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Report on Effectiveness in the Business World

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Added on  2020-05-04

Report on Effectiveness in the Business World

   Added on 2020-05-04

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Running head: EFFECTIVENESS IN THE BUSINESS WORLDEffectiveness in the Business WorldName of the StudentName of the UniversityAuthor note
Report on Effectiveness in the Business World_1
1EFFECTIVENESS IN THE BUSINESS WORLDTable of ContentsTask 1...............................................................................................................................................2Nature of Business.......................................................................................................................2Advantages and Disadvantages...................................................................................................2Use of PESTEL In Start-Up Restaurant Business.......................................................................3Task 2...............................................................................................................................................3Impact of Globalization...............................................................................................................3Use of Technology.......................................................................................................................4Task 3...............................................................................................................................................4Task 4...............................................................................................................................................6Importance of Ethics in Business................................................................................................6References........................................................................................................................................8
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2EFFECTIVENESS IN THE BUSINESS WORLDTask 1Nature of BusinessThe nature of restaurant business can be classified under the service category, morespecifically the food service category. At any restaurant, products are sold and so are intangibleservices such as cooking, marketing, table service, etc. The income that gets generated isacquired from food items served to the customers. The ability of cooking and serving deliciousdishes helps make money. Inside the restaurant, raw materials would be purchased and with thehelp of the brilliant skills of competent cooks and service crew, the restaurant is able to deliver orserve tasty food. The skills, however, would be worthless if there are no raw materials forcooking. Each of these aspects are vital and contributes immensely to the success of the business(Ong 2012). Advantages and DisadvantagesBenefits: The food service industry is growing since the late 1970s and this trend isexpected to be continuing through as the busy people have chosen to eat out mostly instead oftaking time out for preparing meals at their homes. This implies that the right restaurant at theright location would be a lucrative opportunity. Successful restaurateurs have often went on tobecome popular figures in the society (Khan 2014). Negatives: Restaurant business is people business, mostly of use if meeting is public isthe new trend. However, this also implies that the staff at these restaurants, especially theservers, might also possess some strong and useful people skills. A challenge one would likely toface and find is recruiting and retaining the right kind of employee (Chen 2014).
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