...Keys to Business Success There are ten critical areas where your ability to think largely determines the success or failure of your business. The greater clarity you have in each of these areas, the better decisions you will make and better results you will achieve. Key Purpose What is the purpose of a business? Many people think that the purpose of a business is to earn a profit, but they are wrong. The true purpose of a business is to create and keep a customer. Fully 50 percent of your time, efforts, and expenses should be focused on creating and keeping customers in some way. Key Measure The key measure of business success is customer satisfaction. Your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends is the key determinant of growth and profitability. Key Requirement The key requirement for wealth building and business success is for you to add value in some way. All wealth comes from adding value. All business growth and profitability come from adding value. Every day, you must be looking for ways to add more and more value to the customer experience. Key Focus The most important person in the business is the customer. You must focus on the customer at all times. Customers are fickle, disloyal, changeable, impatient, and demanding--just like you. Nonetheless, the customer must be the central focus of everything you do in business. Key...
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...and aesthetics. Nespresso has evolved from being the pioneer and trendsetter into the reference in the portioned coffee category through a singular focus on delivering the ultimate coffee experience to our consumers cup after cup. This is the cornerstone upon which the company was founded, and it is the foundation that has fostered the incredible growth we have enjoyed over the last 27 years. Our success is built on creating the highest quality Grand Cru coffees, long-lasting consumer relationships and sustainable business success. These will continue to be the Key Growth Drivers of our business moving forward, as we compete in the dynamic and growing portioned coffee category. Nestlé Nespresso is a company without boundaries, with both a direct business-to-consumer and business-to-business approach. Our Unique Business Model provides a competitive advantage and a strong platform for continued, sustainable growth as we continue to innovate to deliver moments of pleasure and indulgence in everyday life. The strength of our brand, the quality of our coffees and our unique service offering also provide Nestlé Nespresso with enormous growth opportunities in the professional sector as well as...
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...Qualification | Unit number and title | Pearson BTEC Level 5 HND Diploma in Business(QCF) | UNIT 16:Managing Communications, Knowledge, and Information | Student name and ID number | Assessors name | Kamiesha Lewis H1409030 | Abraham Pius | Date issued | Completion date | Submitted on | 25thJanuary 2016 | 08th May 2016 by 5.00pm | 03 May 2016 | Internal Verifier | Dr George Panagiotou | Assignment title | Google Inc | Instructions | * An electronic copy of your assessment must be fully uploaded by the deadline date and time. * You must submit one single PDF or MS Office Word document. Any relevant images or screenshots must be included within the same MS Office Word or PDF document. * The last version you upload will be the one that is marked. Your paper will be marked if you have indicated this as your final submission. * Review the mitigating circumstances policy for information relating to extensions. * The file size must not exceed 20MB. * Answer the criteria in order, clearly indicating the pass criteria number. * Ensure that all work has been proof-read and checked prior to submission. * Ensure that the layout of your documents are in a professional format with font style Arial, font size 12 for the text, font 14 for sub heading and font 16 for main heading, line spacing 1.5 and justified. * Use the Harvard referencing system; otherwise it will be considered as plagiarised work. * Ensure that you back-up your...
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...Business Administration Business Administration is the stepping stone, the foundation, and the pillar, that’s needed to start a business. It branches to other subjects needed for business, such as business planning, marketing, business ethics, and business law. Business Administration is indeed the process of managing EVERY aspect of a business for growth and/or stability of that business. In other words, it’s the very heart of a business. You might ask yourself “what is business administration?” It’s ok; I asked myself that same question when starting my quest to own and manage my own business. Business Administration is the process of managing EVERY aspect of a business in order for it to maintain its growth or stability, depending on the overall goal of the owner or owners (Black). A lot of companies have a team of dedicated business administrators who work to ensure the growth and stability of the company or business. The man that sits atop of the entire administration is the CEO (chief executive officer) or president of the company. In most cases those two titles represent two different people. The CEO usually has a number of vice presidents under him, who in turn have teams for management, marketing, and research and development. I’d say that Business Administration is the foundation for owning and managing a business. There are aspects of Business Administration to learn if you want to be a successful entrepreneur, such as how to make a business plan, knowing about...
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...Environmental Factor…………………………………………………………………..14 SWOT……………………………………………………………………………………………15 Competitive Position and Possibility…………………………………………………………….16 Action Items……………………………………………………………………………………...17 Resources Allocation…………………………………………………………………………….19 Successful Implementation………………………………………………………………………19 Conclusion……………………………………………………………………………………….20 References………………………………………………………………………………………..22 Executive Summary The document you are about to read is a research paper and plan on how to open or start your own business. Within the next couple of years I plan to open a sleep study lab. My sister currents owns and operates her in a different city. My goal is to mirror hers and open a second branch in the city I live. Her sleep lab, Bay Area Sleep Evolution Center, has been successful and I believe opening a second location in San Antonio, Texas, will be to my benefit and success. In this document you will read my vision and plan for my new business. A well-designed plan needs to be implemented with all the necessary ingredients such as resources, communication, time, deadlines, follow ups, and knowledge. To make the...
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...SWOT analysis 7 Value chain analysis: 8 PESTLE analysis: 8 Significance of Stakeholder analysis: 9 P7 10 Alternate strategies relation with substantive growth, limited growth, retrenchment: 10 Substantive Growth: 10 Limited Growth: 10 Retrenchment: 10 P8 11 Appropriate Future strategy for Orange Mobile operation: 11 P9 11 Roles and responsibilities of strategic Implementation: 11 P10 12 Requirement of Resource for Implementing a New Strategy: 12 P11 12 Targets and Timescales to monitor and achieve a Given Strategy: 12 Conclusion: 13 Bibliography 14 INTRODUCTION: For organization success strategic planning is one important tool. And for successfully implementing strategy various techniques are required to be acquired. Management in a proper way and planning in timely manner is important to implement strategy. From various solutions best one has to be picked. And every step has to be predefined achieve all the organizations goal. P1 Strategic context: every organization has its own context. They build up strategy based on their context. For building up strategies for organization context analysis has to be done first. It is the process of analyzing the environment. According to the scenario Northern Rock has its own strategy based on its context. To achieve its goal of high growth target it has set strategies like emphasizing on ongoing investment and raising fund by...
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...t ho ug OPINION Innovation as a Last Resort Going after breakthrough innovations may be glamorous, but mounting evidence suggests that's the last growth strategy you should try. by Michael Treacy Like swinging for the grand slam in baseball or betting on thetrifecta in horse racing,going for broke with innovation is glamorous. Breakthrough innovations, whether the next blockbuster product or a next-generation business model, create a buzz in the boardroom while lesser forms of innovation go unnoticed. Yet a body of evidence in recentyears makes a strong case that breakthrough innovation should be the growth strategy of last resort. Consider the travails of Sun Microsystems. Since its start in 1982, the company has developed a number of blockbusters-high-end computer workstations; the Java operating system, which has driven much Internet software development; and the powerful Internet file servers that are home to many a corporate Web site. During the dot-com bubble. Sun acted as if the Internet revolved around it. But since then, the company has been unable to keep the flow of breakthrough products coming. Even worse, in viewing itself as the industry's biggest innovator, the company eschewed more incremental innovations that could have generated signif- icant growth, including application software and consulting, which rivals have used to lock in customers. Sales since 2001 have slid nearly 40%,and $5.1 billion in losses have piled up.The company has watched 94%...
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...RESILIENCE FOR GROWTH 3- STRENGTHENING MACRO-ECONOMIC RESILIENCE FOR GROWTH 2= STRENGTHENING MACRO-ECONOMIC RESILIENCE FOR GROWTH 2= STRENGTHENING MACRO-ECONOMIC RESILIENCE FOR GROWTH 1= ANCHORING GROWTH ON PEOPLE 1= ANCHORING GROWTH ON PEOPLE 11TH MALAYSIAN PLAN 4- TRANSFORMING THE PUBLIC SERVICE FOR PRODUCTIVITY 4- TRANSFORMING THE PUBLIC SERVICE FOR PRODUCTIVITY Our economic fundamentals need to be rooted in stable prices, productivity, and a high level of savings. Our goals will not only be GDP-focused, but balanced with equitable wealth distribution and enhanced wellbeing. * Increasing private investment and consumption * New growth through productivity and knowledge * Prudent public finance Our economic fundamentals need to be rooted in stable prices, productivity, and a high level of savings. Our goals will not only be GDP-focused, but balanced with equitable wealth distribution and enhanced wellbeing. * Increasing private investment and consumption * New growth through productivity and knowledge * Prudent public finance Six strategic thrusts will address the end-to-end needs of the rakyat 1- Enhancing inclusiveness towards and equitable society 2- Improving wellbing for all 3- Accelerating human capital development for an advanced nation 4- Pursuing green growth for sustainability and resilience 5- Strengthening infrastructure to support economic expansion 6- Re-engineering growth for greater...
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...Every organization faces the obstacle of continued growth at one point or another. Coach, Inc. is just one of the many companies that face the hindrance of continued growth and competition. According to Liabotis (2007), “far too many companies fail to achieve their growth targets in revenue and profitability. However, the probability of achieving profitable growth is heightened whenever an organization has a clear growth strategy and strong execution infrastructure. One without the other impairs the probability of success. Most businesses fall short of achieving their growth objectives for revenue and profitability. In fact, studies report success rates as low as 20%” (para. 1). Why is growth so indefinable? Based on research and experience, there are two major reasons. According to Liabotis (2007), those reasons include “inadequate consideration of opportunities within the core business, adjacent to the core business or within new customer sub-segments and an organizational infrastructure that cannot support successful execution” (para. 1). However, managers can do positive things to improve the chances for success. Two factors that can lead to achieving growth and increasing the probability of success are to strengthen the execution infrastructure by investing in safe bets and initiating a process to identify strategies with a high probability for success. In strengthening the execution infrastructure by investing in safe bets, “a firm’s infrastructure must be up to a standard...
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...Growth Plans Woolworths' current business growth plan is built on four key strategic priorities. 1. Extend leadership in food and liquor 2. Act on our portfolio to maximise shareholder value 3. Maintain our track record of building new growth businesses 4. Put in place the enablers for a new era of growth A Changing Business Retailing never stands still - that’s what makes it so exciting and dynamic. Right now we’re in a period of substantial change as customers seek greater value and have more choices at their fingertips than ever before. Customers are now firmly in the driving seat of our business and their decisions and shopping behaviour are changing the way we operate. Woolworths is responding to this new era by laying the foundations for a new phase of growth and opportunity. We put the customer at the heart of our business, listening to what they want and creating new and innovative ways for them to shop with us. The future of shopping Customers now have the ability to shop when, how and where they want and that ability is literally in the palm of their hand. Mobile technology is rapidly changing how we view our world and giving us access to products and prices from around the world. We’ve recognised we need to keep up and understand that customers want to move seamlessly and effortlessly between physical and virtual stores to shop in a way that suits them. Every Woolworths business is becoming multi-option by using websites, mobile apps, virtual stores...
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...relating to substantive growth, limited growth, Market entry strategies, and disinvestment strategies IKEA has marketed its products well and has dealt with all the problems easily. But there have been some constraints that came in the way of IKEA and alternative strategies have to be developed for them. These strategies are as follows: Substantive growth: In any business strategy growth is the most important factor. To achieve substantive growth the firm needs to go through a lot of planning. Some of the key advantages of substantive growth are: • Exponential Growth: Once IKEA achieves substantive growth in their business then they can be confident that it will lead to more growth in the future. There is a tendency of the growth of wealth at an exponential rate and the company can use these funds for other project to generate gains in future. While an organization achieves substantial growth the main benefit is that it helps in investing them for future benefits and achieving potential wealth gains. This is always a welcome consideration. • Competition: Substantive growth of IKEA will help them to understand the strength of the competition and developing the business strategy accordingly. The faster a company achieves substantive growth the easier it is for them to beat the competition. The added wealth that IKEA gains from substantive growth can be utilized to gain the market share from different competitors. The best thing about substantive growth is that it acts as...
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...economics to a certain degree is prescriptive in nature as it suggests course of action to a managerial problem. Problems can be related to various departments in a firm like production, accounts, sales, etc. Managerial economics or economics is categorized in two types; microeconomics and macroeconomics. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole rather than individual markets. B. The Three Issues of Economic / Business Organization 1. What commodities are produced? What to produce and in what quantities? This is one of the three major issues of economic / business organization. A society must determine how much...
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...passing of time a business enters into different phases of its life. “Like a person or a family, a company experiences predictable stages of growth, each with its own problems and opportunities.” (Vastine) In order for a business to capture the market it needs to go through the stages to gain popularity. Every business has its own set of guidelines and processes designed to function well. “As the business grows, its organizational structure is heavily influenced by function (people grouped with similar responsibilities), process (people involved in similar processes), product (people building a specific product) or projects (members of a project).” (Watson, 79) The first stage consists of growing the business. “ In a one-person operation, the owner does everything: sales, bookkeeping, marketing, production and so on. Many firms remain one-person operations indefinitely due to the owner's family obligations, financial constraints, or contentment with the status quo.” (Longenecker,27) This is the initial phase that every business goes through. It can also be referred to as the expansion phase as the business tries to establish its niche in the market. Stage two is all about growing and establishing the business. “So the owner assumes additional employee management duties such as hiring, scheduling, supervising, and payroll.” (Longenecker) This is the stage where the business owners start establishing their brand with their loyal customers. Overall, the growth stage is marked...
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...the whole economy over a period of time. Innovation may be used to solving problems, improving quality, developing new products, reducing costs, developing new materials, deducing environmental damage. Innovation can also be relatively expensive to a business. Although a business can benefit from this through having a competitive edge, improved working environment, image, motivation and consumer benefits, If it works out to be a success, serious profits can be made. However when a...
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...Introduction In this report I will be comparing two businesses/organisations that I have analysed in task 1: McDonalds and Calderdale College. McDonalds is a business that is part of the private sector that is there to make a profit, whereas Calderdale College is part of the public sector where they mainly provide service and think less or even at all of profit. I will compare the growth strategy, survival strategy, branding and the relationship marketing between the two organisations. Growth Strategy: McDonalds and Calderdale college both have a different approach to growth strategy, due to them being in complete opposite sectors, with McDonalds being a private organisation and the college being part of the public sector, they differentiate in many ways also considering the fact that there purpose are not a like as they are specialists in different occupations. McDonalds needs to grow like every other business out there today, no matter how big your organisation is, there always has to be a growth strategy in the plan of the business. So in order for the McDonalds organisation to grow and compete with other similar businesses who are on the same path as McDonalds, such as: KFC, Costa, Starbucks, and Burger King, they have to do what every other competing organisation is doing in order to grow and consume more customers like going into festive season, as that’s what McDonalds has done in order to grow. McDonalds has participated in the festive season, one of the ways they...
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