Business is referred to as that entity that undertakes the commercial activity in order to gain maximum profit. It is important to have a business that follows all laws and ethics in order to attract customers. This project is based on the business which is likely to be opened in the future. World fame bakers is a business which will deal with cakes in near future.
- Nature of business and the analysis of the macro environment.
- Impact of globalization on business and how technology can help in improving the business.
- Target customers and how to attract them.
- Role of business ethics in the companies.
Task 1A) Nature of the World fame bakersWorld fame bakers are thinking to start the business of cake and some bakery items like biscuits and homemade chocolates. This business is establishing at unique street shop number 8 of London. All the legal formalities of the business are done already. The specialty of the business is to make cakes with low calories and no use of artificial colors. The health of the customers is taken priority. The packing of the cake is biodegradable which is helping in taking care of the environment as well. On special occasions, there are some offers like discounts of 10 %, 20%, 30%, coupons and many more. As this startup is new then a lot of promotion and marketing strategy is made for gaining recognition of the business. At the present level, the firm is using penetration pricing and for this, it suffers loss in the initial years but after some time startups get popular. Slowly prices can be increased. For the arrangement of finance bank loan is taken and usage of personal assets. A business plan is made for running the bakery smoothly. |
B) Advantages and disadvantages of owning the business
For starting the business there is a lot of risks involved in it. many entrepreneurs think twice before starting the business. Some merits and demerits of the business are discussed below:
Merits
- Independence- as the owner of the business people has freedom of taking the decisions own their on which is very important for the business. This individual is responsible for gaining the success of the businesses.
- Learning opportunities- as owner of the businesses it is not necessary to know everything. individual gain the knowledge by taking decisions and while working in the entity. owner of the world fame bakers is also learning the while doing the business. this helps in overall development of the owner.
Demerits
- Financial risk - in the initial years of the business there can be risk involved in it. for expansion purpose also there is need of fund and if firm is investing money on the business then it has no guarantee of success.
- Stress- for the business owner there are many things to worry about like competition, equipment breakdown, employees. While doing many situations in which things are to worry about.
c)Usefulness of the pestle in the World fame bakery
There are many ways through which PESTLE Analysis is useful in the start up of business. This model is used in determining the macro factors which affects the entity. It can be negative as well as positive but loopholes of the business is determined which facilitate in the making the strategies for improvement of that deficiency of the organization. Some of them are :
- Visualize the factors in one place for making decision better- by doing the pestle analysis of the business benefit in making the strategies for future purpose. It will also make the team moving on the right direction(Kaneko Hamada and Hiji., 2016).
- Identify the opportunities and threats - in first step gathering of information is there and after reviewing the gathered data entity find out that opportunities of the businesses and what are upcoming threats of the business. It will help in grabbing the opportunities and dealing with future threats. It will be very useful for making the future plans of the business.
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 |
Your answer should go in the box below.
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A) Impact of the globalization on the bakery businessglobalization has impact on the bakery business are :
B) Use of the suitable technology which will be improving the operations of the businessUse of the technology always make the work easier. In the bakery businesses use of technology is helping the entity to do work in faster way. There are many systems which helps in this :
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Task 3 |
Word Count |
Learning Outcomes |
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) Identification of the customer of the bakery and its importance of knowing them in the businessBakery is targeting the all age group of persons. These items are liked by all the people. It consists of the items like biscuits, cakes and other items which are liked by people. Customers are most important to the business. They are the one who can build the business or fail it. knowing the customer means on the basis of their hobbies, tastes and interest. This will help in gaining the profitability of the business (Lee and et.al.,2017). By knowing the customer will facilitate in determining the needs and wants of the entity. After having of knowledge of their demands then only owner will make strategies for fulfilling those demands. Like in the bakery business for knowing the customer is keep observing them which will aid knowing the buying behavior and according to that owner of the business will meet the demands of the client. It will increase the retention and loyalty of the customer which is beneficial for the firm. B) Two ways through which more customer can be attracted towards the bakery businessthere are many ways through which most of the customer can be attracted towards the bakery business two of them are :
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Task 4 |
Learning Outcomes |
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) Role of the ethics on the bakeryEthics means the moral judgment of individual about the right and wrong. its role of the business is significant. By following the ethical behavior entity in various ways:
B) Bakery business is treating its staff ethicallyHuman resource management: texture restaurant is the Scandinavian ingredients with champagne bar. This restaurant is serving the people with improper behavior which is makes the customer unhappy. They treat staff like the slave which makes lot of turnover of employees from the entity. Staff of this hotel is unsatisfied with the behavior of the management. But in the World Fame bakery staff needs are given priority because due to them only the firm is running smoothly. Staff will be satisfied then only work of them will be better (Quinones and Leon., 2016). Better serving staff will increase the value of the entity in the market. Proper treatment of the staff is helping the entity in make its position in the market and increase the potentials of the workers.
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References:
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