Table of Contents
2.0 Operations management
3.0 4P’s for the business.
Boddy (2017) stated that operations management is defined as the management of production and distribution functions for producing and distributing the products effectively due to attain the organizational goals. The competitive market appeals that the effective management of operations is very necessary for every type of business organization. Isoraite (2016) stated that an important tool of marketing is a marketing mix that contains 4Ps (Product, price, place and promotion). In every business, the marketing mix has a great impact on the better management of operations and distribution of goods and services to clients and customers. This paper described the necessity of management operations and 4ps in Metro Bank plc. Metro Bank plc is a retail and commercial bank operating in the UK. This bank was established by Anthony Thomson and Vernon Hill in 2010.
The main products of this bank include the banking and financial services like Credit cards, consumer and corporate banking to the clients and customers. This bank is listed on London Stock Exchange. Headquarter is situated in London, UK. It has 70 stores around the UK. In 2018, the band has a revenue of nearly £404.1 million, an operating income of £40.6 million, and a net income of £27.1 million (Metro Bank Plc, 2018). This bank also has a large number of employees nearly 2,831 (Metro Bank Plc, 2018). It is a public limited bank and issues its share in the stock market. Firstly, this paper describes operations management of the banking business in the case of Metro Bank plc. Secondly, it describes the 4Ps of business. Then, some recommendations are presented for Metro Bank plc to improve management of operations and Marketing mix. Finally, this report presents the reflections of the study for my academic and professional career.
2.0 Operations management
The term “Operations management” is concerned with the operating functions of a business organization (Morrison, 2016). It is defined as the management of production and distribution functions for producing and distributing the products effectively due to attain the organizational goals. It is also concerned with the design and controls the technique of production for receiving the goals of the business. According to Bennett (2016), operations management is connected with the business administration to ensure the efficiency of every function of the business. It is the process of converting production materials into products & services with efficacy to increase the profitability and growth of the business. The main functions of Operations management are shown in the below figure:
According to Cachon and Terwiesch (2016), the functions of operation management are planning, organizing, strategic development, resource management, directing and controlling and input-output management. The effective management of these activities is very necessary for every type of business including Metro Bank plc. This bank can manage its daily activities through effective operations management. Firstly, planning is necessary to create strategic plans for running the operations management. Then, the Metro Bank plc has to organize the necessary service factors and continue the services with great quality and due time (Metro Bank Plc, 2018). In addition, Metro Bank plc can use its resources like labor, raw materials, money and others properly that helps to improve services quality. In the case of banking organizations, operations managers develop new ideas and tools to enhance efficiency; improve flexibility, meet customer needs, shorten delivery time, improve product quality, and ensure customers’ satisfaction (Morrison, 2016).
Operation management has several benefits in the business organization including Metro Bank plc. According to Bennett (2016), in the case of effective operations management, proper planning, organizing, staffing, monitoring controlling, directing and motivating are important. The operation managers of Metro Bank plc have created proper plans for staffing quality employees and motivating the employees and running the banking activities in the right direction to meet the bank goals. In addition, Operation Management increases the productivity of staff in the bank (Cachon and Terwiesch, 2016). Metro Bank plc has ensured the discipline of the employees within the workplace by effective operation management (Metro Bank Plc, 2018). Through effective operation management, the banking activities are run in time according to customers’ requirements that ensure the customers’ satisfaction. For this reason, it is regarded as the heart of the Metro Bank plc. Also, operation management helps to optimum use of banking resources to increase banks’ profits. It also plays a significant role in the development of design, operations, and maintenance of banking activities effectively and efficiently.
In addition, Metro Bank plc has developed its banking products quality like ATM booth services, online banking, and mobile banking through better implementation of operation management (Metro Bank Plc, 2018). The security of the clients is also ensured in the bank through effective operational management. According to Bennett (2016), operations management also faces several types of challenges including globalization, sustainability, ethical conduct and ineffective communication. Metro Bank plc has considered the challenges and developed effective plans for avoiding the challenges and holding the opportunities in the UK market………………………..