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Assignment on 4V’s Sample

Assignment: on 4V's

Executive summery

Here the report is based on the main four ways are known as “Four Vs”, “Volume”, “Variety”, “Variation”, and “Visibility Here in this assignment,, two reputed companies are chosen, one is “Starbucks” ,this company is famous for offering various kinds of coffee and the other company is Greggs , this company is famous for the finest bakery. This is the part one and the second part is the discussion about the “operational areas of Starbucks” and in light of the several obstacles, it can identify and suitable recommendations stands with the logical issues. All the global strategies and its surrounding macro-environment are discussed. The key to requirements, capabilities, and challenges are discussed deeply

“Analysis the strategies of Starbucks and Greggs”

  • Starbucks
  • Greggs

Table of Contents

  • Executive summery
  • “Comparative four V’s analysis”
  • “Comparative performance objective analysis”
  • “Design analysis”
  • “Overview”
  • “Key requirements, capabilities, and challenges”
  • “Analysis and evaluation of Operation area”
  • “Recommendation”
  • “Conclusion”
  • “References”
 

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“Part A”

“Comparative four V’s analysis”

All operation processes have one element in common that is the “input” they have taken. The main four ways are known as “Four Vs”, “Volume”, “Variety”, “Variation”, and “Visibility Here in this assignment,, two reputed companies are chosen, one is “Starbucks” ,this company is famous for offering various kinds of coffee and the other company is Greggs , this company is famous for the finest bakery. Both of the companies are equally famous to the customers. The discussion on four vs analysis is given below (smart trunover, 2017).

“Volume”

The volume is the first step of the 4 Vs analysis. Volume helps to define the productivities and how the company shorted their business. The analysis with ”Volume” refers to the customer’s demand for a specific product in the company. The high volume operation can able to satisfy a large number of the customer because the high volume operations are faster than low volume operations. Here two reputed companies are in this report one is Starbuck and the other is Greggs. The volume of Starbuck is low and the cost of the product is quite high. The Greggs’s volume is high so the product cost is compatibly low.

“Variety”

The variety part of 4 Vs refers to a variety of products. The various kind of products helps the company to catch the market for a long time. There is a different kind of products that include the flexibility to produce the products and satisfy the customers according to their requirements. “Starbucks” has got a very good routing with the lower and stable unit costs. Whereas Greggs has the flexible and customize routing because the company is offering “flexible services” to the customers who visit their bakery. 

“Variation”

The variation analysis part of 4 Vs is quite tough. The production of different products is quite easy. The companies have to adapt the ideas which are acceptable from the initial time. the assets of the company will be equipped to satisfy the company’s needs and requirements. All the companies should keep all their resources in balance, so in the future they can use it. This strategy should keep in the operation management system in every company. The analysis of Starbucks, the operations of the business is quite predictable but in the other company the operation of the business is unpredictable because their customization of service is designed according to the customer’s demand (Gregory, 2017).

“Visibility”

Visibility is the process of customer’s vision, this is the most difficult part of the analysis. This part depends upon the perception of the customers. It is very hard to define the perception of the customers. The customers become impatient when it comes to their tolerance level. The strategy of “Starbucks”, the customers do not need to wait for a long time, so the ” Starbucks” can easily satisfy the customers. Besides that, the company ” Greggs” takes more time to deliver the order to the customers because of the lack of proper strategy in the company’s customization system. So primarily the customers of Greggs are dissatisfied with these and effects on the company’s image (support-work, 2020).

“Comparative 4 V Analysis Diagram”

“Comparative performance objective analysis”

The company’s performance is defined by the performance objectives, which helps them to achieve the ser of goal by the company. Through this objective the company tries to improve the method of their operation. The objectives of the operation developed every perspective related to the operation such as preventing the hazard, low-profit risks achieve the target and so on. There are five steps of analyzing the performance objectives, Speed, quality, dependability, flexibility and cost (planettogethe, 2019).

“Speed”

The speed of service of Starbucks is much faster as compared to that of Greggs, hence this poses as a significant advantage in the service department for the former company (iedunote.com, 2019).

“Quality” 

The quality of every company is one of the important objectives. Each and every company have to follow this objective to keep them unique from its competitors and emerge the business. For example, “they have also focused on their retail stores where they have opened this bakery and encourages the customer to have a look on the retail products to keep them busy and entertained during the wait time”. Nowadays to satisfy the customer and keep the market they have started to sell their product in retail shops. There is a variant kind of product so, sometimes they can’t able to maintain the quality.

“Dependability” 

According to the research the objective dependability is very important for the company. This part of the analysis defines how much the company and its operation are trustworthy. The way they deal with the customer with a convenient product price. Till today’s date the company ” Starbucks” has no claims. They have maintained their consistency regarding the quality and price of their services or products. The company does not receive any complain from customers’ side. The company is carrying its brand name. The company ” Greggs” is kind of dependable on the placed orders of customers. Though they are having enough efficiency to please the customers. There are no complaints about the quality or price of their products. They are having only one issue for delay delivery but nowadays they are trying to rectify it.

“Flexibility”

Nowadays flexibility of the company refers to the way that companies can implement to change in their products to satisfy the customers. The company ” Starbucks” is using the website and they have a concern about taking the feedbacks of each customer. The company checks the feedbacks and according to the feedback, they launch new items such as flavour coffee, other new beverages as per the need of the customers. The main aim of both companies are successful to satisfy the customers. The company ” Greggs” has already having a system where they offer the customization as per the choice of the customers. The customers can have the option of what kind of food they want. It can be said easily that the company ” Greggs” is more flexible than the company ” Starbucks” (ukessays, 2018).

“Cost”

It is an important aspect that can directly affect the customers. The cost can affect the companies. The company ” Starbucks” uses Arabic beans for producing their very costly products. The company has started to develop its espresso,  Arabic beans which helps them to maintain cost factors and reduce the extra expenses which increase the profits of the company. The company ” Greggs” depends on the certain suppliers who supply the bakery item to the company. The company is having its retail store so the company can get the items direct from their retail store and they can fix up the cost.

It can be said the both of the companies are different from each other. The company ” Starbucks” is a beverage company and the other one is a bakery company. The companies provide different services to the customers. 

At the end of this report, it is found that the companies are different one is based on the restaurant industry and the other one is based on the bakery as well as the retail industry.

 

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“Design analysis”

“The impact of four Vs and performance of both the companies in the case’s store layout”

The analysis and research from the internet and other sources It has been considered that the company ”Starbucks” is very reputed. The company has exposed its name by delivering the products successfully to the customers. The company is having management who helps to improve the business. The methodology of organizing is very different the store layout is not based on the topmost locality only. The company “Greggs” is having the expansion of the business .The company has opened retail stores that have helped them to serve the customers from the topmost location.

“Part B”

“Overview”

Operation Management of the company is very important for understanding the scenario of how the machinery works in both the scenarios given here A process supply chain management is considered which includes the raw materials or the components of the organizations are sourced to produce a new product or service and delivers the same to the customers of the company. Research conducted into the supply chain management of Starbucks has suggested that they incorporate a vertically sustained and coordinated chain of supply. They associate directly with farmers and source the best quality e of coffee beans that ensure standardized flavour for the brand (fronetics, 2017). 

The supply chain management which was maintained by the company .Starbucks has allowed the company to predict the shortage of products and supplied raw materials. It is found that most of “Starbucks coffee is developed in creating nations in Latin America, Africa, South America, and Southeast Asia, Starbucks had a noteworthy danger of supply deficiency because of local suppliers and this was quite predictable to them due to their efficient use of supply chain management” (thesisleader, 2020).

“Starbucks global operation strategy and surrounding Macro-economy”

“The global operational strategy of Starbucks”

The marketing strategy of Starbucks items reflects on their significant job and the solid instrument that helps to achieve the business. The significant elements of commercials are used to change by the nation to the nation such as the pattern, culture, customs and so on. Apart from that the advertisement part also effects differently in different nations.

Role of operational management:

“The popular practice of e-commerce and the advertisement practice has made the company 4th largest coffee shop within entire China and the technology has helped the company to evolve out with the best marketing strategy under which the advertisement comes. This strategy has been applied within the organization specifically for the branch of stores hold by Starbucks in China is to improve the experience of the Chinese customer. Secondly, it has been found that the company Starbucks also concentrated on the operational areas of them in the Indian market. The company noticed that the Indian economy is emerging day by day so Starbucks wants to open its outlets in India” (team, 2020).

The external macro factor’s impact on Starbucks:

The company Starbucks is adapting external environmental factors as the “macro conditions” that impact on the company with the help of this factor the marketers make the plan of their organizations. While coffee restaurants become incredibly serious and overflowed compare to other organizations. If the company ignores to expand its business except the US then the market share of Starbucks will decrease day by day.

The legal factor is very essential for “macro-environmental factors” which can affect directly the operations of the company with their “strict laws and regulations”. According to the law, “It has been found that the company has focused on its compliance management to respect the law based on food health and safety along with the safe working practices within the organization” (ivypanda, 2020).

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“Key requirements, capabilities, and challenges”

This assignment is content on the ability of the company. The company “Starbucks” is mainly a “coffee” outlet in the global stage. It has far panning international presence. The brand gains reputation for its “good quality items” helps to get the “client support” and “in-store condition”. The organization has procured the espresso and has as authority status through its steady spotlight on the nature of items, client assistance just as brilliant inventory network the executives. The product and system of “Starbucks” are all around separated from its competitors and after some time, the brand can assemble all bad feedback as well as good response. This brand has a huge client base in the global market. It has created a solid market in the espresso business (Pratap, 2019). 

According to the report it is found that the test of Starbucks’s coffee gain huge than other competitors in the markets. There is a report on selling the greatest espresso beans item of Starbucks, which costs high from the other company this is the advantage for the competitors. This operation resources of Starbucks need to improve (ukessays, 2018). 

On the other hand the management system of the operational area needs to focus on the requirements and identify it. Human resources deal with the employees of a company. Since employees are there face of accompany managing them effectively is an important part that Starbucks needs to take into account. Impression of a company depends upon the kind of interaction that employees engage in with customers. Customer loyalty in Starbucks in only is promoted through effective management of human resources. Recruitment of higher quality of talent for the company can ensure that it the recruited employees can uphold the brand value of Starbucks and help in better positioning of its products in the perceptions of customers. “The procedure which Starbucks guarantee that they have the correct sorts and number of individuals at the correct occasions in the correct spots, individuals who are productively and able to do viably finishing those errands will assist the association with achieving its objectives called the planning of the employees” (icmrindia, 2020).

 The human resource system of the organization is designed and managed to increase the quantity of productivity in the company. Upon incorporation of effective human resource Management by Starbucks it was seen that it results range from a better control over the budget to employee engagement in the company. It was seen that higher levels of employee engagement lead to more satisfaction among the customers as they received better quality of services.

“Analysis and evaluation of Operation area”

“Five important factors are considered under the operations area”

“Design of Goods and Services”

The design of the goods and services helps in the development of the products as well as possible in the best way. it reflects on the problems so that it can provide the customers with the quality products and related services. The both reputed companies Starbucks and Greggs, it can be considered that both the brands have done well in the terms of upgrading their products and services from time to time according to the need of the customers, thus making the design of operations management functions for both the brands reflect in the market.

“Quality management”

Managing the quality of the products and services is very essential and important for any brand and it is no different for these two brands in question here as well. Both Starbucks and Greggs have done a commendable job when it comes to quality management, which is an integral part of bringing a brand to the limelight. It is reflected that Starbucks maintain their quality consistently.

“Layout Design”

The placement strategy of a store and the organization structure is one of the important factors that determine the performance of a brand. The likes of Starbucks and Greggs have got their stores in every prime location in the country, which has helped them to maximize their reach and concentrate on increasing their customer base over time. 

Human Resources”

The availability of efficient Human Resources is another factor that can the development of big brands like Starbucks and Greggs the employees are directly deal with customers so, the right person can provide their best services to the customers.

“Maintenance”

The development of the brands also depends on the maintaining factors of themselves from the very beginning, starting from the store setup till keeping a cordial relationship with their customers. This is very important in terms of increasing the sustainability and popularity of a brand and both Starbucks and Greggs have done a fairly good job when it comes to maintaining their reputation in the market always up to the mark.

“The application’s theory”

Here, in this assignment the “management of the human resources”, “motivation theory” of “Abraham Maslow” can be used since it is an effective tool to manage human resources in a company like “Starbucks”. According to “Maslow’s theory” it defines “individuals have needs that are composed into a progression, delineated by a pyramid. Those fundamental needs at the base of the pyramid, for example, nourishment and safety of the employees, must be met first. When these essential needs are cultivated, representatives try to have a sense of security.”

So, in this case with the help of the internet, it can be considered that “Needs should be met at each level before workers can move higher along with the triangle. In this way, a worker who fears for his activity, or is regularly worried about bringing home the bacon, can’t concentrate on elite objectives. After some time, this can discourage execution and may influence office spirit. This can bring about the most skilled representatives leaving a despondent working environment, abandoning the less capable. Human asset arrangements that esteem laborers can be viewed as interests in the business itself (Rowe, 2019)”

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“Recommendation”

It can be recommended that from the challenges discussed above and the adequate solutions provided for them that, increased focus on managerial strategies can position the company e at a competitive level in regards to the market. Conducting a proper market research has been discussed as essential in order to gauge the market demand as well as conduct accurate product pricing keeping in mind the spending power of the target customers. The motto of this technique is, regarding the cheapest product along with the quality all over the market and make the healthy competition with their competitors. The company has to use small “economic scale” and provide food costs lower than that of the competitors.

“Conclusion”

In the first part A there is analyzed the four Vs concept and how both reputed companies follow this strategy in operation management. The performance of both companies and the performance objectives are discussed, later on the design layout and its effects are analyzed. The second part contents the “operational areas of Starbucks” and in light of the several obstacles, it can identify and suitable recommendations stands with the logical issues. All the global strategies and its surrounding macro-environment are discussed. The key to requirements, capabilities, and challenges are discussed deeply. The operation areas are discussed properly. These topics are coves in this assignment (corporate, 2020).

“References”

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Available at: https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitive-advantage/

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Gregory, 2017. starbucks coffee’s operation management. [Online] 

Available at: http://panmore.com/: http://panmore.com/starbucks-coffee-operations-management-10-decisions-areas-productivity

[Accessed 17 08 2020].

icmrindia, 2020. human resouce management. [Online] 

Available at: https://www.icmrindia.org/casestudies/catalogue/Human%20Resource%20and%20Organization%20Behavior/Starbucks%20Human%20Resource%20Management-Growth%20Challenge-Case%20Studies.htm

[Accessed 17 08 2020].

iedunote.com, 2019. perfomance evaluation. [Online] 

Available at: iEduNote.com. (2019). Performance Evaluation: Definition, Cha https://www.iedunote.com/performance-evaluation].

[Accessed 17 08 2020].

ivypanda, 2020. macro-environment factors of starbucks analysis. [Online] 

Available at: from https://ivypanda.com/essays/macro-environmental-factors-of-starbucks/

[Accessed 17 08 2020].

planettogethe, 2019. objectives of operational performance. [Online] 

Available at: https://www.planettogether.com/: https://www.planettogether.com/blog/objectives-of-operational-performance

[Accessed 17 08 2020].

Pratap, 2019. starbucks resouces and capabilities. [Online] 

Available at: https://notesmatic.com/2019/03/starbucks-resources-and-capabilities/

[Accessed 17 08 2020].

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Available at: https://smallbusiness.chron.com/organizational-behavior-human-resource-theories-74260.html

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smart trunover, 2017. [Online] 

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[Accessed 17 08 2020].

thesisleader, 2020. how starbucks changed supply chain management. [Online] 

Available at: https://thesisleader.com/essays/starbucks-supply-chain-strategy/

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[Accessed 17 08 2020].

 

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