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Summative BBI2O0
1
Business Summative Project BBI2O0
By, Ava.G
Business Issues Journal
https://docs.google.com/document/d/1vOO7UW-4EJco1krHT4Iif158EwzlAPdiq9Wb3U0gqUc/edit?usp=sharing
Business Issues & Ethics
Different types of business
Business Basics
There are 3 major types of businesses, Service business, Merchandising business and Manufacturing business. A service type of business provides untouchable products which are products with no physical form, Service businesses offer professional skills, expertise advice, and other similar products. A Merchandising business buys products at a large-scale price and sells them at a retail price, they are known as buy and sell businesses. A Manufacturing business buys products with the intention of using them as materials for making a new product, so, there is a transformation of the products that were purchased.
Different types of ownership of a business
Ownership
Some types of business ownerships are Sole proprietorship, general partnership and corporation. In a Sole proprietorship an individual engages in a business activity without necessity of formal organization, A General partnership usually operates according to a partnership agreement, but there is no requirement that the agreement must be in writing. A Corporation is a legal person, with the characteristics of limited liability, centralization of management, perpetual duration, and ease of transferability of ownership interest.
Maslows needs & wants
According to Maslow, we have 5 categories of needs which are Physiology, safety, love, esteem and self actualization. What this means is higher needs in the hierarchy begin too emerge when people feel they have sufficiently satisfied the previous need.
Needs: A need is something you have to have to survive or complete a task.
Needs/Wants
Wants: A want is simply a desire for something, it is usually something to satisfy a need
Good vs Services
Goods: A good is an object people want that they can touch and hold, for example goods are items you buy such as food, clothing, toys, furniture, and toothpaste. Goods are tangible objects to satisfy peoples wants.
Goods vs Service
Services: A service is an action that a person does for someone else, for example services are actions such as haircuts, medical check-ups, mail delivery, car repair and teaching, which also satisfy peoples wants.
Italy business culture
International business
Italian business culture is very relationship oriented, Italians are known for their sense of family and this approach has been taken into the business realm. The ability to communicate, using the right language, and using the right gestures is very important. If i was a Canadian company trying to sell in Italy i would consider learning a little bit of Italian (basic sentences), since dress and presentation plays an important role in Italian culture i would consider dressing more formal, since formal attire is generally expected for business meetings, i would also consider learning some basic etiquette in Italy, for example standing up out of respect when an older person enters the room, hats should be removed indoors and when greeting people it is common in Italy for Italian friends and family to kiss on the cheek when they meet irrespective of their gender.
International marketing failure
HSBC bank was forced to re brand it's entire global private banking operations after bringing a U.S. campaign overseas. in 2009, the worldwide bank spent millions of dollars to scrap its 5-year-old "Assume Nothing." problems increased when the message was brought overseas, where it was translated in many other countries as "Do Nothing." In the end the bank spent $10 million to change its tag line to "The worlds private bank," which has a much more friendly translation.
Marketing Failure
What they could have done too prevent it
The bank should have taken more time to assure that there message was appropriate for business, and ready to be sent out into the world.
What is an Entrepreneur?
Entrepreneurship
An entrepreneur is a person who organizes and operates a business or businesses, they take on greater than normal financial risks in order to do so. An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.
Characteristics
Some characteristics of successful entrepreneurs are self motivation, take risks, know how to network, basic money management skills and knowledge, flexibility and passion.
Innovation vs Invention
Invention can be described as the creation of a product or introduction of a process for the first time. And Innovation occurs when someone improves on or makes a significant contribution to an existing product,
process or service. Innovation flows
from invention.
Different leadership styles and where one would be appropriate to use?
Management and human resources
Some different types of leadership styles are Strategic leadership, Transformational leadership and Transactional leadership. You should use strategic leadership when you are taking charge on a project/task that needs to be done very intellectually.
What is a Human Resource Department
The human resource department handles a range of different functions within an organization. The department is responsible for hiring and firing employees, training workers, maintaining interoffice relationships and interpreting employment laws.
Human Resource Department
Human Resources Administrator (Job)
Jobs (Human Resource Department
The human resources administer is responsible for providing administrative support to the human resources team whilst maintaining positive working. Their day to day duties include forming and maintaining employee records, updating database internally, such as sick and maternity leave, preparing and amending where necessary HR documents, i.e. employment contracts and recruitment guides and reviewing and renewing company policies and legal compliance.
Functions of Marketing
The 7 functions of marketing are product management, pricing, selling, distribution, marketing information management, promotion and financing.
Marketing
The 4 P's of Marketing
The 4 P's of marketing are Product, Price, Promotion and place.
The 4 P's
What i learned during the taste testing project, and how can companies use taste tests to improve the 4 P's of a product or service?
Taste testing project
While participating in the taste testing project i learned that it is easier to get information about your product or service by having your customers tell you what you can do to make it better, by using the 4 P's. Companies should choose to do taste testing because it will improve the recognition of your product/service since the customers are the ones that are deciding whats best for the 4 P's. so that you will gain more customers.
What is AIDA & why is it important to follow?
AIDA
AIDA is an acronym that stands for Awareness, Interest, Desire and action. AIDA is a process used by marketers to entice prospects to make a purchase or take a desired action. The technique is commonly used in advertising vehicles such as television commercials and website copy or direct mail pieces. AIDA is important because it is a formula designed to lead people through a logical process that hooks them, gets them interested emotionally and then close the deal.
What is good credit? How do you build your credit score
Finance
Good credit is a classification for an individuals credit history, meaning that the borrower has a relatively high credit score and is a safe credit risk. Some steps to improve your credit scores are paying your bills on time, pay off debt and keep balances low on credit cards, apply for and open new credit accounts and don't close unused credit cards.
What is a credit card? and how do credit card companies make money?
A credit card is a thin rectangular piece of plastic issued by a financial company, It lets cardholders borrow funds with which they pay for goods and services. Credit card companies make money by collecting fees, when credit card users fail to pay of their bill at the end of the month, the bank is allowed to charge interest on the borrowed amount.
Credit Card
What Interest rates are credit cards? and what is the best way to use a credit card?
Canada's best low interest credit card is MBNA True line gold master card with an interest rate of 8.99% and an annual fee of $39. The best way to use a credit card is to make your payments on time, always pay your credit card bill and stay well below your credit card limit.