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Assignment on Operate, Manage and Functions the Enterprise

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Added on  2019-12-04

Assignment on Operate, Manage and Functions the Enterprise

   Added on 2019-12-04

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Introduction to Business
Assignment on Operate, Manage and Functions the Enterprise_1
Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1Purpose of SWOT analysis in business..................................................................................1QUESTION 2...................................................................................................................................4Major functions of management.............................................................................................4QUESTION 3...................................................................................................................................6Components of marketing mix...............................................................................................6QUESTION 4...................................................................................................................................8Advantages and disadvantages of partnership........................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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Assignment on Operate, Manage and Functions the Enterprise_3
INTRODUCTIONIn modern world business act as essential component to smoothly work an economy . Itcan be carried out in the form of sole trader, partnership, company, corporation or organisation.The main objective of business is to generate profit for the firm and satisfy needs and wants ofthe clients. It functions in the economic system where commodities and services are exchangedfor one another or for monetary benefits. The present assignment introduces integration ofdifferent concepts which helps to operate, manage and functions the enterprises (Ford, Steen andVerreynne, 2014). Management is an essential principle for corporations to run the businesstowards the next level of growth and development.QUESTION 1Purpose of SWOT analysis in businessA significant tool to audit the overall strategic position of a business and its environmentis SWOT model. It is a procedure used by management team for assessing the internal andexternal forces that affects their organisation's performance and goodwill in the market. Here,strengths and weaknesses are considered as internal factor of the business while opportunitiesand threats as external components of the company (Davis and Hoffer, 2012). The frameworkreflects firm's ability to overcome barriers and capture opportunities to expand its horizon.SWOT helps to prepare the overall corporate planning process including financial andoperational goals for coming period and develop tactics for attaining these goals. SWOT analysis is best used as a guide to identify and evaluate strengths, weaknesses,opportunities and threats for the organisations. The validity of analysis increases by in depthadding and weighting criteria for each factor. The main purpose of this concept is to makeoptimum use of resources available to the company. Different factors of production includingland, labour, capital and entrepreneurship are required to allocate depending upon theirnecessities in the business. Strengths of the company determine the manner in which resourceswill be used to attain potential growth and profitability (Belu and Manescu, 2013). Themanagerial team make competitive analysis of the company to resist strongly in the market.Another objective of SWOT analysis is to improve efficiency of its several operations. Themanagement team evaluates corporation weaknesses in order to understand loopholes takingplace in the company. It identifies the most critical areas that need to be improved to attain1
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