A Comparative Analysis of 2 Businesses of Similar Industry in Different Geographical Locations
Basically, this assignment will focus on comparative research by interviewing two businesses. In this assignment, we have to form a group of 5 members and select 2 businesses of the same industry in different geographical locations for comparison purpose. First, we had our discussion on which industry of business to choose for our research and then contact both shop owners to make appointment ahead of the interview. We came up with a conclusion to choose a more interesting industry which is wedding industry in the SS/2 area. Besides, we are required to prepare suitable questions for out interview. Moreover, we also required to compile those information in a report of 2000 words based on our chosen industry after the interview and research is done.
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This is the photo taken with the owner of Micasa Bridal Studio that we have interviewed.
This is the photo taken with the owner of Bridal Concept.
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The report of comparative analysis of 2 businesses of the same industry.
Upon completing this assignment, i have learnt to locate, extract, synthesize and utilize the information we have gathered effectively. For example, this report requires comparison of two business. Therefore, we have to utilize the information we have gathered from published materials and interview.
I have learnt how to communicate appropriately in various settings and modes. As we need to interview both bridal shops, we need to communicate with the shop owners in an appropriate way to ask for the permission of interview and make an appointment before hand.
As this is a group assignment, I have improved my interpersonal skills. I understand more about team dynamics and the importance of completing the work given in harmony. Communication and cooperation is very important in completing a group work.
Reflection
There are many important lessons
that I have learnt from Principle of Economics. This module is very new for me
as I have never taken this subject in my high school. I have learnt that
managing an economy is almost the same as managing a household where both
involve making decisions which involve the managing of scarce resources, also
known as limited resources. Economics is divided into two which are
Microeconomics and Macroeconomics.
My favorite topic from this module
is Price Theory. This topic is very easy for me to understand as it is very
simple and only involves logical thinking. The quantity of supply or demand is
affected by the price of product. For example, when the other factor is
involved, then the quantity of demand will be affected by shifting to the left
or right. I also learnt that how the price affects the decision of buyers as
well as the suppliers and sellers throughout the business.
The least topic that I like the
most is the theory of firm production and cost. This topic involves the law of
diminishing returns. It also involves the costs in short runs and long runs. I find
that this topic is very boring for me and also confusing. Therefore, for me,
this topic makes me feel reluctant and less interested to know more about the
principles involve in firm production and cost.
In a nutshell, before this I
thought I would not be able to cope with it and always thought that this subject
is a hard one. However, after taking this module in this foundation, I feel
that this subject is quite interesting. It has much in common in managing a
household and it only involves common sense and logical facts. I feel that
taken this subject can also help me in the future as this is a very general and
lifelong knowledge for us that we can carry with us through our life and apply
in our daily life. I am also grateful to have such an interesting lecturer
where he explained things in a funny and clear way for us to learn more easily
about this subject.
