Ethical Communication For Business JB HiFi †MyAssignmenthelp.com

Question: Discuss about the Ethical Communication For Business JB HiFi. Answer: Organization overview The area concentrates on the key data of the company including its history and the journey towards where the business is at the present. In addition, the section looks into the market shares controlled by the organization of interest within the industry as well as its ranking among other competitors. As such, the business is placed in a statistical analysis to determine which of the many enterprises command a substantial market share within the industry as well as the trend involved in the current market dynamics. Consequently, a determination of the financial performance my subject of interest is made. Other essential aspects such as the ownership structure to determine power structure within a business whether it is run by an individual or a group. In addition, we determine procedures of elevating people to the management level. The physical location and the head offices of the enterprise are discussed. Industry overview In this section, we will address the industry to which our company of interest belongs. On that light, we look at the key factors affecting the field. On that light, we concentrate on what impacts they have on the livelihoods of people to determine whether many players are required or a few enterprises can satisfy the demand of the products in the market. Being in the retail of consumer goods, our research will concentrate on the major players to compare to our research business since most of these goods are necessities hence must be provided in huge volumes in the market which encourage many investors. The challenges, therefore, should include the aspect of competition within the field and how it shapes the market. To support our arguments the claims ought to be followed up with industry reports on comparison as well as the determination of those with a major command of the industry. Communication Strategy The section discusses business communication to the external world. We consider the strategies employed by organizations to enhance the perception the public holds about them. As such, the focus will be based on reports made and released through media for the purpose of informing the people about aspects they care about or the financial proceedings of the enterprises. On the other hand, the data could be a persuasive move to attract consumers to use more of their products. In addition, will discuss special communication carried out by an entrepreneur to counter negative publicity. For instance, if an influential person commented adversely about a business which strategy do they use to clean their name and gain the confidence of the people who might have changed their opinion based on the formers declaration. Organization Overview JB HiFi is a company in the retail industry dealing with home electronics, mobile phones, car audio systems, as well as video games. The company was founded in 1974 and was acquired by the current owners in the year 2000. Under the current owners, the company landed on the ASX list in October 2003 (DatAnalysis 2017). It runs physical stores and also has an online shopping platform. According to, (IBISWorld 2016), most of the retailers income is got through sales to other small-scale entrepreneurs in the industry. By mid-last year, the company stores around the continent were one hundred and seventy-nine (IBISWorld). As such, they are at an advantage over the competitors due to their scale of production as well as institutions. The companys headquarters location is at Level 4 in the Chadstone shopping center, along Dandenong road (DatAnalysis 2017). The company is headed by seven directors all who have been in the leadership through appointments. In the current regime, the longest-serving member has been in office since 2007 hence has had a term of a decade as at now (DatAnalysis 2017). Out of the seven, there is only one executive member the others are non-executive (DatAnalysis 2017). The directors are assisted by individuals who are responsible to run different major aspects affecting the smooth running of the enterprise. There are eight members who include the secretary and director in charge of company finances as well as the individual who controls information around the entire business. In addition, there is a director responsible for all marketing operations carried out by the enterprise as well as the merchandise director whose main job include ensuring that the commodities are in the right quality as well as ensuring other standards of their products are met. For operations to move according to the plan, there is an individual responsible for the task as well as a strategist and digital controller who decides what should be allowed within their online space as well as following trends in the space to create a niche for the company within the very competitive area. The last individual in the group is the director of the chain of supply and the company solutions (DatAnalysis 2017). Last year, (IBISWorld 2016) claims that the company accumulated over three billion dollars in revenue which they credited to the huge market they command. The retailer has created over seven thousand employment opportunities for the Australian citizens thus contributing to the countrys revenue (IBISWorld 2017). Industry Overview The industry size according to the 2016/2017 financial report indicates it stands at one hundred and thirty-seven thousand million dollars, six hundred and fifty-two thousand (IBISWorld 2017). The industry was reported to have a turnover growth rate of -0.71(IBISWorld 2017). The number of businesses in the industry by the time of the release of the report was at three thousand, eight hundred and eighty-five. Additionally, the estimate of the market shares of the company was estimated to be slightly over twenty-four percent (IBISWorld 2017). The move that elevated the company to a league of a major player within the industry was made in November 2016 where they acquired Muir Electrical Companys the Good Guys at eight hundred and seventy Thousand million dollars (IBISWorld 2017). For the home appliances, the company has expanded the range as well as the products they offer. In turn, the move has significantly led to an overall expansion in the entire field. When an important player in the same line of business ceases to exist, the businesses still able to operate are left at an advantage. In June 2016, Dick Smith, an enterprise that produced the same line of electrical goods exit the industry and it is believed that the move benefited JB HiFi a great deal since their customers had to have an alternative (IBISWorld 2017). Since the company is well established and they enjoy economies of scale, they are able to offer lower prices in comparison to other competitors which in turn lead to an increased number of consumers preferring them (IBISWorld 2017). Having a wide range of products also plays an important role in making them a consumer spot since consumers with diverse needs make a stop at the stores and while shopping for what they intended to learn about other merchandise offered hence they can always come back for it. One of the major challenges faced by the enterprise is competition from the well-established online shopping spaces (I BISWorld 2017). Communication Strategy The part details JB HiFi external communication to engage the public and interested parties about the progress or necessary response to issues relating to them directly. Most of the information to the outside world is in relation to marketing and reminding them about their products. In addition, if a company does not inform people about their activities they may be overtaken by competitors who stay relevant by ensuring their presence is heard through press releases. On 13th September 2017, the company made their net profit after tax public as it is required by law for all the public companies (DatAnalysis 2017). They claimed a rise of 13.29% which is equivalent to one hundred and seventy-two million dollars, and four hundred thousand. They also claimed in the same release that revenues collected from their activities had risen by a forty-two percent from the previous year. On 14th August this year, the business released its total results for the financial reports relating to the financial year 2017 (DatAnalysis 2017). On the information given to the public included updating them on the increased profit gained due to a bigger sales margin of over five billion up from the previous year which amounted to slightly less than four billion. One of the major aspects considered while making press announcements is to inform the public about the change in management structures or individuals from particular influential positions within the business. As such, on 6th April this year, the company through their chief executive announced that the Group chief executive officer of the Good Guys company, which was absorbed by JB Hifi would be leaving his position and the business as well (DatAnalysis 2017). As much as the annual reports are necessary within the plan to update the public, it is necessary to offer the public follow-ups of the reports at intervals before the year ends. Therefore, the enterprise released a half year report on 13th February 2017 announcing that by in six months the company had realized growth in sales by thirteen percent. Companies ought to communicate about events that should be carried out within their calendar year through their website or the mainstream media. On 15th September 2017, the company announced the annual shareholders general meeting scheduled for 26th October this year. In the release, they have put all the necessary details of what is expected of the participant during and before the set day. There are details featured about the venue and the time set for the event to avoid confusion that could be experienced in absence of the same (Factiva 2017). In addition, the general public should be informed about shares of the company and who controls the majority so that they are able to make informed decisions when considering investing in the business. On September 13th this year, the company changed the policies on shares and the voting power offered by the number of shares owned to suit the recommendations of the company by making slight changes (Factiva 2017). On a report made on 7th Sept ember 2017, retail companies in Australia have been experiencing challenges retaining their existing outlets hence there are higher chances of closure than considerations to open other branches (Factiva 2017). Additionally, employees in the board, directors and other managerial roles ought to be made public when they are hired and their qualifications in order to build public confidence in the office as well as for transparency as well as other activities such as taxes. Similarly, when the managers purchase company shares it is made public so the interested parties are aware of the formers added interest in the business. On that note, when Mark Powell one of the appointed members of the company board, the information was announced on 29th August 2017 (Factiva 2017). The general public participating in the same type of investment must have their details publicized to ensure openness in the process. There is a listing on the same report that indicates what percentage of the company the other directors have control over in the form of shares. In summary, all significant milestones of important industry players in the retail industries have to be reported through the preferred channels with the aim of keeping the public in the knowledge of aspects that might affect them. Company management is exposed to the public for vetting as well as to maintain the proper code of ethics expected of people in public service. Information about financial status is vital in guiding interested investors in the shares market which is a popular business world over. Additionally, for consumers, the information aids in determining the right outlet to purchase goods based on their pricing. Countrys revenue agencies also use the information provided by businesses to tax them. Consequently, for those who evade their responsibilities in the tax departments, penalties are levied based on their performance such that those with substantial earnings pay equally huge amounts as opposed to the small-scale retailers. References DatAnalysis 2017. https://datanalysis.morningstar.com.au.ezproxy2.acu.edu.au/af/company/corpdetails?ASXCode=JBHxtm-licens. Accessed 11 Sep 2017. DatAnalysis 2017. https://datanalysis.morningstar.com.au.ezproxy2.acu.edu.au/af/company/bussummary?ASXCode=JBHxtm-licensee=datpremiumee=datpremium. Accessed 11 Sep 2017 DatAnalysis,2017.https://datanalysis.morningstar.com.au.ezproxy2.acu.edu.au/af/company/directorsmanagement?ASXCode=JBHxtm-licensee=datpremium Accessed 11 Sep 2017. IBISWorld 2017. https://clients1.ibisworld.com.au.ezproxy2.acu.edu.au/reports/au/enterprisepremium/default.aspx?entid=9961. Accessed 11 Sep 2017 IBISWorld 2017. https://clients1.ibisworld.com.au.ezproxy2.acu.edu.au/reports/au/industry/default.aspx?entid=1838 Accessed 11 Sep 2017. Factiva 2017. https://global-factiva-com.ezproxy2.acu.edu.au/hs/default.aspx Accessed 11 Sep 2017. https://www.ibisworld.comau/australian-company-research-reports/retail-trade/jb-hi-fi-limited-company.html https://applianceretailer.com.au/2016/09/ibisworld-jb-hi-fi-acquisition-boost-appliance-sales/