...For students doing the topic: Establishing a Business: Production 1. Description of business – In this part you are required to give a brief description of your intended business. The examiner should (a) The name of your intended business e.g. Xtreme Graphics production (b) The type of business e.g. sole, proprietorship etc. (c) What is the proposed business engaging in? e.g. production of local fruit juices (d) The major aims or aims of your business e.g. To make 100% profit by ensuring customer’s satisfaction. (e) If possible you can give example(s) of the goods and/ services you will be producing. 2. Justification of location– in this part you are required to : (a) State the location of your intended business, e.g. 152 John Street (b) Secondly, you will have to list and explain the factors which influence your choice of location. (Check your textbook) e.g. Closeness to raw materials. 3. Selection of appropriate labour– as we already know labour is an important of production and if you don’t select the most appropriate type of labour then inefficiency would take occur and productivity will decline. You are required to” (a) List the type of labour you will enjoy employ. e.g. cleaner (b) Then classify them under the three main categories of labour namely: – Skilled – Unskilled – Semi-skilled 4. Sources of fixed and working capital– Capital refers to money and all other assets of...
Words: 857 - Pages: 4
...Business 100 Introduction to Business Assignment 1 The Business Environment Due: February 3, 2013 Describe the role of business in the economy. Businesses are the growth engine of the most successful economy. Everything that you can possible think of relates to the economy is business. Retail, services, agriculture, manufacturing, health care, even political campaigning all involves business. Without businesses we would have to fend for ourselves for everything. We would need to find our own food every single day; we would have to gather materials to create shelter because there would be no store to buy them from. We would have to make our own clothes out of fabrics we weaved from raw materials. This type of society would not be practical at all. Compare and contrast the roles of for-profit and nonprofit organizations in the economy. For-profit organizations are businesses and other organization whose primary goal is making money. A non-profit organization focuses a goal such as helping the community and is concerned with money only as much as necessary to keep the organization operating. Both businesses rely on the four fundamental resources to achieve their goals, (1) natural resources; (2) capital; (3) human resources; and (4) entrepreneurship (McGowan, 2011) So while they are different they operate the same way. Discuss the impact of current fiscal and monetary policy on the economy. The fiscal policy refers to the government efforts to influence...
Words: 653 - Pages: 3
...Chien Dog Daycare Marketing Plan Le Chien dog Daycare is providing Fort Lauderdale pet owners a full time dog care services that utilize a refined development system. Le Chien dog daycare will implement the following benefits that are important to the customers: accessibility, customer service, competitive pricing. Situation Analysis Le Chien dog daycare is a start up business. Implementing a marketing plan will be influential in visibility and generate sales. Le Chien dog daycare offers Fort Lauderdale, FL a full service dog care and these services will be different from the rivalry in the course of advanced training and learning. Market Summary Through a lot of research, Le Chien daycare has accumulated good information regarding the market and is aware of many common attributes of key customers. Le Chien dog daycare will capitalize on this information and continue to study who is served, recognize needs, and how Le Chien dog daycare can best capitalize on. Le Chien dog daycare is providing Fort Lauderdale pet owners a full time dog care services for their every day activities. Le Chien dog daycare will implement the following benefits that are important to their customers: Accessibility: The facility is centrally located in a high traffic business complex and is open from 6:00 a.m. to 7 p.m. from Monday thru Friday. Customer service: Treating the customer like they are the most important with the way we will treat their pets. Le Chien dog daycare...
Words: 2305 - Pages: 10
...Law of Demand In Economics, the law of demand is understood as when the price of a product or service increases, demand decreases; and when the price lowers, demand will increase (Comstock, 2015; McConnell, Brue, & Flynn, 2015). It is the customer’s who control demand, individuals make decisions regarding what to purchase with their money. Therefore, price changes are the only issue that will change the amount of demanded goods. For example, diamonds and air conditioners are conspicuous goods in which the law of demand does not apply; nor does it apply to potatoes and rice. Rice and potatoes are giffen goods; plus the law of demand does not apply to speculation or future price expectations. It is the consumer’s willingness to purchase products based on their income, preferences, advertisements and even taste. On the other hand, in Economics, the law of supply can be understood as prices rise the amount of supply will increase; and as prices decrease so does the supply (McConnell, et al, 2015; Supply and Demand, 2014). Price elasticity explains the amount of demand as it decreases when prices increase or the amount of demand as prices decrease (McConnell, et al, 2015; Montgomery, & Rossi, 1999). This concept, involves the laws of supply and demand by determining the amount of supply and demand based price and other factors (Comstock, 2015; McConnell, et al, 2015). Normally, elasticity equates to the relative changes of supply and demand according to price as it changes;...
Words: 1056 - Pages: 5
...Ethical and Moral Issues in Business Teresa Wright Mgmt 216 Kenna Fowler 25 September 2010 Business is complicated by Moral and ethical issues which are hard to resolve but easy to see, the reason is everyone has their own set of morals and ethics, what maybe morally wrong for one could be just the cost of doing business to another, after all it is a dog eat dog world. Therefore, decisions made by personnel can cause complications for business’, Code of ethics and company mission statements provide guidance to employees and employers on expectations. Merriam - Webster Dictionary defines Moral of or relating to principles of right and wrong in behavior, expressing or teaching a concept of right behavior, conforming to a standard of right behavior, sanctioned by or operative on one’s conscience or ethical judgment, capable of right and wrong action. I would define Moral as values placed on behavior and decision whether right or wrong. Ethics refers to well founded standards of right and wrong, reasonable obligations to refrain from committing crimes either minor or larger, which include honesty, compassion, and loyalty, also can be referred to as standards relating to rights. 2 Personal ethics is the moral foundation a person builds there life, ethics may assist with decision making, guide us to participate in actions that meet our personal internal moral standards. Ethics are the core value system for each and used to solve problems, determine what is right versus...
Words: 596 - Pages: 3
...Smackey Dog Foods, Inc. has been a very successful dog food manufacturer for the past few years, but along with their success, they have many issues surrounding their management styles and accounting techniques. These issues are a result of management’s inexperience and lack of knowledge of the proper controls related to running a business and the entire accounting aspect. Q1 Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. SOLUTION: Although Smackey Dog Foods, Inc. is not a publicly traded company the SEC has a significant influence on their audit. During the audit, Keller CPAs will still need to follow the auditing standards put in place by the SEC. AICPA principles will be followed, ensuring that the Keller CPAs are independent of the client and free of conflicts of interest when performing professional responsibilities. Q2 Discuss the essential activities involved in the initial planning of an audit. How do these all specifically relate to the Smackey Dog Food client? SOLUTION: 1. Understand the client’s business and industry. Keller CPAs can use its experience from auditing other manufacturing companies in the audit of Smackey Dog Foods, Inc. The essential part of this step is for the audit team to learn and understand as much as possible of the client’s business and industry. All related parties will be identified in this stage of the planning as well. 2. Assess client business risk. The business risk involved...
Words: 2084 - Pages: 9
...Unit19 Customer relations in business Assignment: A1 Understanding marketing concepts used by businesses Introduction What is marketing concepts? Marketing concepts is when businesses use ideas and techniques to make their customers aware of their products or services and tempt them to buy. This relates to: * How buyers decide what they buy * What makes one products or service different from another * How different groups of customer can be targeted according to their needs. * The marketing mix – Considering the price, product, place and promotional activity (four P’s) that will attract customers. The following marketing concepts are: The AIDA (s) model of buying decision making Before you attempt to buy something, you go through a process and the process is: Stage 1 – Attention Before you buy a product or a service, you must be aware of it first. There are many ways of getting your attention to the business products and services and they’re advertising. Ways of advertising your business is newspapers, radio, T.V., leaflets, billboards and posters. Another way of getting you attention is by having store displays and striking packaging. Stage 2 – Information The next step is to find out if that particular item will meet your needs. In order to know this, you need to find more information and there’s various ways that you can get this and they could be by reading the label or packaging, asking your family or friends, searching...
Words: 1772 - Pages: 8
...Statistics in Business Donnita Piggee QNT/275 January 25, 2016 Joshua West STATISTICS IN BUSINESS When you think about statistics, what comes to mind? A bunch of numbers, percentages, groupings? What are statistics? Statistics is the science of learning from data, and of measuring, controlling, and communicating uncertainty; and provides the navigation essential for controlling the course of scientific and societal advances (Davidian, M. and Louis, T. A., 10.1126/science.1218685). Statistics is considered to be the language of data, usually large amounts of data, broken down and organized so we can make sense of it. Our text says that a knowledge of statistics allows us to differentiate between sound or questionable conclusions. Two Types of Data There are two types of data used in statistics-quantitative and qualitative. Quantitative data relates to how much or how many of something, just like in quantity. What is the price of that car? abs.gov.au. (07/2013). These are quantitative data whose values are expressed by numbers. In contrast, qualitative data refers to the quality of values, such as what type or which category, is the quality of your data. The color of the car you’re choosing is an example of qualitative data and does not involve numeric data. Four Scale Levels In order to appropriately summarize and analyze data, we need to be able to differentiate between measuring scales. There are four scales-nominal, ordinal, interval, and ratio. First, the...
Words: 596 - Pages: 3
...BCG Matrix Model BCG Matrix Model The BCG matrix or also called BCG model relates to marketing. The BCG model is a well-known portfolio management tool used in product life cycle theory. BCG matrix is often used to prioritize which products within company product mix get more funding and attention. The BCG matrix model is a portfolio planning model developed by Bruce Henderson of the Boston Consulting Group in the early 1970's. The BCG model is based on classification of products (and implicitly also company business units) into four categories based on combinations of market growth and market share relative to the largest competitor. When should I use the BCG matrix model? Each product has its product life cycle, and each stage in product's life-cycle represents a different profile of risk and return. In general, a company should maintain a balanced portfolio of products. Having a balanced product portfolio includes both high-growth products as well as low-growth products. A high-growth product is for example a new one that we are trying to get to some market. It takes some effort and resources to market it, to build distribution channels, and to build sales infrastructure, but it is a product that is expected to bring the gold in the future. An example of this product would be an iPod. A low-growth product is for example an established product known by the market. Characteristics of this product do not change much, customers know what they are getting, and the price...
Words: 2585 - Pages: 11
...Financials, Budgets, and Forecasts 4.1 Break-even Analysis 4.2 Sales Forecast 4.3 Expense Forecast/Promotional Budget CONCLUSION REFERENCES Executive Summary Ross Doggy Care is a dog foster-family arrangement in Rossy Sloth's home. Customers are able to leave their dog at the Sloth's home when they go on vacation. The dog is surrounded by people all day, have their own bed, are taken for walks twice a day, and have a one acre fenced backyard to explore. Ross Doggy Care is a superior alternative to a kennel because the dogs get attention all day, have plush facilities, and have ample opportunities to exercise. The guest dogs will typically even sleep in the children's rooms (in the bed under the sheets if they choose). Basically, the dogs become a temporary member of the household. Ross Doggy Care is able to offer this specialized attention because they are equipped to handle only eight dogs at once. Ross Doggy Care will compete directly with kennels but offer a superior service. Once word gets out about Ross Doggy Care, the schedule is forecasted to be near capacity within the first eight months. 2. SITUATION ANALYSIS Ross Doggy Care is in its first year of operation. The service has been well received for the owner’s friends and neighbors who know about the business. Marketing is now critical to its continued...
Words: 2486 - Pages: 10
...to ensure a successful business environment. We know that morals and ethics are related to individual character; however ethics and morals carry a very important role in how people conduct business. This essay will differentiate ethical issues and moral issues, and address the difference between personal and business ethics as well as provide common examples of ethical problems in business. What are the differences between ethical issues and moral issues? What prevents an individual from stealing? How about that tiny voice within that stops you in your steps? It is called Morals. Morals explain an individual’s honest and dishonest behavior. Normally, morals are taught by our parents at early age by establishing the difference between good and bad behavior. At a large company in Nevada, certain employees were given favoritism by providing special favors to their manager, such as dog sitting while the manager was out of town, going to happy hour after work hours and going out to lunch. Although other employees in that department were proficient at their work, they only performed their required job duties and as a result were excluded from the special favors. At the same company, pay raises were eliminated, along with 401k contributions, and bonuses; however, upper management continued to receive all of the monetary benefits regardless of what they called a freeze on benefits due to the changes in the economy. According to BusinessEthics.ca "Business Ethics" can be defined...
Words: 651 - Pages: 3
...Literature Review of Strategic Business Analysis Tools: Research Ethics: PEST, BCG and Porter’s Five-Force Model Abstract This literature review takes the work of twelve different scholarly peered-reviewed resources and explains the outcome of their studies. All of the studies were conducted with different strategic analysis tools and how the use of ethics plays a role in each model. Although there are many strategic tools for managers to use, this literature review focuses in on only three tools. The three strategic analysis tools researched in this literature review are the PEST analysis, the BCG growth matrix, and Porter’s five-force model. This literature review compares the work of the different articles to show how each strategic tool was used in the different articles and where ethics play a role in each research method. The end of the literature review entails different recommendations on how to further the research for a better understanding of these strategic tools while continuing to do so in a manner that remains ethical. In conclusion, this literature review is design to give the reader a better understanding of three different strategic management tools and how they are being used professionally and scholarly with allowing for all research to be done in an manner that does not allow for outcomes that can be used in an unethical manner to pad results. Introduction The business environment is rapidly changing and the past has shown that companies who are...
Words: 1594 - Pages: 7
...MANAGEMENT INFORMATION SYSTEM IMPLEMENTATION Abstract Table of Contents Page 1. Company Background 4 - 5 2. Business Problem Statement 5 - 6 A. Identification of Issues B. Desired State of Problem C. Obstacles 3. High-Level Solution 6 - 8 A. Introduction a. Solution Outline b. Summation 4. Implementation Benefits 8 - A. Management Information System (MIS) Presentation B. MIS Projections a. Database Management System (DBMS) b. Cloud Computing c. E-commerce and The Internet 5. Benefits/Technical Approach X XXX X XXX X 6. Business Process Changes X XXX X XXX X 7. Solutions X XXX X XXX X 8. Recommendations X XXX X XXX X 9. Implementation Plan X XXX X XXX X 10. Project Summary X XXX X XXX X Company Background The Knitter’s Lounge & Café (KL&C) is a modern approach to arts and crafts. It began as an innovative conceptual idea for a café style retail arts and crafts store in 2010 after the owner and Chief Executive Officer (CEO) visited a number of yarn shops and realized a need for a shop that bade more than the common knitting and crocheting supplies found in traditional arts and crafts establishments. The first store is located in Sandy Springs, a suburb of Atlanta, GA. Sandy Springs is an affluent community nestled along Cobb County with the Chattahoochee River to the south...
Words: 1770 - Pages: 8
...Q (1.1): Mission statement: David (1986) has identified Mission statement: it is an '' enduring statement of purpose that distinguishes one business form other similar firms. A mission statement identifies the scope of a firm's operation in product and market terms.'' Although Cole (1997) has defined mission statement as a public statement on behalf of an organization which sets out its raison in terms of the customer needs it intends to satisfy the markets within which it will meet those needs and the manner in which it will meet them. Examples of mission statement: There are three examples the first one is about Oman air: "Modern Vision, Timeless Traditions..." At Oman Air we are committed to exceed the expectations of our valuable customers and stake holders by building a “First Choice Airline”. Our aim is to provide a safe, reliable and seamless flying experience, enhanced by warm and friendly customer services, without compromising on quality and profitability. As the national carrier we are committed to support the local community and to promote in-bound tourism to the Sultanate. The second example about Caledonian college of Engineering: ''To provide an innovative, creative and environmentally-aware learning experience for those who seek technological education''. The third example is about Nawras mobile: ''Our mission is to be the communications provider and employer of choice in Oman''. According to the previous explanation Mission statement is a goal...
Words: 2823 - Pages: 12
...CHAPTER 3: THE MICRO ENVIRONMENT MGMT 488 – STRATEGY AND POLICY OVERVIEW The micro environmental analysis is the second step in creating the Environmental Analysis. The micro environment examines the general business climate as it relates to the organization within its industry. The micro environment is also known as Porter’s Five Forces of Competition. The macro environment is primarily concerned with major issues and upcoming changes in the environment. The analysis looks at five areas of interest, which are 1) Power of the Buyers; 2) Power of the Suppliers; 3) Threat of Substitute Products; 4) Threat of New Entrants; and 5) Intensity of Rivalry. Notice in the following diagram, how these interact and influence each other. MGMT 488 Chapter 3 – Macro Environment POWER OF BUYERS STRONGER WHEN • • • • • • • • • • Buyers have low switching costs Buyers are large; large volume sales are important Large number of small buyers can band together Buyer demand is weak or declining Buyer demand dramatically slows (aka “a buyer’s market”) Buyer identity is important Quality and quantity of information to buyers is high Buyers can postpone purchase until a later date Product is a commodity Threat of substitute products is high WEAKER WHEN • • • • • • • Buyers purchase infrequently or in small quantities Many buyers Buyer switching costs are high Buyer demand surges (aka “a seller’s market”) Brand reputation is important Highly...
Words: 1494 - Pages: 6
