When an entrepreneur decides to open a new business the first thing he needs to think is the type of the legal ownership, if it will be sole proprietorship or a partnership. This depends on the business needs, the financial resources that it have, how much financial liability can it afford, how easily can it be formed and an important criteria are the strengths and weaknesses that the business have in comparison with other businesses in the same industry.
The legal structure of my business will be sole proprietorship, which is defined as the form of business ownership where the company is owned and operated by a single person. So I will be in the same time the owner and the manager of my own business.
-Reasons that I have chosen Sole Proprietorship
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This strategy defines the company’s strengths and weaknesses, as well as opportunities and threats. It is important to identify the target market based on the product that the company sells and trying to achieve the goals by staying within the current budget of the business.
Attract new customers through more investment to promotion and advertising of the business. The advertising strategy includes the establishment of the public awareness and existence of my business. It’s very important that the customers create an idea of the business by a good advertisement strategy. Promotion is the start point of the development of the company.
Using new technology will increase the productivity and efficiency of the business, better equipments also brings larger profits. Nowadays technologic equipments are necessary everywhere and a developed technology will save time, money and resources.
Opening an online sales website, so the customers will have the possibility to find and buy everything they need from their home. Online shopping has become a trend now because it’s easier to do and saves time. This would increase the incomes of my
By adding all these steps and by implementing these strategic objectives we can realize the tactics and measure the target audiences as well. This business plan must also include the shareholder value or financial perspective, our customer value perspective; the business must know the process or internal operations perspective well keep a balance sheet on what goes in to the business and what goes out
The organizational strategy is based around a few key factors. The company’s business domain is clearly defined and is focused towards Mature 50+ adults who wish to live an independent lifestyle. The factors that are considered are mainly geographical location, age, retirement lifestyle and medical needs. The strategy is effective as it concentrates on a few key product and services.
Sole proprietorship is a business organization operated by one owner. For example, you start a landscaping business by yourself.
12.1 Jerome is an elderly man who lives with his nephew, Philip. Jerome is totally dependent on Philip’s support. Philip tells Jerome that unless Jerome transfers a tract of land he owns to Philip for a price 30 percent below market value, Philip will no longer support and take care of him. Jerome enters into the contract. Discuss fully whether Jerome can set aside this contract.
What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in
A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors.
Anytime you start up a business or you take over another company there are multiple things you must do to get started. One of the major things one must do is decide on what type of ownership you want. There are many different types of business ownerships out there, but some will benefit you more than others. In this paper you will be learning about the difference two types of business ownerships you can have. The main point of the paper is to help someone that’s going to become an owner of a business be able to do what’s best for not only them, but also what will be best for the business. Sole trader ship and partnership are the two best ownership because they will benefit the owner and business more by going by what the company stands for.
Technology can greatly improve the industry through new ways of producing its products. The use of an innovative technology can improve the overall efficiency of the industry which can dramatically improve the supply of its finished goods. New technology may also be a source of competitive advantage as advanced technologies may minimize production costs which will translate to competitive prices.
And it is, because this agreement refers just to providing of services and not illegal things.
Another business structure to establish is Limited Partnership, which is similar to the partnership with a slight difference where it formed with at least one general partner and one limited partner. The general partners have the same obligation as partners in a general partnership; however, limited partners have limited liability to the extent of their contribution. The advantage of this business formation is the limited personal liability for individual partners for the acts of another partner within the organization. It has the same tax consequences as a general partnership. One important positive aspect is management and control aspects of the organization could be divided or separated among partners. It’s shortcoming, a general partner is still personally fully liable for the debts of the business. If the limited partner wants to become active in the business, he/she may assume the personal liability obligation.
After the creation of a business plan, the next step to operating a business is the selection of an appropriate business structure. Different legal forms of business ownerships affect different managerial and financial factors from the business names to the tax obligations (Gregory, n.d.). The most common forms are sole proprietorship, partnership, cooperatives, and corporations. There are different types of corporations in the business world, but the two most general corporation types are S Corporation and Limited Liability Company (LLC) (Ferrell et al., 2013). The sole proprietorship is the easiest and most basic form of business ownership. It is owned and run by one individual, which is the proprietor. The individual is entitled to all profits and is responsible for all the business’s
Is the most common business type, where the business is operated and owned by a single individual. In this type of business, the sole proprietor provides capital, does not share profit or loss and runs the business alone. As such, the business and the owner are indistinguishable for tax and legal purposes (Dlabay, 2011). To differentiate this business from other business types, a sole proprietorship is discussed under the following characteristics.
Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in
The marketing strategy should be tailored around the firm's target market; if this were not the case marketing would be then less successful. Each aspect of the marketing mix would need to be formulated with the target market (consumer) in mind. For example the design of the product would need to be such that it would satisfy the consumer's needs. If it did not consumers would see no need to have it and buy a competitor's product. The price of
In today’s era of competition it’s difficult for a company to survive unless it drags the customer’s attention and hold them for long. And to do that the company needs to project itself in front of the customers, clients as well as competitors in the market. This can be done in the form of promotions and advertisements. The word “Advertising” has been derived from a Latin word “ad venture” which means "to turn toward". This it is a marketing communication tool which can be normally used for persuading a mass for taking or continuing with a specific Commercial offering or an Ideological or Political support. The purpose of this is to highlight the company in a wider forum and to ensure the employees that the enterprise is viable (Yang, 2010).