Our team figured out a business proposal for a courier company using the economic theory we had learnt during class. In this report, I will talk about the function of economic theory, the skills we used and what should be improved. After that, two jobs I want to take up and some communication skills I learnt from this group work will be introduced.
Economic theory provided us with a clear guideline on how to develop a reasonable business plan. It cultivated our ability to think critically and helped us have a comprehensive view and develop this business plan in a logical way. Economic theory permits a quick and reasonably accurate assessment of the market and competition (Anderson et al., 2014). According to Market Structure Theory and positioning strategy, we firstly analyze the status quo in market and identify the huge demand for courier in the increasingly globalised world. According to the law of demand, the increase in price will result in the loss of some sales. So in our business plan we state that the company will start with a little loss to attract consumers, then making profit on running business because everyone who needs courier service will reminds our business. We also used location game to identify the position which is nearby chemist or supermarkets.
Through this assignment, I realize that communication and negotiation are of great importance for group work as members within a group would inevitably have different opinions on some questions. Listening is a delicate art when communicating with others (Cenere et al., 2015). It is important not to interrupt our teammates when they are stating their opinions. Showing good manner is also an important interpersonal skill. Even if others make should make some mistakes, we are supposed to point them out in a polite way. During this group work we gave full play to our strong points. I am good at collecting data and researching references. I browsed various websites and borrowed some books specializing in economics. Then I filtered information and selected some examples and theories to help developing our business plan. Apart from this, it is my strong point to identify the potential market, so I also provide some useful advises with respect to target market.