Discuss About The Framework Responsible Business Management.
In the present age of competition, it is seen that most of the companies and organizations lack strategic approach towards the management of the business operations. This has added vulnerability to the market position. The major drive behind this is the employees’ failure towards making practical application of the learnt skills in carrying out the workplace operations (Pinto, 2015). Therefore, in order to alter the current business scenario, the companies and organizations need to adopt broader perspectives (Adekola & Sergi, 2016). This assignment peeks into the wish.com online shopping company for assessing the appropriateness, effectiveness and feasibility of the current business practices.
Google and Yahoo engineers took their planning to an advanced stage through the formation of wish.com in 2011. As a matter of specification, it is a Chinese website providing access to shopping for the customers across the globe. Numerous shops with various and wide ranging products find a platform at this site for expanding their business (Wish.com, 2018). One of the greatest strengths of the site is the provision of personalized experience to the users regarding the implementation of their purchasing power. Wish. Com has been enlisted as the 6th largest e-commerce company in the world. The major drive behind this is the hard efforts of 300 employees towards increasing the revenue to US$ 1 billion.
Business model canvas enhances the clarity of the readers regarding the current business information about the companies and organizations (Eniola & Entebang, 2015). The following is the business model canvas for wish.com.
Indulging in partnerships, with Staple centres and Los Angeles Lakers, results in the introduction of lucrative deals, trades and transactions for enhancing the productivity of wish.com. Along with this, consultation with the members of trade union assists in stabilizing the financial parameter (Gamble & Thompson, 2014). This assistance, in turn, aids in setting prices of the products. Adhering to the terms and conditions of the contracts, act as an agent in maintaining the stability in the relationship with the stakeholders and shareholders (Wish.com, 2018). The means of social media and apps bridges the gap between the customer and the personnel. Effective and judicious use of the technology helps the personnel to achieve loyalty, trust and dependence from the customers (Gollenia, 2016). Return policy and the access to the users regarding the mobile apps is the value proposition, which enhances the brand image of wish.com.
Creation of a wishlist app reflects the conscious approach of the wish.com personnel towards respecting the purchasing power of the customers. Low priced goods made the app popular among the customers. This compelled the personnel to adopt direct marketing for enhancing the stability in the relationship with the customers (Hatten, 2015). This type of marketing made wish. com an e-commerce platform. This app increased to the stock of customers. As a matter of specification, 300 million users were recorded to be using the app (Wish.com, 2018). Surveys point out the app to be occupying the first position in 42 countries, where the site has its outlets. Facebook has increased the sales revenue of the online shopping site by nearly 500 million. The ads on the Facebook has added to the stock of customers, expanding their business (Kerzner & Kerzner, 2017).
In the era of 2017 the app of wish.com gained popularity in the threshold of USA. In this year itself, the site broke the records of Amazon through the iOS app store and Google Play. The sales revenue reached 32.5 million US dollars.
Funding from the venture capital firms like Temasak, DST, GGV capital lay the foundation for the growth of wish.com to over $1 billion. In the 2015 edition of Business Insider, Amazon lured wish.com with an offer of US$10 billion. Apart from this, there is also evidence of Alibaba expressing their interest towards extending their helping hand towards wish.com (Wish.com, 2018).
Training to the customers regarding opening an account and using the wishlist has enabled the personnel to receive loyalty, trust and dependence from the customers. Providing access to the users to the account has enhanced their familiarity to the latest trends adopted by the shopping site.
Refund policy reflects the attempts of the personnel towards the wellbeing of the customers. Strictness in the adherence to this policy has resulted in the preservation of the organizational culture and values (Parris et al., 2016).
The marketing process of the site is online, therefore the major risk is the cyber crime. Absence of privacy cookies and policies aggravates the complexities of the users in terms of using the account. If the loans regarding the purchase of the security software are not repaid timely, it acts as a compromise with the needs, demands and requirements of the customers (Rosemann & Brocke, 2015). Lack of monitoring the login of the users into the apps and accounts provides access to the hackers regarding intervening into the personal information of the users (Wish.com, 2018). This is a huge loss for the personnel in terms of catering to the wellbeing of the customers.
Self-attempts to repair the systems can delay the efficient execution of the projects. This is also a loss in terms of the organizational resources, which can aggravate the complexities in times of crisis. This situation compels the personnel to encounter illegal issues, stalling the productivity (Wild, Wild & Han, 2014).
Adopting new systems when the staffs lack the basic skills, is one of the potential risks. This is in terms of maintaining the pace with the contemporary brands in the competitive ambience. Along with this, it adds an interrogative parameter to the individual capability of the staffs in terms of carrying out the assigned duties and responsibilities. In this situation, lack of monitoring the performance is an additional difficulty in terms of achieving efficiency in the business operations (Wish.com, 2018).
I am surprised at the diversified ways in which the users are assisted to use the account and the apps. I feel organizing a training course for the staffs would have been beneficial in terms of giving practical experience of using the wishlist apps. Making them do the steps themselves would help them to become familiar with the latest activities of the shopping site. I would have introduced a privacy policy. In this, I would have installed security software in the user’s account, so that no third party could intervene into the personal information of the users. After this, I would have provided the staffs with training, which would have enhanced their preconceived skills, expertise and knowledge on customer service. Practical experience would have helped them to carry out the tasks in an efficient and effective manner.
I would have taken post-training tests to assess the capability of the staffs in making practical application of the learnt skills in doing the workplace activities. I would have indulged in meetings with the board panel for deciding the training courses. Here, dividing the training courses into segments would have been my focus for helping the staffs to gain an easy grasp towards the business aspects.
At the initial stage, I would have made plans, which would help me in strategizing the activities according to their priority. As a sequential step, I would have evaluated the effectiveness of the plans with the stakeholders and shareholders. After this, I would have send a draft of the meeting to the director for gaining his signed approval regarding the initiation of the activities. This approval would help me to avert illegal instances. Along with this, I would have informed the law personnel regarding the constructed plans. This would act assistance in terms of maintaining the legal business practices.
Evaluation is one of the most important steps, which I would have followed. This is in terms of bringing to the forefront the drawbacks within the ways and means of doing the business activities. I would have maintained consistency in the execution of evaluation for upgrading the standards and quality of the performance. In this evaluation, I would take the help of survey and feedback from the customers for gaining an insight into their approach towards the levied services. Uploading the survey and feedback forms on the website and the social networking sites would help me to reach large number of customers.
I would organize lectures and seminars for the staffs and encourage them to take part. This would broaden their perspectives towards the efficient and effective ways of carrying out the tasks. Along with this, I would have motivated the staffs to indulge in group discussions. This would enhance the aspect of teamwork between them and enhance the workplace diversity. This enhancement is the key towards achieving infrastructural development.
Conclusion
This assignment emerges successful in providing an insight into the business of Wish.com. The business model canvas acts as a summarization for the business practices adopted by the online shopping site to cater to the needs of the customers. Establishing relationship between the building blocks of the canvas can be related to the collaborative attempts of the personnel towards enhancing the productivity. Risk assessment exercise reflects the consciousness approach of wish.com personnel towards ensuring the wellbeing of the customers. Negligence towards risk assessment results in the achievement of negative outcomes. Self-reflection towards changes in business indicates the confidence regarding the upgrading the standards and quality of business.
References
Adekola, A., & Sergi, B. S. (2016). Global business management: A cross-cultural perspective. Routledge.
Carroll, A., & Buchholtz, A. (2014). Business and society: Ethics, sustainability, and stakeholder management. Nelson Education.
Eniola, A. A., & Entebang, H. (2015). Government policy and performance of small and medium business management. International Journal of Academic Research in Business and Social Sciences, 5(2), 237.
Gamble, J., & Thompson, A. A. (2014). Essentials of strategic management. Irwin Mcgraw-Hill.
Gollenia, L. A. (2016). Business transformation management methodology. Routledge.
Hatten, T. S. (2015). Small business management: Entrepreneurship and beyond. Nelson Education.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Parris, D. L., Dapko, J. L., Arnold, R. W., & Arnold, D. (2016). Exploring transparency: a new framework for responsible business management. Management Decision, 54(1), 222-247.
Pinto, J. K. (2015). Project management: achieving competitive advantage. Prentice Hall.
Rosemann, M., & vom Brocke, J. (2015). The six core elements of business process management. In Handbook on business process management 1 (pp. 105-122). Springer Berlin Heidelberg.
Wild, J. J., Wild, K. L., & Han, J. C. (2014). International business. Pearson Education Limited.
Wish.com (2018). About us. Available at: www.wish.com [Accessed on 23rd March 2018
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