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Star Printers London known as SPL does the business of printing office stationeries and the magazines in London. In the market, competition increases by entering various other private companies doing the same business. Now, the company analyses the market and prepares business strategies to increase their business by utilizing the good quality of orienting resources. Strategies regarding the decision making process, good communication and link among the employees, employee relations with the management so that no gap can give the chance to the other company or competitor to win the race in the market.
Star printers London has to take the various important decisions for an effective working environment inside the company. It takes many decisions some of them are effective and seems positive for the company whereas some of them proves negative and cannot consider further in the future. Every decision gives the good outcome that is not necessary. The Company takes various like from the small scale decision that is what is to print till the large scale that is from where the finance should arranged by the company?. The top management only takes the decision for the company only they have the authority. They take decision based on the knowledge and the information they already have or they get. With the expectations of the positive results, the company first analyses the decision before applying it because the right decision should take at the right time to solve the problem (Adaira. J, 1999). All information are collected by the different sources and are used by the company to use for the benefits of the business. After analysing, the company requires to do the evaluation the information. The company collects all the available information those are useful for the decision making process. Some of them are time consuming or not worth it so it is better to avoid them without wasting limited time on them. The company should update it all information by observing the situations of the changing environment of the market. Information collected from both the external and internal sources that can effects the business.
There are various external and internal sources of information those need by the company for taking the decisions for the welfare of it. The information helps the top management in taking decisions and making the business operations effective. In case, if the company needs to take the decisions for the internal improvement like in the operational activities of the business and the relations among employees then it should focus on the internal sources of information. On the other hand, all external sources of information are consider by the business heads of the Star Printers Limited that clears the picture of the external environment such as information of competition, competitors, market scenario that helps them in achieving the goal of the company. They use such external information to give the guidance to their employee for making them efficient to work better. It is receive from many sources like government, suppliers, clients etc. External information of the business consists of the PESTLE analysis. PESTLE means changes in politics, economic, social, technology, legal and environment of the market. The management can collect the information from other sources like their delegates and the employees of the other departments. Sometimes, consumer may give some clues that behave as the information for the company to take valuable decision. These thoughts and collected information use in the business that is for the publishing information. The business adopts the different proposals of activities based on the different type of information. Various sources are used by the company to provide the useful information of the market to its clients. The market information involves the good knowledge of the market & the industry.
The company provides the information to consumers about itself and its products with services offers by them. As the advertisement companies needs information about the product to launch it in the market and make it with that purpose that it also provides the useful information in the form of message to the consumers. Consumers communicate with the various departments of the organization to retrieve information. Companies have their various channels as intermediaries at various places through which the consumer can attain the information. It increases the volume of the information (Scarbrough. H and Swan. J, 2001). It is always advisable to break the information into levels and consider only the useful that can utilize to solve the purpose without wasting the cost & the time. It must results as the positive outcome. Once the information gathered through various sources, the most important way for separating the useful data from which the company can bring the changes in its business operations. It also improves the working conditions by taking appropriate decisions. The Star Printers London knows that it employees do lots of effort in collecting the information so always consider that information which is useful. Instead of wasting time in analysing the waste information, it is better to evaluate the useful information before accessing it. Employees generally try to move out of their path in the search of information. Waste information always bothers the management in taking the selected decisions. Therefore, the company set up few minutes for the employees to give instruction for getting aside the waste information. Rebuilding of the information is necessary for making the best use of the situation.
Stakeholders are those who directly get impact by the behaviour of the business operations or the business functions. The business head takes the decision for the welfare of the company but every decision taken only by keeping the stakeholders in their mind. The stakeholders are:
Star Printer London is the company of the sole proprietorship where only single owner is there and it is performing all operations with the expansion of business with the help of stakeholders. Stakeholders help in constructing the structure of the company.
They are like the pillars of the company.Without whom the company cannot think to survive in the market. These are investors, consumers, Suppliers etc. They are the experts in their own field and have the proper knowledge about the business that how to start it with which resources. They have their own representatives those helps in initiating and expanding the business.
Employees in the company affected by the policies and laws of the Human Resource. They help in performing business operations. They also help the proprietor in earning the company’s revenue and profits (Mullins. L, 1993).
They complete all the operations of the company assigned to them on time. They carry the good human / interpersonal relations with the management and the other employees. They perform activities by maintaining the good standard of the service and the goods.
The business moves completely around the consumers. They purchase the goods from the company and in return make the payment. It increases the company revenue that is one of the objectives of the company. They satisfy the needs of the proprietor/ top authority.
They support the company in their financial system. They help the star Printer London in recognizing the goods & administrations to be deliver on the consumer’s request. Consumers help the business in making differentiation among the patterns of shifting in business ready on the personal request of the consumers.
Society involves the public like normal audience with the consumers. Not only consumers but the public also influences the business operations. Their tastes and the preferences are the external factors leave the impact on the business.
They leave the hard-core impact on the business. The society involves common people those share their feedback about the company or take the help of the media to talk on the TC shows about the company.
Government behaves like the superior authority of the economy moves inside the Star Printer London Company. It set up the regulations for the employees, Human Resource and the company.
It already setup the benchmark for the consumers/ society and the employees in continuing the business operations by enacting regulations on them .They also provides the assurance to the consumers regarding the right to purchase.
Stakeholders are the supporters for the organization those helps it in removing all hazards and continuing with the normal flow of business operations. They are the known personalities by the top management of the company that clears the fact of the picture of their own importance. Few stakeholders are more important and approachable for the company and help them in meeting the goals.
It supports the organization in initiating the business methods and their relationship with the company impacts on the investment of the business. Every company personally believes that for the expansion of the business and stay longer in the competitive industry it is essential to understand the importance of the stakeholders and join their hands with them. Relationships are always unpredictable but always try to maintain the humble relations with the stakeholders and keep straightforwardness in the business deals because they are impactful.
Strategy for developing Business relations
Before making the powerful strategy, it is advisable to analyse the stakeholder. It is important to categorize the stakeholders for selecting the best but it is the difficult approach to select them from the workshops and the gatherings. If the stakeholder pays the less respect by the company on their less devotion towards the constructive operations then the whole scenario seems to move down. The same scenario always not remains same so, the company should categorize the stakeholders by their names / roles towards the business. Poor stakeholders cause the failure to the project of the organization (Elbanna. S and Younies.H, 2008). These people have the authority to change the decisions. Before starting the project, gives the shape to the stakeholders and decide that which stakeholder is accountable for the division of the project.
The company has various departments those work all together in achieving the goals of the company & running the business successfully. The Star printing London private limited also have different types of departments like other businesses (Wegner. DM, 1999). The resource & development department helps in getting information about the business to expand its operations. The sales departments keep the records of the sales on the monthly or yearly basis that helps in calculating the total revenue generated / loss face by the company. Records related to this are all maintain by the finance department/ accounts department. Human Resource Department keeps the details of the workforce from it recruitment until retirement/ relieving of the employee. It also keeps the records about the employee’s performance. The human resource department needs information from other departments like sales, finance etc. to keep checking on the performance of all employees working under different departments. All these departments are inter-connected with each other to form the single entity/ organization but handle various operations of the business. One department retrieves the information from the other and on the same hand; it provides the information to the same.
1. Collection: Information is collected & shares in the star printer London private limited through the Internet & E-business. These medium of telecommunication makes the data and the information secure so that no one can steal the important information within or outside the company. It can keep restricted to the limited users.
2. Formatting:Information flows from one level to another or from one department to another through proper format designs by the company.
3. Storage:The electronic media has the facility to store the large number of databases and at the time of loss of any data / information stored in the computer can retrieve easily through the various techniques. So, it is the useful storage device for any of the organization.
4. Dissemination of information & knowledge: The two procedures follow in passing the information from one level to another. It is informal and formal. The information transfers from bottom to the top or from the top management to the bottom level is known the flow of I&KM (Information & Knowledge Management). It is the designed flow of information by the company that is use to give the information regarding employees induction on their first day of their job in the company (Wegner. DM, Guiliano. T & Hertel. PT, 2000).
To bring the change in an environment of the organization the Information & Knowledge Management framework follow by the organization and make it developing for exchanging the useful information for meeting the targets of the company. This framework must keep on checking / assessing. After assessment, various strategies are following by the company.
This framework is use to satisfy the needs of the stakeholders. It should not be involved exclusive on the regular basis. This examines the needs of the learning and the information for groups & target associations.
It involves the various configurations under it. It should be straightforward and easily expected at the same time as fulfilling the requirements of the knowledge and the information of all the stakeholders. It is very much consistent and find out by the Fundamentals. Observing and evaluation are the essential task after this. This framework explains that what information needs to collect by following what techniques. It has the blueprint that explains that how the investigation done in the collection of information and given to all the stakeholders. The cost and the time spent on the collection of information got exhausted in the collection and examination of the same. To expand the helpfulness of information, venture I&KM frameworks ought to be connected to a more extensive system or nation level information structure where conceivable.
Information & Knowledge management must be a compulsion and the feasible to follow at the end of the goal of the company. SPL must follow this information framework after getting assures that all the parts of the information are the important assets for the company (Akgün. AE, Keskin. H, Byrne. J & Imamoglu. SZ, 2005).
The main difficulty that most of the companies’ face is about the resources those provides the useful information or the knowledge. The effective information and the knowledge gained by the company changes its whole scenario of the Business Strategy. This Unit 16 MCIK Distinction Copy tell about the hard-core impacts on the components those can exchange the information independently. This information passes within the organization from one level to another through the specific design of framework / structure for exchanging information effectively. It involves the assessment of the employees at the managerial level. It concludes the overall knowledge exchange program and if any flaws found then keeps crosscheck them by comparing them with the designed methods of framework.
Adaira. J, 1999. “Decision making and problem solving (Management shapers)”. Chartered Institute of Personnel and Development (CIPD).
Akgün. AE, Keskin. H, Byrne. J & Imamoglu. SZ, 2005. “Knowledge networks in new product development projects: A transitive memory perspective”. Information and Management. 42(8), 1105-1120.
Day. GS, Schoemaker. PJH and Gunther. RE, 2000, “Wharton on Managing Emerging Technologies”. Hardcover edn. John Wiley: John Wiley & Sons, Inc.
Elbanna. S and Younies.H, 2008. “The relationships between the characteristics of the strategy process”: evidence from Egypt. Management Decision 46, 626, 626.
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