LO 1: Identify external expectations through a systematic reflection of the process of
decision making and adapt their own performance accordingly.
Skills and abilities which reinforce employability:
• Coping with ambiguity
• Demonstrating initiative
• Analyse a working brief
• Work collaboratively to solve a given problem
• Locate, extract and analyse data from multiple sources
• Analyse and draw reasoned conclusions and apply relevant theories/ terms to a given
problem
• Demonstrate communication skills: in collaboration with peers; liaising with the module
team; presenting quantitative and qualitative information verbally and written format
• Develop critical and analytical thinking and to recognise where the particular skills or ideas
learned previously may be relevant to solving a particular problem.
Sample Solution
Psychologists have since demonstrated effects of expectations on judgment, where information delivery, either implicitly or explicitly, before an experience or decision, can exert a significant impact on the behavior in question. This study extended these expectation effects to the domain of interactive economic decision-making. Prior to playing a commonly-used bargaining task, the Ultimatum Game, participants were primed to expect offers that would be either relatively fair (a roughly equal split of an endowed amount) or unfair (an unequal split, to the participant’s disadvantage). A third group played the Game without receiving any prior information about expected offers.
-environmental factor that has insightful impact on an organization’s performance, particularly in the future to determine opportunities and threats.
Political
Political factor is all about how and to what extend a government intervenes in the economy or a particular industry and how it affects business profitability (B2U – Business-to-you.com, 2019).
In this case, in order to stay competitive A2 Milk need to consider factors such as government policies and contract law. Government policies will affect the supply of milk. If government wants to decrease the supply of milk, farmers needs to decrease the extraction of milk. This will affect the profitability of the business. Another factor would be contract law. Contract law is enforced by the government to ensure that companies know what they should do and what they should not. For example, some countries will prohibit milk that are not natural or some criteria needs to be fulfilled. This will discourage business and affect their profitability. However, to increase the profitability of business, China-Australia Free Trade Agreement (ChAFTA) was introduced in December 2015, aim to support economic growth, job creation and higher living standards. So this creates an opportunity for the company to grow and prosper (Austrade.gov.au, 2019).
Economic
Economic factor are determinants of a certain economy’s performance. This factor will have impact on how profitable the company is due to its purchasing power on consumers and demand/supply in the economy as well as how company price their product and services (B2U – Business-to-you.com, 2019).
The Australia milk industry economic can be affect by some of the following factors such as growth rate, purchasing power of consumers and demand for milk. There are research that shows the demand for A2 Milk is gaining traction among consumers due to the health benefits (A2 Milk Market: Global Industry Trends, 2019). In addition, since consumers are adjusting their lifestyle, company such as Fonterra Co-operative Group Limited formed partnership with A2 Milk to further provide growth opportunities to benefit both players. The dem