A business is an organisation, big or small that produces any type of good, or renders services to consumers in order to make a profit. Businesses make, buy or sell products in any way they can. They have goals they set and try and achieve them, these goals may vary depending on the size of the business, what the business does and where the business is. They try and satisfy customers’ needs and wants so they can stay in business. Businesses are usually formed when someone comes up with a good idea and has the ability to produce this idea without losing to much money and in the end they make a profit.
Clarity-
Knowing what you want to achieve and how you are going to achieve it. In order to do so you need to know what success looks like and
…show more content…
So the business would buy the cheapest materials while still trying to make it quality to satisfy consumers’ needs.
Customer service
The business wants to help customers to keep them from coming back to buy from the business. They also want to keep the customers happy so they get a good public image.
Employees
A business wants to maintain a positive employee environment so that employees stay loyal to the business, they try and keep employees satisfied
Globalization
All businesses want to achieve globalization, they business wants to grow but not just in their own country but all over the
…show more content…
They have to focus on trends, quantity. If their marketing is great in the future they will get more customer which means more profit.
The business environment are factors that affect how the business runs there are internal and external factors they both affect the business but in different ways
Internal business environment:
It’s everything that influences the business inside. Its everything the business does for it to operate e.g. the eight functions of the business, resources, management, goals, culture and structure these are all the things the business does for the product or service they produce or render. These influence the behaviour of employees. It’s easier to control because it all happens in the business, outside the business don’t effect it a lot but they do sometimes e.g. with marketing you need to look what’s happening with products.
External business environment:
The external business environment are factors outside of the business that affect the business. Without them the business wouldn’t be able to run. Some of them influence the business in a negative or positive way while others need the business. Some of them are: customers, government, suppliers, economic, physical/natural,
When you factor in an external environment you dela with what can happen and influence the company from a outside point of view. Such as social, legal, and economic factors. In this case the company market ventures, source of revenues and new customer base is the components that will impact their ability to achieve their vision. Major competitors
- working with working staff to set up strategies, models and frameworks. - Setting client administration measures & assuring that the current standards satisfy the customers & helps retaining them. • Coordinating with the workers themselves can help effectively in setting appropriate models for the procedures & systems because they are the ones who interact directly with raw materials and producing the products, so they would know better if anything in manufacturing needs improvement or so. • It is important to satisfy the current customers in different possible ways in order to retain them which eventually leads in attracting more customers as well.
In order to discover one's potentials they must become knowledgeable of new things and explore their capabilities. Grit and a growth mindset cause people to become achievers. The advantage of this is to know that one has accomplished something great. The feeling of accomplishment is one of greatness, relief
Q1 : (Philip,2011) “Marketing environment is consists of the actors and forces outside the marketing department that affect marketing management’s ability to build and maintain successful relationships with target customers” . The marketing environment consists of micro and macro environment . Macro environment have larger societal forces that effect the microenvironment , it includes : demographic , economic , cultural and other forces. The demographic is the study of human populations like : gender , age, location , density and other statistics . The demographic trends have impacted the marketing includes : changing age , population growth and so on , for example , this changing will affect the united airlines decision because demographic
Ultimately, it's important to strive towards achieving the things you desire. Success often comes to those who put in the effort and work toward their purpose. In
When employees see they are valuable to the company and they are secure it gives them confidence and in return they give their loyalty to the
External Environment The Five Forces of Competitive Analysis The industry market is considering a large pool with significant of competitors competing with each other. The stronger the forces of competition, the harder it becomes for industry members to earn attractive profits. The ideal competitive environment for earning outstanding profits is when both suppliers and customers are in weak bargaining positions. Suppliers Bargaining Power Vera Bradley as a company that provides luggage and accessories industry gets raw material from many suppliers that have differentiated inputs.
Their desire is to earn profit, but not at the expense of their employees, environment, customers, or the law. This is what makes the company’s business plan desirable. Not only is the company extremely profitable, but the model is built to last. The lack of turnover reduces the company’s expenditure exponentially. When a company treats its employees well, they want to remain at said company.
In the ever changing business environment, there are both internal and external influences which affect the operations and management of a business. It is up to the business on how they deal with the effects of each influence and this will ultimately determine the success of the company. The internal influences are factors which the business has direct control over, one of these being the location. The location refers to the geographical situation of the business and has a high level of impact over how the business will function. It can become a make or break factor, depending on how well the business utilises and addresses the visibility, cost and their proximity to suppliers, customers and to support services.
Economic factor Economic factor examines the outside economic issues that can play a role in a company’s success. Economic factor has a significant influence on how company does business and how profitable they are. Items to consider include interest rate, exchange rate, economic growth, inflation, monetary policy, unemployment, income distribution, infrastructure costs and availability, consumer expenditure, foreign direct investment (Jeff, 2008). Economic factor impacts directly Starbucks performance through the income distribution in Vietnam market. The
This means that even before you start setting objectives and try to reach them you’d better qualify your value and find your own definition of success otherwise it’s easy to get caught up in an activity track in busyness of life to a harder and harder at climbing the ladder of success only to discover it’s leaning against the wrong wall , it’s possible to be
Provide good customer service where customers are contacted, when a boat is purchase and a customer care call even having a boat over a period of time. 3. The constant innovation and patenting so customers can get better product each year, because in the marketing industries parts can be copied
Task 2a Marketing Environment Marketing environment of a company which consists of macro environment and micro environment will affects the ability of marketing management of the company to build and retain the loyalty and relationships with their target customers. Macro environmental factors will form opportunities and pose threats to the company, as well as affecting the marketing decision of the company. Besides, micro environmental factors consists of actors which close to a company that can affects ability of the company to serve others. A company can do well when they are able to understand and adapt well in the environments.
The aim of this assessment is to reflect on what I have learned this semester regarding the module of Business in Global Context; from the lectures with the professor, the case studies done in class and the three previous patchworks that we worked on. We have learned that there are different internal and external components that affect the business environment, from corporate social responsibility to cultural and institutional framework; organizations must take into consideration all the factors related to the different parts of its environment. For the topic discussion, I will be discussing globalization and how it has affected the global business environment along with the key aspects and the different point of views regarding it.
1. Introduction: A start-up is generally a young business which just begins to develop. These companies are generally meant for innovation of the existing ideas in order to offer product or service that is not available anywhere in market or which are available in an inferior manner. The main essence of start-ups has to do more with high ambition, innovativeness, scalability and growth.