Operations and Business Environment - Intangible Resources - Marketing Assignment Help

Assignment Task:

Resources:
Resources are all sort of assets required in an organization for the proper functioning of the business. Resources are classified in tangible and intangible resources.
 
Tangible Resources:
Tangible resources are the things that can be touched, felt or seen and which have a physical form. They are considered as an opportunity for the business to earn an economic benefit. Tangible resources have a monetary value. These are not sold to the customers instead are used in business operations to produce goods and services(Nordmeyer, 2019). Tangible resources consist of physical resources and financial resources.

Now we are trying to identify how the introduction of the vegan menu in McDonald's will have an impact on the following few current tangible resources in the organization.
 
Raw material:
Raw materials are the substances or materials which are used for the manufacturing or for the primary production. In the case of introducing more vegan products, there is the need of may raw materials to make the vegetable burger. It was only previously available in Sweden and Finland. Later on, McVegan burger was introduced in Chicago headquarters. 

In order to introduce McVegan burger in New Zealand the raw materials needed are patty made out of potatoes, peas, and seasoning similar to samosas and eggless tomato mayo. Toppings like red onion and tomatoes are already available in McDonald's which are used in other burgers(Leach, 2018).

Internal funds:
Capital needed for the growth of the business can be obtained from two different sources. Either from an external source or from an internal source. Internal funds are the sources of fund found within the company. As we need capital for introducing the chosen opportunity in McDonald's, organization can use internal funding as it is a simple and direct way to find the capital for the growth of the business. The owner of the McDonald's should have a fundamental knowledge of the working capital and the financial health of the company. 

Using internal funds is a speedy process than depending on any financial companies. If we are using internal funds as a source of finance for introducing new vegan products, there will not have to spend any credit card or loan interest fee. It keeps all the power within the company (Leonard, 2018).

Intangible Resources:
The resources that are not physical in nature is known as intangible resources. Goodwill of the company, recognition of a brand, patents, trademark, copyrights, training of the employees etc. comes under the intangible resources(Kenton, 2019).
 
Intangible resources can be classified under different categories such as human resources, technology resources and reputation. Now we are going to analyze how the introduction of new opportunity in business will affect the current functioning of business from the point of intangible assets. 

Stock Management Software:
Stock management software is an inventory management system used for tracking inventory status, sales, deliveries and orders. It is normally a computer-based system in most of the companies as it is easy to manage. By using this process, it will be able to understand the inward and outward flow of the inventory. This system is helpful to keep an eye on the entire inventory of the company (Egafutura, 2019).
 
In McDonald's, inventory management is done in the 'Maxtel 'application. It is a software used by the company for carrying out and tracking all the operations in the company. Managers will only have access to this software. No other employees are allowed to access this software. This is the existing system used in McDonald's for managing inventory. As we are upgrading the menu only minor changes in the settings need to be done to include the stock details of the vegan products. It is done by the restaurant manager. 

Trade Secret:
A trade secret is an intellectual property which can be classified under the intangible resources. It is normally practised or any process the company follows which will not be known outside the company. A trade secret is giving an economic advantage to the company over its competitors. And it often the final product of internal research and development. Trade secret will not be known publicly.

Trade secret can be of different forms. It can be in the process followed by the company, the design, recipe, practice etc. The secret nature of this is providing an economic benefit to the company. This confidential information is guarded by government agencies(Green, 2019).

Here, by introducing new vegan product will only deal with the trade secret in the recipe other than what is currently existing in McDonald's. There is no other trade secret involved by introducing this opportunity in McDonald's. It will be kept as secret as like the same way the recipes are protected.

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