business essays samples

1.ExecutiveSummary

RushBakers&Restaurant(RBR)isastart–upbakery...showmorecontent...

–PeopleorfamilymemberswhocometoNittambuwaforshoppingandwhowillbelookingfor walk–infoodconveniencefeelingtired.

–Localtravelersandtouristswhoareactiverestaurantseekers

5.1MarketSegmentation

RushBakersintendstoserveawiderangeofcustomerbase.Ourmarketsegmentincludes: Youngadultsandbusinesspeople

Travelersandtourists

High–endsinglesorbachelors

5.2TargetMarketSegmentStrategy

ThedominanttargetmarketforRushBakers&Restaurantisaregularstreamoflocalresidents..We canspecificallydividethemarketintotwosegments,ordinarypeoplewithfamiliesandbusiness people.

6.StrategyandImplementationSummary

Thisbusinesshopestosucceedbyofferinghighqualityfoodsandbakeryproductsatacompetitive priceandsuperiorcustomerserviceatafriendlyneighborhood–feelatmosphere.

61CompetitiveEdge

ThecompetitiveedgeofRushBakers&Restaurantisrelativelylowlevelofcompetitioninthelocal areasinthisparticularniche.RushBakers&Restaurantrelyontwocompetitiveadvantages: Theimportanceofexperience–Thecustomerexperienceisextremelyimportantasaneffectiveway ofdistinguishingofferings.Whenacustomerhasagoodexperienceatarestaurant,theprobability ofthecustomerrepeatingtothehotelismoreandthereischanceofsharinghis

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Describethetypeofbusinessyouhavecreatedincluding:a.theproductorservice,andgeneral staffingplan.Providearationaleforyourplan.b.Theformofyourbusinessandthebenefitsit offersyourparticularbusiness,c.Achartofaccountsspecifictoyourbusiness,includingarationale astotheselectionofeachaccount.(Note:Thechartofaccountsisablueprintofyourbusinessfor thelender/investorItshouldreporttheexpectedresourcesthatyouwillconsumeinyourbusiness (assets),thesourcesofthoseresources(liabilitiesandequity),thesourcesofrevenue,and expendituresthatyouexpecttoincurtoearnthoserevenues.Youmaybuildadetailedchartthat includesbusinessunits,divisions,productshowmorecontent

ChrisFortechosetobeasoleproprietorbecausesoleproprietorshipsaremainlyone–owner businesses.ChrisFortecancloseit,sellitorpassitdowntohisheirsatanytime.Asoleproprietor paystaxesasapartofhisindividualincometaxfiling.Thecostsofobtainingalicenseforsole proprietorsaresubstantiallylessthanthoseforcorporations.Start–upcostsforsoleproprietorships areverylowTheStartupcostforShearPerfectionUnisexSalonwillconsistsofthecostofthe building(23,000)fivesalonstations,fivemasterbarberchairs,eachstationrequiresasalonchair, cabinet,andalargemirror,shampoobowlandafloormat,fivesitunderdryerswillbelocatedin therearofthesalon.Allothermiscellaneousitemssuchascurlingirons,electricrazor,severalpairs ofscissors,spraybottle,assortedcombsandbrushesallemployeesareexpectedtoprovidefor themselvesShampoobowlsandfloormatsLocatedinthefrontofthesalonwillbeadeskforthe receptionist,alongwithacomputerforsalesandbookingappointments,threecouchesforreception areaandtwoflatscreentelevisionstoentertainourclients.Locatedinthebackofthesalonwillbe anofficeformanagementwithacomputerforaccountantpurposewithaprinterDescriptionCost BuildingTotalCostofBuilding23,000EquipmentTotalAmountofEquipment4,723Furniture CosttoFurnishSalon9,753

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BusinessandManagementisacourseIbelievethatIhavethequalitiesandskillstocreatea successfulcareerinthisarea.EversinceIcanremember,Irecallalwayswantingtoorganise everyoneandgivethemcertaintaskstodo.Infact,evenwhenIwasjustplayingwithmyfriends.I rememberhowIusedtoorganisealltheplaysandconcertsthatwedid.Ihavebeeninspiredbymy ownFatheradirectorofasuccessfulbusinessorganizationwhichhasbeenmanagedbyhimover yearsandalsosupportinghimisateamofwellqualifiedmarketerswhoreallyknowhowtomove themarginsofthecompaniessupplyanddemandofgoodsworldwide.Thisisafieldwhichwe encounterinoureverydaylifewhichinvolveswiththebuying,selling,showmorecontent Also,Ihaveworkedformydadduringtheholidays,whichIpartookinspecialisedpositionsinthe organisationlike;goingtothewarehousetocheckorcountstock,managingasectorofthebusiness ifIwasassignedto,helpedinthesales,deliveryandalsothemarketingofthegoods.But,Ifeelthe mostimportantpointsIdiscoveredsofarfromthetimeI'vespentworkingwith/formydadisfirstly theabilitytounderstandwhatdrivesabusiness,andtheprocessesneededtohelpresolveany barrierstocontinuedgrowthandprofitability.Secondlybeingabletolookbeyondthenumbersto thebusinesstrendsanddrivers,andthirdlybeingabletoworktodeadlinesandhandlepressure.

Iamindeedasocialperson,andalwaysliketobeinvolvedorbeapartofmylocalcommunity, whereIhelpoutintheanchoring,hostingandmanagementofeventsboththenon–profitandprofit basedevents.AlsobeeninvolvedwithacharityorganisationbywhichIwasinvolvedinboththe marketingandthemanagementoftheevent.

Iamnowlookingforanopportunitytofurthermypersonaldevelopmentandcareerprogressionby enrollingwithareputableuniversityonabusinessmanagementdegreecourse.Iwanttolearnmore aboutthe

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Whenbrainstormingtostartabusiness,itisessentialtoresearchthemostefficientwaytostarta companyandalltheliabilitiesthatcanhappen.Businesscanbecomesuccessfulwiththeright personinplaceandauniqueidea.Whenmakingacompany,itiscrucialtodeterminethestructure, whichorganizationtostartwithandtheliabilitythatisinvolved.Whentakingacloserlookatfive differentcompanystructuresSoleProprietorship,GeneralPartnership,LimitedPartnership,S/C Corporation,andLimitedLiability.Whichhavenothonoredthecontractandareatriskforlegal actions.Thevariousliabilitiesbetweeneachownerwillbediscussed.Whichwillanalyzewaysto limitliabilityanddisplaymyfuturebusinessshowmorecontent

Now,Apartnershipisformedbetweentwoindividualsandtheagreementshouldbeinacontract formorwriting.Thenexttwotypesthatarediscussedaregeneralpartnershipandlimited partnership.Silverbrand(2008)statedPartnershipsaretheprimaryformofbusinesswhichlarger companiesbegin(p.167).Partnershipsaresimpletostart,norequiredregistrationonlywithin certainstates,andcanendquiterapidlyAgeneralpartnershipiswhereeachpartnerisequalto liabilityoranylitigationconsequences.Inalimitedpartnership,theliabilityislimitedequaltothe amountthelimitedpartnersatfirstinvested.Infact,sometimeslimitedpartnersdonotmake businessdecisionsbut,ownstockwithinthecompany.Basically,anLLC,withitshybridnature, "providesowners...withthelimitedliabilityprotectionofacorporation,butwithoutthepotentialfor doubletaxation"(Jordan&Clark,1197)Theincomecreatedfromageneralpartnershipofa businessistaxedasincomeearnedbythepersonworkingforadifferentcompany.Whenstartinga partnershipitisbesttodiscusstheamountofliabilitythateachpartnerisresponsiblefor.Which, willhelpwhenlookingatthetypeoflitigationdescribed

ThemostrecognizedcompaniesareCorporationsandLLC's.AccordingtoSonderquist(2000) Corporationsaresimilartolimitedpartnerships

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BusinessCommunicationEssayexample

Businesscommunicationneedstobecomeinterpersonalagain.Nomatterhowwebelieveour humanformscameintoexistence,wewerebuilttoneedpersonalcontactandfunctionbestwith face–to–facecommunication.Aschildren,wedesiredcomfortfromtouch,ahugfromourmothers. Asteenagers,weheldhandswithourboyfriendorgirlfriend.Asadultsintheworkforce,westill needtofeelthatconnectionandcomfortwithourfamiliesandthepeopleweworkwithAsSusan RoAne(2008),ownerofaspeaking,consulting,andcoachingbusiness,discussesonewaywefeel thisconnectionisthroughgettingtoknowandbuildingtrustbycommunicatingin–person.Through thisinterpersonalinteraction,wenotonlyfeelmorecomfortablearoundshowmorecontent Forthegreatestsuccessofthebusiness,employeesneedinterpersonalcommunicationtoconnect withtheirco–workers.Aleadershipexpert,JohnC.Maxwell(2010)says:"Connectinggoesbeyond words."(p.41).Physicallybeinginthesameroom,verballyspeakingthoughts,engagingineye contact,andbeingabletoseenonverbalresponsesareallimportantandaddtoaperson's understandingofthemessagebeingcommunicatedandfeelingaconnectionOverall, communicatingface–to–faceismorenaturalforemployees.Anemployeeknowswhoishearing whattheyaresayingandseeingtheirnonverbalgestures.Theemployeecaneithergetimmediate feedbackwhetherornotthepersonunderstandsoragreesordisagrees.Thecommunicationdoesnot havetobeformattedasitdoesonpaper.Anemployeeshouldstillpresentthemselves professionally,butcommunicatingface–to–faceisaprocess,insteadofformat

Throughin–personcommunication,employeeswillbeabletonotonlybuildneededconnections, butrelationshipsandtrustwithco–workersinthebusiness.Maslow'shierarchyofneedsislikea staircase,apersonneedstosatisfythelowerstairstoeasilyreachandfulfillthehigherstaircasesIf yourefertoFigure1onpage9,socialneeds,feelingconnectionswithpeoplearoundyou,are

Discussandprovideexamplesofthechangingfactorsthatwillinfluencebusinessinthefuture(e.g., newinvestmenttechniques,newformsofcommunication,newmanagementstructure,new technology,ornewmarketingtechniques).Select2ofthe5identifiedfactorsandexplainindetail thefactorthatwaschosenandprovideanexample.

Newmarketingtechniques

Greenmarketingisveryimportantastheproblemsofenvironmentalprotectionareessentialforall countriesallovertheworldnowadays.Therecentresearchesgiveusevidencesthatanxiety concerningnaturepollutionisincreasingTheecologicalsecuritybecameprimaryforconsumers Thus,itishightimetoreconsidertheunderstandingthenatureasourhabitataswellas...showmore content

Insummingup,alltheseelementsareimportantandrequireseriousconsiderationbeforebeing executed(Pakroo,22–26).Thebusinessplanofthecompanydevelopmentshouldincludeallthese elements,becausetheywillhelpbuildingaworkingmodelofthebusiness Reviewanyadditionalideasthatyoumayhaveabouthowfuturebusinesswillwork. Infact,thecoreofanybusinessplanisbasedonaspecifictypeofbusiness(Timmonsetal.2004). Thismodelshowshowbusinesscreatesprofitabilityandsuccessinthemarket.Fourfactors determinecorrectlycreatedabusinessmodel.Herearefourfactorsthatdetermineawiselycreated businessmodel:1money;2definitionoftime;3competitiveadvantage;4basicskillsFirstly,it isimportanttothinkaboutthesourceofprofitability.Atthisstageofbusinessdevelopment,itis importanttodefinewhetherthecompanywilloffertheproducts,servicesorboth.

Todaytheecologicalproblemisveryimportantinanysphereofourlifeandtheexistingdataofthe problemsofenvironmentalprotectionshowedthatitisessentialofnowadaysresearch.The ecologicalproblemsbecomeprimaryinthemindsofconsumers.Greenmarketingisastructural elementofmanagementofbranchmanufacture,canberealizedonthebasisoflinearsystemwhen ecologicalproblemsareintegratedintoalreadyexistingorganizationalstructureonthebasisof expansionofdutiesofalllevelsof

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AccordingtotheICCAtherearetwomaintypesoftourism,leisuretourismandbusinesstourism; theIMEXdefinestourismas'theprovisionoffacilitiesandservicestothemillionsofdelegateswho annuallyattendmeetings,congresses,exhibitions,businessevents,incentivetravelandcorporate hospitality"[1]howeverthereisnocommonlyuseddefinitionforbusinesstourismastherearemany differentaspectstothetermsofthemeetingindustryDavidson2003andSwarbrooke2001state that'businesstourismisconcernedwithpeopletravellingforpurposeswhicharerelatedtotheir work.Assuchitrepresentsoneoftheoldestformsoftourism,manhavingtravelledforthepurpose oftradesinceveryearlytimes'[2]

Trendshaveashowmorecontent

Eachofthesehasaconsiderableaffectonthebusinesstourismindustryandcouldhelpimprovethe ?forshugborough.

ConferencingisoneofthelargestsectorsofbusinesstourismaccordingtotheBritishconference markettrendssurvey2001estimatedtobeworth£7.3billion.Therehasbeenanincreasing investmentintoglobalconferencesindustryinfrastructuresincethe1960's,whichshowshow importantbusinesstourismintermsoftheeconomyaddingtotheexistingleisuretourism developmentsandprestigeassociatedwithhighprofileconferencesAsitissituatedinMilforditis easilyaccessiblefromtheM6itmakesitanideallocationtoholdconferences,thiswouldbe possiblethroughtheuseofTheSaloonsituatedinthemansionhouse,TheLichfieldsuitewould alsobesuitableforsmallerbusinesseventsShugrboughhallsfacilitieshastheabilitytoholdsuch thingsasbusinessmeetingsforexampleteammeetings,annualmeetings,andcompanyaward ceremonies.

Thesecondofthemaintypesofbusinesstourismisexhibitions.Anexhibitionis'aprofessionally organizedeventthatfacilitatesthemeetingofbuyersandsellersinacosteffectivemanner' (businesstourismpartnership)[5].Exhibitionsarethe5thlargestmarketingmedium

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StartingandRunningaBusinessDespitebeinganintimidatingprospectformostpeople,thereare millionsofentrepreneursintheUS.Someofthemturnouttobeverysuccessful,others,notso much.Therearemanystepstostartingandrunningabusiness,butmanyofthemcanbeeasily accomplishedsimplybyfillingoutsomeforms,andseveralsmallfees.Businesseshavebeenaround sincethebeginningofbartering,anappleforsomewheat,ahorseforawife,adaughterforahouse (InnowayreflectingwhatIwouldtrade)Thestartupsofbusinessesacrosstimehavenevercome easy,fromcost,tohassle,tothreatofbeheading;therehavealwaysbeenobstaclesinstartinga businessOneofthehardestpartsofbeinganshowmorecontent

Thisisidealformostpeoplewhowanttostartabusinessandkeeptheirhomeifsomethinggoes wrong.Thelargestareaapermitisgoodforisonecounty.Ifonewishestooperateoutsidethe countythelicensewasissuedin,theywouldhavetogetalicensefromthatspecificcounty.The mostimportantthingisstartingabusinessishavingabusinessplan.Thisistheonlywayanybank willapproveyouforabusinessloan[1]Withoutthisbusinessplan,thebankhasnowaytoanalyze thebusiness'sperformancethusfar.TheSBAoffersatemplateforhowtolayoutabusinessplan. Thefollowingishowagoodbusinesstemplateshouldbeformatted(fromSBA.gov).

WritingthePlan

Whatgoesinabusinessplan?Thebodycanbedividedintofourdistinctsections:

Agendashouldincludeanexecutivesummary,supportingdocuments,andfinancialprojections. Althoughthereisnosingleformulafordevelopingabusinessplan,someelementsarecommonto allbusinessplansTheyaresummarizedinthefollowingoutline:

EssayQuestion2:Inreviewingthelastfiveyears,describeasituationinwhichyoufeltparticularly effectiveasamemberofteam.(Limit500words)

Pictureanenvironmentinwhicha14to16workdaywasthenormratherthantheexceptionand whereworkingthroughthenightwasascommonasweeklystatusmeetingsTheseweretherealities ofaDeloitteConsultingengagementIhadworkedonatDeutscheBank.Myfirstrollwastobepart ofthetestingteam.Sincethesystemwasto"golive"in3monthsthepressurewasontoensurethat allthebugsinthesystemwouldbefoundandfixedThisputconsiderablestressontheteamThe teamdidn'thaveenoughtimetogivemeanoverviewoftheproject.Theybasicallygaveme theshowmorecontent

Iputinextraefforttolearnthesystem,evenonmyownpersonaltime.Within2weeksIwasupto speedandabletoassistmyteamintesting.

Thetestingteamwouldworklonghoursduetothetightdeadlines,anditwascommonfor managementtoaskustostaylongerwithlittlenotice.Ididnot,however,letthisaffectmyattitude towardstheteam.Iunderstoodthatsincethiskindofsystemhadneverbeenbuiltbefore,project timeestimationswouldbeinevitablyoff.Ialsohelpedtheteamwhennewteammembersjoined.I knewhowharditwasformetolearnthesystembymyself,andIwasgoodatcommunicating technicalmaterialinamannerthatnontechnicalpeopleunderstood,soItooktheinitiatetogetthem uptospeed.Thiswasnecessarysinceotherteammemberswerebusyanddidnothavethetimeto sitdownwithnewteammembers.

AstheprojectprogressedIwasputontheoperationsteamTheoperationsteamwasresponsiblefor monitoringthesystemwhentradeswouldbesent.Theteamhadtobeabletounderstandhowthe wholesystemworks.ToaccomplishthisIhadtoputinagreatefforttolearnthewholesystem. Moreover,thesystemneeded24hoursupport.Theoperationsteamwasrequiredtoworkinshiftsto accomplishthistask.Theshiftsoccurredin12hourtimeframesbutusuallylastedupto16hours. Thestarttimesoftheshiftswouldchangeduetochangingbusinessneeds,andeveryweek

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MyBusinessIdea

InmycourseworkIintendtostartmyownbusiness.Iwilldevisemyownbusinessplanwhich outlinesmybusinessproposalandthekeyaspects,duringthisIwillneedtoseekgoodbusiness adviceonthenecessarystepsIwillhavetomakeAsIgothroughthecourseworkIwillshow evidence,examplesandexplainhowbusinessesaresetup,whattypesofbusinessesthereareand theirsimilarities,thekindoftargetsbusinessessetforthemselvesandalsothedifferentobjectivesof differentstakeholdersFormybusinessIplantoselltoysandothergameproductsthateducate youngchildrenundertheageof11.

Startingupabusinessisdifficultandrisky.Anyonesettingupneedstoconsider:

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Mostpeoplethoughhavetoresearchtheirproduct.Businessesalsohavetodecidehowtheproduct istobemade.

Finance

Nobusinessescanbesetupwithoutfinance.Mostpeoplewhostarttheirownbusiness underestimatetheamountofmoneytheywillneedtosetupTheyareoftenUNCAPITALISEDand thiscausesproblemsasthebusinessexpands.Somebusinesseshavethepotentialtobehighly profitablebutfailbecausetheyrunoutofcashatacrucialearlystageinthelifeofthebusiness.So itisveryimportanttoworkouthowmuchmoneyisneededtostartthebusinessandtoidentify wherethemoneywillcomefrom.

Identifyingthesourcesofhelp

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Mostnewbusinessesdonnotsurviveformorethanthreeyearsoftrading.However,theirchanceof successismuchgreaterifthosesettingupthebusinesshavereceivedhelpfromexpertsbeforethe launch.ManynewbusinessesturntoBusinessLinkortotheirlocal

TEC.Theycanidentifyanygrants,loansorbenefitsthatareavailablefromgovernmentorfrom bodieslikethePrince'sTrustTheycanalsoorganisetraininginsettingupsmallbusinessesthatis sooftenvitaltothesurvivalofthebusiness.

EssayaboutBusinessChallenges

1.Themostsignificantchallengetobusinesssuccessyouseeinthisrapidlychangingglobal economy;

Onesignificantchallengetobusinesssuccessinthisrapidlychangingglobaleconomyisthatmany businessarefocusedonefficiencyandeconomicofscalesJustliketheexampleprovidedby MichaelH.HugoonChapter1,manycompaniesarefocusedonloweringoperatingcostasmuchas possible.Thisiscausingforexecutivesnotleaveanyroomforunpredictedchangeslimitingthe company'sabilitytorespondtocustomer'schangingneeds

2.Anorganizationthathasbeensuccessfulintheglobalmarketplaceusingvirtualteamsandthe bestpracticesitused(asdiscussedinChapter7ofBusinessAgility:ASustainableshowmore content...

Whilethisisapracticeenforcedthroughoutthecompany,itwasnecessarytomakesurethatthis communicationswerecleartothevirtualteaminordertomaintainmoraleandtheteam'strustinthe company.

3.HowtheMarketplacesimulationincorporatesthesechallengesintosimulationgameplay;

TheMarketplacesimulationincorporatesthesechallengesbyprovidingstudentwithreal–world businessproblemsandroles.Teammembersarechallengedtomakedecisionsandusedcritical thinkinginordertosolvethisproblemsvirtuallyWhileTheMarketplacegivestheteamthetolls necessarytohaveeffectivecommunication,ultimatelyeachteammemberscontributestotheoverall successoftheteam,justlikeinarealbusinesssituation.

4.Howyourreadingsandindividualself–assessmentworkprovidepotentialsolutionstothese challenges

Theunit'sreadingshaveprovidedmanysolutionstothechallengesbusinessesencounternowadays. Tothisday,therearemanycompaniesthathavebusinessplansthatconcentratestrictlyinlowering operatingcost,cutbudgetsasmuchaspossibleandoverworkworkersthatalreadyareoverworked Someofthissolutionsinclude:*Thinkingofthecostumer'sneedsandbeingabletorespondtotheir everchangingneeds*Managementneedstobetransparentandmakesuretocommunicatewith employees,especiallywhentheorganizationsismaking

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Startingabusinesscanseemlikeadauntingtask,whenreallythereisasystematicapproachthatan entrepreneurcantaketosettingupabusiness.Therearemanyfactorstoconsiderwhensettingupa businessstructure;thesefactorsincludestartupcost,operatingcosts,liability,andtaxation.A businessownerwillalsowanttolookatwhetherornottheymaywanttoexpandinthefuture, whichwillalsoplayafactorinwhattypeofbusinesstheyshouldsetupThispaperwilllookatthe advantagesanddisadvantagesofsole–proprietorships,partnerships,limitedliabilitycompanies,and corporations.Aswellaslookatwhatcourtscandoifabusinessoperatesoutsidethescopeof acceptedbusinesspracticeThereisno"onesizeshowmorecontent

Asole–proprietoralsohasunlimitedliability,whichmeansthebusinessandtheownerarenot separateentities.(Ref.1,pg.1)Thereforetheyareresponsibleforanydamagesincurredbythe companyandanypersonalpropertymaybetakentopayfordamages.Becauseasole–proprietorshipisnotseparatefromtheownertheincomefromasole–proprietorshipistaxedas personalincome,or"passthrough"incomeThebusinessownerhastopayFICAtaxesof765%on allincomeupto$94,200;theyalsohavetopayanadditionalemployerFICAtaxof7.65%onthat samefirst$94,200whichbringsthetotalto15.3%.TheowneralsopaysaFICAtaxof1.45%onall incomeof$94,201andabovebecauseallincomeistreatedaspersonalincomeforthebusiness owner.Thesetaxesareinadditiontostateandfederalincometaxes,whichalsotendtocatermoreto othertypesofbusinessstructure,particularlycorporations

Partnershipsaretheleastusedtypeofbusinessmakingupabout11%ofUSbusinessandaccount foronly8%oftheprofits.(Ref.3,pg.76)Partnershipsareverysimilartosole–proprietorshipsinthe formofstructureEachpartnertakestheirassetsandpoolsthemtogethertoformacompanyThe advantageofapartnershipisagreaterpoolofassetsorcapital,andsharedriskamongthepartners. Inapartnershiptheownerscanallprovideoperatingcapital,aswellasapplyforloanswhichgive themmore

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PersonallyIhadaverydispleasantexperiencedoingbusinesswithMen'sWarehouse.Forour weddingIdecidedtorentthemen'sattirefromthecompany,whichledtomoreheadachethan anything.Thedaythatwentintothestoreandputourorderin,Iwasalittleconcernedwithhow everythingwasgoingtoworkout.Thiswasduetothestaffgettingthedateconfusedmultipletimes, incorrectthecolors,aswellastheattireitself,andpaymentWestatedmultipletimesthatwewould bepayingfortheentirerental,anddidnotwantanybodyintheweddingtopayforanything.To startthespiralofdisaster,Ireceivedaconfirmationwiththeincorrectdate,whichleadtomecalling customersupporttogetthisfixedThentheweddingshowmorecontent

Thematterofwhichabusiness'simplementscustomerservicehasmuchmoreeffectonthebottom–linethatonemaythink.AccordingtoJohnson(2015)aHarvardBusinessReviewstudyrecently quantifiedthevalueofthecustomerexperience,demonstratingthatdeliveringexcellentsupport generateshighreturns.Withthatbeingsaidstaffneedtobeadequatelytrainedonquicklyresolving customerproblemsthatmayariseStaffalsoneedstobemadeawareofexactlyhowcustomer serviceaffectsoverallprofitabilityforthecompany.Thestudycametoconcludethetopfiveaffects inrelationtocustomerserviceandthebottom–line.Firstthestudyshowsthatsatisfiedcustomers aremuchmorelikelytospendmoremoney.Johnson(2015)statestheHarvardBusinessReview studyshowsthatcustomerswhosaidtheirexperiencemetorexceededtheirexpectationsspent approximately140%morethancustomerwhoreportedanegativeexperienceSecondcustomers whoaredissatisfiedactuallyendupcostingthecompanymoneybyreturningproducts,and exhaustingtheirtimewithsupportingcompanystaff.Thirdahappycustomertendstobearepeat customerforyearstocome,leadingtoanincreaseinrevenueforthecompanyAccordingto Johnson(2015)theHarvardstudyshowsthatmemberswhoreporthighlevelsofsatisfactionhavea 74%chanceofstillbeingacustomerayearlaterwhileonly43%whorate

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BusinessAdministration

Theideaofstudyingbusinessadministrationhasappealedtomegreatlyandhasencouragedmeto furtherdevelopmyeducationfollowingthispath.Ihaveakeenenthusiasmtopursueadegreein BusinessAdministrationasIenjoythechallengesitsetsandfindthemanydifferentareasof businessyouareabletobranchoutinto,veryexciting!FromresearchaboutthesubjectI'm expectingtogreatlyfurthermylearningofhowbusinessesoperateandbeabletothenputmy knowledgeintopracticeIamconfidentwithinmyselfandfindcommunicationwithotherseasyI wanttostudyatuniversitytodeepenmyunderstandingoftheknowledgeandskillsIalreadyhave.

Ishowmorecontent

IamstudyingMediaStudies,whichisprogressingmyunderstandingofadvertising,used throughoutbusinessandalsoGeography,whichisdevelopingmyanalyticalskillsinreportwriting, butalsohelpsmecombinemytheoreticalstudiesandpracticalworkaskillIwillbeabletouseon myuniversitycourse.IstudiedI.TforG.C.S.Ethenfurtheringmyknowledge,IstudiedI.C.Tfor A.SLevelasIrecognisethataskillforinformationtechnologyisuseful,ifnotessential,forthe progressionofbusinessinmodernsociety.DuringtheyearIamstudyingmythreeAlevels,Ihave alsodecidedtostudyBusinessStudiesatA.SLevel,duetoanincreaseineagernesstopursuethe subjectbutalsotoensureIhaveabasicunderstandingofbusinessoperationsforfurtheruseinmy learninginUniversity.

Ihavemanagedtobalancemy'A'Levelswithapart–timejobandanenjoyableschoolandsocial life,whichhasnotonlydevelopedmyskillsofworkingaspartofateamandorganisingmytime efficientlybuthasalsoleftmewithexperienceofresponsibilityandleadership,whenbeingchosen tosuperviseaparticularareaofthebusinessIworkin.Ihavebeeninvolvedinvoluntaryworkfor 'SavetheChildren',whichIbelieved

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BusinessManagementEssays

BusinessManagementTheworldofbusinesshasundergoneradicalanddramaticchangesinthelast decadechangesthatpresentextraordinarychallengesforthecontemporarymanager.Amanageris anorganizationalmemberwhoisresponsibleforplanning,organizing,leading,andcontrollingthe activitiesoftheorganizationsothatthegoalscanbeachieved.Accordingtoawidelyreferenced studybyHenryMintzberg,managersservethreeprimaryroles:interpersonal,informational,and decision–making.Managementisprocessofadministratingandcoordinatingresourceseffectively andefficientlyinanefforttoachievethegoalsoftheorganization.Theconceptofmanagement withinanorganizationtypicallyoccursinanshowmorecontent

Controllingismonitoringtheperformanceoftheorganization,identifyingdeviationsbetween plannedandactualresults,andtakingcorrectiveactionwhennecessary.Withallthesefour functionsthatareinvolvedintheprocessofmanagement,ifallarefollowedcorrectlythe organizationwillbeproperlyranandwillhavefewcomplications.Ineveryorganizationthereare managers,andeverymanagerisclassedondifferentlevelsintermsoftheskillstheyneedandthe activitiestheyareinvolvedin.Managersexistatvariouslevelsintheorganizationhierarchy.A smallorganizationmayhaveonelayerofmanagement,whereasalargeorganizationmayhave several.Inmostorganizationstherearethreelevelofmanagers.Thethreelevelofmanagersare, firstlinemanager,middlemanager,andfinallythetop–levelmanager.Managersatdifferentjob levelshavedifferentjobresponsibilitiesandthereforrequiredifferentskillsFirst–linemanagers supervisetheindividualswhoaredirectlyresponsibleforproducingtheorganization'sproductor deliveringitsservice.Theycarrytitlessuchasproductionsupervisor,linemanager,sectionchief,or accountmanagerFirst–linemanagersalongwithalltheothermanagersareinvolvedinthreeskills conceptual,human,andtechnical.Ineachthreedifferentlevelsofmanagement,eachoneofthese

E–Business

E–businessisthelargestemergingtrendinbusinesstoday.Themovementintoe–businessis dramaticallychangingthewaypeoplebuyandsell.Businessisnolongeraoneforallconcept,that conceptisbeingreplacedbyaconsumereconomythatisdrivenbychoiceThesechoicesarenot onlyinproductandpricebutinshoppingenvironmentaswell,wheretheirtransactionscantake placefacetofaceorinanonlineenvironment.Notonlyaretraditionalbusinessescompletingtheir transactionswithotherbusinessesinsuchanonlineformat,butsuchtransactionsaretakingplace betweenbusinessesandconsumersaswellasconsumerstoconsumers.Thefollowingpaperoutlines someofthedifferencesandsimilaritiesofeachofshowmorecontent

Ihaveoutlinedsomestrengthsandweaknessesofbusinesstoconsumere–businessandthewayitis affectingtherelationshipbetweentheconsumerandmerchantusingAmazon.com'sVirtual RetailingModelasanexample Virtualretailinginvolvestherequestforandclosingofatransactionoverthemediumofthe Internet,viaawebpage(http://www.cybersolve.com/retail.html).Whiletheprocessingofthe transaction,itself,iskeytotheexistenceofavirtualretailer,itisnotthemostimportantpiece.The keytothesuccessofavirtualretailer,accordingtoPeterG.W.Keen,istheabilityofthatvirtual retailer"tobuildstrongcustomerrelationships"Amazoncomhasbyfarbeenoneofthemost successfulvirtualretailersinbuildingstrongcustomerrelationships.70%ofAmazon'scustomers arerepeatcustomers;thisisnosurprisewhenAmazon.cominvests20%ofitsrevenueinattracting consumersanddevelopsdifferenttechniquesto"bondwiththecustomers",suchas"MyAmazon" (http://www.computerworld.com/home/print.nsf/all/990614AD62).

Traditionallybusinesseshadtolocatethemselves,plantthemselvesseveraltimesoverin

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ApplicationofBusinessAnalytics

Anincreasingamountofbusinessesareexploringthisnewconceptofanalytics.Intoday'stech–savvyera,theuseofanalyticscanbeseenasanecessityratherthanacompetitiveadvantage.More companiesarerealizingthebenefitsthatcomewiththeuseofanalyticswithinthebusiness environmentLikeanythingelse,therearebothprosandconsthatcomewiththisapproach However,thebenefitsfaroutweighthenegatives.Businessanalyticsarethefutureofthebusiness world.Thispaperwilldescribeageneraloverviewofbusinessanalyticsanditsapplicationtothe realworld

DefinitionofBusinessAnalytics

Analyticscanbeadifficulttermtoexplain.Insimpleterms,analyticsconvertsdatashowmore content

Itisthroughthesethreetypesofanalytics,thatbusinessanalyticscanbedistinguishedfromjust beingtheplainprocessofanalyticsThesethreetypesofanalyticshelpmakethisprocessusefulin thebusinessenvironment.Itrequires"aclearrelevancytobusiness,aresultinginsightthatwillbe implementable,andperformanceandvaluemeasurementtoensureasuccessfulresult."Business analyticsincludesacombinationofallthreetypestogeneratenewinformationusedforbusiness organizationdecision–making.Descriptiveanalyticsbasicallygivesyouageneralideaofthedata youarelookingatPredictiveanalyticstakesthenextstepandpredictswhatislikelytohappen next.Finally,prescriptiveanalyticsfiguresoutwhatisthebestcourseofaction.Allthreeofthese typesofanalyticscanbeveryusefulwhenusedincombinationwithoneanother.Businessanalytics canbeinstrumentaltoabusiness'successwhenimplementedproperly(Schniederjansetal,2014)

ProsandCons

Thebenefitsinrelationtobusinessanalyticsfaroutweighthenegativeswithinanybusiness.Despite this,however,therestillaredrawbacksrelatedtobusinessanalytics.Thethreemajorissuesrelating tobusinessanalyticsareeaseofuse,speed,andscalability.Thesethreefactorsarethemainpriority executivesarelookingforwhenitcomestodataanalyticsinthebusinessenvironment Unfortunately,manyexecutivesfeelasiftheyarenot

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Businessplaysamajorrolewithinoursociety.Itisacreativeandcompetitiveactivitythat continuouslycontributestotheshapingofoursociety.Bysatisfyingtheneedsandwantspeople cannotsatisfythemselves,businessesimprovethequalityoflifeforpeopleandcreateahigher standardofliving.

Itisawayforindividualstoprovidegoodsandservicestoconsumers,andatthesametime,produce aprofitforthemselves.Businessesarenotonlyimportantbecausetheyprovidegoodsandservices forconsumers,buttheyalsoimprovetheeconomyandincreasejobsforpeoplewithinsocietywhich isanadditionalfactproducingahigherstandardofliving.Tomeasureoursocietiesstandard of...showmorecontent...

InternationaltradedeficitsoccurwhenanationimportsmorethenitexportsTheDeclineof SmokestackAmericaiswhenthereisachangefromanindustrialtoapost–industrialeconomy. Finally,theconservationofenergyissothatthereareasufficientamountofnaturalresources necessarytoproducegoods.Generaleconomicgrowthorstagnationalsohasanimportantinfluence onbusinesswithinoursociety.Manyfactorscanaffectit'scondition,suchaswar,newinventions andtechnology,politicalassassinations,thediscoveryofphysicalandnaturalresources,labor negotiations,governmentaction,andmanyothers.Whentheeconomyisstrongandthedemandis high,businessescanprosper.Regardlessofhowgreattheeconomymaybecome,businessesstill mustcompetewithotherfirmsforscarcerawmaterialsandlabor

Abusinessesenvironmentcreatesmanyopportunitiesaswellasproblemsforprosperingbusinesses. Theenvironmentdetermineswhatabusinesscandobyshapingandchannelingitsdevelopment. Businessesfunctionwithinanenvironmentbyallowingentrepreneurstoraisecapitalandcreate profitsfreelyThesupplyofmoneyavailablewithinabusinessaswellastheeconomicstability throughtimesofgrowthandrecessionhavestrongeffectsonbusinesses.Notonlyisthephysical environment,includingnaturalresources,pollutionandenergyasdiscussedpreviously,important, butmanyother

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BusinessAnalyticsBusinessAnalytics,isasystemthatusevarioustechniquesandprocessesto gatherinformationtousedbeusedtomakebusinessdecisions.Thedataisusedtoanswera question.Oftenthisisusedinmarketing.Ithelpstotakeawaysomeofthe"guesswork"outofwho marketwilltarget.Thisprocesshasbeencreditedwithincreasingtheabilityoforganizationstobe morecompetitiveJustasimportantascollectingdataistheabilitytointerpretandapplythedata EssentialtoaBusinessAnalystsuccessis,thesupportfromanInternationalTechnological(IT) team.Ifcostlytechnicalsystemsarenotusedandmaintainedproperly,itcouldthesystemto malfunctionThiscouldproduceinaccurateresultsinthedataIncorrectdatacouldcostthe organizationgreatly.Thedatacanbeusedtodetectfraud,aswellasexploringscience.The BusinessAnalystmustdeletethedatathatcannotbeused.Thedataproducedpatternsisthen analyzed.Theninformationisforwardedtotheappropriatepeople.Theinformationisusedtocreate aplan.TheroleofaBusinessAnalystisvaluable.Soarethetoolstheyuse.MultipolarAnalyticsA systemthatcollectsdata,thenanalyzeitinmultipleplacesintheorganizationisusingMultipolar Analytics.Theexactsystemcomponentwillvarydependingonthetypeofdataandanalysisthe systemwillneedtooutput.TheMultipolarAnalysisincludesystemsthatusetraditionaloperational

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