INTRODUCTION<br /><ul><li>Anyone who is starting a new business or looking into the possibility of buying an existing business needs to learn as much as possible about how to operate a successful business. A good start is to take a good introduction to business course.
It include information on the basics such as how to choose the right business location. It will also provide information on how to make a good business plan. This is essential for a business for a number of reasons. To begin with, a properly prepared business plan will get the business off on the right foot and allow it to become profitable within a shorter period of time</li></li></ul><li>Definition of <br />BUSINESS<br />- Economic system in which good and services are exchanged for one another or money, on the basis of their perceived worth. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis.<br />What is business all about?<br /><ul><li>Marketing with Banner advertising is still gaining popularity. A few years ago banner advertising was one of the main ways promoting your business online, but two things happened to get the banner due to a bad reputation.
At first, everyone with banner ads and web sites is increasingly saturated. Colorful flags of all shapes, size and location in each city looked ahead. Pages were so crowded that the website operators stop running ads, and visitors stopped to notice.
Secondly, the introduction of Pay-Per-Click there was a new kid on the block and the start of the PPC was a cheap and easy to drive traffic to their sites.
However , we have a large circle. There are banners on the sides now less- at least the good ones- they always have an eye on the bad. And search engines are becoming more particular about what they can advertise through paid search and content network and Pay-Per-Click has a large number of enterprises and service providers Web Part.</li></li></ul><li><ul><li>internet marketing with banner ads can be very effective strategy. Traffic is relatively cheap, you can target specific sites, their ads locally, even on Google ads (so that any site that accepts Google banner ads.) Even competitors can make your website because they are a good match for their own perspectives.
If properly done, the marketing with banners is another good way to generate highly targeted visitors and potential customer s.
However, there are certain principles and tactics that studies should you be successful. </li></ul>What are the strategy?<br />Johnson and Scholes (Exploring Corporate Strategy) define strategy as follows:<br />“Strategy is the directionand scope of an organization over the long-term: which achieves advantagefor the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholderexpectation.”<br />
Strategic Choice<br />This process involves understanding the nature of stakeholder expectations (the “ground rules”), identifying strategic options, and then evaluating and selecting strategic options.<br />Strategy implementation<br />Often the hardest part. When a strategy has been analyzed and selected, the task is then to translate it into organizational actions. <br />What is important in Business?<br />The Single Most Important Thing in Any Business<br />- I believe that entrepreneurs should pursue their passion and be true to their vision of their business. But the idea of “do what you love and the money will follow” can be extremely dangerous. There’s more to it than that. You also have to offer a product or service that people are willing to buy at a price that can provide you an acceptable profit margin. And you have to sufficiently promote it to attract enough paying customers to make you a living.<br />- But most importantly, you have to survive. You have to be able to cover not only basic living expenses, but basic business, e.g., office supplies, maintaining your computer and other office equipment, phone and internet access.<br />
Principles<br /><ul><li>Where is the business trying to get to in the long-term (direction)
Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope)
How can the business compete than the competition in those markets? (advantage)
What sources (skills, assets, finance, relationships, technical competence, facilities) arerequired in order to be able to compete? (resource)
What external, environment factors affect the businesses’ ability to compete? (environment)?
What are the values and expectations of those who have power in and around the business? (stakeholders)</li></li></ul><li>Strategy at Different Levels of a Business<br />Strategies exist at several levels in any organization- ranging from the overall business ( or group of business ) through to individuals working in it.<br />Corporate Strategy- is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision- making throughout the business. Corporate strategy is often stated explicitly in a “moment statement”.<br />Business Unit Strategy- is concerned more with how business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc.<br />Operational Strategy- is concerned with how each part of the business is organized to deliver the corporate and business- unit level strategic direction. Operational strategy therefore focuses on issues of resources, processes, people etc. <br />
How strategy is Managed – Strategic Management<br />In this broadest sense, strategic management is about taking “strategic decisions”- decisions that answer the questions above.<br />In practice, a through strategic management process has three main components, shown the figure below:<br />STRATEGIC<br />ANALYSIS<br />STRATEGIC<br />IMPLEMENTATION<br />STRATEGIC<br />CHOICE<br />
Strategic Analysis<br />This is all about the analyzing the strength of businesses’ position and understanding the important external factors that may influence that position. The process of strategic Analysis can be assisted by a number of tools, including:<br />PEST Analysis – a technique for understanding the “environment” in which the business operates<br />Scenario Planning – a technique that builds various plausible views of possible futures for a business.<br />Five Forces Analysis – a technique for identifying the forces which affects the level of competition in an industry<br />Market Segmentation – a technique which seeks to identify similarities and differences between groups of customers or users<br />Directional Policy Matrix- a technique which summaries the competitive strength of a business operations in specific markets<br />Competitor Analysis – a wide range of technique and analysis that seeks to summarize a businesses’ overall competitive position<br />Critical Success Factor Analysis – a technique to identify those areas in which a business must outperform the competition in order to succeed<br />SWOT Analysis – a useful summary technique for summarizing the key issues arising from an assessment of a business “internal” position an “external” environmental influences.<br />
CONCLUSION<br />The business plan normally tells viewers where the company will hopefully be in the next ten of fifteen years. This part of the business plan allows potential owners to express their future dreams and allows others to see what the future potentially holds for this specific business.<br />If the entire plan is written correctly, it will deep impact the success of the company and will help sustain it in the future. Organization and compulsiveness are the keys to an affective business plan.<br />Business Law & Regulation<br />This section provides business owners with information and on obtaining business licenses and permits, and tips on complying with business laws and regulations at all levels of government – local , state, and federal.<br />