Business Administration Principles PDF

Added on - 22 Nov 2020

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BUSINESSADMINISTRATION
Table of ContentsINTRODUCTION...........................................................................................................................11.1 Characteristics of different business markets...................................................................11.2 Nature of interactions between businesses within a market.............................................21.3 Different ways by which organisational goals can be shaped by market.........................21.4 Legal Obligations of a business........................................................................................32.1 Business Innovation..........................................................................................................32.2 Use of models of business innovation..............................................................................32.3 Sources of support and guidance for business innovation................................................42.4 Process of product development.......................................................................................52.5 Benefits, risk and implications of innovation...................................................................53.1 Importance of financial viability for an organisation.......................................................63.2 Consequences of poor financial management..................................................................63.3 Different financial terminology........................................................................................64.1 Usage of a budget.............................................................................................................74.2 Different ways of managing a budget..............................................................................75.1 Principles of marketing.....................................................................................................75.2 Sales process.....................................................................................................................75.3 Features and use of market research.................................................................................85.4 Value of a brand to an organisation..................................................................................85.5 Relationship between sales and marketing.......................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness administration refers to management of a company which consider all aspects ofsupervising and observing operational activities. It also oversees the functions of differentdepartments of organisation like accounting, marketing and finance (Bargiela-Chiappini andNickerson, 2014). This report attempts to reveal main principles of business which includescharacteristics of different markets. For this purpose, Unicorn Grocery of UK is taken whichdeals in retail market as it deals infresh, processed food and drink products, general grocery andhousehold items at local market. Legal obligations of business, innovation, process of productdevelopment, importance of financial viability are explained in this assignment. Furthermore,way to manage budget, value of brand as well as relationship between sales and marketing etc.are also described.1.1 Characteristics of different business marketsIn today's technological world, due to innovation and invention in marketplace, it hasgiven various opportunities to entrepreneurs to launch their business. It has seen that the world ofbusiness is highly large place where many companies are run successfully. In order to gainprofitability in business, there are plenty of ways available to sell products or services. Itincludes online sales, social media advertising, direct marketing and more. These ways aredepended on type of market as explained below:-Business to Business Market:In this type of market, instead of consumers, companiessell products or services to other organisations. In this type of commercial transaction, abusiness sources materials for production process, resale products of other companies ordeliver to end consumers. Therefore, changeable demand is a type of characteristics ofsuch business markets is that there is limited number of buyers and nature of competitionin this industry is comparatively less intense.Consumer Market:Market which is dominated by goods or services and designed tomeet requirements of people known as consumer market (Toth and Vigo, 2014). It isprimary categorised as consumer products, retail, transportation, food and beverages.Thus, due to large number of customers, this kind of business has many transactions.Under this structure, characteristic of business market is that it covers a large areas andthere are higher number of buyers and competition in this market is intense as well.1
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