Business Administration Strategies and Marketing Techniques

The provided assignment discusses the relationship between sales and marketing, the value of a brand to an organization, and the importance of market research. It highlights that market research is a continuous and systematic procedure with a wide scope, helping businesses understand customer needs and demands. The study also emphasizes the significance of branding in differentiating products or services from competitors and representing a company's value. Overall, the assignment provides valuable insights into business administration strategies and marketing techniques.

Business Administration 5
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
1.1 The characteristics of different business markets.................................................................3
1.2 The nature of interactions between businesses within market..............................................4
1.3 Explaining the way business goals might be shaped by market...........................................4
1.4 Legal obligation of business..................................................................................................4
2.1 Business Innovation..............................................................................................................4
2.2 Uses of model of business innovation...................................................................................5
2.3 Identifying sources of support and guidance of business innovation...................................5
2.4 The procedure of product and service development.............................................................5
2.5 The benefits, risk and implications related with innovation ................................................5
3.1 The significance of financial viability of an organization....................................................6
3.2 Consequences of poor financial management.......................................................................6
3.3 different financial terminology.............................................................................................6
4.1 Uses of budget.......................................................................................................................7
4.2 Explaining the way to manage budget..................................................................................7
5.1 Principles of marketing.........................................................................................................7
5.2 Sales procedure.....................................................................................................................8
5.3 Features and uses of market research....................................................................................8
5.4 The value of a brand to an organization................................................................................8
5.5 The relationship between sales and marketing......................................................................8
CONCLUSION ............................................................................................................................8
REFERENCES...........................................................................................................................10
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INTRODUCTION
Business administration can be defined as the procedure which involves management of
business operations as well as decision making. This process also includes management of people
and resources. Purpose of business administration is to ensure that all the activities are directed
towards achievement of common goals and objectives. An effective business administration is
very much crucial in order to drive firm towards success.
The purpose of report is to identify different characteristics of market. It also emphasizes
on analyzing the way business goals might be shaped by market in which an organization operates.
MAIN BODY
1.1 The characteristics of different business markets
Business markers includes all those business entities which purchases products or services
with the intension to utilise in manufacturing of other goods for offering to customers. For
instance, retailers and wholesalers are referred to be as business markets, as they are engaged in
selling of products and services.
In business market, organisations tend to buy more and there are more participants,
and the process also tends to be relatively professional. The main characteristics of business
market is that there are less number but large buyer.
B2B market: In such type of market one company sell goods or services to other
organization. For example, accountant deliver services to other organizations.
Consumer market: in this market, companies sell products or services directly to customers
in the market. Lot of daily transactions takes place on daily basis. For instance, cafes and super
markets.
Service market: In this type of market, organisations sells its services directly to customers
in the market. For instances, Hairdressers and IT maintenance.
Industrial market: In these markets the products or services offered by one industry to
other. For instance, oils
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Professional services market: In this market professional services are rendered to both
companies and individual customer.
1.2 The nature of interactions between businesses within market
The nature of interactions between companies within business market is largely based on
the parties involved. Interaction between B2b is generally protracted, as they have capacity to have
many more people participating in decisions. Communication between B2B market take place
through trade exhibitions, publications, conferences through internet.
1.3 Explaining the way business goals might be shaped by market
Companies set goals in order to become effective. Goals set assist business entities in
identifying the ways to achieve target. Market research is executed by enterprises, formation
collected through investigation helps manger in identifying the areas where changes are required
to be made. It also assists business entities in developing understanding about consumer needs. It
is important for companies to provide an effective response to changes in the market, as this will
assist an enterprise in gaining the leadership position in an industry (Arts and Economics, 2017).
1.4 Legal obligation of business
There are various legislation in the country which have direct as well as significant effect
in business. Manager in an organization needs to ensure that all the norms are followed by
employees. If in case manager does not have knowledge about laws then they can use internet or
can seek legal advice from the professionals, as this will assist in eliminating legal issues in
business. Legal obligation generally arises when companies fails to comply with laws formed by
government (Mugler, 2017). Some areas of companies which might have legal obligations
involves bankruptcy, dissolution of business, submission of annual account etc.
2.1 Business Innovation
Innovation can be defined as the implementation of new ideas for making something
different or unique. Business innovation can be referred to as developing new products or making
improvement in existing goods or services. Innovation procedure in business is mainly concerned
with new productions methods, products, markets and forms of organization. This procedure is
facilitated by companies in order to satisfy the needs and demands of customers in the market.
There are several drivers of innovation these are competitors, globalizations, technological
advancement etc.
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2.2 Uses of model of business innovation
Process model of innovation at the workplace. As per this hypothesis, it is very much
important to possess creative skills and analyses things from different perspectives. This model is
considered to be an effective model for structuring approaches these are challenges,
communication, compare and connect. In addition to this, business innovation model sets out an
important element which are very much crucial for successful innovation. An organization
requires lot of resources for promoting its products in the market and for implementing new ideas
(Kowalkowski and Ulaga, 2017).
2.3 Identifying sources of support and guidance of business innovation
There are various sources from where company can get an ideas and support for facilitating
innovation these are government, local people, employees, banks, private investors, sponsors etc.
2.4 The procedure of product and service development
Product development is considered to be as lengthy procedure which includes various
stages these are :
Generation of ideas: It is considered to be as initial stage where company explores opportunities
for developing new products or services.
Product evaluation: research is executed by an enterprise in order to make final decision related
to the development of product.
Initial feasibility testing:potential buyers are introduced to the product idea and initial buying
intentions determined
Analysis of business: This phase include determination of profitability that firm will able to
generate by launching product into the market.
Product development : this is final stage where the procedure of developing the product begins.
2.5 The benefits, risk and implications related with innovation
There is high risk involved in facilitating the innovation. Risk is associated with financial
losses. Another type of risk incumbent in not meeting standards of efficiency and effectiveness. In
addition to this, e costs of research and development may not provide return for years. Operational
risk is considered to be as biggest threat (Candle and Randle, 2017.). In addition to this failure
related to maintaining the quality standards can have negative effect on the reputation of an
organization.
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3.1 The significance of financial viability of an organisation
Financial viability is important for smooth functioning of business. In addition to
this financial resources are required for facilitating various business operations. It enables firm to
ensure the higher rate of return on investment. Financial viability can be defined as potential to
generate sufficient income to meet operating payments, debt commitments and, where applicable,
to allow growth while maintaining service levels. Financial viability supports an organization in
maintaining or improving business performance. It enables firm to achieve its operating objectives
and fulfill its mission over the long term. Financial viability is important to meet business
expenses.
3.2 Consequences of poor financial management
If any company does not have funds then in such situation there are high chances of
insolvency. Lack of availability of funds might have direct as well as significant effect on financial
performance of company. In addition to this, if in case an organization fails to repay its debts then
in such case there are high chances of liquidation and this factor also have negative impact on
brand image of company (Davis, Hansen and Husted, 2018). Any business that does not have
access to sufficient funds is trading is insolvent and trading illegally. Lack of availability of funds
can create barriers in smooth functioning of business.
3.3 different financial terminology
The financial terminology allows manager to have good understanding of business.
It is important for manager in an enterprise to have the knowledge about terminology in finance.
The different terminology are :
Financial management report: there are two types of management reports these are financial and
management accounting. Financial accounting consists of record of all transactions during
particular financial year. Management report is used by manager in an organization for making
important business decisions.
Profit and loss statement: it is basically a summary of business transactions over a period o9f
time.
Balance sheet:It is snapshot of business financial position. This record book provide the
information related to liabilities, assets and reserves
Cash flow statement: This statement consists list of outflows and inflows of cash during a
specific financial year.
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4.1 Uses of budget
By utilizing the budget, manager in an organization can measure actual financial
performance of business with standard. Budget can be utilized for controlling the costs or
expenditure. It can be used for making the future plans (Kayl, Zudina and Velikanov, 2017).
Budgeting can be utilities as a technique for encouraging communication between different
functional units within an enterprise. It can be used for communicating e financial plans
throughout the different parts of company.
4.2 Explaining the way to manage budget
An effective way of managing budget is to set realistic goals. It is important for manager in
an organization to identify the income earned and expenses made by the company during previous
financial years, as this will provide management an ease in managing budget. Monitoring is
important in order to ensure that financial resources are allocated in systematic manner (Wang,
Albornoz and Saedi, 2018). Use of budget control chart can be an effective strategy which can be
used by manager for managing budget.
5.1 Principles of marketing
A marketing can be defined as various activities in the transfer of goods from the producer
or seller to the consumer or buyer, including advertising, shipping, storing, and selling. The
different principles of marketing are :
Begin with customers: it is important for business entities to develop the understanding about the
needs and demands of target customer group. Marketing is important to deliver right product to
right customers. Organization should focus on identifying the way for delivering high level of
satisfaction to customers. As this strategy will assist an enterprise in achieving desired marketing
objectives.
Develop understanding about target market: It is considered to be as critical marketing principle. If
the company fails to target right audience or market, an organization might have to suffer loss. It is
very much important for manager in an organization to consider various factors such as level of
competition, behavior of customers etc. when making the promotional plan.
Building relationship with prospectus: It is considered to be as an important marketing principle
which assist an organization in accomplishing desired objectives (Ray, 2018). Marketing team in
an enterprise need to facilitate regular and an effective communication with their clients.
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5.2 Sales procedure
Sales can be defined as delivering goods or services in exchange of money. This specific
procedure includes seven stages these are :
Prospecting: This phase include identifying potential customers. It also involves determining if
specific targeted customer group requires such products or not.
Preparation : This step includes preparing for the initial contact with a potential customer. You
will need to collect and study relevant information.
Approach; At this phase, marketing team in an organization have direct interaction with
customers
Presentation: It involves actively listening to need of clients.
Handling of objections: this situation arise when there are any defects in the product.
Closure: It includes identifying closing signals from the prospect that indicate it's decision time.
There are different approaches to closing (Carter, 2017).
5.3 Features and uses of market research
Market research is considered to be as systematic process which includes collection as well as
analysis of information about the target customer group or market. The features of market
research is that it is continuous as well as systematic procedure. It has wide scope. Market research
is a technique which assist company in identifying the needs and demands of customers.
5.4 The value of a brand to an organisation
Brand has significant value as well as importance in business. It helps an organization in
differentiating its products ore services from that of competitors (Brockhoff, 2017.). Brand also
represent company's value. It assists business entities in getting recognition in the market.
5.5 The relationship between sales and marketing
Sales is considered to be as important part of marketing. The purpose of marketing is to influence
people to buy goods or services. Other objective of marketing is to support firm in increasing sale.
CONCLUSION
It has been concluded from that there is direct relationship between marketing and sales.
Study has also concluded that brand has great value as well as importance to business. It has also
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been concluded that market research is an effective technique which helps an enterprise ion
developing understanding about target audience.
There are various strategies have been suggested which can be used by manager in an
organisation for managing budget.
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REFERENCES
Books and journals:
Brockhoff, K., 2017. Wanted: Re-discovering the roots of Business Administration.
Wang, J.V., Albornoz, C.A., Hazan, E., Keller, M. and Saedi, N., 2018. Business administration
training for dermatology residents: Preparing for the business of medicine. Clinics in
Dermatology.
Kayl, I.I., Zudina, E.V., Epinina, V.S., Bakhracheva, Y.S. and Velikanov, V.V., 2017. Effective
HR Management as the Most Important Condition of Successful Business Administration.
In Integration and Clustering for Sustainable Economic Growth(pp. 23-30). Springer, Cham.
Kowalkowski, C. and Ulaga, W., 2017. Service strategy in action: A practical guide for growing
your B2B service and solution business. Service Strategy Press.
Arts, F. and Economics, G., 2017. Business Administration. Social Policy & Administration, 40,
p.46.
Mugler, J., 2017. The climate for entrepreneurship in European countries in transition. The
blackwell handbook of entrepreneurship, pp.150-175.
Candler, G.G. and Randle, J.P., 2017. Market failure as ignored determinant of the choice between
public and business administration. Cadernos EBAPE. BR, 15(4), pp.930-938.
Davis, M., Hansen, M.E. and Husted, T., 2018. The Impact of Political Influence on Appointees:
Evidence from the Small Business Administration Disaster Loan Program. Southern
Economic Journal, 84(3), pp.771-785.
Ray, J.M., 2018. Closed Loop Business Administration Process. U.S. Patent Application
15/289,168.
Carter, J.L., 2017. Geocentralization and Thainess: Analysis and instruction methodology design
of the business administration curriculum in Thailand. International Journal of Comparative
Education and Development, 19(4), pp.150-176.
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