Portfolio Effectiveness in the Business World
Added on 2021-04-17
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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.In this era of modernization, the hospitality industry is a highly emerging sector globally. The hospitality industry chiefly deals with providing efficient service and product to the global consumers which benefit the interest of the general population. The business of restaurant falls under the hospitality industry. This sector chiefly concentrates on food products which are served to the consumers who want to experience good food and pleasant ambience with their loved one. Along with providing food services, a restaurant owner also focuses on creating a pleasant, comfortable and attractive ambience in order to enhance the experience of the consumers and thus enhancing the competitive advantages. The nature of majority of the restaurants across the world is a profit based institution. The profitability of the mentioned business chiefly comes from the services and products offered to the consumers.b.Some of the advantages of owning a business are as follows:Financial advantage: With effective tactics and knowledge about the market, onecan make a greater amount of money compared to working for someone else (Paunescu 2013).Power: One can take crucial decisions and steps on their own without depending EBWO3001 | Effectiveness in Business World 3
on any superior for confirmation. Personal fulfillment: To a good number of individuals, running a business of theirown is considered to be more fulfilling compared to working for someone else. Besides that, there is no risk of losing the job.Some of the disadvantages of owning a business are:Investment: Staring a restaurant requires a good investment which can be considered to be risky.Inconsistency: There prevails a risk of inconsistent income. Ups and downs are considered to be a major part of the restaurant business.Devotion and strain: While to some individual it is difficult to work long hours without vacation, some business owner faces the difficulty to conduct unpleasanttasks associated with a business like firing an employee or refusing to hire one. c.PESTLE analysis is a strategic planning tool which let the owner of the restaurant understands the political, economic, social, technological, legal and environmental factors of the area or country where he wants to establish his business. While the political factor will help him understand the trade and tariff restrictions and employment laws of the country, economic factor helps the owner to understand the power of the consumers, inflation and interest rates, fiscal policies and unemployment trends of the country. Social factor includes culture and career attitudes, population growth rate and age distribution (Kim et al. 2013). Legal factors deal with tax and labor laws that are not considered underpolitical factors. Finally, environmental factor includes information about the environmental changes of the country. By assessing all this information, an owner decides whether to establish his business in the area or not.WeekTask 2LearningOutcomesEBWO3001 | Effectiveness in Business World 4
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