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1.1: Introduction to BM (Business Plans: (Are reports detailing a business…
1.1: Introduction to BM
A business is a decision-making organisation involved in the process of using inputs to produce goods (tangible) or services (intangible), both of which are products/outputs
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Factors to consider when starting up a new business: business idea; finance; HR; enterprise; fixed assets; suppliers; customers; marketing; legalities
Problems that a new business may face: lack of finance; cash flow problems; marketing problems; unestablished customer base; people management/HR problems; legalities; production problems; high production costs; poor location; external influence (e.g. exogenous shocks, economic recessions, oil/fossil fuel/energy crisis)
Business Plans:
Are reports detailing a business + its objectives, and how it aims to achieve these objectives. It also provides information to financial lenders to determine whether or not to invest in a business. They are (mostly) no longer than 5-6 pages long, however where this is not possible (e.g. for international ventures), an executive summary prior to the report is provided. The sections of business plans often are:
The business (name, location, address)
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The CUEGIS concepts:
Change, culture, ethics, globalisation, innovation, strategy
Customers are the people/organisations who purchase products. Consumers are the people/organisations who use said products. Customers can also be the consumers, but are not necessarily.
Needs are the basic requirements for the survival of a human being (food, water, clothing, shelter). Wants are a person's desires.
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