Assignment on Business Organisation
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Added on 2020-06-04
Assignment on Business Organisation
Added on 2020-06-04
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PRINCIPLES OFBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Characteristics of different business markets .......................................................................11.2 Nature of interactions between businesses within market ...................................................11.3 How to shape an organization's goals...................................................................................21.4 Describe legal obligations of a business ..............................................................................2TASK 2............................................................................................................................................22.1 Define business innovation ..................................................................................................22.2 Model of business innovation ..............................................................................................32.3 Sources of guidance for business innovation .......................................................................32.4 Process of product development...........................................................................................32.5 Benefits and risks are associated with innovation ................................................................4TASK 3............................................................................................................................................43.1 Importance of financial viability ..........................................................................................43.2 Consequences of poor financial management ......................................................................53.3 Financial terminology ..........................................................................................................5TASK 4............................................................................................................................................54.1 Explain the uses of budget ...................................................................................................54.2 How to manage a budget ......................................................................................................6TASK 5............................................................................................................................................65.1 Principles of marketing ........................................................................................................65.2 Explain a sales process .........................................................................................................65.3 Features and uses of market research ...................................................................................65.4 Value of a brand to an organisation .....................................................................................75.5 Relationship between sales and marketing ..........................................................................7CONCLUSION ...............................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONPrinciple of business success is identifying the needs of the society and then directly orindirectly filling those needs. In other words - either you with services, skills or product filling aneed, or your broker, or somebody else who is producing the product and service to fill the need(Kukulin, Krasnopolsky and Horácek, 2013). If a business organization follows all principles andethics and then it would easily achieve its goals and objectives. TASK 11.1 Characteristics of different business markets All businesses market their products and services, albeit there will be differences in theway each business approaches their markets. Business-to-Business - The business-to-business market is one in which businesses sellto other businesses, rather than to consumers. For example, an accountant specialising inbusiness accounts will be operating in a B2B market. They might also operate in aconsumer market if they have a department that deals with individuals private tax affairs.Consumer Market A consumer market is one in which products and services are sold bybusinesses to consumers. This type of business market has the most transactions becauseof the massive numbers of consumers. Examples include supermarkets and cafés. Service Market - A service market is one in which a business sells its services directly toindividual consumers. Examples include IT maintenance and hairdressers. A consumermay purchase a product in conjunction with the service. 1.2 Nature of interactions between businesses within market B2B interaction is usually protracted because of a tendency to have many more peopleinvolved in the purchasing decisions than is the case in business to consumer markets.Consequently, there can be a greater emphasis on developing a long-term relationship based onmutual trust. This tends to result in high levels of brand loyalty and repeat sales (Krajewski,Ritzman and Malhotra, 2013). Account managers and sales representatives tend to look after the relationshipmanagement between business customers and will seek to keep customers informed ofimprovements to product or service range and offerings. After sales service will account for a lotof interaction as maintaining the satisfaction of the business client is fundamental to repeat andadditional sales.1
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