Business in Action
Learning outcome 1: Evaluate the interdependence of business disciplines in effective management and leadership
Learning outcome 2: Identify and apply a range of tools and techniques to solve problems and think creatively
Learning outcome 3: Exhibit authentic and effectively management skills including communication, professional values, self awareness and team working.
Learning outcome 4: Recognise the ethical, governance and sustainability framework in which business operates, and develop appropriate solutions and outcomes within this
This assessment employed for the module is referred to as a Patchwork Portfolio (PP). A patchwork portfolio differs from a "normal" portfolio in so far as it has a theme which ties all the pieces (patches) together. For this portfolio, through the preparation of the patchwork portfolio, students as a team or group (2- 5 Students) will end up pieces of plans as a result of creative imagination and innovativeness.
The business environment nowadays keeps on changing so rapidly due to the advent of technology. With this, new things (product, process, resources, etc.) are introduced every now and then as a result of this change. So many nations like Oman are also facing different challenges because of the environmental changes especially in the economic environment. In order to cope with the change, the government of Oman is encouraging its constituents to take a share in developing the economy of the country by putting up small businesses by providing initial capital for start-ups
Assume that you are awarded OMR 45,000 by the government through Al Rafd Fund and you need to use this amount to start a new small venture that helps augment your financial needs. In order for you to do this, you are expected to do an environmental scanning or environment analysis to determine a particular need that can be a good support for you to generate business ideas. From that case, you are required to do research work and develop a report based on the patchwork specified below.
Patch 1: As a result of your environmental scanning or environment analysis, describe a particular need that you have identified. Lay out some reasons why it becomes a need and recommend a good business idea out of this which you think will give you a good business opportunity (could be your own creation or innovation).
Give the detail of the business idea that you would like to recommend in terms of:
- The industry you are entering (in a historical and geographical sense).
- Look at changes, advancements and trends over the last 3-5 years (local, national, international)
- Describe how and where your particular business fits into the industry and why there is an opportunity for your business.
Patch 2. Prepare a marketing plan for the business idea which will only cover the 4Ps of the Marketing Mix. Include the specific target market and the competitive edge.
Patch 3. Develop and design an organisational plan that shows details of the management plan of your human resources, roles, responsibilities, qualifications, and relevant expertise needed.
Patch 4. Plan out the logistics, supply chain management, the process of producing your product (goods or services), and other operational activities in order to bring this to the identified target market. Draw out the possible needs and the expenditure that you may incur based on your available source of funds and needs.
Patch 5. Prepare a reflective summary of what you have done (from the needs you have identified and the idea you have developed). Reflect as to what you have learnt from the process of doing this patchwork portfolio
Write the number of words used, excluding references, at the end of your assignment. Provide the list of sources you used at the last page of your assignment with proper label ‘References'. You may include diagrams, figures etc. without word penalty. The number of words will be + or - 10% of the total words allowed.