The following discussion is going to be based on the issue that will create a significant business opportunity that may further enhance the ongoing businesses of a company. Management methods and the ways it related with one another are given out most important. The success of a business is mostly dependent upon the efficiency of the management. In simpler terms how much, the management can manage to create output with the minimum amount of input into the process.
The following discussion is going to explore a new market, which is closely associated with the pharmaceutical industry. This market’s existence is only because of pharmaceutical shops in the areas nearby. It will create its own market and attract its own consumers. Tyco Healthcare from Australia has been taken into account to conduct the study. A scenario is chosen which identify a new market and research has been carried out in order to explore the new possibility.
The following discussion is an investigation for a business opportunity, which came up through an ongoing business. The business opportunity has great potential and carries all the potential to go multinational. It can carry its own weight within a very short period and looks promising on the matter of breaking the no loss and no profit in a short period. The reason for the uprising of such business is discussed below in details.
The communication process of Tyco Healthcare is responsible for creating this business scenario. Even though the management team of all the sectors understands the issue, the democratic style of leadership is keeping them to take an initiative (Acosta et al 2018). Since the past couple of decades, total population around the world has seen a boom. As a result, the need for chemist has increased exponentially. People most of the time in need of medicine to survive. Over the past centuries, many new diseases came up and claimed human lives. Therefore, there is a constant need for medicine in every corner of the world. Some human being is also growing old and keeping a track of what medicine is needed when it is needed, how a person should take the medicine and when it should be refiled in order to keep going can be a challenging task. The following project is all about creating a business out of an ongoing business and the business is all about not only supplying of medicine to patents but also taking data of their health conditions and through data management solving the daily medication problems of a diseased person. It is mostly a service created out of necessity. This service not only provides the medicine on time but also keep a track of medicine intake. It will also make sure that refill of medicine is done before the patent run out of stock.
The business has a very good scope because of multiple reasons. Here are some of the things that are needed in order to run, make a profit and grow the business and it creates a perfect environment for the business to take its stand.
Although the above-discussed things may sound unethical it creates an almost perfect environment for the business to grow. As per the government of Australia, In Australia alone, every 1 out of 7 people is the age either of 65 or above (Merková, Rajnoha, & Dobrovi?, 2015). Keeping a track of medicine is a very hard task for the old people, hence providing a business opportunity and almost a new market to explore. This business has all the ingredients to make its stand. With aggressive pricing along with advertisements, it can capture a lot of market before the competitors.
The management of Tyco Healthcare does not understand the business opportunity (Kettunen, 2016). It is the responsibility of the Research and Development team to undertake different scenario to expand the business. However, their inefficiency in this matter is creating the above business opportunity. Even though the team is in discussion with upper management to create, evaluate and understand this business opportunity, their communication channel is creating a barrier for them to operate smoothly (Adamo, Borgo, Di Francescomarino, Ghidini, & Guarino, 2018, November).
The primary objective of the discussion is discussed below;
The secondary objective of the discussion is listed below;
The tertiary objective is to have a practical example and make an easement of overall the above two objectives (Bradrania, & Xu, 2017). In this discussion, Tyco Healthcare is taken as an organization to study and evaluate the management scenario and how it is giving birth to a new business opportunity from an issue by the management.
There are numerous amounts of risks associated with the business. These risks can be categorized into two different categories (Bessis, 2015). The first will be a business-specific category and the second will be general risk category.
Business specific category- the business specific category is made of those risks that can only take place for this particular business. For example, competitors’ adoption, changes in supply method by the vendors, operational risks and many more. This business operates within a fine line between vendors and the ultimate consumer. It provides a service that is not only very much important but also volatile in nature if used for wrong reasons. Although the change is very small the effect can make a large impact. The competitors can understand the method of conducting this new business and start adopting the methods in a very short period. Operational risk can become a major issue for the business as because in order to conduct the business there is a need for collecting the health care data of civilians. The health care data can become volatile if in case it gets to any wrong hand.
General risk- some risks can be general in nature, it means these risks can take place for any business start-ups or for any organizations. For example, theft or loss, damage, reputation loss, change in government policy and many more. All the above-mentioned issue is general in nature and can harm any business despite its size nature or manner.
The project is based on the idea of delivering medicine and keeping a record of such. It is generated by inefficiency in communication process in Tyco Healthcare (Coad, et al 2015). The research and development process are also functioning inefficiently and not making much progress. Adding to all the issues, the leadership style is acting like a fuel to all the issues. The democratic style of leadership is not providing its benefits rather it is giving up all its cons to the organization. Hence, creating a perfect opportunity for conducting this business (aihw.gov.au, 2018). The Australian population is showing positive feedbacks as because everyone out of seven people is an old person or a person being at the age of 65 or above. Therefore they can be targeted as primary potential consumers. In recent years, the number of children between the ages of 0 to 16 has not seen an increase. However, this service can be very much desirable for busy people living in the city. They can have the refill of medicine without going to the stores. The Tyco Healthcare need to look after its management and make changes to better facilitate the business. Their inefficiency is giving rise to another business hence losing market share. Every management groups are interconnected with one another and inefficiency between them can lead to catastrophic results. The communication process also needs an overhaul and a mixture of formal and informal system of communication need to be established.
The process of conducting the business is very simple. All that needed to be done is the creation of a system that will not only supply medicine to the consumer but also keep a record of it and if necessary, they will keep adding data of consumer with their permission for future refill or emergency purposes (Turner, 2014). The business will not only target the old and young people but can penetrate into the middle-aged people who are suffering from diabetic, cancer or any of such harmful and constant attention seeking diseases.
Here are some of the assumptions that are taken in order to conduct the discussion.
|
Types of expenses in a year |
Amount of expenses “$” |
|
Total Wages and salary |
60000 |
|
Total fright |
40000 |
|
Research and development |
20000 |
|
Data collection |
25000 |
|
Miscellaneous expenses |
4000 |
Table 1: Total expenses
(Source: Created by the learner)
The above table shows the total expenses for the new business within the year. It shows how much wages and salary are paid to the workers in a year and the total fright expenses along with the R&D department, data collection department and miscellaneous expenses are made by the by the company. The above table includes the R&D department’s expenses and therefore it shows how much progress they are making.
|
Total earning in a year |
Amount of earning “$” |
|
Earning from the sale of medicine |
2000000 |
|
Earning from tax saving |
8000 |
|
Earning from public resources |
1000000 |
Table 2: Calculation of revenue generation in a year
(Source: Created by the learner)
The above table show how much revenue the company is generating in a year. It also represents that the company is capable enough to make income through its share purchase from other company and doing well in the industry. Since there is, next to none competition in the market the company is making a very high level of progress in a very short period. The revenue is greater than the expenses and it shows that the company has crossed the breakeven point and making progress in the line. It also shows the company is diversifying the income system as because it is investing in other sources and it is making a high outcome too.
Conclusion
The above discussion provides a close glance at management and its operations. It is based on a new business and how it has been carried out. Many project-handling skills are applied in the process and a budget for the business has been created. Some of the management issues are also being identified. It provides a close look into what manner does a company plain, identify, manage and implement a business idea. An Australian pharmaceutical company has been taken into account in order to have a deep analysis of the market. The above-mentioned issues have shown different impact in different companies and discussion managed to cover if not all but most part of such issue.
Reference list
Acosta, J., McNeil, B., Knowles, K. M., Zheng, X. L., Goodfield, C., Hibberdine, R., & Orrell, U. (2018). U.S. Patent Application No. 29/608,097.
Adamo, G., Borgo, S., Di Francescomarino, C., Ghidini, C., & Guarino, N. (2018, November). On the Notion of Goal in Business Process Models. In International Conference of the Italian Association for Artificial Intelligence (pp. 139-151). Springer, Cham.
Alcock, J., & Satchell, S. (Eds.). (2018). Asymmetric Dependence in Finance: Diversification, Correlation and Portfolio Management in Market Downturns. John Wiley & Sons.
Bessis, J. (2015). Risk management in banking. John Wiley & Sons.
Bradrania, R., Li, X., & Xu, L. (2017). Bank Failures and Management Inefficiency During the Global Financial Crisis. In Handbook of Investors’ Behavior During Financial Crises (pp. 191-201).
Coad, L., Leverington, F., Knights, K., Geldmann, J., Eassom, A., Kapos, V., … & Nolte, C. (2015). Measuring impact of protected area management interventions: current and future use of the Global Database of Protected Area Management Effectiveness. Phil. Trans. R. Soc. B, 370(1681), 20140281.
Hind, J. R., & Muguda, N. V. (2017). U.S. Patent Application No. 15/338,397.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Kettunen, J. (2016). Relationship Between Mission Statement and Scope of Business: Evidence From Finland.
Merková, M., Rajnoha, R., & Dobrovi?, J. (2015). The Influence of Foreign Capital in Scope of Business Performance and Investment Management. Finance and Performance of Firms in Science, Education and Practice 2015.
Older Australia at a glance, Australia’s changing age & gender profile – Australian Institute of Health and Welfare. (2018). Retrieved from https://www.aihw.gov.au/reports/older-people/older-australia-at-a-glance/contents/demographics-of-older-australians/australia-s-changing-age-and-gender-profile
Turner, J. R. (2014). Handbook of project-based management(Vol. 92). New York, NY: McGraw-hill.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download
