EBWO3001 - Effectiveness in the Business World

Added on - 15 Apr 2020

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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, responsibilities3.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 decideon a type of business you have or would potentially like to start up in thefuture (e.g. restaurant, shop, service etc.). Your answers to the tasks belowwill 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?4LO1/2Week 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.6LO3/4References7Total word limit:1500 words(+/- 10%)EBWO3001|Effectiveness in Business World2
This portfolio is a working document thatMUSTbe 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 – PORTFOLIOYour answer should go in the box below.Answers:a) The Business that I would like to have in future is that of a Fast Food Restaurant. Therestaurant would serve a variety of food that is easy to consume and could be taken away.The restaurant will also have meal boxes to satisfy the preferred demands and needs of acertain group of customers. The restaurant would cater a variety of burgers, hot dogs,chicken wings, buckets of chicken, fries, shakes and crushers (Sebastianet al.2014).There will be options for dessert too. In future, I would like to run a sole proprietorshipbusiness.b) The advantages of having a business of my own are:The chief merit of owning a business is that the control power and freedom willlie with me. I can incorporate my ideas and choices in my business. I will nothave to work under anybody and I can be my own boss.Having a business of my own will help me lead a flexible lifestyle. Being anentrepreneur, no one can fire me from my company. I will have full ownershiprights on recruiting staff and setting the menu of my fast food restaurant.There are disadvantages of owning a business. They are as follows:Owning a business will result in financial risks. Financial resources areneeded to develop any business and grow it further. If the business is runningEBWO3001|Effectiveness in Business World3WeekTask 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 inplanning your start-up business?LO1/4
low then I will be facing financial crisis. The income or the revenue isuncertain and will not be static. It will be fluctuating from time to time in thefast food industry.Being a business owner, I have to go through a lot of stress, as I have tomanage all the sections of the business. The work pressure of all the activitieswill be on me. Hence, the work will not be divided.c) PESTEL – PESTEL Analysis is a method used by marketers to supervise themarketing atmosphere. This analysis is useful in case of a start up business of arestaurant. PESTEL stands for Politics, Economic, Social, Technological, Environmentaland Legal.Political – To start a business, the political scenario of the location or the placeneeds to be checked. This will allow me to check on the government taxes andpolicies.Economic – Economic factors such as inflation, economic growth, interest ofrates affects the impact of the business.Social – Cultural effects and customer preferences are regarded as the socialfactors of a business.Technological – Technology helps when the business needs to be updated withtime. A fast food restaurant should be upgraded with the latest trends in the foodsector.Environmental – Environmental factors include the climatic changes andconditions in the area where the business is set up.Legal – To start a business, I have to go through some legal formalities andprocedures.EBWO3001|Effectiveness in Business World4
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