Applied Economics PDF

Applied Economics Principles,Tools Click to edit Master and Techniques subtitle style  Busi ness Click to edit Master Business text styles entities...

Applied Economics Principles,Tools Click to edit Master and Techniques subtitle style  Busi ness Click to edit Master Business text styles entities are important to country’s Second level economic Third level Fourth level growth. It enables to create goods and services, provide jobs for individuals to generate Fifth level income and accumulate wealth and generate revenue for the government which enables to provide basic social services.  ATIN NESS PRIN BUSI CIPL AND QUE TOO HNI CRE TEC S IN GA ES, LS, Click to edit Master In planning a text styles business, a thorough study needs to Second level be Third made level Fourth level from the creation of business. Understanding how the business will operate and Fifth level co-exists in the business world thus one needs to study principle, tools and techniques in creating business  PRINCIPLES A BUSINESS CREATING Click to edit Master text styles IN Second level Third level Fourth level Fifth level  ILIT LAB SCA Y Click to edit Master text styles A business must be Second level Third level Fourth level scalable for it to be Fifth level successful.  IDE BIG AS Click to edit Master text styles A business is no more effective Second level Third level Fourth level than the idea upon which it is Fifth level built.  SYS MS TE Click to edit Master text styles ASecond business level is a system in which all Third level parts contribute to the success or Fourth level Fifth level failure of the whole.  NAB ILIT SUS TAI Y A business must be dynamic- able to Click to edit Master text styles Second level Third level thrive through all economic conditions, Fourth level Fifth level in all markets, providing meaningful highly differentiated results to all of its customers.  OW TH GR Growth is essential in business. Click to edit Master text styles Second level Third level Without continued growth, Fourth level Fifth level operations will stagnate.  VISI ON A business must manifest the higher Click to edit Master text styles Second level Third level purpose upon which it was seeded, the Fourth level Fifth level vision it was meant to exemplify, the mission it was intended to fulfil.  PUR POS E A business is the fruit of a Higher Click to edit Master text styles Second level Third level Aim in the mind of the person who Fourth level Fifth level conceived it.  AUT OM ON Y A business is not part of the owner’s Click to edit Master text styles Second level Third level life, but is, in fact, its own entity. Fourth level Fifth level  PRO ABI LIT FIT Y A business is an economic entity, Click to edit Master text styles Second level Third level driving an economic reality, creating an Fourth level Fifth level economic certainty for the communities in which it thrives.  ARD STA ND S A business creates a standard against Click to edit Master text styles Second level Third level which all businesses are measured as Fourth level Fifth level either successful, or not.  Click to edit Master text styles EVA LUA INE BUS OLS TIN GA TO IN SS Second level Third level Fourth level Fifth level TEC RKF USE SPE HN WO OG ED TO LO OL UP W Y We Click to edit Master text styles use technology to speed up workflow, Second level businesses should be looking to innovation Third level Fourth level Fifth level in technology to solve day to day inconveniences and to increase efficiency  SHO FUE NGS RTE EFF ETI ME EN ICI CY R L It Click to edit Master text styles holds a brief meeting standing up every Second level morning where each person explain what Third level Fourth level Fifth level they are going to work on that day to ensure everyone is on the right track and not wasting time on urgent task  SMA OFF PAY ICE SPA CE RT S Office Click to edit Master text styles Second level space can involve a big outlay for small medium enterprises but it is also an Third level Fourth level Fifth level area where some smarter thinking can make a real difference  ERT ADV ME ISE NT Advertising Click to edit Master text styles Second level keeps your business top of mind so consumers think of it when they require Third level Fourth level Fifth level or leave a service or product  SMA ING GES BIG SAV CH AN LL S , One Click to edit Master text styles way of improving efficiency is for Second level business owners to make small changes to Third level Fourth level Fifth level the way they handle their company’s expenses PRO FLO KIN CAS “CA GRI FIR NO ON PA SH W- M IS H G T P It Click to edit Master text styles ensure the right management of your Second level inflow and your outflow of cash Third level Fourth level Fifth level  ECT STA MO NN ON TH ED CO VE E Y The Click to edit Master text styles growing trend towards mobile on Second level flexible working means that employees are Third level Fourth level Fifth level permanently connected and on the go  TIM USE TLY EFF MO EN ICI RE E The Click to edit Master text styles shorter the amount of the time you Second level allow yourself the more you will get done Third level Fourth level Fifth level  DEA GET URA BES INS ON TH NC E E T L Business Click to edit Master text styles Second level needs insurance because it helps cover the costs associated with property Third level Fourth level Fifth level damage and the liability clains  LEG WIT LAX N’T DO TH BE AL H E In Click to edit Master text styles the hectic process of starting up a Second level business the founders often put off you Third level Fourth level Fifth level know sorting out the legal matters until later on  TOR TIO ETI ETI MP MP AN CO CO N D S Industry rivalry among companies of Click to edit Master text styles Second level Third level the same or related industry is an Fourth level Fifth level inevitable part of the business world of any business size.  ADV TAG ETI WH TIV MP AN CO AT E? IS E 1.CosttoLeadership-an Click edit Master text advantage styles occurs when business is able to offers Second level same products at a lower price. Third level 2. Differentiation-Find Fourth level attributes that is important and set them apart Fifth level from their competitors. 3. Defensive Strategies-used a defensive strategy to distance themselves from competitors. 4.Alliances-advantage of seeking strategic alliance with other within related or within businesses.  CUS ME TO RS Individuals or companies who desires to Click to edit Master text styles Second level Third level possess or make use of products and Fourth level Fifth level services. They play a huge role in the success of your business.  ERS SUP PLI Click to editinputs Provide Master text thatstyles the firms in an industry need to Second level create Third level the goods and services that they in turn sell to Fourth level their Fifth level buyers. Suppliers can exert bargaining power on participants in an industry by raising prices or reducing the quality of purchased goods and services.  TUT SUB STI ES Click to edit Masterthat Goods/services text styles can be used in place for another. These Second level goods Third level may, even if partly, satisfy the same needs of a consumer such Fourth that the consumer may use one for instead for another. level Fifth level Substitute products or services limit the potential of an industry. Margarine can be a substitute for butter. Likewise Coke for Pepsi  Click to edit Master text styles Second level nk ha yo Third level T Fourth level u Fifth level