Top Aspects That Need To Be Included In Any Business Theory
Define the purpose of the company
Define the purpose of the company. This is why the company exists, what it does and how it is done. Use this evaluation to state beliefs, strategies, and assumptions based on current data. Define how the business affects our employees, customers, suppliers, and the world at large. Give the rules that the company will work through the processes that will be used to assess the success and marked to indicate that success has been achieved.
Defining the social factors that affect the business and how it works. This includes customer demographics, such as lifestyle, income levels, housing, etc., influences from the government, such as stability, laws, regulations and taxes; area products or services, and follow trends and fashions that can affect business growth.
Define your market. List what your products are, how they are sold, and how they are advertised. Define why your customers buy your products, and what is unique about them within their market. Define methods for pricing products, so that maximum profits are achieved.
List who your customers are, like homeowners in urban areas or tenants in rural areas, their income level, and the person who makes the purchasing decisions in the household. Create a list of why the client make the purchase, which will require a market study to find out.
Finally, the discovery and the list of all the technology that makes your product possible. It starts at the stage of production planning and ends at the consumer purchase. Look at design models, manufacturing equipment, equipment used to provide services, and how the consumer buys the product, as in a store, online or otherwise.
These definitions will give an idea of how the business is functioning now, and if it is using all its assets to the fullest potential. If at any point, it is discovered that assets are not being used, a new model using every possible advantage needs to be drawn out and instituted. Only by using every tool to the fullest advantage can a business succeed.
by: Craig Calvin
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