Purpose of the Business - Reasons for Selecting this Business
Purpose of the BusinessThe main purpose of the fast food outlet in London is to provide high quality foods at local environment with local taste. Along with this, to establish a presence in local fast food business and gain market share in the fast food industry of the UK is the aim of the business (Counihan, 2008). To fulfill this purpose, it will create unique, innovative menu and entertaining environment in outlets to differentiate the business as compared to competitors. Additionally, the main aim of this business is to provide quality foods and keep customers happy with full satisfaction.
Reasons for Selecting this Business
In present fast life, customers want fast and quick cooked foods that will increase sales and choice of fast food and would be profitable for the company (Ronald, 2008). Disposable income of customers is also increasing that is another reason of selecting this business. It will increase the enjoyment of customers that have opened new opportunities in food market. This business will offer variety of foods to customers and excellent services to ensure relaxation and comfort of customers that will attract them towards outlets. Effective services and high quality products will increase the number of customers and it will be profitable for the company.Major Obstacles
This business would face various obstacles in launching of new restaurant such as inventory management, customer services, application of information technology, marketing and distribution strategies and capital investment etc (Counihan, 2008).
Marketing and distribution strategies: The Company would get difficulties to select appropriate marketing and distribution strategies at the time of launching (Ruteri & Xu, 2009). It will get problems in market research to identify customer taste and preferences and select right marketing and promotional strategies according to customers.
Production planning and scheduling: It will be difficult for the company to develop effective production planning due to lack of past experience and future forecast of demand (Ruteri & Xu, 2009). It is the new business and company doesn’t have any information about tastes, preferences and demands of customers’, so it will be difficult to develop planning for production.
Other Successful Organization
There are various people, companies or organizations that have been successful in fast food industry such as McDonald’s, KFC, Pizza-Hut, Burger king, Dominos’ and other local fast food outlets (Ronald, 2008). Along with this, people like James A. Skinner, CEO of McDonald’s, Peter Brabeck-Letmathe, Chairman of the Board of Nestlé and other chairpersons are famous and successful personalities of fast food companies that motivates for this business.
Sources for Additional Information
To get additional information and take help in business ideas, people, websites, agencies, actual business contacts and trade associations can be used. Through these sources, valuable information, past experiences, issues in launching time, opportunities and threats can be identified that will help in developing new marketing and business development approaches (Food and Agriculture Organization of the United Nations, 2002). Through fast food companies’ websites, information about their product line, supply chain management, stakeholders and other services can be recognized. Through trade association, business person can develop understanding about trade rules and regulations, rules for costing, taxation and contracts with suppliers.
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References
Counihan, C. (2008). Food and culture: a reader. USA: Routledge.
Food and Agriculture Organization of the United Nations (2002). Organic agriculture, environment and food security. USA: Food & Agriculture Org.
Ronald, L. W. (2008). Kleppner'S Advertising Procedure, 16/E. USA: Pearson Education Inc.
Ruteri, J. M. & Xu, Q. (2009). Supply Chain Management and Challenges Facing the Food Industry Sector in Tanzania. International Journal of Business and Management, 12(4), pp. 70-80.
Thanks a lot for everyone who wished me on my birthday
I must thank everyone who wished me today before starting this article. Thank you dad, mom, sisters, brothers, friends and other relatives...Thanks a lot for your wishes..
I render my sincere thanks to 'FACEBOOK' for making so many friends aware of my birthday. If not facebook, the wishes would have been very very less..Ha Ha..Thank you Mr. Zuckerberg..
Thank you friends of PariVallal Higher Secondary School, Maharishi Vidya Mandir, Syed Ammal Higher Secondary, PSNA Tech, Integrated Wireless Solutions, NSN, Huawei, ISTTM and other friends of andhra pradesh, karnataka, tamilnadu, penang, kualalumpur, newyork and melbourne(My sincere apologies, if ur place is missed :-) )
My last b'day was a blast. It was an unforgettable day at Nanotel, hyderabad with 40 of my college mates and friends, who made the function even more grandier and exciting. Special thanks to Mr. Ejaz (Our lecturer) who made my day special through my dear friends.
This b'day is much simpler. In my hometown with my parents, friends and relatives. The atmosphere is completely different from that of the last one. However, today is the day which is the most light weighted(with light heart) day for me in the year 2011. Because 2011 has not shown mercy for me and it's been very tough for me throughout the year from the start.
As expected, my sweetheart gave me the first wish by 12 AM and then the phone started ringing for around one hour and stopped. I was completely happy coz I got many calls by surprise(my kg mates called me, love u palsss :-)..). To be frank, i dont even remember their faces(I am sure, they dont remember mine too) but thanks a million for your wishes. Then started with friends of my college, my school and it stopped by 1.30 PM. Love u everyone, for sparing ur sleep and wishing me..
Stood up early morning. Went to temple with dad and mom(I am a good boy, when i am in home :-P ). Had a special breakfast prepared by mom with friends and relatives. After a bit of chit chat with my friends, had the special lunch prepared by mom with relatives. Went to RA.ONE matinee show with my friends(though the movie was horrible, enjoyed the time with my sweet friends). Meanwhile, replying for the wishes through sms, calls, mails and FACEBOOK( i love u dal FB, muaah)..
Almost everyone wished me whom i expected to wish me. Thank you god for remembering them of my birthday. Few unexpected wishes surprised me. Special Thanks for them. Few expected calls didnt reach me( ha ha...people tend to forget things very easily)
I am also angry on few VIPs who wished me late night ( I will keep in this mind and will get back to u with a strong one).
A bit of strange feeling still remains in my heart. A year with lots of responsibilities is ahead. Little bit scary, though happy to welcome it (Evalavo pannitom, itha panna mattoma).
Wish me success for the year ahead. I once again thank everyone who wished me on this wonderful occasion...Thank u so much :)-)-)
Team Leader’s Role
In an organization various teams are formed by the managers and each team is headed by the team leader. Team leader has to play various roles in providing coaching and mentoring to their team. Role of the team leader is exploring the skills of their team. They are also focused towards guiding them about the efficient achievement of team objectives as well as organization goals (Schonrok 2010). All the team members should work with proper coordination and develop mutual understanding among members. All the team members should follow the instruction of their team leader. Another role of the team leader is to influence the employees for better performance of the task.After providing the coaching and learning to the employees’ team leader must give feedback to their team members about their performance. This will help in motivating the employees for better and improved performance (Pope 2008).
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References
Pope, S. (2008) Team Leader Workbook. USA: Human Resource Development.
Schonrok, J.E.M. (2010) Innovation at Large: Managing Multi-Organization, Multi-Team Projects. Deutsche: Peter Lang
How to deal with criticism?
You're presenting the draft marketing plan for a new product at your team meeting. As you talk, you notice the encouraging gestures of your colleagues and supervisor. But one colleague withholds approval, listening with a steely stare. After you finish, he proceeds to deliver a withering critique of your ideas and approach – each point of which, you feel, is patently wrong. As he talks, you feel the blood rise to your face and your heart pound. Now all eyes are on you. What will you say?
Or another scenario: For a year, you work hard toward meeting your professional goals. Things are going well, you're meeting your targets, and team morale is high. Then the hammer drops: At your one-on-one annual review, your boss expresses disappointment in you. Despite all indications to the contrary, you're suddenly in the hot seat – and your boss is telling you so to your face.
What we've seen here are two cases of unfair criticism – one from a colleague, one from a boss. What do you do now? How you react to it can have a tremendous impact on your career. Emotionally charged, your instincts may not be the best guide to follow.
So now what? Easy does it.
Dealing with your initial response
Your immediate response is the most important one – it has the greatest scope for making things worse or better. Here's our recommended approach to overcome the natural urge to express your anger or fight back.
The first thing to do is remain calm, whether the rhetorical slap comes from a colleague or a boss. Negative criticism can give rise to anger or feelings of inadequacy. Expressing these emotions will only dig you deeper into a hole, and give your critic the high ground. When the hammer drops, react with courtesy – and a pause. A couple of deep, quiet breaths will help settle you.
Don't pressure yourself to think of the perfect response on the spot. You probably won't. Instead, try this: Simply and calmly repeat your critic's complaints back to him, to make sure that you've understood him properly. Making steady eye contact and in a non-aggressive tone, say: "So, what you're saying is.," and put his criticisms in your own words. The goal here is to take the focus away from any personality clash, and place it squarely on substantive issues.
And if what he's saying is truly ridiculous, this tactic may shine a harsh light on his critique. Be very careful though to be factual and avoid the temptation to exaggerate. If he claims your sales strategy will to deliver mediocre results, don't say, "So what your saying is, my sales strategy will bring the company down". By overstating his case, you'll come off as someone who's defensive and looking for a fight – rather than a reasonable person who's genuinely looking to get to the bottom of the matter.
If you manage to pull this off, you will have performed the equivalent of turning the other cheek. A truly aggressive critic might be hoping to goad you into a fight, or at least to make you betray anger. Or he may be expecting you to cave in, accept his critique, and slink off, defeated. Instead, what you're doing is taking the focus off of your reaction and putting it back onto his criticisms – without accepting or denying them.
The objective repetition tactic may set him off-balance, and inspire him to backtrack. If so, now is a good time to open a real discussion of the critique. If you choose this route, a smart tactic would be to couch your response in language like "from my perspective", or, "I can see how you might get that idea, but I probably haven't properly explained that." This establishes respect as a key element of the conversation. You will have shown that you're willing to look at things from his perspective, and you can see how he might have reasonably drawn the conclusions he has. Now you'll give him the opportunity to return the favor.
If, on the other hand, your critic holds firm even after you repeat his complaints in his own words, you'll need some time to develop a good response. You've shown that you've understood "where he's coming from," and hopefully you've done so without betraying anger or shame. Now it's time for a graceful exit. "That's certainly something to think about going forward, and I appreciate the feedback," you might say. This presents you as someone genuinely trying to do the best job possible – and places the focus on future interactions.
Responding to a critical colleague
Well, you certainly have been given something to think about, and now you've bought some time. The best possible response will depend, of course, on whether your critic is a colleague or a superior.
If it's a colleague, the first thing to do is take the time-tested advice: "Consider the source." Is he a respected voice within the company, or someone who criticizes others in a desperate attempt to shore up his own flagging reputation? If it's the latter, you may have already solved the problem by calmly repeating his criticism during the meeting. "There he goes again," other team members quite likely will have thought.
However, if your critic's opinion carries weight within the company, it's worth doing some damage limitation. One good idea might be to suggest a meeting to hash out your differences. Even if you find his reasoning flawed, don't discount the chance that you might have something to learn from him. The two of you might together come up with an improved strategy, and you'll emerge from the interaction with a reputation as a team player who pursues the best interests of the company.
So if you think he's wrong, be open-minded but stick to your guns – graciously.
If he persists, and you are convinced that he's wrong, you might consider looking for buy-in from a superior. Be careful not to launch a personal attack – accurately portray both sides of the argument, and explain that that you understand his point of view, but that your side is better. Again, even if your boss sides with your critic, you'll come off as someone actively looking out for the company's best interest.
Tangling with the boss
What, though, if your critic is your boss? This is a knottier problem. First, schedule a meeting, and hear him out. Are you sure his criticism isn't valid? If he does on balance make sense, then cede the point, and adjust your approach appropriately.
If you remain convinced that his criticisms fall wide of the mark, and he persists in making them, try graciously, through one-on-one meetings, to bring him round to your view. Failing that, you might request a meeting with someone higher up the ladder. In doing so, though, recognize that you risk undermining your position further. Again, make your case as calmly and rationally as possible.
Providing you and your boss both keep in mind the goals of the team, rather than your personal or professional differences, you should be able agree a positive way forward.
Rational discourse really is the best antidote to unfair criticism. More often than not, it wins out in the corporate world, providing the people involved are open and willing to finding the best course.
Maintaining your self-esteem
Being subjected to unfair criticism can easily be a bruising experience, however well you handle your critic. So it's important that you don't let the experience damage your self-esteem or self-confidence.
The main thing to remember is that we're talking about unfair criticism here rather than constructive feedback. Sometimes the criticism is unfair because it's simply incorrect. And on other occasions it's unfair because it's about something that has no bearing on how you do your job. Either way, remember that it indicates shortcomings in your critic rather in you.
If you find you continue to dwell on it, though, use the techniques of thought awareness, rational thinking and positive thinking to clarify in your own mind that you, your skills and your actions did not deserve the criticism they received.
How to make a great first impression?
It takes just a quick glance, maybe three seconds, for someone to evaluate you when you meet for the first time. In this short time, the other person forms an opinion about you based on your appearance, your body language, your demeanor, your mannerisms, and how you are dressed.
With every new encounter, you are evaluated and yet another person's impression of you is formed. These first impression can be nearly impossible to reverse or undo, making those first encounters extremely important, for they set the tone for all the relationships that follows.
So, whether they are in your career or social life, it's important to know how to create a good first impression. This article provides some useful tips to help you do this.
Be on Time
Someone you are meeting for the first time is not interested in your "good excuse" for running late. Plan to arrive a few minutes early. And allow flexibility for possible delays in traffic or taking a wrong turn. Arriving early is much better that arriving late, hands down, and is the first step in creating a great first impression.
Be Yourself, Be at Ease
If you are feeling uncomfortable and on edge, this can make the other person ill at ease and that's a sure way to create the wrong impression. If you are calm and confident, so the other person will feel more at ease, and so have a solid foundation for making that first impression a good one.
Present Yourself Appropriately
Of course physical appearance matters. The person you are meeting for the first time does not know you and your appearance is usually the first clue he or she has to go on.
But it certainly does not mean you need to look like a model to create a strong and positive first impression. (Unless you are interviewing with your local model agency, of course!)
No. The key to a good impression is to present yourself appropriately.
They say a picture is worth a thousand words, and so the "picture" you first present says much about you to the person you are meeting. Is your appearance saying the right things to help create the right first impression?
Start with the way you dress. What is the appropriate dress for the meeting or occasion? In a business setting, what is the appropriate business attire? Suit, blazer, casual? And ask yourself what the person you'll be meeting is likely to wear – if your contact is in advertising or the music industry, a pinstripe business suit may not strike the right note!
For business and social meetings, appropriate dress also varies between countries and cultures, so it's something that you should pay particular attention to when in an unfamiliar setting or country. Make sure you know the traditions and norms.
And what about your grooming? Clean and tidy appearance is appropriate for most business and social occasions. A good haircut or shave. Clean and tidy clothes. Neat and tidy make up. Make sure your grooming is appropriate and helps make you feel "the part".
Appropriate dressing and grooming help make a good first impression and also help you feel "the part", and so feel more calm and confident. Add all of this up and you are well on your way to creating a good first impression.
A Word about Individuality
The good news is you can usually create a good impression without total conformity or losing your individuality. Yes, to make a good first impression you do need to "fit in" to some degree. But it all goes back to being appropriate for the situation. If in a business setting, wear appropriate business attire. If at a formal evening social event, wear appropriate evening attire. And express your individuality appropriately within that context.
A Winning Smile!
"Smile and the world smiles too."* So there's nothing like a smile to create a good first impression. A warm and confident smile will put both you and the other person at ease. So smiling is a winner when it comes to great first impressions. But don't go overboard with this – people who take this too far can seem insincere and smarmy, or can be seen to be "lightweights".
(*Author Unknown)
Be Open and Confident
When it comes to making the first impression, body language as well as appearance speaks much louder than words.
Use your body language to project appropriate confidence and self-assurance. Stand tall, smile (of course), make eye contact, greet with a firm handshake. All of this will help you project confidence and encourage both you and the other person to feel better at ease.
Almost everyone gets a little nervous when meeting someone for the first time, which can lead to nervous habits or sweaty palms. By being aware of your nervous habits, you can try to keep them in check. And controlling a nervous jitter or a nervous laugh will give you confidence and help the other person feel at ease.
Small Talk Goes A Long Way.
Conversations are based on verbal give and take. It may help you to prepare questions you have for the person you are meeting for the first time beforehand. Or, take a few minutes to learn something about the person you meet for the first time before you get together. For instance, does he play golf? Does she work with a local charitable foundation?
Is there anything that you know of that you have in common with the person you are meeting? If so, this can be a great way to open the conversation and to keep it flowing.
Be Positive
Your attitude shows through in everything you do. Project a positive attitude, even in the face of criticism or in the case of nervousness. Strive to learn from your meeting and to contribute appropriately, maintaining an upbeat manner and a smile.
Be Courteous And Attentive
It goes without saying that good manners and polite, attentive and courteous behavior help make a good first impression. In fact, anything less can ruin the one chance you have at making that first impression. So be on your best behavior!
One modern manner worth mentioning is "turn off your mobile phone". What first impression will you create if you are already speaking to someone other than the person you are meeting for the first time? Your new acquaintance deserves 100% of your attention. Anything less and you'll create a less than good first impression
How to keep information fresh in your mind?
Normally peoples' memories of things they have learned are clearest immediately after they have learned them. They will then forget more and more knowledge as time goes on. After a few months they may only be able to recall only a tiny percentage of what was initially learned. This makes relearning information difficult when it needs to be done.
If you review knowledge frequently, however, then you will be able to keep it fresh and alive in your mind. This makes it easy to recall when you need it with a minimum of effort.
This section explains how to review material in a structured and effective way.
The first step is to spend a few minutes reviewing material immediately after the learning session. This helps you to:
- Confirm that you understand the material.
- Reduce the time needed to relearn information when you need it.
- Improve the quality of future learning, by building on a well-remembered foundation. This helps your mind to make connections and linkages that it would not otherwise make.
A good way of carrying out this review is to rewrite or tidy up notes. You can do this effectively by putting the information learned into a Concept Map.
After this, reviewing information should be relatively easy and need not take long. Carry out reviews at the following times:
- After one day.
- After one week.
- After one month.
- After four months.
Review the topic by taking a few minutes to jot down everything you can remember about the subject, and compare this with your notes.
If you review information often, it should stay fresh in your mind, and will be easily accessible when you need it.
Monitoring Marketing Goal
Marketing goals deals in various factors of the organization. Every organization wants to increase the sales, increase the public awareness about their business, customer retention, increase in profit, reduction in cost, etc. All these factors are comes under the marketing goals. It is necessary for the researcher to monitor the goals of marketing. Researcher can use different ways of monitoring the progress of marketing goals (Dibb & Simkin 2008). Firstly researcher has to analyze whether the goals that have been framed should be according to the customer’s needs and wants. Researcher can monitor the progress by observing the employees, while working. With the help of observation, researcher can analyze the total time taken by the employees and utilization of resources (Ferrell & Hartline 2010).Secondly, researcher should monitor that mission of the organization should be consistent with the marketing goals. Marketing goals means results that have been achieved through marketing plans. But these goals should be aligned with organization objectives also. Thirdly, organization can set the parameters through, which they can compare, the actual working with the stated goals. Another method of monitoring is to observe the results that have been achieved and analyzing the customer feedback (Kotler, Lee, Farris & Kiddon 2010).
Monitoring plays an important role in achieving the success of marketing goals. It gives the assurance that efforts are conform to the desired plans. Monitoring helps in achieving the better performance and also motivates the employees. Monitoring can be taken as tool for controlling the various activities that are beyond the desired plans. Various corrective actions can be taken in policies and plans according to changes in environment (McMurtry 2003). With the help of monitoring organization can optimally utilize all the resources and achieve the results effectively and efficiently. All these above stated factors contribute in the success of marketing goals.
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References
Dibb, S. & Simkin, L. (2008). Marketing Planning: A Workbook for Marketing Managers. USA: Cengage Learning.
Ferrell, O.C. & Hartline, M. (2010). Marketing Strategy. 5th ed. USA: Cengage Learning.
Kotler, P. Lee, N. Farris, P.W. & Kiddon, J (2010). Marketing Strategy from the Masters (Collection). New Jersey: FT Press.
McMurtry, J.M. (2003). Big business marketing for small business budgets. USA: McGraw-Hill Professional
5P's of Strategy
What's your approach to developing strategy?
Many of us brainstorm opportunities, and then plan how we'll take advantage of them. Unfortunately, while this type of approach is important, we need to think about much more than this if we want to be successful.
After all, there's no point in developing a strategy that ignores competitors' reactions, or doesn't consider the culture and capabilities of your organization. And it would be wasteful not to make full use of your company's strengths - whether these are obvious or not.
Management expert, Henry Mintzberg, argued that it's really hard to get strategy right. To help us think about it in more depth, he developed his 5 Ps of Strategy – five different definitions of (or approaches to) developing strategy.
About the 5 Ps
Mintzberg first wrote about the 5 Ps of Strategy in 1987. Each of the 5 Ps is a different approach to strategy. They are:
- Plan.
- Ploy.
- Pattern.
- Position.
- Perspective.
By understanding each P, you can develop a robust business strategy that takes full advantage of your organization's strengths and capabilities.
In this article, we'll explore the 5 Ps in more detail, and we'll look at tools that you can use in each area.
1. Strategy as a Plan
Planning is something that many managers are happy with, and it's something that comes naturally to us. As such, this is the default, automatic approach that we adopt – brainstorming options and planning how to deliver them.
This is fine, and planning is an essential part of the strategy formulation process.
The problem with planning, however, is that it's not enough on its own. This is where the other four Ps come into play.
2. Strategy as Ploy
Mintzberg says that getting the better of competitors, by plotting to disrupt, dissuade, discourage, or otherwise influence them, can be part of a strategy. This is where strategy can be a ploy, as well as a plan.
For example, a grocery chain might threaten to expand a store, so that a competitor doesn't move into the same area; or a telecommunications company might buy up patents that a competitor could potentially use to launch a rival product.
Here, techniques and tools such as the Futures Wheel, Impact Analysis and Scenario Analysis can help you explore the possible future scenarios in which competition will occur. Our article on Game Theory then gives you powerful tools for mapping out how the competitive "game" is likely to unfold, so that you can set yourself up to win it.
3. Strategy as Pattern
Strategic plans and ploys are both deliberate exercises. Sometimes, however, strategy emerges from past organizational behavior. Rather than being an intentional choice, a consistent and successful way of doing business can develop into a strategy.
For instance, imagine a manager who makes decisions that further enhance an already highly responsive customer support process. Despite not deliberately choosing to build a strategic advantage, his pattern of actions nevertheless creates one.
To use this element of the 5 Ps, take note of the patterns you see in your team and organization. Then, ask yourself whether these patterns have become an implicit part of your strategy; and think about the impact these patterns should have on how you approach strategic planning.
Tools such as USP Analysis and Core Competence Analysis can help you with this. A related tool, VRIO Analysis, can help you explore resources and assets (rather than patterns) that you should focus on when thinking about strategy.
4. Strategy as Position
"Position" is another way to define strategy - that is, how you decide to position yourself in the marketplace. In this way, strategy helps you explore the fit between your organization and your environment, and it helps you develop a sustainable competitive advantage.
For example, your strategy might include developing a niche product to avoid competition, or choosing to position yourself amongst a variety of competitors, while looking for ways to differentiate your services.
When you think about your strategic position, it helps to understand your organization's "bigger picture" in relation to external factors. To do this, use PEST Analysis, Porter's Diamond, and Porter's Five Forces to analyze your environment - these tools will show where you have a strong position, and where you may have issues.
As with "Strategy as a Pattern," Core Competence Analysis, USP Analysis, and VRIO Analysis can help you craft a successful competitive position. You can also use SWOT Analysis to identify what you do well, and to uncover opportunities.
5. Strategy as Perspective
The choices an organization makes about its strategy rely heavily on its culture – just as patterns of behavior can emerge as strategy, patterns of thinking will shape an organization's perspective, and the things that it is able to do well.
For instance, an organization that encourages risk-taking and innovation from employees might focus on coming up with innovative products as the main thrust behind its strategy. By contrast, an organization that emphasizes the reliable processing of data may follow a strategy of offering these services to other organizations under outsourcing arrangements.
To get an insight into your organization's perspective, use cultural analysis tools like the Cultural Web, Deal and Kennedy's Cultural Model, and the Congruence Model.
Using the 5 Ps
Instead of trying to use the 5 Ps as a process to follow while developing strategy, think of them as a variety of viewpoints that you should consider while developing a robust and successful strategy.
As such, there are three points in the strategic planning process where it's particularly helpful to use the 5 Ps:
- When you're gathering information and conducting the analysis needed for strategy development, as a way of ensuring that you've considered everything relevant.
- When you've come up with initial ideas, as a way of testing that that they're realistic, practical and robust.
- As a final check on the strategy that you've developed, to flush out inconsistencies and things that may not have been fully considered.
Using Mintzberg's 5 Ps at these points will highlight problems that would otherwise undermine the implementation of your strategy.
After all, it's much better to identify these problems at the planning stage than it is to find out about them after you've spent several years – and millions of dollars – implementing a plan that was flawed from the start.