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Assignment on Principles Of Business - Doc

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Added on  2020-06-04

Assignment on Principles Of Business - Doc

   Added on 2020-06-04

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Principles Of Business
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TABLE OF 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.......................................................................................22.4 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...............................................................................44.1 Explain the use of budget.................................................................................................44.2 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:...............................................................................................................................6REFERENCES:...............................................................................................................................8
Assignment on Principles Of Business - Doc_2
INTRODUCTION:A business is started with aim of earning profits for long term. There are various forms ofbusiness such as industrial, service, etc. business contains various principles that have to beconsidered before implementing business plan. A business is highly affected with marketconditions. Innovation in business is necessary as it provides opportunities for growth.Moreover, a proper budget is required to run a business. It must easily fulfil all the requirements.This will be helpful in earning stable profits and sustaining for long term. 1 UNDERSTAND BUSINESS MARKETS1.1 Characteristics of different business marketsBusiness to Business: The B2B marketplace requires a greater emphasis on customereducation and proof of benefit than on desirability, status or other emotional salespitches.Industrial: The industrial market consists largely of companies transacting business inhard goods such as machinery, materials, chemicals, vehicles and office furniture andsupplies (Folsom, and et..al, 2017). Professional Services: Some commercial services, especially those involving informationtechnology systems, include the sale of hard goods such as computers and software.Government: government 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 (Wood, and et..al. 2015). They would most likely testhis products then once they were happy with the quality of his bread they’d agree a contract withthe bakerand both companies would hopefully find the deal profitable. This is an example ofhow good interactions between businesses can lead to great results for both parties.1
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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 (Robson, and et..al., 2015). 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 submitting your annual return. If you decideto employee staff you will also have to follow several other legal requirements such as the AntiDiscrimination Act 1991 to ensure your staff are treated fairly (Rosemann and vom Brocke,2015). Health and Safety is also an element when having a work force, it’s important to makesure they comply with the Work Health and Safely Act 2011. Finally if you’re leasing a propertyit’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 (.Lemke, 2017).2.3 Source of support and guidanceThe government are constantly focused on improving business in the UK and offer helpto those businesses who’re in need. Here you can get support to get improve and grow your2
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