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BUS0001 The Structure of Business - Arden University

Learning Outcomes:

LO1. Identify the differences between the various business sectors that contribute to the economy.
LO2. Identify and evaluate strengths and weaknesses of various legal frameworks in relation to business start-ups.
LO3. Identify and evaluate strengths and weaknesses of various finance generating alternatives a new business may look to.
LO4. Undertake an environmental audit identifying factors impacting upon a given organisation.
LO5. Identify and explain the importance of key ‘Humans Resource' policies within a given organisation.
LO6. Apply basic academic skills in the creation of sound arguments and conclusions.

Introduction

In the worldwide competitive market, the primary concern of the business organisations is to attain the goals in an efficient manner that leads to increase overall financial position as well as organisational brand image. The marketing trends of the customers are changing rapidly, and the majority of consumers are now attentive to the online shopping system (Laudon and Traver, 2016). Opportunities to compare the specification of Verities of products also grab the attention of worldwide customers (Yu and Cui, 2019). For that reason, the numbers of e-commerce organisations are growing all over the world due to excessive consumer demand. According to the case study, it has been identified that, in 1995, Pierre Omidyar started a small business of e-commerce, which later has become famous under the trade name of eBay. At present, more than 31000 employees are working under this organisation, and the current revenue of this organisation is more than $14 billion.

This study, therefore, is focused on the initiative of new e-commerce business that will sell products in a reasonable value to the target consumers. Identification of different external environmental factors can influence the overall business operation of a business organisation. At the same time, this study also identified the General data protection Regulation framework that is important for all the start-up as well as existing e-commerce business organisation to manage the day to day workforce in an efficient manner.

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Question: Create a detailed PESTLE analysis based on the case study provided and discuss what you need to consider in making your decision to start an online business a reality. Identify factors that may impact on your success in this new venture.

Answer:

PESTLE Analysis

PESTLE analysis tools are mainly used to recognize the external environment of a business organisation and further to help the organisation in identifying the independent variables that can influence the organisational operation in the near future. It generally signifies various external factors that can hamper corporate functioning as well as a brand image (Kraus et al., 2019). All the elements are highlighted below to understand the market environment better.

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Question: Construct a table identifying the relative strengths and weaknesses of the various legal frameworks you may need to consider in making your decision. Consider for example, the new GDPR framework, Consumer Right framework or any other legal framework of your choice. In addition, provide consideration for how you might seek the funding for your new online business start-up.

Answer: Identification of Legal Framework for Effective decision making

Identification of legal framework is vital for all the start-up organisation, and that generally helps management in organisational decision-making process leads to sustainable development in the organisation (Laudon and Traver, 2016). The manager has a responsibility to make effective decision to improve organisational performance. Business organisations in the UK cannot escape the regulatory framework by using its server outside the country. There are different legal frameworks that organisation follow to manage their business without legal obligations.

A consumer contract is one of the most important regulations, and it has been identified that the United Kingdom the rules and regulation of the e-commerce sites should address the laws of all the member state in that consumers buy the products (Pérez-Esteve and Schuknecht, 2018). At the same time, the company also needs to follow the other acts such as intellectual property rights acts that are not related to the country of origin principle. At the same time, a state and use its regulation and policies so that the company needs to use separate strategies. The public policies, protection of public health, security policy, and protection of consumer policies are different in different states. So that identification of those policies will provide the organisation higher advantages during the decision-making process in addressing the legal challenges in a proficient manner.

GDPR Framework
Comprehensive data protection Regulation framework is the part of the European Union's data protection law for all the individual citizen of EU as well as the European Economic Area. The main objectives of the GDPR Framework are to address the personal information Outside the European Union areas (Russell et al., 2018). It also controls the use of personal data and simplifies the regulatory business environment for international businesses. For that reason, all the global business organisation follows this framework to protect sensitive information. As per the viewpoint of European commission, personal data such as personal information of an individual, name, personal contact, IP address, social networking websites etc. are very sensitive so that this framework generally linked to data processing activities of various organisation that are related to offering services or goods (Pérez-Esteve and Schuknecht, 2018). In the case of data Breach, this framework provides notification to the Data Protection Authority within 72 hours. For that reason use of General data protection Framework will help this organisation to protect the personal information of the potential customers and if any data breach occurs it will take steps leads to face legal obligations as well as a significant penalty.

Consumer Rights Framework
Customer rights framework generally provides UK customers with different new rights. The individuals get benefits from different rights at the time of buying service or goods from a business organisation (Cai et al., 2019). The customer has the right to return the faulty goods after purchasing. The organisation also needs to repair the returned products or refund the money to the customer. The management also needs to address the problems effectively because it generally hampers organisational goodwill. The Top management should focus on these significant vital areas to improve corporate reputation that will attach the customer mentally with the brand leads to increase organisational sales volume (Russell et al., 2018). Some business executives mislead the customers and enforce them to but a specific product that has a higher profit margin. This type of marketing mainly refers to marketing myopia. The UK consumer has the right to protest against marketing myopia also. The government is also aware of the business organisations with a view to this act to reduce the unprofessional marketing approach. For that reason, follow of this regulation will help this startup -commerce site to gain more loyal customer in upcoming years.

Manage Funding for this Start-up Business
The United Kingdom has one of the largest economies all over the world, and there are many local or foreign investors focused on practical business planning (Soni et al., 2019). The management needs to set up a unique online business platform and needs to link with other business organisations directly. Most of the E-commerce sites share the platform with local shops, small business organisation, or directly with the company. Business set up cost is not too much high for e-commerce platform (Heller et al., 2019). The owner can take bank loans or and provide personal investment to start the business initially. The owner needs to contact with world-class brands to trigger organisational sales. The organisation needs to hire sufficient technical persons, efficient programs, website designers to grab the attention of customers. Higher response from customers will also increase the number of foreign investor that leads to expand the business in other foreign countries.

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Question: Your online business ideas have identified three sectors within the UK within which you can operate. What are they? What are the differences between the three sectors? Comment on their value to the UK economy. In addition, identify at least two HR policies and comment on their importance to the modern workplace. Finally, write a brief reflective statement comprising no more than 250 words which should form part of the appendices.

Answer:

Identify the 3 major Sectors for E commerce Business

An e-commerce site needs to work with the different business sector so that this selected start-up business organisation needs to choose some specific product sectors to manage the day to day operations in an effective manner. There are three essential types of business sectors in UK market such as business to business e-commerce sites (B2B), business to consumer e-commerce sites (B2C) and consumer to consumer e-commerce sites (C2C).

In B2B e-commerce, both the participants are business, and the overall business value is enormous. According to the B2B business model, business sales its products to intermediate buyers or wholesalers, and then who sells the product to the final consumer (Taiminen and Ranaweera, 2019). The company mainly sells the product to wholesaler through the internet or directly.

Figure: 1. B2B e-commerce Model

In B2C e-commerce, the business directly sells its products to the final consumers through online sites (John and Vikitset, 2019). That means the transaction take place directly between customer and business organisation through online portals. Business can sales the straight to the customer through e-commerce sites.

Figure: 2. B2C e-commerce Model

At the same time, the C2C business model generally connects the two customers, and in this model, both the parties are consumer and transaction takes place between the consumers. It connects the consumer through third-party service providers (Naidu et al., 2019). C2C websites generally receive a commission from the parties. The investment cost is very less so that the organisation doesn't need to manage the stock and other deliveries. In C2C Business, the vendors are highly profitable due to direct sales.

Values of this Sector in UK Economy

In present days, the trends of customers are now changing due to the advancement of technology. The current population of the UK is more than 65 million, and the total GDP of this country is more than 2.6 trillion. Currently, 49 million people are using e-commerce sites in this country, and more than 4 million people expected to shop online by 2021 (Driffield and Karoglou, 2019). Nowadays, the majority of people, such as 47% prefer debit and credit cards transaction. More than 40% of people use PayPal, and very few people are using direct debit or cash payment. So, the trends of transaction generally ensure the success rate of an e-commerce site (Saridakis et al., 2018). It is expected that people will spend more than $2250 in the upcoming four years so that the e-commerce industry will improve the GDP rate of UK further in forthcoming years.

Figure: 3. Preferred Mode of Transactions in UK

Identification of HR policies and their Importance

Human Resource management refers to the most enlightened units that have been seen to flourish the working of a business entity in diversified ways. It is prominant that the Human Resource Management department of a firm is one such department that acts as a means of connectivity between the employers and the employees (Urbach and Röglinger, 2019). It is vividly understandable that the central aspect of human resource management professionals is to provide a smooth running of the workings of the firm. Through this project, the essential issues related to the working criteria, responsibilities, and the knowledge, skills, and behavioral patterns that should be maintained by a Human Resource professional has been described in details.

Employee Training and Development Policy: Employees are the main asset of a business organisation. For that reason, the management needs to improve the employee retention rate to make the organisation sustainable. The human Resource executives generally measure the performance of each and individual employees and provide training and skill development program based on the requirement. Sometimes management also hires external resource persons to conduct quality training (Brueller, Carmeli and Markman, 2018). It generally provides employees with significant opportunities in the career development program. At the initial stage of business, the start-up e-commerce sites need to recruit sufficient technical persons for managing the overall business platform effectively leads to manage the day to day workforce efficiently (Berman et al., 2019). Apart from that, management also needs to provide technical training to all the employees, and that will improve the working excellence of the employees that leads to improve the overall business performance. The managers, HR managers, and all the management staffs should collaborate to establish a professional development corporate culture. At the same time, the implementation of leadership styles in the organisation will motivate the employees in their work.

Workplace diversity policy: Workplace diversity is one of the unique challenges for HR professionals. The HR manager can mitigate these challenges quickly if management encourages a more heterogeneous environment in the workplace. Workplace diversity will help the start-up business organisations to generate more new ideas that will improve both employees well as organisational financial performance (Brueller, Carmeli and Markman, 2018). The managers should communicate with all the potential staffs to maintain the flow of information continuously. It is also essential to encourage employees to work in a diverse team. Proper interaction and cooperation will help the employees to understand the values of each other leads to trigger the organisational performance further.

Conclusion

Based on the above study, it has been identified that there are different challenges faced by a start-up organisation during the initial business operation. There is variously internal and external environmental factor that can hamper the overall business operation leads to shutting down of the business. For that reason, Human resource management, operation management needs to implement various strategies based on market research to reduce the chances of risk. At the same time, implementation of effective marketing strategy, identify the potential target market, external factors, risk analysis an competitor analysis will help this organisation to make the organisation sustainable. Apart from that identification of own strength, weakness, and opportunities will also assist management in the strategic decision-making process that leads to getting more advantages in the competitive market.

Recommendation

All the business organisation wants to improve its brand image and financial health by increasing the sales volume. For that reason, the management should follow some basic strategies that will help the business organisation to grow faster in the operating market.

The management needs to identify the vital resources as well as suppliers to fulfill day to day requirements actively for smoothly running the business.

At the same time, the designer needs to make unique and user-friendly websites to grab the attention of more customers (Berman et al., 2019). The management needs to make effective organisational strategies based on internal and external environment analysis to get more competitive advantages in the operating market.

At the initial stage, the start-up business organisation needs to provide offers and discount to attract more customers (Brueller, Carmeli and Markman, 2018). Focus on 4P strategy will help the start-up e-commerce sites to satisfy its potential customer effectively.

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