European History

Different Styles Of Leadership Quality Company Culture

Introduction Each company has beliefs and values defining it. A company culture determines how employees and customers perceive the company, client treatment and how the company should react to various changes in the environment. An organizational culture is a mirror of the company leadership. Different styles of leadership ensure maintenance of various corporation cultures. The climate within an organization determines a company’s financial performance. A quality company culture integrates each employee or customer ensuring that their propositions are deemed important. Job-related problems, either personal or work related, are listened to, and the bosses find the best means to solve them. Work is delegated to employees and managers’ work by the employees’ side to ensure perfection (Alvesson, 2002). Case Study The survey presented by Debra and Nicole had fifteen questions divided into three sections of five questions each. Evaluating my company using the guidelines provided the following results. Section 1: 4 true, 1 False. Section 2: 3 True, 2 False. Section 3: 2 True, 3 False. According to the instructions, my organization falls under the company culture discussed in the first section. These are companies with a thoughtful and intellectual culture. It correctly describes the formal and flexible systems of dealing with client needs. The only place the survey errs is about the internal competitions within. The culture encourages competition among junior employees forShow MoreRelatedOrganizational Commitment and Communications Paper1151 Words   |  5 PagesJuly 4, 2011 Organizational Commitment and Communications Paper The selected organization is Walt Disney Company. 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In the structure of an organization or institution, the position of leadership is fundamental for its proper function and operation. Leadership is about having the ability to influence others. Having influence means that there is a greater need on the part of leadership positions to exercise their influence

Entrepreneurship, Innovation and Economic Development Free Essays

Entrepreneurship, Innovation and Economic Development â€Å"‘Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? † In today’s world, entrepreneurship and innovation are becoming increasingly crucial as drivers of the economy, especially so in the developing economies where trade plays a major part in generating revenue. In China, small-and medium-sized enterprises (SMEs) account for almost 70 percent of all Chinese exports, a share that reflects the above statement about the importance of entrepreneurship to economic robustness. We will write a custom essay sample on Entrepreneurship, Innovation and Economic Development or any similar topic only for you Order Now Some questions may be raised on whether entrepreneurship lead to economic development or is the latter a prerequisite to facilitate the entrepreneurship and innovation processes instead. This essay , while recognizing the need of certain institutions and framework to be in place and functioning well in order to ease the functioning of business activities, takes the stand that entrepreneurship and innovation leads to economic development more often than of the other way around. Realising its potential, governments’ initiatives have largely been centred on encouraging more entrepreneurs to start up a venture or to expand their existing businesses. In the 2013 National Budget, the Malaysian Government has allocated a fund of RM 1 billion under the SME Development Scheme (News Straits Times 2012). This very government has also recently launched SME Masterplan (2012 – 2020). These initiatives are aimed at supporting and accelerating the growth and development of SME-s across all sectors of the economy. In evaluation though, more start-ups and new business ventures in an economy does not necessarily translate into economic growth and improvement. In order for the desired economic aims to be achieved, we need to ensure that the start-ups and existing businesses thrive and not fail, for doomed enterprises more often than not suck resources out of the economy. This essay will identify how businesses, using innovative practices and creativity in both business operations as well as in problem solving, can achieve greater performance and sustainability in order to positively contribute to economic development. Jospeh Schumpeter defines entrepreneurs as innovators who implement entrepreneurial change within markets (Ahamad, 2008). This can be in the sense of introduction of a new or improved good, introduction of a new method of production or business management process, and the exploitation of a new source of supply. In short, entrepreneurship is the act of identifying market opportunities and using innovative approaches to exploit them (Ahamad, 2008). â€Å"Business opportunities are like buses, there’s always another one coming† (McAshan, 2011). Such are the words Richard Branson has used to describe the ample opportunities available for entrepreneurs to capitalize on. An entrepreneur can either start a venture by either involving themselves in a established market with certainty of demand for the goods offered, or they can exploit a new market altogether, by identifying a market niche and work on fulfilling the needs of that certain segment. By undertaking the former, entrepreneurs face a large and possibly increasing pool of competitors. This market, as described in the book Blue Ocean Strategy, is the â€Å"Red Ocean†. In contrast, entrepreneurs who venture into an untapped market space, focusing on demand creation, have unlimited potential to grow profitably (Chan Mauborgne, 2005). â€Å"The only way to beat the competition is to stop trying to beat the competition. † Entrepreneurs should focus on undertaking the value innovation strategy proposed in the Blue Ocean Strategy. By creating a leap in value for buyers, a venture can open up new and uncontested market space, this makes competition irrelevant (Chan Mauborgne, 2005). To be successful, entrepreneurs will need to undertake innovative processes in creating the product or service as so to distinguish themselves from the rest of the existing options in the market. In other words, the product or services offered must stand out, have relevance and good purpose, and provides a high value add to consumers. It must provide the wow effect to the masses, which will in turn capture attention and help rake in revenues. Besides product and service innovation, innovation also can be implemented in improving the business management process. For example, all this while, organizations are shaped in the top-down organizational structure. Innovative entrepreneurs might have a different preference on running the firm, and choose to have a flatter structure, defying the norm. This can rake in benefits as in a flat structure, creativity and feedback are encouraged, there is more empowerment of young people by the executives, leading to a more open and vibrant organization. This will provide amazing esults in terms of business performance especially in today’s fast paced business world, which requires enterprises to be nimble and quick to adapt to changes (Griffin, 1999). Besides innovating and introducing a good and impressive product, an enterprise should also aim to develop strengths in multiple areas to gain an advantage over the rest of the field. Edges such as fantastic supply chain system which is due to good contacts and strong relationships with suppliers is a crucial factor in determining how well a business do es. Toyota for instance, are famed for their Lean Production System, which is a key factor contributing to their status as market leader in the automobile industry. Besides that, the ability to develop strong brand loyalty with customers by establishing a culture of responsiveness to them is also another example of what an enterprise can focus on doing. It is easy to knock off an innovative product, but an innovative business system is hard to replicate (Bhide, 1996). Businesses should thus focus on enhancing creativity, building strong networks, utilize technology available to enhance performance, devise effective strategies to be incorporated in the business process, aim to build good reputation among consumers by providing consistent and reliable service and also, be ever-ready to act quickly, on both opportunities as well as issues that will arise every now and then (Bhide, 1994). When faced with a problem, how fast and how well an entrepreneur responds to it will have a telling effect on the business performance. It can potentially act as a morale booster if dealt well, and have adverse effects if not. Spardlin (2012) suggests that a large number of enterprises are simply not rigorous in defining the problems they are attempting to solve. The Creative Problem Solving Process Model suggest the use of an explorer’s mindset, as well as a detective mindset when it comes to defining problems. This is so as to pinpoint the problem, also identifying the opportunities and future-oriented aspects involved (Lumsdaine, 2009). When you ask the right questions, chances are you’ll be able to tackle the right problems well. InnoCentive, an innovation-focused problem solving consulting agency, has devised a four-step process for firms, to be used in defining problems and later solving them (Spardlin, 2012). This process has four main focuses. First, it aims to help users pinpoint the need for the solution, and state what the desired outcome is. Next, it articulates the strategic importance of the solution to the firm. Then, it looks into the methods that may have already been used, recognize the constraints involved and lastly a clear and complete problem statement is produced (Spardlin, 2012). This multi-steps process is important to rally the organisation around a shared understanding of the situation, its magnitude and amount of resources needed to be devoted to the rectification of the issue. More often than not, firms allocate inappropriate level of resources to solving problems faced: too few resources are allocated to high-stakes ones and excess resources are devoted to tackling wrongly defined problems or low priority ones (Spardlin, 2012). After problem definition, idea generation and evaluation follows. Using the artist, engineer and judge mindsets, organisations are encouraged to generate solutions through a creative, innovative and evaluative process (Lumsdaine, 2009). This process works well in brainstorming groups. As ideas are being suggested, chances are a constructive build-on will occur. Ideas will then be synthesized, and the best solution(s) will then be picked. The Pugh Method can be used in tandem with the idea evaluation process: Concepts are compared in an advantage-disadvantage matrix. It can be used to compare the few available ideas in hand, choosing the best one ultimately, and it can also be used to benchmark against an existing concept in the market (Lumsdaine, 2009). With this, entrepreneurs can now be assured of a well-thought idea for their products or services or even when it comes to solving issues. The implementation of ideas, or the execution is a pivotal area of focus for entrepreneurs. Execution is as equally important as the idea itself. Entrepreneurship is not just all about being creative and inventing or innovating good products and services. A good idea without careful and precise implementation will not help a business reach its potential. Furthermore, an innovative new product or service may do very well when introduced, but its popularity will also attract new companies who will imitate and try to capture a share of the market. Thus the importance of laying strong foundations and fundamentals in terms of implementation must be stressed on by entrepreneurs. Aspiring entrepreneurs should realise the importance of working on establishing the business’ brand name as well as using creativity in erecting barriers that will deter imitators. This is especially crucial if their innovation of products are easily copied. This can be done by careful planning, acquisition and management of the necessary resources. Clearly, innovation, problem solving and creativity are all connected and play important roles in driving entrepreneurship. A society will be much better off with better products and services, as well as having the luxury of a wider range of product choices to choose from. Entrepreneurship will indefinitely spur economic development in a country. As mentioned above, enterprises contribute to the exports of a country, so in this aspect a country will record better balance of payments performances. Also, as consumers now have better quality goods produced locally, the dependency on imported goods can be reduced, and internal growth is spurred with increased consumption in the economy. Lastly, as firms embark on the innovation drive, more technology usage will mean investment activities are bound to increase, contributing to the long run health of the economy. In short, innovation in entrepreneurship is important for economic development. Efforts to strengthen these practices should be undertaken by all parties, including the government. References Ahmad, N. and R. G. Seymour (2008), â€Å"Defining Entrepreneurial Activity: Definitions Supporting Frameworks for Data Collection†, OECD Statistics Working Papers, 2008/01, OECD Publishing. Bhide, A. (1994). How Entrepreneurs Craft Strategies That Work. Harvard Business Review. Bhide, A. (1996). The Questions Every Entrepreneurs Must Answer. Harvard Business Review. Chan K. W. Mauborgne R. (2005), Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant: Harvard Business Press. Finfacts. (2007). Chinese SMEs boost exports and growth; More created in past 20 years than total number of SMEs in Europe and US combined. Available: http://www. finfacts. com/irelandbusinessnews/publish/article_1010697. shtml. Last accessed 20th November 2012. Griffin, D. (1999). Benefits in a Flat Organizational Structure. Available: http://smallbusiness. chron. com/benefits-flat-organizational-structure-281. html. Last accessed 30th of November. Lumsdaine, E . , Binks, M . (2009). Entrepreneurship from Creativity to Innovation. Nottingham, University of Nottingham Institute for Enterprise and Innovation McAshan, T. (2011). 50 Great Entrepreneurial How to cite Entrepreneurship, Innovation and Economic Development, Papers

Social Media and Costa Coffee free essay sample

This report explores Costa Coffee’s market presence worldwide and within Singapore. First details the completed background research and product concepts for Costa Coffee. Next, listed is their current social media overview. This includes their presence and amount of activity on different platforms, such as Twitter and Facebook. After thorough research, Costa Coffee’s target consumers are students and working professionals, aged 20-40 years. Both segments are heavy consumers of specialty coffee and very active on many social media platforms. Currently, Costa Coffee is lacking awareness in the Singapore coffee market. To increase brand awareness, there are three effective social media strategies: Singapore Costa Coffee’s virtual tour, YouTube video channel, and the Costa Coffee Facebook page. Certain benefits will include brand awareness of the Mocha Italia coffee, user engagement, and increased online discussion. Lastly, the potential and inevitable risks are outlined. Company Overview Costa Coffee is a coffee house chain founded in London, in 1971, by brothers Bruno and Sergio Costa. We will write a custom essay sample on Social Media and Costa Coffee or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page At the time, Bruno and Sergio Costa simply supplied coffee to local caterers and coffee shops. However, with the increasing popularity of their coffee they opened the first Costa Coffee outlet on Vauxhall Bridge Road in London, in 1978. In 1995, the Whitbred Company acquired Costa Coffee. Today, Costa Coffee is the largest and fastest growing coffee house chain in the United Kingdom. Costa Coffee entered the Singapore market in 2012 (Costa Coffee, 2013). Costa Coffee’s main mission is, â€Å"To serve the best quality coffee in true Italian style†. The company has incorporated this into all its brand touch-points, including its products, prices, outlets and campaigns. In addition, Costa Coffee’s vision is, â€Å"To be the best hospitality company that there is a family of related hotel, restaurant and leisure club brands recognized by its people, guests and investors as leaders in each market in which it operates. † (Whitbred PLC Annual Report and Accounts, 2012-2013). Costa Coffee has also established several goals which relate to its vision and mission statements, these include: Product Concept Costa Coffee is an Italian blend coffee, which is made exclusively from six different types of slow roasted Arabic beans. This gives the coffee a fuller flavor and a stronger aroma. Additionally, Costa Coffee is one of the few coffee brands, which has its own roastery. This ensures that each cup of coffee is of the highest quality. Moreover, in a day and age where corporate social responsibility is becoming a global concern, Costa Coffee harvests its coffee beans from only the very best: 100% Rainforest Alliance approved fields. Costa Coffee aims to signify luxury, excellence and perfection. All of which are incorporated in the various dimensions of the Costa experience, including, its products, prices, outlets, campaigns and employees. Apart from coffee, Costa also offers a wide range of food (paninis, toasties, sandwiches and wraps) and desserts (cakes, pastries, brownies, muffins, pies and bakes)(Costa Coffee, 2013). Costa Coffee customers are those who enjoy the true Italian taste that the Italian blend offers. Customers are not only coffee lovers, but are those who appreciate quality and variety. Today, Costa Coffee has become a favorite for individuals on-the-go, whether they are taking a break from work or just shopping in the mall. To increase customer convenience and accessibility, Costa Coffee has creatively designed 5 ways through which individuals can enjoy the Costa Coffee experience: Costa Outlet, Costa Metro, Costa Express, Costa Drive-Thru and Catering (Costa Coffee, 2013). By having these different types of establishments, Costa Coffee reaches out to all coffee lovers, increasing its competitive advantage and brand loyalty. Social Media Overview Costa Coffee is currently present on social media platforms such as Facebook and Twitter. Their Facebook page has about one million likes and Costa Coffee Singapore has about 7,500 likes. Costa Coffee is working intensely with their Facebook page by posting pictures of their products and new offers. The company is also active on Twitter, where they have about 60,000 followers worldwide. On their Twitter page, Costa Coffee is marketing their products and presenting offers that are specific for the current season. They also have three employers who are working on a daily basis between 9am-5pm answering customer questions. Their website is user-friendly as it includes a logical design about clear product information, their organization overview, and their commitment to Rainforest Alliance. Costa Coffee is active on most social media communities and is doing quite well when it comes to customer-to-company relationships. Target Consumer: Working Professionals and Students (Aged 18-40) The 2013 National Coffee Drinking Trends market research report produced by the National Coffee Association (NCA) reveals that the adult coffee drinking market segment is increasing. There was an increase in 5% of American Adults that drink coffee in 2013 (up from 83% in 2012) (Vending Market Watch, 2013). Likewise, â€Å"according to statistic from Euromonitor, the UK market for coffee†¦is forecast to grow by at least 10% in the next two years. Today, about 80% of UK adult population drink coffee (as cited in Urbantimes, 2013). In addition, a new report from the NCA states that one in three had drank a gourmet coffee yesterday, which solidifies the assumption that the specialty coffee market is growing at a stronger rate (Vending Market Watch, 2013). Well brewed, specialty coffees have turned into a commodity among working professionals and students. It has become universal over different income categories but still remains among the highly educated segment. Costa is focusing on students, professors, and other faculty due to their high consumption of coffee and their desire to use Costa locations as a convenient place to relax, gather, and study. According to a survey carried out by the National Coffee Association, 40% of 18-24 year olds are drinking a coffee each day. This is a drastic increase from the 31% of this age group who said they were daily coffee drinkers in 2010 (as cited in Urbantimes, 2013). It is important to notice that daily coffees are becoming part of the â€Å"student life†. Not only are students avid coffee drinkers, but also very active on social media sites. According to a survey done in 2012, 83% of 18-29 year olds are present on social media sites (Pew Internet American Life Project, 2013). The â€Å"student† segment is a critical target audience to Costa Coffee because of their coffee consumption and their ability to be reached through social media. As far as students’ expectations, more are saying they want convenience, consistency, and accessibility in a coffee shop. They are paying higher for specialty coffee due to its’ differentiation from cheap, inconsistent places such as Singapore Kopitiams. Not only do they expect quality in their coffee, but students also want a place to get their work done. It is often difficult to complete work in a dorm room, as it is loud and noisy. Likewise, the library can get very full and at times even be impossible to find a seat. Coffee shops provide a comfortable and relaxing ambiance where students can complete papers and study; they become places of refuge. Working professionals is also another heavily targeted group for Costa Coffee. In certain countries, over three-quarters of the adult population are coffee drinkers as revealed in the statistics above. Working professionals, roughly 25-40, are also increasingly active on social networking sites. Another survey by the Pew Research Center’s Internet American Life Project states that 72% of online adults use social networking sites (2013). What is even more intriguing is use of social networking continues to grow among older users. In 2009, in the age group of 30-49 years old, 48% of adults were using social networking sites. In one year alone, there was a 27% increase in this age category (Pew Internet American Life Project, 2010). Therefore, these statistics clearly indicate why the working professionals segment is equally important to the Costa Coffee’s social media campaigns. Both of these segments are growing steadily on social media presences and have high consumptions of coffee daily. Working professionals value a coffee shop’s ambiance for different reasons than students; often times, they like to use their favorite coffee shop as a place to take a client, to hold a meeting, or as an office away from the office. Similar to students expectations, working professionals value the convenience, the consistency, and the accessibility. In addition, beverage quality, speed of service, and â€Å"customer intimacy† are highly valued to this market segment. Objectives A primary survey was conducted on 51 Singaporean respondents (from the target  audience as identified above) to get a better understanding about Costa Coffee in Singapore (survey, 2013). Findings of the survey are given below: Graph 1: The survey shows that Starbucks Coffee is the most prominent premium coffee brand, followed by The Coffee Bean Tea Leaf and The Connoisseur Concerto. Additionally, only 6% of the respondents know about Costa Coffee. This is an indication that Costa Coffee has co mparatively low brand awareness. Graph 2: Of 50 respondents, 71% have never been to Costa Coffee before. This supports the conclusion that Costa Coffee has low brand awareness. Graph 3: Of 36 respondents who have never been to Costa Coffee, 86% indicated that they are willing to try it. This implies a potential demand for Costa Coffee to grow its market share. The objectives with the social media strategy, i. e. the virtual tour, is to increase Costa Coffee’s brand awareness by marketing Costa Coffee’s Italian blend coffee and company owned roastery. In other words, reasons for unique taste. As the charts reveal, Costa Coffee has low brand awareness in Singapore and therefore needs further marketing in order to compete with other chains such as Starbucks, The Coffee Bean and Tea Leaf. Another factor that indicates low brand awareness was mentioned above stating the low number of likes on the Costa Coffee Singapore Facebook page (7500 in Singapore compared to 1 million worldwide). One reason for the low brand awareness might be the fact that Costa Coffee only has 8 stores in Singapore, compared to Starbucks which has about 100 stores (Costa Coffee, 2013), (Starbucks, 2013). Something that also needs to be kept in mind is that Costa Coffee Singapore is still in their growth stage since the first store opened in 2012. Message Strategy The overall message we want to get across to people through our social media strategy is why they should choose our coffee shops over competitors. We want to express what Costa has to offer that other organizations do not. There are three important messages we want to get across: Costa demonstrates corporate social responsibility (CSR), offers only the finest Italian blend of coffee and delivers exceptional customer service to a wide variety of customers. It is one of Costa’s goals to leave a lasting impression on its customers, not the environment (Costa Coffee, 2013). According to a Nielsen survey, â€Å"66% of consumers around the world say they prefer to buy products and services from companies that have implemented programs to give back to society†; â€Å"63% of those consumers are under the age of 40†; and â€Å"46% say they are willing to pay extra for products and services from these companies† (The global, socially, 2012). It is safe to say based on these stats why Costa has made sure that, â€Å"100% of the coffee used to make the unique Mocha Italia blend comes from sustainably grown beans sourced from Rainforest Alliance Certified farms† (Costa Coffee, 2013). To attain this certification, farms of Costa must prove that not only are the fields carefully sustained but also the farmers working in the fields. This is why The Costa Foundation was set up: â€Å"to give back to the communities in which Costa sources its coffee beans from† (Costa Coffee, 2013). Costa coffee’s most recent CSR venture has been towards making a more recyclable, environmentally friendly coffee cup. From already using â€Å"certified sustainable pulp and vegetable, instead of oil-based, ink† to using â€Å"increased recycled content or using FSC certified virgin pulp paper† (Costa Coffee, 2013). Costa understands that its coffee lovers want quality Italian taste, which is why â€Å"only 1% of the world’s production of coffee is good enough to go into creating the unique taste and aroma of the Mocha Italia Blend† (Costa Coffee, 2013). Costa coffee drinkers can enjoy consistency and familiarity each time they take their first sip of a freshly brewed coffee or coffee specialty drink. They will experience a handcrafted drink accompanied with a stronger aroma and true Italian taste. Exceptional customer service starts with empowered employees, â€Å"With technical skill, personality and passion for coffee, they have all the right ingredients to make a perfect cup, time after time† (Costa Coffee, 2013). If you order a coffee you may notice one or two coffee beans on a barista’s shirt collar. If you see two this means that they are a â€Å"barista maestro†, the best of the best when it comes to coffee knowledge and creativity of drink making. Costa baristas are passionate about where they work and understand the love of great coffee. When a customer walks into a Costa coffee shop they will immediately recognize the warm and welcoming ambiance. To reach a wide variety of customers, whether its someone on the go, having a business meeting, or looking for a place to take a break, as mentioned above, Costa has carefully designed 5 different methods of delivery: the original Costa coffee shop, Costa Metro, Costa Express, Costa Drive Thru and even supplying of Costa coffee to local restaurants, pubs, bars, etcetra (Costa Coffee, 2013).