Business Effectively
Effectiveness of business is obtained by preparing strategies to run organization and maintaining its good place in market. These strategies are of different kinds can be determined as follows:-
Growth Strategy:- After launching products in market, Coca-Cola prepares plan for its development. It includes different factors to pull customers for services such as; using advertising techniques, creative packaging and technologies good presentation of items, contact with public to aware society regarding secured products' etc. Thus, organization focuses on these factors to manage business entity efficiently (Miche and et.al., 2013). In this regard, advertising techniques involves Tv, radio, media, email and other tools for developing strategies and business's performance at high level. However, it increases strength to face competition and sustain its position in competitive market for establishing good relationship with consumers.
Product Differentiation Strategy:- It is related to determine product quality and tools for enhancing demand for goods and services from market. In accordance to product differentiation strategy, unique qualities and designs of products considers helpful for building brand loyalty, and increases profit capacity of organization. Hence, soft drinks' qualities and features are obtained through this strategic planning to attract consumers at high level. in addition to this, various tools and techniques are applied for enhancing service qualities and maintaining product value in front of competitors (Toth, 2013). However, it also acquirers knowledge about production and distribution system.
Price Skimming Strategy:- Price determination is one the essential marketing tool that impacts on market demand. Under this strategy, manager of Coca-Cola decides cost of goods and services on the basis of expenses spend for raw materials and work in process. Thus, price skimming strategy is able to set price of soft drinks' as per purchasing of raw materials and costs for advertising goods. In addition to this, manager of organization changes cost of products for facing competition therefore strategies are prepared for making place in competitive market. It includes comparing market position of Coca-Cola with Pepsi regarding products' pricing (Mishra, Boynton and Mishra, 2014). On the basis of this comparison, for making effective place in market manager changes costs of soft drinks'. Therefore, price skimming strategy is useful for producing affordable goods to consumers.
Acquisition Strategy:- Strategic planning related to competition and taking competitive advantage is determined under this system. Application of acquisition strategy is useful for taking advantage of competition and implementing action plan for sustainability of organization. In accordance to this, market research and position of Coca cola is obtained that is useful for adopting technological and other changes to make products more effective (Vernuccio, 2014). Thus, acquisition strategy leads to recognize competition and implementing action plans which is able to sustain its market position.
Strategic plans are valuable for developing quality services and expansion of organization at large scale. These plans move forward to decision making process and forecasting to achieve growing efficiencies of entity. However, different plans and procedures are determined through these strategies influences environment of firm to reach out customer expectation and its maintenance (Gimenez, 2015).
CSR stands for corporate social responsibilities which remains as key element for successful business organization. It is business ethics quality that impacts on its reputation. It is useful for increasing financial outcomes and performance of entity to aware society related to soft drinks. In addition to this, it is beneficial for solving out customer issues and management of risks occurs at workplace. It leads to create atmosphere of organization to implement changes in action plans of entity (Lillqvist and Louhiala, 2014). It is core division of Coca cola for company's developmental strategy. Through this responsibility, government legislation for customers and societies are determined. Moreover, entity requires to face different challenges for its effectiveness and development in different forms can express as below:-
Building Trust:- It is challenge for Coca cola to build trust regarding product's security an d effectiveness. Company has to apply different techniques for gaining trust and aware society for soft drinks'. It has to advertise and implementing strategic plans to launch and develop goods to gain their attraction and attention towards product services. However, trust and brand loyalty considers as difficult task for organization to make position in market. Therefore, CSR interrelates with social responsibility standards (Gollenia, 2016). In accordance to this, various factors are impacted that creates environment of entity to make place in market.
Cost Effectiveness and Social Accountability:- CSR challenge is determined for Coca cola regarding price of soft drinks' and services provided by organization. It is one the main task for entity for focusing on customer interests and social accountability to protect consumers by providing healthy and secured goods. Therefore, social corporation responsibility of entity impacts on society and community's loyalty towards brand and resource allocation. It is related to concentrate on buyers' economic level as well creating image of products at corporate level. However, it interrelates with social issues and corporate affairs to be faced (Hall and Ko, 2014). In this regard, varieties of things are determined for cost effectiveness and sustainability of firm in market.
Environmental Factors Issues:- Coca cola has to face challenges related to environment and its factors including production and distribution of goods, political, socio-cultural, technological and legal issues. Therefore, focusing on all these components present atmosphere of organization related to business activities (Filatotchev and Stahl, 2015). In this regard, social responsibility and efficiency in working with ethics leads to make position in market. It is determined that providing healthy and secured goods to customers influences number of demand to aware society at high level.
Change in Employee Behavior:- Employees interest and interest for performing job is main challenge for Coca cola. In accordance to this, creating corporate environment for workers' performance is valuable for organization to reach out goals. Circumstances occurs due to changes in quality performance of workers (Kitada and Ölçer, 2015). Therefore, CSR has to face problem because of lack of coordination of workers to accomplish task. It is considered that workers' performance impact on organization's effectiveness. It impacts on business profile and performance as well interrelates with market position of company.
Strategic plans made by manager of organization has increased my skills. In accordance to this, entity organized different development programs for effectiveness and increasing efficiencies. Therefore, performing job at workplace me leads me for great contribution in team building. Including this, varieties of skills and implementation is analyzed. In accordance to this, working in group encourages my working efficiencies and different qualities such as punctuality, sincerity for performance, getting satisfied with job etc. I learned various techniques to communication and contributing at workplace. In addition to this, I learned to solve out problem and specific management activities to create balance. It increases my personal and professional abilities for creating effective atmosphere of workplace. However, by comparing current and previous performance for organization, it is determined that I performed better than last time including less mistakes are obtained in quality performance.
Team building strategies to work with group enhanced my communication skills. Under which, sharing ideas, opinions, views and expressions got improved. I contact with team members for support and maintaining group's effectiveness. It establishes my good relationship with group members and increases ability to help others. Along with communication, I enhanced my listening abilities and concentrating on listening first about problems and analyzing issues. It is useful for my personal development. Hence, communication skills are improved through team work and contacting with group members.
Including communication skills, I enhanced my research qualities. It influenced my ability for using search engines and effective qualities to implement technological knowledge. I acquired information related to searching and solving issues. In addition to this, varieties of techniques learned by me for getting solutions and tricks to overcome problems. It influences my supportive behavior for team building and contacting with other members. However, I also learn abilities to deal with customers including techniques to analyze market. Along with method to getting feedback from customers learned that impacts on increasing quality for creating positive environment of organization.
However, taking advantage of training and development programs, I improved my various abilities and qualities for team building and balancing between personal and professional behavior. It increased my strength to face problems by implementing action planning and getting information from various tools and technologies. Moreover, I learn to do not hesitate with issues rather to face them. In this regard, problem solving skill is developed to face issues and making decisions to apply processes for effective presentation. However, various skills are developed through planning strategies and its implementation. Further, I learned to work with others effectively, it includes my other qualities such as punctuality, sincerity and working hard. Overall, I learned how to support team and creating own value for team building.
In addition to this, as per performance evaluation, it is considered that I increased my working efficiencies for working in team. It increases my abilities regarding environment and contributing in group effectively. I improved my working abilities to solve out issues and communicating with other people including presenting organization's effectiveness to customers at high level. Therefore, strategic plans and their implementation remains helpful for improving my abilities related to contribution and creating team building. However, personal and professional development get improved through this strategies. Increasing in working performance impacts on impacts on creativity and effectiveness in qualities for implementing skills.
According to critical evaluation, it is determined that I improved my various skills such as communication, listening, problem solving and contributing for team building etc. Except these all, it is required to focus on other implementations for example, numeracy. It is recognized that theoretically I increased my qualities and working efficiencies. But, practically, I would like to learn more. In accordance to this, organization should organize training program for increasing numeracy and data collection methods. It includes identifying numbers and balance between production as well distribution of goods. Along with I like to implement action plans for business strategies and competitive strategies for developing strategies of entity.
In this process, numeracy can be learned by attending training and development as well coordinating with other employees. Preparation of action plans for implementation is useful for acquiring practical knowledge related to business and competition. However, various tools and techniques can be learned for implementing action plans. It is valuable for developing strategies and improving working performances. It would be increased my learning abilities as well qualities to gain overall performance theoretical and practical. I can increase my work related to performance and data interpretation. It would be effective for business organization. Thus, it is determined that strategic plans are valuable to learn entire activities of business and contributing for team building. By learning numeracy, I can learn entire performances and quality services for practical knowledge and ability improvement for organization's effectiveness. Moreover, my self confidence and learning attitude would be effective by this action plan. Therefore, improving in service qualities and performances, I can contribute at high level for organization's effectiveness.
In addition to this, various qualities and work performances can be learn that influences effective coordination for team work. It also impacts on my personal and professional development. Therefore, taking advantage of training and development programs provided by organization is helpful for me to increasing in working abilities as well better coordination for group performance can be obtained.
The report is concluded that business communication is key component for business management. Applications for effective sustainable business management are determined. In addition to this, varieties of strategies and strategic plans are considered for implementing business reputation in market. Therefore, society and community importance for increasing efficiency of Coca cola is recognized. In addition to this, approaches for business management and their developmental tools are analyzed through this report. Moreover, different types of strategies prepared by manager of organized here that impacts on company's reputation in market. Along with impact of strategies on individual reflection including quality performances and skill development are determined. In this regard, learner of the study acquired knowledge related to business management and effective business planning to implement features are considered.
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