Financial Management and Budgeting : Report

Added on - 22 Jul 2020

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Principles of business
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................11.1 characteristics of different business markets....................................................................11.2 Explain the nature of interactions between businesses within a market..........................11.3 Explanation on how an organisation’s goals may be shaped by the market in which itoperates...................................................................................................................................21.4 legal obligations of a business..........................................................................................2Task 2...............................................................................................................................................22.1 business innovation..........................................................................................................22.2 uses of models of business innovation.............................................................................22.3 sources of support and guidance for business innovation................................................22.4 process of product or service development......................................................................32.5 benefits, risks and implications associated with innovation.............................................3Task 3...............................................................................................................................................33.1 importance of financial viability for an organisation.......................................................33.2 consequences of poor financial management...................................................................33.3 different financial terminology.........................................................................................4Task 4...............................................................................................................................................44.1 uses of a budget................................................................................................................44.2 Explanation on how to manage a budget..........................................................................5Task 5...............................................................................................................................................55.1 principals of marketing.....................................................................................................55.2 Process of sales.................................................................................................................55.3 features and uses of market research................................................................................55.4 value of a brand to an organisation...................................................................................65.5 relationship between sales and marketing........................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................6
INTRODUCTIONThis chapter is to provide details about various principles of business. Differentorganisations have different business principles. Also, there are numerous market enterpriseswhich can help to achieve organisational goals and targets. Furthermore, the available innovativemethods will also be discussed in this assignment. Through it, a firm can gain more profits andbe successful in its field (Aaronson and Higham, 2015). It also helps to earn more market sharesand revenues to the entities. In addition, this report will provide description about financialmanagement and budgeting and how to utilise these budgets.Task 11.1characteristics of different business marketsThe world of business is an extremely large place and there are plenty of ways to run asuccesscompany and make a profit if you understand the market (What Are The Five Principlesof Marketing?2017). They are many different types of customer you can sell your products toobut the main business marketscan bebroken down into these 5 categories:business to business marketIndustrial marketprofessional services and Financial servicesGovernmentHigh Street1.2 Explain the nature of interactions between businesses within a marketAn example of the nature of interactions businesses can have between each other couldbe abaker 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. They would most likely test his products then oncethey were happy with the quality of his bread they’d agree a contract with the bakerand bothcompanies would hopefully find the deal profitable (Bonnitcha and McCorquodale, 2017). Thisis an example of how good interactions between businesses can lead to great results for bothparties.1
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