Discuss about the Essay for Brand Protection and the Globalization of British Business?
The assignment will cover the development process of a successful business plan towards launching a new business in a retail sector. The concept of the retail sector management is very vast. It mainly deals in the marketing and development process of different kinds of products. It is the process of selling customer goods and services by the process multiple channels of distribution in order to earn a profit. Business exits in a dynamic environment (Chakrabarti, 2013). The meaning of the word self-motivated environment is an environment, which is chaining in a continuous basis. The job of an effective entrepreneur is to analyze all the areas of marketing in a continuous manner, which will conclude in the process of development of a proper marketing plan and process (da Silva Lopes & Casson, 2012). Developing a proper target market is one of the key areas, which for launching a new commerce in retail sector with an objective to obtain to obtain marketing and operational support from possible backers. Demand is created through a vast target market. Launching a new product in the market includes a lot of research work that needs to be performed in the process of development of a proper marketing plan.
The primary thing, which needs to be analyzed in a proper manner, is conclude about the demands of the customers. The technological advancement has brought a major breakthrough in the operational activities of the human. The product, which is selected in the study, is a Smart Watch (Gupta, Massisimo & Koontz, 2013). The contribution of technology towards the development process of a proper communication system is remarkable (Gaudenzi & Borghesi, 2012). The objective of this particular watch is to function beyond time keeping. It is a computerized wristwatch, which will perform multi-tasking activities such as calculations, transactions, communication, and game playing. On the other hand, the smart will perform different kinds of multimedia activities such as FM Radio, audio and video. After completing different kinds of investigation procedure, the retail sector has decided to develop a proper smart watch, which the users will be benefited in different ways (George & Jones, 2012).
In order to develop a new and modern product, the primary activity of the retail sector is to develop a proper advertisement and promotional activities. It will allow the organization to develop a proper communication between the buyers (Gupta, Massisimo & Koontz, 2013). The buyers will stay updated about the latest product and services and on the other hand, seller can conclude about the latest customer demands and wants. Based on the collected information the retail sector management will be able to develop a proper product, which will fulfill the requirements of the customers (Hoffmann, 2012). This is one of the ideal products, which the retail sector management needs to develop in order to develop a proper customer retention policy. It will automatically increase the sales and profit of the organization and will develop a new platform for the new generations. The application of the smart watch will get popularize as per the technological advancement (Hood, 2013).
Business exits in a dynamic environment. The job of a successful entrepreneur is to analyze all the situations of the commerce in a proper manner, which will conclude about the requirements of the organization as well as the market (Hopkin, 2012). There are certain entrepreneur goals and activities that every entrepreneur needs develop depending upon the character of the organizations (Gupta, Massisimo & Koontz, 2013). In every association, the job of the entrepreneur is to convert all the behavior of the business organization in a proper manner, which will allow the association to achieve the universal organizational goals, and managerial actions. In order to develop proper business activities all the entrepreneur in the organizations needs to perform all the organizational activities in a continuous manner (Klijn, Schweckendiek, Klijn & Schweckendiek, 2013).
The organizational activities includes the process of planning, organizing, coordinating and controlling are the four important factors which every entrepreneur s in the organization needs to perform throughout the organizational activities. The role of every entrepreneur in the organizations is diversified. Based on the nature and the role of the organization every manger needs perform some of the key activities in the organizational plans and organizational procedure (Klijn, Schweckendiek, Klijn & Schweckendiek, 2013).
It is not possible for all the entrepreneur s to perform all the organizational activities. One of the key skills of the entrepreneur is to develop a proper financial decision making activities in the organization. Finance is the backbone of every organization. The process of developing a proper financial decision making activity is one of the most significant role of the mangers. The entrepreneur needs to apply its proper forecasting skills in order to anticipate the demands and wants of the market in order to conclude the best financial decision making process in the organization. Generally, the roles and the skills of the entrepreneur are divided into three levels. The first line entrepreneur, middle line entrepreneur and the top-level entrepreneur s are the three levels of entrepreneur. Efficiency is the notion of doing things in a right manner and on the other hand the notion of the effectiveness doing the right things (Klijn, Schweckendiek, Klijn & Schweckendiek, 2013). One of the key skills of a successful entrepreneur is to allocate the resources of the organization in a proper manner, which wills ensure in the optimum utilization of resources. Making decisions, allocating resources and direct activities of the individuals in the organizations are the key skills and roles of a successful entrepreneur in the organization (Moorhead & Griffin, 2012).
According to Mintzberg’s theory, in order to become a successful entrepreneur the role of the entrepreneur is classified into three segments. Interpersonal roles, informational roles and decisional roles are the three main roles which majority of the entrepreneur follows in the organizational plans and operations. Further, the notion of the skills is classified into three segments. Technical skills, human skills and conceptual skills are the three highlighted skills of every entrepreneur in the organizational plans and organizational procedures. The notion of the technical skills is the ability to apply specialized knowledge in the organizational plans and activities. The concept of the human skills is to conclude the ability to work among the people in order to motivate the employees both individual and in-group (Mynott, 2012). The notion of the conceptual skills is to analyze the motivational factors of every motivational skill of each employee in the organization. These are the three fundamental skills and roles of every successful entrepreneur s follow in the organizational plans and procedures.
Challenges and problems are always there in the organization. It is not possible for the entrepreneur to run a smooth a flow of the work in the organization. In the era of globalization all, the organizational gets the opportunity to diversify the business the business operations beyond the national boundary (Phillips & Gully, 2013). There are certain advantages as well as well as certain disadvantages in the process of globalization. The purchasing options of the customers are must diversified as compared with the traditional mode of shopping. In the process of globalization there are different employees joins the organization from different cultural backgrounds. The mode of communication differ one another. If every individual tries to follow their own way of communication in the organization, it will lead to confusion in the organizational operations and procedures.
Developing a proper cultural diversity in the organization is one of the most difficult jobs for the entrepreneur to develop a proper cultural diversity in the organizational (Robbins & Judge, 2012). It is one of the most difficult and challenging jobs for the entrepreneur to develop a cultural diversity in the organization. It is the primary job of the organization to develop proper socio cultural backgrounds. In order to implement a proper organizational plans and procedure, the primary step which every entrepreneur needs to develop in order to implement all the organizational plans and procedure.
The notion of the social responsiveness is another highlighted factor, which the entrepreneur of every organization needs to develop in the organizational plans and procedure (Schermerhorn, 2012). Sometimes it becomes very much difficult for any business firm mainly in the retail sector management to develop a proper responsiveness factor towards the organizational plans and procedure (Klijn, Schweckendiek, Klijn & Schweckendiek, 2013). The notion of the social responsiveness will allow the organization to demonstrate the requirements of the society. Every business firms needs to contribute some portion of the profit towards the development process of the background of the society (Trott, 2012). The final factor, which is highlighted towards the formulation of an entrepreneurship proposal and successful development of the plan, is another highlighted factor in the organizational plans and procedure. It is one of the most difficult for the entrepreneur to develop a proper and to market in the right manner (Werhane, 2012).
There are different kinds of risks, which are considered towards the development process of the organizational plans and procedures. Risks are the integrated part of the every entrepreneur ial plans and activities. The objective of this particular assignment is to analyze all the factors towards the development process of the selected product in the organization (Robbins & Judge, 2012). There are certain risks, which are included towards the development process of the selected product. The following part of the study will conclude about the different kinds of risk, which are involved in the development process of a proper marketing plans and procedure.
The concept of return on investment is one of the most important and challenging and important factor towards the development process of a proper marketing plan. Return on investment is a routine measure, which is used to measure the quantity of return on investment relative to the investment cost (Phillips & Gully, 2013). The selected product in the study is a smart watch. The concept of smart watch is a new product in the market. There will be certain challenges and barriers, which can be found towards the development process of a proper marketing plans and procedure.
The concept of risk management is the identification of risk in the organizational plan and organizational operations (Liu, 2012). To expand a proper risk management system in the organization, the primary objective is to expand a proper monitoring system in the organization, which will rectify the errors in the organization.
The primary objective of developing a proper marketing plan is to build a proper communication channel between the buyers and users. In order to do so, adopting different process of advertisement and promotion is the ideal platform in order to develop a proper marketing plans and process. The company needs to adopt two different modes of communication system (Moorhead & Griffin, 2012).
One is the traditional modes of communication system and the other hand is the modern mode of communication system. Depending upon the objectives of the business, majority of the companies developing innovative products needs to adopt the platform of the modern mode of communication system such as Facebook, twitter and You Tube is the best mode of communication system. The objective of any marketing plan is to ensure that all the details of the product and services must reach to the customers in order to stay updated (Klijn, Schweckendiek, Klijn & Schweckendiek, 2013).
Operational issues are some issues, which are identified in the daily operations of the business. It operational issues include different kinds of entrepreneur issues such as maintaining the working capital management of the organization which will ensure in the free and smooth of business. The operational issues, which can be identified in the business operations, are the allocation of resources, which the majority of the entrepreneur faces in the daily business operations (Hood, 2013). These are the two identified issues, which can be concluded in the operational management of any company.
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Liu, J. (2012). Microfinance Risk Management with Work Breakdown Structure. JFRM, 01(03), 38-41. https://dx.doi.org/10.4236/jfrm.2012.13007
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Werhane, P. (2012). Globalization and Its Challenges for Business and Business Ethics in the Twenty-first Century. Business And Society Review, 117(3), 383-405. https://dx.doi.org/10.1111/j.1467-8594.2012.00410.x
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