Sample on Employee Engagement Concept & Dimensions

Question: Discuss about providing a deep insight into some of the topics such as the concept of employee engagement and what is the scope of the concept ? Answer: Introduction: The report aims at providing a deep insight into some of the topics such as the concept of employee engagement and what is the scope of the concept. It provides knowledge about the various dimensions of employee engagement and how these ensure overall organizational effectiveness. It emphasizes on the motivation-engagement relationship, advantages of employee engagement, and the effect of employee engagement of organizational growth, employee motivation, successes and employee satisfaction. The report also states the disadvantages of the presence of disengaged employees within the organization. An employee who is thoroughly engaged is quite aware of the organizational vision, mission and business objectives including that of the environment where it operates. These employees are said to work as teams with his companions to enhance performance of own jobs to benefit the organization (Kuvaas and Dysvik, 2010). The employee is completely dedicated to his work with increased commitment to his post. The organizational management of Tesco well understands the fact that besides task-related requirements, the employees possess some personal needs as well as ambitions to be fulfilled by the company. Each of the employees aims at developing own career and also personal life. It provides training as well as developmental opportunities to bring about growth of the employees and increased number of engaged employees. Employee Engagement: Concept dimensions The concept of employee engagement refers to the emotional commitment that is possessed by any employee towards the organization as well as stated goals. The emotional commitment reflects the engagement of employees and their care for the company and organizational work. This concept of employee engagement acts as a tool to be used for organizational employers who aim at attracting as well as retraining staff (Johnson and Chang, 2008). In this respect, Tesco Company in the United Kingdom has taken effective approaches to raise its employee engagement. Tesco Company is said to possess the largest private sector workforce in UK with around 300000 employees. Each of the employees possesses individual needs as well as expectations regarding their work or career. The company follows an approach of Listen and Fix as its greatest listening exercises that has been undertaken. The management of the company had undertaken the initiative to conduct employee engagement activities with the objective of making Tesco a better place to shop as well as work through more involved and committed workforce, and also to have a greater understanding of what is more important in the business areas, in its stores, distribution and head office (Jeung, 2011). The Company is said to run an annual staff survey called Viewpoint. In this approach, staffs are asked to score particular aspects of working for us. The approach of Listen and Fix even aimed to facilitate the two-way communication along with the use of digital technology for optimizing the process. Th e organizational employees ay Tesco were invited to send their thoughts through text or email, that meant much decreased barrier towards participation. The leaders replied through email, texts, blogs, etc. Dimensions of Employee Engagement: This concept refers to the extent of attachment as well as involvement that an organizational employee exhibits towards his organization as well as values. An employee who is thoroughly engaged is quite aware of the organizational vision, mission and business objectives including that of the environment where it operates (Lee and Ok, 2015). These employees are said to work as teams with his companions to enhance performance of own jobs to benefit the organization. The employee is completely dedicated to his work with increased commitment to his post. The concept of employee engagement comprises of three dimensions, namely, intellectual, affective and social engagement. All these factors are influential about how an individual would react towards his job responsibilities and also the organization (Heymann, 2015). The concept of intellectual engagement of any employee refers to his thoughts about performing his job in as effective manner as possible. Effective engagement is all about the employee feelings towards own job. An employee who is strongly engaged feels positive regarding own responsibilities. He aims at performing effectively to attain some desired goals. Likewise, a socially engaged organizational employee participates actively in discussions related aspects. For instance, he utilizes several opportunities to bring about improvements at work within the organization. Employee engagement may be measured by considering various aspects or engagement parameters. The performance as well as continuing with the organization is referred to as key indicators of whether an individual is thoroughly engaged or not. When an employee is completely engaged and committed to his work, it is definite that he would perform best than any other individual who has no interest in his job areas (Grant and Sumanth, 2009). The employee would seek for opportunities to conduct his responsibilities in the most effective manner. This would lead to his increased productivity even more than an unengaged employee. Besides this, another important indicator of effective employee engagement is that of low turnover rate. When any individual is contented with his job and responsibilities, it is less likely for him to search for a new job (Mohapatra and Sharma, 2010). He would not feel the urge to exit the organization for better perks or small salary hike. In the present environment of competitive business, personal peace of mind is highly desirable. Employees who feel secured with their organization feel highly motivated with higher morale. Very few scopes of grievances as well as conflicts exist within the organization. Also, few instances exist of indiscipline as well as absenteeism (Frey, Bayon and Totzek, 2013). These employees would be highly cooperative with other team members. The highly engaged employees of an organization also strive to generate innovative ideas as well as strategies to enhance the organizational performances. With respect to Tesco Company in UK, the most crucial ingredients of employee engagement involve the work nature, support and recognition that are provided to the employees by their seniors. Aspects like challenging roles and that of additional responsibilities mitigate the monotony of regular work load. This imparts a break to the employees from their regular work and this motivates them. Within the organization, the senior managers impart praise as well as recognition to their employees to encourage them to perform better. Significant involvement within the process of decision-making and that of empowering them to accomplish tasks impart greater values to the employees. They feel quite empowered to be a part of the organization. Also, relating their work with overall organizational objectives exhibits significance of work. The organizational management of Tesco well understands the fact that besides task-related requirements, the employees possess some personal needs as well as ambitions to be fulfilled by the company. Each of the employees aims at developing own career and also personal life. It provides training as well as developmental opportunities to bring about growth of the employees and increased number of engaged employees (Esmaeelinezhad, Boerhannoeddin and Singaravelloo, 2015). Those employees who have their needs fulfilled adequately possess higher level of productivity as well as motivation. Tesco has been taking effective measures to keep its employees engaged. Within the competitive business environment, the firm makes attempts to horde key talents. Retaining engaged workforce imparts the firm with competitive edge that it aims at retaining. Thus, talent retention has become a major aspect for the employers to retain their employees and keep them positively engaged. Motivation- Engagement Relationship: Employee engagement concept to a great extent depends upon what individuals get in exchange for performing their job effectively. This involves factors like basic compensation, benefits, organizational culture as well as work environment. These basic elements motivate them to continue performing within the organization with complete dedication. Since it is a bilateral process, setting of clear expectations holds important role. This enables employees to understand thoroughly what exactly they are expected to provide the organization. This involves defining their job responsibilities to accomplish tasks that are required to be performed (Engaging the staff in a real relationship: Are employees genuinely motivated or merely satisfied?, 2009). The team of human resource and all immediate supervisors or managers must tell their members clearly what are expected out of them to do. This builds more meaningful relationships amidst all seniors as well as workgroups. Social association refers to the most essential requirement for any employee. Even employees aim at sticking with the organization that treats them as their integral part and not just an employee. Continuous growth within the organizational setup including promotions, salary increments and rewards as well as recognition may be considered as essential tools for retaining employees within the organization. Innovative challenges as well as opportunities to learn motivates the employees towards their work life and also encourage them to deliver their best even at crisis situations. Advantages of Employee Engagement: Employee satisfaction It can be indicated from research that if the employees of Tesco are engaged with their organization then there would be a rise in the level of job satisfaction. These engaged employees would be vested in the overall organizational success along with higher level of loyalty as well as commitment. Contented employees play significant role within the organization. They are said to enhance support to the organizational mission, brand and strategy (Crosby, n.d.). Productivity Engaged employees usually prove to be great performers and they do not hesitate to go that extra mile to achieve success. When employees become more and more engaged, there is gradual decrease in the level of absenteeism with steady increase of motivation that enhances productivity. The more engaged an employee is the more is he driven to success. This means their productivity is highly increased. Recruitment retention Retaining effective employees is referred to as the key to success of every organization (Presbitero and Langford, 2013). So is the case with Tesco. All those employees who are highly engaged show lower risk of turnover towards the organization. They also become loyal employees with time. When employees are satisfied they are likely to stick to the organization. When combined with retention, organizations like Tesco that has highly engaged employees would have the increased ability to attract qualified workforce. Innovation - A close link exists amidst innovation as well as employee engagement. The engaged employees usually perform at high level along with increased passion to respective jobs that often results in workplace innovation. Highly engaged workforce strives to deliver their best performances towards organizational objectives. Effective collaboration amidst the employees and that of the top management results in corporate growth (Ang, n.d.). Profitability Organizations such as Tesco that had highly engaged workforce tend to exhibit increased rate of profitability. These employees of Tesco are more efficient with positive outlook towards the organization. This leads to decreased operational costs and enhanced profit margin. How Employee Engagement affects profitability, growth, employee retention and customer satisfaction: The organization Tesco recognizes the significance of mentoring, career sponsorship and networking for supporting the development of talent that is available. The organization encourages all members to participate in important decision-making processes. With the help of self-governing engagement networks of employees, the organization is able to inspire its members to develop confidence to remove all barriers (Rigg, 2013). The members take part in Pride events across the nation; the ABC Network was initiated by Olympic Gold medalist Darren Campbell MBE as well as Women in business represented the roles of women at Tesco. No age of retirement Several aged individuals desire to stay connected to work or kind of semi-retirement and that the customers of Tesco value aged people and their experiences. Within the United Kingdom, the organization involves people of all ages in its apprenticeship programs, providing them with opportunities to develop their careers. Disadvantages of de-motivated and disengaged employees: As per the Gallup survey of 2008, it reflected that as the engaged employees believed that they are influential in organizational growth, the disengaged employees believed the otherwise that they hardly contribute to such growth (Andonova, 2013). This generally creates negative impacts upon the work environment, customer minds, employee motivation, their productivity and loyalty. Eventually the overall peace and performance is lost forever. Some disadvantages of disengaged employee are highlighted below: Effect upon work All disengaged employees attempt to evade work, strives to meet all deadlines and quite reluctant to assume responsibilities (Welch, 2011). Effect upon peers The negativity of all disengaged employees has negative impacts on peers and their overall morale. Effect upon customers every organizational employee becomes a representative of the brand, and so any disengaged employee may actively de-sell the firm or lead to disengaged customers (Rutledge, 2008). Effect upon organizational performance For any organization, it is important to generate innovative ways to attract and retain customers. The most important thing is to satisfy employees and keep them motivated. This in turn leads to better performances. Disengaged employees hardly feel the urge to work hard and act less committed to organizational success. Effects upon productivity Since disengaged employees do not believe in their potential to make effective contribution to the organizational growth, this is clearly reflected in their attitude and work (Schwartz, 2010). This makes them less productive and ineffective. Effect upon employee personal life An disengaged employee hardly feels the motivation to perform better; and so this hampers his personal life and increased frustration that disturbs the balance of personal and professional life. Establishing strategy of engaging employees as well measuring the outcomes decisions regarding commitment initiatives must be grounded upon reliable data. Research needs to be conducted within the organization to highlight upon specific human resource practices. Based on the net results the strategies are to be formed and structured. It is important to ascertain what type of employees are working at the organization; then the management can take initiatives to structure the strategies to motivate them and keep them engaged into organizational operations and effectiveness. Organizational resources are to be identified and then planning has to be done for each action (Seong Soo Oh and Lewis, 2009). At the end of the process, it is important to follow up and monitor every action to ensure success. Conclusion: The organizational management of Tesco well understands the fact that besides task-related requirements, the employees possess some personal needs as well as ambitions to be fulfilled by the company. Each of the employees aims at developing own career and also personal life. It provides training as well as developmental opportunities to bring about growth of the employees and increased number of engaged employees (Vestal, 2012). Those employees who have their needs fulfilled adequately possess higher level of productivity as well as motivation. Tesco has been taking effective measures to keep its employees engaged. Within the competitive business environment, the firm makes attempts to horde key talents. Retaining engaged workforce imparts the firm with competitive edge that it aims at retaining. References Andonova, Y. (2013). Loyalty 3.0: How big data and gamification are revolutionizing customer and employee engagement.J Market Anal, 1(4), pp.234-236. Ang, E. (n.d.). Employee Engagement.SSRN Journal. Crosby, D. (n.d.). Improving Employee Retention in the Public Sector by Increasing Employee Engagement.SSRN Journal. Engaging the staff in a real relationship: Are employees genuinely motivated or merely satisfied?. (2009).Development and Learning in Organizations, 23(5), pp.22-25. Esmaeelinezhad, O., Boerhannoeddin, A. and Singaravelloo, K. (2015). The Effects of Corporate Social Responsibility Dimensions on Employee Engagement in Iran.IJARBSS, 5(3). Frey, R., Bayon, T. and Totzek, D. (2013). How Customer Satisfaction Affects Employee Satisfaction and Retention in a Professional Services Context.Journal of Service Research, 16(4), pp.503-517. Grant, A. and Sumanth, J. (2009). Mission possible? The performance of prosocially motivated employees depends on manager trustworthiness.Journal of Applied Psychology, 94(4), pp.927-944. Heymann, M. (2015). Spotlight on Service: Integrating Workforce Management With Employee Engagement to Optimize Customer Satisfaction and Profitability.Glob. Bus. Org. Exc., 34(5), pp.6-12. Jeung, C. (2011). The concept of employee engagement: a comprehensive review from a positive organizational behavior perspective.Perf. Improvement Qrtly, 24(2), pp.49-69. Johnson, R. and Chang, C. (2008). Relationships Between Organizational Commitment and Its Antecedents: Employee Self-Concept Matters.Journal of Applied Social Psychology, 38(2), pp.513-541. Kuvaas, B. and Dysvik, A. (2010). Does best practice HRM only work for intrinsically motivated employees?.The International Journal of Human Resource Management, 21(13), pp.2339-2357. Lee, J. and Ok, C. (2015). Hotel Employee Work Engagement and Its Consequences.Journal of Hospitality Marketing Management, pp.1-34. Mohapatra, M. and Sharma, B. (2010). Study of Employee Engagement and its Predictors in an Indian Public Sector Undertaking.Global Business Review, 11(2), pp.281-301. Presbitero, A. and Langford, P. (2013). Organizational Climate Change and Its Influence on Employee Engagement.Academy of Management Proceedings, 2013(1), pp.12490-12490. Rigg, J. (2013). Worthwhile Concept or Old Wine? A Review of Employee Engagement and Related Constructs.American Journal of Business and Management, 2(1). Rutledge, T. (2008). How to Keep Your Best People.Gastroenterology Nursing, 31(2), p.174. Schwartz, G. (2010). Marrying employee engagement with customer satisfaction.Strategic HR Review, 9(3). Seong Soo Oh, and Lewis, G. (2009). Can Performance Appraisal Systems Inspire Intrinsically Motivated Employees?.Review of Public Personnel Administration, 29(2), pp.158-167. Vestal, K. (2012). Which Matters: Employee Satisfaction or Employee Engagement?.Nurse Leader, 10(6), pp.10-11. Welch, M. (2011). The evolution of the employee engagement concept: communication implications.Corp Comm: An Int Jnl, 16(4), pp.328-346.

Business Plan for New Electronic Product - Case Study Solution

Question: Discuss about the Case Study for Business Plan for New Electronic Product? Answer: Introduction Smart mirror is one of the ultimate innovation in electronics as well as premium decorative products in the market. The products like mirror television, art television and bespoke designed TV and specially disguised mirrors for the ultra-modern homes throughout the world. The innovation of smart mirror has allowed the designers to design the electronic products using the technology in a similar fashion. However, the main chance for the companies in the electronics market has become to manufacture the luxurious products using the ultimate technologies. Company History PicturFrame.TV produces the smart TV using the smart mirror as the base technology. The manufactured TVs are based on the LED panels and reflective transparent glass. The LED based technology incompatible with smart mirror is also combined with the internet applications and picture enhancing software. However, this disguised television is usable as the mirror when the television is non-operating. The television are handmade with stealth and strong tensile strength technologies. Products and services There are three types of products for the customers from PicturFrame.TV mirror TV, art TV and bespoke design. The mirror TV is the main products for the company as the demand of the product is at the highest level in the UK as well as in some other countries too. The products has shown to use all the latest technologies in internet, LED and smart mirror technology to draw attention of the smart customers. The design of the art TV is analogous with the mirror TV but possesses great picture or art to carry the best dcor. The art TV is the way to hide the TV with the art of the home and enhances the beauty of the room. The company is also engaged in designing the tailor made products for the customers specific orders. Current status The company is currently a leading seller and manufacturer in the UK as it has the highest market share in the country for the last couple of years. The company is using the UHD picture quality LED panel with the quad core processor. The TVs are assembled with the USB port and additional application based feature to watch movie online. Industry analysis Industry definition The industry belongs to the electronics and luxurious home dcor products in the world. The industry has solid backbone in the developed countries as the customers can afford the price of the smart mirror and TV in their home. Additionally, the industry is connected with the luxurious products where the niche orders come frequently. Industry size The size of the industry in the UK is different as it has different domains in business. The revenue of the electronics industry in the country was 16 billion in 2015 (Electronics and IT Hardware in the UK: investment opportunities - GOV.UK 2014). The revenue of the luxurious products in the country was 32.32 billion in 2013 (Armstrong 2015). Thereby, the size of the market is almost 3% of the total GDP of the country. Industry growth The electronics industry has the growth of 4.4% for the last four years. In this regard, the luxurious products have not witnessed much growth in its business. The luxury business has forecasted a growth of 40% employment by 2019 as it may see the growth of revenue by 54 billion in that year (Armstrong 2015). Sales projection The sales projection of the companies in this industry can be measured through the projected values of revenue published in the articles and in the magazines. The projected revenue of the luxury brands and the electronic products are totally based on the trend analysis of the recent five or ten years result in the market. Industry characteristics The characteristics of the industry has been seen as the steady market for the luxurious products in the UK as the people like to taste the luxury in their life. Further, the requirement for the electronic products and the appliances have grown since the last decade (Chaffey, Ellis-Chadwick and Chaffey 2012). Thereby, the characteristics of the luxurious electronic products in the country is robust and may touch new horizon during the next five years. Industry structure The industry is based on the supply from the well-known electronic goods manufacturers in the world. Samsung, Google and Apple are providing the required LED for the smart mirror and the sensor technology to the various companies in the country. Additionally, the global brands like Gentex Corporation, Magna and Mirrus are also acting in the UK for the last few years (Smart Mirror Market: Global Industry Analysis and Forecast to 2015 to 2021 2016). Nature of participants The participants are providing different types of products in the market. The majority of the providers in the country are providing smart mirror employed with the internet technology for the viewers. The mirror may help them to provide suggestions regarding fashions and the looks suitable for the viewers. However, the new technology enabled mirrors are providing the customers report on weather as well as outside world news. Further, some of the manufacturers are using the technology in providing the smart dcor for the home with panelling television with the mirror. Key ratios The success of Oral-B has been tasted in the industry for the last few of the years where the companys success was associated with the higher percentage of reduction of beauty products [almost 15%] due to suggestion from the smart mirror. The key ratio in this aspect is the reduction of useless buying of beauty products as well as the value proposed to the customers. Key success factor The main success of this industry is to add value to the customers in different sectors like beautification and the fashion industry. Further, the mirror is also used in the healthcare sector like in the dental skin treatment areas (Smart Mirror Market: Global Industry Analysis and Forecast to 2015 to 2021 2016). The health sector is using the mirror to get the body temperature, blood pressure and heart rate of the patients. The people may know the traffic status, sports scores, emails, news etc. the smart mirror is used in the automotive industry too. The experience of the drivers using this mirror has been enhanced by a lot as the mirrors are attached with the smart sensors. Industry trends The trends of the industry is to reach the highest point of the mirror using the smart mirror as it is providing the users a luxurious avenue for their life. In this perspective, the people are trying to buy the smart mirror in many aspects for meeting different needs of the lifestyle. The major change in the trend was seen due to the change in the taste of the people and it was in line with the projection of increment in the sales in future (Chaffey Ellis-Chadwick and Chaffey, 2012). Long-term prospects The long-term future of the product is unavailable at the moment as the faster change in the electronics technology cannot let us predict anything for the future. However, the product has lucrative market in future in different developing markets due to growing numbers of rich people. Additionally, the production cost of the mirror may be reduced by several times after having severe demand in the market. Market analysis Market segmentation and target market The UK market has no specific geographic market segmentation for the smart mirror or the mirror TV. However, the demographic segmentation was observed for this product. The young people like the mirror TV more than the old people. But, the people of age between 45 and 55 like the smart art mirror as they like it as a dcor of the home. The attitude of the consumers in the UK has been found to use the luxurious products heavily in the past years. Additionally, the change in the lifestyle of the UK people is also involved in segmenting the market. The change in the personal psychographs has helped the companies to segmenting the market in a planned manner. Thereby, the target market is the rich people as well as the young generation for the mirror TV while the aged people with strong income base are the target for the boutique products and art dcor mirror TV. Estimating target market size It is difficult to estimate the market size of the smart mirror. The technology and the products are still under the beginner stage of the industry. However, from the viewpoint of beauty and personal care products, the market has grown by 10% in 2015 while the market of health care products have increased by 11% recently (Health and Beauty Specialist Retailers in the United Kingdom 2016). However, the smartphone sells in the UK has been trimmed during the last couple of years as the demand of consumer electronics was the least despite improving the customers confidence (Consumer Electronics in the United Kingdom 2016). The luxury fashion market of the UK has been improved to Euro 398 million recently via online while it may increase to 780 million in future (McKinsey: Online luxury fashion market booming | Consultancy.uk 2015). Consumer behaviour The consumer behaviour of the people towards the smart mirror and related products are mainly consumption of the luxury brands. Therefore, the behaviour of the customers could not be assessed in this situation as there are only few of the people are using this technology and the products in the entire country. Further, the research data showed that online help from the mirror and the mirror TV incorporated with the smart features like peripheral information regarding the traffic, temperature and consultancy related to the beauty and healthcare etc. Competitors analysis The smart mirror TV has not much competitors in the country as the product is suitable for few people among the entire population. However, the increasing demand in the market may show the industry players to produce the product for acquiring the market. In this respect, the competitors like Android devices and Apple made mirror devices may become the main competitors for Picture frame TV. Further, the companies like Gentex and Magna are the global players in smart mirror segment. They may start producing the smart mirror TV in future and sell it in the UK market (McKinsey: Online luxury fashion market booming | Consultancy.uk 2015). Estimate annual sales and market share The market share of the company is 22% of the total smart mirror sales while the company is the leading brand in the country. However, the sales of the mirror TV is the highest in the country as the company is the biggest brand in this segment. The market share of the company is 52% [assumed] of the mirror TV in the UK. The estimated annual sales for the company is 506000 in 2018 while the current revenue of the product is 294000. Marketing Plan Overall marketing strategy The marketing strategy will employ two types of tactics by the management of the company. The first one is to provide the cushion to the customers. It will help them to increase the market size fast in the country. They may implement the mass production strategy for producing the mirror TV. The hand-made mirror TV requires more time than the technology based mirror TV. Thereby, the machine production may reduce the lag time of the operation as well as may reduce the expenses related to the labour cost. The product differentiation like medical and healthcare products using the smart mirror technology may provide the management to differentiate the products of the company. It may increase the revenue of the company in future. Positioning strategy According to Shankar and Carpenter (2012), branding is the main USP of positioning a luxury product in the market. He also found that luxury product had the base of selective choices from the customers for mirror TV. They like to buy the boutique products as per their choice as well as they also buy the art dcor for their home incorporated with the mirror TV. Therefore, spreading the products and the brands of servicing the customers will become the main positioning strategy for the company. The branding of the products among the rich and the higher middleclass people in the country may yield more sales orders for the company. Therefore, the management needs to employ branding strategy like positioning of the brand to establish the product in the country. In this regard, the company must meet the promises made to the customers and generate more flexibility in boutique products. Points of differentiation The differentiation may be possible by employing the order intake of niche and customised mirror TV as per the design required by the customers by Picture frame TV. The differentiation will provide the management a chance of targeting the different segments of the customers in the UK. The differentiation may be present in products too. it will help the customers to select the products from the market. Pricing strategy The basic strategy of the company Picture Frame TV will be to earn more from one piece of TV as the products are nearly niche product in terms of presence of the market. Further, the high price of the products will make it an icon among the luxurious products in the country. However, the basis of measuring the price of the TV will be based on the cost based strategy where the 35% cushion must be provided with the entire expense of the mirror TV. However, there will be non-uniform pricing strategy for the boutique products as the requirements of those cannot be evaluated before the order has been placed. Sales process The sales process of the mirror TV has been employed by Picture Frame through its showroom in the Middleton. The company must go on with this process as the product needs the special attention from the sales person as well as they have to understand the requirements of the customers. The boutiques strategy is suitable for the company as the products is appropriate for few of the customers. However, it must avail its products in online market displaying the detailed features of the products. Promotional mix The niche products cannot be sold by pushing strategy. It must be sold through pulling the customers drawing their attention with the exclusive features of the products (Pride and Ferrell 2012). Thereby, the mirror TV must be sold through puling the customers by drawing the customers towards its features. The promotion of the mirror TV must be displayed through its websites and the social media portal to increase the customers interest towards the products. Distribution and sales The sales distribution strategy is not applicable in this case as the company is going to distribute its products through its own show rooms. Therefore, the company will not seek for any traditional distribution channel for the products. Additionally, the products related to the boutique orders from the customers may be sold through order in taking at the showrooms as well as online websites. The distribution of the products through third party will not be viable as the mirror TV is a niche product. Management team and company structure Management team The management team of the company is new as they do not have much experience in the electronics products. However, the management has the hands on experience of installing the hidden TV in the market. The luxury works done by the company throughout the country may be observed as the monumental work for the date. Skill profile and gaps in management team The team is professionally stable with their knowledge in installing the hidden TV in the UK. But, the management lacks the skills like operating efficiency development and sourcing funds to spread the business in a boutique way. Ownership and compensation The ownership of the company might be reduced by several percentage by employing the funds from the venture capitalists or managing the private equity. The sources of the funds may help them to develop the business throughout their own showroom as well as may spread their business in pan Europe. Board of directors The board of the directors must possess the efficiency of running the operation. The companys history states that the board has already possessed this type of skills. But the board must possess the skills of expanding business as well. Thereby, they need to be professional and well versed in expanding the sales in different regions for growing the business. Board of advisors It may accompany any associates or the consultancy firm to grow in the foreign soils. The consultancy may be required for legal and financial advice mainly. However, they also need to understand the needs of the customers and the different cultures in the different soils during their expansion programme. Other professionals The line staff is the main requirement. However, Picture Frame TV needs the staff functions like accounts and administrative officers to maintain the compliance related to company act for future. The accounts department is necessary for payment of the vendors as well as collecting payment from the customers. Company structure The structure of the company may be isolated with low numbers of employees in the company. The structure does not need to be complicated unless it becomes bigger than that of current status. Further, they may apply simple linear structure of command for appropriateness with the operating ease. Operation Plan Operation model and procedures The operating model of the business may be order intake and then proceed for the production for the boutique products. However, the business has some regular products. Thereby, the company has to follow a regular manufacturing process of hiding TV mechanism in its workshop. But, the majority of the operation is done on the onsite of the operation. Therefore, the operating model will be based on the reactive tactics as the orders from the customers will enable Picture Frame TV to employ the labours in manufacturing the hidden home TV. Business location The main showroom of the company is in Middlesex of Surrey, UK. However, the company has tie up with many of the boutiques to take order and sell their customised products in the country. There are 24 more boutiques throughout the country where a customer may buy the product of Picture Frame TV. Facilities and equipment The facility in the business of Picture Frame TV does not required much as they need to install the products onsite of the clients desire. Therefore, the facilities like training of the new recruited people and the technicians is necessary. In this regard, the facility for the employees like recreation is not possible due to small setup cost for the company. Additionally, the charge of the equipment can be leased from the market for reducing the initial capital expenditure on them. Operations strategy The operation strategy of the company will be in two ways as they need to meet the two types of requirements. In this way, the management may get the chance of reducing the loss in order intake. Further, the strategy of operation of Picture Frame TV must include to flowing the orders regular production of designed TV for the home dcor. However, the customised products order from the special customers may be intake from time to time for getting special types of orders as well as the increase the profitability of the business. In this regard, the strategy of the management must be of two types to meet the customers needs proactive for the regular operation and reactive for sudden customised special order intakes. Product design and development plan Development status and task The designing of the products needs the customisation as the product of home dcor requires special needs the special attention at the time of designing. The home dcor mirror TV requires the idealistic design from the viewpoint of the customers. In this regard, we have found that the taste of the customers in the UK is different. The differential strategy for designing the customer centric products needs the well surveyed information regarding the taste of the customers. The strategy must be to match the customers needs in decorating the home with smart mirror as well as match its thickness with the wall fitting colours. In this regard, the company must design the product including the special features like internet facility, application based technology and sleek body for the mirror TV. In addition to this, the customised home based art TV may be the difficult task for the company as the art has involvement with the intellectual property rights of the artists or their forums. Challenges and risk The main challenge for the management is to reduce the cost of different design and the wastage of the manufactured products. The designed products may not encourage the customers to buy them for their home. Thereby, the products designed or built up already may not meet the taste of the customers. Further, the customers may not be interested in the tailor made product much as they may wish to pay extra for their luxurious adventure of TV in the home. Therefore, the company needs to be cautious while designing the tailor made product. The risk of additional cost and damaged cost due to unwanted design of the mirror TV may hold a significant cost of goods in manufacturing. This reason may reduce the operating efficiency of Picture Frame TV in the due course. The risk of losing the market is another one that may hamper the expansion program of Picture Frame TV. There are many players working in the UK for decorating the home mirror TV segment. However, the pricing strategy and the spec ial customisation has become the main advantage for this company. Thereby, the management has to protect its design from invading by other competitors in the market by protecting the intellectual property rights. Costs The cost associated with the program of designing the product will be the part of the RD cost of the company. The cost of the design may affect the profitability of the business as the company may face the challenge of high sunk cost in delivering the profitability in terms of return on investment. Further, the risk associated with the additional cost associated with the manufacturing of the products due to failure of satisfied design for the customers may reduce the profitability in operation. Intellectual property The design of the customised products and the design of the art dcor TV are the intellectual property for the company. Therefore, the customised design and its patent must be protected by the company to compete with the big players like Google, Samsung in the UK as well as throughout the world. The intellectual property may provide the company an edge of reducing the cost associated with the design of the products and the management may increase its income from other income by providing lien of the design to other companies. In this due respect, the business of Picture Frame TV may find a different vertical of income in this industry and may become potential competitor to the big brands by controlling the overall market price (Hooley, Piercy and Nicoulaud 2012). Financial projections Assumption sheet The assumption of the revenue as well as the expenditures are being made in the B-plan. The assumed data has no original value or association with the real life data. Additionally, the profit margin of the company has been projected for the next four years. The Profit and loss statement Income statement 2015 in '000 2016 '000 2017 '000 2018 '000 revenue 198 252 275 326 COGS 102 126 134 153 gross income 96 126 141 173 operating cost 25 36 41 52 operating income 71 90 100 121 interest paid 6 5 7 6.5 PBIT 65 85 93 114.5 Tax 9.75 12.75 13.95 17.175 PAT 55.25 72.25 79.05 97.325 Table 1: income statement Cash flow statement Cash flow opening balance 32 26.25 19 11.05 Cash from operating activities 55.25 72.25 79.05 97.325 Trade payables 12 14 15 17 add: depreciation 8 8 8 8 add: amortisation 2 3 4 5 total inflow 109.25 123.5 125.05 138.375 Outflow 82 103 112 127.5 receivables 7 7.5 8 6 Inventory 8 9 7 8.5 Interest cost 6 5 7 6.5 Cash in hand 6.25 -1 -8.95 -10.125 Table 2: Cash flow statement Balance sheet balance sheet 2015 in '000 2016 '000 2017 '000 2018 '000 Current assets Cash in hand 12 14 13.5 15.6 Inventory 8 9 7 8.5 receivables 7 7.5 8 6 Total CA 27 30.5 28.5 30.1 Current liabilities Trade payables 12 14 15 17 Loan 8 5 8 7 Total CL 20 19 23 24 CA-CL 7 11.5 5.5 6.1 Assets Equipment 14 18 22 34 Store 65 65 65 65 Intangible assets 20 18 16 14 Total assets 106 112.5 108.5 119.1 Liabilities Mortgage 30.75 20.25 9.45 1.775 Equity 20 20 20 20 net worth 55.25 72.25 79.05 97.325 Table 3: Balance sheet of Picture Frame TV Break-even analysis The break-even analysis of the business of mirror TV of Picture Frame TV can be achieved from the income statement. The business had faced the challenge of negative cash flow due to high cost of goods and inventory cost. Further, the cost of operation will become higher to retain the technicians and janitors. In the midway of the income statement, the operating revenue shows that the company will fulfil the target of meeting the operating cost. This is the main reason of meeting the BEP every year as well as the company will reach the breakeven point of sales for the three next years. Ratio analysis The financial ratio of the company shows that profitability ratio of the company might produce positive profit margin as estimated for the next three years. Further, the profitability measurement of the company during the period may touch the sky due to better revenue projection of the business in the UK. However, the business may face trouble in maintaining the cash in business. The liquidity measurement of the business showed that Picture Frame TV must take care of the cash in the business. Further, the debt-equity ratio of the business will be reduced and the chance of solvency of the business by 2018 will be almost nil. From this point of view, Picture Frame TV must expand its business throughout the world to reach the global market. It will be the right moment for the company to take more loan from the lenders and venture in the risk of moving to the foreign soils. Further, in this point, the management may decide to open new showrooms in the UK of their own where they may provi de better customise design to its customers. Ratio analysis 2015 2016 2017 2018 Gross margin 48% 50% 51% 53% net margin 28% 29% 29% 30% ROE 276% 361% 395% 487% current ratio 1.35 1.61 1.24 1.25 quick ratio 0.95 1.13 0.93 0.90 debt-equity ratio 0.41 0.22 0.10 0.02 Table 4: Ratio analysis of Picture Frame TV Milestone and exit plan Goals and vision The goal of the business is to be the leading company of mirror TV in the market of the UK for the next decade. The vision of the company is to generate customised design to make the customers satisfied and loyal to retain the market share throughout the UK. The future vision of the company is to expand the business in all the developed countries including Europe for developing its business. Strategies The management must take the strategy of retaining its customers in the UK. Further, the strategy must be to employ the trained and skilled employees in serving the customers. The strategy must be to sustain and hold the current market share; hence to increase the market share of the company in the UK. The strategy of the company must be to employ the sustainable activities in its business so that they may control the adverse situation of the business aroused due to change in the economic and business environment. Priorities The priorities of Picture Frame TV must be to sustain in the home country and retain its market share competing with the big players in the UK. Further, the company must give the priority to the loyal customers to retain its position in the business. Future milestones The company must have future milestone of having positive cash flow from the home grown business market. Further, the management must follow their vision of meeting the expansion plan globally and making it as a milestone for the business. Risk evaluation The risk evaluation of the business shows that completion in the UK market is the major risk. Further, the cost of designing customised mirror TV is another one as there will be huge cost associated with the RD expenses for the company. Exit plan The business may have troubled due to attaining the maturity level or due to available of different technology in the electronics world. The business needs to have an exit plan. In this case, the company may exit the business by selling its intangible assets as well as reduce the liabilities in the market by letting big companies acquiring them in future. Corporate Social responsibility and sustainability Strategies Being a very small company, there is no obligation to Picture Frame TV to make any CSR expenditure to the society. However, providing the customers value and meeting their requirements by changing the design may become the CSR strategy for the company. Analysis and assessment The strategy may provide Picture Frame TV an advantage of retaining the customers as well as to make the loyal customers. Further, the analysed data provides the information regarding holding the current market share in the UK where the company may boom its profitability for the next three to ten years. Benefits The benefits of availing the strategy of CSR for the customers will value add their service as well as the cost associated with the intangible assets may be reduced by the time. The company may achieve the sustainability in its business due to benefiting from stable and loyal customers demand in the UK market. References Armstrong, A., 2015.Luxury industry in Britain is worth up to 54bn. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11829702/Luxury-industry-in-Britain-is-worth-up-to-54bn.html [Accessed 7 Mar. 2016]. Chaffey, D., Ellis-Chadwick, F. and Chaffey, D., 2012.Digital marketing. Harlow: Pearson. consultancy.uk, 2015.McKinsey: Online luxury fashion market booming | Consultancy.uk. [online] Consultancy.uk. Available at: https://www.consultancy.uk/news/1557/mckinsey-online-luxury-fashion-market-booming [Accessed 7 Mar. 2016]. euromonitor.com, 2016.Consumer Electronics in the United Kingdom. [online] Euromonitor.com. Available at: https://www.euromonitor.com/consumer-electronics-in-the-united-kingdom/report [Accessed 7 Mar. 2016]. euromonitor.com, 2016.Health and Beauty Specialist Retailers in the United Kingdom. [online] Euromonitor.com. Available at: https://www.euromonitor.com/health-and-beauty-specialist-retailers-in-the-united-kingdom/report [Accessed 7 Mar. 2016]. gov.uk, 2014.Electronics and IT Hardware in the UK: investment opportunities - GOV.UK. [online] Gov.uk. Available at: https://www.gov.uk/government/publications/electronics-and-it-hardware-in-the-uk-investment-opportunities/electronics-and-it-hardware-in-the-uk-investment-opportunities [Accessed 7 Mar. 2016]. Hooley, G., Piercy, N. and Nicoulaud, B., 2012.Marketing strategy competitive positioning. Harlow, England: Pearson Financial Times/Prentice Hall. persistencemarketresearch.com, 2016.Smart Mirror Market: Global Industry Analysis and Forecast to 2015 to 2021. [online] Persistencemarketresearch.com. Available at: https://www.persistencemarketresearch.com/market-research/smart-mirror-market.asp [Accessed 7 Mar. 2016]. Pride, W. and Ferrell, O., 2012.Marketing. Australia: South-Western Cengage Learning. Shankar, V. and Carpenter, G., 2012.Handbook of marketing strategy. Cheltenham, UK: Edward Elgar Pub.

Essay Sample on Ang Aking Pangarap

Essay Sample on Ang Aking PangarapSome of the best essays online can be found in the 'Essay' section of Ang Aking Pangarap. This website is dedicated to writing essays in the Indonesian language. The website has more than 10,000 sentences to help English speakers with their projects.This essay writing website offers tutorials and reviews on writing essays for beginners. The website has enough content to provide a variety of topics for writing essays. These topics are given to help students with their subjects. Students have the option to create their own categories to help them out with the project they are assigned.The website also offers advice for essay writing. It gives the students with tips and techniques on how to properly make use of the resources available on the website. For instance, there are essays about education which could be submitted in the essay category. Students will have to complete the essay by referring to articles that are available on the website.Most of the essays on the website are of an informal nature. Most of the topics are centered around holidays, events and interests of Indonesia. Students should use the resource and make use of the information that they find here to develop their topic. They should then come up with a conclusion or summary of the research they have done and compile the essay.The website also offers feedback and feedback on essay writing. These feedbacks allow the students to improve their writing skills. Students can always refer to the feedbacks if they feel they need improvement.Some of the examples on the website are about how to write an essay. The topics covered include essay writing process, the body of the essay, chapter breaks, formatting, conclusion and the essay should be proofread before submitting it. The website has many different levels of difficulty. Therefore, most of the essays that are submitted are of a basic level.However, the Essay Sample on Ang Aking Pangarap also offers intermediate essa ys that are written using the basic topics. Essays that are submitted on this website are to be read by the students. Hence, the essay is to be written in a way that the students do not end up making grammatical mistakes.Essay writing is quite difficult and requires an advanced knowledge of grammar and writing technique. The essay on Ang Aking Pangarap provides this level of difficulty to the beginners.

Impact on compensation policies in modern organisations

Alice Doesnt Essays - Gender, Freudian Psychology, Free Essays

Alice Doesnt Essays - Gender, Freudian Psychology, Free Essays Alice Doesnt 7 Lacanian psychoanalysis/Claude Levi-Strauss- both theories deny women that status of subjects and producers of culture. Like cinema, they posit woman as at once the object and the foundation of representation, at once telos and origin of mans desire and of his drive to represent it, at once object and sign of (his) culture and creativity, man as the sole term of reference Hence the position of woman in language and in cinema is one of non-coherence; she finds herself only in a void of meaning, the empty space between the signs- the place of women spectators in the cinema between the look of the camera and the image on the screen, a place not represented, not symbolized, and thus pre-empted to subject (or self) representation. 10 The overriding question is: in what ways does narrative work to engender the subject in the movement of its discourse, as it defines positions of meaning, identification and desire? Freuds story of femininity, Heaths account of narrative cinema as Oedipal drama, and Metzs notion of identification are points of departure for a more adequate and specific understanding of the subjective processes involved in female spectatorship: that is to say, the operations by which narrative and cinema solicit womens consent and by a surplus of pleasure hope to seduce women into femininity. [Summary of Chapter 5]

Spirituality in Nursing Essay Example | Topics and Well Written Essays - 2750 words

Spirituality in Nursing - Essay Example As the discussion stresses pragmatically though it is nurses on the ward, rather than staff who only visit occasionally, and often only when requested, who are best placed to deal with this part of holistic nursing care. This is especially so where life-threatening illness is involved and there is much one to one interaction between nurse and patient. Thompson in 1993 spoke of the way in which by maintaining a bond with a distressed patient   the nurse is making an act   'unconditional love'.This paper highlights that there are any number of variations on the subject of spirituality. It is defined most often as the quality or state of being spiritual . this doesn’t get you much further on unless you then look up what spiritual means.   This however can be defined as simply to do with the spirit. It then follows that one must   first of all define spirit. The Concise Oxford Thesaurus gives the soul, the psyche, the ego and the inner self, before going on to include such things as ghost and life force. Further still spirit is linked to attitude, frame of mind, point of view. Spirituality provides a means for service providers to empower and encourage patients to engage in their healing process.  According to this experienced hospice   nurse spirituality may or may not include a particular religious beliefs.   She points out that nurses are best placed to deal with a patient’s need for a spirituality dimension, especially she says when caring for   those with mental illnesses or who are terminally ill.

Information Systems Use Security Policy Assignment

Information Systems Use Security Policy - Assignment Example When a company begins to address the proper use of its information systems, the challenges that emerge also expose the firm’s administrators to problems ranging from time delays, poor product performance and overruns in costs which come as a surprise. For a growing company, the many problems and opportunities that arise may demand different ways of approaching them. A solution that worked one year ago may no longer work in future. In a growing business, the source of information that a company uses when conducting its research needs to come from the right source. Using ineffective information systems makes it extremely difficult to get information and the purchasing behavior of customers analyzed. Even when the company begins to use and implement its information systems successfully, the systems may not present the proper view of the firm’s increased efficiency (Sousa & Effey, 2014). An excellent example in an organization is the use of emails. The use of emails is a trend in most firms, but their increases in volumes are no doubt a source of time drain for the individual and the organization. As the IT services manager for Sunshine Machine Works, I propose the use of the following guidelines. An increase of employees to more than 100 staff members and computers shows that the company is growing at a successful rate. A written policy on use of computers by all staff members in the organization is one of the best ways of preventing breach of sensitive information such as financial data, personal employee data. A guideline will also ensure that there is a centralized file storage system in the firm. Time limits: The first guideline to consider when creating this policy would be the time limits. As the administration panel in the organization, the Chief Executive officer, Chief Financial officer and general manager would be required to lead by example. Computer time should be strictly reserved for certain period, such as when files