IYZ Business Functions Assessment - Questions and Case studies
Learning outcomes:
1. Demonstrate an awareness of the scope of business organisations.
2. Show that they understand the aspects to be considered in starting a businesss.
4. Present information in a written format to a specific deadline.
Questions should be answered in order, in a narrative format, and with additional discussion as required. Please note the word count above.
Answer all the following questions:
1. 'An entrepreneur is a person of unique qualities, is a risk-taker and passionate about business.'
Using the examples listed below of successful entrepreneurs, discuss the key qualities that each of the entrepreneurs displays, the factors that they have/currently consider within their sector of business and why you think they are successful:-
Lord Alan Sugar - AMSTRAD and 'Apprentice' TV star
Baroness Martha Lane-Fox - e-commerce entrepreneur
Peter Jones - e-technology entrepreneur and 'TV Dragon'
Levi Roots - Reggae, Reggae Sauce Founder
2. George and Sarah have decided on a career change. George was an IT manager working for IBM and Sarah was a manager for a local fast food outlet. They want to open a small business in Leicester making scented candles, a market that is growing in the local area. They want to set up their own factory facilities and have a shop as well as a website.
They have come to you for some advice on what they should consider before and shortly after starting their new business.
Answer the following questions and explain your answers:-
a) What would be their main business objective(s)? Explain your answer.
b) Identify at least 3 risks that they may face whilst opening and running their small, local business. Explain your answers.
c) Identify at least 3 functional areas of their business which will be especially important for their new venture. Explain your answers.
d) Which type of business ownership could be the most appropriate for them, and explain why?
e) Which source/method(s) of finance could be appropriate for them? Explain your answer.
3. Read the case studies below and provide answers to the following questions:-
Daihatsu is a Japanese car manufacturer, making small cars. Their customers are now able to customise the cars with their own designs incorporated into the side panels, prior to manufacture. The company sees this as a new idea that can bring them competitive advantage, in a fiercely competitive environment and market.
Most new cars in the UK are bought on finance, usually provided by the manufacturer. In 2016 over 74million cars were sold worldwide.
However, the car industry faces some tough issues in the coming decades and manufacturers may need to rethink their business strategies.
(a) In the fiercely competitive car market, why has such an idea of customisation been considered by Daihatsu?
(b) As manufacturers finance car purchases for individuals, are there any potential problems that both they and the customer could face with regard to this arrangement?
(c) The car market is a huge global market. What issues does this market face in the coming decades, and how should the manufacturers change their business strategies to best face these issues?
4. Kimco Cola is a fizzy drinks manufacturer based in the UK. It is currently looking at its business strategy and is looking to expand into South Africa. The company is considering a merger with a large South African bottled water and still drinks producer, which could help both of the companies.
The African market for soft, fizzy drinks is growing and could double by 2023, however there are possible challenges that Kimco could face by moving into a new market, and the CEO has concerns.
(a) Describe two benefits to a business of moving into a new market.
(b) Kimco's objective(s) may have recently changed. Explain why some shareholders might be unhappy with the company's new objective.
(c) The CEO has concerns about this new strategy. Explain the possible concerns that could be relevant (a PESTLE analysis may assist here) and discuss the most important issues.
Attachment:- Assignment Files.rar