...George M. Diuguid Assignment 1 American Military University Having a plan, or a strategy when starting a business is essential. There are several different ways to plan or organize the steps necessary in the process. A business plan is the most commonly utilized tool for planning and organizing a new venture. Technology has allowed tools like Google Calendar to provide many benefits in regards to organizing for small businesses. A business brief allows business owners to focus on certain aspects of a business without the confusion of everything else getting in the way. These are just a few of the ways to help organize and plan a new venture, but each has its own unique benefits. Perhaps the most common way to plan and organize for a small business is by developing a business plan. Planning is one of the most important parts of running a business, no matter whether it is a large multinational corporation trying to plan an expansion or a small business launching an exciting new product (Topfer, 2011). This plan can be used as a guideline and benchmark for any business including small businesses. The business plan will outline virtually every key aspect of a business, from operational organization, market analysis, and even finances. Having a written plan in place will surely help in organizing and planning for a new venture. Another way to help organize a business, and help with planning would be to utilize a functional calendar such as Google Calendar or Microsoft...
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...SBE310 Final Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Final Exam is "open book, open notes." The maximum time you can spend in the exam is 3 hours, 30 minutes. If you have not clicked the Submit For Grade button by then, you will be automatically exited from the exam. In the Final Exam environment, the Windows clipboard is disabled, so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the “Save Answers” button in the exam frequently. This helps prevent connection timeouts that might occur with certain Internet service providers and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your Final Exam without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to login again as quickly as possible. The Help Desk cannot grant any student additional time on the exam. 3. See Syllabus "Due Dates for Assignments & Exams" for due date information. 4. Reminders * You will only be able to enter your online Final Exam one time. * Click the "Save Answers" button often. * If you lose your Internet connection during your Final Exam, logon again and try to access your Final Exam. If you are unable to enter the Final Exam, first contact the Help Desk and then your instructor. * You will always be able to see...
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...| The Importance of Business Strategy | MT460/04 | | Management Policy and Strategy Unit 2 Business Planning The Strategic Management Concept The concept of strategic management involves several different aspects of business. In the simplest terms, a company generates objectives and goals by which it would like to operate. The manner in which those goals and objective are accomplished and the strategic decisions made regarding those fall into the concept of strategic management. There are several different key elements in the strategic management process. A company must first set a high level overview of what it would like to accomplish. This may include its mission statement, objective and subjective goals and also company philosophies. The company must then study itself to determine its strengths and capabilities as well as its internal makeup. This is called doing an internal analysis. After conducting an internal analysis, an external analysis must also be completed. This includes studying factors that are typically outside the realm of control for a company. This will aid in understanding the current market conditions as well as trends by competitors to help align business focus. Being able to understand the external environment will help a company be better suited for change if needed when situations arise in the external environment. Devising a plan and creating a vision for a company’s long term goals is vital for creating a direction towards...
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...HND in Business Unit 15 - Managing Business Activities to Achieve Results Module Handbook 2013/14 Module Leader: Andy Humphries 01244 656371 Email: a.humphries@west-cheshire.ac.uk CONTENTS | PAGE NO. | 1 | WELCOME AND INTRODUCTION | 3 | 2 | MODULE RATIONALE | 3 | 3 | LEARNING OUTCOMES | 3 | 4 | OUTLINE CONTENT | 3 | 5 | TEACHING AND LEARNING APPROACH | 4 | 6 | ASSESSMENT | 5 | | | | 7 | EQUAL OPPORTUNITIES | 9 | 8 | ACADEMIC SUPPORT | 9 | 9 | EVALUATION | 10 | 10 | SCHEME OF WORK | 10 | 11 | READING/LEARNING RESOURCES | 12 | 1 WELCOME AND INTRODUCTION The overall function and direction of an organisation is determined by the nature of its corporate strategy. Strategy provides the goals, objectives and guidelines for the structure and operations of the organisation. It is by means of structure that the purpose and work of the organisation are carried out. Some structure is necessary to make possible the effective performance of key activities and to support the efforts of staff. Structure provides the framework of an organisation and its pattern of management. The manager needs to understand the importance and effects of organisation strategy and structure. The aim of this unit is to provide learners with the understanding and skills to manage their | activities in the business workplace to improve their effectiveness and efficiency. | This unit focuses on the effective and efficient planning and management...
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...and article by Nunn and McGuire (2010). The main purpose of The Importance of a Good Business Plan by Less Nunn and Brian McGuire is that the basis for any business is a sound business plan. “It is written to guide the business owner in how to develop and operate the business” (Nunn & McGuire, 2010). It also serves the purpose of attracting potential finance of startup or expansion. I believe that the key question that the author is addressing is how do we effectively plan for the future? In order to do this effectively your plan has to include four key elements: Strategic, operational, financial budgeting and forecasting. I would have to say that the Business Plan Format was the most important part of the article. It describes the various elements of the plan and what those sections should include. The main inferences in this article are the importance of a strong Management and Executive Summary to impress potential investors. The authors go on to state that the “characteristics of a good plan were that it was well written, organized into sections, and included detailed financial projections” (Nunn & McGuire, 2010). Key concept of this article is to develop strategic plans that will guide management with a road map to successfully running the business as well as give reassurance to investors that you will be a good custodian of their funding. The main underlying assumption is that the person writing this plan is indeed qualified to run the particular venture they are pursuing...
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...Developing A Business Plan Overview The importance of planning should never be overlooked. For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths and competition. They must also have the foresight to plan for future expansion. Whether yours is a new business or an existing business in the process of expanding, money is often an issue. Taking time to create an extensive business plan provides you with insight into your business. This document can serve as a powerful financing proposal. This article will take you through the step-by-step process of developing a business plan. A business plan is very specific to each particular business. However, while each business needs a unique plan, the basic elements are the same in all business plans. To complete an effective business plan you must dedicate time to complete the plan. It requires you to be objective, critical and focused. The finished project is an operating tool to help manage your business and enable you to achieve greater success. The plan also serves as an effective communication tool for financing proposals. At the completion of this exercise, you should be able to: Describe the importance of a business plan Identify the elements of an effective business plan Write a business plan Outline: Why Write a Business Plan? Who Should Write the Business Plan? Business Plan Components ...
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...sheet Qualification Pearson BTEC Level 5 HND Diploma Business Student name Unit number and title Unit 15: Managing Business Activities To Achieve Results Assessor name Loganathan Ramasamy Date issued Completion date Submitted on 13/10/2014 30/01/2015 30/01/2015 Assignment title Managing Business Activities To Achieve Results Learning Outcome Learning outcome Understand the importance of business processes in delivering outcomes based upon business goals and objectives Be able to develop plans for own area of responsibility to implement operational plans Assessme nt Criteria 1.1 1.2 1.3 LO1 In this assessment you will have the opportunity to present evidence that shows you are able to: Evaluate the interrelationship between the different processes and functions of the organisation. Justify the methodology to be used to map processes to the organisation’s goals and objectives. Evaluate the output of the process and the quality gateways. Task Evidence no. (Page no) 2.1 2.2 LO2 2.3 2.4 Design plans which promote goals and objectives for own area of responsibility. Write objectives, which are specific, measurable, achievable, realistic and time based to align people and other resources in an effective and efficient way. Implement appropriate systems to achieve objectives in the most efficient way, on time, to budget and meeting organisational standards of quality. Carry out work activities meeting the operational plan through effective monitoring and control. Version...
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...• Conduct an internal and external environmental analysis for your proposed business. • Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment. • Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. • External forces and trends considerations: • Legal and regulatory • Global • Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends considerations: • Strategy • Structures • Processes and systems • Resources • Goals • Strategic capabilities • Culture • Technologies • Innovations • Intellectual property • Leadership • Write a 1,400-1,750-word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include the following: o Include economic as well as legal and regulatory forces and trends. o Critique how well the organization adapts to change. o Identify issues and/or opportunities: o Identify the major issues and or opportunities that the company faces based on your analysis above. o Generate a hypothesis surrounding each issue and research questions to use...
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...proposed business. • Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment. • Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. • External forces and trends considerations: • Legal and regulatory • Global • Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends considerations: • Strategy • Structures • Processes and systems • Resources • Goals • Strategic capabilities • Culture • Technologies • Innovations • Intellectual property • Leadership • Write a 1,400-1,750-word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include the following: o Include economic as well as legal and regulatory forces and trends. o Critique how well the organization adapts to change. o Identify issues and/or opportunities: o Identify the major issues and or opportunities that the company faces based on your analysis above. o Generate a hypothesis surrounding each issue and research questions to use for conducting analysis. o Identify the circumstances surrounding each issue; classify the circumstances; attribute the importance of each...
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...Nature and the Importance of Operation Management 2 Task 2: The Link between Operation Management and Strategic Planning 4 Task 3: Organizing a Typical Production Process 6 Task 4: Application of Relevant Technique to the Production of an Operational Plan for an Organization 7 Conclusion: 9 References: 10 Introduction Operation management is a part of overall function of a business organization. It means planning, organizing, staffing, leading and controlling the resources of a company those are used to make goods or services of that particular organization. So it can also be said as a part of management function. Operation management is important for any kinds of company including for- profit, not-for-profit, social, commercial etc. IT performs the prime managerial activities of any organization. Weather the organization is service oriented or profit oriented to achieve goals it needs to manage its resources like human, technological, informational etc. organizational management makes the way for a better combination of these resources. In this assignment the nature and importance of operation management will be described. The importance of organization management for an organization, its operation in a selected organization and evaluation of operational management of a selected organization by using a process model also will be described. There is a link between operation management and strategic management it will also be explained. The importance of Three Es’,...
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...The Importance Of Marketing In Your Business By Carael Knight Ads by Google Small order business www.hktdc.com Meet quality suppliers in Hong Kong Int'l Lighting Fair 2012. 6-9 Apr Create More Value www.thepartnershipmodel.com Develop stronger relationships with your customers and suppliers What do customers want? ey.com/global-insurance-survey-2012 How insurers can meet evolving customer needs. The true definition of marketing is setting up automatic, repeatable systems that create an environment where people want to buy from you instead of you having to sell them. Just as a bee is lured to the nectar of a flower, business people are lured to money. Entrepreneurs are the honeybees of our economy. Ultimately the goal of an entrepreneur is to extend the life of his or her enterprise for a lifetime. As a business owner, your ultimate product is a satisfied customer. Some facts about the Internet and search engines: Over 80 percent of Internet users use search engines to find information A typical search can often generate thousands if not millions of results Only those websites listed in the top 100 will ever see any significant traffic Each day, millions of online businesses are competing for those top 100 spots The best marketing advice I can give you is find the right audience, ask people what they what, and after that, simply give it to them. Marketing is the science behind encouraging interested people to buy. The success of any business basically comes down to...
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...Preliminary Business Studies Assessment Task 3 Notification SCEGGS Darlinghurst Preliminary Business Studies Assessment Task 3 Notification BUSINESS STUDIES PRELIMINARY ASSESSMENT TASK Assessment Task 3 Notification Assessment Task 3: A BUSINESS REPORT Date Issued: Wednesday 6th May, 2013. Subject: Preliminary Business Studies, Topics: 1-3 Title of Task: Business Report on an SME Weighting: 30% Due Date: Part 1 - This should be presented to your teacher by Friday 17th May (Wk 3). It may be presented as either one page of notes or a one page mind map. Part 2 - Tuesday 11 June 2013 (in your lesson), 2013 Term 2, Week 7 (PF- P4, MW-P3) Component: Inquiry & research, Communication of business information, ideas & issues in appropriate forms, Knowledge and understanding of course content Outcomes: P1 discusses the nature of the business, its role in society and its legal structure P2 explains internal and external influences on business P3 describes factors contributing to the success or failure of small to medium business enterprises P4 assesses the processes and interdependence of key business functions P6 analyses the responsibilities of business to internal and external stakeholders P7 plans and conducts investigations into contemporary business issues P8 evaluates information for actual business situations ...
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....1 | UNIVERSITI TUNKU ABDUL RAHMAN (UTAR)FACULTY OF BUSINESS AND FINANCE (FBF) | Unit Plan 1. | Unit Code &Unit Title: | UBMM1011 SUN ZI’S ART OF WAR AND BUSINESS STRATEGIES | 2. | Course of Study: | Bachelor of Commerce (Hons) Accounting (AC)Bachelor of Business Administration (Hons) (BBA)Bachelor of Business Administration (Hons) Banking & Finance (BF)Bachelor of Business Administration (Hons) Entrepreneurship (EN)Bachelor of Economics (Hons) Financial Economics (FE)Bachelor of Finance (Hons) (FN)Bachelor of Marketing (Hons) (MK)Bachelor of Social Science (Hons) Psychology (PY)Bachelor of Arts (Hons) English Education (EL)Bachelor of Arts (Hons) English Education (ED)Bachelor of Science (Hons) Chemistry (CE)Bachelor of Science (Hons) Statistical Computing and Operations Research (SC)Bachelor of Science (Hons) Biotechnology (BT)Bachelor of Science (Hons) Microbiology (MB)Bachelor of Science (Hons) Construction Management (CM)Bachelor of Engineering (Hons) Electronic Engineering (EE)Bachelor of Information Tchnology (Hons) Communications And Networking (CN)Bachelor of Computer Science & Information Systems (Hons) (CS) | 3. | Year of Study: | Y2T1/T2 (BAC) Y1T2/T3 (BBA) Y2T1/T2 (BBF) Y2T1/T2 (BEN)Y2T1/T2 (BFE) Y1T3 (BFN) Y2T1/T2 (BMK) Y3T2 (PY)Y3T1/T2 (EL) Y1T1/T2/T3 (ED) Y1T1/T2/T3 (CE) Y2T1/T2 (SC) Y1T1/T2 (BT) Y1T1/T2 (MB) Y1T1/T2 (CM) ...
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...Reflective Essay MGT3193 I have always wanted to start my own business. The knowledge and experience gained from completing various components of the business plan for this module has definitely equipped me with the some of the skills necessary for entrepreneurship. After taking this module, I would say that I am now looking at businesses differently and I am more appreciative of the processes behind managerial decision-making - specifically the seemingly innocuous details that make all the difference for an organisation. For example, hitherto I did not really appreciate the effect music has on consumers/ and or employees. I have since learnt that many studies point to background music being used in retail stores to: “improve store image, make employees happier, reduce employee turnover, and stimulate consumer purchasing” (Milliman, 1982, p.86). Dr Mike Lee describes the entrance of supermarkets as a landing strip reiterates the importance of making it appealing to attract customers (Hubbard, 2016). Another thing I have observed is that supermarkets usually put their most profitable goods at eye-level; this is where customers are most likely to see them. For example, in the stationary section of my local Tesco, you would see the higher priced materials at eye level and the cheaper goods are usually located on the higher or lower level shelves. Whilst writing up this business plan, I have used my knowledge and tools from other modules as well as the tools provided in this...
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...need for business continuity plans and disaster recovery plans has become a high priority for organizations of all sizes. Examine the importance of business continuity and disaster recovery plans, citing examples of each used in practice. Four response to negative risk that an organization may pursue: Avoid - Eliminating any possibility of risk through hazard prevention, or the discontinuation of activities determined to entail any level of risk. Avoid example - Testing software, hardware and or applications before users are able to obtain it would eliminate bugs, security breaches and capability issues. Transfer - Placing the risk onto a third party. Transfer example - Placing the liability of a company, such as their employees, onto an insurance company would minimize potential risk. Mitigate - Reduces the impact of a threat. Mitigate example - Securing an entrance of a company with code or badge scanning with reduce the probability of threat entering into the companies environment. Accept - Is the process of actively deciding that you will accept the consequences (impact) of a risk if it occurs. Accept example - If a computer fails or crashes, having another there to replace it or a technician there to fix it. The importance of business continuity and disaster recovery plans. Business continuity and disaster recovery plans are extremely crucial to any environment that has IT systems. One of the major concerns in any business is the loss...
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