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Evaluation of Customer Relationship Management Process for Unicorn Grocery

University: Regent College London

  • Unit No: 29
  • Level: Undergraduate/College
  • Pages 14 / Words 3500
  • Paper Type: Assignment
  • Course Code: L/508/0566
  • Downloads: 1
Organization Selected : Unicorn Grocery

INTRODUCTION

Small Medium Enterprises are defined as autonomous, non subsidiary firms which employ less than 250 employees. These are independently owned & operated business concern that is limited in terms of its revenue and size depending on the industry. Small grocery stores, restaurants, bakeries, hairdressers, photographers, web design, electricians, carpenters, accountants, convenience stores etc. are included in small businesses (Abduli, 2013). In the present assignment, chosen organisation is Unicorn Grocery which is a co-operative retail store of Manchester, England. The report includes the way in which social enterprise or small businesses plan & allocate resources to attain objectives. Evaluation of customer relationship management process for business including understanding of challenges and benefits of transnational operations is also defined. Apart from this, examination and interpretation of cash flow forecast, break even analysis, budget and key financial statements is done. At last, legislations and regulations of small business or social enterprise and its implications are discussed in this project.

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TASK 1

P1 Main considerations a firm requires to address when planning & allocating resources to attain business objectives

Small businesses are identified as privately owned sole proprietorship and partnership firms which have less manpower and revenues in comparison to regular sized business or corporations. In United Kingdom, Unicorn Grocery is a small retail business enterprise that provides household goods to consumers at affordable price. Firm operates with the aim of administering employment opportunities to local people of country so that their living standard can be improved. At the time of planning and allocating resources, management needs to consider several factors so that effective plans and strategies can be framed and business objectives can be attained (Afrifa, 2013). Main considerations that management of firm needs to address are defined below:

Vision, mission, gaols and objectives:

It is very crucial for every business entity to communicate its targets, mission, vision and objectives clearly to their workforce. These all assist administrators of Unicorn Grocery to formulate strategies and define activities and functions of company that are required to be perform by manpower. In order to attain set goals and objectives of company, manager ensures to provide proper training to their workforce so that their performance can be enhanced and get learning about how to use new technology effectively.

Availability of financial resources:

For smooth operations and functions of business, it is very essential that firm have adequate amount of finance (Antoldi, Cerrato and Depperu, 2012). This will enables manager to run day to day operations in an effective and efficient manner and also assist in completion of work on time. All the financial statements such as balance sheet, cash flow, fund flow, profit and loss accounts, trading account etc. should be managed in proper way as it assist in determining financial position of company.

Skilled and competent human resource:

The contribution of employees in growth and success of firm is very high as without them no operations and activities of company can be run in proper and systematic manner. So, it is highly essential for Unicorn Grocery to have skilled and competent manpower as it helps in improving productivity and profits of business and ensures successful attainment of set targets and objectives of company.

M1 Application of relevant tools and techniques to plan and allocate resource

In order to plan and allocate resources, the relevant tools and techniques that are implemented by manager of Unicorn Grocery in analytical and structured manner are as follows:

Critical path analysis:

It is the approach that is utilized by company in order to determine beginning and finishing time of an activity. It helps the company in increasing effectiveness and enhancing performance of enterprise as well as its manpower.

Gantt chart:

It refers as a visual view that illustrates about tasks scheduled over time. It is used by company for planning projects and is useful way of demonstrating what work is to be done or scheduled to do on a particular day (Assarlind, 2014). Application of this tool helps in providing accurate information related to activities of project.

M2 Significance of planning and allocating resources

Effective planning as well as proper allocation of resources helps in attaining predetermined objectives and targets of company. It is very essential in terms of high growth and constant development of firm. Appropriate planning and resource allocation helps managers of Unicorn Grocery in completion of tasks and activity on specified time and also increases the efficiency of operations. It also ensures proper utilization of resources in cost effective and efficient way and maximizes productivity as well as profitability of company.

D1 Application of appropriate resources to depict link between attainment of business objectives and resource allocation

As per the view point of Bouchard and Basso, 2011, application of appropriate resources helps company in developing effective goods and services. Objectives of business enterprise and allocation of resources are highly interlinked with each other as it will assist in enhancing effectiveness of business operations. If resources are assigned in proper way for each activity then it helps in completing tasks on time and attaining goals and objectives of company in successful manner. In Unicorn Grocery, managers ensures to allocate appropriate resources for particular task so that it can be performed in proper way and completed on time which in turn results in increasing productivity (Calvo-Mora and et. al., 2016).

TASK 2

P2 Evaluation of various customer relationship management process

Customer relationship management refers to an approach in which interaction of firm with its potential customers is manage. Utilization of this process helps management of company in maintaining strong relationship with its target audience. In this, administrators have the responsibility to give precise data or information to the clients about product process and services of business and numerous other fundamental incline. All these are exceedingly support them to boost dependability of customers towards organization. In this organization utilized distinctive sort of correspondence channel for get-together pertinent data through email, social locales and numerous other helpful procedures. Procedure of client relationship administration is defined as follows:

Client portfolio investigation:

It is a first stage, in this part of administrator is to distinguish the sort of clients whose are most beneficial for them (Eppinger and Vladova, 2013).

Client closeness:

It is a powerful procedure of gaining comfortable with the every single purchasers inside the endeavour's intended interest group base. In this director are capable to give successful administrations and items to their clients according to its needs and needs. In this manner, it help the Unicorn Grocery to keep enduring connection with clients.

Network development:

It alludes to the assurance and usage of better and strong association with business, system and people that are profitable to the advance in rendering better administrations to clients. These kind of relationship will consider outside accomplices specifically financial specialists and providers and inside accomplices likewise i.e. workers.

Value proposition development:

In this, information gathered while working or working on customer closeness (Fatoki, 2014). Chief part of the directors is to perceived target gathering of people and turn forward and build up a specially designed offer for this crowd.

Client life cycle administration:

It is last advance which alludes to the devoted customers travel from likely client to administrations or item upheld. Overseeing client life cycle needs structure and tending to process. Accordingly, it is vital for the organization to keep up solid and powerful connection with clients effortlessly.

P3 The way small business can develop transnationally & its benefits and drawbacks

Transnational sales is determined as a critical perspectives which is fundamental to Unicorn Grocery to assess profit level. It is the kind of business deals identified with items and administrations over the world according to the request and needs of clients. Further, it is the part and duty of Unicorn Grocery to take after various sort of devices on the fundamental of existing circumstance which are existing in particular nation for increasing most extreme measure of capital and make solid position at commercial centre. These sort of systems are connected by the retail location keeping in mind the end goal to serve staple things. In case, if firm expand its business activities & operations at new places, an effective plan needs to be prepare by company. An appropriate plan provides directions to manager for their future course of action to expand their business at global level (Guarda and et. al., 2013). It is basic that Unicorn Grocery serve the items and administrations to clients at reasonable cost. A wide range of organization identified with exercises and capacities is important in developing business activities adequately. There are couple of downsides and points of interest which are seen through concern by developing business tasks and capacities which are defined as follows:

Benefits

Drawbacks

New customers:The major advantage of expanding business transnationally is increase in number of customers. In Unicorn Grocery, business expansion helps the company in attracting and retaining new consumers. It results in creation of large client base to attain high profitability over time.

Financial challenges:In expanding business activities transnationally, huge investment is required by company which is the biggest challenge for it.

Economies of scale:Business expansion often leads to high risk and decline potential of poor decision or product damaging business. Operating in various markets allow firm to spread cost of doing business activities across more markets. It decreases cost of doing business on per customer basis which results in improving profits.

Employee turnover:As the business expand, need of training and hiring is increase because skills of manpower do not grow with company. Failure in evaluating new hires appropriately leads to increase in employee turnover.

M3 Elements of customer relationship management process

There are a few components of the client relationship administration process which are defined as underneath:

1. Knowing the market & client needs:

It is principle part of the supervisor to distinguish requirements of the clients and market drifts about the business items and administrations (Iatridis, Kuznetsov and Whyman, 2016).

2.Get customers loyalty:

In this Unicorn Grocery give compelling and quality items and administrations with thought process to gaining client trust and dedication.

3.Offer development:

Under this procedure, administrator of the Unicorn basic supply change their current merchandise and enterprises according to the necessity of customers which supports the organization to accomplish long haul objectives and targets.

4.Sustain consumer:

To keep up enduring association with clients, there is profoundly prerequisite is to render diverse administrations including rebates like, buy 1 get one and numerous other (Krau and et. al., 2013).

M4 Evaluation of potential to develop transnational operations

It alludes as a commitment on organization of Unicorn Grocery with a specific end goal to outline a compelling arrangement about doing whole exercises and elements of organization at worldwide level. With a specific end goal to create exchange activities, there is exceedingly need of four components which are clarify as underneath:

Information plausibility:

It is basic that chairman ought to have precise learning in regards to snatch appropriate shots which will aid accomplish long haul targets inside foreordained time frame.

Decision regarding relationship commitment:

It is the part of administrator is take a powerful choice to give merchandise and ventures to the client with intend to extend their business tasks.

Position of network:

For the exact and productive promotion, Unicorn Grocery required to actualize the significant system at advertise (Moloi, 2013).

Expectation to learn and adapt:

It is profoundly expected to the organization to take after extraordinary and different components for presentation of creative items or administrations.

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D2 Critical evaluation of customer relationship management process

Distinctive endeavours are done by a Unicorn Grocery to make and hold a superior association with its customers. Certain stage are consider in this technique however mostly this action is upheld on 4 Cs which is clarify as underneath:

Correlate:

In this director arrange different projects or occasions to move and transmit with group of onlookers. Right off the bat purchasers are welcomed with a specific end goal to take mind the program.

Combine:

It is recognize as a connection amongst clients and association that will support to expand their business.

Cognize:

This executive apply diverse systems and apparatuses to assemble information towards the distinctive exercises or elements of business.

Connect:

Under this relationship or associated is shaped with supplier, specialists, purchasers and outsiders (Okello-Obura, 2012).

TASK 3

P4 Produce cash flow forecast showing fixed & variable cost set against income

There are distinct sources of finance which give a superior opportunity to Unicorn Grocery organization so as to amplify stream of cash for the viability of business tasks and exercises. Some sources of finance which are utilized by the organization are defined below:

Hire Purchase:

It is fundamental approach which underpins the organization to mastermind exact measure of the capital from renting property and diverse types of gear to another individuals. There are sure wellsprings of contract buy to gather legitimate sum including rent and intrigue.

Bank Loan:

It is critical and outside wellsprings of back which help the organization to assemble precise measure of reserve for their regular routine exercises and capacities. It is important for the Unicorn Grocery to take whole business credits from indicated bank at settled loan fee which business require to paid on the every year (Panigrahi and Kumar, 2012).

Equity Finance:

It is recognize as an issue of value and inclination shared by means of Unicorn Grocery to stock trade exchange. It is source that is beneficial of boosting store for long span.

Planning and anticipating:

It is a procedure of making any predications or resources of future hand-off on the real and future data. It is connected by the undertaking to perceive whole future patterns. Further, planning characterize as a procedure of actualizing a compelling arrangement with a specific end goal to spend finance precisely. There are a few procedures which are trailed by big business for rationale to anticipating and planning, these are defined as underneath:

Measure moving average:

This device is important in inclination of accessible purchasers according to the real patterns which are existing at showcase.

Time series information or data:

It is another strategies which is utilized by the organization to centers around distinguishing proof of time frame which will expected to finish indicated ventures (Seo and Chae, 2016).

The Balance Sheet of Unicorn Grocery is defined below:

Year

2017 (value in £)

2018 (value in £)

Fixed assets

120

220

Stock

30

45

Debtors

80

65

Bank

30

35

Total

230

340

Creditors

130

150

Bank overdraft

80

50

Total

670

905

Working capital

30

80

P5 The way break even analysis could be applied to organisational situation

It is a successful and profitable apparatus which allude to the estimation of component on which deals are adjusted to income. It is utilized by the association so as to perceive productivity proportion and execution level. It is helpful and important approach which is connected by business organization to discover benefit. It is strong in assurance of real deals which needs to achieve organization through month to month, yearly, quarterly. It is significant when business make no benefit and no misfortune condition (Zhang and Zhang, 2012).

In Unicorn Grocery, there are distinctive circumstance where organization expected to figure creation and deals (Break Even Analysis, 2018). In this, BEP assume essential part to reduce the wastages and make upgrades of assembling limit. For instance: factor cost is 9 for each unit, selling cost is 20 and fixed cost is 18000. If you are required any assignment help with chat support. Please contact our experts.

The Break-even point is:

Fixed cost/construction margin per unit or product =18000/(20-9)= 1636.36

P6 Interpretation of financial statement of firm

Financial statement consist of profit & loss, cash flow statement and balance sheet of organisation. Every one of these components supports the business to determine its financial perspectives which are defined as underneath:

Balance sheet:

It is recognized primary articulation of the organization which incorporates liabilities and resources of an association. It is the part of speculator to discover accounting report with intention to take significant choice related with financing.

Profit and loss account:

It is other imperative part of money related explanation which is set up by all association with intend to distinguish net benefit and misfortune. This device features the salary and costs of the organization to completed all exercises and assignments with least cost.

Cash flow statement:

It is other statement that is set up by Unicorn Grocery, this show surge and inflow of capital from an association inside indicated time frame. In this sort of archive, chiefly loan bosses and investors are remain (Zulkiffli, 2014).

M5 Application of quantitative and analytical techniques

Both the techniques are essential for an organization to accumulate pertinent and precise data about the business items and administrations. It will likewise bolster the organization to boost client reaction in the association. In this Break-even point is significant in assurance of better yield level, it is the no benefit and no misfortune circumstance which help the business to boost their income.

D3 Contribution of key financial statements to successful business management

Main financial statement includes balance sheet, cash flow and profit & loss account that plays indispensable part in success and development of organization. Then again BEP investigation additionally basic for the endeavour to examination their no benefit and no misfortune circumstance which is significant and successful for the development and improvement of association inside foreordained time frame.

TASK 4

P7 & M6 Implication of key regulations and legislations on small business

Legislation refers to the process through which laws are enacted by government or legislative bodies as are empowered to do so (Abduli, 2013). Unicorn Grocery is required to follow certain regulations to operate its operations at different place related to special licences, permits, intellectual property, employment etc. Following are the legislations followed by company-

  • Employment Law :-

This law governs the relation between trade union, worker and employer. Law generally includes minimum wage, working time, employment tribunals, health and safety, holidays, contract of employment, employees rights, disciplinary and grievance procedure.

  • Environment Law:-

Unicorn Grocery are required to obtain permit from environmental protection agency for environmental safeguard by ensuring the clean-up of abandoned or unmanaged hazardous waste sites.

  • Health and safety law:-

Health and safety law provides protection to consumers and workers of Unicorn Grocery from the product they provide or protect from injury till customers are present in their premises or to employees while working in store from any incidents (Afrifa, 2013).

D4 Critical evaluation of key legislation that affect business

Above examined all principles and regulations are impacts on productivity as well as performance of company. It is likewise affected on the representatives execution and their adequacy in an immediate or aberrant way. Each association stay skilled to apply the standards and control with a specific end goal to take after its exercises or capacities. This guide in supply precise administrations to customers and fulfil them their necessities and needs.

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CONCLUSION

As per the above mentioned report, it has been concluded that independent company give diverse chances to the jobless individuals by rendering work. There are diverse thought that occur in the social venture and independent company that impacts on the organization execution. Distinctive procedure of client relationship administration that likewise bolster the undertaking to create dependability for them in the association. Certain sources of finance is likewise connected by the organization with intention to mastermind precise measure of the capital in restricted time span. In this way, it facilitates them to do their all exercises and capacities in a proper manner.

REFERENCES

  • Abduli, S., 2013. The Role of Recruitment and Training in SMEs’ Performance Growth in the Republic of Macedonia. International Journal of Academic Research in Business and Social Sciences. 2.pp.133-146.
  • Afrifa, G. A., 2013. Working capital management and AIM listed SME companies profitability: a mixed research method approach(Doctoral dissertation, Bournemouth University).
  • Antoldi, F., Cerrato, D. and Depperu, D., 2012. Export consortia in developing countries: successful management of cooperation among SMEs. Springer Science & Business Media.
  • Assarlind, M., 2014. Adoption of quality management in SMEs. Chalmers University of Technology.
  • Bouchard, V. and Basso, O., 2011. Exploring the links between entrepreneurial orientation and intrapreneurship in SMEs. Journal of Small Business and Enterprise Development. 18(2). pp.219-231.
  • Calvo-Mora, A., and et. al., 2016. Excellence management practices, knowledge management and key business results in large organisations and SMEs: A multi-group analysis. European Management Journal. 34(6). pp.661-673.
  • Eppinger, E. and Vladova, G., 2013. Intellectual property management practices at small and medium-sized enterprises. International Journal of Technology Management 11.61(1). pp.64-81.
  • Fatoki, O., 2014. Working capital management practices of immigrant entrepreneurs in South Africa. Mediterranean Journal of Social Sciences. 5(10). p.52.
  • Guarda, T., and et. al., 2013. Business intelligence as a competitive advantage for SMEs. International Journal of Trade, Economics and Finance. 4(4). p.187.
  • Iatridis, K., Kuznetsov, A. and Whyman, P. B., 2016. SMEs and certified management standards: the effect of motives and timing on implementation and commitment. Business Ethics Quarterly.26(1). pp.67-94.
  • Kraus, S., and et. al., 2013. Crisis and turnaround management in SMEs: a qualitative-empirical investigation of 30 companies. International Journal of Entrepreneurial Venturing. 5(4). pp.406-430.
  • Moloi, N., 2013. The sustainability of construction small-medium enterprises (SMEs) in South Africa(Doctoral dissertation).
  • Okello-Obura, C., 2012. Records and information management practices among SMEs in Tororo district, Uganda. Library Review. 61(6). pp.447-469.
  • Panigrahi, D. and Kumar, A., 2012. Risk Management in Micro, Small and Medium Enterprises (MSMEs) in India: A Critical Appraisal.
  • Seo, Y. W. and Chae, S. W., 2016. Market dynamics and innovation management on Performance in SMEs: Multi-agent simulation approach. Procedia Computer Science. 91.pp.707-714.
  • Zhang, Y. and Zhang, X. E., 2012. The effect of entrepreneurial orientation on business performance: A role of network capabilities in China. Journal of Chinese Entrepreneurship. 4(2). pp.132-142.
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