As a result, public sector enterprises need to be efficient and generate their own resources to compete with private enterprises. Fast changing technology requires companies to improve their machinery, adopt latest methods and processes to produce goods of better quality. It is relatively easy for big companies to accept and adopt changes but it creates tough challenges before smaller firms as it may require huge investments.
Financial and managerial feasibility of the idea are also tested. In order to carry out the detailed analysis, experts in various areas of the industry are consulted. Since the idea is finally accepted or rejected at this stage, proper stimulants can generate a__________. care should be taken at this step. Producer Goods such as machinery, raw material, production tools etc. There is no guarantee of what return a businessman can earn on his investment because of risk and uncertainty of returns.
A Business function is a process or operation that is routinely performed in order to achieve a desired business objective. There are no hard and fast rules as to how the business has to organize itself to perform these functions. However, irrespective of the way it is organized, it has to perform these functions to achieve its objectives.
The authors’ cultural and historical explanations for the different findings across countries are interesting nonetheless. Written by a Zimbabwe-born business consultant with US business training; suggests that US and Western leadership theories have limited applicability in Africa. He describes African leadership from a historical and cultural perspective and argues that its study can provide important lessons to managers worldwide. Along with Latin America, Africa and the Middle East remain the most-underrepresented regions in leadership research.
The usual methods of sales promotion are distribution of free samples, coming up with “combo” offers , offering discounts (for example. Flat 30% off), cash back schemes, etc. They look at the market situation and see if there are any chances of any shortfall of the supplies. They play a very critical role in keeping the costs of the business lower. In case of trading concerns, procurement involves purchase of the goods from larger distributors.
Enlightened and competent management is the single most important requisite of success in modern business. Without innovation and growth, an enterprise will stagnate and decay. The people working in an enterprise will give desired performance under effective leadership. The first essential of a successful enterprise is the establishment of definite and clear-objectives. In addition to the overall objectives, specific objectives should be laid down in different functional areas of business on which the survival and growth of business depends. These areas include production, marketing, financing, personnel, research and development, etc.
Organisations will need to track this new development and work out implications for formulating their respective strategies. Here, customer group-indicates as to who is to be satisfied; customer functions indicate as to what is to be satisfied; and alternative technologies speak of how the needs are to be satisfied. Thus, business house is to define its business in the contexts of three dimensions namely, the product, the customer segment, and the value creation.
Optimum size results in the lowest average cost of operations per unit. Appropriate location helps the enterprise in securing the required materials, labour, power, markets, etc., at minimum possible costs. Productivity depends largely on technology and the firm must have proper plant, equipment, machinery, etc. Support functions include all those ancillary activities, which facilitate and ensure smooth working of both internal and external functions of business. Generally, managers of respective support teams operating within an organization handle these functions. A business may have a world class product, people may be aware of the product, but if the product is not available at a point that is convenient for the customers to buy, then such business is unlikely to be profitable.
To be viable, ethical codes need not be widely accepted or part of corporate culture. Corporations have moral obligations to consumers, to employees, to suppliers and contractors, to the surrounding community, and to society at large. Workers are alienated from their products, but not from themselves or other people. Capitalism is an economic system where the profits generated belong to the state as a whole.
Since technology is changing day by day, ‘customer’ demands are changing accordingly. Company introduced new and substitute products and services available in the market to meet the customer’s expectations and to draw their attention. In the new scenario, the middle income customers will form a declining segment.