Instructor: Mathew Penov
March 21, 2012
Business Administration is the stepping stone, the foundation, and the pillar, that’s needed to start a business. It branches to other subjects needed for business, such as business planning, marketing, business ethics, and business law. Business Administration is indeed the process of managing EVERY aspect of a business for growth and/or stability of that business. In other words, it’s the very heart of a business.
You might ask yourself “what is business administration?” It’s ok; I asked myself that same question when starting my quest to own and manage my ...view middle of the document...
The business plan consists of a set of goals, why those goals are able to be achieved, and how you plan to achieve them. You may need investors involved to help you with seed money. When planning a new venture, a three to five year plan is required, because investors will expect their annual return by then. You should know your competition so you can know what you’re going to be up against. You should have ideas that set you above the rest. You want to blow them out of the water, and that’s where your marketing has a large role.
Marketing is what’s going to get your business and/or name out there. You have to get the consumers attention. You have to have the right catch or gimmick to WOW the consumer. You want to come up with an idea or ideas that make the customer say “Hmm, maybe I should switch over to these guys”. A business usually has a marketing team that brainstorms ideas to either get things started or keep the business flourishing. With a marketing team you can have numerous ideas all at once, so you have more to choose from. A lot of times you have competition that has very good prices that you may not be able to beat, so you have to make a choice. Some choose to drastically begin with very low prices which can backfire. Some choose to use guarantees. Guarantees are a fabulous way to overcome price resistance. It’s one of the easiest ways to grow your business (Essential Marketing Strategies for Business Owners and Managers).
Being ethical in business and during the marketing stage is quite important. You definitely don’t want to start out being seen as an un-ethical company. Not only would you lose the favor of the consumer but you also give into the chance of having your good name tarnished by your competition. It kind of gets to a point of being like a campaign slur. Ethics is an important role when it comes to being in business. You can market your product, down talk a product of...