Business management summary notes

The best ib business and Management Notes and Study guide for

Both parents and children are computer literate (demographics). Parents feeling overwhelmed with demands placed on their time with increased competition for university admission (behaviour). Located in Toronto s riverdale area (scope) Determine who your best-paying customer. This is often the person or group who values your product or services the most and is willing to pay for it, not necessarily the not necessarily the person that needs your services. Based on the profile determine the actual size of your target market. A target market profile can be done for business-to-business clients: Industry or specialty size of business (sales, of employees, budget) Organizational culture geographic location Decision makers Here is an example for a target market for Jessie s Homemade marmalade, an organic marmalade and jam. 7 marketing in this section you determine how you will market to your target group. What is the most effective way to reach them?

The aim is to find your best customers and to clearly describe them english by their common traits, for your best customer, ideally you should list 8-12 common traits such as: Demographics: Age; gender; income; education; nationality; occupation proposals Lifestyle/Psychographics: Hobbies/interests, what they value most, leisure activities. What common behaviour patterns do your customers share? Scope: Where do your customers live and work? What is the geographic scope you want to cover? Here is an example of a target market profile for Zebra tutoring:. Parents with children in high school (demographics). Students planning on attending university (lifestyle). One or both parents holding a degree (demographics). Family income: 80,000 (demographics). Parents desiring that their children attend university (lifestyle). Students needing help in essay writing (behaviour)one or both parents are concerned about their community (lifestyle).

business management summary notes

Business Made easy - your Trusted ib business Notes

In the example below, zebra tutoring identified a gap: making learning exciting for students, by exploring the competition. Threats: What might the competition do to make it difficult for your business? What might happen in the industry (i.e. We recommend you assemble your swot analysis in chart form, including your own business and several (5-6) competitors. See sample swot analysis below for Zebra tutoring (with one competitor listed competitor Strengths weaknesses Opportunities Threats top tutors good reputation Well established Online presence 145 diagnostic test required 390 for 8 sessions no fee diagnostics may decide waive diagnostic fee offer online zebra tutoring. Identifying a target market book will help you develop a much more effective marketing strategy. In most cases, you should not plan to sell to just anyone and everyone.

business management summary notes

Unit 1/2 business management summary notes

In the swot analysis in the next page, make sure you paperless compare all relevant companies in your location. Swot analysis (Strengths, weaknesses, Opportunities and Threats) The swot analysis forces you to evaluate your competition so that you have a better understanding of where you should position your offerings. Strengths: What strengths does this company have from a customer s point of view? Weaknesses: What weaknesses do you observe? Avoid subjective statements such as they don t care about their customers. Customer wait time exceeds15 minutes. Opportunities: What gaps can you identify in the offerings of the competition? For example, if your competitor doesn t offer same day service, you might consider offering same day service.

What are the predictions for the future? Are they valid and how does this affect your business? Local Market What is the market you will serve initially? For example, if you are opening a store, your immediate market is likely within a certain kilometer radius from the location because customers are only willing to travel a certain distance. What is the geographic scope? How many customers are in that area? Businesses that sell online may also need to target a key geographic area to start.

Introduction to business Management - lecture notes -.2

business management summary notes

Introduction to business Management: study notes, summaries

Include any new major initiatives you have planned for the 2-5 year timeframe including hiring new employees or expanding to a larger location. The goal Conduct extensive networking isn't very specific or measurable. But by reworking it to Attend at least 4 networking events each month you'll know exactly what targets you have set for yourself. Other smart goals and objectives are: Increase annual sales. Secure 20 master new clients by december. Launch the website by year-end.

5 market research in this section you take a closer look at how your industry works, who are the competitors and who are your best customers. Industry Profile and Outlook what business are you in? How does the industry work? Who are your key competitors? How is the industry evolving?

This entrepreneur knows that, day-to-day, it is her mandate to ensure students are actually engaged in their own learning. Management Outline the key personnel in the company and any relevant experience/training they have that relates to the business. This shouldn t be written like a resume but in paragraph form. You may include: relevant work experience; education and training; industry contacts; life experience; projects worked on; passions; skills; achievements; awards; volunteer work. Legal Structure What is the business structure: sole proprietorship, partnership or incorporated?


State any rationale for the structure. If there is a partnership or corporation, please state the ownership breakdown, shares issued etc. Location Where will you be located? Provide a rationale for the location. Discuss the rent, traffic and parking. What businesses are situated around you? For leased premises, most lenders will require either a letter of intent or a copy of the lease from the landlord. Goals objectives goals and objectives must be smart: Specific, measurable, attainable, realistic and Timely. You can also include milestones you want to achieve such as introduce a second product, or purchase new equipment.

Study notes for International Business and Management Studies /

How do you envision the company 5-10 years from now? How will your company be known? For example a vision statement for a tutoring company could be: to be the benchmark for quality tutoring in the greater Ottawa area. The mission essay describes the fundamental purpose of essays your business. The mission focuses on the present, while your vision describes the future. Think of your mission as your guiding principle in dealing with your customers. For example: making tutoring fun and interesting for students.

business management summary notes

It is best to focus on a single key benefit, as opposed to having many. Examples include: saves time; better quality; easier to use; convenient; minimizes risk; reduces pain; highly credible; socially responsible; increases enjoyment; low cost. Company history essay how did this idea first come about? Outline your progress to date research and development, any sales to date, etc. Who are your current customers? What is the current status of your operation? Vision and Mission Vision is about the end result your ideal position.

you describe your offering - the strengths of your product or service. You include how your company is set up, who the owners of the company are and what they bring to the table. Business overview Products/service offered Provide a full description of your product/service and its value. Why will people buy your product or service? What is the key benefit your Unique selling point?

3 swot analysis (Strengths, weaknesses, Opportunities and Threats). 7 Initial Capital Expenditures. 10 3 executive summary this is written last but placed first in the business plan. The Executive summary should be no longer than 1 pages. We recommend five paragraphs each paragraph summarizes one of the sections below: Company profile: What product(s) or service(s) do you offer and what is their value (or what differentiates you)? Who are the owners and what expertise do they bring to the business (briefly)? Market research: What are the key findings about your movie industry and competitors? Who is your target audience? Marketing: How will you acquire clients and what strategy makes the most sense?

Summary: mnb1501 Business Management - study notes - stuvia

1 business plan essay guideline this document is intended to be used as a guideline to create your business plan. It identifies and explains the questions that should be addressed and outlines the sections to include. The business plan should begin with a title page that includes your name as well as the name of the proposed business. 2 table of contents executive summary. 2 Business overview Products/service offered. 2 Vision and Mission. 3 Industry Profile and Outlook.


business management summary notes
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