Business administration is wide area that help in incorporates several kinds of the management positions. From main corporations to the independent businesses, each business operations require the skilled administrators in context to be succeeded. Under this mention report will be discuss about legal business obligations (Ackermann, 2012). Process of product and service development will be discussed here. There will be discussion about the features as well as uses of the market investigation.
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1.1 Characteristics of different business markets
There are five different types of business market which are given below:
Government- It provides the business contracts to firms by filling lengthy bids.
Business to Business market- Under this, one business sells its goods to another.
High street- Under this, selling of goods is based on the type of consumers.
Industrial marketplace- It includes firms which transacting the business in hard products like supplies etc.
Financial and professional services- In financial services consist insurance, lending, tax planning etc. In Professionals service include marketing, IT etc.
1.2 Nature of interactions between businesses
If the nature of firm is B2B then it is quick at offset in context to deal with the clients and also develop the positive relationship with the other firm for the future development of business in an effective manner (Cooke and Alcadipani, 2015). In this business, another firm that will buy product, test the goods along with its quality and also then purchase the products.
1.3 Organisation’s goals may be shaped by the market
Goals of firm are to be shaped through business markets in which it included. There are different factors of marketing which impact on goals of firm such as costs, price determination, elasticity, revenues, demand and many others.
1.4 Legal obligations of a business
When firm is starting a business then there are some legal obligations should be follow. There is some laws mention below as above:
Corporations Act, 2001- Under this the owner of business should be abide through in context to business structure.
Discrimination act- It is helpful in treats all employees equally. So, that they can be retain at workplace (Escobar-Rodriguez and Monge-Lozano, 2012).
2.1 Business innovation
Innovation refers to make changing the process along with developing the better ideas, products and processes. Under this, company will execute the new ideas; make improvement in existing products of services etc.
2.2 Uses of models of business innovation
There are several business innovation models and they are helpful in develop the new ideas as well as skills. The innovation models are helpful in determine the better opportunities to business for develop business, search and generate creative ideas, enter in emerging markets etc. which will be helpful in enhance business for future.
2.3 Sources of support and guidance for business innovation
The main focus of government of United Kingdom on make improvement in business and it also provide help mainly the small scale business. Under this, organisations can develop their business with the help of innovation. On the other hand, local authorities are providing the help to business for get going (Hakansson, 2015).
2.4 Process of product or service development
In product development process, different steps are mention below:
Idea generation- Under this, there is employees and managers discuss about the generation of new ideas to develop new product.
Product evaluation- Analysis of service with effectiveness in leading to the decision for further research or merit pursuing.
Initial Feasibility Testing- Existing consumers are know about product idea and also initiating the purchasing intentions which are identified.
Business analysis- There is examination of profit of product as well as its production.
Product Development- Under this, prototype will be produced and the goods are designed to satisfying the needs and demands of consumers.
Market testing- By observing behaviour of the consumers about product, company can know about effectiveness of business.
Decision on business model- Business review require to performance for conclude to continue with product, change that etc.
Introduction to market- In this firm will enter product in market (Hesselbarth and Schaltegger, 2014).
2.5 Benefits, risks and implications
Business innovation is helpful in improving products and profitability of business by reducing the costs. It is a main source of development of business. Risk of innovation can be failure to arrange finance, adopt technology etc. Implication can be loss of more money or any bankruptcy.
3.1 Importance of financial viability
For financial viability, there is a requirement to firm to afford to carry its trading and pay bills. It is more necessary in business because if firm will be financially viable then firm can conduct its business in a successful manner. It will be helpful in enhancing the profit level of company.
3.2 Consequences of poor financial management
It is necessary for firm to make the better financial viable decision and if firm will make any wrong decision then firm can be in debt (Iansiti and Lakhani, 2014). If company will spend its money in purchase the expensive things then it cannot improve its operations.
3.3 Different financial terminology
Gross profit- In this includes money that firm gas made after permitting cost of selling of product.
Net profit- It I actual profit that organisation made after the working expenses.
Turnover- Under this, amount is taken through firm in period of time.
Debt- It is amount that owe to company or firm.
4.1 Uses of a budget
Budget refers to an estimation of expenditure and income for set time period. It is helpful for business to operate in a better manner. It helps in organising the business for earning the profit level. Different uses of budget are:
Documentation: In this, company manage as well as monitor the performance, expenditure etc.
Project planning: Under this, firm manage the cost of project and allocations.
4.2 Manage a budget
There are some steps included in manage budget:
Set goals- When developing the budget, it is necessary to make the realistic objective in mind such as enhancing the marketing to maximise sales (Kitchin, 2015).
Determine expenses and income- Determine what will be impact budget of firm.
Design budget- In this, it is necessary to prepare the budget along with develop action plan. The actions and costs should be match.
5.1 Principles of marketing
Marketing refers to management process that is responsible for determining, anticipating and also fulfilling the needs of consumers to facilitate the demand of consumers. Marketing is related with getting right goods to right individual. It is helpful in decide key audience of service or product as well as emphasising selling points in order to enhance the sales.
5.2 Sales process
It is a responsibility of company to provide the better quality of products which can help in enhance sales along with maximising the profitability. The main objective of marketing is selling and or the selling process of every company is varied from the each other (Miranda, Gramani and Andrade, 2012). In selling process different stages are mention below:
Collecting information- To sell service or product to customers, it is necessary for company to determining the demands, preferences and needs of consumers.
Matching- Under this, discussing about the features of products which help in provide the advantages to wants as well as requirements of customers. The product should be match with the needs of consumers.
Closing sale- In this step, firm close sale with customers by confirm to keep in contact to enhance likelihood of the repeat business.
5.3 Features and uses of market research
When firm is setting business, market research is used to investigate effectiveness of process of marketing company with customers. In context to this, market research is helpful in understand the new goods and review the channels of distribution for sales. Main reason for the investigation is to judge sales of service or product at market place.
In marketing research consists defining problem of service, budget evaluation, timeline and data analysis to enhance sales along with compare the goods at market place (Pollard, Minor and Swanson, 2014).
5.4 Value of a brand
Brand refers to symbol or name that is helpful in determine business or goods along with distinguish them as compare to its rivals. It is helpful in recognition of business and also permits customers to know about goods as well as selling points. If the brand name will be high then large number of consumers will be attracted towards firm.
5.5 Relationship between sales and marketing
Several people think that the marketing and the sales are mostly similar but these are two different concepts with several different aspects. In marketing concepts includes promotions, sales, advertising and public relations (Toth and Vigo, 2014). In addition to this, it is procedure of introducing service or product to the market and also promoting it to customers for encourage enhancing sales. On the other hand, sales are an act of buy only along with end objective of the marketing efforts.
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It has been concluding from the above mention report that business administration plays a necessary role in performing activities. There has been discussed about the various financial terminologies. Benefits, implication and risks related with innovation have been studied.
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- Ackermann, S. ed., 2012. Are small firms important? Their role and impact. Springer Science & Business Media.
- Cooke, B. and Alcadipani, R., 2015. Toward a global history of management education: The case of the Ford Foundation and the São Paulo School of Business Administration, Brazil. Academy of Management Learning & Education. 14(4). pp.482-499.
- Escobar-Rodriguez, T. and Monge-Lozano, P., 2012. The acceptance of Moodle technology by business administration students. Computers & Education. 58(4). pp.1085-1093.
- Hakansson, H., 2015. Industrial Technological Development (Routledge Revivals): A Network Approach. Routledge.