...Principles of Business Correspondence I. Elements of Business Correspondence Business correspondence should be professional and direct. While the main purpose of the letter is to to get a point across or your request known, you need to try to do this while still cultivating and maintaining a good relationship with the recipient. Most professional correspondence should have a letterhead, date, address and salutation. Additionally, the main elements of your business letter should be as follows: Opening: This is the reason for writing the letter. It should be direct and apparent, It is in this paragraph where you are delivering important news or requesting something. Body: The body of the letter develops the information presented in the opening. This is where you are able to go into a more detailed description of what you are asking from your correspondent. Closing: This is the end of your letter. It should be where you are leading the recipient of your letter toward a specific response or a course of action. This section might include suggestions or statements. Don't forget to finish your letter with a complimentary closing and a signature. II. Qualities of an Effective Business Correspondence In order to achieve desired result in business, we need to correspond with utmost care. This correspondence can be oral as well written but whatsoever it is we must keep few principles in our mind. These principles constitute 7Cs of Business Correspondence. Although these are just...
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...ETHICAL PRINCIPLES IN BUSINESS 3.1 Ethics Ethics has been defined as concerned with the development of moral standards by which actions, situations and behaviour can be judged. (Boyd et al) Oelgeschlager. et al gave the simplest definition of ethics as standards conduct. Ethics is the discipline that examines one’s moral standards or the moral standards of a society. It asks how these standards apply to our lives and whether these standards are reasonable or unreasonable, that is, whether they are supported by good reasons or poor ones. Therefore, a person starts to do ethics when he or she takes the moral standards absorbed from the family, church and friends and asks: “What do these standards imply for the situations in which I find myself? Do these standards really make sense? What are the reasons for or against these standards? Why should I continue to believe in them? What can be said in their favour and what can be said against them? Are they really reasonable for me to hold? Are their implications in this or that particular situation reasonable?” Ethics is the study of moral standards, the process of examining the moral standards of a person or society to determine whether these standards are reasonable or unreasonable in order to apply them to concrete situations and issues. The ultimate aim of ethics is to develop a body of moral standards that we feel are reasonable to hold standards that we have thought about carefully and have decided are justified standards for us...
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...Introduction Description of business Justification of location Selection of appropriate labor Sources of fixed and working capital Role of the entrepreneur Type of production Levels of production Quality control measures Use of technology Linkages Potential for growth Government regulations Ethical issues Bibliography Introduction The SBA will be on the topic of production, the production will be a sole trader business which is a haberdashery. The SBA will have all answers required to the questions, so then it will give all information about the business. The research was properly done and will tell the establishments about the business also its description, location, selection of appropriate labor, fixed/working capital, role of entrepreneur, Type of production quality control measure, Use of technology, linkages, government regulations and ethical issues all revolving and pertaining to the establishment. Description of the business A haberdashery business will be established by the name of ‘Kash Haberdashery’. The manager of the soul trader business will be Mr. Campbell. The business will supply persons with sewing tools, cottons, towels, kitchen and bedroom sets etc. The objectives of ‘kash haberdashery’ will be to provide top of the line products from good sources, affordable. Best qualities and comfortable settings, affordable for all class. Justification of location The business will need a wide...
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...Methodology The researchers choose to use the interview and observation methods carry out her research. The interview method was used as a data gathering instrument above all other because: * The interview will obtain sufficient information. * If using the questionnaire there is possibility of them being misplaced. Observation: while the interview is taking place you get a chance to look around. It gives firsthand experience of an office. The interview was conducted with the Human Resources Department Manager on the 30th January at the organization. The researcher also made an observation in the organization the same day Bibliography Date | Place Interview | Job Title | 30th January 2011 | Ministry of Amerindian Affairs | Human Resources Manager | Author; J.Ried, L.Payen and S.Finisterre Name of Book; Longman Office Administration (2004) Publisher; Place Published; Pearson Longman Equipment used in the firm Date | Equipment used | Purpose of equipment | Suitability for tasks | 29th January2012 | Computer | Store information for further retrieval. | Stores all personnel records. | 29th January2012 | Printer | Prints information. | Prints records off computer. | 29th January2012 | Telephone | Make internal and external calls. | Contact other officiated departments and office. | 29th January2012 | Photocopies...
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...Principles of Business Law Case 1. Introduction: Maria saw the John’s announcement about the selling of 1999 Bedford van and became the potential buyer. After making a thorough inspection and test drive, she entered into a contract to buy John’s property. Situation 1. Issue: Maria found out that the vehicle was made from two different models of Bedford van and that the car is in dangerous condition. Principle: According to the Sale of Goods Act, the principle of the Implied term of corresponding with the description can be applied. The Transfer of Risk principle is also can be involved. It states that the risk of the goods remain with the seller until the ownership passes to the buyer. Application: In the announcement the owner of the car John mentioned, that it was 1999 Bedford van. If at the moment of the purchase the buyer was in the good faith and john didn’t explain the real condition of the van, it means that he breached the principle of Implied term, because the description of the car and its condition do not correspond to each other. Maria is able to sue John. However John can use the principle of Transfer of Risk to make defence and say that the risk transferred to Maria with the transfer of ownership. Moreover, the buyer was allowed to make thorough inspection and test drive, before entering the contract. Situation 2. Issue: Maria noticed that the clutch in the van was defective...
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...turn their glaring weakness into a great strength. The below table outlines my observation of this specific Auto Company: S.W.O.T Analysis of Auto Company | Strengths | * Quality Cars at affordable Price * Staff development program * Diversified Business Plan (Partnering with loan companies for home and auto financing and insurance) * Extended 100,000 mile warranty Program * 60 month interest-free financing program * $5,000 dollar buyback program * Target market and measure demands by location | Weaknesses | * Low customer satisfaction ratings * Assumed to be in debt (Government Bailout) * Less (Closed) dealerships | Opportunities | * High-Tech vehicles * Environmentally friendly vehicles Dealer Scorecard * Personal based approach towards customers * Internet Sales | Threats | * Potential government fines for strict environmental-friendly guidelines * Other large automobile manufactures (Ford, GM, Toyota, etc…) | After reviewing this companies S.W.O.T analysis it is obvious that this company has a large hurdle of changing the customer perception due to bailouts and the low satisfaction ratings. Along with fighting the above battles, they need to adapt their business plan to incorporate more economically friendly vehicles as well. If I were to advise this company based on my analysis I would create a priority list of the challenges needed to be focused on and how we can turn into our strengths. The following would be my...
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...ANSWER SHEET Course Code: | | Course Title: | | Student ID: | | Name: | | Location: | | Task 1: As a consultant, decide to use a a systematic approach to help Spinneys – the famous retail chain to expand their customer outreach in Dubai in line with the 3 directions given by Spinneys. 50 marks. Spinneys is a super-market chain in the Middle East which began as railway provision merchants in 1924, and expanded to a grocery firm importing British Empire goods to the Mandate Palestine. Spinneys’ Dubai chapter started in1961, with the first super-market opening in Al-Nasr Square in 1962. Today it operates multiple supermarkets in the Middle East. 1 The task entails proposing Spinneys to launch a non-typical online delivery model to expand customers outreach in Dubai by utilizing the time people spend in metro stations, bus stops and similar places to order products from the store via QR-Code technology or any other suitable technology in those lines. The first constraint laid out by Spinneys is to utilize the time people spend while waiting at metro stations, bus-stops and other waiting times to order online which they could implement was through online shopping facility. The second constraint was to use QR codes for this initiative and the third constraint was that they did not want to invest in own data centers for any computing requirements. My proposal in line with this constraint would be to provide 1. e-koisk with touch screen at metro stations...
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...Description of the business Décor is a family owned partnership business. The business is involved in the manufacturing of office furniture and commercial and residential hard surface work tops. Mission Statement Décor Products is committed to providing quality and affordable products and services to meet the evolving needs of our valued customers. Décor Products will “go the extra mile” to ensure that our customers are satisfied every time. Justification of the location Décor Products is located in Arnos Vale area. It is considered a relatively good location for a number of factors some of which are: •That area is rapidly becoming more commercialized •It is not in the mass confusion of town allowing for good parking facilities. •It is a relatively central location within the country making it easy to distribute goods. Selection of appropriate labour At Décor Products the labour force is made up mainly of semi-skilled and skilled labour. Persons employed are operations manager, salesman, accounts clerk, receptionist, secretary, accountant, workshop manager and joiners. Skilled joiners are necessary to produce the quality finished goods as referred to in the mission statement. Sources of fixed and working capital Things such as: commercial office building, motor vehicles and office equipment are funded by jointly by Bruce Barrow and First Caribbean International Bank. Working capital comes form the sales of products manufactured. Role of the entrepreneur The...
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...Unit five: Principles of supporting business events Assessment You should use this file to complete your Assessment. • The first thing you need to do is save a copy of this document, either onto your computer or a disk • Then work through your Assessment, remembering to save your work regularly • When you’ve finished, print out a copy to keep for reference • Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 3 pages and is made up of 3 Sections. Name: Section 1 – Understand how to support the organisation of a business event 1. When organising a business event, describe the range of support activities that may be required. When organising an event there are so many support activities that are required and these will vary depending on the size of the event. Firstly the venue needs to be arranged, this very often has to be done with quite a big advance notice as places can be booked far in advance depending on popularity. You need to make sure that it is big enough to hold your event but not too big where it will look like nobody has attended, also sticking within a budget is important as venues can be very expensive. Equipment needs to be arranged, are computers needed? Will you be talking to a large crowd and will need microphones? Or on an even larger...
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...Part 3: Business Quality – 5 Practice Principles By: Gautam Borah Abstract: “Business Quality – The Fundamentals”, is the first treatise in the series of Business Quality. The first part contended a new Postulate on Quality which addresses the need of an organization and customer in the current global scenario of business. The title “Business Quality - The Delivery Model” is the second treatise on the subject of Business Quality. This is the third part titled “Business Quality – 5 Practice Principles”. This part delineates the principles on which the Business Quality is predicated. The treatise proposes 5 principles which can help an organization to create the DNA of Business Quality. Introduction The first treatise in this series of Business Quality discussed the notion of Quality in the context of current global business environment and a new postulate has been reprised. The second treatise delineated a Delivery Model for the postulate. This article is the Part 3 of the same series which illustrates the Practice Absolutes of Business Quality. The intrinsic notion of the practice principles The principles presented in this article are at practice levels. Unlike strategic principles, the practice principles aim at execution and will assist the organizations to build a culture of business Quality. Besides, practiced with a suitable monitoring and measurement system, these principles will act as the operational building blocks to sustain the Business Quality initiative...
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...Mention triple bottom line While traditional marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Kotler & Armstrong 2012, p. 5) This essay has been prepared to identify and understand the role of sustainabilty in marketing decision making and its impacts affecting current and future business operations. 1.1. Research Methods Data was collected based on qualitative research. Books, internet and online journals were used to identify different roles of sustainability in marketing. Sustainibilty of marketing by itself is a vast area for study, hence this paper will only focus and critically analysis some of the key aspects of s.m. The topics explored in this research are I. Role of sustainability in marketing II. 1. Sustainable Marketing practices adressing the triple bottom line. Sustainable marketing concept is quite fresh in todays organizaitons as more and more organizations are trying to bring in the sustainable marketing concept into their business operations and reaping long term benefits for themselves the consumers they serve and the environment from previous practices as shown in the diagram below. Fig: 01 – Moving Towards Sustainable Marketing (Belz & Peattie...
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...THE PRINCIPLES OF WAR IN THE CURRENT BUSINESS WORLD By Carmen Sofia Perez Espana Since the beginning of times, we can describe mankind as competitive beings, usually competing over food, shelter or territory, and many centuries after, we realize these disputes could also be over money or power; but once you compare them it is very simple to identify the essence that keeps constant, even if the reasons why they all started are not remotely similar. In that matter, we can define war as a disagreement, usually violent between two or more parts. Being this established as such a wide concept, it could apply in almost any situation in which there is competition over one particular goal, such as sports or education, but in this paper we are going to focus on the contemporary business world and its resemblance to war. Since the “competition” fact has already been defined, the next element we should consider would be the use of strategies or “principles” in order to get a bigger advantage over the opponent. As Mary Coulter (2013) says, the nine principles of war have been taught in the leading military schools of America for years, even though wars in the present have change very much. Could we apply them to business? Would it make a difference in any organization if we did? Would it be a positive one? In every case the answer is yes, because “the marketplace is often viewed as a battlefield” (Coulter, 2013, p. 9) converting every competitor into an opponent...
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...BSB 203/BALM 111/BCD 130 SMALL BUSINESS MANAGEMENT/PRINCIPLES OF MANAGEMENT CAT 1 Answer all Questions 1. To organize in an effective manner, managers have certain guidelines to use and make useful decisions. Explain the principles of organization that can be used by a manager. (10 marks) There are various principles that guide managers in their daily operations. They include: i. Principle of equity- this principle is geared towards ensuring all workers especially in a joint effort are treated equally to manage joint projects. This principle allows managers to develop standard ways of evaluating worker performance. ii. Esprit de corps-this is the principle that fights for unity and morale among workers. This principle allows the manager to develop motivational programs geared at motivating productivity and loyalty to the organization. iii. Principle of initiative-this principle advocates for managers to allow for initiative patterns that allow their employees to come up with new ways. The principle allows the manager to delegate duties and allow new techniques of handling problems. iv. Principle of remuneration-this principle should allow the manager develop a good payment system because money is an important motivator. We should never forget that there is no perfect remuneration system. v. Principle of unity of direction-this principle advocates for similar objectives for people conducting one task in a single plan. The manager is able to develop...
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...Functional View of Work Processes Businesses do not think in terms of product or service lines as much as business functions. For example, a company that makes shoes will have manufacturing, packing, shipping, human resources, marketing, etc. as basic functions that must occur across all types of shoes they manufacture. To have quality products or services, each of these functions must work with the other functions. If there’s a problem with how one function is accomplished, this will impact the other functions. As a result, businesses must pay attention to the quality of each function and how the different functions interact with one another in their overall impact on the business. This functional thinking is what has allowed for the growth of outsourcing—companies identify the functions that are core to the quality of their business and then outsource the other ones. Many companies have also begun to sell their expertise in their core functions, recognizing that another service they can provide is to either show other companies how to do what they do best, or to actually take over the function for the other company. Standard Setting Another key business principle in a flat world is standard-setting. For each business function and sub-function, businesses set two kinds of standards. Process standards identify how a function must be performed. Outcome standards identify the key results of the performance of a particular function. Setting standards allows companies...
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...six: Principles of budgets in a business environment Assessment You should use this file to complete your Assessment. • The first thing you need to do is save a copy of this document, either onto your computer or a USB drive • Then work through your Assessment, remembering to save your work regularly • When you’ve finished, print out a copy to keep for reference • Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 12 pages and is made up of 3 Sections. Name: Genevieve Little Section 1: The purpose of budgets This section will help you to evidence Learning Outcome 1: Understand the purpose of budgets in a business environment. Learning objective Place in Assessment 1.1 Explain the purpose of budgets for managing financial resources to meet business requirements Question 1 Page 1 1a. What is meant by the term financial resources? [1.1] Financial resources mean the money available to a business for spending in the form of cash, liquid securities and credit lines. 1b. Explain why budgets are used to manage financial resources. [1.1] Budgets are used to manage financial resources in order to achieve organisational objectives. 1c. Explain how using budgets helps to meet business requirements. [1.1] It helps to meet business requirements...
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