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Principles of Business Assignment - M&S

   

Added on  2020-07-23

12 Pages3294 Words51 Views
PRINCIPLES OFBUSINESS
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Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Characteristics of various business markets..........................................................................11.2 Nature of interaction between business within a market......................................................11.3 Organisation's goals may be shaped by the market...............................................................21.4 Describe the legal obligation of a business...........................................................................2TASK 2............................................................................................................................................22.1 Meaning of business innovation............................................................................................22.2 Uses of models of business innovation.................................................................................32.3 Sources of support and guidance for business innovation....................................................32.4 Process of services or product development.........................................................................32.5 Risk, benefits and implications associate with innovation....................................................4TASK 3............................................................................................................................................43.1 Importance of financial viability for an enterprise................................................................43.2 Consequence of poor financial management........................................................................43.3 Different financial terminology ............................................................................................5TASK 4............................................................................................................................................54.1 Uses of budget.......................................................................................................................54.2 How to manage a budget.......................................................................................................6TASK 5............................................................................................................................................65.1 Principles of marketing.........................................................................................................65.2 Explanation of sale process...................................................................................................85.3 Uses and features of market research....................................................................................85.4 Value of a brand to an organisation......................................................................................95.5 Relationship between marketing and sales...........................................................................9CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11.......................................................................................................................................................12
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INTRODUCTION Human beings are continuously engaged in some activity or other in order to satisfy theirunlimited wants. Every day we come across the word 'business' or 'businessman' directly orindirectly. Business has become essential part of modern world (Anupindi and et. al., 2011).Principles of business defines as a Fundamental norms, rules, or values that represent what isdesirable and positive for a person, group, organization, or community, and help it indetermining the rightfulness or wrongfulness of its actions. Principles are more basic than policyand objectives, and are meant to govern both.This report is based on Mark and Spencer is a multinational retail company in worldwide.This project described about characteristics of business market and use of business innovationmodel. Uses of budget and principles of marketing also determined in this study. At lastrelationship between sales and marketing which is also shown in this assignment. TASK 11.1 Characteristics of various business marketsBusiness market: Business markets are defined as all organisations that procure productsor services that are consequently used in manufacturing other goods and facilitating service forother consumers. There are different kinds of characteristics which are described under this: Market structure and demand: Typically, there are few but relatively large types of businessbuyer deals that organisations often engage in that are related to the business market. It shouldalso be noted that these customers are much focused geographically. Nature of buying unit:This is the other characteristic that distinguishes the difference betweenconsumer markets and business markets (Belohlavek, 2012). Participants in the businesspurchase tend to buy more and there are more participants, and the process also tends to berelatively professional.1.2 Nature of interaction between business within a marketNature of interaction: The interactions between businesses within a business market willdepend upon a variety of factors, including:Buying decisions:The buying process, and who participates in the buying processInfluences upon buyers1
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How businesses make their buying decisions1.3 Organisation's goals may be shaped by the marketBusinesses do not operate alone and in isolation; they are affected by changes that happeninside the organisation itself (internal factors) and changes that happen outside the organisation(external factors) (Dlabay and et. al., 2011).Internal factors include:Management:Organisational culture:Products and processes:External factors may be:Political:Economic:Social:Technological:1.4 Describe the legal obligation of a businessThe most common business structures in the UK private sector include:Sole Trader: It is the simplest form of business structure and is relatively easy andinexpensive to set up. As a sole trader business will be legally responsible for all aspectsof the company. Partnership: It is an arrangement in which two or more individuals share the profits andliabilities of a business venture (Guitián, 2015). Various arrangements are possible: allpartners might share liabilities and profits equally, or some partners may have limitedliability.TASK 22.1 Meaning of business innovationBusiness innovation is an organization's process for introducing new ideas, workflows,methodologies, services or products. It is the creation of substantial new value for customers andthe company by creatively changing one or more dimensions of the business system. In otherwords, business innovation is the creation and adoption of something new that generates business2
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