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BUS 1101 Principles of Business Management Assignment

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Principles of Business Management (BUS 1101)

   

Added on  2020-06-06

BUS 1101 Principles of Business Management Assignment

   

Principles of Business Management (BUS 1101)

   Added on 2020-06-06

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Principles ofBusiness
BUS 1101 Principles of Business Management Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1...........................................................................................................................................11.2...........................................................................................................................................11.3...........................................................................................................................................21.4...........................................................................................................................................2TASK 2............................................................................................................................................22.1...........................................................................................................................................22.2...........................................................................................................................................32.3...........................................................................................................................................32.4...........................................................................................................................................32.5...........................................................................................................................................4TASK 3............................................................................................................................................43.1...........................................................................................................................................43.2...........................................................................................................................................53.3...........................................................................................................................................5TASK 4............................................................................................................................................54.1...........................................................................................................................................54.2...........................................................................................................................................6TASK 5............................................................................................................................................65.1...........................................................................................................................................65.2...........................................................................................................................................65.3...........................................................................................................................................65.4...........................................................................................................................................75.5...........................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
BUS 1101 Principles of Business Management Assignment_2
INTRODUCTIONThis assignment and the various activities within it, introduce you to the principles ofbusiness: key skills are explored that will enable you to confidently tackle these elements of yourrole or future role as a line manager (Addo, 2014). The activities will require you to considertheories and ideas that align with each topic but, importantly, you will be expected to makeparallels with your own experience in the workplace, which will help in ensuring that you canlead and manage your team effectively.TASK 11.1All businesses market their products and services, albeit there will be differences in theway each business approaches their market(s). The differences will principally dependon what their product or service comprises and the type of buyer they wish to attract.The main types of market include:Business-to-Business (B-2-B or B2B) Market: The business-to-business market is one in whichbusinesses sell to other businesses, rather than to consumers. For example, an accountantspecialising in business accounts will be operating in a B2B market. They might also operatein a consumer market if they have a department that deals with private tax affairs.Consumer Market: A consumer market is one in which products and services are sold bybusinesses to consumers. This type of business market has the most transactions because of themassive numbers of consumers. Examples include supermarkets and cafés.Service Market: A service market is one in which a business sells its services directly toindividual consumers. Examples include IT maintenance and hairdressers (Backer, L2015). Aconsumer may purchase a product in conjunction with the service.1.2B2B 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 asthrough the Internet. Similar routes to market are used for advertising and developing brandawareness. Account managers and sales representatives tend to look after the relationship1
BUS 1101 Principles of Business Management Assignment_3

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