PRINCIPLES OF MANAGEMENT
Article 1
Summary
The author exemplifies that Singapore now has bubble tea hotpot and tarts evident in a large number of customers. As such, the central business district in Singapore has been characterized by snaking queues to acquire a free cup of bubble tea (Quek, 2019). Hundreds of people have in the recent past lined up to get a taste of the bubble tea, which its popularity in Singapore’s CBD has grown over time. Therefore, in Singapore, a growing trend on increased obsession with bubble tea has been experienced hence resulting in popping up of related products. Many consumers have captured a satisfying moment while consuming and interacting. As a result, bubble tea in Singapore is postulated to be a lucrative venture with Singapore, accounting for over 30% of global customers (Quek, 2019). However, competition for bubble tea in Singapore has increased due to an upsurge of new market entrants.
Analysis
Bubble tea in Singapore utilizes the satisfying customer experience concept to increasingly lure clients into purchasing the product. As such, the concept utilized by the firm aims at addressing satisfaction gaps among its Singaporean customers. Therefore, the clients have been enthralled by the product hence increasing its demand in Singapore. Bubble tea has been proved to being one of the most striking business ventures in Singapore hence attracting numerous investors in the industry (Quek, 2019).
Satisfactory customer experience is the process of improving customer satisfaction by refining the quality of offered products and services. As such, providing a satisfying customer experience helps increase customer loyalty hence raising sales and revenue margins. Bubble tea has excellently inculcated customer experiences and product quality to increase obsession with the product. Consequently, the concept has promoted healthy competition in Singapore, evident in the high number of individuals venturing into the business (Bose, 2012).
The concept is applicable since the achieved luring experiences due to the bubble tea’s product has attracted a huge client base in Singapore. Hence, the business is capitalizing on improving the quality of the product to raise sales and revenue margins accrued from the business. Therefore, the satisfactory customer experiences used by bubble tea entrepreneurs have increased business sustainability despite being a new product in the market (Quek, 2019). As such, customers have increasingly posted videos expressing their gratitude due to the product’s great taste compared to other similar types of tea in the market.
Article 2
Summary
The article shows how a small heartland shop is selling fishing tackle might be considered as an ancient business venture. However, the author shows how one of the shops has undertaken an extra step through innovation hence constantly improving its operations. As such, E-waves Fish-byte has diversified its vending machines to ensure that customers acquire their fishing equipment even after working hours (Tan, 2020). Hence, part of the shop has been converted to being the sitting area and furnished with vending machines selling snacks and drinks. The owner, Ms. Lai, outlines that the transformation journey started with traditional means of doing business. However, Ms. Lai realized it was difficult to keep track of bank accounts hence opted to start her own website. Her experience with vending machines in Japan inspired her hence putting her hot sellers in vending machines. However, despite various marketing problems, she managed to grow her business.
Analysis: IDA approach
The shop’s owner utilizes the innovation concept while transforming the traditional model of business at her workplace. As such, she innovatively converted part of the shop to the seating area while other sections were equipped with vending machines (Tan, 2020). Besides, the innovation concept was used evidently in the purchase of a barcode scanner hence making it easier to manage the shop’s inventory. Innovation as the strategic approach used by the owner is critical in eliminating human errors, which may result from her store in Singapore (Bose, 2012).
Innovation is the process of introducing and implementing new ideas and methods into the workplace environment. Hence, innovation is crucial in the development of original ideas and concepts by entrepreneurs in their quest to develop sustainable business ventures. Therefore, innovation is required to constantly adapt to new trends in the market required to improve means of doing things in the business world (Bose, 2012). The shop’s owner was, therefore, prudent in innovatively changing the business outlook to articulate modern developments in the industry.
The innovation concept has been applied by Ms. Lai since she realized that people are going online hence decided to create her own website. Moreover, she articulated that individuals do not solely depend on e-commerce hence led to her discovery of different forms of marketing (Tan, 2020). For instance, she thought of having advertisements that would pop up based on algorithms hence increasing the applicability of the innovation concept.
References
Bose, D. C. (2012). Principles of management and administration. PHI Learning Pvt. Ltd. Link: https://books.google.com/books?hl=en&lr=&id=AoFGD39Uqr4C&oi=fnd&pg=PT6&dq=principles+of+management&ots=VXR1xYQCv-&sig=PAi4seDjtY0tjRZ6cNbMtnbg_80
Quek, E. (2019). Bubble tea fever still bubbling – now there’s even bubble tea hotpot and bubble tea tarts. Retrieved 14 May 2020, from https://www.straitstimes.com/lifestyle/food/bubble-tea-fever-still-bubbling-now-theres-even-bubble-tea-hotpot-and-bubble-tea
Quek, R. (2019). Consuming Singapore: The obsession with bubble tea. Retrieved 14 May 2020, from https://www.straitstimes.com/videos/consuming-singapore-the-obsession-with-bubble-tea
Tan, S. (2020). A small shop innovates with vending machines. Retrieved 14 May 2020, from https://www.straitstimes.com/business/companies-markets/small-shop-innovates-with-vending-machines