BSBESB401_Asessments_1_07-07-2023_19_01_53_2fa8792684774e7fbef731fda099f6b9

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Nov 24, 2024

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Assessment 1 – Coversheet Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Student and Submission Details Student Name Milani Alves Santos Student ID 224478 Unit Code and Name BSBESB401 Research and develop business plans Date of submission 20/08/2023 STUDENT DECLARATION I declare that a. this assessment is my own work. b. None of this work has been completed by any other person. c. I have not cheated or plagiarised the work or colluded with any other student/s. d. I have correctly referenced all resources and reference texts throughout these assessment tasks. e. I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student Signature Milani Alves Santos Assessor To Complete Assessment 1 Assessment Result Date Type Of Submission Short Answer Questions □ C (Competent) □ NYC (Not Yet Competent) ☐ First submission ☐ First re-submission ☐ Second re-

48 □NA (Not Assessed) submission Assessor feedback Assessor Name Assessor Signature Assessment 1 – Short Answer Questions  Assessment summary ☐ You are required to answer all the written questions in this assessment.  Resources and equipment required to complete this assessment o Access to textbooks and other learning materials. o Access to a computer, printer, Internet and email software (if required). ☐  When and where should the assessment be completed? o This assessment may be done in your own time as homework or you may be given time to do this task in class (where applicable). o Your assessor will provide you with the due date for this assessment. ☐  What needs to be submitted? o Your answers to each question in this assessment along with references. ☐ BSBESB401

48  Instructions o This is an open book test – you can use your learning materials as reference. o You must answer all questions in this assessment correctly. o You must answer the questions by typing your answers in Microsoft Word and converting it into a pdf . o Please include the following details in the header section of each page of your assessment document: ☐  Student Name and ID  Course Code and title  Unit Code and title  Trainer and assessor name  Page numbers ☐ o You are required to submit your assessment on the LMS (Moodle). No submissions will be accepted via emails. Short Answer Questions Question 1 Define each type of business planning listed below. Type of Business Planning Definitions a. Feasibility Studies Feasibility Studies are systematic assessments that evaluate the viability and potential success of a business idea or project, considering its technical, financial, and market-related aspects. b. Strategic Planning Strategic Planning involves the process of defining an organization's long-term goals and objectives, and then formulating and implementing strategies to achieve them while considering internal strengths, weaknesses, and external opportunities and threats. c. Operational Planning Operational Planning focuses on the short-term execution of an organization's strategies. It BSBESB401

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48 involves setting specific tasks, allocating resources, and establishing timelines to ensure efficient day-to-day functioning and alignment with broader strategic goals. d. Financial Planning Financial Planning is the process of creating a comprehensive strategy to manage an individual's or organization's financial resources. It involves setting financial goals, budgeting, saving, investing, and managing risks to achieve financial stability and growth. e. Marketing Planning Marketing Planning is the systematic process of outlining an organization's marketing goals and strategies to effectively reach its target audience, promote products or services, and achieve competitive advantage through market analysis, segmentation, positioning, and promotional activities. Question 2 Complete the table below about the following factors that affect a business plan’s structure: a. Describe the type of information that can be found in each factor when reviewing a business plan b. Briefly explain how each factor affects the structure of a business plan Factors Describe the Type of Information That Each Factor Provides in A Business Plan Brief Explanation of How These Affect Structure of a Business Plan a. Purpose of Plan Specifies the reason for creating the plan The purpose dictates the level of detail and focus in different sections of the plan. It helps in determining what information is essential and how much depth is required. For instance, a plan meant for securing funding will emphasize financial BSBESB401

48 projections. b. Target Audience Identifies the intended readers The target audience guides the tone, language, and level of technical detail in the plan. Investors may need more financial data, while employees might require operational details. Tailoring the content to the audience ensures relevance and effectiveness. c. Desired Outcomes States the intended results or objectives Desired outcomes shape the content flow and emphasis. If the goal is expansion, the plan will emphasize growth strategies. Clear outcomes help structure the plan around demonstrating how the proposed actions will lead to achieving those results. Question 3 Answer the following questions about liquidity and profitability in business. a. Define liquidity as used in business. Liquidity in business refers to the ability of an organization to convert its assets into cash quickly, meeting short-term financial obligations and maintaining smooth operations. b. Complete the table below: i. Identify the two types of sources for liquidity ii. Identify at least one source for each type of source identified. Type of Source for Liquidity Source for Liquidity BSBESB401

48 1. Internal Sources Cash reserves 2. External Sources Bank loans c. Identify at least two costs of finance for liquidity of a business. i. Interest Expenses ii. Opportunity Cost d. Define profitability as used in business. Profitability in business refers to the capacity of an organization to generate profits or financial gains relative to its costs, expenses, and investments. It indicates the effectiveness of a business in converting its resources into positive financial outcomes and sustaining long-term growth. e. Briefly explain the source of profitability of a business. The source of profitability for a business lies in the effective management and utilization of its resources to generate revenue that exceeds its costs and expenses. This involves factors such as efficient operations, pricing strategies, cost control, product differentiation, market demand, and competitive advantage. Sustainable profitability comes from consistently delivering value to customers while optimizing internal processes and managing financial aspects judiciously. f. Identify at least two costs of finance that affect profitability of a business i. Interest Costs ii. Dividend Payments Question 4 Answer the following questions about marketing strategies and methods. a. Define marketing strategies. Marketing strategies are comprehensive plans developed by businesses to outline the specific approaches and tactics they will use to promote their products or services, attract target customers, and achieve their marketing goals. These strategies encompass a range of decisions related to pricing, BSBESB401

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48 product positioning, distribution channels, promotional activities, and market segmentation, all designed to create a competitive advantage and drive business success. b. Identify at least two examples of marketing strategies i. Content Marketing ii. Social Media Marketing c. Define marketing methods. Marketing methods are specific techniques or approaches used by businesses to promote their products or services, attract customers, and achieve their marketing goals. These methods can include advertising, social media, and public relations. d. Identify at least two examples of marketing methods. i. SEO ii. Email Marketing Question 5 Answer the questions below about the methods or production or operation required for a business. Method of production or operation refers to the processes that businesses have set up to ensure their business runs smoothly and can produce and deliver their products and services to their customers. a. Complete the table below: i. Identify the two general types of supply chains used in businesses. ii. Briefly explain when each type of supply chain is best used. Type of Supply Chain Brief Explanation of When It Is Best to Use Each Type 1. Lean Supply Chain A lean supply chain is best used when the demand for products is stable and predictable. It focuses on minimizing waste, BSBESB401

48 reducing inventory levels, and optimizing processes to deliver products efficiently. This approach is suitable for industries like consumer electronics or fast-moving consumer goods where lead times can be shortened and production can be tightly controlled. 2. Agile Supply Chain An agile supply chain is ideal when demand is uncertain or volatile. It emphasizes flexibility, quick response to market changes, and the ability to adapt production and distribution processes rapidly. This type of supply chain is often employed in industries like fashion, high-tech products, and seasonal goods, where customer preferences can change quickly and production needs to be adjusted accordingly. b. Define each method of production listed below. Method of Production Definition i. Job Production Job production is a manufacturing method where products are produced individually or in small quantities, often customized according to the specific requirements of each customer. Each product is treated as a separate "job," and production processes are flexible to accommodate unique specifications. This method is commonly used for highly specialized or custom-made products, such as luxury items, one-of-a-kind pieces, and certain types of machinery. ii. Batch Production Batch production involves producing a limited quantity of identical products in a single production run. Products are grouped into batches, and the production process follows a sequential flow, with each batch moving through the various stages of production together. This method is suitable when there is a moderate level of demand for a particular product, allowing for cost-effective production and reduced setup times compared to individual production. iii. Flow Production Flow production, also known as mass production or assembly line production, is a method where products are manufactured on a continuous and standardized basis. The BSBESB401

48 production process is organized into a linear sequence of tasks, with each task being performed by a specialized worker or machine. Products move along a production line, and each worker or machine contributes to the assembly or fabrication of the product. Flow production is best suited for high-volume manufacturing of standardized products, enabling efficient use of resources and consistent product quality. Question 6 Answer the following questions about identifying a business’ staffing requirements to efficiently produce or deliver their goods and services. a. Identify what businesses must review first within their business structure when identifying the staff they need. Staff includes both the job positions and number of staff needed by a business to produce and/or deliver their goods and services. When identifying the staff they need, businesses must first review their operational processes, production requirements, and service delivery aspects to determine the necessary job positions and staff numbers. b. Identify at least two types of information relevant to identifying the staffing requirements that can be identified by reviewing your response in question a. i. Operational Processes and Workflows: By reviewing operational processes and workflows, businesses can determine the specific tasks and activities involved in producing and delivering goods and services. This information helps identify the different job positions required and the skills needed for each role. ii. Production or Service Demand: Understanding the expected demand for products or services is crucial in identifying staffing requirements. By reviewing historical sales data, market trends, and projected growth, businesses can estimate the volume of production or service delivery, which in turn informs the number of staff needed. c. Briefly explain how identifying the information from question b helps businesses identify their staffing requirement to ensure effectiveness. Identifying the information from question b helps businesses identify their BSBESB401

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48 staffing requirements by providing a clear understanding of their operational needs and expected workload. This information ensures effectiveness by allowing businesses to match the right number of staff with the tasks and demand. Properly staffed teams can efficiently handle tasks, meet production or service targets, and adapt to changes in demand, leading to smoother operations and improved overall effectiveness. d. After reviewing, identify the next step businesses must do to determine their staffing requirement. After reviewing the relevant information such as operational processes, production or service demand, and other factors, the next step businesses must take to determine their staffing requirements is to **conduct a skills and roles analysis**. This involves breaking down the tasks and responsibilities identified earlier into specific job roles and functions. Businesses need to define the skills, qualifications, and experience required for each role. This analysis helps ensure that the right individuals are hired for the right positions, promoting efficiency and effectiveness within the organization. e. Identify at least two factors that can affect your forecasted staffing requirement. i. Market Fluctuations: Changes in market demand, consumer preferences, and economic conditions can lead to fluctuations in the demand for products and services. Businesses may need to adjust their staffing levels based on these changes to accommodate increased or decreased production needs. ii. Technological Advancements: The adoption of new technologies and automation can impact staffing requirements. Implementing advanced technologies might reduce the need for certain manual tasks, potentially leading to a shift in the types of roles required and the number of staff needed in various areas of the business. BSBESB401

48 Question 7 Briefly explain the purpose of having a contingency plan in a business plan. The purpose of having a contingency plan in a business plan is to outline strategies and actions that a business will take in response to unexpected events or challenges. A contingency plan helps the business anticipate potential risks, such as economic downturns, supply chain disruptions, or natural disasters, and prepares them to mitigate the impact of these events. By having a well-defined contingency plan, businesses can enhance their resilience, minimize downtime, and ensure continuity of operations, thereby safeguarding their long-term success and minimizing potential losses. Question 8 Complete the table below: a. Identify at least two methods you can use to research for information needed when preparing a business plan b. Briefly explain how the information gathered from each identified method can be used to prepare a business plan Research Method for Information When Preparing Business Plans Brief Explanation of How Information Gathered from Each Method can be Used to Prepare a Business Plan a. Market Surveys and Interviews Market surveys and interviews involve gathering direct feedback from potential customers, industry experts, and stakeholders. This information provides insights into customer needs, preferences, and market trends, helping to refine the business idea, tailor products/services, and identify potential gaps or opportunities in the market. It assists in shaping the value proposition and marketing strategy in the business plan. b. Industry and Market Research Industry and market research involves analyzing existing data, reports, and trends within the relevant industry. This information offers a comprehensive BSBESB401

48 understanding of the competitive landscape, market size, growth potential, and potential challenges. It helps in making informed decisions about target markets, competitive positioning, and growth strategies outlined in the business plan. Question 9 Complete the table below: a. Identify at least three common business risks b. Define each risk c. Describe at least one risk management strategy that can be implemented to manage each type of risk. Common Busines Risks Definition of Each Risk Risk Management Strategy a. Economic Uncertainty Economic uncertainty refers to unpredictability in the business environment caused by factors like economic downturns, fluctuations in consumer spending, and inflation. Diversify revenue streams, maintain a robust financial reserve, monitor economic indicators, and develop flexible budgeting strategies. b. Cybersecurity Threats Cybersecurity threats involve potential breaches or attacks on a business's digital systems, networks, and sensitive data. Implement robust cybersecurity measures, regular system audits, employee training, and data encryption to safeguard against cyber threats. c. Supply Chain Disruptions Supply chain disruptions occur when factors like natural disasters, geopolitical issues, or logistical challenges impact the flow of goods and materials. Develop alternative suppliers, establish contingency plans, maintain safety stock, and foster strong relationships within the supply chain. What to submit: BSBESB401

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48  Answers to all questions  Reference BSBESB401

BSBESB401_Asessments_1_07-07-2023_19_01_53_2fa8792684774e7fbef731fda099f6b9

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