Assignment 1: Micro Analysis Building Companys Competitive Edge Business ethics supports ethical decision making which provides the theoretical grounding that students can understand how their decisions are related to ethical issues, it can have impact not only on themselves but also the stakeholders. Through understanding the stakeholders and analyzing a firms strength and weakness in relation to their stakeholders, it helps to assess the overall competitiveness of the organization. Stakeholder analysis helps you to identify and understand the stakeholders of your business. The micro analysis consists of stakeholders who are directly or indirectly linked with any business. For instance, customers, consumers, suppliers, shareholders etc. Furthermore, Porters Five Forces model evaluates five key forces that determine the setting in which companies compete, the attractiveness of the competitive environment, based upon these five considerations: the rivalry among the companies competing in the industry, bargaining power of suppliers to the industry, The bargaining power of buyers, threat of new entrants to the industry, and threat of substitute products or services. Task: As an entrepreneur, apply the Stakeholder Analysis and Porters Five Forces Model to your new small venture in Canada. Porter referred those forces affect its capability to serve its consumers and make profit. Organizations must apply their core competencies, business model and competitive advantage to achieve a profit over other competitors. Requirements: Students need to use professional research paper format (E.g., Title Page, Executive Summary, Introduction, Body, Conclusion, and APA Citations & References). Length: 2,500 - 2,600 words Deadline: May 7 (Sunday) on or before midnight Plagiarism even if you properly cite the source. The reason: you are expected to explain your reasoning and the concepts you use IN YOUR OWN WORDS. Copying and pasting is not the goal of this assignment, nor is it the goal of this course. Please keep the similarity level under 20%. All assignments must be submitted through Turnitin. Assignments through email will not be accepted. 10% late penalties per day. Students are advised to make their work clear and well presented; marks maybe deducted for poor presentation. For reference: Micro analysis --- www.ucanwest.ca/innovationfuel Assignment 1: Micro Analysis Building Companys Competitive Edge Consider the important perspectives but not limited to the following: customer, internal, innovation and learning, financial, and corporate citizenship. - Customer: How do customers see us? - Internal Business: At what must we excel? - Innovation and Learning: How can we continue to improve and create value? - Financial: How do we look to stakeholders? - Corporate Citizenship: How do we meet our responsibility to society as a whole, the environment, the community, and other external stakeholders? After surveying the power these five forces exert on an industry, entrepreneurs can evaluate the potential for their companies to generate reasonable sales and profits in a particular industry to answer the question, Is this industry a good one for my business? Here are some questions to help guide you in developing your businesss competitive advantage but not limited to the following: - What are the key factors in determining if your idea is a viable business opportunity? Is this just an idea or a real business opportunity? Can the new product or service work? - What contextual (economic, regulatory, industry) factors should you be aware of? What markets and market drivers should you focus on? What are the specific competitive advantages will the product or service offer? Who are the customers/ buyers likely to be? - Who would make up the team? In your opinion, what is the greatest risk? Why and how should this risk be mitigated? What resources you will need? Who is going to finance it? - What would be the business strategy? - What partners and alliances (important stakeholders) will you need in order to be successful in production, distribution, marketing, and overall? What distribution channels will be used? Assignment 1: Micro Analysis Building Companys Competitive Edge Please note you must ensure that to correctly cite any information you use from other sources and provide a reference list at the end of your report. There is no requirement for minimum number of the sources that you should use but you should utilise correct referencing techniques and do not plagiarise (use the APA Intext Citations and Referencing System). If you fail to provide appropriate referencing, students will be penalised. Key Stakeholders, Their Needs & Expectations: Employees Customers, Suppliers and Contractors Shareholders Investors Communities Government Employees: are the major stakeholders of a business as they are strongly linked with the business. They want to work in a place where they can meet their personal needs and wants. Leaders who create job assignments, work environments, and visions help employees be both competent and committed to their work. Customers: want leaders to build compelling products and services so that they can trust and when they do, customers will give share of wallet. Customers are key to sales. Especially in fast food industries like Burger King, we (employees) have been instructed to focus on quality service and food. Customers should be satisfied at any cost because without them, business is nothing. Suppliers and contractors want their loyal concern with payment of goods and profit respectively. Shareholders and Investors are those who bought companys share and are part of ownership in the company. They are concern with maximum outcome in terms of cash from profit. Investors are those who invest their money into the business as capital to earn their share from the profit. Investors want leaders to keep their promises, develop a compelling growth strategy, align core competencies to the strategy and then to ensure that people are committed to delivering on these premises. Communities and Government: Communities want leaders to build organizations that are socially responsible, through how they treat the environment and how they serve the larger community. Government is linked with business as to start a business; licence is required and government issue licence. And from the profit gained by a company, a percentage of profit goes to government in terms of tax which is used to build infrastructures etc. Reference: Stakeholder analysis https://www.youtube.com/watch?v=W8O131s31Rg&t=63s Assignment 1: Micro Analysis Building Companys Competitive Edge Reference: The 5 Forces That Make Companies Successful https://www.youtube.com/watch?v=XCWHSeDU-zk Assignment 1: Micro Analysis Building Companys Competitive Edge Topics Comments Problem Statement (20%) The problem of the organization is clearly defined, e.g., the essential issue(s) and its variables are foregrounded in the discussion. Problem Statement (20%) Analysis (30%) There is a clear and logically supported conceptual schema or model that is used to analyze the problem at hand. The analysis is connected to evidence [from the case] The model references the primary source of the ideas or concepts being used. Key stakeholders are identified, and their needs accurately assessed Analysis (30%) Implications (25%) The implications follow clearly from the model and/or concepts used The implications are supported by clear evidence Claims and explanations are backed with in-text references to sources. Implications (25%) Style/Mechanics (25%) APA Citations/reference page follow APA guidelines Properly cites ideas/info from other sources Grammar/Punctuation/Spelling Rules of grammar, usage, punctuation are followed Spelling is correct Readability/Style Sentences are complete, clear, and concise Sentences are well-constructed with consistently strong, varied structure Transitions between sentences/paragraphs/ sections help maintain the flow of thought Words used are precise and unambiguous The tone is appropriate to the audience, content, and assignment Style/ Mechanics (25%)