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Building on the business idea you detailed in Assessment 1 (Part A), you will prepare a report that outlines how your idea may be impacted by one of the contextual factors discussed in weeks 6, 7 and 8. This could include potential benefits as well as possible challenges.
As Masters students, you are required to engage in research as per the Australia Quality Framework (AQF) guidelines. Two specific requirements need to be considered. 1. Students need to demonstrate 'a body of knowledge that includes the understanding of recent developments in a discipline and/or area of professional practice, and 2. Students must demonstrate “knowledge of research principles and methods applicable to a field of work and/or learning'.
This unit has a number of required weekly readings in terms of academic texts, journals and business publications that represent the appropriate body of knowledge and recent developments referred to by the AQF. In order to demonstrate the ability to engage in appropriate research, students should read and utilise these texts and journals and publications. As Masters students, you are expected to research beyond this minimum standard through additional texts, journals and studies to demonstrate an ability to engage in independent research.
You will prepare a report designed to explain how your business idea could be improved through better consideration of a chosen contextual factor. This includes capitalising on the potential benefits associated with the factor, along with addressing the potential challenges. You can choose one of the following contextual factors to have as the main focus of your report:
- Regional Economic Issues OR
- Globalisation OR
- Cross Cultural Management
The course coordinator will provide a video that explains the requirements of the task in greater detail, along with several other useful pieces of information about the assignment, and this video will be made available on the Moodle site.
The marking criteria is also provided on the Moodle site, but is shown below as well for convenience. Your assessment will be marked based on how well it addresses the following areas:
Students are to demonstrate knowledge of the subject matter by:
- Defining key terms and utilising the theories and concepts presented in topics 1-8 (with the specific use of topic 6, 7 or 8).
- Explaining major internal and external contextual factors and how they affect business structures and strategy.
- Providing well justified and feasible business recommendations based on the analysis conducted.
- Demonstrating a breadth and quality of research by using a minimum of 12-16 academic sources.
- Correctly using the APA referencing system to cite academic sources in-text and in the reference list.
- Correctly using the report structure and using appropriate conventions of academic writing.
These are the minimum requirements as outlined in the marking criteria available on the moodle site and in the unit profile. However, students should note that satisfactorily meeting the minimum requirements will typically only result in the minimum pass grade being awarded. Higher grades will be awarded for students that exceed these minimum requirements. See the marking criteria for further details.
Your attention is drawn to the University's stated position on plagiarism. THE WORK OF OTHERS, WHICH IS INCLUDED IN THE ASSIGNMENT MUST BE ATTRIBUTED TO ITS SOURCE (a full list of references must be submitted as part of the assessment).
The market structure of modern industries changes very rapidly due to complex dynamic factors that are interdependent on global economy trends. In the rapidly changing business environment, contextual surroundings of a business can change to a significant extent with changes in the market factors (Taylor, et al., 2012). Management of a business organisation can become significantly complex and challenging for the managers to adapt based on the change in business context. In this paper, the business case of an Australia based organic food chain has been analysed for the implications of changing contextual factors from the growing popularity of globalization trends. Businesses that emphasize on organic food are relatively new to Australian food market and therefore, offer a competitive edge to the food-chain business. In this structure, the contextual factor of the globalization trend that witnesses reducing global trade barriers presents a notable challenge for the company.
1.1 Background information
A business organisation always exists and operates in its contextual surrounding and gets impacted significantly from a notable change in any of the business contextual change. Based on the changes in the market structure and trends, a business needs to perform market analysis frequently in order to understand the changes in the market's contextual factors as a way of recognizing the need to make changes in the business operations in a suitable manner (Lee, Shin, & Park, 2012).
The trend of globalization is supported by global institutions like United Nations (UN), World Bank, International Monetary Fund (IMF) and Word Trade Organisation (WTO) with the objective of managing and regulating the global marketplace effectively. Hill (2009) has referred to globalization as 'the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (such as labour, energy, land, and capital.'
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