Models of Business Innovation : Report

Added on - 21 Jul 2020

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Principles of Business
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. Explaining the characteristics of different business markets..................................................31.2 Explaining the nature of interactions between business within a market.............................31.3 Explaining the way a business goals may be designed by the market in which it operates..41.4 Legal obligation of business..................................................................................................4TASK 2............................................................................................................................................42.1 Business Innovation..............................................................................................................42.2 The use of models of business innovation............................................................................42.3 Identifying the sources of support and guidance for business innovation............................52.4 Process of Product or service development..........................................................................52.5 The benefits, risk, and implication associated with innovation............................................5TASK 3...........................................................................................................................................53.1 Explaining the significance of financial viability for an enterprise......................................53.2 Explaining the consequences of poor financial management...............................................63.3 Different financial terminology.............................................................................................6TASK 4...........................................................................................................................................64.1 Uses of budget.......................................................................................................................64.2 Method or technique of managing budget............................................................................6TASK 5............................................................................................................................................75.1 Principles of marketing.........................................................................................................75.2 Sales procedure.....................................................................................................................75.3 Explaining the features as well as uses of market research..................................................75.4 Explaining the way value of brand to an enterprise..............................................................75.5 Explaining the relationship between marketing and sales....................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................91
INTRODUCTIONFor smaller companies, the president, CEO, owner andprincipalare often the sameperson. In legal terminology, theprincipalmight be the party who gives legal authority foranother party called the "agent" to act on the principals'behalf. Theseprincipalscan beindividuals, corporations or even government agencies.TASK 11. Explaining the characteristics of different business marketsIn addition to targeting specific types of consumers or segments of a particularmarketplace, businesses can tailor their products and services to different types of macromarketplaces. Organisation can sell the same product or service differently in various markets bymodifying what you offer, your pricing, promotional strategies and distribution channels.IndustrialThe industrial market consists largely of companies transacting business in hard goodssuch as machinery, materials, chemicals, vehicles and office furniture and supplies. The buyersare often manufacturers; the sellers are known as suppliers.Professional ServicesAnother subset of B2B is professional services, which consists of providing consulting ordelivery of business needs such as marketing, information technology, human resources, benefitsplanning, management consulting and payroll. Some commercial services, especially thoseinvolving information technology systems, include the sale of hard goods such as computers andsoftware (Swanson, 2018)Financial ServicesOne area of the commercial services market with its own moniker is the group ofbusinesses selling financial services.1.2 Explaining the 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 business2
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