Study the demand elasticity for its products and discuss the availability of close substitutes for its products. How does that affect pricing decisions? Analyze the company’s profitability. Identify the economy or industry influences on its costs, operations, and profitability. Describe the competitive environment in which the firm operates, the distribution of market power, and the strategic behavior of the firm and its competitors.
Explain why change happens in a business environment. You should include at least three reasons in your answer. Economy is a big factor in change in a business, some reasons for this are as follows: • Competitors behaviour, performance and trends. • Tax and Interest rates • International competitors' behaviour, economy, economic trends, tax, interest rates, exchange rates and trade issues • Product changes Section 2 – Understand the purpose of supporting change in a business environment 1. Identify the main reasons for reviewing working methods, products and / or services in a business environment.
Includes price and production theory, competition, labor, the distribution of income, and the theory of household behavior. BU310 - Fundamentals of Management Offers a skill-based approach to planning and decision-making, organization theory, leadership and motivation to provide a concrete understanding of how these processes relate to business
• Political • Economical • Social • Technology ”The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. A PEST analysis is a business measurement tool” http://www.businessballs.com/pestanalysisfreetemplate.htm Examples of influences required changes are for instance a government change a law or cancel a big order thus the consequences for the organization are financial problems , overproduction. However changes may be less dramatic for the business for example implementation of new software for more effective work. Section 2 – Understand the purpose of supporting change in a business environment 1. Identify
The balance sheet connects to income statements, in turn also connected to cash flow statement. Occurrences or a change to the net cash activities of the cash flow statement affects the balance sheet. The balance sheet is useful when estimating the potential of the organization in order for them to achieve there long-term mission. However, cash flow statement displays the exchange of currency among an organization and external agents. For example, the cash flow can be affected when the company purchases products, and if the costs of the products are an outstanding amount in turn it will affect the assets on the balance sheet.
Explain the effect of changes in the economic environment on a selected business. In this Task I will be explaining the effect of changes in the economic environment within Davis service group. Business economic environment: the economic environment consists of external factors in a business market and the broader economy that affects a business. The Economy describes how a country spends its money. There are many factors that affect the environment some of the factors that affect the environment are the business cycle, growth and recession.
ASSIGNMENT: Using your current work organization (or an organization of interest) and a second organization in the same industry as the subject matter, research the elements of business, compare and contrast the two selected organizations, and prepare an APA formatted paper that: Analyzes the basic legal, social, and economic environment in which the organizations operate Analyzes the managerial, operational, and financial issues impacting the organizations including: Company Culture and Performance Promotion Policies Strategic Decisions Making Decision-Making Style Management Style Leadership Style Communication Style Use of SWOT Tool Operations Strategy Framework Analyzes the impact of potential change factors as they relate to the functions of management for both organizations including: Changing External Conditions Analyzing Businesses NAME COLLEGE ABSTRACT Comparing two businesses can be a difficult challenge when looking at their elements. Finding things the businesses have in common can make the task easier, for example Best Buy and HHGregg are similar companies that sell similar products. When analyzing the two companies it can be seen that they are both very similar in the way they operate and do business. Analyzing Businesses Best Buy and HHGregg are both specialty stores that offer customers appliances, entertainment, home office items, electronics, and other services. Best Buy operates both domestically and internationally, however HHGregg is only domestically.
EGT 1 Task 2: Elasticity Jeffery S. Short #0257373 Element A: The world of business exists because of the consumer. Business owners are concerned if customers will purchase the goods they offer and how they will react to the constant changes that occur in the marketplace. If a business owner can estimate how consumers will react to product offerings or the changes to those products, then they can offer better services while maintaining profitability. Economists study the many variables involved in the marketplace by observing how consumers react to changes in products, pricing, supply and demand in an effort to classify or codify trends. They then develop calculations to categorize these consumer patterns, and then use them as tools to provide insight into consumer reactions and possible future buying patterns.
The outflows of a business will be discussedfurther and how to control the risks that areinvolvedwith different areas. The controls that will be addressed will involve the areas of purchasing, accounts payable, cash disbursements, finance, investments, and payroll. Each area will consider the different transactions that take place and how internal controls can assist in reducing fraud and poor decision making. Purchasing The purchasing department in a company allows a certain amount of power to the employees whowork in that department. Controls need to be in place to prevent fraud and error from occurring.
Given the economic pressures that businesses face today, it is imperative that those needs be connected to specific organizational performance issues. There are three different forms of analysis you will need to complete. 1. Organizational analysis involves determining the appropriateness of training given the organization’s business strategy, its resources available for training, and support by managers and peers for training activities. 2.