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What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What factors should be considered when making an investment in capital goods for a business?
When making an investment in capital goods for a business, factors to consider include the cost of the investment, potential return on investment, impact on production efficiency, technological advancements, maintenance costs, and the overall impact on the business's long-term goals and strategies. It is important to conduct thorough research and analysis to make informed decisions that align with the business's objectives.
What decisions affect production efficiency?
All four of the decisions must be made: What goods will be produced?How will production occur?How much should be produced?Who will be the recipients?All are decisions that influence production efficiency.
What is important when deciding the price of a product?
When deciding the price of a product, it is crucial to consider factors such as production costs, competitor pricing, and perceived value to the customer. Understanding the target market and their willingness to pay can also influence pricing strategies. Additionally, external factors like market demand, economic conditions, and regulatory considerations should be taken into account to ensure the price aligns with overall business objectives. Balancing profitability with competitiveness is key to effective pricing.
How should unions deal with increasing globalization of business?
How should the union movement respond structurally to the increasing globalization of business?
Why is Production management a continuous decision in organisations.?
Business is dynamic. Production is or should be a factor of demand. The higher the demand, the higher the production. Specific requirements from customers can also influence the production. Nothing in business will remain static for a long time. That is why Production Management is a continous dicision in organizations.
What are the various components of business environment?
A.Internal environmentInternal environment includes all those factors which influence business and which are present within the business itself. These factors are usually under the control of business. The study of internal factors is really important for the study of internal environment. These factors are:(i) Objectives of Business, (ii) Policies of Business, (iii) Production Capacity, (iv) Production Methods, (v) Management Information System, (vi) Participation in Management, (vii) Composition of Board of Directors, (viii) Managerial Attitude, (ix) Organisational Structure, (x) Features of Human Resource, etc.Note:All the above factors do influence the decisions of business, but since all these factors are usually under the control of business, they cannot be wholly included in the business environment.B. External EnvironmentExternal environment includes all those factors which influence business and exist outside the business. Business has no control over these factors. The information about these factors is important for the study of the external environment.Some of these factors are those with which a particular company has very close relationship. However, there are some other factors which influence the entire business community.Micro environment means that environment which includes those factors with which business is closely related. These factors influence every industrial unit differently. These factors are as under:(i) Customers (ii) Suppliers (iii) Competitors (iv) Public (v) Marketing Intermediaries.(i) Customers:Customers of an industrial unit can be of different types. They include household, government, industry, commercial enterprises, etc. The number of different types of customers highly influences a firm.For example, suppose a firm supplies goods only to the government. It means that firm has only one customer. If because of some reason their relations get soured, the supply of goods will stop and in that case the closure of that firm is certain.This clearly indicates that the customers do influence business. Therefore, a firm should make efforts to have different kinds of customers,(ii) Suppliers:Like the customers, the suppliers also influence business. If a business has only one supplier and he gets annoyed because of some reason, the supply of goods can be stopped and the very existence of the business can be threatened or endangered. Hence, efforts should be made to have various suppliers.(iii)Competitors:The competing firms can influence business in a number of ways. They can do so by bringing new and cheap products in the market, by launching some sale promotion scheme or other similar methods.(iv)Public:Public has different constituents like the local public, press or media, etc. The attitude or behaviour of these constituents can affect business units. For example, the local population can oppose some established firm whose business is excessively noisy.Similarly, if the media gives some favourable report about a particular company the price of its share can register an increase on this count.(v) Marketing Intermediaries:The marketing intermediaries play a significant role in developing any business unit. They are those persons who reduce the distance between the producers and agents.For example, a company sells its goods with the help of agents and if because of some reason all the agents get annoyed with the company and refuse to sell its goods, there can be a crisis for the company
What are the factors that influence the marketing mix?
The main factors which could influence the marketing mix are:- Finance:The business should consider how much money is to be spent on marketing.- Needs of the market:The business should continue to carry out market research as the business grows, as the needs of customers change over time.- Competitors:The marketing mix can be used as a response the actions of actions of competitors in the market. This may include introducing a rival product or matching new prices.- Technology:The business may change where goods are brought and sold, according to changes in technology. An example of this is the major source of business, the Internet.
Which of these describes management?
individuals who decide how the factors of production should be used. A+
Should an organizer or planner qualify as a business expense?
Wedding planning can be a business expense - it is the same as business or management consultation or production services.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What factors should be considered when making an investment in capital goods for a business?
When making an investment in capital goods for a business, factors to consider include the cost of the investment, potential return on investment, impact on production efficiency, technological advancements, maintenance costs, and the overall impact on the business's long-term goals and strategies. It is important to conduct thorough research and analysis to make informed decisions that align with the business's objectives.
What factors should one consider when choosing a wine manufacturer for their business?
When choosing a wine manufacturer for your business, consider factors such as the quality and reputation of the manufacturer, their production capacity and capabilities, their pricing and terms, their location and proximity to your business, and their ability to meet your specific needs and requirements. It is also important to consider their sustainability practices and certifications, as well as any potential collaborations or partnerships they may offer.
How do you name a business?
There are several factors to consider when selecting a name for your business. The type of business is the biggest influence. The name should relate to the type of business, it should make people want to take a look at your business. Just sit down and give it some thought, ask your friends, family and spouse, if married, for their opinions. Narrow it down to three or four then just give it a day or two, the one that sticks in your mind is the one to select.
What factors should I consider when buying a small business?
You should consider the profitability and outlook of the small business, especially the industry in which it competes and the competition in your industry.
What decisions affect production efficiency?
All four of the decisions must be made: What goods will be produced?How will production occur?How much should be produced?Who will be the recipients?All are decisions that influence production efficiency.
Should I buy the local business for sale?
You should consider several factors first. Make sure you find out why the business is selling out. This is very imporant and may affect you once you purchase this business.
