3. Many multinational companies market products under different brand names when conducting business overseas. For example, Unilever’s Axe Body Spray is called Lynx in the United Kingdom and Australia. Research some of your favorite brands (or products that you buy on a regular basis), and list if and how they use alternate product names when conducting business in foreign markets. Then, explain why a company might use a different brand name abroad.
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For my project, I ran Coffee-Roma, a coffee shop located in the business district of a large city. My simulation ran for 60 days. Over this timeframe, I hired 7 employees and earned gross revenues of $89,984.20. From those revenues, my net profit totaled $14,046.83. Below are the details of how I attempted to best run my business.
The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three primary roles: interpersonal, informational, and decision-making. Management is process of administrating and coordinating resources effectively and efficiently in an effort to achieve the goals of the organization.
However, followed by the statistic of UK SMEs that 10% of businesses close down each year. The median age of U.K companies is however 12 years, and nearly half of the companies in the UK have been in business for nearly 15 years. Many businesses do not last that long, however, 50% of new businesses will have failed within four years, according by (The Department for Business Innovation and Skills UK statistic report 2008). The failure rate and profits fluctuate with general economies conditions. The primary cause of business failure is incompetent management. Other reasons include poor financial control. ( Norman M. Scarborough, 2006)
The Small Business Administration “aids, counsels, assists, and protects the interests of small business concerns.” They assist small businesses by providing them with whatever is necessary and will not stop until they get the business to be successful without their assistance. Although they are not able to give the business all of the necessities they need, they do their best and as much as they can do. Their motto is, “Aid, counsel, assist, and protect insofar as is possible, the interests of small business concerns.”
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.
Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.