Introduction to communication skills
Communication is considered as one of the most important elements that should exist in a firm. Effective communication refers to transmission of message from one end to another. In other words, an effective communication is referred as understanding of language by the parties who are involved in the communication process (Goetsch and Davis, 2014). Regarding the current scenario, a case study has been taken which is reviewed through different sources like journals, articles and newspapers. Case study of UK’s largest retail sector Tesco Plc has been explained throughout the report. Readers will enable themselves in understanding the biggest loss situation that is faced by Tesco in the past. Overall summary of topic have been evaluated in order to provide an easy understanding.
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Summary of the report
It Has Been Found In Different Articles That Tesco Plc Had Faced Huge Loss In The Past Period. In The Year 2014, It Has Been Recorded That The Firm Has Faced The Biggest Ever Losing Situation In The History Of Business. As A Result Of Such A Big Loss, Tesco Had To Terminate 45 Stores In Some Areas Of The Uk. Moreover, Another Critical Effect Of The Biggest Loss To Tesco Can Be Observed In Terms Of Loss Of Around 2500 Jobs. Thus, Loss In The Firm Has A Negative Impact On The Operation Of The Company In Terms Of Job Loss And Fiscal Deficit (Back And Et.Al., 2007). One Of The Major Reasons For Such A Massive Downfall Could Be Emergence Of Other Small Scaled Retailers Who Have Began To Sell Their Products At Cheaper Rates With The Help Of Online Marketing. On The Basis Of Article, It Has Been Found That Tesco's New Manager Implemented New Policies For Bringing Improvement In The Operations Of Business.
Comparative analysis of facts and opinions raised in the story
There are number of articles which have been used to find out the most relevant information regarding the crisis which have been faced by Tesco during recession period. Certain facts and information have been discussed in detail regarding Tesco's condition during under-performing period (Fletcher and et.al., 2009).
- According to Guardian and Mail, similar information has been found that Tesco had faced hard-bitten competition through many other small-scaled firms like Aldi during loss period. Low-priced and multiple products offered by Aldi and Lidl had created problematic situations for Tesco as well.
- Guardian also demonstrated that Tesco had also faced net pension deficit wherein, the firm had to pay sum of around 270 million pounds. On the other hand, according to the journal passed by Mail, it has been revealed that Tesco was also liable to pay the net debt of 8.5 billion pounds which is considered as a huge debt amount for any business organization (Jacobson, 2009).
Evaluation of key arguments in two sources
Through evaluating the key arguments in two different sources of articles, following data is revealed which has been explained as below:
- It has been found through different articles that Tesco has been domineering the suppliers and due to this, suppliers become harsh on it. As a result, the firm could not offer multiple products at a single point of time. However, Tesco argued against this because they did not exercise any kind of activity in this manner and they got succeeded to escape from penalty (Rees, Sheard and McPherson, 2002).
- Irregularity in accounting section of Tesco is another major outcome of the evaluation. Tesco declared that accounting irregularity is one of the major reasons which led them into losing situations. However, according to Mail, it has been revealed that Tesco never declared their accounting irregularities in fact they manipulated their stakeholders.
Analysis of different types of recorded business material
On the basis of video, it has been found that there are several issues which are responsible for the emergence of such a downfall in prices of oil. One of the major reasons that are responsible for such issue is the diminishing global economy. The effect of changes in global economy can be observed on many large business organizations of Europe. Apart from that, Japan and Brazil also got affected by such a downfall in oil prices Drop in oil prices could reshape world economy, 2015). It has been found that there is around 40% decline in oil prices throughout the world which has been considered as a major concern for all companies. However, from the viewpoints of new reporters and as per the articles, such a huge decline in oil prices can create adverse impact in the form of deflation over all other economies of the world. Reports also showed that decline in oil prices may result in the stagnant growth of nations.
Summary notes of the lecture
After going through the following video, it has been concluded that there are some significant values in the report which provides useful information. Some of them are described below:
- The focus has been laid over the prices of oil because it led a huge impact over different economies and their growth as well. In other words, changes in oil prices have also affected other industries which are dependent over oil industries.
- Impact of oil prices has made huge impact on different countries of the world wherein, Brazil is the least impacted country with reduced oil prices (Credé and Kuncel, 2008). On the other hand, nations like Europe and Japan are severely impacted with regard to their financial dislocation.
- Dependability of these nations over oil industry is considered as the biggest cause for such a huge financial loss.
- Another impact of oil prices reduction could be observed in the declining position of different economies of the world. It resulted in the huge deflation in various economies across the globe.
Comprehensive analysis of the notes
Main intention behind observing video is to ascertain the impact of changes in economy and its impact over the market. With the changes in prices of oil, critical changes in the overall economy of market can be seen (Grunig and Dozier, 2003). However, with the help of different available resources, it has been found that impact on economy is seen in two different zones, that is, oil manufacturing extracting nations and non-extracting countries. In this context, Brazil is the least affected country while Europe and Japan are highly impacted because of this concern.
However, from the customer's point of view, reduced oil price is an advantage but simultaneously it leads to reduction in flow of money as well. For this purpose, Gulf countries will have to stop supply of oil in other countries in order to increase the prices of oil and as a result, the flow of currency can be increased in many economies (Hind, Wilson and Lenssen, 2009). From the viewpoint of different economists, they have commented that decrease in prices of oil can be beneficial to certain extent for a limited time period but if this process gets continued, people will face scarcity of natural resources.
Case study of Aldi and Lidl
In the present scenario, the case study of Aldi reflects detailed information regarding strategies that are developed by the business organizations in order to create a differentiated marketing position in the economy. However, the genre of Aldi's marketing strategy helps readers to understand the tactics that are developed by business organizations at the time of crisis (Lee and Jones, 2008). However, on the basis of case study of Aldi, it has been found that effective marketing mix of the firm is very significant for increasing the sales turnover, marginal revenues, market share, customer's loyalty and improved financial position.
Aldi significantly increased its market share by offering its products at very lower prices which swiftly caught the minds of customers. Offering quality products at low price can easily change the perception of customers and that is the only reason which is responsible for switching of Tesco's customers towards Aldi. Increased brand loyalty of customers for Aldi's products also provides competitive edge to the cited firm.
Written argumentation supporting evidence to non-routine business problem
Aldi is a well-established retail company in the market of UK since 1913 which operates its business over 18 countries of the world. The case study of Aldi, that is, “Creating value through marketing mix” has been considered as an effective tool for developing various strategies regarding global expansion. In order to measure the global success of company, loyalty of customers can also be measured easily (Cleland, Foster and Moffat, 2005). However, gaining effective response from stakeholders, Aldi has maintained good relations with many of its stakeholders like suppliers, customers and regulatory authorities as well. Such level of marketing mix has benefited Aldi in developing its market position through increasing consumer awareness and by offering number of products at lower prices. Simultaneously, Aldi put more efforts through promotional activities like increasing direct as well as indirect communication with its customers to make them aware about their products.
Cause and effect relationship
Through analyzing the case study of Aldi, it has been identified that there is a positive cause and effect relationship between strategies that are developed by the managers of firm and its impact over the sales turnover (ALDI. Spend a little. Live a lot, 2015). In other words, the enhanced marketing mix of Aldi has resulted into improved sales turnover as well as increased loyalty of customers.
Aldi, through undertaking different promotional activities like effective communication, has increased the awareness among its customers and this has led to enhancement in marginal revenue of the firm. Moreover, cheaper rates of products have also knocked the minds of customers to get diverted towards cheap and qualitative products of Aldi. On the other hand, focusing over high level of desires has also helped the cited firm to achieve great success in its operational time period (Guffey and Loewy, 2010). The marketing mix of Aldi undertook research and development activities effectively in order to acknowledge the needs and requirements of customers.
Hedging and caution to the analysis
In academic writing, hedging and caution are considered as one of the most effective tools for reflecting uncertainty of certain facts and figures which have been revealed during investigation. The main advantage of using hedging and caution in the analysis is that, it makes the content more clear and less complex. However, the current case study has applied hedging and caution through describing the following points:
- It reveals that major portion of customers like to use lower priced products that are offered by Aldi (Fallowfield and et.al., 2002).
- The focus area of Aldi is to give more publicity to its “Like Brand” campaign which will increase its market share in a swift manner.
- It has also been revealed that the cited firm tends to keep layouts of its stores in order to maintain the operating cost and for increasing benefits.
Through the help of above points, it has been ascertained that there has been effective use of hedging and caution language to understand the case study easily.
Providing opportunities in contributing ideas and opinions
Group effort is the key element in every business organization where ideas and opinions of team members can contribute to a greater extent. Participation of group members can help the business organization in gaining lots of ideas and it can deliver number of opportunities to prove their knowledge level as well (Silverman and et.al., 2005). Group efforts can lead to creative and long term solutions which can be helpful in the future situations. Along with that, ideas shared in a group can be compiled together to form a combined and feasible solution.
Moreover, with an improved focus on team work, every member can have equal opportunity to accomplish objectives effectively by using gathered information. Communication system can also be improved within organization and information can be communicated to every member of organization. It also plays a key role in building confidence so that key needs can be meet in appropriate manner. Other than this, team work is also beneficial for creative solution that are available within group as it improves the organizational opportunities. Opportunities for individual can also be enhanced by effective focus on team work.
Furthermore, there is always a very high tendency of acquiring enhanced problem solving measures through effective team work. Therefore, business firm should adopt such kind of activities which involve each and every team member in the decision making process and many other activities of the firm which can deliver outstanding ideas and problem solving measures (Locker and Kienzler, 2012).
Strategy to improve the access of information and knowledge
In order to achieve success in the desired manner, it is essential to make effective strategies regarding improvement of information and knowledge. Customers are also considered as a crucial element of business. Business firms keep focus over customers and their needs and requirements; therefore, it becomes essential for the managers to make a strong relationship with them through electronic means. In simple terms, it can be said that adopting electronic customer relationship is a good way to maintain the flow of information between customers and the firm (Kavanagh and Drennan, 2008). Moreover, effective use of research and development process can also deliver outstanding results to company. However, in order to keep up to date information, the market research of firm should be performed at a very high level so that relevant data can be gathered easily. Hence, this is the most effective and reliable source of information collection for a business environment for better running.
With an improved focus on market research the management and team members can easily understand the key trends and needs of market. It is beneficial for effective design of strategies that can build trust and accessibility among customers. In this, it is also essential for management to ensure about validity of gathered information as market needs and requirements is changing rapidly. Company can also focus on innovative methods to improve customer relationship such as latest technological tools to communicate information. Effective development of electronic system is also significant for improvement in communication system and accomplish task in desired time period.
Non-verbal skills during business presentation
While giving presentation in a business organization, having adequate presentation skills in the presenter is a very important requirement. He should be able to convince the people towards his words. In other words, it can be said that presenter should keep a dominating approach while presenting the presentation (Guffey and Loewy, 2010). Another major factor which is to be considered while giving the presentation is length of the proposal. It depends upon the existence of number of members in the meeting.
In context of non-verbal skills, for providing a dominating presentation, the presenter must make effective use of gesture and attractive postures for impressing the candidates that are present in the meeting. Moreover, he should have powerful eye-contact with the members so that everyone can understand the meaning of his words clearly. Para-language used by the representative also plays an effective role in the presentation ceremony.
In the support of above statements, it can be said that the verbal communication is consist of diverse factors such as individual must have good communication skills to accomplish task effectively. But in non verbal communication needs observation skills so that he or she can easily understand the gestures used in non verbal communication. Moreover, the presentation should be made with attractive pictures and valid data in order to have effective understanding of message.
Direct discussion to attain the objectives
The most difficult task in a business organization is top generate and select appropriate ideas. Selecting a particular idea becomes an important task for the individual because it may include many threats or risks. Apart from achieving benefits from those selected ideas, analysis of their drawbacks is also important. Therefore, making long discussions for choosing the most appropriate idea is a very important task to do. Hence, for having effective discussion, good coordination and communication between team members and subordinates is crucial (Lee and Jones, 2008). Through mutual consent of each and every individual, it becomes easy to select any particular idea. In some situations, it can be seen that due to long discussions, misunderstanding arises between employees that leads to wrong decisions. Therefore, effective presenters are required to control all of them. Thus, requirement of effective and sound presenter is very crucial for presentation ceremony in a business organization.
In order to have effective accomplishment of organisational objectives, it is necessary for business firm to focus on business plan and various commercial ideas. With an assistance of business plan the operational activities can be accomplished in effective manner. It will also provide information about significant sections or subjects so that team can have effective operational activities. Moreover, direct discussion with employees is also beneficial for organisation as it will improve the understanding among employees and facilitate management to identify various ways to accomplish task. Presentation and feedback process is also advantageous for direct discussion and effective accomplishment of objective.
Personal performance to set future learning goals
Regarding personal performance, in order to complete the report, analysis of future goals and objectives has been done. One of the major outcomes of presentation can be seen in improvement in comparative analysis. Through various sources of information, comparative analysis has been improved to a greater extent. On the other hand, excellent knowledge about global understanding has been gained. Contemporary market issues and trends have been acknowledged in a well manner throughout the report (Hind, Wilson and Lenssen, 2009). All such issues address the happenings or changes that occur in the economy. Apart from that, through this presentation report, there has been a lot of improvement in personal communication skills. Furthermore, conducting study does not require enough time and money but when question comes to make comparison between two different sources of information, it becomes necessary to conduct a deep study over both the sources of information. Hence, it has been learnt through the report that the deep study is required to enhance and improve the personal skills including the proficiency of communication.
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Other than this, it is also necessary for individual to have improvement in analytical skills so that reasons behind decisions can easily identified. It is also beneficial for effective identification of various issues as it will provide innovative ways to overcome that problems. Moreover, it is also essential for professional to have effective communication skills as per industrial standards. It can easily be identified by improved level of focus on presentation in team.
With the help of above report, it has been concluded that for preparing a business report over a particular topic, for effective communication skill and study over the subject matter plays a crucial role. We must get proper assignment help for writing such things. In the current report, deep study over financial crisis faced by Tesco Plc has been explained in a broad manner. For presenting the report, effective communications skills and studying over the subject matter have been taken into account.
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- Cleland, J., Foster, K. and Moffat, M., 2005. Undergraduate students' attitudes to communication skills learning differ depending on year of study and gender. Medical teacher.
- Credé, M. and Kuncel, N. R., 2008. Study habits, skills, and attitudes: The third pillar supporting collegiate academic performance. Perspectives on Psychological Science.
- Fallowfield, L. and et.al., 2002. Efficacy of a Cancer Research UK communication skills training model for oncologists: a randomised controlled trial.The Lancet.
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