business studies week 1.2
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Business Studies Week #1.2
Warm up Question
Please try to explain in your point of view what are the steps that a company will probably take starting from designing the product until the product reaches the end consumer? You could either list in bullets or you could write it in a paragraph
Private and public needs
What are they?
Public wants: These are the wants that are widely shared by many people.
Private wants: These are wants that Linked to specific people or companies.
What do businesses do?
SWOT analysis
Evaluate Demand
Obtain funding
Setup and manage all factors of production
Production of goods and services
Marketing
Keep records
SWOT Analysis
Strengths Weaknesses
Opportunities Threats
Evaluate Demand
We have to evaluate the demand for the good or service that we are offering, in other words will enough consumers buy our products at a profitable price??
Obtain Funding
Any business needs both start-up money and operating capital to cover its costs
Setup and manage all factors of production
Put everything in the right place
Production of goods and services
Marketing
Ensure that consumers know how to get the products
Keeping Records
Keep records to satisfy requirements of governments and analyze how to improve the production and sale of the good or service
Why do they work in the first place?
Profit $$$$$$$$$$$$$$$$$$$
Competition
Decisions, How are they made???
Step # 1 Identify the problem
Is it frequent?
Sensitive?
Strategic?
Step # 2 List the alternatives
May be I could do that
May be I could do this
Step # 3 Determine pros and cons
If I do this but that will happen but if I do that this will happen
Step # 4 Choose the best option
Hahahaha I this is it
Step # 5
Was I right
The Value of Knowledge