Foxtons is one of the major growing property agent in UK. It's based on London and surrey area. It was founded in 1981 in Notting hill by Jone Hunt and he sold Foxtons in 2007 with a price of £370 thousands. As up now it has 24 office across the London and surrey area, it has a headquarter in western world London also.
1. 1: Identify the objective, objectives and tasks of your organization
1. 1. 1: Objective, worth and key aims of Foxtons
Mission: Mission statement is act as a guideline for an organization's decision making, planning and operation. It shows why the business exist. The objective assertion of Foxton is "We embrace change and are constantly challenging custom because we have a strong desire to improve the way our industry operates. We do business differently to offer the edge". From this statement we can easily say that, Foxtons mission is adopting with the changes and provide the best service to the customers.
Values: values may be the key characteristics which is very important to the organisations. Foxtons ideals are providing highest level of customer service.
Key Objectives: Key goals normally arranged by top management which demonstrates the organization's quest and goal and stakeholders goals.
Foxtons key target is providing best possible price within the shortest possible time.
1. 1. 2: Impact of Stakeholders
Shareholders/owners: Shareholders have a solid affect in the organisation decision making, preparing mission and aims. The panel of director come through election participate by all shareholders. In order that mother board directors decision will definitely indicate shareholders targets.
Employees: employees are fundamental people who apply the strategy of the organization and deliver the merchandise or service to the client. In order that they have also strong influence.
Regulatory physiques: every firm regulated by way of a regulatory physiques which keep an eye on organizations operation, standard of service etc. organisation must need to check out their instructions. So regulatory systems have affect also
1. 2: Accomplishment of stakeholders objectives
1. 2. 1: Achievement of employees objective: As everybody knows that employees will be the key factors of an organization and the success of organisation is determined by employees performance. So that they need desired salary, performance bonus offer, excellent working environment and training program that helps to employees to raise the performance. To be able to achieve the employees goals, Foxtons are paying comparative salary, excellent working environment and ongoing training program, prize program for remarkable performance.
1. 2. 2: achievement of customer targets: customers are key of your business. Customer always wants appropriate information and good customer support. Foxtons are providing high standard of customer support and providing appropriate information to the client through website and brunch office.
1. 1. 3: achievement of regulatory systems objectives: Foxtons is an associate of THE HOUSE Ombudsman along with the National Approved Making Structure (NALS) and also complies with the Tenancy Deposit Protection Program legislation providing sellers, clients, landlords and tenants with an guarantee that they can have the highest level of customer service. As Foxtons are providing highest degree of customer service they may be fulfilling the regulatory systems.
1. 3: Tasks of Foxtons and strategies used to meet them
1. 3. 1: Obligations to customer: every corporation has some duties to the client. It could be providing good customer support, appropriate information that they need, understanding customer needs and needs.
Strategies that Foxtons applied to fulfil tasks: Foxtons providing correct information through correct validation process, award receiving website, 24 branches across the London and surrey, professional advice etc. Foxtons also maintaining highest standard of customer service to keep good romance with customer.
1. 3. 2: Responsibilities to employees: as it is point out before that employees are fundamental factor of company success. Firm is sensible to provide them comparative salary, good training program, reward for exceptional performance and excellent working environment.
Strategies that Foxtons applied: Foxtons presently providing excellent salary package, ongoing training curriculum and incentive program and the working environment in Foxtons is friendly. Foxtons think that, "it is important to have fun to be successful". So that Foxtons send employees to across the world for recreation.
1. 3. 3: Responsibility towards community and strategies that integrated: Foxton is making an investment to make new home over the London and southwest area in England and they aim to build up good community.
2. 0: economical, communal and global environment
2. 1. 1: Economic climate: An monetary system is the system of production, circulation and usage of goods and services associated with an economy. Alternatively, it is the set of ideas and techniques by which problems of economics are dealt with, including the economic issue of scarcity through allocation of finite fruitful resources. The economical system is composed of men and women and companies, including their human relationships to beneficial resources, such as through the convention of property. Examples of contemporary monetary systems include capitalist systems, socialist systems, and merged economies. "Economic systems" is the economics category which includes the analysis of individual systems
[http://en. wikipedia. org/wiki/Economic_system]
2. 1. 2:Allocation and effective use of resources: Economic climate determine how an organisation allocate its resources. Once we mention earlier creation, distribution and intake of the goods and service on a country is defined by current economic climate system of that country. In UK the market system is 'free market economy' bases upon the Capitalist system of free trade and global economics open up market system and authorities does not interfere or get involved that much. As we all know that currently world's the majority of economies 're going through downturn. UK market also damaged by the downturn. Property and cover society passing through a hard time. he UK real real estate or property market has been growing for the majority of the years since 1992. Between 2000 and 2007 exclusively, some areas found median prices trebling in value. Since the third 1 / 4 of 2007, prices have fallen every month, getting record levels of price drops and record lows in terms of new sales. Speculators were a huge part of the growth of this market, with Buy-To-Let customers making up just as much as 50 per cent of house acquisitions in London before the crash. This effectively priced new home buyers out of the market. Although prices have finally dropped back again to affordable levels, concerns of further comes, increasing unemployment and reluctance among beleaguered banks to lend continue steadily to restrict the marketplace. Foxton is trying best to continue their position and positive thing is that its expanding its business. They did not go for cost clipping or reducing staff. They are really recruiting new people is order to increase their business.
[http://www. economywatch. com/world_economy/united-kingdom/]
2. 2: Impact of interpersonal welfare and professional plan on Organisation
2. 2. 1: Impact of Friendly welfare: interpersonal welfare initiative does affect an company. In UK cultural welfare is welfare facilities are incredibly good. UK is a multi-cultural country and federal are spending huge part of their budget to improve the education system, health system and security system. Living standard in UK is also high. People over here normally does not stay for long time in one place or they modified their house based on the host to job. After certain time people try to buy their own house. So Foxtons provide hire service as well as they buy or sell the property also. In order that social welfare initiative is increasing demand for Foxtons as people are coming from other country plus they will keep moving.
2. 2. 2: Impact of professional Policy: industrial plan also affect the business as well. If the federal government impose business friendly regulation and regulation, it does help to grow business. UK is a great place to conduct business. Authorities always encourage business. In property industry authorities has considered some industrial regulations that are supporting Foxtons. For instance, due to the recession federal has reduced the Moorgate interest and that's helped Foxton to sell more property.
2. 3. 1: Impact of macroeconomic insurance policy: Authorities take macroeconomic insurance plan and which has a significant impact on company and stakeholders. Some time it may help grow up the business or sometime it includes negative effect on business. Two important macroeconomic regulations are fiscal coverage and monetary coverage.
Monetary Plan: UK authorities reduce the interest which is currently 1. 0 percent and it is the lowest interest rate ever. This coverage significantly helped property related business to expand up their business as mortgage loan interest rate falls. More buyer will be attracted to buy new property. Foxtons also doing their business perfectly. Quantity of property advertising has more than doubled.
Fiscal coverage: fiscal coverage indicated how federal government will be extra cash and from where they will be getting money. Normally federal get money from duty, borrowing etc. this coverage decide the economy expansion. Current fiscal insurance plan is known as golden guideline. The Golden Guideline expresses that over the full economic cycle, the federal government should borrow to invest only for future needs. Current needs should be found by tax profits. This should allow for stable finances as described by the ratios of open public sector net value, credit debt and current expenses to countrywide income. With the Golden Rule, the UK authorities also seeks to follow the Sustainable Investment Rule, which should keep national debt at a wise level currently placed at 40 % of GDP. By the finish of 2008 believed public debt acquired already increased to 42 %, and could climb to 70 per cent of GDP by 2010, and therefore the Sustainable Investment Rule has been broken. The justification is a severe downturn needs Keynesian stimulus to revive it, and this balancing the books should only be wanted once the monetary recovery begins. Regarding to this insurance policy there will be slide economic expansion and it will impact the Foxtons business as well
[http://www. economywatch. com/world_economy/united-kingdom/bank-of-england-monetary-fiscal-policy. html]
2. 3. 2: Affect of Global current economic climate: As it is now time of globalisation, global current economic climate has also influence a organisation and stakeholder. UK market is one of the most powerful economy on earth and its attracts international investor. As property sector is one of attractable. sector of investment. Plenty of investment are approaching. After that, if there is positive move in global economy it can affect the local market as well.
3. 0: Behavior of corporation and the market environment
3. 1. 1: Market composition and Perfect competition
Definition and characteristics of Perfect competition: perfect competition describes the perfect being truly a market where there a wide range of small firms, all producing homogeneous goods. In the short term, such marketplaces are productively inefficient as productivity will not appear where marginal cost is add up to average cost, but allocatively successful, as output under perfect competition will always arise where marginal cost is add up to marginal revenue, and therefore where marginal cost equals average income. However, in the long run, such market segments are both allocatively and productively efficient.  In general a correctly competitive market is characterized by the actual fact that no single firm has impact over the price of the merchandise it sells. Because the conditions for perfect competition are incredibly strict, there are few perfectly competitive marketplaces.
Infinite Purchasers/Infinite Vendors - Infinite consumers with the willingness and capacity to choose the product at a certain price, Infinite providers with the determination and ability to provide the merchandise at a certain price.
Zero Access/Exit Barriers - It is not too difficult to go into or exit as an enterprise in a properly competitive market.
Perfect Information - Prices and quality of products are assumed to be known to all consumers and companies.
Transactions are Costless - Buyers and sellers incur no costs in making an exchange.
Firms Try to Maximize Gains - Firms try to sell where marginal costs meet marginal income, where they generate the most profit.
Homogeneous Products - The characteristics of any given market good or service do not fluctuate across suppliers.
[http://en. wikipedia. org/wiki/Perfect_competition]
3. 1. 2: deviation from Perfect condition: as it is mentioned earlier that in perfect condition market structure the product must be same but in this property market all the property aren't same and the costs are also fluctuate will depend on location and size. Despite the fact that there is no entry barrier it is difficult to entry this market as it is necessary huge investment. So that its bit difficult to be in competition with other property agent. I property market is not perfect condition.
3. 2: Market power and Corporation response: first of all let's take a glance on description of market force. "Forces of demand and offer representing the aggregate impact of self-interested buyers and vendors on price and quantity of the products and services offered in market. Generally, excess-demand triggers prices and level of supply to rise, and excess resource causes these to fall"
[http://www. businessdictionary. com/definition/market-forces. html]
In property market, property price, hire rate, interest rate, availability of property can be consider as market pressure. Because of the recession the government decided to decrease the interest rate and casing price also fall down that was great chance of Foxtons to increase their sales. During this time period they opened couple of new branches in order to increase sell. They may have involved some new house development program as well.
3. 3. 1: Competitive strategy of Foxtons: just how a business company contend in market called competitive strategy. Foxtons is providing its service throughout 24 branches over the London and surrey. They have got released new café style offices, long opening time, award receiving website, professional picture taking, Foxtons publication, excellent customer support. These are the competitive strategies have employment with Foxtons.
The Property Ombudsman
The National Approved Lettings Scheme
Tenancy Deposit Cover Scheme
Office of Fair Trading (OFT)
â¢ In mergers - when greater companies will gain more than 25% market show and where a merger appears more likely to lead to a substantial lessening of competition in a single or more marketplaces in the UK.
â¢ In marketplaces - when it appears that competition may be being prevented, distorted or restricted in a particular market.
â¢ In controlled sectors where aspects of the regulatory system may well not be working effectively or to address certain types of dispute between regulators and controlled companies.
[http://www. competition-commission. org. uk/about_us/index. htm]
3. 3. 4: Role of the office of good trading (OFT): As an independent professional organisation, the OFT plays a respected role to advertise and safeguarding consumer hobbies throughout the united kingdom, while ensuring that businesses are good and competitive. Our tools to carry out this work are the powers granted to the OFT under consumer and competition legislation.
[http://www. oft. gov. uk/about/what/]
4. 0: Significance of international trade and Western Dimensions For UK business
Economic gain for a country through export and import.
Creating new market and demand of product
Exchange of information
Competition among the list of supplier country
Better quality product with low price
Wide range of product for consumer
4. 1. 2: Economic integration: Any kind of arrangement where countries agree to coordinate their trade, fiscal, and/or monetary policies is known as economic integration. Naturally, there are many different levels of integration.
Preferential Trade Contract (PTA)
Free Trade Area (FTA)
[http://internationalecon. com/Trade/Tch110/T110-2. php]
4. 2: Impact of two plans of European union on UK business
As UK decided to join in EU, there are some policies of European union which needs to be accompanied by UK business organisation.
4. 2. 1: Energy coverage: In January 2007, the Commission payment proposed a comprehensive environment and energy package deal containing goals of 20-20-20% reduction of energy ingestion and greenhouse gas emissions, and increased show of green by 2020. Relating to this insurance plan now every organisation must reduce gas emissions and energy uses. And everything the member country must apply bare minimum requirements in regards to the power performance of new and existing buildings, ensure the certification of these energy performance and require the standard inspection of boilers and air conditioning systems in properties. So that its impacting UK business.
[http://ec. europa. eu/energy/efficiency/buildings/buildings_en. htm]
4. 2. 2: Repossession policy
The European Fee approved on Monday a British mortgage support scheme aimed at reducing the number of repossessions more likely to occur because of this of the economic downturn
4. 3: UK access EMU: The UK has to make a decision whether to join the other associates of the EMU in a monetary union. This choice relies partly on the outturns for the market inside and outside EMU. If UK made a decision to entry in EU then they have to take EURO as a currency and the monetary and fiscal policy has to be taken based on the EMU. Competition among the member country will increase, as currency obstacles will be removed it may help small and medium organisation to grow their business. There's a potential chance to increase in investment. Considering the inflation variability or the stability of the purchase price level, the united kingdom would advantage in getting started with EMU. In conditions of the exams submit by the Government, the increased volatility of result is unlikely to market higher development and a long lasting increase in work, whilst the increase in long term price balance would aid development and encourage investment.
[http://www. niesr. ac. uk/pubs/dps/dp168. pdf]
Conclusion & advice: From the above dialogue Foxtons is doing very well in their business even there exists recession occurring. They are widening their business area which is good signal. They are working some investment program as well and they are trying to appeal to investor. They have got an award winning website and for an potential customer it's very easy to find out the property which might suite on their behalf. They may have dedicated personnel those are supporting its business.
Still there are a few areas where Foxtons is not functioning their business. Near future they have to look on this and they should also focus on London Olympic 2012 which is often a great opportunity for them.
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