(solved) Assignment on Business Administration
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Added on 2020-10-05
(solved) Assignment on Business Administration
Added on 2020-10-05
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BUSINESSADMINISTRATION 5
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. 1 Explain the characteristics of different business markets.....................................................11 . 2 Explain the nature of interactions between businesses within a market..............................11 . 3 How an organisation’s goals may be shaped by the market in which it operates................21 . 4 Describe the legal obligations of a business .......................................................................22 . 1 Define business innovation..................................................................................................22 . 2 Explain the uses of models of business innovation.............................................................32 . 3 Identify sources of support and guidance for business innovation......................................32 . 4 Process of product or service development.........................................................................32 . 5 Benefits, risks and implications associated with innovation...............................................43. 1 Explain the importance of financial viability for an organisation........................................43. 2 Explain the consequences of poor financial management....................................................43. 3 Explain different financial terminology................................................................................54.1 Explain the uses of a budget..................................................................................................54. 2 Explain how to manage a budget..........................................................................................65. 1 Explain the principles of marketing......................................................................................65. 2 Explain a sales process..........................................................................................................65. 3 Explain the features and uses of market research.................................................................75. 4 Explain the value of a brand to an organisational.................................................................75. 5 Explain the difference between sales and marketing............................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................1
INTRODUCTIONBusiness administration is a wide field that incorporates many types of managementpositions and provide help the corporation to manage its operations as a result targets can beaccomplish. It includes all aspects of overseeing & supervising business operations, as well asrelated field which involve finance, accounting and marketing. The main aim of this report is tounderstand the principles of business. In this report, there are following are covered such as:characteristic of different business within a market, legal obligations of a business, process ofproduct or service development, different financial terminology and sales process. Apart fromthis, it will also discuss about feature and uses of market research and relationship between sales& marketing. MAIN BODY1. 1 Explain the characteristics of different business marketsBusiness market is based upon the target customer segmentation and it depends upon theproducts has being sold. Characteristic of different business market are as follows: B2B ( Business to business) : B2B marketing states the marketing of goods & service toother organisations. The characteristic of this type of market is that product does not directly soldto the consumers and it being sold to the business houses. (Yilong and Shuqiang, 2012). Service market: This refers to both B2B & B2C services, which involves marketing ofservices like : financial services, telecommunication services, health care services, professionalservices. The service market is one in which a business sells its services directly to theconsumers. B2C (Business to consumer) : B2C refers to the transactions conducted directly amongan organisation & consumers who are the final users of products. The characteristic of this typeof business market is that products are directly sold to the consumers. 1 . 2 Explain the nature of interactions between businesses within a marketThe nature of business to business market and service market can be distinct and areoften dependent upon parties involved. In B2B market interactions are usually speedy at theoffset, the basic purpose of this market is to ensure a healthy relation with the corporations as aresult business can increase in the future. So in this market there is long term with interactionswith the clients.1
The service market is generally quick but differs amongst distinct clients. . In B2Binteraction one organisation can interact with other company and discuss about its products andask other corporation to sell goods of it. (Yang, 2015). 1 . 3 How an organisation’s goals may be shaped by the market in which it operatesTo establish the goals is important for an organisation and it should be match with theplans and policies so that specific targets can be accomplish. An organisation should make theplans and strategies and demand of market where it operates its business so that it can achieve itsgoals. If market is more oriented towards technology than corporation should focuses tointroduce innovative technology so that cost of productions can be minimize and quality can beimprove. As a result it can operates its business in the market and accomplish its goals. (Weske,2012).1.4 Describe the legal obligations of a business For an organisation it is necessary to fulfil the legal obligation of a business so that it caneffectively carry its operations. Corporation Act, 2001 : For a company it is essential to follow the legal obligation ofcorporation act so that it can follow all the requirements which are important and maintain itsstructure of business. Work Health and safety Act, 2011 : It is necessary foran organisation to follow thelegal recruitments of this act and protect the health of its employees and provide healthy and safeworking environment. Equality Act, 2010 : A company is legally obliged to follow this act and does notdiscriminate on the basis of gender, beliefs and age. 2 . 1 Define business innovationFor an organisation. it is essential to bring some innovative ideas so that it can lead themarket and maximize its profits. It is a process for introducing new thoughts, methodology,workflows, products and service (Innovation. 2018). For example, if a company is involved incar manufacturing business then it can bring innovation and use robots in manufacturing processwhich is helpful to maximize efficiency and minimize the defects as a result quality products canbe produced and productivity can be enhanced. It is helpful for the corporation to grab moremarket share and increase the revenue and beat the competition. (Storey, 2016).2
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