Management in Practice

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Introduction

Having collated and synthesized the groups 5 different perspectives from the last two assignments, this report represents the final segment of the sum of our work. The team's research has drawn similar conclusions in discovering internal and external weaknesses and risks respectively, namely in the form of a lack of HRM processes, impending reforms in BREXIT and the looming presence of the COVID19 pandemic. 

Therefore, in pursuit of the end goal of proposing recommendations for TONIC15 to adopt in order to overcome their management challenge, this report will first restate a common research question supported with appropriate management frameworks, identify and propose said recommendations, develop a cohesive and feasible implementation plan for TONIC15, conduct risk assessment utilizing the Safe framework and finally evaluate the proposals performance through risk assessment and Balanced Scorecard.

Management Challenge and research question

A thorough analysis of the groups collated prior assignments drew similar conclusions to the challenges affecting TONIC15, indicating that the company is hampered by issues relating to an uncertain external environment, changing demographics and a lack of human resource management (HRM) practices. The trend of digitalization also presented itself as an opportunity for TONIC15 to take advantage of. These issues are thus summarized and described below.

Uncertainty in TONIC15’s external environment is derived from the twin factors of COVID19 and BREXIT occurring within the present and immediate time frame. COVID19 has resulted in significant changes in buyer preferences beneficial to TONIC15, with the normalization of E-commerce and  the short-term surge in popularity of self care and beauty products (Gerstell, et.al 2020), however it also presents a threat in future supply chain disruptions, as seen by the major drop in exports from TONIC15s main supply base in South Korea during the lockdowns (CNA 2020). Meanwhile BREXIT presents itself as a looming threat to the sustainability of TONIC15’s continued business operations due to impending changes in tariffs and changes in legislation within the beauty industry (Morris 2020). 

Besides the individual factors presented by COVID19 and BREXIT, uncertainty itself is noted as a major threat, requiring effective assessment and appropriate response by TONIC15 in order to assess the turbulence of its external environment and match its capabilities, aggressiveness and response(Galbraith 2013; Ansolf 1987).

Changing socio-cultural factors in the UK and Europe add on to the uncertainty in the environment whilst presenting their own challenges. Demographically, with the UK in the midst of transitioning into an ageing, multi-ethnic population (Lomax et.al 2019;Populationpyramid.net 2020), we posit an ever  shrinking customer base for TONIC15 in the long term, considering their current core demographic of women aged 25-45 (TONIC15 2020). This in turn demands that TONIC15 begin to look for new demographic avenues and shape their marketing strategies towards them. Two demographics appear as opportunities, with the UK’s minority population representing a viable avenue due to their younger population demographic (CPA 2013) and the  rise in popularity of male interest in grooming and skin care as showcased by the booming global market (Elsner 2012).Culturally the niche popularity of TONIC15s product line of “K-Beauty” is seen as a challenge, with the Europe and UK having a historically smaller but growing interest in Korean culture than markets in America and Asia (Eun Jee, 2017;Joo-ri and Jihae, 2019)

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