Business organization
A business organization is a firm, a company or a business that makes, buys or sells goods, for provides services, to make a profit.
Businesses vary in size.
Large companies are referred to as corporations. Large companies operating in many countries are multinationals.
Big business can refer to large business organisations or to any business activity that makes a lot of money.
Small companies are referred to as small businesses or. small firms.
When we start a business we talk about setting up a business or establishing a business. New businesses are called start-ups. Once a business has been established we talk about being in business or running a business.
To do business means to trade or deal with a company or country. It's not easy to organize a business and to operate it successfully. When a company is not successful, it may go out of business.
ADVERTISING
Advertising is one of the main methods of promotion. Its aim is to increase sales by making a product or service known to a consumer and to persuade that consumer to buy it.
Large companies usually use advertising agencies to promote their products and the company's image to the target customers.
The account is the contract between the client company and the agency to develop an advertising campaign.
The most common types of advertising media include: broadcasting (TV, cinema, radio), press (newspapers, magazines), printed material (brochures, leaflets, catalogues, flyers), electronic (Internet), display (posters, boardings/billboards, vehicles, point of sale), others (trade fairs, word-of mouth, packaging).
Corporate advertising is not concerned with increasing sales of a particular product or service. Its aim is to present to the public the brand image. Public relations (PR) experts organize activities which generate positive publicity for companies.
Money and its functions
Along with the Market, Manpower and Material, Money is the last of the big M's that make business function. It is in the centre of any business activity.
Money is anything used by a society to purchase goods, services or resources.
Today, the most commonly used objects as money are metal coins, paper bills, checks and plastic money.
For money to have value, it must perform certain functions, it must be easy to use, and it must be trusted.
Money has three main functions in any society
Serves as a Medium of Exchange.
Workers exchange labour services for money. People buy and sell goods in exchange for money.
Serves as a Measure of Value. Money serves as a measure of value because the prices of all products and resources are stated in terms of money.
Represents a Store of Value. Money is a store of value because it may be held and spent later. It is a means for retaining and accumulating wealth.
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Internet. Www.
The Internet opens up vast resources and business opportunities for millions of users around the world and makes communication the easiest it has ever been.
The World Wide Web. also referred to as the Web (WWW), is considered by many users to be the most exciting aspect of the internet. It is a universe of pages containing text. images, sounds, and video clips. The information on the Web is displayed in websites. A website can consist of one or many web pages. Websites are written in HTML, a special programming language.
The most widely-used function on the Internet is e-mail (electronic mail)
E-mail is the transmission and distribution of information through personal computers linked to the telephone system. Using e-mail. you can send messages to anyone with an internet account, and most businesses today have an electronic mailing address.
E-mail is cheap and easy to use. In business, e-mail provides cheap and rapid communication between the employees of an organization, and between a company and its clients and suppliers.
Doing Business on the Internet
There are different ways in which businesses can benefit from Internet:
♦ Businesses use e-mail to deal with customers, to make and respond to enquiries quickly and to communicate with employees.
♦ A corporate website may be used for publicity, for selling or for sharing information.
♦ The Internet is a powerful tool for gathering data.
MARKETING
Marketing involves analyzing and understanding customer demand in order to enable the company to provide the most appropriate products and services.
A company's approach to achieving its marketing objectives is called marketing strategy.
The various factors a company must take into consideration when developing its marketing objectives are referred to as marketing mix. The marketing mix is often summarized as the so-called four P's: product, price, place, promotion: what to sell, to whom, where, and with what support.
Product can be defined as goods or service that you are marketing and includes its design, quality and reliability.
Price refers to how much money a company charges for its products.
Place refers to distribution, that is, how and where the product is made available to customers.
Promotion means presenting the product to the customer.