By proper scrutinizing of the market along with the use of business acumen venture has a better chance of anticipating from every aspect and better insuring its success and the profitability of investment. 184.108.40.206 Elements of Business Plan The most important components that are backbone of any venture to be successful are: • Executive Summary. • Company Description.
The opportunities will be determined here as well i.e. where and how their business can expand and become better, this is one of the two external factors of the SWOT analysis. Threats refer to the external factors that may have a negative impact on a business or a company, this is an important as any threat to a business should be known about by the business so that they can make necessary plans to ensure that these threats don’t occur and have a negative impact on the
Competitive Behavior Competitive behavior plays an essential role in the process of making pricing decision for global marketer. Merriam-Webster (2015) defines competition in business as the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. Meanwhile, according to Richards L., pricing strategies must be devised to represent the value of the product, the perceptions of customers and a relative position against other competitive alternatives available in the market. The results of the pricing strategy will not only depend on consumer response, but also on the reaction of competitors. For example, if competitors do not adjust their prices in response to rising costs
“In the consumer marketing, brands are often the initiating point of the difference between competitive proposals, so that they can be significant for organizations success. Thus, it is very important that brand’s management applied by strategic method. The brand is a fundamental product of a company. Brand equity shows a price difference that a powerful brand attract it in its sale in comparison with other brands. In recent researches about brand equity, there are two main prominent theoretical points of view that provide valuable views into the body of brand equity.
Kinicki (2017, p.106), outlines that “ethics are the standards of right and wrong that influence behaviour while ethical behaviour is the behaviour accepted as “right” as opposed to “wrong” according to those standards”. In any organisation, it is important that the stakeholders and management focus on the ethics of the business while trying to make profits and becoming productive as this can tarnish the business reputation and performance.When uethical behaviours are ignored they can create serious problems. Managers therefore need to behave ethically as this has a great impact on the business's efficiency and effectiveness. Managers need to realize that they are seen as the role models for their company. Their behaviour will
If on one side, ethics helps and organization to determine its behavior towards stakeholders then on the other it is important for an organization to enhance its profits for its survival in the stiff competition. Therefore, it could be said that ethics and profits, both are essential for any business (Pollock, 2014). Tata Group is a global
Which is mean the capital budgeting help the company to reduce or avoid the risk that they have face it. Also, its help the company to estimate which investment option would yield the best possible return. To be more clear, the investment is very important for the company to help get the best return. Moreover, its help the company to make long term strategic investment. Furthermore, the company can take the method from different techniques of capital budgeting to decide if it is good for take the project or not.
Moreover, another core advantage of utilising this approach is to have the possibility of attaining a podium in the competitive marketplace and reducing the risk of the comprehensive business portfolio (Simerson, 2011). Roles and Responsibilities of Personnel Who Are Charged With Strategy Implementation However, all important roles and responsibilities of employees that are responsible for implementing the strategy are discussed below: Envisioning Future Strategy The function considers the appropriate key association in an interior and outer way. Moreover, the association is thought to be the internal party while the different partners are thought to be the outside parties. Organisational Alignment Each staff of the association is relied upon to be submitted in respect of procedure usage. These individuals are inspired to follow this procedure and need to have the engaging situation connected with the conveyance of the evolving viewpoint (Steiner, 2010).
Industry analysis is useful for corporate strategy and business strategy. Corporate strategy helps to decide in which industry the firm should work with and how should it allocate resources among them. Whereas, business strategy focuses on establishing competitive advantage by studying needs of the customers and the way to compete with competitors. To earn profits a firm must understand customer needs by creating value for them. But to create a value they should obtain goods and services from suppliers.
Value Chain According to Lynch (2010) to better understand the activities through which a firm develops a competitive advantage and creates shareholder value is, it is useful to separate the business system into a series of value-generating activities referred to as the value chain. Therefore, analyzing the value chain is one of business’s most valuable tools to gain an edge on competitors. Oxford Dictionary.com defines value chain as the process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales service. Furthermore, how can the value chain be described? Katherine Arline business daily news contributor describes “the value chain is the full range of activities including design, production, marketing and distribution businesses go through to bring a product or service from conception to delivery”.