Describe the steps you would take in starting up a partnership business Examine the core factors you would consider in locating the business In planning and developing of the product/service for your business, it’s important to define the benefits of the product which are communicated and delivered by the product attributes. With examples, critically analyze the key elements of the product mix that would serve this purpose.
A business is an enterprise that provides goods and services that are desired by customers. Business activities are broadly categorized into industry and commerce. The former involving the production of goods and materials while the latter is majorly concerned with their distribution and sale. The objectives of business is not solely economic, but also social which view the environment within which the business operates. The administration of a business is interchangeable with the performance or management of business operations, and includes important decision making. For business organizations, its environment constitutes both the things within the unit and those outside referred to as internal factors and External factors. The internal factors normally describe the strengths and weaknesses of the organizations. The external business environment factors include among others, the ideological beliefs of the country, the social and cultural system and values the laws of the country, the various policies, economic, social and physical, the institutional set up and framework . The existence of human needs and wants gives rise to the concept of products in business. Kotler defines a product as anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a need or a want. Marketing is therefore the determination of customers’ needs and the development of goods and/or services to satisfy those needs and wants.
Suppose you’re starting up a business and you’re to consider all the afore mentioned with regard to business,
- Describe the steps you would take in starting up a partnership business
- Examine the core factors you would consider in locating the business
- In planning and developing of the product/service for your business, it’s important to define the benefits of the product which are communicated and delivered by the product attributes. With examples, critically analyze the key elements of the product mix that would serve this purpose.
- The pricing structure of an organization is a major determinant of its success,
- Examine the factors you would consider in pricing your products
- With examples, explain the various strategies you would employ in pricing your products.
- explain the various stages that your product is likely to go through in due course of its cycle.
- Suggest survival strategies you would apply to keep your product longer in the market.
Step by step
Solved in 4 steps
