About Business
A business is an organization where people work together. In a business, people work to make and sell products or services. Other people buy the products and services. The business owner is the person who hires people for work. A business can earn a profit from the products and services it offers. The word business comes from the word busy and means doing things. It works on a regular basis. Originally, individual trades people were qualified, and they hired assistants. The invention of the joint-stock company meant a new era in business. By this means, some people put up the money as capital, and others used it to run the business. There is a law that says this kind of company is a “legal entity“: it has a legal life separate from its owners or shareholders. In this way, a company can outlive the people who started it. This idea was invented in medieval times but really flowered in the 19th century. It has spread around the world since then. Most businesses are created for commerce. There are big and small businesses. For example, one person can open a small barber-shop. A big business, like Microsoft, employs thousands of people all over the world. Some businesses need fixed locations. Examples are an office, store, or farm. For some businesses, the worker goes to different locations. Examples are carpenters or electricians. They usually bring everything they need for work in their truck.
Business can also mean the work or current state of a business. A business owner might say: “I am doing a lot of business” or “My business is good” or “Business is bad”.
The term can also be used in a more general way. As a noun, it can be used, for example, to speak about a broad area of activity.
We help you to Grow your Business
Generating new business by growing your customer base is important to your business success
Market penetration
Market penetration aims to increase market share for an existing product or to successfully promote a new product. Useful strategies include advertising, bundling products into attractive, saleable packages, offering discounts on larger orders, and lowering prices to beat competitors.
Market Development
A market development strategy pertains to the promotion of existing products or services to new customers or launching them in a new geographical area. It might be that your usual market has been saturated or you’re struggling to attract new customers or clients in your local region.
Alternative Channels
Utilizing alternative channels is one of the best methods of growth in business. Many small businesses already use more than one online platform for marketing, but sometimes switching platforms achieves better results. The top three marketing channels are email marketing, social media, and
Product Expansion
Small businesses can benefit hugely from expansion of product lines or adding new features to appeal to their existing markets. You may be experiencing a lull in sales or profits due to outdated technology or outmoded products. If so, it could be time to expand your product line.
Market Segmentation
Another the small business growth strategies is market segmentation. This simply means to divide your market into various groups (segments) according to customer preferences, interests, locations, and other characteristics. These segments allow you to create targeted campaigns according to specific
Partnerships
Sometimes joining forces with another business is the most viable method of growing your small business. You might choose to do this though mergers, acquisitions or partnerships with other businesses. Provided that the arrangement brings significant benefits to all parties
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The Primary Goals of Business Process Improvement
- Use a growth strategy template
- Choose your targeted area of growth
- Conduct market and industry research
- Set growth goals
- Plan your course of action
- Determine your growth tools and requirements
- Execute your plan
Business Strategy
In business, it is the long-range sketch of the desired image,
direction and destination of the organization
Corporate Level Strategy
The corporate level strategy is a long-range, action-oriented, integrated and comprehensive plan formulated by the top management.
Business Level Strategy
The strategies that relate to a particular business are known as business-level strategies. It is developed by the general managers
Functional Level Strategy
Developed by the first-line managers or supervisors, functional level strategy involves decision making at the operational level.
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