Operations Management and the 4 P’s of the Business Assignment (GC01979)
Table of Contents
1.0 Introduction.
2.0 Analysing the business by using Operation management and 4P’s for the business and linking theory to practice
Operations Management
4P’s of the business.
Linking theory to practice Operation management and 4P’s for the business.
3.0 Action plan.
4.0 Recommendations.
5.0 Conclusion.
6.0 Self-Reflection.
References.
1.0 Introduction
According to Fernando (2015), an entrepreneur is a person who initiates new activity to earn profit. Entrepreneurship leads to establishing new business activities and managing several business activities for gaining profits. Fernando (2015) also mentioned that Business is an economic activity to gain profit from this activity. In the case of business activity, the purchase and selling transactions of products and services are occurred to gain profits. The entrepreneurs have to manage the operations management. It is defined as the management of production and distribution functions for producing and distributing the products effectively to attain the organizational goals (Boddy, 2017).
As an entrepreneur, the marketing mix has to consider for the better management of operations and distribution of goods and services to the clients and customers. This report describes the necessity of operations Management and the 4 Ps of Metro Bank PLC. Metro Bank PLC is a retail and commercial bank operating in the United Kingdom. The main products of this bank include the banking and financial services like credit cards, consumer and corporate banking to the customers. Their headquarters are situated in London and it has 70 stores around the United Kingdom. In 2018, the bank has a revenue of nearly £404.1 million, with an operating income of £40.6 million and a net income of£27.1 million (Metro Bank, 2018). This bank also has many employees, approximately 2,831 (Metro Bank, 2018).
The main aim of this report is to research an innovative and entrepreneurial business. It also analyses how they are managing the different aspects of their business. This report presents an analysis of Operations Management of the banking business of Metro Bank PLC. It describes the 4P’s of business. Thereafter, some recommendations are presented for Metro Bank PLC to improve the management of operations and the Marketing mix. Finally, this report presents the reflections of the studies for my academic and professional career.
2.0 Analysing the business by using Operation management and 4P’s for the business and linking theory to practice
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 delivering the products efficiently due to achieve the structural goals. It is also concerned with the design and controls the technique of production for receiving the goals of the business. The main functions of Operations Management are shown in the figure below:
The functions of Operations Management are planning, organizing, strategic development, resource management, directing and controlling and input-output management (Cachon and Terwiesch, 2016). Firstly, planning is essential to create strategic plans for running the operations management. Secondly, Metro Bank PLC must organize the necessary service factors and continue the services with great quality and due time (Metro Bank, 2018). In addition, Metro Bank PLC can use its resources like labor, raw materials and money properly that helps to improve service quality.
Innovative operations management has a great impact on the performance level. The 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). Operations Management has several principles that bring benefits to the business organization including Metro Bank PLC. The principles of operation management include clarity, accurateness, effectiveness and efficiency. To ensure effective operations management, appropriate planning, organizing, recruitment, monitoring controlling, directing and motivating are important (Bennett, 2016). Metro Bank PLC has ensured the discipline of the employees within the workplace by effective operations management (Metro Bank, 2018).
In addition, Metro Bank PLC has developed various innovative features of banking activities. The bank uses mobile and online communication systems to connect with the staff and customers of the bank to ensure effective operational management. The banking products quality is also managed through better implementation of operations management (Metro Bank, 2018). The operations management also faces several types of challenges including globalization, sustainability, ethical conduct and ineffective communication (Bennett, 2016).
4P’s of the business
Marketing helps to create a good relationship with the customers and clients to achieve the objectives. The marketing mix consists of the 4 P’s that stands for Product, Price, Place and Promotion (Isoraite, 2016). Banking organizations including Metro Bank PLC have to consider the 4 P’s strategy to meet the objectives of marketing. The below figure represents the 4 P’s strategy…………
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