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.
a)Usefulness of the pestle in the World Fame bakery
There are many ways through which PESTLE Analysis is useful in the start-up of the business. This model is used in determining the macro factors which affect the entity. It can be negative as well as positive but loopholes of the business are determined which facilitates the making of the strategies for improvement of that deficiency of the organization. Some of them are :
- Visualize the factors in one place for making decisions better- by doing the pestle analysis of the business benefit in making the strategies for future purposes. It will also make the team move in the right direction(Kaneko Hamada and Hiji., 2016).
- Identify the opportunities and threats - in the first step gathering information is there and after reviewing the gathered data entity finds out the opportunities of the businesses and upcoming threats to 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.
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Task 1A) Nature of the World fame bakersWorld fame bakers are thinking of starting the business of cake and some bakery items like biscuits and homemade chocolates. This business is established at unique street shop number 8 of London. All the legal formalities of the business are done already. The speciality of the business is to make cakes with low calories and no use of artificial colours. The health of the customers is taken priority. The packaging of the cake is biodegradable which helps 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 to gain recognition of the business. At the present level, the firm is using penetration pricing and for this, it suffered a loss in the initial years but after some time startups became 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 businessFor starting a business there is a lot of risks involved in it. many entrepreneurs think twice before starting a business. Some merits and demerits of the business are discussed below: Merits
Demerits
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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 |
Your answer should go in the box below.
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A) Impact of globalization on the bakery businessglobalization has an impact on the bakery business:
B) Use of suitable technology which will improve the operations of the businessUse of the technology always makes the work easier. In the bakery businesses use of technology is helping the entity to do work in a faster way. There are many systems which help 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 customers of the bakery and the importance of knowing them in the businessThe bakery is targeting all age groups of persons. These items are liked by all the people. It consists of items like biscuits, cakes and other items which are liked by people. Customers are most important to the business. They are the ones who can build the business or fail it. knowing the customer on the basis of their hobbies, tastes and interests. This will help in gaining the profitability of the business (Lee and et.al.,2017). Knowing the customer will facilitate in determining the needs and wants of the entity. After having knowledge of their demands then only the owner will make strategies for fulfilling those demands. In the bakery business to know the customers is to keep observing them which will aid in 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 customers can be attracted towards the bakery businessthere are many ways through which most customers can be attracted towards the bakery business two of |