Essentially of Running a Business Organization | Report
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Added on 2020-02-05
Essentially of Running a Business Organization | Report
Added on 2020-02-05
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INTRODUCTION TOBUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1..................................................................................................................................1QUESTION 2..................................................................................................................................3QUESTION 3..................................................................................................................................5QUESTION 4..................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONA business could be an enterprise, firm or an agency which is mainly involved in theprovision of goods and services to its consumers. It can be a privately owned company or apartnership firm, depending upon the nature of business activities. The present report defines theessentially of running a business organization. It requires handling numerous managerialactivities with different functions of management. Apart from that, a business also needs toconsider its various capabilities at every level to beat the arising threats and utilizing differentopportunities. For which, another terminology of SWOT analysis is also carried out in thisreport. It also embraces the varied elements of marketing mix which plays a profound role inemerging the sales of a company. Lastly, the report depicts the different type of firms with itsvarious benefits and limitations.QUESTION 1SWOT Analysis also called as SWOT matrix stands for Strength, Weakness, Opportunityand Threats. It is a marketing technique used to clearly understand the strength and weakness ofa project and significantly identifying the external opportunities and threats that a businessventure face. It helps to analyze all the factors and situations fairly easily with a view to createfewer mistakes and design proper work strategies. It can be carried out generally in context ofany person, place, product or an industry. This analysis plays a significant role in evaluating andanalyzing the external and internal factors which are favorable to achieve the goal of theorganization. SWOT analysis directs the organization to think in a unique and new mode ofconducting its business. The foremost reason of this analysis lies in the fact that it serves theorganization with a powerful business strategy considering all its internal forces (Strength andweakness) and external factors (opportunities and threats). This helps the organization to exist inthe long run competition in the current market place. The purpose of this analysis provides themanagers to take an appropriate decision which will bring success to the organization afterconsidering all the favorable aspects (Cravens and Piercy, 2008). With addition to it, thisanalysis helps the organization to have a clear understanding about a particular project includingits positive and negative aspects on the working of the company. This technique helps to serve anextreme insight of its business resources and accurate knowledge about the environmental factorsinfluencing the company. Moreover, it focuses on the internal strength which the company is1
perusing such as a higher responsive criteria to fulfill customer demands and generating costeffective products to attain economies of scale. This helps to create a positive aspect in thecompetitive market. Alternatively, it also emphasizes on the opportunities an organization isgetting to widen and enhance its productivity to beat its competitors. Along with it, this analysisalso helps to evaluate the negative aspects which the company is perusing like its weakness andthreats such as lack of trained and skilled staff and inadequate knowledge of updated knowledge.Each letter of SWOT has a significant approach, which is further mentioned below-1.S – The letter S stands for the strength which the company pursues and is one of theimportant internal factor. It reflects the resources and manpower which is readilyaccessible to the company. It generally includes strong and powerful leadership to attainthe set goals of the organization. Moreover, the company's market experience, itsgoodwill and reputation in the society creates a positive impact in the minds ofconsumers and thereby increases the overall market share of the organization (Andreasenand Kotler, 2003). All these factors along with a strong political support serves asstrength for the company and results in development and enhancement of theorganization.2.W – The letter W stands for weakness and is also an internal factor of the organization. Itbroadly reflects and analyses the challenges which a company is facing in currentscenario such as shortage of skilled and talented staff, complexity of projects, less costeffective products and the like factors. All these factors create a negative impact on theminds of consumers and thereby results in reducing the market share of the company.While considering this factor, the company is able to clearly identify its major weaknessand as a result takes steps to implement the strategies in order to overcome its weaknessand enhance its credibility.3.O – O here reflects the opportunities available to the organization to grow its businessand also serves as one of the significant external factor. It generally includes the forceswhich helps the company to boost up its public and brand image in the competitivemarket. The company also looks forward to avail and grab the opportunity to better itsperformance in the future and improves the social and economic aspects of the projects(Greenley, Hooley and Saunders, 2004). This factor thus helps the company to face the2
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