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Developing Successful Business Assignment

   

Added on  2019-10-18

4 Pages739 Words235 Views
ASSIGNMENT[Document subtitle]
Developing Successful Business Assignment_1
Answer 1: Exploitation of an opportunity is an important step in developing a successful business in the entrepreneurial procedure. The factors which will be considered are as follows (Christopher, M. 2016):Access to capital: the satisfactory capital will make sure that the effective and productiveready-made products are being delivered on time. This will help in increasing sales as thecustomer will buy without any shortage because of the delays in the shipment of goods and services like shortage of advertisement and the product’s insurance available thus refining the growth. Capital will further give rise to the flow of payment to the supplier and will allow the supplier to deliver products timely by ignoring bankruptcy. Skilled required: make sure that the personnel in the desired fields have effective skills and experience in the creation and innovation which leads to greater results in return. Thefinance manager must have the right experience to make sure that the suppliers are paid on time in order to avoid the delays in the shipment of products which further gives rise to the reduction in sales and minimum profit will be gained. Therefore, there will be retardation in the growth of the business.Relationship with customers: due to rigid competition in the market, there must be a close and positive relation with the customers. As the relation will be stick to the rules and regulations of the business in order to avoid the breach against them.Answer 2: The required level is analytical dashboard as the purpose includes the comparison, context and the history of the evaluator's subtle performance. It further encourages the interactionwith the data like drilling down to the fundamental details. Being an individual, I would like to the oversee the data which is necessary to synthesize the information which is critical that will allow to take a decision on the issue of delay of payments and further take desired measures on the finance manager about various reasons for the delay in the payment of the supplier. I will also make sure that the problems are identified and solved at the right cost and in the appropriate and desired time frame (Monczka et al., 2015).Answer 3: The cost of acquisition includes the cost of persuading the customers in order to purchase a product which further includes the cost of the product, cost of accessibility and marketing and the cost of research. Moving to a new supplier will incur more cost which will impact the profits and the business will grow at the slow rate and there will be a reduction in the great percentage. Further, the fewer sales will be accrued, and the acquisition will require more cost. Ultimately, there will be no inflow of the customers because of the new supplier who gives rise to the delays in the shipment. Answer 4: The three business areas which are likely to be impacted in terms of the confidence level of the supply chain are as follows (Fernie, J., & Sparks, L. 2014).:Supplier- the supplier will be impacted as he will not buy the raw materials for the company which requires processing and further his activities will be ended by reducing his income.
Developing Successful Business Assignment_2

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