Business process

Owning and operating your own business is very much a part of the American Dream. Not everyone is qualified to live this dream but to help qualified buyers, the US Congress through the Small Business Administration (SBA) has put together a third party lending program. The SBA itself does not lend money direct to would be entrepreneurs, rather they allow qualified banks to manage and execute loan programs that meet criteria set by the SBA who will in return, underwrite a portion of the loan to…

MGT 320 13 November 2014 Choice B What is franchising? Franchising is a business model in where a parent company (the franchisor) sells the rights to business owners (franchisees) to identify with that company’s trademark. The franchisee pays fees and royalties to the franchisor so that they may sell the parent company’s products and services. They also may purchase the right to utilize the business formula already established by the franchisor. This is often termed a “success…

in any of its financial statement accounts (Apple Inc., 2016). At Apple, the main strategies involve designing, manufacturing, and marketing of media devices and mobile communication, portable digital music players, and personal computers. Apple’s business model also involves the selling of some related accessories, networking solutions, software, third party contents, applications, and services. The firm uses its retail stores, direct sales force, online stores and third-party cellular network…

involves change from what came before it. Change can be expected in what the customer wants and how the customer might use the product, in how competitors might respond, and in the new technologies being applied in the product or in its manufacturing process.” The new product development team will make changes to new product depending on how innovative the new product is but for a ‘more matured product categories’ flexible product development is costly and inexpedient. Therefore the flexible…

Difference Between Bookkeeping and Accounting For many business owners, the difference between bookkeeping and accounting may be unclear. Indeed, both terms refer to a scope of tasks that manage the accounting side of a company and share some common goals. But there are some fundamental distinctions between these two notions. Bookkeeping implies a more administrative work of keeping financial recording and retaining documentation for transactions. Many bookkeepers begin with performing…

planning process to achieve business objectives Definition of marketing mix When it comes to defining marketing mix in words, then it would be referred as the actions and methods used by a business to promote their products or services. The marketing mix is important, because each of the elements on the diagram above influence each other when taking decisions. These 7P’s make up the whole business plan and if they are practiced in the right way there would be a great success to the business.…

organizations make to drive a product from concept to customer. Stakeholders both internal and external can create a ripple that results in the need for innovation. The effect is felt when external stakeholders intentionally or unintentionally interrupt the process. Many times the company has no control over these influences. In this case, Macphie could no longer compete with their competition due to their new pricing strategies. In order for the company to survive Ronnie, whom led the sales and…

Innovation architecture is process when a “company defines the three or four vectors of innovation along which it intends to transform its existing business model or reinvent the rules of its industry” (Skarzynski and Gibson, p. 151). Through innovation architecture, a business can use their processes to take their business to the next level. Mandy Durante is a successful business owner of the dance studio, Bricks Dance Studio, in Phoenix, AZ. She has owned the business for 10 years and before…

The primary goal of a for-profit business is to maximize profit, which can lead many business professionals down a dark road where one becomes obsessive and greedy to engage in questionable behavior to obtain more and more profit. In relation to the issues in the food industry of the United States, many corporations are taking advantage of their dominance in the industry. The movie Food Inc., portrays how the corporations of the food industry use their influence and power to revolutionize a…

is employed under nobody and starts or buys a business unit and nourishes it by his/her own mental energies like ambition, love for risk and creativity. Wikipedia defines an ‘entrepreneur’ as the one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. Entrepreneurship is the resource and process which result in innovative opportunities in the market that help in the creation of new business firms from conception to exit. Perhaps the…