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Principles of business innovation

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Added on  2020-07-22

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PRINCIPLES OF BUSINESS INTRODUCTION 1 TASK 11 1.1 Characteristics of various business markets 1 1.2 Nature of interaction between business within a market 2 1.3 Organisation's goals may be shaped by the market 2 1.4 Describe the legal obligation of a business 2 TASK 23 2.1 Meaning of business innovation3 2.2 Uses of models of business innovation 3 2.3 Sources of support and guidance for business innovation3 2.4 Process of services or product development 3 2.5 Risk, benefits and implications associated with innovation 4 TASK 34

Principles of business innovation

   Added on 2020-07-22

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PRINCIPLES OF BUSINESS
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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......................................................21.3 Organisation's goals may be shaped by the market...............................................................21.4 Describe the legal obligation of a business...........................................................................2TASK 2............................................................................................................................................32.1 Meaning of business innovation............................................................................................32.2 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...................................................................................................75.3 Uses and features of market research....................................................................................75.4 Value of a brand to an organisation......................................................................................75.5 Relationship between marketing and sales...........................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9.........................................................................................................................................................9
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INTRODUCTION Business is an economic activity, which is related with continuous and regular productionand distribution of goods and services for satisfying human wants. So the first principle ofbusiness success is identifying the needs of the society and then directly or indirectly fillingthose needs. In other words - either you with your services, your skills or your product filling aneed, or your broker, or somebody else who is producing the product and service to fill the need(Anupindi and et. al., 2011). This report is based on Mark and Spencer is a multinational retailcompany in worldwide. This project described about characteristics of business market and useof business innovation model. Uses of budget and principles of marketing also determined in thisstudy. At last relationship between sales and marketing which is also shown in this assignment. TASK 11.1 Characteristics of various business markets`The world of business is an extremely large place and there are plenty of ways to run asuccess company and make a profit if you understand the market. They’re many different typesof customer you can sell your products too but the main business markets can be broken downinto these 5 categories:Business to business marketIndustrial marketProfessional services and Financial servicesGovernmentHigh StreetThe business to business market is when one business simply sells it’s products to anothermeanwhile the industrial market consists of companies transacting business in hard goods suchas machinery, materials, vehicles and supplies (Belohlavek, 2012). The most obvious businessmarket is the high street and depending on what you’re selling really depends on who yourcustomer is, if you set up shop in the right place and have the right product the high street can bea fantastic place to make a living.1
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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 buyersHow businesses make their buying decisionsThey would most likely test his products then once they were happy with the quality of his breadthey’d agree a contract with the baker and both companies would hopefully find the dealprofitable (Dlabay, Burrow and Kleindl, 2011). This is an example of how good interactionsbetween businesses can lead to great results for both parties.1.3 Organisation's goals may be shaped by the marketCompany's goal can be shaped according to the consumer requirement, for instance ifMark and Spencer is selling different products but their potential buyers requires brown bread,then the company is aspire to manufacture brown bread as it has been highly demanded by theconsumer. Thus Jackson are require to make such product that is highly demanded by theconsumer. If they want multi-grain bread, then the firm is liable to produce that bread(Chesbrough, 2010). Their main goal is to give audience a reason to love their & enjoy their foodand they simply do that by shaping their objective as per buyer's demand or requirement. 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.2
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