Effectiveness in the Business World
Added on 2021-04-24
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Spring 2018 PortfolioEffectiveness in the Business World(EBWO3001) Student Name: Student Number: Lecturer Name: EBWO3001 | Effectiveness in Business World 1Assessed Learning Outcomes:1.Demonstrate an understanding of the concept of the organisation and the environment in which it operates, including determining the competitive advantage 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.
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. TasksContents (350-400 words per task)PageLearningoutcomesTask 1a.Briefly describe the nature of business you have or might like to have in the future. b.What are the advantages and disadvantages ofowning your own business?c.In what ways could PESTEL be useful in planning your start-up business? 3LO1/4Task 2a.In what ways can ‘globalisation’ have an impact on your business? Discuss two examples. a.What suitable technology would your business use and how would it improve the operations of the business? 4LO1/2Task 3a.Briefly identify who your ‘customer’ is likely to be. Why is it important for a business to understand its customers?b.Describe TWO ways in which you might attractmore customers to your business.5LO1/3Task 4a.What is the role of ethics in business? a.With examples from other businesses, describe how your business can treat its staff ethically. 6LO3/4References 7Total word limit: 1500 words(+/- 10%)EBWO3001 | Effectiveness in Business World 2
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 you have or might like to have in the future. b.What are the advantages and disadvantages of owning your own business?c.In what ways could PESTEL be useful in planning your start-up business? LO1/4Your answer should go in the box below. a.I would like to enter in the retailing business in the fast moving consumer goods sector. I have chosen this sector due to the reason that retailing in the fast moving consumer goods is one of the most potential markets in the recent time. Variety and diversity in the consumer goods are increasing with time and thus it will be an opportunity for me to target diverse people from retailing consumer goods (Eustace and Martins 2014). On the other hand, consumer good retailing ishaving huge market penetration due to the presence of necessity items. Thus, it will beneficial for me to have the huge market opportunity in the United Kingdom. b.However, it should also be noted that having own business will have its own advantages and disadvantages. Some of the key advantages of having own business are, no chance or probability of listening to others. In having own business, there will be no boss or seniors. Another advantage is catering to the market according to own criterion (Ward 2016). This refers to the fact that havingown business will enable to do business or promote business approach according to own terms rather than depending on others. Some of the disadvantages are having the risk of huge financial loss. Venturing in business will involve huge EBWO3001 | Effectiveness in Business World 3
capital for investment. Thus there always will be the risk of losing them. Another disadvantage of having own business is the requirement of maintaining different and diverse areas. Therefore, it will be difficult to look after different aspects at once.c.PESTEL is one of the most effective tools to be used in preparing for the startup business. Using the PESTLE analysis will help in determining the different businesssectors that can influence the approach and flow of the business operation. One of the key factors is the political environment. This is important in the current time because global economy is facing the issues with political challenges. Social environment is also important because consumer goods sector can be greatly influenced by the social trends (Ho 2014). Therefore, it can be concluded that using the PESTLE analysis will help to determine and estimate the business environment where the startup business is going to operate. The more effective will be the determination of the PESTLE environment, the more effective will be the identification of the strategies by the business organizations for their further business operation. WeekTask 2LearningOutcomesEBWO3001 | Effectiveness in Business World 4
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