Portfolio Effectiveness in the Business World (EBWO3001)
Added on 2020-04-21
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Autumn 2017 First-sit PortfolioEffectiveness in the Business World(EBWO3001) Student Name: Student Number: Lecturer Name: EBWO3001 | Effectiveness in Business World1Assessed Learning Outcomes:1.Demonstrate an understanding of the concept of the organisation and theenvironment in which it operates, including determining the competitiveadvantage for an organisation.2.Identify and analyse organisational operations, responsibilities 3.Discuss the needs of the consumer and people who work in a business.4.Recognise a range of issues related to business and how they interlink. 5.
As a requirement for the completion of this portfolio, you should first decide on a type of business you have or would potentially like to start up in the future (e.g. restaurant, shop, service etc.). Your answers to the tasks below will relate to this business. WeekContents (350-400 words per task)PageLearningoutcomesWeek 2-3a.Briefly describe the nature of business youhave or might like to have in the future. b.What are the advantages and disadvantagesof owning your own business?c.In what ways could PESTEL be useful inplanning your start-up business? 3LO1/4Week 4-5a.In what ways can ‘globalisation’ have animpact on your business? Discuss twoexamples. b.What suitable technology would yourbusiness use and how would it improve theoperations of the business? 4LO1/2EBWO3001 | Effectiveness in Business World2
Week 6-7a.Briefly identify who your ‘customer’ is likely tobe. Why is it important for a business tounderstand its customers?b.Describe TWO ways in which you mightattract more customers to your business.5LO1/3Week 8-9a.What is the role of ethics in business? b.With examples from other businesses, describehow your business can treat its staff ethically. 6LO3/4References 7Total word limit: 1500 words(+/- 10%)This portfolio is a working document that MUST be completed over the 10-week course. By the end of the 10-week course, you should have completed 4 tasks. You will also berequired to work on your portfolio during your weekly tutorial sessions.ASSESSMENT – PORTFOLIOWeekTask 1LearningOutcomesWeek2-3a.Briefly describe the nature of business youhave or might like to have in the future. b.What are the advantages and disadvantagesof owning your own business?c.In what ways could PESTEL be useful inLO1/4EBWO3001 | Effectiveness in Business World3
planning your start-up business? Your answer should go in the box below. Answers:a) The business which I would like to set up in future is that of a multi-cuisinerestaurant in Central London. The restaurant would cater to the posh locality’spreferred needs and demands with cuisines varying from Chinese, Lebanese,Thai, Fish n Chips and various dishes from starters to desserts. The type ofbusiness would be a sole-proprietorship one, though there is possibility that,with time I might get one of my friends to come up as my partner and thuschange the business type to partnership.b) The advantages of owning my own business are: i) One of the main advantages of owning a business is that I can have thefull freedom to go with my choices and carry out operations accordingly. ii) Have full freedom to convert ideas into actions related to the kind ofinterior design I want, the placement of tables and chairs, where to put wallhangings, as a part of decoration (Ebert 2014). This will also apply in the kindof people I would like to hire, keeping in mind the qualities which they need topossess. There are certain disadvantages associated with owning a business: i) As the full onus of managing any business is on the owner, sothe work pressure in terms of looking into the stream of activities, from havingthe raw materials to proper processing and serving the customers ii) Any sort of business risk has to be completely borne by theowner,which can be source for headache iii) A major disadvantage of starting up a new business is that therecan be uncertainty over income generated because fluctuations are always there. c) PESTEL – PESTEL Analysis is a tool used by marketers to analyze andmonitor the external marketing environment. PESTEL stands for Political,Economic, Social, Technological, Environmental, Legal. PESTEL is useful toplan for a start-up business of a restaurant. The analysis is as follows: i) Political – Before planning to start-off a business, an importantthing for any individual is to analyze the political scenario of that particularplace. This would allow me to analyze government policy, political stability, taxpolicies, labour law, environmental law and many other things. EBWO3001 | Effectiveness in Business World4
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