Business Management Assignment: Types of Markets
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Added on 2020-06-04
Business Management Assignment: Types of Markets
Added on 2020-06-04
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PRINCIPLE OF BUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11.1 Characteristics of different markets..................................................................................11.2 Nature of interactions between businesses.......................................................................11.3 Explain organisational goals may be shaped by the market.............................................21.4 Legal obligations of business...........................................................................................22.1 Business Innovation..........................................................................................................22.2 Uses of model of business innovation..............................................................................32.3 Sources of support and guidance for business innovation................................................32.4 Process of product development.......................................................................................32.5 Benefits, risks and implications associated with innovation............................................43.1 Importance of financial viability......................................................................................53.2 Consequences of poor financial management..................................................................53.3 Different financial terminology........................................................................................54.1 Uses of budget..................................................................................................................54.2 How to manage budget.....................................................................................................65.1 Principles of marketing ....................................................................................................65.2 Explain sales process........................................................................................................75.3 Features and uses of market research...............................................................................75.4 Explain value of brand .....................................................................................................75.5 Relationship between sales and marketing.......................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONPrinciples of business is much important concept in the organisation. The report dealswith various principles which are essential for business to carry out tasks in effective way.1.1 Characteristics of different marketsMonopoly marketUnique goodsMonopoly market producing unique goods, there does not have close substitutes in themarket place. Monopoly market is freedom to change the cost of the goods or services. Exampleof Windows company, they are using their own idea to form their own goods and service, whichis Microsoft. There do not have any other substitutes in this market (Burgstahler, 2015).Perfect competition marketHomogeneity of the Product:Each firm should produce and sell a homogeneous product so that no buyer has any preferencefor the product of any individual seller over others. If goods will be homogeneous then price willalso be uniform everywhere.Oligopoly marketInterdependence:The foremost characteristic of oligopoly is interdependence of the various firms in the decisionmaking.1.2 Nature of interactions between businessesThe interactions between businesses within a business market will depend upon a variety offactors, including:1. Buying decisions2. The buying process, and who participates in the buying process3. Influences upon buyers4. How businesses make their buying decisions1
1.3 Explain organisational goals may be shaped by the marketFeasibilityA goal that is too easy to reach can give you a premature sense of accomplishment, while a goalthat is too difficult to attain can cause an unnecessary drain on resources. The feasibility of a goalhas a significant effect on its benefit to your organization. Use historical data, current markettrends and an analysis of your company resources to develop realistic goals that will help yougrow your company without putting yourself out of business.Time FrameThe methods you will use to attain a specific business goal will depend on the time you giveyourself to complete it. A goal with a more extended time frame may be more costly but mayultimately yield greater returns than one with an immediate deadline. But a shorter duration canallow you to experiment with new business ideas while limiting their potential negative effects(Fafaliou and Donaldson, 2015).1.4 Legal obligations of businessLegal: Liability or duty to do something or refrain from doing something under the termsof a contract, such as theobligationof a borrower (the obligor) to pay back the lender (theobligee) under the terms of the loan agreement.Obligationsusually involve a penalty for self-fulfilment. Legal Requirements. Safety, Health and Welfare at Work Act 2005 (No. 10 of 2005)requires: Employers manage and conduct their work activities in such a manner as to ensure thesafety, health and welfare of employees. That a risk assessment is carried out by the employer orperson in control of the place of work.2.1 Business InnovationBusiness innovation is an organization's process for introducing new ideas, workflows,methodologies, services or products (Filippatos and Elisaf, 2016).Like IT innovation, which calls for using technology in new ways to create a more efficient andagile organization, business innovation should enable the achievement of goals across the entireorganization, with sights set on accomplishing core business aims and initiatives. Innovationoften begins with idea generation, wherein ideas are narrowed down during brainstorming2
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