Business studies week 1.2

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