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HOLMES INSTITUTEFACULTY OF HIGHER EDUCATIONGroup Assessment Details and Submission GuidelinesTrimester T1 2020Unit Code HI5003Unit Title Economics for BusinessPurpose of the assessment (with ULO...

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HOLMES INSTITUTEFACULTY OF HIGHER EDUCATIONGroup Assessment Details and Submission GuidelinesTrimester T1 2020Unit Code HI5003Unit Title Economics for BusinessPurpose of the assessment (with ULO Mapping)(i) Students are required to work in groups of 4 members to choose an industry/Sector of their choice. While working in a specific group, students are required to apply their knowledge learned in the course unit to write an industry/sector report (Learning Outcomes 1, 2, 3, 5).(ii) Also, students may choose to work as individual. In this regard, contact the Unit Coordinator specifying that you are working on your Group Assignment as INDIVIDUAL and not group.(iii) Finally, students should form their respective groups in the BB as INDIVIDUAL or GROUP.See Assignment Specifications for detailed requirementsASSESSMENT TYPE/TitleWEIGHT LEARNING OUTCOMESWord LimitDue dateWritten Final submissionGroup/ Individual mark40% 1, 2, 3, XXXXXXXXXXSee Guidelines below Total 40% 1,2,3,4,5 See Guidelines below Specific presentation and final assignment submission guidelinesSubmission Guidelines(40 marks)All work must be submitted on Blackboard by the respective due date along with a completed Assignment Cover Page: Final industry research submission (i) Due date: Week-11, Mid night Monday June 8, 2020 (ii) Final submission research paper on you sector or industry should not exceed 2500 words (iii) The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2 cm margins on all four sides of the page with appropriate section headings and page numbers. (iv) Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. (v) Penalties apply for late submissions. (vi) Students in a group are required to participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following table which identifies which student/students are responsible for the various sections of the assignmentHI5003 Economics for Business2Assignment Section Student/Students Name XXXXXXXXXXReg. No. Signature XXXXXXXXXXThe table on the previous page (Page 1) needs to be completed and submitted with the assignment as it is a compulsory component required before any grading is undertaken.Assignment SpecificationsPurpose:This assignment aims to enhance students’ research and analytical ability through the application of their economics knowledge learned in the course unit to compose a company report.The recommended assignment structure for final submission is as follows:  Table of content  Executive Summary (Optional)  Introduction  Introduction to the company  Industry/sector background  The market structure of the industry/sector  Factors that influence demand for the company’s product(s)  Factors that influence supply of the company’s product(s)  Elasticity  Impacts of an event on the industry/company  Conclusion  List of References. Note*: The structure content is not limited to the items listed above. Creativity for a better report structure is a key requirement.Detailed requirements of the assignmentYou are a group of advisors to the Management Board in your company with Headquarters in Australia. As advisors you are first, required to conduct research on your selected sector/industry covering the previous 510 years. Second, you are required to present a company strategy to your Management Board covering the next 5 years. Third, your Management Board requires that you make a presentation of your findings and strategies, and you prepare a 2,500 word market report. The market report should, as a minimum, address the following key issues:1. A description of your company and the industry your company 2. An analysis of the market structure the industry 3. A discussion about the demand and supply conditions for your product(s) or service(s). 4. A discussion about the demand elasticity for your product(s) or service(s) 5. An analysis of a recent event that has (or is likely to have) substantial impacts on your industry/sector.Note: if your company has many products and/or services, you can select a representative product/service to discuss for points (2); (3); (4); and (5).This report should provide useful information for your company’s Management Board. It should use a variety of resources, including the textbook, newspapers, industry reports, the ABS website, and other sources.HI5003 Economics for Business3Furthermore, your report should include headings and sub-headings. It needs to be properly referenced using the Harvard style and at least 5 references.Australia sector/ industry selection distribution 1. Accommodation and Food Services 2. Agriculture sector: livestock and meat industry 3. Agriculture: fresh foods industry 4. Automotive industry 5. Aviation Industry 6. Banking and superannuation services 7. Building and construction 8. Construction services 9. Education University and tertiary institutions 10. Education: Early childhood and education care sector 11. Education: Schools education sector (Primary and secondary) 12. Education: Technical And Further Education (TAFE) sector 13. Energy Utilities Industry 14. Engineering and architectural services 15. Finance foreign exchange market 16. Financial services –Banking sector 17. Financial services -Insurance Service 18. Fishing 19. Forestry 20. Gasoline supply services 21. Health Care and Social Assistance 22. Healthcare services 23. Information: internet, radio and television communication 24. Information telephone communications 25. International trade 26. Labour industry 27. Leisure and hospitality 28. Manufacturing sector 29. Media and Entertainment 30. Metals and Mining Industry 31. Petroleum exploration 32. Postal and Warehousing Professional 33. Private-for-hire Vehicle Industry in Public Transit 34. Property market, Rental, Hiring and Real Estate Services 35. Public Transport-Train services 36. Recreation/ Hotel and restaurants 37. Retail and consumer goods business 38. Scientific, Technical Services and Architectural services 39. Services industry 40. Tourism 41. Utilities: Electricity and Gas services 42. Utilities: Water and Waste ServicesSTUDENT ASSESSMENT SUBMISSION AND LATE PENALTIESTo be eligible to pass this unit, you must complete all forms of assessment and demonstrate achievement of the learning outcomes. All assignments must be submitted electronically ONLY using a word processor, uploaded to Blackboard via the Final Check and Submission of SafeAssign. Submission deadlines are strictly enforced and a late submission incurs penalties of 5 (five) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the lecturer prior to the assessment deadline. Unless an extension and/or special consideration has been granted,HI5003 Economics for Business4no assessments are accepted after 14 calendar days of the due date, or the end of the trimester for assessments due later in a trimester. Students need to allow up to 24 hours for the Final Check of their assignment submission to SafeAssign to be available. Group Assessment Plan An effective way for students to learn economics is through participation in a Group Assessment Project. This project is designed to accomplish effective learning.During the course of the semester, each of the elements of your Group Assessment, will be reviewed by your Lecturer. The lecturer is encouraged to review each submission and suggest areas for improvement where appropriate, for more detailed study, or if acceptable to allow the students to proceed to the next phase in development. At the end of the semester, each group is to present their entire Group Assessment in class or via Video in class as will be determined by your Lecturer to the class.File Exchange tool:  All the academic papers that are used in the assignment need to be posted on BB by using File Exchange tool (Instruction in page 5, for further questions and advice, refer to your lecturer). Student needs to highlight the discussion in the academic paper which is relevant to the discussion in the assignment. Academic papers can be found in ProQuest (ProQuest instruction can be found in page 5 and 6. Please refer to the Librarian if you have further question). Assignment will be marked ZERO if does not include references list  Group needs to submit the Draft for their assignment by using File Exchange tool one week before the due date of final submission. The draft needs to be different from the last submission and reflect the changes.  If each member will do a part of the assignment, their work needs to be submitted by using File Exchange also.  Presentation slides will be posted by using File Exchange tool.
Answered Same Day May 27, 2021 HI5003

Solution

Akash answered on Jun 10 2021
135 Votes
HI5003
ECONOMICS FOR BUSINESS
Table of Contents
Executive Summary    3
Introduction    4
Introduction to the Company    4
Industry or Sector Background    4
Market Structure of the Industry or Sector    4
Factors that Influence Demand for the Company’s Products    5
Factors that Influence Supply of the Company’s Products    5
Elasticity    6
Impact of an Event on the Industry and the Company    6
Conclusion    7
References    8
Executive Summary
Every industry has a different structure and way of operating in the market. With the change in industry, the target market of the industry changes, which requires execution of different strategies in the market. Wesfarmers are always known for the best process implementation and cost reduction, which helps the company to provide the services and goods at very competitive prices in the market, making the company best in the retail market. Company believes in giving back to the community making it a responsible company and a major contributor for the CSR activities. Elasticity is considered one important metric that helps in predicting the Wesfarmers behaviour whether the change in price will have a negative or positive effect.
Introduction
The analysis of the industry needs to be done by considering various factors, which have a direct impact on supply and demand of the product in the industry and ultimately influencing the elasticity of the product. These industries will have an impact of different factors on the products of the industries. The demand and supply of products changes according to the industry. Analysis of the industry enables an organisation in identifying the competitors, their strategies and act accordingly. The analysis of the industry will be done on “Retail and Consumer goods business” and the company to be considered is “Wesfarmers”
Introduction to the Company
Wesfarmers is an Australian based company incorporated in 1914 as a corporation of Australian farmers and now is one of the largest companies listed in Australia (Vinayavekhin & Phaal, 2019). Wesfarmers is the largest conglomerate in the retail sector in Australia extending its reach to the different parts of the world headquartered in Western Australia. Being a conglomerate Wesfarmers is involved in retail of various products such as liquor, supermarket and office supplies. Wesfarmers has always been involved in acquisition and always focused on merchandise and services to become giant in the sector. The company has always focused on anticipating customer needs and delivering the best services and products to the consumer. The company maintains honesty and integrity in all the deals they provide to the community. Ethical sourcing, fair engagement with suppliers and sustainability makes the company more reliable in the retail sector (Wesfarmers, 2020).
Industry or Sector Background
The Australian retail industry has a great diversity with respect to region, competition, size of business and goods. As noted by Thaker (2019), there has been a growth in sales trends, as the spending of the consumer is more directed towards a range of retails sales. Retail industry in Australia has a great spread with respect to the products to the market comprising a vast range of products ranging from liquor, office retail products, grocery products and many other making it one of the largest sectors. The Australian retail industry is a big market, contributing almost 4.1% of GDP and 10.7 % employment. The retail industry is a very competitive market in Australia and making it one of the biggest sectors in Australia.
The retail sector in Australia depends on various factors like the spending pattern of consumer, technological advancement. Multiplicity and agility of delivery platform is the requirement of Australian retail sector. The competitive environment in Australia forces the company to perform best in the market and provide the goods and services better and at lower price to the consumer compared to the competitor in the market (Jackson & Pongpakamulnarm, 2019). Apart from this, the Australian retail market has proved to be one of the biggest markets for employment extending it to almost 10.7% of the total employment. Retail sector is also found to be one of the major contributors with respect to GDP, contributing Almost 4.1% to the national GDP (Wesfarmers, 2020).
Market Structure of the Industry or Secto
The market structure is divided into four major types that are Perfect competition, Monopoly, Oligopoly and monopolistic competition. According to Pulker et al. (2019), the market structure of the industry depends on the type of industry, working of the industry, ba
iers, competition in the industry and various other factors, which define the industry to be in the particular market structure. If we talk about the retail industry, it falls under perfect competition, where there are many sellers, many buyers, with lower entry cost and very less ba
ier to enter into the market. With the increase in competition, a large number of products have moved from oligopoly to perfect competition market. Thus, there are many giant companies such as Wesfarmers and Walmart, which fall under oligopoly market, which comprises of very few suppliers in the market. In this, the companies are interdependent on the firm.
Wesfarmers falls under the retail industry and deals with varieties of products of which, majorly all the products follow the oligopoly structure. There are some ba
iers for the company to enter into the market making it difficult for the companies. As supported by Biddle (2016), this results in less suppliers in this segment, but...
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