Dumitra Vasile

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Nov 24, 2024

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Student: Dumitra Vasile Introduction to Business Operations and Management BMM 3003 Contents

1.Executive Summary ................................................................................................................ 3 2. Task 1: Contemporary Research ............................................................................................ 3 3. Task 2: ALDI .......................................................................................................................... 4 4. Task 3: Business Ethics .......................................................................................................... 4 5, Task 4: Class Discussion ........................................................................................................ 5

1.Executive Summary The purpose of this portfolio is to conduct some research based on certain topics and to present my point of view on these topics. For each argument I chose a few examples to support them. I will present, in the following, 4 topics 2. Task 1: Contemporary Research An overview of a research topic, an overview of news publications covering the topic, and a summary of the key operational issue, what caused the problem, and what solutions would be suggested are presented below. "There are a number of operational management issues that are reported on the news daily that have an effect on our lives." (OECD, 2020) The topic is the operation management area, for example, foods and crops Operational research seeks to solve operational problems using analytical tools, techniques, and approaches that can be applied to estimate and improve efficiency in a system (company/organization). One of the critical operational issues is whether Brexit will impact on food supplies, with potential shortages or price increases due to stockpiling (Garnett, Doherty and Heron, 2020). After Brexit, people were unable to export food from Britain because of trade restrictions. Moreover, the government is trying to control food prices and its subsidies will be higher than before. To encourage free trade between New Zealand, Australia, and the United Kingdom, I recommend simplifying import and export legislation so that produce can easily be traded across the EU without restriction. Several medicines, over 1000 in fact, will be in short supply, which will adversely affect the NHS. This is the result of the fact that there is only one producer of these drugs in Britain, who is not increasing production levels as a result of Brexit. Consequently, the hospitals will be unable to continue operating as a result of a lack of these drugs. It would be beneficial to keep the production of medicines in Britain after Brexit and to continue to import from EU countries, although this is not stated in the article. In addition, a shortage of vaccinations was reported. The issue was caused by backlogs at factories throughout Britain which reduced the supply by 80%, which meant that there were not enough vaccines for everyone who needed them, especially children and those with medical issues. One possible solution could be that if the government relaxed trade restrictions, people could import food from other countries and thus reduce prices due to increased competition, and bring in foreign labor to harvest crops, etc. Alternatively, the government may go back on its promise to adhere to WTO tariffs, which will reduce food costs and increase supply. As well, news publications have a responsibility to make sure that these issues are reported on regularly, so that the public becomes informed and can make informed decisions. Finally, in both of the above examples, there are a number of management issues that are frequently covered in the media in regards to how Brexit will impact food supplies, and if there are any possible solutions. In the end, it is our responsibility as citizens to vote and make informed decisions about how to react to these events.

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3. Task 2: ALDI Question 1: The Aldi business model was developed with a specific customer in mind: someone who wants low prices and convenience in a fast-paced shopping environment, but is willing to sacrifice choice in order to get these low prices. The purpose of Aldi, in order to meet the needs of this client segment, is to sell necessary grocery items at a lower price than their competitors on a consistent and predictable basis. Aldi operates almost 1,800 stores in 35 states, with a focus on the Midwest, the MidAtlantic, Florida, and California. By the end of 2022, with 2,500 stores, it will become America's third largest grocery chain behind Walmart and Kroger (Ridaa' and Trendx, n.d.). Similarly, Lidl, a German supermarket with a similar low-cost business strategy, is seeking to gain market share in the United States. It would be possible for a similar business model to be successful in a wide variety of industries, including restaurants, fast-food chains, fashion, and small businesses. According to this business strategy, products are supplied daily or regularly in order to minimize product variance, waste, and improve freshness. They should offer fewer choices than a restaurant or fast food chain, resulting in a faster serving time and the ability to focus on customer service by excluding marketing and rewards programs. Furthermore, they can reduce food waste due to the limited menu with limited customization, which prevents errors in meal preparation. Due to the fact that they can stock regularly, it requires less storage or freezer space, which enables them to serve fresh meals every day. The company is therefore able to provide low-cost meals and quick service, and the experience draws people back time and time again. An effective business strategy that reduces costs while increasing revenues along with effective operations management can propel any business to profitability. Question 2 It is crucial to minimize expenses in all areas of the business in order to achieve a balance between production and efficiency. The organization could save money in a number of different areas, including time, space, effort, and energy. As part of its strategy, the company aims to apply lean thinking principles in its operations. There will be a need to give up the near-unlimited options that the others provide. In addition, they may be required to accept the inconvenience of shopping in a smaller store with brands they are unfamiliar with 4. Task 3: Business Ethics As they are not in the public sector, some organizations will have their own specific ethical codes and guidelines. It may be vital to these organizations that they ensure their employees (i.e. employees who choose to work under them or employees of contractors or subcontractors) are aware of and observe these codes.

Several examples of codes and guidelines exist within government and other organizations - both internal and external. As an example, the Public Sector Ethics Group provides a range of resources (including a code of ethics) designed to assist professionals in the public sector in meeting their ethical responsibilities. It is possible to define "a positive ethical approach" in this way. Alternatively, the following criteria may be considered: Participating regularly in decisions or discussions regarding ethical issues. As a result, a broad understanding of ethical principles is developed, understanding about the reasoning behind decisions is enhanced, and alternative solutions are considered. It is important to ensure that whistle blowing policies are viewed positively and as supportive, in order to encourage employees to report problems in an informal manner (Moriarty, 2016). Additionally, management teams should consider other measures that may be taken, in addition to formal codes or policies and procedures, to encourage staff to think about ethical issues regularly. Listed below are a number of potential measures that are important in encouraging staff to think about ethical issues from different perspectives and to consider how their decisions, actions, and behavior affect others. Developing codes and policies within an organization can also be influenced by external ethical codes and guidelines. Both positive and negative impacts can be experienced. Among the positive impacts are: When external ethical guidelines are visible, employees may be encouraged to suggest changes to existing rules or procedures when they become aware of them or when they find that something is missing from their own organization's policies (or initiatives). An organization's policies and procedures must take into account a number of important factors when deciding whether to include external guidelines. Various forms of external guidelines may exist. Organizations may, for example, base their codes and guidelines on international standards they have adopted or learned about from other organizations. Codes and guidelines may be based on local standards but acquired from external sources by other organisations. Whatever form they take, codes and guidelines should be considered as part of the overall package of policies and procedures that an organization has in place for governing its operations. 5, Task 4: Class Discussion Businesses use marketing strategies to advertise their products and services. It is imperative that every company understands such a strategy and how to apply it effectively. Marketing strategies have long been utilized by business sectors. Some even hire marketing specialists to assist them in marketing their products. Is marketing important for businesses?

In short, marketing is the process of creating customer demand. Operations management is the process of providing that demand. Consequently, it is not surprising that marketing and operations management are closely related in many companies. As a result of the conflict between these two areas, we often experience a mismatch in demand and supply, resulting in production inefficiencies and dissatisfied customers. As a result of synergy, firms are often more competitive and profitable. We can generalize this idea of intra-firm coordination to inter-firm coordination in which different firms (e.g., manufacturers and retailers) work together to maximize the overall performance of the supply chain (Cogent Analytics, 2021). Consumers can obtain information through marketing. As a result, consumers will have a very good idea of what your product is all about. Additionally, they will know the benefits of purchasing your product. This is accomplished through marketing. You will see an increase in sales when the public is well-informed about your product. Business growth may not be as successful as you want it to be without a strong marketing strategy. If you fail to create a solid marketing plan, you will be miles behind other businesses with a decent customer base. As a result, marketing may determine whether or not a business will succeed (Bell, Ho and Tang, n.d.). From the point of view of my reflective thinking, I analyzed the presentation I made and I can say that marketing is the most important factor for a business, because it dictates all its success, because marketing is the main tool through which a company can make it known in the market and through which it can attract as many customers as possible and also gain a place in front of the competition. From the very beginning, the director of the company has to think about which marketing methods to choose, because there are a wide variety of possibilities and, from my point of view, the most beneficial are the ads through the Internet because they have a greater impact. high on the population. I believe that a company without marketing will fail as soon as possible. When starting a business from scratch, a considerable amount of money should be invested in marketing techniques. Reference Bell, D., Ho, T.H. and Tang, C. (n.d.). Special Issue on Marketing and Operations Management Interfaces and Coordination. [online] Available at: http://faculty.haas.berkeley.edu/hoteck/PAPERS/Special%20Issue.pdf. Cogent Analytics. (2021). Importance of Marketing in Business. [online] Available at: https://www.cogentanalytics.com/knowledge-center/importance-of-marketing-in-business/ . Moriarty, J. (2016). Business Ethics (Stanford Encyclopedia of Philosophy). [online] Stanford.edu. Available at: https://plato.stanford.edu/entries/ethics-business/. Ridaa' and Trendx, Z. (n.d.). Case study -aldi Case study ALDI STRATEGIC MANAGEMENT. www.academia.edu. [online] Available at: https://www.academia.edu/35829683/Case_study_aldi_Case_study_ALDI_STRATEGIC_MAN AGEMENT.

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