Assignment on Principles of Business Sample

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Added on 2020-07-22

Assignment on Principles of Business Sample

Added on 2020-07-22

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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 in a market.............................................11.3 How an organisation’s goals may be shaped by the market in which it operates.................21.4 Describe the legal obligations of a business.........................................................................2TASK 2............................................................................................................................................32.1 Define business innovation...................................................................................................32.2 Explain the uses of models of business innovation...............................................................32.3 Identify sources of support and guidance for business innovation.......................................32.4 Explain the process of product or service development........................................................42.5 Explain the benefits, risks and implications associated with innovation..............................4TASK 3............................................................................................................................................43.1 Explain the importance of financial viability for an organisation.........................................43.2 Explain the consequences of poor financial management....................................................43.3 Explain different financial terminology................................................................................5TASK 4............................................................................................................................................54.1 Explain the uses of a budget..................................................................................................54.2 Explain how to manage a budget..........................................................................................5TASK 5............................................................................................................................................65.1 Explain the principals of marketing......................................................................................65.2 Explain a Sales process.........................................................................................................6

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5.3 Explain the features and uses of market research.................................................................65.4 Explain the value of a brand to an organisation....................................................................65.5 Explain the relationship between sales and marketing.........................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

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INTRODUCTIONPrinciples of Business focuses on the theoretical and practical aspects of businessactivities. It provides a framework to assist in more informed decision-making by individuals intheir role of producers or consumers (Sekaran and Bougie, 2016). This report providesopportunity for people to develop entrepreneurial and managerial skills necessary to survive andprosper in a local, regional and global dynamic business environment. It also engages learners inconducting research which helps to improve their communication and critical thinking skills andcreates an awareness of business ethics and social responsibilities.TASK 11.1 Characteristics of different business marketsAll businesses market their products and services, albeit there will be differences in theway each business approaches their market(s). The main types of market include:Business-to-Business (B-2-B or B2B) Market: The business-to-business market is one inwhich businesses sell to other businesses, rather than to consumers.Consumer Market: A consumer market is one in which products and services are sold bybusinesses to consumers. Service Market: A service market is one in which a business sells its services directly toindividual consumers (Muller, 2013). Industrial Market: Industrial markets are ones in which industrial or production productsor commodities are sold to other industries.Professional Services Market: Professional services markets are ones in which aprofessional service such as legal advice, financial advice or consultancy is sold to bothbusiness and individual clients.1.2 Nature of interactions between businesses within in a marketB2B 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. Much of theinitial contact in B2B is done via trade publications, trade exhibitions and conferences as well as1

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