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ECO600 ECONOMICS AND FINANCE FOR BUSINESS

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ECO600 ECONOMICS AND FINANCE FOR BUSINESS

ECO600 ECONOMICS AND FINANCE FOR BUSINESS 

Question/task issued by the lecturer in Week 5 or 6. >Submit report electronically, via Turnitin on your Moodle page, in Week 11 (the lecturer will advise you about this). How to do it? >Collect data gathered from the premises of two businesses as groups. > Share the data from these site visits with everyone. > Write the report entirely on your own (because this is an individual report). What must you do? >Pretend you are a business consultantconducting a business intelligence report for your client, a business in town. You will advise them about their key rival in this industry.You will develop ideas to make their business more successful. >Thus, write a research report using data you collect from: (i) observations, photos you take, and questions you ask staff members when you visit the premises of two competing Australian businesses, preferably in Manly (primary data), and (ii) published data you find at the business premises and/or reports, papers and websites from the Internet about those businesses, their industry or comparable businesses and industries (secondary data). >The businesses you chose should be located neareach other. This way, you can meaningfully analyse the competition between them. >The lecturer will announce details of the site visits in class (which companies and where). >Students are advised to visit the businesses in their free time. Bring along a writing pad, pen and a phone equipped with a camera to record your observations. other parts of the report written about the two companies. > What you will have to do: (i) analyse of competition in the industry in the area you investigated, including any developments in the competition there (new businesses entering etc.) + select one of those businesses and recommend how you will improve their competitiveness (Week 5’s topic, market structure) (ii) analyse how the two businesses have been growing their businesses+ recommend how your selected business could grow better and be the larger/more dominant business (Week 6’s topic, growth strategies) (iii) analyse how both businesses set the pricesfor their products and use non-price strategies to attract customers+recommend your chosen business could modify its prices or introduce its non-price strategies to secure more customers or sales(Week 6’s topic, pricing and non-price strategies) How many parts will the report have? >The report must have these sections (the sections in bold being the main ones): (i) Abstract (which summarises the entire report) (ii) The introduction (iii) On competition and market strategy (iv) On growth strategies (v) On pricing and non-price strategies (vi) Conclusion (vii) References (mentioning any articles, websites, reports and papers you referred to in the text) How to carry out an ‘analysis’? >Analysis is important to get good marks. To do this, don’t just describe what you saw. analysed your observations in an intelligent and creative way to findand discuss the patterns in the way the two businesses operate (how are they different or similar in terms of products, prices, they type of customers they target etc.). Provide the reader with interesting insights about the business strategies they use and intelligent business strategies you can proposed based on what you discovered. >Compare. Contrast. Evaluate. Argue. Propose. When possible, support your ideas with secondary data. > So, as ‘analysis’ is more than just describing what you saw.It is not just saying, “I saw this or that” or “the business uses this price… the businesses uses this strategy”. >It is about making arguments like this: “I saw Company A do this…, but this was not done by Company B because…: or “I observed that Company A priced certain products like this… but Company B prices them differently, like this... Company A is doing this possibly because it is focusing on rich customers; it wants to earn large amounts of money from fewer sales and pay its large number of staff members...”. What reference material should you use for your secondary data? >Make use of any mix of academic literature (books, journal papers), credible news articles (online news), magazines, or reports (from the shop you investigated or the Internet). >For example, you might write: “Company A charges its customers different prices for different bundles of products (Sushi set A, Sushi set B). This is an interesting way to cater to different customers with different tastes, and Netflix also does that too (BBC News, 2019). In fact, I will recommend that Company A can use the way Netflix uses bundle pricing to do this:…“. >When citing published works, use credible, reputable Internet articles and/or books, journals and government, industry or other reports to support and enrich your findings.Do not cite blogs written by people who are not authorities in the subject. >It is alright if you cannot find enough journal papers. Credible news articles and online reports are also acceptable. example, in the Netflix example above, this is what you might see in the ‘References’ section: BBC News. 2019. Netflix uses unusual bundling pricing to make astronomical profits this year. Available from: www.bbc.com/news/123456. Accessed: 10 August 2019. >The report should have at least five relevant referencesto qualify for a pass grade. How do I reference properly? How do I avoid committing plagiarism? > ICMS takes the issue of copying and plagiarism seriously. >Write the report entirely on your own. Do not reveal your report to your friends or group members. >Do not copy the work of other students and authors. > The penalties for doing the aboveinclude a ‘fail’ grade for the assignment or the subject. >In the body of your report, cite properly (do you know how to cite and reference published work? You should have learnt about it during Orientation Week). If not, you might be at risk ofcommitting plagiarism, which has severe penalties. >Go here to learn again about what plagiarism is, and what the college’s policy and penalties for it are. Learn how to avoid plagiarism by properly citing and paraphrasing sources of information (journals, books, news articles) here. Figures and tables in the report >The report may contain figures (figures include images/photographs/diagrams) and tables. > If you have a figure or table, you must mention it in the text.It is incorrect to have a figure or table, but nothing in the text refers to it or discusses what it is about. For example: “The prices of petrol differ according to whether the petrol station is in a high-income suburb or not. See how Petrol Station A’s prices are higher than Petrol Station B’sfor all types of fuel, petrol and diesel (Tables 1 and 2)”. >Tables 1 and 2 should then appear immediately after the paragraph in which you mention them. example: “Figure 1: Premium pricing applied to a fur coat at H&M with clever branding (non-pricing strategy)”. In what style should the report be written? >The report must be written professionally but in a clear way. >The structure of the report must be neat. The formatting must be consistent. Imagine you are selling your consultant’s report to a client. How would you make it look like?Be proud of your work. What if you do not submit your report on time? >You risk getting a fail grade of 0%. >The college’s policy on late submission here. In general, 5% will be deducted if you are late by one day, 10% (two days), 15% (three days) and so on. If you are late by seven days, you fail with 0%. > Should not be limited to textbooks or reading material provided by the lecturer.Search, find, read and use any literature you can get hold of, out of your own initiative.



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