Summer 2018 EBWO3001 Portfolio: Effectiveness in the Business World

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Added on 2024/07/22

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This portfolio, completed for the EBWO3001 course 'Effectiveness in the Business World' during the Summer of 2018, explores various aspects of business management and strategy. It includes tasks related to starting an aquarium and fish business, analyzing the advantages and disadvantages of entrepreneurship, and applying PESTEL analysis for business planning. The portfolio also discusses the impact of globalization on the chosen business, the use of technology to improve operations, and the importance of understanding customers. Furthermore, it addresses the role of ethics in business and provides examples of how a business can treat its staff ethically. The student showcases an understanding of key business concepts and their practical application in a real-world scenario.

Summer 2018 Portfolio
Effectiveness in the Business World
(EBWO3001)
Student Name:
Student Number:
Lecturer Name:
EBWO3001 | Effectiveness in Business World
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Assessed 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.

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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.
Tasks Contents (350-400 words per task) Page
Learning
outcomes
Task 1
a. Briefly describe the nature of business you
have or might like to have in the future.
3 LO1/4
EBWO3001 | Effectiveness in Business World
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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?
Task 2
a. In what ways can ‘Globalisation’ have an
impact on your business? Discuss two
examples.
b. What suitable technology would your
business use and how would it improve
the operations of the business?
4 LO1/2
EBWO3001 | Effectiveness in Business World
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Task 3
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
Task 4 a. What is the role of ethics in business?
a. With examples from other businesses,
describe how your business can treat its staff
ethically.
6 LO3/4
EBWO3001 | Effectiveness in Business World
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References 7
Total word limit: 1500 words (+/- 10%)
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 be
required to work on your portfolio during your weekly tutorial sessions.
ASSESSMENT – PORTFOLIO
Task 1 Learning
Outcomes
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a. 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?
LO1/4
Your answer should go in the box below.
a. It is my ambition to start a business of selling aquariums and fish. This is a very small
EBWO3001 | Effectiveness in Business World
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business concept and started with a low business investment from your home. In this
form of trade, initially, there is required to purchase a few different sizes of aquariums
and also the different varieties of fish. Besides this, selling air pumps, fish food as well as
decorative stuff for aquariums will also gain more profits. Currently, people are very
much concerned about the ecological balance and concerned about the environment.
People now days also love to decorate their home furnishings. It is also a growing
business for the future because of the operating cost is low in comparison to other
business
b. Advantages of owning your own business
It is very rewarding to become a business owner. There are several advantages to owning
your own business.
 Independence: In your own business you have the independence to make own
decisions that are required for the success of the independent business.
 Lifestyle: Own business will provide the owner to acquire a certain lifestyle. As an
independent business, there is an advantage of spending the more time in non-work
activities. Also, there is also the option of running the business from home.
 Financial freedom: In spite of the high financial risk in own business still there is
more opportunity to make more financial money than a job (Paul, et. al., 2014).
 Learning opportunities: As an independent business owner he will be engaged in all
the aspects of the business and the owner will able to gain practical experience.
 Personal satisfaction: As an independent business owner, personal satisfaction can
also achieve because of the freedom of implementing the business ideas.
EBWO3001 | Effectiveness in Business World
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Disadvantages of own business: There are also certain disadvantages to running own
business. Below stated are disadvantages.
 Financial risk: There is always a risk of financial loss in the own business and this
may be high when the business has just started (Paul, et. al., 2014).
 Stress: Independent business owner has to deal with several stressful situations. As a
business owner, he has to take stress for all the business operations and components.
 Deadline: Independent business is very time-consuming. The business owner is not
able to take time for their family and always have to stick to the deadline for their own
business.
 Performing unpleasant duties: Business owner will also be responsible for doing
independent business decisions like firing people etc.
C. PESTEL analysis is a method to monitor and analyze the several macro-environmental
factors that will be producing an impact on the organization. This analysis will help in
deriving the direction of the business.
Political factors: Political stability is very important for any independent business like
Aquarium and fish business. If the political environment of any nation is unstable it will
affect the sustainability of the business.
Economic factors: Inflation rate, disposable income etc will also affect the growth of any
specific business. This will affect the purchasing decision of peoples. It has been evident
that people will not like to invest their money on leisure or luxury items in case of the
unstable economic situation (Bridge and O'Neill, 2012).
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Social factors: There are also several social factors that will affect the business
expansion. Social changes will decide the direction of the business. People who are
socially advanced will have greater spending power and will be more likely to purchase
an aquarium for their home.
Technological factors: This factor wills not much impact on the Aquarium business as
there is a limited technological advancement on this business has seen and also there is
little scope for technological advancement (Bridge and O'Neill, 2012).
Environmental factors: This is also an important factor in this business and promoting
the conservation of the environment by influencing the peoples to purchase the aquarium
for their home business. It will not only enhance the beauty of the place but also help in
sustaining of nature.
Legal factors: These factors are crucial for the smooth operation of the business and in
case of fish and aquarium business it is essential that all the marine preservation laws
have to be taken care for the smooth function of the business.
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Task 2 Learning
Outcomes
a. In what ways can ‘Globalisation’ have an impact on
your business? Discuss two examples.
b. What suitable technology would your business use
and how would it improve the operations of the
business?
LO1/2
EBWO3001 | Effectiveness in Business World
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Your answer should go in the box below.
a. Globalisation will impact the business by increasing the competition among the players
and also enhance the technology. Both these factors will affect the business
transformation and also help in gaining the market share. Globalisation will help the
customers to use the various forms of technology that will help in making payments to the
business owners in the comfort of their own. Also because of globalization, the customers
are able to compare the products and select the best possible options (Dunning, 2014).
Globalisation will the help the people to avail the changing business prospects and gave
rise to the new innovative business concepts. Aquarium and fish business is also a type of
business that is innovative in nature and promoting the conservation of the environment.
Globalisation is the gift of the new era to the peoples.
b. In the context of the recent business, the company will use the technology such as
digital marketing to promote their business. Digital marketing with is a cost-efficient
function that will be more effective than the traditional form of marketing and also
helping the business to reach to the correct target customers. Also, there are new avenues
for selling the products and services are cropping up. These technological changes will
help the business such as aquarium business to get awareness of the customer’s minds.
Technological tools such as Google maps etc will help the customers to locate the
Aquarium business to get located easily. Technology is currently making the lives of the
peoples easier. Due to the increase in technology people nowadays are aware of the
concern about the environment.
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