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Laws and Ethics For Effectiveness In The Business World

University: London School of Commerce Malta

  • Unit No: 5
  • Level: Undergraduate/College
  • Pages: 11 / Words 2627
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 2249
Question :
'

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.
'
Answer :
Organization Selected : World fame bakers

Task 1

A) Nature of the World fame bakers

World 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.

A) Impact of the globalization on the bakery business

globalization has impact on the bakery business are :

  • Increased competition- after globalization it caused increased foreign direct investment in the country which causes the increase in the contenders. it will cause lot of price wars in operating the businesses.
  • Greater awareness - after globalization customer are very particular about the needs and wants which includes quality, services and prices. Now customers are aware about their specific wants which must be fulfilled by the entity (Georgi and et.al., 2017).
  • Location flexibility- most of the production techniques are there which can be allocated in the business. Location advantage is taken by the business like if there is available lab our at low costs and resources in that case entity will cost low for these purposes.

B) Use of the suitable technology which will be improving the operations of the business

Use 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 :

  • Consumer digital ordering systems- it is very necessary for the business in making the easy way to purchase the product by online mode by the consumers. This system will help in making the digital order system which makes the customers buy anytime when they want to purchase. This is facilitating in ordering the customers, making possible to upload digital images, viewing the decoration ideas which will improve experience and has potential to increase the margin (Hollenbeck and et.al., 2018). It will help the entity that consumer can purchase it anytime after closing of the bakery. It will aid in maximize sales and ultimately turnover of the business.
  • Analytic s and reporting- this technology will help in keeping the record of the sales. It will facilitate in tracking the order details, sales volume, product trends and timing. It will aid the company in determining the popular product and least popular product of the bakery. It also helps in deciding the inventory, marketing, promotions and staffing. This will help in improving the World fame bakery.

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 business

Bakery 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 business

there are many ways through which most of the customer can be attracted towards the bakery business two of them are :

  • Online Advertisement- most of the people are connected to the internet. So for them online advertisement are for popularizing the bakery on the internet. It will help the business in making the presence online and firm can reach to the more people. This type of advertising is very beneficial for the business. From toddlers to the mature people are present or know the usage of the internet(Maes De Haes and Van Grembergen., 2017.). This advertisement is shown at the global level. It will increase the customer base of the bakery.
  • Social Media - most of the population is on the social media which includes the Facebook, twitter, what's up and many more. This is the platform where most of the customers are available. It will be helpful for the entity to popular the products on the social media.

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