EBWO3001: Exploring Effectiveness in the Business World - Portfolio

This portfolio explores key aspects of business effectiveness, focusing on a merchandise business model. It covers startup planning using PESTEL analysis, the advantages and disadvantages of owning a business, and the impact of globalization, including market and production globalization. The portfolio also discusses the use of technology to improve business operations, such as reducing production costs and enhancing customer satisfaction. Furthermore, it identifies the importance of understanding customers and employs marketing strategies to attract them. Finally, the portfolio emphasizes the role of ethics in business and suggests ways to ethically treat staff, ensuring a trustworthy and transparent work environment. Desklib provides access to similar solved assignments and resources for students.

Effectiveness in the Business World
(EBWO3001)
Student Name:
Student Number:
Lecturer Name:

ASSESSMENT – PORTFOLIO
Week Task 1 Learning
Outcomes
Week
2-3
a. Briefly describe the nature of the 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?
LO1/4
Answer
a. Nature of Business
OVERVIEW
Thinking about the competitor is a different thing but for setting up a new startup all the
possible things should be kept in mind. Warehouse, material, employees or it can be
anything should be of consumer satisfying quality and must be pocket-friendly.
Establishment of a good quality startup does not only need financial support but also it
goes with a good plan with enquiring other competitors for the good profit.
NATURE OF BUSINESS
The purchasing of finished goods and their reselling is called merchandise business. Like all
the small shops that are selling the goods after purchasing them in a wholesale quantity
from the big companies or industries comes under the perfect definition of merchandise
business.
Like when a person goes to a shop to buy things for his daily life, he purchases it from
small shops. All small shops and start-ups that are influenced by the shadow of some big
companies or start-ups is basically merchandise business (Ciora, 2014).
b. Advantage and Disadvantages
PROS AND CONS OF OWNING A BUSINESS
EBWO3001 | Effectiveness in Business World 1

PROS
 JOB SECURITY: - You are your own boss, no one can fire you.
 METHOD: - Your method of doing business will be followed without any sort of
rules and regulations applicable to you.
 NO RECOMMENDATION:-No more recommendation issues, else people will take
your recommendation for applying at other places.
 TRANSPARENCY: - Whole business is for you only so you are the boss and people
will work according to you. Things will be perfectly transparent to your working
way and ideas.
CONS
 FINANCIAL RISKS: - As it’s your own business, so all the money related risks comes
from your personal privilege only.
 CONSISTENCY: - Regular income or can say consistency is not sure; it can go with
lots of ups and downs.
 PERSONAL LIFE: - When you are working hard on your own business, then your
personal life and space will obviously be affected because of the workload and
pressure.
c. PESTEL Benefits
MERCHANDISE STARTUP - PESTEL BENEFITS
PESTEL comes from Political, Economic, Social, Technological, Environmental and Legal
factors. The basic review of the market status going on at the present time and the
competitor on a timely basis is known as PEST. If you are in the business field and are
unaware of the outer market, you won’t survive long. The market is an ocean and if you
want to live, you have to take care of all the things taking place in your firm and the
outside your firm (Ciora, 2014).
Week Task 2 Learning
Outcomes
EBWO3001 | Effectiveness in Business World 2

Week
4-5
a. In what ways can ‘globalization’ have an impact on your
business? Discuss two examples.
b. What would suitable technology your business use and how
would it improve the operations of the business?
LO1/2
Answer
a. Impact of globalization on Merchandise business
The interaction between countries for business purpose widely comes under globalization
merchandise. The small, as well as big companies are stepping forward in means of
collaborating with each other on the basis of market globalization and production
globalisation.
EXAMPLES: - If you are performing business on the wide basis that includes foreign
boundaries to come in between is called globalisation merchandise.
 When this business conducts selling of goods like refrigerator globally is called
market globalisation.
 When this business takes place between foreign boundaries for parts of
refrigerator comes under production globalization (Contributor, 2017).
b. The technology used for Merchandise Business
In this growing world, with lots of product of the same type with different names, the
companies need to get together with the speed of the market to gain profit and sell their
goods. And for this, companies cannot imagine their work without tech. For customer
satisfaction as well as earning money, the companies are adopting many factors around
the world.
 Virtual currency
 A different delivery option for robots and drones
 Anti-fraud tools
 Latest assisting techs
EBWO3001 | Effectiveness in Business World 3

BENEFITS OF TECHNOLOGY OPERATIONS ON MERCHANDISE BUSINESS
1. LESS PRODUCTION COST: - It will help to maintain a fixed database of the number
of goods that are sold and the products that are arriving as raw materials. It is too
hard to maintain all the details of goods and resources on papers so technology is
worth a use.
2. ONE TO ONE BOND WITH THE SUPPLIERS:-The suppliers play a vital role in the
business taking place on large scale basis. So the forecasting and product supply is
kept in mind so bonding with suppliers is must and tech is providing a source for it.
3. PRODUCTION MARGINAL TRACKS: - The markdown a scheme that is made after
the comparison with the whole market and that too on time so the products can
be delivered on time needs to be done by technological gadgets only else it is
nearly impossible to do so.
4. CUSTOMER SATISFACTION: - If you want to increase your profit and sell your goods
more and more, it is the key point, i.e customer satisfaction. Having an electronic
gadget like a phone for all the connecting means and other electronic instruments
for the easy run of the business.
Week Task 3 Word
Count
Learning
Outcomes
Week 6-7 a. 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 attract
more customers to your business.
5 LO1/3
Answer
a. IDENTIFICATION OF CUSTOMERS FOR MERCHANDISE PRODUCTS
If you are planning to set up a good business, you must know what your customers want
or needs. Many of the businessmen things that their product will be useful for everyone
but it is not true and because of the lack of their imagination, they suffer a loss in the
EBWO3001 | Effectiveness in Business World 4

business. Identification of customers plays an important role in the profit in business.
Analysing and dividing your market into small segments basis on the requirements and
customers.
 Analyse the people out there in the market that are going to use your product, the
customers in the market varies but they requirement remains the same as the
area of living.
 Sometimes customers can be some companies also that require your product for
their use on a personal basis.
 Many situations make the business to work with the target of the audience also
(Fatbit, 2017).
.IMPORTANCE OF CUSTOMERS IN A BUSINESS
The main role of customer’s satisfaction in business plays a vital role in increasing your
business and leading it to a great success. The addition of customer is a way to lesser
than its shredding. So their satisfaction is always must. The people who are not
customers should not have any negative impact or else they will lead to the negative
advertisement of the brand. The customers around the market are the keen difference
between your business and your competitor.
Basically what is done in your business is for customers only; there is no personal use of
it. So like in Australia and many other countries, the customers are treated like gods and
served to their satisfaction.
b. MARKETING STRATEGIES TO CUSTOMERS FOR MERCHANDISE PRODUCTS
There are many ways of marketing Strategies, but main of them are:-
1. BRANDED OR CELEB FACE - It is a very trendy way of attracting customers in a
large area through just publicity of your brand in the name of some celebs face
only. People whose idols are celebs just do whatever their celebs lead them.
2. SHOW OFF OF PRODUCTS IN YOUR SHOP - Sometimes businessman takes it
lightly that inside your shop no one notices, that’s totally wrong. The showing
pattern of your products inside the shop attracts the people from streets only.
Your window panel and main gates just attract them to get a view of your set up.
3. SOCIAL MEDIA - It is playing an important role nowadays as people are too
indulged in the social media. Some big companies set up a different department
EBWO3001 | Effectiveness in Business World 5

for the social media purpose (Fatbit, 2017).
4. ADVERTISEMENT- It always plays some sort of role, because it puts a heavy effect
on the people who don’t know much about your product through the way you
are advertising your product.
Week Task 4 Learning
Outcomes
Week
8-9
a. What is the role of ethics in business?
b. With examples from other businesses, describe how your
business can treat its staff ethically.
LO3/4
Answer
EBWO3001 | Effectiveness in Business World 6

a. ROLE OF ETHICS IN BUSINESS
Ethics is basically the judgment done by an individual or groups related to your product.
Small as well as big companies focus on the ethics much because once it starts loosing
with an individual or group; it leads to a loss of a customer in bulk.
The business is basically lead by not the only financial way but also it includes emotional
as well as mental creativity with the co-working of the staff side by side. The customer
satisfaction is also playing a vital role in the business (Checco, 2008).
b. WAYS TO TREAT STAFF ETHICALLY IN ORGANIZATION
Like the value of customers in the outer world, the staff inside the company is as same
important as them only. For the uplifting of your company must focus on the ethical
behaviour. Many things should be kept in mind.
1. RECRUITMENT OF A GOOD STAFF
2. PROVIDING THE INFORMATION ABOUT YOUR PRODUCT WELL
3. DAILY OR WEEKLY FEEDBACK
4. TRANSPARENCY WITH THE STAFF
5. TRUSTWORTHY BONDING
6. LEGAL KNOWLEDGE (LLP, 2018)
EBWO3001 | Effectiveness in Business World 7

References:
 Checco, L. (2008). Five Ways to Promote Ethics in Your
Organization. Trust.guidestar.org. Retrieved 22 April 2018, from
https://trust.guidestar.org/five-ways-to-promote-ethics-in-your-organization
 Ciora, C. (2014). PESTEL model: Factors that could influence a start-up
GeekAnalyst Blog. Geekanalyst.com. Retrieved 22 April 2018, from
http://www.geekanalyst.com/blog/pestel-model-factors-that-could-influence-a-
start-up/
 Contributor, P. (2017). How to identify the target audience for your
product. PESTLE Analysis. Retrieved 22 April 2018, from
http://pestleanalysis.com/identify-target-audience-for-your-product/
 LLP, B. (2018). The importance of ethics in business - Ethical business practices -
Cadbury Schweppes Cadbury Schweppes case studies and information Business
Case Studies. Businesscasestudies.co.uk. Retrieved 22 April 2018, from
https://businesscasestudies.co.uk/cadbury-schweppes/ethical-business-
practices/the-importance-of-ethics-in-business.html
 FatBit. (2017). Setting up Online Grocery Business in 2017? Here Is What You Need
to Know. Best Website Design Company Blog - Results-Driven Web Design.
Retrieved 22 April 2018, from https://www.fatbit.com/fab/setting-online-grocery-
business-2017-need-know/
End of Portfolio
EBWO3001 | Effectiveness in Business World 8