Business Revision Essay Example
Business Revision Essay Example

Business Revision Essay Example

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  • Pages: 3 (722 words)
  • Published: October 28, 2018
  • Type: Research Paper
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There are two ways to boost sales: reduce prices to encourage more buying or employ better marketing strategies.

2. Enhance market share: The slice of total industry sales that a business owns is referred to as market share. As a pie chart depicting the percentage of sales attributed to the business in comparison to its adversaries is easy to comprehend.
3. Extend the business: Increasing in size can be accomplished through establishing additional locations, hiring more personnel, instigating new initiatives, or launching novel products. Return on Investment (ROI) is a percentage figure that indicates the financial gain or loss of an investment in comparison to its cost.

Generally, the term means that the ROI happens within a 12-month timeframe, while also keeping in mind that all organizations have social responsibilities to the community they operate within. These responsibilities can include sponsoring community events, programs and promotions which have


become more popular among businesses in recent years.

Businesses often provide financial support for educational, cultural, sporting, and welfare endeavors. While larger corporations may not prioritize employment, many small business owners prioritize maintaining their operations and may even hire family members who would otherwise face unemployment.

The concept of social justice encompasses fair treatment for all individuals, including employees and members of the community, through established policies. Additionally, organizations must take greater accountability for preserving the environment to achieve ecological sustainability.

Every ecosystem is delicate and requires attention in order to maintain sustainability. Responsible business owners uphold a social responsibility to implement conservation, recycling, and restoration policies. It's common for the objectives of managers and owners, as well as the nature and operation of the business, to alig

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with personal goals - particularly for small businesses - which often include a desire for higher income and greater financial security.

Small businesses in Australia play a crucial role in the economy, and their contribution aligns with the business objectives of growth and diversification. While personal goals of business owners are often kept private, they remain significant as they drive motivation and sustain the viability of the organization.

The economy's purpose is to determine production output, methods, and allocation of products. Resource availability impacts production output while our abilities and available tools shape production methods. The question of who receives what refers to distribution. Small businesses are crucial as they create employment opportunities and generate taxation revenue for economic stability. These employed Australians use their wages to purchase goods and services that support enterprises, creating more job prospects.

Small businesses are crucial for economic growth and export earnings. Economic growth is defined as the rise in value of commodities and services over time, while GDP represents the overall market value of all final products produced within a country during a specific period. Additionally, small businesses contribute significantly to exports by selling their goods and services abroad. In 2008-09, small businesses exported 16,416 items worth $1.0 billion.

The internal environment, or micro environment, of a business is comprised of factors that can affect its performance. This falls within the larger business environment and encompasses both internal and external influences. The external environment consists of uncontrollable elements while the controllable elements are part of the internal environment.

The internal environment of a business comprises two main categories, namely micro and macro. The former includes elements that originate from individuals within the company,

such as employees who are considered essential assets.

To attain optimal productivity, companies must hire and choose appropriate staff members, as well as create a workplace that enhances employee contentment. Moreover, adept leadership is essential for business triumph since the proficiency and knowledge of the management crew mainly ascertain whether the company goals will be accomplished by properly coordinating resources.

By adopting a management style that encourages employee participation and delegation of authority, self-managing teams can be created and employees can be empowered. Ultimately, this approach leads to an increase in productivity.

The beliefs, values, expectations, attitudes, and behaviors of a business's people create its organizational culture or corporate culture. In addition to these factors, company policies - including those related to complaints - provide employees with general guidance for making important decisions such as disciplining colleagues or giving promotions and compensation.

Corporate culture pertains to a set of unspoken or informal regulations that establish customary conduct, whereas policy provides an overall framework to aid workers in dealing with routine circumstances.

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