Principles of Business Contents Introduction
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Added on 2020-06-03
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Principles of Business Contents INTRODUCTION 1 1 UNDERSTAND BUSINESS MARKETS 1 1.1 Characteristics of different business markets 1 1.2 Nature of interaction between business and markets1 1.3 Organisational goals may be shaped by the market in which it operates 2 1.4 Describe legal obligations of business2 2 2014). UNDERSTAND BUSINESS INNOVATION AND GROWTH 2 2.1 Define business innovation 2 2.2 The use of models of business innovation 2 2.3 Source of support and guidance3 2.4 Explain the process of product or service development 3 2.5 Explain the benefits, risks
Principles of Business Contents Introduction
Added on 2020-06-03
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Principles of Business
ContentsINTRODUCTION...........................................................................................................................11 UNDERSTAND BUSINESS MARKETS...................................................................................11.1 Characteristics of different business markets........................................................................11.2 Nature of interaction between business and markets.............................................................11.3 Organisational goals may be shaped by the market in which it operates..............................21.4 Describe legal obligations of business...................................................................................22 UNDERSTAND BUSINESS INNOVATION AND GROWTH.................................................22.1 Define business innovation....................................................................................................22.2 The use of models of business innovation.............................................................................22.3 Source of support and guidance.............................................................................................32.4 Explain the process of product or service development.......................................................32.5 Explain the benefits, risks and implications associated with innovation...............................33 UNDERSTAND FINANCIAL MANAGEMENT.......................................................................33.1 Explain the importance of financial viability for an organisation.........................................33.2 The consequences of poor financial management.................................................................43.3 Different financial terminology.............................................................................................44 UNDERSTAND BUSINESS BUDGETING...............................................................................54.1 Explain the use of budget......................................................................................................54.2 How to manage budget..........................................................................................................55 UNDERSTANDING SALES AND MARKETING....................................................................55.1 Explain Principles of Marketing............................................................................................55.2 Explain Sales Process............................................................................................................55.3 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..........................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONThis report and the various activities within it, introduce you to the principles of business:key skills are explored that will enable to confidently tackle these elements of role or future roleas a line manager. The activities will require considering theories and ideas that align with eachtopic but, importantly, will be expected to make parallels with own experience in the workplace,which will help in ensuring that can lead and manage your team effectively.1 UNDERSTAND BUSINESS MARKETS1.1 Characteristics of different business marketsBusiness to BusinessThe B2B marketplace requires a greater emphasis on customer educationand proof of benefit than on desirability, status or other emotional salespitches.IndustrialThe industrial market consists largely of companies transacting businessin hard goods such as machinery, materials, chemicals, vehicles andoffice furniture and supplies (Flander, 2014).ProfessionalServicesSome commercial services, especially those involving informationtechnology systems, include the sale of hard goods such as computers andsoftware.GovernmentGovernment contracts must meet requirements that include at least partialownership of the company by a minority.: : : : 1.2 Nature of interaction between business and marketsAn example of the nature of interactions businesses can have between each other couldbe a baker decides he’s going to open up a factory that makes and sells bread, he then interactswith amulti million pound company such as Virgin Atlantic who’re looking for another businessto make sandwiches for their flight meals (Hyde, 2014). They would most likely test his products then once they were happy with the quality ofhis bread they’d agree a contract with the bakerand both companies would hopefully find the1
deal profitable. This is an example of how good interactions between businesses can lead to greatresults for both parties.1.3 Organisational goals may be shaped by the market in which it operatesOur radio goals are shaped by what our listeners want to hear, for example if we’replaying 80s music but our listeners tell us they want to hear songs from the 1990’s then we willhave to aspire to play more 90’s music to accommodate what they want. For me as a journalist iflisteners say they want to hear more about a local sports team then me and my team will have toaspire to offer better coverage of that team (Kiptoo and Mwirigi, 2014). Our focus has to be togive listener a reason to listen to us and not another station and we do that by shaping of goalsaround what they want.1.4 Describe legal obligations of businessWhen starting a business there are a number of legal obligations you must follow. Firstlythe Corporations Act 2001 has all the requirements a business owner must abide by in terms ofthe structure of his/her business, an example would submit your annual return. If you decide to employee staff you will also have to follow several other legalrequirements such as the Anti Discrimination Act 1991 to ensure your staff are treated fairly(Njeru, Stephen and Wambui, 2014). Health and Safety is also an element when having a workforce, it’s important to make sure they comply with the Work Health and Safely Act 2011.Finally, if you’re leasing a property it’s important to stick to the Retail Shop Leases Act 1994.2 UNDERSTAND BUSINESS INNOVATION AND GROWTH2.1 Define business innovationThe simplest way to describe innovation in business is a new creative idea that isdesigned to help improve your business. Whether that be to improve the working lives of yourstaff, improve your profits or improve your products it’s something that will have a positiveimpact on your company.2.2 The use of models of business innovationModels of business innovation can help you identify opportunities to grow your business,generate new creative ideas, find and successfully enter into new emerging markets and createnew systems and rules that will take your business forward (Smith, 2013).2
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