This is important for the entrepreneur because when thinking about their business ideas and decide to execute one they will have to think innovatively. In order to do that they will have to “step in their customers shoes” to see how their business can become better for them. Most of the time the best ideas come from the customers since they are the ones that are hands on using the product or getting the service you sell, so getting to know the customer is really crucial to a business. As an entrepreneur you will have to ask yourself over and over again, “Who is your
Beside, it is the target of our basic business and how you set a period of time to achieve your plan to make it successful in your business plan. Not because of this, it also helps you to understand how you plan to manage, make money and sustain our business. In business plan, we have to set a goals, marketing, strategies, sales plan, financial forecasts and so
Shareholders expect a certain return on their investment, so knowing how businesses plan to handle any increase will be important to them. Business executives are stakeholders for the same reasons as shareholders. They are going to care about the affect on profits, and whether or not the shareholders are satisfied. How minimum wage affects their business’s success in non-financial ways will also be a concern. Executives must consider how the treatment of and benefits for their employees affects society’s view of them.
1.2 Explain different methods of segmenting and characterising customers The key to a successful business is to find out who our customer base is, what the customer wants, the age, gender, spending patterns etc. This is the reason we have marketing research because it can identify different customers and recognise what we need to do as a company to meet the demands of the market and keep us competitive.
This paper discusses the importance of applying key performance indicators (KPIs) for performance evaluation and how this affects teamwork in an organization. KPIs are techniques that used for evaluate employees’ performance based on their characters, deeds, and results that they achieve. KPIs are applicable in sales and marketing, supply chain management, public administration, customer relationship management and many more. The major purposes of using KPIs in performance evaluations are to reduce cost, to increase customer satisfaction, and to enhance process as well as company revenue. KPIs differ between commerce and business structures.
TITLE: ‘Using two theories of motivation you have studied, discuss the importance of motivation in the workplace.’ Research Question: What are the theories of motivation and how do they impact the success of a business? This research question is relevant as it creates a route for investigation. It allows me to investigate and evaluate the theories of motivation by evaluating and understanding their validity and whether or not they impact the success of a business as the success of their business is one of the, if not the, main objective(s) of business owners. Name: Aayush Jaitly Word Count: 991 Action Plan What will I do? How will I do it?
Conclusion The use of metrics in business as a computable quantify helps an organization to examine, follow and evaluate the accomplishments and dissatisfactions of the organization. The implementation of business metrics allows the company to manage their expenses as they communicate their advancement towards their goals and
Customers provide revenue for the company thus making them have a stake on the company products and services they provide. According to Berens (2012), the stakeholder theory suggests that the company must consider the customer needs. Loyal customers provide a crucial and relevant insight of what a company or firms needs to do in order to satisfy the customer needs. It's through loyal customers that enable companies to retain and sustain competitive advantage. Thus very crucial to establish a relationship with the customers so as they can contribute their views and suggestions.
Marketing plan Introduction Developing a marketing plan is important for new businesses, it is an essential tool. Developing a plan will help a business think about what makes their business different from others, and how to get the message out to the desired audience through a variety of channels. Having a marketing plan is key to staying competitive. Having a strategy ahead of time will help a business run more smoothly and a company’s efforts are more likely to pay off. A marketing plan is a map that helps guide a business towards their goals, having one will save time and minimize stress.
Companies get many advantages by negotiating, For example, negotiation can be used to reduce debts, to take a loan, to lower the sale price of a house, to get a better deal on a car or to improve the conditions of a contract. Negotiation is an important skill when accepting a new job. Better retirement benefits and so on. How can we develop Negotiation in our management skills? ‘This negotiation which I am doing is to get my goal’.