Principles of Business Assignment

Added on - 21 Jul 2020

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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......................................................................................75.5 Relationship between sales and marketing...........................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONPrinciples are more basic than policy and objectives, and are meant to govern both.Fundamental norms, rules, or values that represent what is desirable and positive for a person,group, organization, or community, and help it in determining the rightfulness or wrongfulnessof its actions (Aronoff and Ward, 2016). It provides a framework to assist in more informeddecision-making by individuals in their role of producers or consumers. This project discussedabout various characteristics of business markets. Along with this, business innovation is alsomentioned in this assignment which helps in introducing fresh services 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 businessto make sandwiches for their flight meals. They would most likely test his products then oncethey were happy with the quality of his bread they’d agree a contract with the baker and bothcompanies would hopefully find the deal profitable. This is an example of how good interactionsbetween businesses can lead to great results for both parties (Bryman and Bell, 2015).1
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