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Principles of Business - Assignment

   

Added on  2020-09-17

12 Pages3597 Words163 Views
PRINCIPLES OF BUSINESS

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Characteristics of different business markets........................................................................11.2 Nature of interactions between business within a market.....................................................11.3 How an organization's goals may be shaped by the market in which is operates.................21.4 The legal obligations of a business.......................................................................................2TASK 2............................................................................................................................................22.1 Business innovation..............................................................................................................22.2 Uses of models of business innovation.................................................................................32.3 Sources of support and guidance for business innovation....................................................32.4 Process of product of service development...........................................................................32.5 The benefits, risks and implications associated with innovation..........................................4TASK 3............................................................................................................................................43.1 Importance of financial viability for an organization...........................................................43.2 Consequences of poor financial management.......................................................................53.3 Different financial terminology.............................................................................................5TASK 4............................................................................................................................................54.1 Uses of a budget....................................................................................................................54.2 How to manage a budget.......................................................................................................6TASK 5............................................................................................................................................65.1 Principle of marketing...........................................................................................................65.2 Sales process.........................................................................................................................75.3 Features and uses of market research....................................................................................75.4 Value of a brand to an organization......................................................................................85.5 Relationship between sales and marketing...........................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONPrinciple of business success is identifying the needs of the society and then directly orindirectly filling those needs. In other words - either you with your services, your skills or yourproduct filling a need, or your broker, or somebody else who is producing the product andservice to fill the need. It provides a framework to assist in more informed decision-making byindividuals in their role of producers or consumers (Boons and Lüdeke-Freund, 2013). Thissyllabus provides opportunity for students to develop entrepreneurial and managerial skillsnecessary to survive and prosper in a local, regional and global dynamic business environment.Present report based on Marks and Spencer, which is largest retail company in UK. They selltheir quality products and services to its customers in order to attain their higher satisfactionlevel. This project discussed about various characteristics of business markets. Along with this,business innovation is also mentioned in this assignment which helps in introducing freshservices to their customers.TASK 11.1 Characteristics of different business marketsSuccessful marketing strategies depend on a clear understanding of marketcharacteristics. Before budgeting marketing dollars, management needs to know the size of themarket, the competitive environment, the customer profile, the distribution system and the keysuccess factors. Business markets are defined as all organisations that procure products orservices that are consequently used in manufacturing other goods and facilitating service forother consumers.business to business marketIndustrial marketprofessional services and Financial servicesGovernmentHigh Street1.2 Nature of interactions between business within a marketAn 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 a multi million pound company such as Virgin Atlantic who’re looking for another business1

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