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.

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?

3

LO1/4

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

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?

b.       With examples from other businesses, describe how your business can treat its staff ethically.

6

LO3/4

References

7

Week

Task 1

Learning Outcomes

Week 2-3

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.      I would like to have restaurant with having south Asian cuisines and flavors in the United Kingdom. This is due to the reason that south Asian cuisines are having huge popularity in the market of the United Kingdom.

The authentic flavors and rich taste and aroma of the South Asian cuisines will help my restaurant to create a distinctive image in the crowded market of the United Kingdom (Varshney et al. 2013). In addition, my restaurant will be affordable in order to reach out maximum number of customers. This will also help me in increasing the sales volume from the initial stage.

b.      One of the key advantages of having own business is working for himself rather just following the orders of others. This will act as self motivation in the daily course of work. Another advantage of having own business is the working in the field of interest. Business will owned by anyone only in their areas of interest. Thus, it will also help them to be motivated in their line of business (Burns 2016).

Experience can also be effectively gathered from having own business. This is due to the reason that working in office will have limited exposure to the real world situation. Moreover, in office job, deep hierarchy levels restrict the employees in having diverse experience. On the other hand, having own business will let the owner to deal with every criterion singlehandedly.

Thus, the gathered experience will be more diverse and effective in nature. The key disadvantage of having own business is the risk of huge investment. Huge capital is required to start a business and it will be uncertain whether the invested capital can be recovered or not. Another disadvantage is having more pressure and stress in having own business. This is due to the reason that in business, the owner has to look out for every aspect, which will increase the pressure.

c.       Prior to the starting of the startup business, PESTEL analysis will be beneficial due to the reason that, it will help to identify the external factors, which have to be faced by the business in their daily operation (Dockalikova and Klozikova 2014).

Thus, determination of the PESTEL factors will help the organization to design their strategies accordingly and get ready for the organizational challenges. It will help the startup business full proof against all odds and future uncertainties of business. 

Week

Task 2

Learning Outcomes

Week 4-5

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

Your answer should go in the box below.

a.      The current scenario is the era of globalization and contemporary business organizations should be part of it. However, it may have both positive as well as negative implications in the businesses. One of the key positive implications will be the access to the latest technologies from the global market and have the opportunities to enter in the foreign market for the more revenue. Initiation of the globalization helped in reducing the barriers and tariffs between the countries.

Thus, it will be easy for the organizations to enter in the foreign market easily and efficiently (Kaditi 2013). For instance, if the startup restaurant enters in the market of the United States, then the restaurant will be able to cater to the customers in the host country as well as in their host country.

Thus, the market will get increased in addition to the increase in the revenue. However, initiation of the globalization will also create negative impact on the business by increasing the competition in the home market. Thus, the more will be the competition in the market, the less will be the profitability of the business. For instance, if the global restaurants brands from different countries enter in the market of the United Kingdom and offering same South Asian cuisines, then it will be difficult for the startup restaurant to compete in the market. Another important point in relation to the globalization that should also be considered is the risk involved in entering in the foreign market (Mitkus and Nedzinskaite-Mitke 2016).

This is due to the reason that, host and home country will have different legislative and regulatory environment. Thus, it will be difficult for the startup business to adhere to these differences.

b.      Startup restaurant will use the ERP technology in order to have smooth and seamless flow of the logistics and backward process. Initiation of the ERP technology will also help in reducing the probability of not having enough stock of raw materials. Another technology to be used is the customer relationship management. This will help to determine the queries of the customers along with meeting their issues effectively.

The more effective will be the technology of customer relationship management, the more will be the probability of having satisfied customers in place (Khodakarami and Chan 2014). Having effective customer relationship management technology will help the organization to create positive word of mouth in the market.  

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

Your answer should go in the box below.

a.      The target customers will be those who are native of the United Kingdom and are fond of rich and aromatic cuisines from around the world. In addition, the target customers will be non vegetarian. On the other hand, another set of target customers will be the immigrants in the United Kingdom (Maga, Canale and Bohe 2014).

They will also be targeted due to the reason that, there are huge numbers of immigrants in the United Kingdom especially from the South Asian regions. Thus, these customers will get attracted by having south Asian Cuisines.

It is important for the business organizations to have the idea about their target customers due to the reason that the more effective will be the understanding of the customers, the more beneficial it will be for the business organizations to offer their products or services accordingly.

In addition, understanding the customers is also important due to the reason that it will help in determining the change in the taste and preference pattern of the target customers and changing the offerings accordingly.

b.      One of the most effective ways to attract more number of customers is to having effective and proper use of marketing mediums and channels. This is due to the reason that, choosing of ideal and proper marketing channels and mediums will help in attracting the right set of the target customer segments. Effective marketing channels will also help to reach out to the proper target segments and make them aware about the offerings (Cruceru and Moise 2014).

It is also recommended that social media marketing should also be initiated in order to reach out to maximum number of customers. In the current time, social media is having huge penetration in the market that will help to target maximum customers. With the help of the social media marketing, the requirement and the market trend can be effectively determined.

Another way to attract more number of customers is to maintain and create distinctive image in the market in terms of customer service and product offerings. In the case of the restaurant business, having effective customer service and distinctive product offerings will help to attract customers over their competitors (Setia, Venkatesh and Joglekar 2013). The distinctiveness will act as unique selling proposition for the restaurant to stay ahead in the competition.

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

Your answer should go in the box below.

a.      In the current business scenario, ethics plays an important role for the business organizations in many ways. In the recent time, value of ethics is more importnat for the busness organizations. One of the key roles of ethics for the contemporray business organizations is to have postive impression in the market. This is due to the reason that the mote ethical will be the organizational approach, the more positivity it will transmit in the market.

If the customers are being treated ethically, then it is more likely that the positive word of mouth will get generated in the market and it will attract more number of customers (Sekerka, Comer and Godwin 2014). On the other hand, in terms of the internal management also, ethics will help in dealing with the employees effectively and having positive employer branding in the market. The more positive will be the employer branding, the more will be the probability of attracting talents in the organization. In addition, ethics in the internal management will also help in motivating the employees.

This is due to the reason that, employees will have more positive and favorable impression in their workplace if they are being treated ethically and equally. Thus, it can be concluded that the key or core role of ethics in the business organizations is to create the positive brand image among the internal and external stakeholders.

b.      Google is known for their flexible working environment for their employees. According to their approach, employees are being given enough perks and perquisites in order to keep them motivated (Kwon and Hein 2013).

Thus, the startup business should also provide proper employee benefits in order to have motivated employees in place. Another ethical principle being followed effectively by Tesco. They concentrate more on the gender equality. In accordance to that, ratio between the number of male and female employees of them is less. Thus, it is recommended to the startup restaurant that gender equality should be initiated in the organization in order to have favorable internal environment.

References:

Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.

Cruceru, A.F. and Moise, D., 2014. Customer relationships through sales forces and marketing events. Procedia-Social and Behavioral Sciences, 109, pp.155-159.

Dockalikova, I. and Klozikova, J., 2014, November. MCDM Methods in Practice: Determining the Significance of PESTEL Analysis Criteria. In European Conference on Management, Leadership & Governance (p. 418). Academic Conferences International Limited.

Kaditi, E.A., 2013. Market dynamics in food supply chains: The impact of globalization and consolidation on firms’ market power. Agribusiness, 29(4), pp.410-425.

Khodakarami, F. and Chan, Y.E., 2014. Exploring the role of customer relationship management (CRM) systems in customer knowledge creation. Information & Management, 51(1), pp.27-42.

Kwon, J. and Hein, P., 2013. Employee benefits in a total rewards framework. Benefits Quarterly, 29(1), p.32.

Maga, M., Canale, P. and Bohe, A., Accenture Global Services Ltd, 2014. Identifying target customers for campaigns to increase average revenue per user. U.S. Patent 8,762,193.

Mitkus, T. and Nedzinskait?-Mitk?, V., 2016. The impact of globalization to creative industries: the analysis of film industries of Central and Eastern Europe. Creativity studies, 9(1), pp.64-74.

Mitkus, T. and Nedzinskait?-Mitk?, V., 2016. The impact of globalization to creative industries: the analysis of film industries of Central and Eastern Europe. Creativity studies, 9(1), pp.64-74.

Sekerka, L.E., Comer, D.R. and Godwin, L.N., 2014. Positive organizational ethics: Cultivating and sustaining moral performance. Journal of Business Ethics, 119(4), pp.435-444.

Setia, P., Venkatesh, V. and Joglekar, S., 2013. Leveraging digital technologies: How information quality leads to localized capabilities and customer service performance. Mis Quarterly, 37(2).

Varshney, K.R., Varshney, L.R., Wang, J. and Myers, D., 2013. Flavor pairing in Medieval European cuisine: A study in cooking with dirty data. arXiv preprint arXiv:1307.7982.