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December 13, 2019, 03:21:09 am

Author Topic: Business studies  (Read 113 times)

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Business studies
« on: July 09, 2019, 12:19:24 pm »
Hi, I'm Janika, and i was wondering if anyone could please have a look here at my business studies essay so far, im a bit lost on structure and what content i need to exactly include in my response:

Discuss and evaluate the importance of the key business influences in establishing a small to medium enterprise. In your response, refer to Luna Park Sydney Pty Ltd.

The key business influences of personal qualities, competition are to a great extent fundamental for the success of a small to medium enterprises (SME). These all considerably affect SME performance in both positive and negative ways. The example of Luna Park pty Ltd can be discussed and evaluated in terms of this. Through their business plan which accounts for SME influences, their key marketing objectives of promoting LPS as a place just for fun, maximising customer satisfaction and ultimately, gaining more profit are achieved.

To begin with, the key business influences of personal qualities is effective in helping customers at LPS gain quality products and services. Motivation especially for staff is crucial to a business attracting customers. That is why Luna Park constantly remind their staff that they need to be happy and to laugh and have fun with their guest relations. They have to satisfy and be aware of any problems that guests might have and look after and anticipate guests with a service that goes above and beyond the call of duty. LPS constantly trains their staff to be constantly aware of their responsibilities about guests ensuring that they enjoy their time at LPS. However, in order to motivate them, the staff are given incentives in recognition of their work such as prizes for team members, cheap coffee and training for the Responsible Service of Alcohol and Food and Beverage licenses. Personal qualities of being people-centred, communication and confidence are essential to establishing an SME like Luna Park, as visitors always come first. The staff must smile and use a pleasant voice and it is through that customers gain satisfaction and want to go on the rides. Thus, through the influence of personal qualities, LPS as an SME can add value to their prospective and existing clients to promote their loyalty and support.

Furthermore, another influence which is crucial to establishing an SME is market considerations. SME owners need to consider where is the most appropriate location for their business to run. The quality of  Luna Park’s venue is critical to its success. The quality of a venue not only deals with its physical characteristics but also with its emotional and psychological qualities, which is how it is perceived by guests. They make decisions about whether to visit, how long to stay and whether to return based on their perceptions. Lps cannot change their location as it is close to North Sydney, CBD, Harbour Bridge and the Opera House. It is accessible to the public by train, ferry, bus and car. Its location not only has a 389 space car park but is able to have easy deliveries and truck movements for LPS; outsourcing materials. There is even access for disabled people via wheelchair ramp and elevators. Hence, as LPS is an accessible location, it is able to focus on niche markets, making market considerations an important influence for SMEs.

Legal influences are also vital to establishing an SME. All businesses are to follow the statutory regulations when commencing and operating. Of many laws and regulations, small business owners need to comply with health and safety. The main priority at LPS is to have a safe venue and to have safe rides. LPS needs to give people a sense of security while at LPS. People will not come or bring their children if they think LPS is an unsafe environment. The two main factors that affect guests perceptions of security are the design of the facility and who the guests are. The renovated LPS has incorporated design features whenever possible that will give people a sense of security. Design factors that are especially important include the layout of the car park and its entrances, car park lighting, visibility, the amount of natural and artificial lighting in a facility, the presence of staff, having windows, the number of entrances and the location of restrooms. LPS also markets to specific socio-economic groups to encourage the right type of guest to come and discourage others, so that the guests will feel safe there. Some precautions taken by LPS to minimise risks and harms to visitors and staff include daily inspections prior to operating each day and checking all the seatbelts on rides, adequate instruction and training given to staff and procedures to help them prevent injury and for knowledge on how to evacuate.