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Principles of Business Research

   

Added on  2020-07-22

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PRINCIPLES OF BUSINESS British Broadcasting CorporationTable of ContentsINTRODUCTION.........................................................................................................................................2TASK 1..........................................................................................................................................................21.1 Characteristics of different business market.......................................................................................21.2 Nature of interaction between businesses within a market................................................................21.3 Shaping of organisational goals by the market in which it operates..................................................31.4 Legal obligations of a business...........................................................................................................3TASK 2..........................................................................................................................................................32.1 Definition of 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 or service development.........................................................................................42.5 Benefits, risks and implications associated with innovation..............................................................5TASK 3..........................................................................................................................................................53.1 Importance of financial viability for an organisation.........................................................................53.2 Consequences of poor financial management.....................................................................................53.3 Different financial terminology..........................................................................................................6TASK 4..........................................................................................................................................................64.1 Uses of a Budget.................................................................................................................................64.2 Management of a Budget....................................................................................................................6TASK 5..........................................................................................................................................................75.1 Principles of marketing.......................................................................................................................75.2 Sales process.......................................................................................................................................75.3 Features and uses of market research..................................................................................................75.4 Value of a brand..................................................................................................................................85.5 Relationship between sales and Marketing.........................................................................................8CONCLUSION..............................................................................................................................................8REFERENCES..............................................................................................................................................8
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INTRODUCTIONBusiness is not a word it has many complications associated with it. There are many factors whichaffects business operations. Business plan is the policies framed by top level management which helpcompany to preplan what is the target of company and how it can be achieved. There are some principleswhich helps to lead down code of conduct (Addo, 2014). There is important participation of to levelmanagement in this principles. This report is based on British Broadcasting Corporation (BBC) which isa public sector company. In this report understanding of business market, business innovation andgrowth, financial management and business budgeting as well are discussed.TASK 11.1 Characteristics of different business marketBusiness marketsare defined as all organisations that procure productsor services that areconsequently used in BBC for satisfaction of consumers. They’re many different types of customer youcan sell your products too but the main business markets can be broken down into these 5 categories:Business to business marketIndustrial marketprofessional services and Financial servicesGovernmentHigh StreetIn addition to targeting specific types of consumers or segments of a particular marketplace,businesses can tailor their products and services to different types of macro marketplaces. It is veryimportant for every company to apply some principles into them so that they can behave in an ethicalmanner inside an organisation (Backer, 2015). 1.2 Nature of interaction between businesses within a marketBusinesses interact with each other in a variety of ways. Supply chain management (SCM) is thecontrol of the supply chain as a process from supplier to manufacturer to wholesaler to retailer toconsumer. There are essentially three goals of SCM: to reduce inventory, to increase the speed oftransactions with real-time data exchange, and to increase revenue by satisfying customer demands moreefficiently. This market is typically very fast paced as candidates and candidate driven, and so it isimportant to keep them informed throughout the process and keep up with them as much as possible.
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1.3 Shaping of organisational goals by the market in which it operatesThe goals of a BBC are shaped by the business markets they are involved in. For example, my company, which isin the B2B and service markets- quick markets, has meetings at the beginning of the week to set targets for each of our teamand to discuss how we are going to move forward with clients and candidates in mind.Competition - Prompts invention as companies try to beat each other by creating new products andservices to attract customers and increase sales (Deva, 2012).Price: If there are several retailers, each retailer will lower the price in an attempt to win customers. It isillegal for retailers to agree between themselves to fix a price. They must compete for business.Product range: In order to attract and satisfy customers, companies need to produce products that aresuperior to their competitors.Customer service: Retailers that provide customers with a helpful and friendly service will win theirloyalty.1.4 Legal obligations of a businessMany of the legal obligations your business must meet can actually be beneficial for BBC. Forexample, accurate record-keeping is a requirement under taxation laws - and it also helps you to minimiselosses and manage your cash flow.The Australian Business Licence and Information Service (ABLIS)can help take the guess workout the licences, permits and registrations needed to run your business. You can search the ABLIS to findgovernment licences, permits, approvals, registrations, codes of practice, standards and guidelines youneed to know about to meet your compliance responsibilities.TASK 22.1 Definition of business innovationBusiness innovation is an organization's process for introducing new ideas, workflows,methodologies, services or products. Being innovative does not only mean inventing. Innovation canmean changing your business model and adapting to changes in your environment to deliverbetterproducts or services. Successful innovation should be an in-built part of your business strategy, whereyou create a culture of innovationand lead the way in innovative thinking and creative problem solving(Gong and Janssen, 2012).2.2 Use of models of business InnovationBusiness model innovation is the development of new, unique concepts supporting an organization's financial viability, including its mission, and the processes for bringing those concepts to fruition. The primary goal of business model innovation is to realize new revenue sources by improving product value and how products are delivered to customers.
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