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DBN501 Introduction to Business in New Zealand: Assessment 2 Answer

New Zealand Diploma in Business (Level 5)

Course Title: Introduction to Business in New Zealand

Course Code: DBN501

LEARNING OUTCOMES ASSESSED

Learning Outcome

LO2: Apply knowledge of finances/accounting, the New Zealan economy, HR planning and management, and stakeholder relationships to establish and sustain effectiveness of an entity.

LO3: Develop skills in self- management to achieve success in a business environment.

LO4: Develop skills in team leadership achieve success in a business environment.

General Instructions:

  1. “APA” 6th edition referencing and citation are compulsory.
  2. Plagiarism would be dealt with zero tolerance and you would fail the assessment.
  3. A soft copy of assignment must be submitted on Turnitin by the due date and a hard copy must be submitted to the lecturer on date advised by lecturer.
  4. Be advised that any similarity rate 15% or above will result in zero marks as stipulated above.
  5. Your work should be free of errors with respect to grammar, spellings and punctuation.

Assessment Instructions:

  • Go through the case study below before you write anything.
  • You are supposed to use your cognitive / intellectual skills to answer the following questions.
  • Use your knowledge and understanding of the subject.
  • Avoid writing definitions, basic or brief explanations with no relation to the case study.
  • Generic and brief explanations with no logical reasoning, evidence or appropriate examples will be penalised by deducting marks. 

Tens of thousands New Zealanders have eating difficulties, as a result of illnesses, dental issues or injuries, and have relied on texture modified food (TMF). Often, they have struggled to maintain a healthy diet.

Sam Bridgewater’s stepfather – who had cancer of the jaw – was one of those sufferers who struggled with the enjoyment, independence and dignity of eating. Sam reckoned there had to be a better way to bring pleasure back into eating and improve their quality of life.

For nearly two years, Sam and his business partners, older brother and Olympic rower George Bridgewater and Maia Royal, researched texture modified or soft food and developed their innovative product that looks and tastes great.

They talked to clinicians, dentists, District Health Boards, food scientists, chefs and consumers, and found a market niche for people with eating difficulties.

The three partners launched The Pure Food Co (PFC) onto the market in October 2014 and first concentrated on supplying nutritionally fortified meals in plastic pouches to people living at home, including elderly and children with eating difficulties. The company then moved on and began supplying aged care facilities.

Part of the company’s unique solution is that the meals are served as individual components (meat, vegetables) rather than one mash of pureed food – the look and taste are consistent with the colour and flavour of a normal meal.

Sam, a former corporate banker, says independently commissioned research showed tens of thousands of people in New Zealand are presently on a TMF diet.

The fresh beetroot is cooked with a touch of balsamic and the green beans are flash cooked with a  hint of lemon.

Sam and Maia first worked at their kitchen bench in Grey Lynn, and then operated out of Massey University’s production kitchen in Albany. “We got our friends and our grandparents to taste our food, and we took it to consumers at Mercy Hospice,” Sam says.

Organised through Auckland Tourism, Events and Economic Development’s Regional Business Partner Network programme, The Pure Food Co received a $5000 Callaghan Innovation Getting Started grant and then Callaghan contributed $12,800 towards a $32,000 R&D project.

The new business reached the stage of refining manufacturing processes and completing pre- production runs at the state-of-the-art Food Bowl processing plant, located near Auckland airport.

ATEED’s Local Economy Growth Manager, Paul Robinson – who provided insights into the healthcare food services market - says The Pure Food Co has developed a unique range of textured modified meals. The company’s production now incorporates a full 28-day menu cycle and it is in solid growth mode.

He says the founders have financial backgrounds and have taken a very regimented and disciplined approach to determine if there is an opportunity in this area. They have developed a very compelling investment proposition.

The Pure Food Co is now completing two-day production runs at The Food Bowl every three  weeks and is supplying its nutritious meals to aged care facilities and homes throughout the country.

The meals are supplied chilled and have a six-week shelf life. Customers can choose their own meals or be sent a chef-selected set menu that provides a balanced and varied diet.

The menus will be refreshed every six months in line with seasonal ingredients, and each meal costs

Learning outcome 2

Q1. Based on the case, propose the best Internal or External equity finance options to Sam Bridgewater in terms of sustainability of his business. Justify your answer with an appropriate and relevant example.

Learning outcome 2

(1 option with example x 5 marks each = 5 marks)

Q 2. Using your cognitive / intellectual skills, assess the New Zealand economy and recommend FOUR (4) appropriate sources of short-term borrowing to the CEO of The PFC. Provide reasons for the sources selected. Justify your answer with example for each source.

Approximately 200 words.

Learning outcome 2

Q.3. Evaluate the current state of New Zealand’s economy and analyse the significant negative and/or positive impact of any THREE (3) external environmental factors on the PFC. Provide relevant examples to justify your answers. (18 marks).

Approximately 400 – 450 words.

Learning outcome 2 

Q 4. By using your own conceptual knowledge, explain any THREE (3) objectives of the Human Resource planning and management process in sustaining the effectiveness of a business. 

Approximately 300 – 350 words.

Learning outcome 2 

Q 5. Identify THREE (3) stakeholders for The PFC and explain their importance in supporting the effectiveness of the business. Provide relevant examples to justify your answer. 

Approximately 300 – 350 words.

Learning outcome 3

Q 6. Suggest at least FOUR (4) self-management skills to the CEO, Sam Bridgewater to develop in order to manage an effective working environment to achieve success in business environment. Support your answer with appropriate justification and logical reasoning. 

Approximately 500 - 550 words.'

Learning Outcome 4 

Q.7. Suggest at least FIVE (5) team leadership skills to the CEO, Sam Bridgewater to develop in order to manage an effective working environment to achieve success in business environment. Support your answer with appropriate justification and logical reasoning. 

Approximately 550- 600 words.


Answer

Introduction to Business in New Zealand

Assessment 2: Individual Assignment

Q2. Assessing the New Zealand economy and recommending four short term borrowing sources to the CEO of the PFC.

The country has a market-based economy. The GDP of New Zealand has been about 230.6 billion NZD in the year 2016 and the revenue of the Government in the same year was about 91 billion NZD (Marketresearchreports.com, 2019). Thus, it could be beneficial for PFC to remain sustainable in the market.

Some of the sources of short term borrowing for the PFC would be:

Trade credit

Trade credit is a considerable tool for funding. It is a loan which is, and it is applicable for 30 to 45 days. If the payment gets delayed to the last days of the payment, it will delay the flow of cash out, and the payment of the supply is high. The owner of the business gets 60 days to negotiate the amount (Bauer & Esqueda, 2017). Trade credit is also short term finance which is available to business.

Account receivable financing

It falls under the asset type financing. Three primary types of account receivable financing are there. One is asset-based lending, traditional factoring and selective receivable finances. When a company receives some outstanding finances then it applies the account receivable finance. 

Overdraft facility 

An overdraft facility is one type of credit agreement which any bank uses to withdraw more money from the actual money which that account holds (Ashton & Gregoriou, 2017). The charge of interest varies based on the asset.

Floor plan financing

Floor plan financing is a method of finance which is collateral. When the price of the collateral is getting sold the advanced loan of collateral is getting paid (Kahl, Shivdasani & Wang, 2015). This is essential for the lending task.

Q3. The current economic state of New Zealand and the significance of positive and negative impacts of three external environmental factors on the PFC

Economic impact:

New Zealand is one of the largest economies of all time the economy of New Zealand depends on international export and import. The Economic impact on the New Zealand economy is immense. As an example, the GDP of New Zealand was NZD 230.628 billion in the year 2016and is expected to grow by 2.6% in 2020. New Zealand is ranked as the world's 3rd largest economy in the world (Marketresearchreports.com, 2019). The GDP of New Zealand is growing higher respect to the last year, and it helps the country's food company to grow rapidly. The per capita income of this country is equally distributed to this country, and in many ways, it will help the company to grow its infrastructure and establish its business all over the country.

Political Impact:

The current new policies are going to be more conscious when it comes to buying foods. The political impact on New Zealand’s economy affects the country’s food industry. The political situation in New Zealand is stable, and the country has an excellent opportunity for success in the near future (Kelsey, 2015). In every three years, the political situation keeps changing, and it helps to spread their business in the country. The new investors and new entrepreneurs do not face as many barriers as other countries’ investors face. The companies have been given trade freedom by the country. In this country, the political norms are changing in every three years, and the election is conducted in every three years (Kelsey, 2015). The good health of the public influences other public to go to a good healthy restaurant rather than the junk food stations. The funding of these junk food stations is going to be less and it will violate the political laws. Hence, for PFC to launch healthier food items for patients having an eating disorder, will be entertained by the NZ Government. 

Social impact:

Many vegetarian and vegan consumers are taking their health in a serious way, and they tend only to buy such products which keep their health good and their body fit. The new generation of New Zealand is consulting with their doctors about their eating disorder and which is the main reason for diseases such as cancer, Parkinson etc. In a documentary, many young people are reported to be suffering from anorexia, bulimia diseases (Nzherald.co.nz, 2019). Some people in the documentary said that they did not even realise the sign of these diseases.This resulted in a change in the trend of fast food in the country. As a result, the junk food station will only implement its own identity to be there in the market. As a fact, almost 51% of the population is trying hard to be fit and healthy (Dobson, 2015). Thus, this could be an opportunity for PFC to exploit on.

Q4. Three objectives of the HR planning and management process that could help in sustaining the effectiveness of a business 

Forecast the demand for staff

Human resource is trying to plan the forecast of how many quantities of staffs are needed and what will be the quality of the staffs. The forecast is based upon the annual budget and long term plan. On the basis of converting the annual budget of the company into a production plan, it is decided that for how many hours the skilled labours will work, and it determines the quality and quantity of the staffs (DeCenzo, Robbins & Verhulst, 2016). The forecasting is comprised of two factors. One is internal, and another one is external. HR should plan for quantifying the skilled staffs and decide on how many hours they are going to work.  

Identification of the supply of labours

Another objective of HR is to identify the supply of labour. Identifying labours is totally dependent on the labour market. The participants who are participating in the labour market are workers of firms. The supply labour of workers is changing depending on the wages. It is derived from the output of the firm. If the HR understands the demand and supply of the firm accordingly, they can supply and demand labours (DeCenzo, Robbins & Verhulst, 2016). The selection of the employee has to be done in a perfect way. The whole selection process of a food station has to be based on the competitive and cognitive skill of the employees and recruiters has to keep their eyes on the patience level of the employee.

Bringing teamwork and cooperation of the right staff 

The HR is also required to bring staffs for teamwork and the competition of the workforce. It depends on the requirement of the staffs and the quality of the workers. Bringing staffs in the team decides how efficiently the HR planning for the future and how it yields a profit to the organisation (DeCenzo, Robbins & Verhulst, 2016). Cooperation of the right staffs is also needed to sustain the effectiveness of the business. In the process, human resource management always wants fresh talents, and they should be well versed with the technology because now a day technology has played a pivotal role in the market.

Q6. FOURself-management skills that Sam Bridgewater needs to develop for managing an effective working environment 

A CEO of any organisation is the leader of the same who leads the employees into the making of an effective workforce of the organisation and runs the business smoothly (Allio, 2016). For the PFC to be flourishing in the NZ market, Sam Bridgewater also needs to possess some self-management skills for meeting with the business objectives. 

Time management

Time management skill is one of the most important self-management skills. If the CEO is assigned with a job and he is not punctual enough, then it will cost a negative impact on that company (Bragaw & Misangyi, 2017). Also in the food sector, if a manager needs to summarise what kind of food will be manufactured in a stipulated time for that even he cannot kill time, and he requires to be managing his schedule well.

Communication skill

Communication skill is a basic fundamental skill to manage an effective working environment to achieve success in a business environment. The CEO needs to adopt this quality to communicate with his staffs and workers. He needs to communicate with his workers about his expectation of how he wants to get a job done (Lussier & Achua, 2015). The CEO needs to listen to the workers’ queries and then he needs to give his feedback about that matter.

Planning skill

Planning skill is also a primary self-management skill. The CEO needs to plan before jumping into action. For that, he needs to form a platform and on the basis of the platform, he can plan his ideas. He needs to make a list for planning and for that he needs to employ some other staffs who can be productive for the task (Han, Lai & Ho, 2015). The business performance and completion of the projects are completed within their specific constraints if there exists a proper plan for completing the same. The CEO of the business needs to be analytically skilled to decipher the pros and cons of any task. For that, he has to hone his planning skills. This would help in enhancing the business performance of PFC in the process. 

Decision-making skill 

Decision making skill is another parameter which helps the CEO to achieve success in business. To have this quality, he needs to have the courage to take a firm decision and stick to it. It requires no attached emotion and conflict. To make a firm decision, the CEO has to be fair with his thoughts and his decisions (Dahlström, Desmet& Singer, 2017). This will help him in achieving success in business. Those who are freckle-minded cannot possess this skill because they tend to change their mind very often and they cannot stick to one thing. Thus, in order to run the business and manage the workforce efficiently, the CEO needs to have a good decision making skill which is a trademark of being a great leader.  

Thus, in order to gain success, the CEO person needs to have at least these four self-management qualities in him.

Q7. FIVE (5) team leadership skills that Sam Bridgewater needs to develop for managing an effective working environment 

For effective management of the working environment, the CEO needs to possess some leadership qualities in him. Four of the leadership qualities are mentioned below as:

Strong organisational skill 

In order to manage an effective working environment, The CEO of the company has to have a strong organisational skill. He has to create and keep deadlines in a proper way. He must possess the quality of delegation. He has to make both types of goals short term and long term goals (Lu, Hsu & Lee, 2016). After completing the short term goals, he has to have the courage the long term goal also. The CEO of the company must possess the quality of managing appointments. The whole point of this quality is to manage the time and energy in the right way.  

Risk-taking skills 

Risk-taking skill is also needed to develop for managing a productive working environment. The CEO of the company has to make sure before doing any work that he is almost 70% is certain about his work. He has to postpone the entire nothing moments. He has to gather many experiments with which he can get to the goal, and he has to be courageous enough to apply those experiments. In the path of success, he has to make sure that learning is always essential for success and he has to cope with it. He needs to make sure that he never quits. 

Effective communication skill

Communication skill is a basic fundamental skill to manage an effective working environment to achieve success in a business environment. The CEO needs to adopt this quality to communicate with his staffs and workers. He needs to communicate with his workers about his expectation of how he wants to get a job done (Lussier & Achua, 2015). The CEO needs to listen to the workers’ queries and then he needs to give his feedback about that matter.

Problem-solving skills 

In problem-solving skills, The CEO has to be a good listener. The CEO has to be creative enough to apply some good qualities idea, and through these ideas, he has to solve many problems regarding the task. He has to depend on the staffs for his work, and he has to make sure that the trust never gets broken. His team building quality has to be improved so that it can achieve the goals in the stipulated time.  

Respectfulness

The CEO of the company has to be respectful for any situation, and he has to value the falseness as well. He needs to value the feedbacks of other workers because at the end of the day the feedbacks of his staffs also very beneficial for the success of the job. The CEO needs to hold the accountability of its workers. He needs to ensure that what the workers need from their job and accordingly he needs to work upon it. Each company requires different kinds of accountability but if the CEO works in the same way, then he cannot cope up with the new technology. The responsibility of the CEO has to be the primary object to him, and he should never spoil his relationship with his workers. Maintaining a healthier relationship among the workers would enable Sam to infuse a greater job satisfaction level in them. This responsible nature of the CEO would help him in infusing a sense of security among the workers, and the CEO could be in a stronger position to lead his team to meet with the business objectives.

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