Unit 1: Business and the Business Environment Assignment by Business Experts

 

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Determine the internal strengths and weaknesses of a specific business and explain their interrelationship with external macro factors:

In this unit the professor has asked us to pick a business and determine the internal strengths and weaknesses along with their interrelationship with the external macro factors. So for this unit, food business has been chosen. This unit provides the strengths and weaknesses of a food business.

 

Strong Distribution Network

Hotels and eating places supplying precise food and drinks typically have chains and networks of accommodations throughout the country. Some manufacturers perform at a international level. However, they`ve a excellent distribution system, which makes the goods to be had to the clients irrespective of their region.

 

Costing

Since the goods of the meals and beverage enterprise produced on the economies of scale, therefore, the charges of them are low. Cheap charges make merchandise cheap to clients.

 

Relations with Suppliers

The dating among the meals and beverage enterprise has with its providers isn’t temporary. In fact, it is going on for years offering the equal merchandise day after day. When you`ve got dependable providers, you then definitely wouldn’t face shortages and delays within the transport of merchandise.

 

Return on Investment Period

Hotels and eating places within the meals and beverage enterprise require a big funding to start, and the minimal profiting duration accommodates of five years. Initial years might cowl all of the fundamental expenses and expenses, the stability sheet might continue to be same within the beginning. Once it begins off evolved profiting, you will earn lots within the lengthy term.

 

Highly Skilled Workforce

Chef, prepare dinner, waiter, and different staff, they`ll appear easy jobs. But they require a superb talent within the skill; handiest then they might be capable of produce and supply the exceptional service.

 

Diversity:

The exciting aspect approximately the meals and beverage enterprise is diversity. Its team of workers typically from one-of-a-kind social, cultural, racial, regional, and ideological backgrounds, however they paintings as one crew beneath one roof. Diversity isn`t always precise for innovation and creativity; however it additionally boosts the crew spirit.

 

Market Expansion

When you`ve got a sturdy various crew, and additionally a various portfolio of merchandise, then you may without difficulty increase your enterprise into one-of-a-kind areas. That’s how McDonald’s has created a community of accommodations throughout the global.

 

Influence of Social Media

We’re dwelling within the global of social media (Facebook, Instagram, Whatsapp, Twitter, etc) if the meals and beverage enterprise efficaciously makes use of those platforms. Then they are able to attain a miles larger audience, and entice many new clients.

 

Weaknesses of the Food and Beverage Industry Business 

 

Less Research & Development

The meals and beverage enterprise typically doesn’t allocate a selected price range for studies and development. Chef and prepare dinner comply with the precise cooking fashion and product the equal product time and again. One aspect all of us recognised that clients typically get bored with the equal taste. If you don’t extrude or replace your merchandise’ tastes, then they might visit the alternative brand.

 

Inventory cost

There must be a slim margin among the delivery of uncooked merchandise, cooking, and consumption. It might handiest be viable when you have a punctual supplier. Maybe if you’re not able to discover one, you then definitely ought to pay for the pointless stock cost. If your enterprise is big, then it`d be excessive.

 

High Rental Expenses:

You might want a crowded public region to draw new clients. Rents are typically very excessive at such places. Even a superb part of your enterprise income is going to the price of rents.

 

Less Profit

Having mentioned in advance that accommodations and eating places within the meals and beverage enterprise typically required a big funding, and their income margin may be very low within the beginning. Therefore, you shouldn’t be absolutely reliant on one supply of earning.