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Business Fundementals (Business Success (Leadership team - wise decision…
Business Fundementals
Business Success
Leadership team - wise decision making, setting direction
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Culture and Policies - ability to adapt, entrepureneurship, innovation
Employees - skills, expertise, attitude
Assets and resources (the right equipment, enough money)
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How they are managed
Senior Management
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Develop strategy, create company policy, and make decisions on the direction of the business
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Senior Management: Sets direction by creating strategy
Middle Management: Determines how strategy is implemented
Junior Management: Ensures the work is done to the right standard
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How they create value
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Customers
providing a product or services that customers want or need, at a price they are prepared to pay
The cost of producing and supplying the product or service must be lower than the priced charged, so that there are profits for the business owners
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Balancing Value creation
Higher cost, high value-add products and/or services that are highly differentiated from competitors offerings
Lower cost, lower quality mass production to create more affordable products and/or services that sell for lower profits but in high volumes
Business Finance
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Things that cost money
Market Research
Product Development
Raw materials and parts
staff salaries and associated costs
equipment
information technology
premises
Marketings, PR and advertising
Sales Commissions
Operations (manufacturing, and providing services, etc)
Management and maintenance
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