Systematic process and achieved goals are concerned as best practices in the business. The practices are reviewed as exemplary and demonstrated successfully. The practices are designed in order to satisfy the organisational needs. Benchmarking process is applied cross-industry analysis, industry analysis in the organisational self-operating region and in the global platform for the appraisal of processes, behaviours that are helpful in igniting excellence of the organisational performance.
There are some factors that often affect the organisational practices of Harvey Norman both in internal business and in external. Internal communication, hierarchy levels, company’s structure, Economics and external communications are included in the factors.
Business Model Canvas:
Totalnine elements are there in the business canvas model such as the key partners, key activities, key resources, value propositions, customer relationships, channels, customer segments, cost structure and revenue streams as per the comment of Karatas?Ozkan (2014). The key drivers have included customer segments, value propositions, revenue streams, et cetera that is mentioned in the following picture:
Figure 1. Business Model Canvas
Source: Joyce & Paquin (2016)
Focus, flexibility and transparency are three things that are to be focused on. The model describes that all functions that a business performs in the form of dealings of actions as well as resourcing. But the focus of the focus of the business will be on the constant flows and correlation between the elements that are pictured above. The consideration of functionality as well as ‘functioning’ of business for the enhancement of performance of and perspective on innovation and increasing efficiency, as per the statement of Ebertet al. (2014).
Before being engaged with this canvas model, it is recommended to projecting the model on a board and then the nine elements are to be filled out for the business. The next step that is to be taken is to analyse that the implementation of the model in the business of Harvey Normanwill have a better result or not. Harvey Norman is to segment the dimensions of a market, macro analysis of the base of customers and habits, problem; needs are to be analysed for a value proposition. A model is a tool, where the nine elements are not at all equal. The pairing of value proposition and customer segments is the independent variable, which can set other things in business as said by Ebertet al. (2014). At CEES, Nest has added many key partners. Franchise fees are to be written in the revenue stream by Harvey Norman. It maintains good customerrelationship as they deliver products at the right time and take feedbacks from the customers. For attaining customers’ loyalty, they even extend warranty up to two plus three years.
There are some problems in the appliance of the Canvas Model in Harvey Norman.Karatas?Ozkan (2014) said that training is highly needed for the use of this tool. If the employees are not well trained and knowledgeable, it becomes very tough to put the exact things under the column of Revenue streams as well as key resources as per the comment of Tuamsuk, Phabu& Vongprasert (2013). There are some service issues of the company’s service delivery like the products if stop working, then the service issues often fall during the time of extended warranty, for which the customers offend sometimes. So, there are some issues of service, revenue, products et cetera, for which the employees of Harvey Normanshould be aware of. On the contrary, Lussier & Corman (2015) thinks that main problems or difficulties arise as no relationships exist between the building blocks of the tool. Because of that customer segment cannot be easily connected to revenue streams. Sticky notes are tough to read, difficult to synchronise and that is one of the issues of this communication tool.
Figure2. Service Business
Source: Tuamsuk, Phabu& Vongprasert (2013)
Service-business presents advanced research on the business of service sector. The work practices that have a high-performance record can improve their positive attitudes as well as beliefs related to employee engagement of business as said by Tuamsuk, Phabu& Vongprasert (2013). Discretionary behaviours can be generated by the service business practices of by which business performances can be ignited to a greater extent. In that process, the employees who are engaged design plans, conceive and most importantly implement.
In accordance withKaratas?Ozkan (2014), three aspects are there in Employee Engagement, and the aspects are cognitive, behavioural and emotional. The beliefs of employees are involved in the intellectual aspect of this concept of employee engagement. The beliefs of employees are about the business organisation named Harvey Norman, and the working condition is involved in this employee engagement along with leaders.
The emotional aspect of Employee Engagement is about how the employees think about emotional, behavioural and cognitive factors and what type of attitudes they have in their minds as per the comment of Joyce & Paquin (2016). Another aspect that is behavioural concerns about the value-added constituent of a business organisation like Harvey norman.
This work practice of Harvey Normantakes the right form when many practices work together that leaves the hopeful impact on employee engagement. Summarization is needed when employees are provided with information, knowledge, power and last but not the least is rewarded as per the statement of Joyce & Paquin (2016).
A small level of the influence is meant by the ‘Power’ as in presenting others input into organisational decisions or having ultimate authority as well as responsibility for the decisions and also for the outcomes of the decisions as stated by Tuamsuk, Phabu& Vongprasert (2013). On the contrary, Karatas?Ozkan (2014) said that it simply means the giving right to employees to take business decisions that can be Harvey Norman’s organisational performance or their responsibilities.
Data and information on organisational performance, business outputs and its quality, profitability, revenues and lastly customers’ reactions are related to ‘Information’.
Abilities, as well as skills, are included in the concept of knowledge of an employee. Training advancement is needed to improve knowledge, and so the organisation is to invest the right amount of money in the training process. It is needed to have enough knowledge in employees as they are part of decision-making process.
The reward is considered as another component of high-performance work-system, and it means to give employees a reward for the discretionary efforts they make to move forward the reward system also increases the motivational level of employee and that helps to ignite their level of performance as said by Tuamsuk, Phabu& Vongprasert (2013).
Suppliers’ bargaining power:
High completion is evident in the market of suppliers of the Hervey Norman xompany. To suppliers of the company, volume is indeed very critical. Production inputs that are critical of the suppliers are more or less similar.
Customers’ bargaining power of Hervey Norman:
There are a long number of customers who buy the products of Hervey Norman. The customers want only the quality of the products and they cannot compromise with the quality. It doest matter if the range is high of the quality products.
Existing Rivalry:
The size of the industry of Hervey Norman is pretty high. The competition in the business market is limited by the interference of the Government.
New Competitors’ threat:
Names of the brand matters in the market nand strong names are indeed important to achieve the loyalty from customers. Existing brands of the market have already taken away the commitment of the customers. A barrier to take entry in the competition market is pretty high.
PESTEL:
Strong regulations and Rules will help the Hervewy Norman to bestabliusgh theikr business and the stable political condition enables the business to grow rapidly. Strict lanbor laws help the company to hold of labor and to increase productivity. The healthiest benefit is the freedom that the Hervey Norman gets to develop their business.
Low inflation rate helps the business to become economically stronger and it has helped the co,pany to geyt labors and other commodities and can earn profits.
100% rate of literacy is the social factor that has helped the company to get loyal customers to whom, computers and related electronic things have major importane and thiose are the parts if their life.
OECD educational system, use of internet, advanced technology has made it easier for the company for developing their business.
7S model can be used by Hervey Norman for the improvement if the company’s performance. Another intention of the use of the model is the analysis of the effects of the changes and future impacts of Hervey Norman. The capabilities of the employees of Hervey Norman are to be measured for enhancing their business productivity as stated by Tuamsuk, Phabu& Vongprasert (2013).. Enhancing the structure of the enterprise is important as the business climate matters. Staffs’ daily activities are to be evaluated to understand the progress of the job.
Good behaviours, as well as necessary and applicable systems, represent the practices of business in a business organisation that is indeed helpful in the driving performances. In the business field, a business enterprise is to keep eyes on the best suitable form of practices. This is to be done for enhancing the business performance as well as to increase the capability of the performances of that organisation, as said by Lussier & Corman (2015). Learning about what suits better, how to implement and for why it should be implemented is main important part of practices. Potgieter & Coetzee (2013) think that setting tasks is the primary and main important thing of business practice and implementation is no less important, and both should be kept in focus by Harvey Norman. Best multi-channel-retailer is Harvey Normanand demonstrating their best practice is something for which they got the award. On the contrary, Mainela & Ulkuniemi, (2013) things that, teamwork, as well as communication, is the main part of business practice. In short, the business practice consists of four major consideration, and they are standardised, coordination, methodise and align. Thus it can be said that four processes are to be followed in any business practice as said by Hall & Ko (2014).Harvey Norman even got the biggest ranking of an e-commerce leader as they maintain good strategies in the online platform.
Two categories are there that fall under the classification of the business environment, and those are internal environment as well as the external environment of business. Macro and Micro are the two components of the external business environment. The business of a company can be affected by some factors that can be regional level, social as well as international factors. According to Boehm & Thomas (2013), five forces are counted as environment factors like socio-cultural, economic, technological, political-legal and international. Today’s global business are being highly affected by some external factors such as revolution of Information Communication Technology or ICT, but the effect of globalisation or world business cannot be ignored.
The lifeblood of a business process is money, and there is micro as well as the macro economy, which is important for taking strategic decisions. There are some elements that can affect any business such as the economic system, the fiscal policy, monetary policy, economic autonomy, functions of an economical system, economic legislations, tax rates, a rate of interest et cetera as stated by Longenecker et al. (2013). On the contrary, Wild, Wild, & Han (2014) thinks that a business organisation is to focus on the import as well as export policy and production related factors for business growth. If the factors like credits availability, trends of unemployment, economic conditions of foreign countries, country’s inflation trends and OPEC policies cannot be analysed and looked after, the businesses of Harvey Normanwill sure come on the rocks.
Conclusion:
Implementation of High-Involvement Management is necessary for High-Performance work, but for achieving this, every organisational aspect should be designed separately. Sometimes, managers face problems related to the identification of the starting point from where it would better to start. For the senior executives, in business, Employee Engagement is the main priority. Innovation can be increased by the only highly-engaged workforce. Business is dead when right culture is not there in the business environment. Henry Ford said that when a business’s main agenda is to make money only, it can be considered as a poor business.
References:
Ebert, R. J., Griffin, R. W., Starke, F. A., & Dracopoulos, G. 2014. Business essentials. Pearson Education Canada.
Wild, J., Wild, K. L., & Han, J. C. 2014. International business. Pearson Education Limited.
Longenecker, J., Petty, J., Palich, L., & Hoy, F. 2013. Small business management. Nelson Education.
Boehm, M., & Thomas, O. 2013. Looking beyond the rim of one’s teacup: a multidisciplinary literature review of Product-Service Systems in Information Systems, Business Management, and Engineering & Design. Journal of Cleaner Production, 51, 245-260.
Hall, O. P., & Ko, K. 2014. Learning assurance using business simulations applications to executive management education. Developments in Business Simulation and Experiential Learning, 33.
Mainela, T., & Ulkuniemi, P. 2013. Personal interaction and customer relationship management in project business. Journal of Business & Industrial Marketing, 28(2), 103-110.
Potgieter, I., & Coetzee, M. 2013. Employability attributes and personality preferences of postgraduate business management students. SA Journal of Industrial Psychology, 39(1), 01-10.
Lussier, R. N., & Corman, J. 2015. A business success versus failure prediction model for entrepreneurs with 0-10 employees. Journal of Small Business Strategy, 7(1), 21-36.
Tuamsuk, K., Phabu, T., & Vongprasert, C. 2013. Knowledge management model of community business: Thai OTOP Champions. Journal of Knowledge management, 17(3), 363-378.
Karatas?Ozkan, M., Anderson, A. R., Fayolle, A., Howells, J., & Condor, R. 2014. Understanding entrepreneurship: challenging dominant perspectives and theorizing entrepreneurship through new postpositivist epistemologies. Journal of small business management, 52(4), 589-593.
Joyce, A., & Paquin, R. L. 2016. The triple layered business model canvas: a tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
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