MODULE -3 Business Around Us Notes 3 BUSINESS ENVIRONMENT nderstanding the environment within which the business has to operate is very important for running a business unit successfully at any place. Because‚ the environmental factors influence almost every aspect of business‚ be it its nature‚ its location‚ the prices of products‚ the distribution system‚ or the personnel policies. Hence it is important to learn about the various components of the business environment‚ which consists of the economic
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objectives of business? Every business enterprise has certain objectives which regulate and generate its activities. Objectives are needed in every area where performance and results directly affect survival and prosperity of a business. Various objectives of business may be classified into four broad categories as follows: 1. Economic Objectives: Business is basically an economic activity. Therefore‚ its primary objectives are economic in nature. The main economic objectives of business are as follows:
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Business Strategy Victoria’s Secret‚ in both its’ business and e-business components use a B to C business strategy that focuses on the same market segment and economics in both channels. Strategically the company focuses on individual business processes instead of its’ business model so that it can improve upon some of them with technology as this avoids a primarily internet-driven business model which could affect the sales of their retail locations. Their business processes that support their
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* Business Environment Understanding the environment within which the business has to operate is very important for running a business unit successfully at any place. The environmental factors influence almost every aspect of business such as‚ its nature‚ its location‚ prices of products‚ the distribution system‚ or the personnel policies. It is important to learn about the various components of the business environment‚ which consists of the economic aspect‚ the socio-cultural aspects‚ the political
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Family business are businesses that are created from their founding fathers of that era‚ if may evolve from small businesses into big enterprises. Family business is playing a very important part in the economy of Malaysia; the reason is that more than half of the Gross Domestic Product of Malaysia is from the family businesses that are conducted in Malaysia. For example The Genting group and The Berjaya group are two of the most famous family businesses that are conducted in Malaysia. The following
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Economic Objectives Business is basically an economic activity‚ its primary objectives are economic. The economic objectives of a business are to earn sufficient profit to give reasonable reward to the investors of capital and to provide funds for expansion and diversification. The main economic objective of business may be described as under: (a) Earning Profit: Business activity is undertaken for earning profit. Profit is the basic incentive to business pursuits. It is the most important objective
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COLLEGE OF BUSINESS TMC COLLEGE LAW Individual Assignment The Importance of Understanding Business Law in Malaysia PREPARED FOR Mr. William Tan PREPARED BY Ilyassova Daniya SUBMISSION DATE 2 June 2014 Table of Content No. Details Page When doing a business it is important to understand laws that apply to your business‚ laws depend on the country you live in‚ but there are many
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Academic Research Essay Advantages and Disadvantages: Doing Business Student Name: Aaron Student ID#: Teacher: Rose Hyson Due Date: 17 May 2013 Word Count: 1‚032 GAC008 AE#4 Aaron Question: The benefits of running a family business far outweigh the disadvantages. Relate this to your personal experience. Use specific examples and provide appropriate evidence to support your answer. Family business occupies a large part of business structure and earns an estimated 70% to 90% of global GDP
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Starting a business can provide you with a more rewarding life‚ but there are no guarantees. The start-up survival rate remains low. Estimates vary‚ but up to a third of new UK businesses are believed to fail in their first year‚ while more than half fail within two. However‚ the good news is many new businesses do survive. If you take care of key start-up tasks properly and in the right sequence‚ you can get your new venture off to a great start. Decide which type of business How much time
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spend on clothing‚ textile and foot wear and indicating a spending growth from Rs.903 to Rs.1342. Hence generating a business idea around this industry would be a good opportunity. Looking into the Sri Lankan context there is a high competition in the standardize retail market with big companies such as ODEL‚ Cotton collection‚ Mondy etc. competing to attract customers to their business. But presently consumers are demanding not only for quality products but also products that meet their individual
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