Applied Economics

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1 Summative Test – Quarter 4

What are the impacts of the virus (Covid -19) in business sector in your community?

I have observed that mainly the business sectors in the urban areas tend to fail this time due to
heightened restrictions in line with the government's program to stop the spread of the virus. On the
contrary, businesses here in provinces tend to be successful. Despite the uncertainty brought by the
pandemic, many Filipinos are constructing their businesses primarily to provide the everyday needs, but
others are very lucky to have a business that is patronized by so many masses. But, there is one thing
that the pandemic change, the platforms of business. During the pandemic, there is a great demand for
online shopping and delivery services since the people are afraid to go out and the quarantine protocols
are strict.
 Applied Economics
Performance Task 1

Analysis

Due to the pandemic, people are having a hard time surviving a day. The pandemic altered the
consumer's preferences in acquiring goods and availing services, inflicting business owners a hard time
selling their products. Here in the province, I have noticed that there are so many businesses opened
during the pandemic. In our community, people shifted their interest in online shopping, driving sellers
to sell online. Other than the online shopping industry, businesses like Wi-Fi hotspots, bakeshops, motor
repair shops, and food stalls are also in trend. Through these businesses, the lifestyle of the people in
the community has improved, giving them adequate time and budget to spend on their desires.

Activities

To fulfill my business plan, I need to save money from my monthly allowance since I have no
work. While accumulating money for my opening, I will start smooth advertising online to get the
customer's attention about the product. When I have enough money to spend as my capital for the
business, I will start my forage for the ingredients. I will consider the following factors in choosing the
ingredients; price, quality, and availability. Given some of the limitations, I will create only those who
order online and have been able to enter the given slots for that day. The order will be delivered
without any additional fees. The customers can also pay for the add-ons if they aspired. Weekly and
monthly promos are also available.

My best application tools and techniques to my business idea.

I will use a strategy map to create a clear strategic plan and achieve high-level business goals. A
strategy map is an excellent way to manifest the business goals and high-level information because it
makes the idea easy to abbreviate.