Business Structures, Types, and Key Concepts
Joint Undertaking
A joint undertaking involves human and material resources to produce goods or services, aiming to achieve economic benefits. These objectives can be categorized as:
- Technicians: Meeting societal demands.
- Human: Self-help for individuals.
- Social: Generating employment and paying taxes.
Environmental Factors Affecting Business
Several environmental factors affect business functions, over which there is no direct control:
- Technology: Character and computer technology.
- Legal: Labor, fiscal,
Sectoral Systems of Innovation: A Socio-Technical Approach
Summary 14: From Sectoral Systems of Innovation to Socio-Technical Systems: Insights About Dynamics and Change from Sociology and Institutional Theory
In the last decade, *sectoral systems of innovation* have emerged as a new approach in innovation studies. This article makes four contributions to the approach by addressing some open issues. The first contribution is to explicitly incorporate the user side in the analysis. Hence, the unit of analysis is widened from sectoral systems of innovation
Read MoreMarketing Strategies and Concepts: A Comprehensive Lexicon
Marketing Strategy
Concentration of fixing all advertising efforts on a defined segment of the population. It is typically used for very specific products to a single consumer sector.
Concentric Diversification Strategy
When a company has decided to diversify its business, it seeks to acquire companies with technological similarities and a similar product line.
Concept of Marketing
A theory that proposes to put the interests and needs of consumers before the company itself. The satisfaction of such interests
Read MoreUnderstanding Business: Structure, Elements, and Responsibilities
Company: Definition and Purpose
A company is a set of factors of production organized and led to produce goods and services for placement through sale to users in terms of risk, uncertainty, and profit. The company’s goal is to maximize profits.
The Value Chain
The value chain, according to Porter, is a form of business analysis. The purpose of a company is to maximize its value chain. This is actually a set of functions that add value to products and services.
Follow these steps:
- Market research
- Prototype
Understanding Business Market Approaches and Consumer Behavior
ITEM 3
Approaches to Business Market Production Orientation: The Industrial Revolution is characterized by the notion that all produced goods are sold. This approach prevails in the Cat PV, where new products are sold without much difficulty. Product Orientation: Since the first half of the nineteenth century, it has been understood that all products produced with a certain degree of quality will be sold at an acceptable price. Signpost Sales: Economic growth since the second half of the nineteenth
Key Concepts in Finance: From Friedman to CAPM
Key Financial Concepts
Friedman’s Social Responsibility: Businesses’ sole purpose is to generate profit for shareholders. Companies adopting a social responsibility attitude face more constraints and become less competitive.
Present Value: We rely on present value since many investment decisions must be made without good information about market value. 1/(1+r) … 1/(1+r)^t
Transition Costs: These are expenses incurred when buying or selling a good or service, such as real estate title fees or brokers’
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