1. Simply put, a business is an organization comprising people who strive together to achieve common objectives and goals. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organization’s integrity. A business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is a legally-recognized organization which provides goods, services, or both to the consumers.Against this background, clearly share a broad perspective on what you understand by “Business Concept”.
2. As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
NAME : NWOSU ANGEL CHIAMAKA
LEVEL : 400 LEVEL
DEPARTMENT : ECONOMICS
REGISTRATION NUMBER: 2017/249536
1. Clearly share a broad perspective on what you understand by “Business Concept”.
A business concept is a fundamental prerequisite for the existence of a company.
A business concept is a statement that describes the reason, aim and purpose of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
It is the fundamental idea behind a business. The idea, vision and mission of a business is developed based on business concepts.
There are various types of business concepts. They include;
Small business concept
Infrastructure concept
Mobile concept
Business-to-business concept
Consumer goods concept.
E-commerce concept
Consumer-to-consumer concept
Consumer service concept
2. As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
For me as a student, I think E-commerce concept is best for me because I sell clothes online.
I don’t have a physical shop but I still sell my products online.
The steps I’ve taken to achieve it is by creating a name “Angel Boutiques” and also posting my products online. With that, I’ve gotten customers and buyers.
Assignment
Eco 122
Nkwuda chiamaka calista
2016/233042.
What is business concept
Definition: A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
What Does Business Concept Mean?
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
Question 2
As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
1.Track your spending to improve your finances.
2. Create a realistic monthly budget.
3. Build up your savings—even if it takes time.
4. Pay your bills on time every month
5. Cut back on recurring charges
6. Save up cash to afford big purchases.
7. Start an investment strategy.
ONUKARIGBO OGECHUKWU IAN-COLLINS
2020/247554
therealiancollins007@gmail.com
Business concept
A company’s business concept is about the direction and form of its operations.
Business is all around us and it is the mainspring of modern life. But very few people understand its true nature and its role in society. The study of business is essential for training oneself for a career. Study of the principles and practices of business organisation helps in understanding events in their right perspective and in tackling the problem of satisfying human wants through the use of available resources.
Every human being is busy in one activity or the other to satisfy his unlimited wants and desires. The sum total of human activities may broadly be divided into two categories-economic activities and non-economic activities. Economic activities are designed to attain and use the material resources of life. They are concerned with the production, distribution and consumption of goods and services. Human being as undertake economic activities in order to earn their livelihood.
Business consists of economic activities involving production, purchase and sale of goods and services in order to satisfy the needs of society and to earn profit in the process, Technically the term ‘business’ is derived from the word ‘busy’. This means that someone is busy in earning profit through the process of purchase and sale.
However, in a wider sense, business also consists of:
(a) Creating demand for the products and services before producing and purchasing the goods.
(b) Production of the goods and converting the economic resources into goods and services.
(c) Continuous research and development in order to improve the quality of goods and services.
d) Activities to ensure that the goods and services not only reach the consumers but also satisfy them in fulfilling their needs.
For instance, a shopkeeper runs his shop, a doctor operates his clinic, a manager works in his office and a lecturer teaches in a college to earn a living for himself/herself and for his/her family. On the other hand, non-economic activities are carried out not for earning money but on account of the human sentiments of charity, love, sympathy, patriotism, religion, etc. For example, a person goes to temple to offer his prayers.
Q2.
PHONE ACCESSORIES
Because so many people own cell phones now, there’s a huge market for phone accessories. And there are many different ways you can go with these accessories—print on demand, handmade, niche by product type, dropshipping, and more.
Some ideas for phone accessories to sell include:
Phone cases
Car and desk holders
Tripods
Charms
Earbuds/headphones
Bluetooth speakers
Portable chargers
Wireless chargers
When listing my phone accessories for sale, I will remember to include which devices they’re compatible with. I don’t want to create a negative yet avoidable experience for customers who receive an item they can’t even use.
2B.
I have been saving money to buy the accessories needed, and also to rent a shop to store my goods.
NAME: AMAEFULE RAPHEAL IZUCHUKWU
REG NO:2020/246139
DEPARTMENT: ECONOMICS
Overview of business concept
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines its direction, its product or service, and the needs it will meet.”
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.”
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
As an undergraduate , the business concept of e-commerce which involves selling a product or service electronically is the concept that I can develop to which can help boost my personal economy and finances. In order to achieve my aim , I informed a friend of mine , Eze Samuel , CEO SAM STORES dealing with wears of both female and males , who is currently running the same business I intend on doing. He gave me the various steps to follow , one of which is having lots of contacts on your phone and also good customer communication, in order to achieve my aim of the business which will require a certain amount of capital. To raise such capital for my business , I have joined SAM STORES in advertising his products ( wears ) which I would receive a certain percentage of the money from any referrals I make which has helped me manage my economy and finances.
Name: Kalu Favour Enyindiya
Reg number: 2020/249472
Department: Library And Information Science
Microeconomics and Macroeconomics:
The field of economics is typically divided into two broad realms: microeconomics and macroeconomics. It is important to see the distinctions between these broad areas of study.
Microeconomics is the branch of economics that focuses on the choices made by individual decision-making units in the economy—typically consumers and firms—and the impacts those choices have on individual markets. Macroeconomics is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity.
Why do tickets to the best concerts cost so much? How does the threat of global warming affect real estate prices in coastal areas? Why do women end up doing most of the housework? Why do senior citizens get discounts on public transit systems? These questions are generally regarded as microeconomic because they focus on individual units or markets in the economy.
Is the total level of economic activity rising or falling? Is the rate of inflation increasing or decreasing? What is happening to the unemployment rate? These are the questions that deal with aggregates, or totals, in the economy; they are problems of macroeconomics. The question about the level of economic activity, for example, refers to the total value of all goods and services produced in the economy. Inflation is a measure of the rate of change in the average price level for the entire economy; it is a macroeconomic problem. The total levels of employment and unemployment in the economy represent the aggregate of all labor markets; unemployment is also a topic of macroeconomics.
Both microeconomics and macroeconomics give attention to individual markets. But in microeconomics that attention is an end in itself; in macroeconomics it is aimed at explaining the movement of major economic aggregates—the level of total output, the level of employment, and the price level.
We have now examined the characteristics that define the economic way of thinking and the two branches of this way of thinking: microeconomics and macroeconomics. In the next section, we will have a look at what one can do with training in economics.
NAME_ KENECHUKWU EMMANUEL ONYEDIKA
REG NO_ 2020/242637
DEPARTMENT_ ECONOMIC
QUESTION 1
A business concept comprises of the vision of the company, explaining the value your product or service will bring to the customer, why you are especially qualified to offer it, as well describing your offering’s uniqueness and growth potential within your industry
A comprehensive, carefully thought-out business plan is essential to the success of entrepreneurs and corporate managers. Whether you are starting up a new business, seeking additional capital for existing product lines, or proposing a new activity in a corporate division, you will never face a more challenging writing assignment than the preparation of a business plan.
QUESTION 2
E-commerce Business Concept
As a student the use of e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores, nowadays even the social media is a good platform to facilitate e-commerce because of its widely spread audience.
Digital marketing as a E-commerce business concept
This is not exactly a product; you are selling a service. Digital marketing is in incredible demand and more and more people are looking for services in this sector. If you have skills related to SEO or anything that lies within the digital marketing domain, you can start using them right away.
Personal finance is a term that covers managing your money as well as saving and investing. … The term often refers to the entire industry that provides financial services to individuals and households and advises them about financial and investment opportunities.
Set financial goals.
Create a budget.
Plan for taxes.
Build an emergency fund.
Manage debt.
Protect with insurance.
Plan for retirement.
Name: Igbokwe Gloria somtoochukwu
Reg no: 2020/ 245316
Economics
Understanding business concepts.
1. Customers: identify your customers. Who is the customer for that product or service business you plan to start? What does she want? How, where and when does she want it? What does she not like about the current product or service she’s using? Where does she live and work? How much can she afford for this product you’re about to start selling? Will she be more sensitive to the price or the quality of your product? The more accurate your answers are to these questions, the more successful and lucrative your business will become.
Understanding the customer means that you should ALWAYS look at your business from the perspective of the customers you’re targeting. It doesn’t matter what your personal likes, tastes and preferences are, if customers don’t want or like what you’re selling, they won’t buy it. And if they don’t buy it, your business WILL die!
2 – Supply and Demand
In every market, there are two key groups of people: buyers (demand) and sellers (supply). Suppliers alone cannot make a market; neither can buyers.
All entrepreneurs and business people are suppliers by nature.If you’re in business, you must be supplying (selling) something; a product (like fruits, vegetables, electronics) or service (like a consulting or taxi business). For a supplier to make any money and remain in business, customers must be willing to buy the product or service they’re selling.
DEMAND: The concept of ‘demand’ describes a consumer’s desire and willingness to pay a price for a product you’re selling. Demand is clearly different from ‘wishes’ and ‘wants’. Anybody can wish and want anything, but if they’re not willing to open their wallets and pay for it, that’s not demand.Understand the nature of supply and demand in your market. It can help you better plan, price and profit in your business.
3. Competition: In the world of business, only the strong survive and a competitive advantage is a strength that you have that keeps you alive in the market. It is something unique you can provide to customers that they can’t get anywhere else. And as long as this advantage aligns with everything your customers want, you’ll remain successful in your business!
If your business can’t compete, it’ll definitely die. Find your competitive advantage and keep improving it!
4.ROI ( return on investment): Return on Investment’ or ROI is a popular term with investors, bankers and professional business people.ROI is commonly used when an investor or entrepreneur is considering several business or investment options. Always choose the business or investment option that maximizes your ROI.
5.FIXED AND VARIABLE COSTS:
To make money, you need to spend money.
Costs (or expenses) are everything you spend on or pay for to start, run and keep your business alive. Rent, equipment, salaries for staff, internet bills, transportation, advertising and bank charges are just a few examples of costs that most businesses have to bear.Understanding your costs is one of the key elements of success in any business. Cost is very important because it is one of only two factors (the other being ‘Revenue’ or ‘Sales’) that will determine if you make a profit or loss in your business.
No matter how much revenue your business makes, it would be totally impossible to turn a single profit if your costs are greater than your revenue.
What is a business concept?
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
Business-to-business concept
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product.
Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumer.
Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
Business is an organization comprising people who strive together to achieve common objectives and goals. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organization’s integrity.
A business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is a legally-recognized organization which provides goods, services, or both to the consumers.
According to F. C. Hooper, “The whole complex field of commerce and industry, the basic industries, processing and manufacturing industries, the network of ancillary services, distribution, banking, insurance, transport and so on, which serve and interpenetrate the work of business as a whole, are business activities.” . Introduction to Business 2. Meaning and Definition of Business 3. Features 4. Characteristics 5. Steps in the Processing and Selection of Ideas 6. Economic Objectives 7. Functions 8. Requisites 9.
Types of Business Activities 10. Dimensions 11. Strategy of the Future in Business 12. Role of Profit in Business 13. Diversification 14. Ethics 15. Challenges that A Business Faces due to Government’s Policy Changes(Impact of Government Policy Changes on Business) What is Business – Introduction
Business is an organization comprising people who strive together to achieve common objectives and goals. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organization’s integrity. Organizations need to create an environment where people want to work and concurrently develop themselves through coaching, feedback, and information sharing. A business house should work in partnership with its employees, customer, suppliers, community, and the media. In order to enhance the image, it should communicate the key messages, both internally and externally, and gain commitment to its principal goals.
A reputed business house often prefers to share its best practices with its competitors as it believes in networking, partnering, and informal collaboration. It should even undertake a practice of rewarding its employees when they perform well. It should establish a process to learn, grow, and measure its successes. Thus, the primers of an organization include vision, values, behaviours/competencies/standards, coaching, information sharing, networking, rewarding, and continuous learning.
A business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is a legally-recognized organization which provides goods, services, or both to the consumers.
In order to develop an understanding of business organizations, one should be able to identify the differences between the private and public sectors of the economy, state the traditional examples of business organizations in the private sector (sole trader, partnership, and private limited and public limited companies), understand the difference in terms of liability among these business types, and identify two non-traditional business types (co-operatives and franchises). The fundamental idea regarding business is that it is an economic activity and business decision-making is an economic process. The principal aim of any business is to make profit. An HR manager must have the ability to understand the changes in an environment, and the direction and speed of those changes. He/she should be able to develop an action plan that is essential to cope with the changes, involve employee representatives, gain their confidence, implement the changes, and finally measure the benefits of these changes.
Understanding an organization encompasses understanding its structures, behaviours, cultures, resources, and functions, and how it learns to manage the external environment. Once the business environment has been understood, all the activities taking place inside and outside it are also easily understood.
The purpose of every business is to serve customers well. It has to deliver value by offering good quality goods/services at an affordable price. To survive and flourish in the economic jungle, businesses have to win the hearts of customers by putting resources to best use. Businesses, essentially, exist for customer Businesses offer challenge, excitement and immense satisfaction if one is able to run them successfully. There is, evidently, tremendous incentive for everyone to run the race ahead of rivals and make money. Businesses generate employment and offer livelihood for millions of people all over the world.
2. Economic Institutions:
Businesses are economic institutions and they survive as long as they are able to make money. Profit is the risk premium and reward for the efforts and hard work put in by the businessman. Profit is the engine of growth and is a measure of the success of a business. Without profits, businesses collapse under their own weight.
3. Create, Communicate and Deliver Value:
Apart from making money, Businesses need to offer unmatched value to customers. They must keep costs low. They need to offer high quality goods. They need to do the job netter than rivals. Only then they will play a long innings Risky Path Full of Problems:
It is well worth remembering here that the path of a businessman is full of thorns. The tastes of customers might change, competition may get heated up, rivals may come out with novel products/services at a lesser price, government may impose additional taxes making the business unviable, etc. Every businessman, therefore, must be prepared to accept risk and uncertainty. He must think and act like a winner always.
What is Business – Meaning and Definitions: Suggested by Prof. Owen, R. L. Dicksee, F. C. Hooper, Prof. Hancy, Melvin Anshen, Alfred Marshal and Peter Drucker
A Business may be defined as, an activity organised and operated to make available goods and services to the society under the profit motive.
Prof. Owen defines, “A Business is an enterprise engaged in the production and distribution of goods for sale in the market or rendering of services for a price” R. L. Dicksee has rightly defined business as, “A form of activity pursued, primarily, with the object of earning profit for the benefit of those on whose behalf, the activity is conducted.”
According to F. C. Hooper, “The whole complex field of commerce and industry, the basic industries, processing and manufacturing industries, the network of ancillary services, distribution, banking, insurance, transport and so on, which serve and interpenetrate the work of business as a whole, are business activities.”
Prof. Hancy efficiently summed up the meaning of business activities in the following words – “On one hand business rests on the technical processes of trade and manufacture. On the other, it looks to the market. At the junction stands the businessman, either directing the technical process of production or gauging the market or doing both but always engaged in buying and selling for the purpose of gain.”
According to Melvin Anshen, it is the way, men make their living, in short, the term, and “Business refers to the activity which is pursued by a human being of the acquisition of wealth”. Literally, “Business” means the state of being busy. It is associated with any activity that one can be busy about. So, an individual remains busy in some work he is said to be doing some business in the broadest sense all activities which a man performs since morning till evening for the better living may be described as business activities and subject matter of economics.
According to Alfred Marshal It is the study of mankind in the “Ordinary business of life”. This ordinary business of life stands for that part of individual which is mostly concerned with the attainment of better living in short the term “Business” refers to an activity which is pursued by a human being for the acquisition of wealth, for instance a person selling vegetable and earning some money, a person operating a daily needs shop to earn some money for living, a bookseller selling books for some economic benefits, a rice mill or dal mill owner is a businessman who earns some money.
An Industrialist manufactures some products and by selling it earn some profit. Money lender, banker or a financial institution is also businessman who deals in money for interest and profit. Every business has some social responsibility towards, the people in general because it does not live in a vacuum. Business is not an end but a valuable means to achieve an end that is human welfare and public good. Certainly it touches every aspect of our life. In fact we all live in a corporate society. It is a moral responsibility of modern business to satisfy the unlimited, ever-changing and varied demands of the community, so that, the community can enjoy better standards of living, maximum social happiness and welfare.
Finally, a business aims at profit but through service. Business has various objectives. To earn income and acquisition of wealth is not the sole objective of any business but the basic or real objective of business is to create a customer and to satisfy his needs, wants and demands. “Peter Drucker” points out that there is only one valid definition of business purpose, i.e. “To create a customer” A business cannot survive without customers.
Modern business aims at profit through service or profit- nun service and not profit irrespective of service and satisfaction of customers and society in general. Now-a-days the profit concept is replaced by profit-cum-service. This concept of profit through service has become popular and widely accepted by the modern businesses. All types of modern business activities create a flow of goods and services that may be called as National Output and also which generate a flow of income which means.
National income through employment of human and non-human material resources in the best possible manner. Business activities helps directly in economic development and appreciation in gross national income or wealth. In developing and under- developing countries business activities have unlimited scope.
6 Main Features of Business – Dealing in Goods and/or Services, Production (Manufacturing) and/or Exchange of Goods and Services and More…
A business is an economic institution engaged in production and / or distribution of goods and services in order to earn profits and acquire wealth. Whatever may be the form of business organisation, for example Sole Trader ship, Hindu Undivided Family, Partnership Firm. Joint Stock Company or Cooperative undertaking or whatever may be the form or size of business it possesses the following characteristics.
In the words of Wheeler, “Business like weather, is with us every day. Buying and selling, hiring and firing, producing or financing these are but a few of the many business activities which daily influence the lives of all of us directly or indirectly.”
Thus, business is a comprehensive term, it is a complex of gainful human activities. In economic terminology, Business may be defined as any activity which leads to the creation of utility, in the form of goods and services to satisfy human wants. The main objective of business activities is to create exchange as well as possess wealth in the form of physical output and useful services. Business, no doubt, is an economic activity with the object of earning an income, i.e. Profit and thereby, accumulating wealth or purchasing power.
This activity always involves an element of risk or loss or uncertainty. In fact business is an adventurous activity. Those who have guts and daring can only involve in this activity, which an Ordinary person cannot. In earlier days profit maximisation was the sole objective of business. Money chasing was the primary aim of any economic activity. In modern days this chasing concept of business is changed and business has become a social and economic institution Every business has some social responsibility towards, the people in general because it does not live in a vacuum. Business is not an end but a valuable means to achieve an end that is human welfare and public good. Certainly it touches every aspect of our life. In fact we all live in a corporate society. It is a moral responsibility of modern business to satisfy the unlimited, ever-changing and varied demands of the community, so that, the community can enjoy better standards of living, maximum social happiness and welfare.
Finally, a business aims at profit but through service. Business has various objectives. To earn income and acquisition of wealth is not the sole objective of any business but the basic or real objective of business is to create a customer and to satisfy his needs, wants and demands. “Peter Drucker” points out that there is only one valid definition of business purpose, i.e. “To create a customer” A business cannot survive without customers.
Modern business aims at profit through service or profit- nun service and not profit irrespective of service and satisfaction of customers and society in general. Now-a-days the profit concept is replaced by profit-cum-service. This concept of profit through service has become popular and widely accepted by the modern businesses. All types of modern business activities create a flow of goods and services that may be called as National Output and also which generate a flow of income which means.
National income through employment of human and non-human material resources in the best possible manner. Business activities helps directly in economic development and appreciation in gross national income or wealth. In developing and under- developing countries business activities have unlimited scope.
6 Main Features of Business – Dealing in Goods and/or Services, Production (Manufacturing) and/or Exchange of Goods and Services and More…
A business is an economic institution engaged in production and / or distribution of goods and services in order to earn profits and acquire wealth. Whatever may be the form of business organisation, for example Sole Trader ship, Hindu Undivided Family, Partnership Firm. Joint Stock Company or Cooperative undertaking or whatever may be the form or size of business it possesses the following characteristics. The first and basic feature of business is that it deals in goods and/or services. The goods may be consumer-goods or industrial goods or capital goods. The consumer goods are meant for direct or indirect consumption. For instance eatable goods are grouped under direct and immediate consumption and industrial or capital goods are meant for being used for the purpose of production e.g. machines, tools, equipment etc. These goods may be called as producer’s goods.
Business activities are not restricted to production and distribution of various goods, but they include services also. These services include the supply of electricity, water, gas, finance, insurance, banking, advertising, warehouse, transporting etc. Thus, dealing in goods or services is a common feature of business.
Feature # 2. Production (Manufacturing) and/or Exchange of Goods and Services:
Production of goods of any type and their exchange for value of price is a business. All activities which are carried under love and affection, religion, charity, or for gratitude not for value or price are non-business activities. A business involves production and/or exchange of goods and services only for some value or price. Any activity without some value or price (profit) is not a business.
Feature # 3. Regularity and Continuity:
Production and exchange of goods as well as services, though for value or price for once in a while is not a business activity. For instance if a person sells his residential house for money and purchases a new house such an activity is not business. On the other hand, if a person earns his living by purchase and sale of buildings on a regular and continuous basis, such an activity is a business activity.
Thus, any activity which apparently looks like business activity but is not carried out regularly cannot be termed as business activity. As such regularity as well as continuity of such activity is the most common but important as fundamental feature or characteristics of business.
Feature # 4. Profit Motive:
Behind every business there is a ‘Profit Motive’. In absence of profit motive any activity cannot be called a business. People engage themselves in business primarily with a view to earn some profit and acquire wealth. If quality goods and services are provided, the society is ready to pay a little bit more and thereby a business can earn more profit. There is a direct relationship between the satisfaction of consumers and goods and services provided to them. This relationship is converted into the profit of the businessman. The extent of profit depends upon the quality of goods and services. Generally, better quality goods and services are accompanied by higher profit. In public sector enterprise, the term profit is designed or defined as, ‘Surplus’. Profit motive is now widely accepted by public, committed to serve the community with satisfactory goods and services at reasonable prices.
Feature # 5. Existence of Risk and Uncertainty:
All types of business activities involve an element of risk and uncertainty. Fast, multiple and ever growing changes that are taking place in the world of business and industry play a major role in raising risk and uncertainty in business.
For instance, due to changes arising within and outside the business enterprises like changing technology, changing consumers tastes, needs, fashion, group competition due to globalisation, faulty managerial decision, faulty planning are causing and creating heavy risks and uncertainty in business which directly affect the life and survival of business enterprises.
Feature # 6. Risk of Uncertainty of Return:
There is always risk and uncertainty of returns on investment in the form of profit, as the impact of variety of factors. No one can accurately predict about the future as to what is going to happen in near future. There are a number of uncontrollable elements that may put a business in losses.
These losses may be cause by natural calamities also. There is no guarantee of what return a businessman can earn on his investment because of risk and uncertainty of returns. No guarantee of specific returns on the investments in the business can be assumed because of changing government policies and laws.
It becomes clear from the above characteristics of business that, business denotes a systematic production (manufacturing) and / or exchange of goods and services which are undertaken regularly and continuously with a motive to earn profit by satisfying human needs and involving an element of risk and uncertainty. Business can be easily separated from profession and employment as these are other occupation of human beings.
What is Business – 5 Important Characteristics: Profit Motive, Productive, Economic Activity, Continuity in Dealings and Risk and Uncertainty Cry This relationship is converted into the profit of the businessman. The extent of profit depends upon the quality of goods and services. Generally, better quality goods and services are accompanied by higher profit. In public sector enterprise, the term profit is designed or defined as, ‘Surplus’. Profit motive
All types of business activities involve an element of risk and uncertainty. Fast, multiple and ever growing changes that are taking place in the world of business and industry play a major role in raising risk and uncertainty in business.
For instance, due to changes arising within and outside the business enterprises like changing technology, changing consumers tastes, needs, fashion, group competition due to globalisation, faulty managerial decision, faulty planning are causing and creating heavy risks and uncertainty in business which directly affect the life and survival of business 1. Profit Motive:
Earning profit is the main objective of business without which it can’t exist. An activity carried out without profit motive cannot be called business activity. Profit motive is the highest motivator for a business person. It ensures sustainability of the business. However, it is imperative for business enterprises to adopt an attitude of service motive as well.
2. Productive:
The fundamental feature of business is buying, producing and selling of goods and services.
Goods can be classified as:
(i) Consumer Goods such as clothes, books, packaged food etc.
(ii) Producer Goods such as machinery, raw material, production tools etc.
Services are goods of intangible nature. For example, services rendered by catering agencies, customer support department of a company and a wellness center.
3. Economic Activity:
Business is an economic activity which involves production of goods and services for profit-making. Non-economic activities such as doing charitable work, nurturing one’s own farm for personal consumption of farm produce cannot encompass business.
4. Continuity in Dealings:
It means that there should be buying and selling of goods and services for money on regular basis. Consistency in dealings of goods and services is an important prerequisite of business. A single transaction cannot be categorized as business. For instance, if a man sells his furniture at a profit, it will not be called as business. However, if the man is selling furniture regularly in the market, the activity will be termed as business.
5. Risk and Uncertainty:
Like any economic activity, business also has its own downsides; risk and uncertainty are two of them. The causes of risk and uncertainty are – changing requirements of consumers and revision of government policies. Trade cycles also make business a risky activity. According to Keynes, a trade cycle is composed of periods of Good Trade, characterised by rising prices and low unemployment percentages, shifting with periods of bad trade characterised by falling prices and high unemployment percentages.
What is Business – Steps involved in the Processing and Selection of Business Ideas
Once business ideas are discovered, the following steps can be used in the processing and selection of ideas:
1. Preliminary Evaluation and Testing of Ideas
As a preliminary step, the technical feasibility of an idea is judged based on the availability of necessary technology, machinery, equipments, labour skills and raw materials. In order to assess the commercial viability of the project, an elaborate study of market conditions and prevailing situation is made. Feasibility analysis has to be conducted to find out the workability and probability of the project.
2. Detailed Analysis:
After preliminary evaluation, the idea is subjected to a thorough analysis from all angles. A complete investigation is done with regard to the technical feasibility and economic viability of the proposed project. Financial and managerial feasibility of the idea are also tested. In order to carry out the detailed analysis, experts in various areas of the industry are consulted. Since the idea is finally accepted or rejected at this stage, proper care should be taken at this step.
After the evaluation of a business idea is completed, the findings are presented in the form of a report known as ‘project report’ or ‘feasibility report’. This report helps in the final selection of a project. It is also useful for getting increases, finance etc. from government and financial agencies.
3. Selection of Ideas:
In order to choose the most promising idea, the feasibility report is analysed.
In the selection of idea for a product, the following considerations are made:
a. Products whose imports are banned by the government.
b. Products which can be exported easily and profitably.
c. Products whose demands exceed their supply.
d. Products in which the entrepreneur has manufacturing/ marketing experience.
e. Products which show high profitability.
f. Products which ensure specific advantages.
g. Products for which incentives and subsidies are available.
4. Input Requirements:
When the entrepreneur is convinced of the feasibility and profitability of the project, he assembles the necessary resources to launch the enterprise.
The important inputs required for launching an enterprise are as follows:
a. Information and Intelligence – Information and intelligence are the key inputs in the success of an entrepreneur.
b. Finance – Finance is the lifeblood of business. A business enterprise requires finance for the fixed capital as well for the working capital.
c. Personnel – People are the most valuable asset of an enterprise and this asset does not depreciate.
5 Major Economic Objectives of Business – Profit Earning, Market Share, Innovation, Productivity and Physical and Financial Resources
The most important objectives of a business are economic objectives and the business itself is an economic activity. The achievement of these objectives is essential for proper growth and expansion of the business.
Objective # 1. Profit Earning:
Profit earning is the principal objective of every business. Business will survive only if it earns profit. It is doomed if it continuously suffers losses. It has to maintain its assets and has to incur day to day administrative and manufacturing expenses. It can do so only if it earns profit.
The success of a business is measured by regularly increasing rate of profit it earns. The goodwill of a business is measured on the basis of profits earned. The value of a business and its credibility goes up by earning profits. It can easily get loans from the financial institutions and can easily raise fresh capital from public, if it is making a good amount of profit.
Objective # 2. Market Share:
It is important for business to build its standing in the market. In a competitive market a business can survive only if it attains a sizeable share in the market. A business enterprise should fix a target share in market which it wants to capture and it should go on increasing it steadily.
Objective # 3. Innovation:
In order to survive in today’s competitive world, it is rather essential for any business to have innovation as one of the main objectives. Innovation means to add new features to the existing product or to introduce new uses of an existing product. A business must, on a continuous basis, introduce new and unique features to its products so as to have an edge of its competitors. It must also introduce new techniques of production, marketing and distribution.
Objective # 4. Productivity:
The available resources, both financial and physical, must be put to the best possible use. They should neither be over-utilised nor underutilised. The value of the output should always be higher than the value of inputs. Productivity is measured by net increase in the value of output.
Objective # 5. Physical and Financial Resources:
A business enterprise needs both the physical resources like stock-in-trade, plant & machinery, building etc. and financial resources like capital, loans and cash to produce or purchase goods and services for consumers. It must try to acquire these resources according to its requirement and should use them judiciously to achieve maximum benefit from them. It should ensure that no equipment is idle and there is no abnormal wastage of material.
What is Business – 3 Major Functions: Internal, External and Support
A Business function is a process or operation that is routinely performed in order to achieve a desired business objective. There are no hard and fast rules as to how the business has to organize itself to perform these functions. However, irrespective of the way it is organized, it has to perform these functions to achieve its objectives.
Business functions can be broadly classified into Internal Functions, External Functions and Support functions. The three categories of business functions are not independent of each other. There is a lot of overlap and interdependence between them.
Now let’s discuss in detail each category of functions of business:
Function # 1. Internal:
Internal functions are functions that are carried out within the organization. Hence, they are called Internal Functions. They consist of all those essential and crucial business activities which help to lay a business foundation.
The main internal functions of business are as follows:
i. Production:
Production is the process of making the goods that the business intends to sell. It involves conversion of raw- material into a finished product, which is needed by people. Thus, it creates form utility.
Production involves a large number of activities. It consists of activities such as product design, planning of production schedules, optimal utilization of resources such as raw material, labour, plant & machinery, etc. Quality control is another critical aspect of production function. It also involves maintaining a safe and healthy environment within the production facilities.
ii. Procurement:
Procurement essentially involves purchase of raw materials. In case of trading concerns, procurement involves purchase of the goods from larger distributors. The procurement function involves three aspects, namely Quality, Price and Time of Delivery. Procurement is about purchasing the right quality of material at the right price and making sure that such material is available on time.
Large organizations have centralized Purchases or Procurement divisions. These divisions not only purchase raw materials and trading goods, but also fixed assets that are required by the organization. Procurement teams try and build relationships with strategic suppliers. They try and forecast their needs into the future.
They look at the market situation and see if there are any chances of any shortfall of the supplies. They try and forecast price movements. They play a very critical role in keeping the costs of the business lower.
iii. Personnel:
Personnel function is concerned with “persons” or people. Any organization requires a large number of people to carry out specific tasks so that the organization can achieve its objectives. The personnel function makes sure that the right kind of people do the desired work in the best possible manner. It involves “Recruitment”, which is simply hiring of the people with the right skills for various jobs. It includes “Payroll”, which essentially ensures that the people are getting the pay that they deserve for the work that is done by them.
The personnel function is probably the most complicated function of business. It is because the business is dealing with people, who have a mind of their own. While it is easy to plan for materials and machines, it is difficult to plan for people. However, the simplest way of describing the Personnel function is to make sure that there are people to carry out different tasks and that they are willing to do it happily.
iv. Finance:
A business cannot exist without money. Finance function focuses on making money available for business. Finance is acquired from various sources like banks, investors, and other financial institutions.
The money so collected is used for various business activities such as purchase of fixed assets, purchase of raw-materials and/ or finished goods, making strategic investments, etc. Thus, Finance function is mostly associated with raising of money and then utilizing it.
v. Operations:
The nature of business has changed significantly over the years. Today, Organizations no longer restrict themselves to the core functions of Production, Finance, Human Relations (Personnel) and Marketing (External function). They do a lot of other activities also. Particularly in respect of Service organizations, the amount of such work is huge.
For example, a stock broker’s main business is to buy and sell securities for his clients. However, he has to make sure that clients have enough money to pay for what they have bought. He needs to generate reports that explain whether the money invested by his clients has resulted in profits and losses.
Such activities are very important for the success of his business. All such activities are collectively called Operations. For example, Bank of America is one of the largest banks of USA. It also has offices in India. However, these offices do not accept deposits or lend money.
Instead, a large number of people are employed to provide Infrastructure support, perform Reconciliations, and ensure Regulatory compliance, Risk management, MIS reporting, etc. for its clients. Many of these employees also interact with the customers of the Bank. The customer does not even know that the person on the other side is located in a remote city, say Hyderabad, in another country, India. All these activities are called Operations.
Function # 2. External:
External functions consist of all those activities happening outside the premises of an organization. They mostly focus on selling the goods produced (or purchased for trading) by the business organization.
The main external function of business is marketing. All other external functions are essentially sub functions of marketing. Normally, the Head of Marketing forecasts, plans and controls the external function of business. These functions are initiated when he/she seeks profitable business opportunities in the market.
i. Marketing:
Marketing is a much wider term. It is much more than selling. It is concerned with understanding the needs of potential customers and satisfying them. A business is created on the basis of a Marketing idea. For example, a businessman opens an Italian restaurant because he feels that there are lot of people who wish to enjoy eating Italian food but there are not many (or not good) restaurants who offer such food.
Similarly, a teacher may offer tuition classes to students in the locality if he feels that there are many students who are looking for a good teacher to explain the various concepts to them. Thus, every business is attempting to bring a product, which could be either goods or services, to meet a particular need.
Once the business is started, the business now has to make efforts to educate people that such goods and services are available in the market. The business also has to compete with several other businesses which are trying to meet the same need. The business has to reach out to potential customers so that it gets their attention and not competitors. The various activities that are taken up towards this objective come under the function of Marketing.
Marketing involves the following sub-functions:
a. Market Research:
Marketing research is concerned with collecting information in terms of a business idea and analyzing it, so that appropriate marketing decisions could be taken. Let us understand this with the example of the Italian Restaurant.
Before starting the restaurant, the Businessman would like to know as to how many people in the locality (or town or city) like Italian food, how frequently do they like to eat Italian food, how much are they willing to pay for such food, which other restaurants in the locality (or town or city) offers Italian food, what is the feedback of the people regarding the taste, quality and price of Italian food in such restaurants, etc. Based on this study, the businessman will come up with his plans.
b. Advertisement and Sales Promotion:
The hindrance of information and how Advertisement is an aid to trade that removes this hindrance. The business informs potential customers about its products and how the use of such products is beneficial to them. There is lot of competition amongst various products in the market. Customers have lot of choice and therefore, advertisement is very crucial for business to influence the customer’s decision making.
c. Sales Promotion:
Consists of the various ways in which a business tries to increase the sales of the product. The usual methods of sales promotion are distribution of free samples, coming up with “combo” offers (for example, tooth paste with tooth brush), offering discounts (for example. Flat 30% off), cash back schemes, etc.
d. Distribution:
A business may have a world class product, people may be aware of the product, but if the product is not available at a point that is convenient for the customers to buy, then such business is unlikely to be profitable. Distribution is concerned with making the products available for the potential customers to buy them. The business must ensure that goods are properly and promptly supplied to all target (advertised) areas and are available for sale to potential customers whenever they wish to buy.
e. Customer Service:
Businesses now realize that it needs to keep its customers happy. Happy customers come back and give more business. They are also the biggest and most credible source of publicity. A happy customer encourages other persons to also buy the product he/she is happy with. An unhappy customer goes to great lengths and virtually stops potential customers from buying the product.
Therefore, businesses are increasingly spending a lot of time in communicating with their customers. Many businesses offer warranty on their products. There are 24 hour customer care helplines to hear what the customers are unhappy about. Liberal return and exchange policies are offered by many businesses. All these efforts are being made to keep the customer happy and satisfied, so that there is a positive impact on the sales of the organization.
ii. Strategy:
One of the objectives of any business is to grow in scale and size. A business may want to take-over or merge with another business. For example, initially Tech Mahindra took over Satyam Computers and finally merged Satyam Computers into itself. Similarly, an Organization, which is a large behemoth, might want to de-merge itself and create smaller organizations by splitting the large organization.
Business has to continually look at various strategies to attain its various objectives. This function is normally handled by senior management or by the Corporate Strategy division. This function is an External function of the business.
Function # 3. Support:
Support functions include all those ancillary (assisting) activities, which facilitate and ensure smooth working of both internal and external functions of business. Generally, managers of respective support teams operating within an organization handle these functions.
The significant support functions of business are depicted below:
i. MIS:
Businesses take decisions on the basis of information available to them. Information needs to be accurate and timely. Thus, businesses are making significant investments in creating a Management Information System that provides its management all the relevant information in real time. Businesses now appoint a full time CIO (Chief Information Officer) to take care of this need.
ii. Audit and Accounts:
Accounting operations are required for recording the day-to-day transactions entered into by the business. Audit is needed to ensure that the transactions are correctly recorded as per accepted accounting principles. Audit is done by a Chartered Accountant, who belongs to an external organization. However, businesses have their internal audit departments to make sure that there are proper controls.
iii. Administration:
There are so many works that need to be done on a day to day basis. For example, a business needs to have a reception so that any outsider can contact the business. The reception can guide the outsider to the relevant department or person who can talk to that outsider. Phone calls need to be received. Assets need repairs and servicing.
Electricity Bills, Telephone bills, etc. need to be paid. Refreshments are to be provided to guests (who could be important people such as Regulators, Auditors, etc. or even Customers and Suppliers) as well as to employees. The list of such activities is endless. All such activities come under the “administration” function.
iv. Public Relations:
While Advertisement focuses on the product and the target is the potential customer, public relations focuses on creating a positive image about the business. It is targeted at the society at large. Designated officers called PROs (Public Relation Officers) represent the business and work with customers, shareholders, media, government, and others.
Their purpose is to create a favourable impression about the business in the eyes of various stake-holders. They frequently hold press conferences, create corporate brochures, participate in exhibitions, respond to media enquiries and also run PR campaigns.
Foundation for a successful business enterprise – Clear-Cut Objectives, Efficient Business Planning, Sound Organisation, Financial Planning, Human Relations and More…
The organisation and management of business involves several problems. Every business enterprise seeks to achieve the objectives of survival and growth. In modern business, it has become very difficult to achieve these objectives due to the increasing pressure of environmental forces. In order to achieve its objectives effectively and efficiently, a business enterprise must have at all times appropriate interaction with its environment. There is no short-cut to success in business.
However, the following factors provide the foundation for a successful business enterprise:
(i) Clear-Cut Objectives:
The first essential of a successful enterprise is the establishment of definite and clear-objectives. In addition to the overall objectives, specific objectives should be laid down in different functional areas of business on which the survival and growth of business depends. These areas include production, marketing, financing, personnel, research and development, etc.
The functional (secondary) objective should be in harmony with organisational (primary) objectives. Similarly, a proper balance should be created between long-term and short-term objectives. Objectives form the nucleus around which all other activities-rotate. They should be so realistic that they can be achieved.
(ii) Efficient Business Planning:
Planning is an essential requisite for successful operations of a business enterprise. Planning enables the enterprise to meet contingencies of the future and thereby saves it from floundering. Planning is foreseeing and charting-out a future course of action. Sound planning requires accurate forecasting of sales. Effective plans should be formulated for every department or division of the enterprise. Departmental or divisional plans should be coordinated with the overall or master plan of the enterprise as a whole.
(iii) Proper size, Location and Layout:
The success of a business enterprise depends to a great extent on these factors. Optimum size results in the lowest average cost of operations per unit. Appropriate location helps the enterprise in securing the required materials, labour, power, markets, etc., at minimum possible costs. Productivity depends largely on technology and the firm must have proper plant, equipment, machinery, etc.
These facilities should be laid out in such a way that there will be optimum utilisation of all the resources. Mistakes made in the determination of size, location and layout have long term implications and may endanger the very survival of the firm.
(iv) Sound Organisation:
Organisation is concerned with the division of work among the employees in such a way that they work with efficiency and coordination. A sound organisation structure provides the necessary framework for effective communication, teamwork and co-ordination. In order to develop an effective organisation, it is necessary to define clearly the authority and responsibility relationships between the personnel of the enterprise. Everyone should know clearly the limit of his/her authority, extent of responsibility and the scope of the job. Besides suitable internal organisation, an appropriate form of ownership should be chosen.
(v) Financial Planning:
Finance is the lifeblood of business. Therefore, there should be a proper flow of finance at all times in a business enterprise. Adequate funds should be made available at the right time for long-term and short-term needs of business. There must be proper allocation and utilisation of the procured funds in different projects or investments.
A balanced capital structure should be developed so that the cost of capital is minimised without subjecting the enterprise to undue financial risk. Accurate measurement and control of financial performance is necessary for efficient management of the finance function.
(vi) Marketing Network:
Production of goods and services is meaningless unless customers accept them at prices which yield reasonable profits to the enterprise. An efficient distribution network is required for this purpose. The approach to the marketing function should be customer-oriented. Product mix, pricing policy, distribution channel and techniques of sales promotion should be decided on the basis of the needs and aspirations of consumers. Marketing research plays an important role in knowing and understanding the requirements of present and prospective customers.
(vii) Executive Development:
The continuity and growth of a business enterprise depends upon the availability of competent executives at all times. The executive team of an enterprise is subject to constant change on account of retirement, death, resignation, etc. Arrangements should, therefore, be made for the training and development of future executives. Executive obsolescence may prove fatal to the growth of an enterprise.
(viii) Dynamic Management:
The efficient utilisation of resources and, therefore, the success of an organisation depends upon the calibre and philosophy of its management. Enlightened and competent management is the single most important requisite of success in modern business. Without innovation and growth, an enterprise will stagnate and decay. Therefore, management must adopt a dynamic outlook. The people working in an enterprise will give desired performance under effective leadership.
(ix) Human Relations:
Teamwork, a sense of belonging and high morale are the hall-marks of sound human relations in business. When relations between the members of an organisation are good, change and development become easier. In order to develop good human relations, there should be an effective two-way communication system between the management and the workers so that the grievances, suggestions and reactions of workers are known at all times. Workers should be treated as human beings and proper arrangement should be made for their welfare and all-round development.
(x) Research and Development:
Technology and customer satisfaction are important factors influencing the success of a business enterprise. In order to develop new and more efficient techniques and processes of production, research and development is required. Systematic and permanent facilities for research and development also enable the firm to offer new and better products to the customers. It is for these reasons that large business enterprises often have their own departments or institutes for research and development activities.
Top 2 Types of Business Activities – Economic and Non-Economic Activities
The spectrum/the range/or the sum total of business activities, mainly consist of two things:
1. Economic Activities:
They are concerned with the production, distribution and consumption of goods and services. They enable people to earn their bread and butter. Such income-generating activities could be classified into three categories.
The categories are:
(i) Business,
(ii) Profession, and
(iii) Employment.
(i) Business:
Economic activities are pursued with a clear intent to earn profits. These involve production and exchange of goods and services on a regular basis. Risk and uncertainty are ever-present in every business activity.
(ii) Profession:
It may be defined as any occupation which involves offering of skills, expertise and competencies of special nature (to clients against a fee) acquired through years of education, training and hard mental labour (e.g., doctors, advocates, tax consultants, auditors etc.). It is a vocation based on expertise relating to a field. Professionals keep good contact with clients and render services by charging a fee.
They are supposed to take care of the interests of the clients by following a code of discipline established by members belonging to a profession known as a professional body. The professional body restricts entry into profession and lays down the rules of the game to be followed by every member (e.g. The Institute of Chartered Accountants of India). Professionals, generally speaking, are guided by the service motive.
(iii) Employment or Service:
The term employment refers to the work done by a person (called as employee) reporting to an employer and carrying out assigned work according to the terms and conditions of a contract. The contract specifies the payment to be made in terms of salary, bonus, and other service benefits for obtaining the services of an employee. The employee is expected to complete the work that is entrusted to him on a temporary basis or on a permanent basis.
2. Non-Economic Activities:
These are the activities undertaken without any profit motive. There is no intent to make money. People indulge in non-economic activities out of sympathy, love, charity, patriotism, religious feelings, etc.
The spectrum of business activities is fairly wide and covers lot of ground. It includes all those activities aimed at facilitating the production and distribution of goods and services such as manufacturing, trading, warehousing, banking, insurance, packaging and transportation etc.
3 Popular Dimensions of Business – Product, Customer Segment and Value Creation
Another expert Derek F.Abell, in his little “The starting point of strategic planning”, expressed same views on defining business. He is of the opinion that business may be defined doing three dimensions namely. Customer groups, customer functions, and alternative technologies.
Here, customer group-indicates as to who is to be satisfied; customer functions indicate as to what is to be satisfied; and alternative technologies speak of how the needs are to be satisfied. Thus, business house is to define its business in the contexts of three dimensions namely, the product, the customer segment, and the value creation.
Dimension # 1. The Product:
The organisation has to spell out clearly the product it has to offer. Precise spelling is to speak in terms of length, width and breadth. Thus company manufacturing and marketing say wrist watches should make it very clear that whether it is producing all possible watches for men and women for all purposes.
It should specify the product features, quality range, price, distribution, after sale services and so on. The company is to think twice as to what it is specifying. This depends on the competitive advantage it enjoys in a practical aspect or aspects. If, it has competitive advantage in producing marketing solid 18 carats wrist-watches for men and women then to that extent it should make it clear.
Dimension # 2. Customer Segment:
It is impossible for a wise company to satisfy all customers spread over a wide geographical area. That it should make clear the customers it wants to serve and the geographical area in which it wants to operate.
Even if it is possible, it may not be feasible under conditions of acute and changing competitive forces. It pays to serve a particular group or class of people located in a specific area. Thus, the adult diapers is meeting a particular age group and income groups those can afford to buy these diapers on medical and personal reasons.
Dimension # 3. Value Creation:
Value creation is the process of value adding that make the consumers that the product utility is commensurate with price a customer pays. In a buyers’ market, consumer is always in search of products that are capable of giving higher value perception. That is, the price he is saying is less than or equal to the value that he perceives.
That is, he is glad to pay some price or higher price provided the product has high utility or high value in his or her eyes. What is the value-is purely a personal and mental faceting, the value differs from person to person and time to time. In this context, the organisation has to define clearly what value the customer considers very important.
This value may be-reliable after sale service for Mr. X, regular delivery for Y, credit sale and door delivery in case of Z or it may be lower price for Mr. A. In that sense, the organisation should make it also clear that how, the company is going to create or add this value. The terminal part of the business definition is that, like strategy, business is defined at the different levels. That is, at corporate level business level and functional level. It goes without saying that a company which is engaged in only one line, this defining business is somewhat easy.
On the contrary, in case of multi-SBUs firm, as there is more than one line, this defining the business is somewhat more difficult. What is important is, functional level definition of business becomes a part of business level and business level becomes the part of corporate level. This kind of business definition is a must so that the companies’ personnel really work hard in a particular focus that is created.
What is Business – How to become successful in future?
The changing pattern of environment will necessarily require a redefining and re-focussing of the strategy of a firm. In the 80’s and the early 90’s significant contributions were made in this area by renowned experts, such as, Prahalad and Hamel. Porter and Ries and Trout. Collectively, all these thinkers do provide a perspective on how to successfully reach the future first. Hamel and Prahalad, in their path breaking book Competing/or the Future, stress the need for regenerating a strategy that goes beyond restructuring of the portfolio, downsizing of head count, re-engineering of business processes, and making continuous improvement.
To be successful in the future, companies will have to redefine and reinvent the industry boundary in a manner that would lead to total industry transformation, thereby giving them significant advantages over their inward-looking rival, Hamel and Prahalad further observe that competition for the future will be the competition to create and dominate the emerging opportunities, To take on this competition, companies will need to develop their own strategic architecture that will provide a blueprint for building future competencies.
The authors’ advice includes adoption of a new strategy paradigm that stresses transformation of the industry boundary, building effective coalitions between companies, development of a core competency agenda, and minimising time for global pre-emption. They also urge companies to forget and unlearn the past and do some fundamental rethinking in terms of new ways of doing business in the changed arena. To do all these, manager’ will need foresight rather than any particular sophisticated forecasting technique.
Prof. Michael Porter stresses the need to make a distinction, between improving operating efficiency and shifting competitive position, in order to compete successfully in the future. While operating efficiency in producing and delivering products and services is a must, there is also a need to effect a change in a firm’s positioning through an alteration in such offerings. Such repositioning can be effected without sub-optimising the continuity in the basic position. To achieve this, companies shall require skills in learning new facts rapidly and assimilating the same to get new ideas for repositioning.
The new ideas so developed must be connected to the strategy the firm intends to pursue in the future, thereby ensuring that it is making the correct choices and also avoiding the adoption of a universal ‘me-too’ strategy. Porter has also cautioned companies not to get trapped in the pursuit of certain new strategic thoughts that art of late being propounded in order to be successful in the 21st century.
Two of these traps, according to him, are:
(i) The excessive attention being given to maximise market share, even to the point of reducing profitability; and
(ii) The desire to minimise the time to market. Porter says that such universal strategies will not work for every industry and all companies should not pursue the same regardless of the industry characteristics.
Prof Phillip Kotler perceives that the emerging future successful companies will need to focus either on high income consumers requiring the high quality products and personalised services, or on low income consumers who just want the basic core products with almost no services. In the new scenario, the middle income customers will form a declining segment. The high income category will be better-educated, better-travelled, better-informed and time starved, all of which implies an opportunity to offer value-added products and services.
Similarly, the lower income group possesses certain characteristics which can be exploited usefully. In general, irrespective of the segment the company of the future shall concentrate upon, the key success factor will be to offer the desired value-added quality products and services at a cost lower than that offered by the competitors. This is going to be an important challenge since customers are becoming more discerning and demanding, and they will be in a position to assess the intrinsic value of a product and service offering.
Prof. AI Ries and Prof. Jack Trout-who promoted the concept of positioning-underline the need for focus in the context of a growing market size, more media options, an expanding telecommunication network, and universalisation of consumer preferences, The strategy of various companies will be to perfect everything they do-be It manufacturing, marketing, distribution or services.
The emphasis will be on a careful targeting of select segments, building one or two strong brands and developing a service-driven relationship with the customers. Concentrating resources on a narrow segment and using such new generation options as interactive advertising, infomercials, direct mail, the Internet, etc. to reach and communicate with the target group will be the hallmark of the 21st century strategy.
Companies planning to attain leadership in the next century will also have to predict the future scenario more precisely (viz., in the way their respective industries are likely to move) by improving their understanding of the pattern and direction of convergence of various industries in order to create an entirely different industry. Organisations will need to track this new development and work out implications for formulating their respective strategies.
It is thus clear from the writings of these authors that foreseeing the future well in advance rather than merely reacting to the unfolding development, will be central to managing the future successfully. Every firm has to recognise the possibility of the increasing convergence of various industries. The thrust has to be on taking initiatives in transforming the firm and redefining the industry boundary in a manner that gives it certain strategic advantages over its competitors.
Such an effort will help in repositioning the firm in a significantly different way. Side by side, efforts to achieve operating efficiency in basic positioning and to provide high quality products and services at prices lower than that of competitors will continue to be the key components of a firm’s strategy. The sharp differences in value expectations between various customer segments-particularly those in the high income and low income categories-and proliferation of products, services, brands and media will require companies to concentrate on specific focus areas.
What is Business – Reasons that Justify the Role of Profit in Business
Profit is the main motive of every economic activity. As business is an economic institution, it must earn sufficient profits to cover its costs and to provide for growth.
The following reasons justify the role of profit in business:
1. Survival – The basic objective of any organisation is to ensure that it continues to survive and exist in the future. Survival in long rim is possible only when organisation is able to earn adequate profits.
2. Expansion and Growth – Every business enterprise wants to expand its business. Expansion needs sufficient amount of capital. Profit acts as a source of finance to meet expansion requirements of the business.
3. Measure of Efficiency – The efficiency and prosperity of a business is measured through the profit it earns. Higher profits indicate the efficient working of business.
4. Reward of Risk Bearing – An entrepreneur assumes a lot of risk while carrying out business activities. Profit is considered as a reward for bearing this risk. If there is no profit in business activity, no one would like to assume risk of running business.
5. Better Reputation and Goodwill – A profit-making company enjoys better goodwill in the market as compared to loss-making company. A company with better goodwill is able to attract and retain talented work force. It becomes easy for such a firm to raise loans and obtain credit.
Profit maximization should not be the sole objective:
Inspite of indispensable role of profits in business; it cannot be the sole objective of business.
Profit maximization is an essential or the leading objective but not the sole objective due to following reasons:
1. Corrupt Practices – Business may engage in malpractices or unfair means like hoarding, black marketing, adulteration, etc. in order to achieve the aim of profit maximization.
2. Leads to Exploitation – A business trying to earn more and more profits may exploit workers by paying them less and low quality goods may be provided to consumers to increase the profits.
3. Long-term interest – Too much emphasis on profit may lead to ignorance of social responsibility. It is in the long-term interest of business to pursue social responsibilities along with earning profit.
Finally, it can be concluded that ‘profit earning through service to society’ should be the real objective of business.
What is Business – 9 Main Diversification of Business – Related, Unrelated, Internal, External, Horizontal, Vertical, Concentric, Active and Passive Diversification
Diversification refers to company diverting the business focus from the existing traditional areas to new promising areas. Since technology is changing day by day, ‘customer’ demands are changing accordingly. Company introduced new and substitute products and services available in the market to meet the customer’s expectations and to draw their attention.
These changing attitudes of the customers, the company has been opening more and more new areas of promising business. Diversification may involve internal or external, related or unrelated, horizontal or vertical, active, or passive dimensions. The change of business focus may be either in terms of customers function, customer group and new alternative technologies.
1. Related diversification
2. Unrelated diversification
3. Internal diversification
4. External diversification
5. Horizontal diversification
6. Vertical diversification
7. Concentric diversification
8. Active diversification
9. Passive diversification
1. Related Diversification:
Related diversification is diversification into new business activity that is linked to company’s existing business activity; normally these activities are common between one or more components of each activities of existing business activity of value chain. Normally these linkages are based on manufacturing, marketing or technological commodities.
1. Learn Self-Control
If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your personal finances in order. Although you can effortlessly buy an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money for the purchase. Do you really want to pay interest on a pair of jeans or a box of cereal? A debit card is equally handy and takes the money from your checking account at once, keeping you from racking up an interest-bearing balance. 2. Control Your Financial Future
If you don’t learn to manage your money, then other people will find ways to mismanage it for you. Some of these people may be ill-intentioned, like unscrupulous, commission-based financial planners. Others may be well-meaning but may not know what they’re doing, like Grandma Betty, who really wants you to own your own house even though you can only afford one by taking on a risky adjustable-rate mortgage.
Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with knowledge, don’t let anyone catch you off guard—whether it’s a significant other who slowly siphons off your bank account or friends who want you to go out and blow tons of money with them every weekend.
3. Know Where Your Money Goes
Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure that your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how the cost of your morning coffee adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have as big an impact on your financial situation as getting a raise.
In addition, keeping your recurring monthly expenses as low as possible can save you significant money over time. Even if you can swing an amenity-packed apartment now, picking something plainer could let you afford to own a condominium or house sooner than you otherwise would. 4. Start an Emergency Fund
One of personal finance’s most-repeated mantras is “pay yourself first.” No matter how much you owe in student loans or credit card debt, and no matter how low your salary may seem, it’s wise to find some amount—any amount—of money in your budget to sock away in an emergency fund every month.
Having money in savings to use for emergencies can keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly expense, then pretty soon, you’ll have more than just emergency money saved up—you’ll have retirement money, vacation money, or even money for a down payment on a home.
It’s easy to put your fund into a standard savings account, but this earns almost no interest. Put your fund in a high-yield savings account, short-term certificate of deposit (CD), or money market account. Otherwise, inflation will erode the value of your savings. Just make sure the rules of your savings vehicle permit you to get to your money quickly in an emergency. 5. Start Saving for Retirement
Just as your parents probably sent you off to kindergarten with high hopes of preparing you for success in a world that seemed eons away, you need to plan for your retirement well in advance. Because of the way compound interest works, the sooner you start saving, the less principal you’ll have to invest to end up with the amount that you need to retire.
Why start saving for your retirement in your 20s? Here’s an Investopedia example: You start investing in the market at $100 a month, averaging a positive return of 1% a month or 12% a year, compounded monthly over 40 years. Your friend, who is the same age, doesn’t begin investing until 30 years later and invests $1,000 a month for 10 years, also averaging 1% a month or 12% a year, compounded monthly. After 10 years, your friend will have saved up around $230,000. Your retirement account will be a bit over $1.17 million.
Company-sponsored retirement plans are a particularly great choice because you get to put in pretax dollars and companies will often match part of your contribution, which is like getting free money. Contribution limits tend to be higher for 401(k)s than for individual retirement accounts (IRAs), but any employer-sponsored plan that you’re fortunate enough to be offered is a step closer to financial health.2
If you don’t have access to a company plan, don’t despair. Those who are self-employed have a range of options for setting up retirement plans. Others can open their own IRAs, allowing for a set amount of money each month to be withdrawn from their savings account and contributed directly into their IRA. Even if it’s only a small sum, it will eventually add up to something helpful. 6. Get a Grip on Taxes
It’s important to understand how income taxes work even before you get your first paycheck. When a company offers you a starting salary, you need to know how to calculate whether that salary will give you enough money after taxes to meet your financial obligations—and, you hope, meet your goals.
Fortunately, there are plenty of online calculators that take the dirty work out of determining your payroll taxes, such as PaycheckCity.com.3 These calculators will show you your gross pay, how much goes to taxes, and how much you’ll be left with—which is also known as net pay or take-home pay. For example, an annual salary of $35,000 in New York City would leave you with around $27,490 after federal taxes without exemptions for the 2020–2021 filing season—about $2,291 a month. Then you need to consider state and (for New York City) city taxes in addition.
By the same token, if you’re considering leaving one job for another in search of a salary increase, then you’ll need to understand how your marginal tax rate will affect your raise. For example, a salary increase from $35,000 a year to $41,000 a year won’t give you an extra $6,000 per year ($500 per month)—it will only give you an extra $4,227 (around $352 per month). The amount will vary depending on your state of residence and its potential tax bite, so take that into consideration if you’re pondering a move.
Finally, take the time to learn to do your own taxes. Unless you have a complicated financial situation, it’s not that hard to do, and you won’t have the expense of paying a tax professional for the work. Tax software makes the job much easier than it was when your parents were starting out and ensures that you can file online.
7. Guard Your Health
If meeting monthly health insurance premiums seems impossible, what will you do if you have to go to the emergency room—where a single visit for a minor injury like a broken bone can cost thousands of dollars? If you’re uninsured, don’t wait another day to apply for health insurance. It’s easier than you think to wind up in a car accident or trip and fall down a flight of stairs.
If you’re employed, then your employer may offer health insurance, including high-deductible health plans that save on premiums and qualify you for a Health Savings Account (HSA). If you need to buy insurance on your own, investigate the plans offered by the Health Insurance Marketplace of the Affordable Care Act (ACA). There are federal plans, or your state may have its own plan. Look at quotes from different insurance providers to find the lowest rates and see if you qualify for a subsidy based on your income. If you have health issues, know that a more expensive plan could be cost-effective for you. Research all your options.
If you’re under age 26, then your best choice may be to stay on your parents’ health insurance if they have it—an option allowed since the 2010 passage of the ACA. If you can manage it, offer to reimburse them for the additional cost of keeping you on their plan.
It also pays to take daily steps now to keep yourself healthy—such as eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, avoiding excessive alcohol consumption, and driving defensively. All these behaviors can save you on medical bills down the road. 8. Protect Your Wealth
To make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it. Here are some steps to think about, even if you can’t afford them all right now:
If you rent, get renter’s insurance to protect the contents of your place from events such as burglary or fire. Read the policy carefully to see what’s covered and what isn’t.
Disability insurance protects your greatest asset—the ability to earn an income—by providing you with a steady income if you ever become unable to work for an extended period of time due to illness or injury.
If you want help managing your money, find a fee-only financial planner to provide unbiased advice that’s in your best interest, rather than a commission-based financial advisor, who earns money when you sign up with the investments that their company backs. The latter has a potentially divided loyalty (to their company’s bottom line, and to you), while the former has no incentive to guide you down a wrong path.
You’ll also want to protect your money from taxes—which is easy to do with a retirement account—and from inflation, which you can do by making sure that all of your money is earning interest. There are a variety of vehicles in which you can invest your savings, such as high-interest savings accounts, money market funds, CDs, stocks, bonds, and mutual funds. The first three are relatively free of risk, while the remaining three carry greater possibilities for financial setbacks but also greater possibilities for monetary rewards. Learning about investing is an important skill for building up your savings—and, eventually, building wealth.
THE THREE METHODS OF MEASURING NATIONAL INCOME
1 The expenditure method
2 The product method
3 The income method
THE EXPENDITURE METHOD: It is system for calculating gross domestic product (GDP) that combines consumption, investment, government spending, and net exports. This method produces nominal (GDP), which must then be adjusted for inflation to result in the real (GDP). It also a method of measuring national income as sum total of final expenditures incurred by household, business firm, government and foreigners.
PRODUCT METHOD: Here the national income is measured as flow of goods and services. Money value of all final goods and services produced in an economy is calculated during a year. Final goods refers to goods which are directly consumed and can not be used in further production processes.
INCOME METHOD: National income is measured by adding up the pretax income generated by the individuals and companies in the economy. It consists of income from wages, rent of building and land interest on capital, profit etc.
National income = household consumption+ government expenditure+ investment expenses+ NX(net exports).
PRODUCT METHOD: in this method, national income is measured as a flow of goods and services. We calculate money value of all final goods and services produced in an economy during a year. Final goods here refers to those goods Which are directly consumed and not used in further production processes. Goods which are further used in the production processes are called intermediate goods. in the value of final goods, values of intermediate goods is already included, therefore we don’t count value of intermediate goods in national income otherwise there will be double counting of value of the goods.
INCOME METHOD: under this one, national income is measured as flow of factor income. There are generally four factors of production: labour, capital, land and entrepreneurship. Labour gets wages and salaries, capital gets interest, Land gets rent and entrepreneurship gets profits as their remuneration. The sum total of all these factor income is called NDP at factor cost.
EXPENDITURE METHOD: in this method, national income is measured as a flow of expenditure. GDP is the sum total of private consumption expenditure, government consumption formation (government and private), gross capital information and net exports (imports-exports)
PRODUCT METHOD: this measures the output of the country . It is also called inventory method. The gross value of output from different sectors like agriculture, industry, trade and commerce is obtained for the entire economy during a year. The value obtained is naturally the GNP at market price. Care must be taken to avoid double counting. The value of the final product is derived by the summation of all the values added in the production processes.
INCOME METHOD:(factor earning method) this method approaches national income from the distribution side. National income is calculated by adding all the incomes generated in the course of producing national products. It is also adopted for estimating the contribution of the remaining sectors viz small enterprise, banking and insurance.
EXPENDITURE METHOD (outlay method):the total expenditure incurred by the society in a particular year is added together. To calculate the expenditure of a society, it includes personal consumption expenditure, net domestic investment
Name. Obelu Victoria Obianuju.
Reg number. 2020/242907.
Department. Css/ economics and philosophy.
Though there is no fixed formula, but here are some tips on learning how to help you learn business and get started as an entrepreneur.
1
Start Small. …
2
Model After Success. …
3
Enroll in a Course to Learn New Skills. …
4
Master Marketing. …
5
Meet Other Entrepreneurs. …
6
Identify a Product Niche You Know Well. …
7
Become an Intern.
1) A business concept is a brief description of an idea behind the existence of a business. A business concept describes key consumer problems it seeks to solve, articulates how the idea applies to a market. A business concept describes and clearly defines a new idea for a business initiative. It is an idea that is the basis for founding or transforming a business.
2) As a student, I can buy hair products from their companies in order to sell them in school. I thought of starting this business because a lot of people don’t really know the products they will use for their hair so that the hair will remain healthy and grow.
I have tried out products to know the ones that are good and affordable and I have contacted some people that are into the business already for business advice.
1. Learn Self-Control
If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your personal finances in order. Although you can effortlessly buy an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money for the purchase. Do you really want to pay interest on a pair of jeans or a box of cereal? A debit card is equally handy and takes the money from your checking account at once, keeping you from racking up an interest-bearing balance.
If you make a habit of putting all your purchases on credit cards despite not being able to pay your bill in full at the end of the month, then you might still be paying for those items in 10 years. Credit cards are convenient, and paying them off on time helps you build a good credit score. And some offer appealing rewards. Except in rare emergencies, though, make sure to always pay your balance in full when the bill arrives. Also, don’t carry more cards than you can keep track of. This financial tip is crucial for creating a healthy credit history.
2. Control Your Financial Future
If you don’t learn to manage your money, then other people will find ways to mismanage it for you. Some of these people may be ill-intentioned, like unscrupulous, commission-based financial planners. Others may be well-meaning but may not know what they’re doing, like Grandma Betty, who really wants you to own your own house even though you can only afford one by taking on a risky adjustable-rate mortgage.
Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with knowledge, don’t let anyone catch you off guard—whether it’s a significant other who slowly siphons off your bank account or friends who want you to go out and blow tons of money with them every weekend.
3. Know Where Your Money Goes
Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure that your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how the cost of your morning coffee adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have as big an impact on your financial situation as getting a raise.
In addition, keeping your recurring monthly expenses as low as possible can save you significant money over time. Even if you can swing an amenity-packed apartment now, picking something plainer could let you afford to own a condominium or house sooner than you otherwise would.
Understanding how money works is the first step toward making your money work for you.
4. Start an Emergency Fund
One of personal finance’s most-repeated mantras is “pay yourself first.” No matter how much you owe in student loans or credit card debt, and no matter how low your salary may seem, it’s wise to find some amount—any amount—of money in your budget to sock away in an emergency fund every month.
Having money in savings to use for emergencies can keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly expense, then pretty soon, you’ll have more than just emergency money saved up—you’ll have retirement money, vacation money, or even money for a down payment on a home.
It’s easy to put your fund into a standard savings account, but this earns almost no interest. Put your fund in a high-yield savings account, short-term certificate of deposit (CD), or money market account. Otherwise, inflation will erode the value of your savings. Just make sure the rules of your savings vehicle permit you to get to your money quickly in an emergency.
5. Start Saving for Retirement
Just as your parents probably sent you off to kindergarten with high hopes of preparing you for success in a world that seemed eons away, you need to plan for your retirement well in advance. Because of the way compound interest works, the sooner you start saving, the less principal you’ll have to invest to end up with the amount that you need to retire.
Why start saving for your retirement in your 20s? Here’s an Investopedia example: You start investing in the market at $100 a month, averaging a positive return of 1% a month or 12% a year, compounded monthly over 40 years. Your friend, who is the same age, doesn’t begin investing until 30 years later and invests $1,000 a month for 10 years, also averaging 1% a month or 12% a year, compounded monthly. After 10 years, your friend will have saved up around $230,000. Your retirement account will be a bit over $1.17 million.
Company-sponsored retirement plans are a particularly great choice because you get to put in pretax dollars and companies will often match part of your contribution, which is like getting free money. Contribution limits tend to be higher for 401(k)s than for individual retirement accounts (IRAs), but any employer-sponsored plan that you’re fortunate enough to be offered is a step closer to financial health.2
If you don’t have access to a company plan, don’t despair. Those who are self-employed have a range of options for setting up retirement plans. Others can open their own IRAs, allowing for a set amount of money each month to be withdrawn from their savings account and contributed directly into their IRA. Even if it’s only a small sum, it will eventually add up to something helpful.
6. Get a Grip on Taxes
It’s important to understand how income taxes work even before you get your first paycheck. When a company offers you a starting salary, you need to know how to calculate whether that salary will give you enough money after taxes to meet your financial obligations—and, you hope, meet your goals.
Fortunately, there are plenty of online calculators that take the dirty work out of determining your payroll taxes, such as PaycheckCity.com.3 These calculators will show you your gross pay, how much goes to taxes, and how much you’ll be left with—which is also known as net pay or take-home pay. For example, an annual salary of $35,000 in New York City would leave you with around $27,490 after federal taxes without exemptions for the 2020–2021 filing season—about $2,291 a month. Then you need to consider state and (for New York City) city taxes in addition.
By the same token, if you’re considering leaving one job for another in search of a salary increase, then you’ll need to understand how your marginal tax rate will affect your raise. For example, a salary increase from $35,000 a year to $41,000 a year won’t give you an extra $6,000 per year ($500 per month)—it will only give you an extra $4,227 (around $352 per month). The amount will vary depending on your state of residence and its potential tax bite, so take that into consideration if you’re pondering a move.
Finally, take the time to learn to do your own taxes. Unless you have a complicated financial situation, it’s not that hard to do, and you won’t have the expense of paying a tax professional for the work. Tax software makes the job much easier than it was when your parents were starting out and ensures that you can file online.
7. Guard Your Health
If meeting monthly health insurance premiums seems impossible, what will you do if you have to go to the emergency room—where a single visit for a minor injury like a broken bone can cost thousands of dollars? If you’re uninsured, don’t wait another day to apply for health insurance. It’s easier than you think to wind up in a car accident or trip and fall down a flight of stairs.
If you’re employed, then your employer may offer health insurance, including high-deductible health plans that save on premiums and qualify you for a Health Savings Account (HSA). If you need to buy insurance on your own, investigate the plans offered by the Health Insurance Marketplace of the Affordable Care Act (ACA). There are federal plans, or your state may have its own plan. Look at quotes from different insurance providers to find the lowest rates and see if you qualify for a subsidy based on your income. If you have health issues, know that a more expensive plan could be cost-effective for you. Research all your options.
If you’re under age 26, then your best choice may be to stay on your parents’ health insurance if they have it—an option allowed since the 2010 passage of the ACA. If you can manage it, offer to reimburse them for the additional cost of keeping you on their plan.
It also pays to take daily steps now to keep yourself healthy—such as eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, avoiding excessive alcohol consumption, and driving defensively. All these behaviors can save you on medical bills down the
1. A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. … An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable
2. Small Business Concept
i.Talk it Out with Trusted Allies
ii. Research the Market
iii. Build a Prototype
iv. Draft a Business Plan
v. Raise Funds
Chukwujindu Oluebube Miracle
2020/242904
Combined social sciences
Eco/Soc
Onyelonu Chidire
2020/246205
Combined social sciences (Eco/Psy)
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
1. Target customer: The term ‘customer’ (or ‘consumer’) is so commonly used nowadays that very few people still understand what it should really mean.Like it or not, the customer is, and will always be, the MOST IMPORTANT part of any business. It doesn’t matter if you’ve rented an impressively-furnished glass office, hired MBA employees and manufactured a beautiful product. If there are no customers buying the product or service you’re selling, you have no business. Period!
2. Product: product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented.
3. Supply and Demand:In every market, there are two key groups of people: buyers (demand) and sellers (supply). Suppliers alone cannot make a market; neither can buyers.All entrepreneurs and business people are suppliers by nature.If you’re in business, you must be supplying (selling) something; a product (like fruits, vegetables, electronics) or service (like a consulting or taxi business). For a supplier to make any money and remain in business, customers must be willing to buy the product or service they’re selling.The concept of ‘demand’ describes a consumer’s desire and willingness to pay a price for a product you’re selling. Demand is clearly different from ‘wishes’ and ‘wants’. Anybody can wish and want anything, but if they’re not willing to open their wallets and pay for it, that’s not demand.
4. Competition: These concepts will help you to easily digest business opportunities and allow you to start making smart, informed and practical business decisions.The best part is, these concepts will help you to think, talk and act like a modern entrepreneur. All of the concepts you will learn here are important. I think I would consider this a basic, mini-crash course in economics and business rolled into one.
5. Return on investment (ROI) or return on costs (ROC) is a ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment’s gains compare favourably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments. In economic terms, it is one way of relating profits to capital invested.
NAME: OBODO EJIKE JOEL
REG NUMBER: 2020/242620
DEPARTMENT: ECONOMICS
ECO 122
EMAIL: obodoejike@gmail.com
Simply put, a business is an organization comprising people who strive together to achieve common objectives and goals. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organization’s integrity. A business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is a legally-recognized organization which provides goods, services, or both to the consumers.Against this background, clearly share a broad perspective on what you understand by “Business Concept”.
2. As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
Tags: AssignmentAssingnment And Quiz
Simply put, a business is an organization comprising people who strive together to achieve common objectives and goals. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organization’s integrity. A business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is a legally-recognized organization which provides goods, services, or both to the consumers.Against this background, clearly share a broad perspective on what you understand by “Business Concept”.
ANSWER: A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.”
2. As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
ANSWER: catering business
– Studying the environment to know what students like
– looking for a place to start the business.
– capital
NAME; John okechukwu james
DEPARTMENT; Social Science Education (Economics Education)
COURSE; Introduction to business management
TITLES; Understanding business concepts
REG: 2020/243850
EMAIL : sponkybrown3@gmail.com
Business concept
A business concept is the foundation of every successful business.they give your company it unique identity and make it standout from the rest. business concept describes what a product or services is sho needs it and how it will be profitable
What are the four types of business
there are four basic types of business
* Manufacturing business. This is where products are made at a plant location.
* Wholesaling business. This is where products are purchased from the manufacturer and resold to another company which then sells them to consumers.
* Retailing business. This is where products are purchased from a wholesaler and then resold to consumers at a retail location, such as a business that is solely retail, or a business in which the majority of revenue comes from retail sales.
* Service business. A service is an activity that does not result in the ownership of anything. Rather, it is the act of doing work for another individual or business.
Types of business concept
* Business to business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
* Infrastructure concept: It involves the establishment and development of a structure, facility, or building.
* Small business concept: A small business will provide a single product or service to customers.
* Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
* E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
What are to be included in a business concept statement
* A brief discription of the business concept: A business concept is a plan for a new company. It’s the idea that you have for your company and how it will work
* the market need : Understand client demands by conducting a survey of consumer tastes, purchasing needs, and buying trends.
* Competition Analysis : Business concept statements may also include an analysis of the competitive landscape, market size, and profit potential.
*Make goal for business plan: Make a goal brings your business concept statement to a close. These might be both short-term and long-term objectives.
1 it help to inprove living standard and make society better place.
2 reduction of poverty
3 it increase national output
2 three approaches to national accounting Are:
1product method
2 income method
3 Expenditure method
3 Accounting, government,
4 A multiplier simply a factor that amplies or increase the base value of something else.
5 the acceleration principal is an enconomic concept between fluctuations in consumption and capital investment.
1. Business Concept is a statement that defines the reason for the existence of a business. It is an idea that is the basis for founding a business.
2. E-CommerceConcept: An e-commerce concept is an idea that involves selling a product or service electronically.
I have used this concept to expand my hair business. I make all kinds of wigs (braided, bone-straight, multicolour) and online platforms has gained me customers from different places.
1. Business Concept is a statement that defines tge reason for the existence of a business. It is an idea that is the basis for founding a business.
2. E-CommerceConcept: An e-commerce concept is an idea that involves selling a product or service electronically.
I have used this concept to expand my hair business. I make all kinds of wigs (braided, bone-straight, multicolour) and online platforms has gained me customers from different places.
Name: Dickson Ezinne Edith
Level: 100
Department: Economics
Reg no: 2020/242619
1. A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business. It is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
2. As a student, I can boost my personal economy and finances by engaging in small business concept.
So, I started by thinking about what I love doing,
– created a target audience for my business
– Then, I made researches concerning the business
– I drafted out a plan on how to run the business effectively
– then I sought for capital through available means
– then worked towards getting the items.
Answer 1:
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. But I think that there are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
Answer 2:
Start a website
I plan on starting my own website and I’ve made several research to start as soon as possible on a subject I’m passionate about
Name: Enyi Favour Onyiyechi
Reg no. 2020/242586
Email: favourenyi9@gmail.com
Department: Economics
1. The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
Additionally, a business concept serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan. Below are some business concepts to consider:
i. Infrastructure concept; is a business idea that involves the creation and development of a structure, facility or building.
ii. Consumer-goods concept; is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors.
iii. Business-to-business concepts; involves creating an idea that provides services and products to other businesses, instead of consumers. It seeks to resolve the business’s need.
2. As a student, I can venture into online commercial business. I plan on utilising my use of WhatsApp to sell and advertise my products such as clothes, bags, shoes, skincares mostly for females. But this is still on hold due to money to start it up.
Chinemerem Daniel nmesoma
2020/248460
Economics
chinemeremdaniel10@gmail.com
A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines its direction, its product or service, and the needs it will meet.”
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.”
What is a business concept?
What is a business concept?
8 types of business concepts
There are eight business concepts you need to know:
Infrastructure concept: It involves the establishment and development of a structure, facility, or building.
Business-to-business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
Consumer-goods concept: It is a concept for the sale of a new product to the general public. A consumer good expresses the demand of the customer and explains why they should buy it.
Small business concept: A small business will provide a single product or service to customers.
Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
Mobile concept: Services or products are delivered via mobile devices such as phones and tablets. This concept is usually presented as a downloadable application that may or may not include additional in-app charges for users.
Consumer service concept: Consumer service is a concept that solves people’s demands. It introduces a new product or innovative services to the market.
What should a business concept statement include?
What should a business concept statement include?
What should a business concept statement include?
A Brief Description of the Business Concept
A business concept is a plan for a new company. It’s the idea that you have for your company and how it will work. You should start with an industry, problem, or need that you want to solve.
The best business concepts statements provide a brief, succinct description of the product or service you intend to offer.
The Market Need
Understand client demands by conducting a survey of consumer tastes, purchasing needs, and buying trends. You can then provide a product or service that fulfills their requirements.
Core products or services
The next step is to create a solution – what will your product do and who will it serve
Target market
They also describe the target market for that product or service, how you will position your product in the market, and why customers will buy it.
Unique Value Proposition (UVP)
Consider including a description of your product, how it’s different from similar products on the market, and what you hope to accomplish. Let’s think about the name of your company and its logo design that impress the customers.
Your business concept should be creative and interesting enough to get people interested in reading more about what you’re doing!
Competitive Analysis
Business concept statements may also include an analysis of the competitive landscape, market size, and profit potential.
Make goals for your business plan
Make a goal brings your business concept statement to a close. These might be both short-term and long-term objectives.
Please keep in mind that a concept statement isn’t the same as a sales presentation. So don’t make any unsubstantiated assertions or write it like a sales pitch. This allows stakeholders to assess whether your business idea is viable based on market research.
Tips for write the most effective business concept
If you’ve been thinking about pursuing a business of your own but don’t know where to begin, take heart. There are plenty of opportunities to become your own boss. But make sure you arm yourself with tips to develop the best business concept before making that leap into entrepreneurship.
Tips for write the most effective business concept
Tips for write the most effective business concept
Keep an eye on your surroundings and the latest developments.
There are lots of opportunities to start your business. Understanding the people’s needs, lifestyles by Observe your surroundings, update trends via media and the internet.
Form your concept
Before you begin to develop the best business concept, you must first have an idea of what it is. Steer clear of clichés. Don’t just launch an ice cream parlor because you love the sweet treat, or a dry cleaner’s shop because you enjoy clothes. Instead, focus on your interests and see what you can do with them. If you love clothes, for instance, perhaps opening a boutique that specializes in vintage clothing is in order.
Think about customer needs
A lot of would-be entrepreneurs start by thinking that their business idea should be all about the product or service. In reality, the product or service is just a means to an end. Your business should be about your customer and what’s in it for them. Consider not only the product or service that you want to offer; think about what your customer needs and how you can fill that need.
For example, if you’re starting a dry cleaning business, is your “product” really the clothes that you will be cleaning? What’s the customer need that you’re meeting? Laundry is very time-consuming and having someone else clean clothes can be a huge relief.
Narrow your business ideas
Write down the need that you’re addressing. Choose a niche market is the most suitable for your business plan.
Do what you are good at, what you love to do, and what the market needs. That allows you to have a great inspiration for starting a business.
Position it for success
The concept of “positioning” is one of the most important principles of marketing, and it’s just as relevant for a new business. If you want to have success with your business idea, then you must identify the unique ways it’s better – and different – from similar concepts.
It’s not just about having something that sets you apart; it’s about delivering value to the customer. If you don’t position yourself well, you will find yourself fighting for attention and marketplace share with many other companies that offer the same thing. Start by looking at businesses that have a similar product or service to yours and determine what they’re doing well.
What is an example of a business concept?
Business concepts are the main idea of some type of business. Business concepts can be unique to an individual or organization. It is not necessary that it makes money and some business concepts may not work at all. An example of a business concept is: there are restaurants that will deliver your food to you. This is a business concept because of the idea to get your food and bring it right to you.
Some other examples of business concepts:
– there is a business that will send someone to your home to read all of your gas and electric meters
– there are businesses that will pay you just to test their website for a day
– there are financial institutions that will lease you a car and then let you just trade it in every few months
F.A.Q
How to Start a Business Concept?
When writing a business concept statement it helps to start with your “elevator pitch.” In a few sentences, what is your product or service, who is the target market and why will they buy it? Keep your pitch short, sweet, and focused.
Next, develop your business concept statement by answering these questions:
What is the product or service you are offering?
Who is the target market for this product or service?
What is your unique selling proposition, i.e., what is the one thing that makes your product or service different from similar products?
What are you trying to accomplish?
How do you plan to position your product or service in the market?
Note: Business concept statements need not include financial projections, marketing strategies, or details about operations.
What are the 4 types of business?
There are four basic types of business. The first falls under the traditional definition of a “business” which is to earn a profit, either by selling goods or services. They include:
-Manufacturing business. This is where products are made at a plant location.
-Wholesaling business. This is where products are purchased from the manufacturer and resold to another company which then sells them to consumers.
-Retailing business. This is where products are purchased from a wholesaler and then resold to consumers at a retail location, such as a business that is solely retail, or a business in which the majority of revenue comes from retail sales. For example, in some cases, franchisers will purchase goods from a wholesaler and then provide the goods directly to customers, without any retail markup.
-Service business. A service is an activity that does not result in the ownership of anything. Rather, it is the act of doing work for another individual or business. Such services can include law, accounting, health care services, and investment advice.
Business idea: bottle water production company
1.A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines its direction, its product or service, and the needs it will meet.”
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.”
What is a business concept?
What is a business concept?
8 types of business concepts
There are eight business concepts you need to know:
Infrastructure concept: It involves the establishment and development of a structure, facility, or building.
Business-to-business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
Consumer-goods concept: It is a concept for the sale of a new product to the general public. A consumer good expresses the demand of the customer and explains why they should buy it.
Small business concept: A small business will provide a single product or service to customers.
Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
Mobile concept: Services or products are delivered via mobile devices such as phones and tablets. This concept is usually presented as a downloadable application that may or may not include additional in-app charges for users.
Consumer service concept: Consumer service is a concept that solves people’s demands. It introduces a new product or innovative services to the market.
What should a business concept statement include?
What should a business concept statement include?
What should a business concept statement include?
A Brief Description of the Business Concept
A business concept is a plan for a new company. It’s the idea that you have for your company and how it will work. You should start with an industry, problem, or need that you want to solve.
The best business concepts statements provide a brief, succinct description of the product or service you intend to offer.
The Market Need
Understand client demands by conducting a survey of consumer tastes, purchasing needs, and buying trends. You can then provide a product or service that fulfills their requirements.
Core products or services
The next step is to create a solution – what will your product do and who will it serve
Target market
They also describe the target market for that product or service, how you will position your product in the market, and why customers will buy it.
Unique Value Proposition (UVP)
Consider including a description of your product, how it’s different from similar products on the market, and what you hope to accomplish. Let’s think about the name of your company and its logo design that impress the customers.
Your business concept should be creative and interesting enough to get people interested in reading more about what you’re doing!
Competitive Analysis
Business concept statements may also include an analysis of the competitive landscape, market size, and profit potential.
Make goals for your business plan
Make a goal brings your business concept statement to a close. These might be both short-term and long-term objectives.
Please keep in mind that a concept statement isn’t the same as a sales presentation. So don’t make any unsubstantiated assertions or write it like a sales pitch. This allows stakeholders to assess whether your business idea is viable based on market research.
Tips for write the most effective business concept
If you’ve been thinking about pursuing a business of your own but don’t know where to begin, take heart. There are plenty of opportunities to become your own boss. But make sure you arm yourself with tips to develop the best business concept before making that leap into entrepreneurship.
Tips for write the most effective business concept
Tips for write the most effective business concept
Keep an eye on your surroundings and the latest developments.
There are lots of opportunities to start your business. Understanding the people’s needs, lifestyles by Observe your surroundings, update trends via media and the internet.
Form your concept
Before you begin to develop the best business concept, you must first have an idea of what it is. Steer clear of clichés. Don’t just launch an ice cream parlor because you love the sweet treat, or a dry cleaner’s shop because you enjoy clothes. Instead, focus on your interests and see what you can do with them. If you love clothes, for instance, perhaps opening a boutique that specializes in vintage clothing is in order.
Think about customer needs
A lot of would-be entrepreneurs start by thinking that their business idea should be all about the product or service. In reality, the product or service is just a means to an end. Your business should be about your customer and what’s in it for them. Consider not only the product or service that you want to offer; think about what your customer needs and how you can fill that need.
For example, if you’re starting a dry cleaning business, is your “product” really the clothes that you will be cleaning? What’s the customer need that you’re meeting? Laundry is very time-consuming and having someone else clean clothes can be a huge relief.
Narrow your business ideas
Write down the need that you’re addressing. Choose a niche market is the most suitable for your business plan.
Do what you are good at, what you love to do, and what the market needs. That allows you to have a great inspiration for starting a business.
Position it for success
The concept of “positioning” is one of the most important principles of marketing, and it’s just as relevant for a new business. If you want to have success with your business idea, then you must identify the unique ways it’s better – and different – from similar concepts.
It’s not just about having something that sets you apart; it’s about delivering value to the customer. If you don’t position yourself well, you will find yourself fighting for attention and marketplace share with many other companies that offer the same thing. Start by looking at businesses that have a similar product or service to yours and determine what they’re doing well.
What is an example of a business concept?
Business concepts are the main idea of some type of business. Business concepts can be unique to an individual or organization. It is not necessary that it makes money and some business concepts may not work at all. An example of a business concept is: there are restaurants that will deliver your food to you. This is a business concept because of the idea to get your food and bring it right to you.
Some other examples of business concepts:
– there is a business that will send someone to your home to read all of your gas and electric meters
– there are businesses that will pay you just to test their website for a day
– there are financial institutions that will lease you a car and then let you just trade it in every few months
F.A.Q
How to Start a Business Concept?
When writing a business concept statement it helps to start with your “elevator pitch.” In a few sentences, what is your product or service, who is the target market and why will they buy it? Keep your pitch short, sweet, and focused.
Next, develop your business concept statement by answering these questions:
What is the product or service you are offering?
Who is the target market for this product or service?
What is your unique selling proposition, i.e., what is the one thing that makes your product or service different from similar products?
What are you trying to accomplish?
How do you plan to position your product or service in the market?
Note: Business concept statements need not include financial projections, marketing strategies, or details about operations.
What are the 4 types of business?
There are four basic types of business. The first falls under the traditional definition of a “business” which is to earn a profit, either by selling goods or services. They include:
-Manufacturing business. This is where products are made at a plant location.
-Wholesaling business. This is where products are purchased from the manufacturer and resold to another company which then sells them to consumers.
-Retailing business. This is where products are purchased from a wholesaler and then resold to consumers at a retail location, such as a business that is solely retail, or a business in which the majority of revenue comes from retail sales. For example, in some cases, franchisers will purchase goods from a wholesaler and then provide the goods directly to customers, without any retail markup.
-Service business. A service is an activity that does not result in the ownership of anything. Rather, it is the act of doing work for another individual or business. Such services can include law, accounting, health care services, and investment advice.
2.Pig Farming
I have already taken classes on how to train pigs.Am saving up to achieve my aim.
NAME: OSUCHUKWU VIVIAN CHIAMAKA
REG NO: 2020/245659
DEPT: ECONOMICS
EMAIL: vivianosuchukwu@gmail.com
QUESTION 1.
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
QUESTION 2.
As a student, the business concept I think i can develop to build my finances is the Perfume business.
Particularly, the perfume oil business.
I have taken steps to fulfill this by creating a funding and finance plans, conducting a market review and studying my ideal customers.
Name : Ezeme Lilian ifeoma
Reg no: 2020/249501
Department: Economics
Course: Eco 122
1 Business concept is simply deciding in advance what to do ,how to do it ,when to do it to improve a business.
Business concept capture value and your unique selling proposition.it makes for an idea for a product or service different from the competition. it’s the basis of an organization or company that defines it’s organization or company that defines it’s direction, products or services and the needs it will meet.
Developing a business concept is an important step to express your entire plan in writing. A business concept statement provides a roadmap for your startup once you’re ready to assemble all the resources for your new startup.
Essentially, a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
We all know that business plans are quite extensive; it’ll take a long time to read the entire document. Since most of its readers are busy people like entrepreneurs and investors, it’s unreasonable to read the whole business plan only to find out that the content doesn’t meet the readers’ expectations in the end.
Hence, it’s practical to hit the right balance. You need a document that’s short as a note but still informational as a business plan. This is why you need a compelling business concept statement along with the proposal.
Additionally, a business concept serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan. Thus, your concept statement should hook your audience’s attention as well as justifies the investors’ decisions
2. a) Market need
Are there any gaps in the market that your business idea can fill? Identify these market problems that your product or service will solve. You can also pinpoint the lack of products (services) that consumers don’t know they need.
b) Core products or services
Elaborate more about the product or service that your company is or will be offering. Similarly, discuss why your offerings are the solution and why you are the right company to deliver that idea to the market.
c) Target market
In here, mention who are your product’s target consumers are. Be specific and present data backed by credible market research findings.
d) Business model
This is an important element in the business concept since it outlines how the company will make money. Your business model answers the question, ‘How do you charge customers for your product or service?’
e) Unique Value Proposition
What makes your product (service) different from those already in the marketplace? Point out why consumers should consider buying your offerings from that of the competitors. Is it more affordable? Do you offer same-day delivery? Or do you offer better quality products? These are examples of things to consider when writing your Unique Value Proposition (UVP).
f) Competitive Analysis
Identify your potential competitors. What are their strengths and weaknesses? Also, include the annual revenue and market share. It gives the readers an idea about the size of the market and its growth potential.
g) Goals
This concludes your business concept statement. Touch on the goals of the company in a particular timeframe. These can be short and long-term goals.
Name; Dike Akuoma Promise
Reg no; 2020/242499
Department; Economics
1. A business concept is an organization or platform which brings together a group of people with different skillls and knowledge and perspective but similar and common aims to achieve a common or particular goal geared towards the betterment of the organization, individuals and society at large.
2. As a student a business concept which I have identified with is page handling. A page handler is a person who designs flier and template covers for online business owners and entrepreneurs. He or she also manages the business page in order to attract more customers to the business owner. The step I have taken towards this is applying for a job with one of the Instagram page handlers which I currently work with and through this I can learn more and also establish my own platform where I would employ others and not have to work for someone else again. The main aim is to ease the works of those who own online businesses and platform.
A business concept describes and clearly defines a new idea for a business initiative whether that’s be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
A business concept is more of a brief description of an idea behind the existence of a business.
Perhaps no matter how short it business concepts has to be you still needs to contain some important elements in it.
1) an explanation of what your business is about and reasons for starting the endeavor.
2) markets needs :
Are there any gaps in the market that your business idea can fill? this practically answers the economic question of what to produce ; identify these markets problems that your product or services willing to solve.
3) getting started, fully explaining core products or services:
Elaborate more about the product to service that your company is willing to offer. similarly, discuss why your offerings are the solutions and why you are the right company to deliver that idea to the market.
4) Target consumers:
In here mention who are your product’s target consumers are. Be specific and present data backed by credible markets research findings.
It could be a group of individuals in a particular location or a particular individual
5) business innovation and business model:
This is a very important element in the business concept since it’s outlines definances of the concept and how to make its profitable.
This element answers the question: ‘how do you charge costumers for your product or service’
6) unique value proposition (UVP):
this points what makes your products or services different from those already in the markets place (other competitors).
It point out why consumer should consider buying your offerings from that of the competitors.
is it more affordable, do you offer same delivery or do you offer better product qualities.
7) competitive analysis:
Identify your potential competitors what are their strengths and weakness?
also include the annual revenue and market share.
Goals:
These includes the goals and objectives of your company, what they seek to achieve, it could be long time or short term.
As a student what business concept do you think you can develop to boost your personal economy and finances and what steps have you taken to that:
Having explained the core elements that should be included in a business concept I’d like to explain what my business is all about and the reason of starting the business.
I have been seeking to start up a hair business; being like a supplier to lot of hair accessories such as attachments, wigs and so on..
The sole purpose of this businesses is to supply hair accessories at a more affordable rate to my friends and other customers to make them beautiful at all times .
I’ve come to realize that some most of hair accessories such as attachment has become very expensive and almost unaffordable for most average students in the university so I seek to reduce the prices of my product and doing so will most definitely lead to greater sales
And providing quality products
Name:Enechukwu Ebube felicitas
Reg no:2020/242592
Dept: Economics
1.) A business concept is a statement that describes the reach and reason of existence of a given business idea.In other words,it sums up the business elements that define the business.
2.) As a student I’m thinking of starting a hairline business ,I think it will boost my personal economy and finances in the sense that women these days are into different types of hairs such as curly hair ,bone straight and others and they patronize such product massively ,so I know if I start it up I will realize a lot of profits from it .
I have started saving up and I have friends and family ready to assist me in starting up the business.
Edozie Adaugo Olivia
2020/248247
adaugolivia2004@gmail.com
Business concept
What is business concept?
Business concept is defined as the technics, objects and motives for engaging in a business.
This has to deal with the reason in which one decides to start up a business and the goal he whats to achieve.
There are so many people into business but are not achieving what they aimed for because they do not have a business concept idea.
My own business concept
My own business idea is hair stylist.
Why?, Because I have made research and I have found out that if the population of females are 100 percent, 90 percent make there hair and 60 percent make there hair every two weeks.
The steps I have taken to establish this are:
* I went to acquire training for a year and to prove my professionalism I have to serve my tutor for six months
* I practicalize my works on my friends hair, videoed it and posted it online for people to see my creativeness.
* Within three days I started getting customer in which I can render service to.
* People began to book me for hair, we agree on the day and time.
* This is how I started my business and making profits.
NAME: ONUIGBO ADAEZE JENNIFER
REG NO: 2020/242608
EMAIL ADDRESS: ADAEZEONUIGBO15@GMAIL.COM
1. Broad Perspective on ” Business Concept”
Business concept is the fundamental prerequisite for the existence of a company . It is also known as the direction and forms in which an oorganization operates . It is a bridge between an idea and a business plan. It can also be ddefined as an idea that is the basis for founding and transforming a business. It typically describes how you capture value and your unique seliling proposition . It is the foundational idea behind a business. It is intended to provide meaningful direction for the process of developing a business plan and launching a firm . A successful tbusiness concept lays out groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
EXamples of Business Concepts are;
1. Infrastructure Concept ; Is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such.as building a new highway to help reduce traffic isssues.
2. Business-to-Business Concept ; Involves creating an idea that provides services and products to other businesses, instead of consumer , many seeks these type of idea to resolve business’ needs E.g An automobile manufacturer may buy robotic machines from a robotic manufacturer because it can help to jncrease their productivity . This concept looks to identify an opportunity where a company can benefit from the idea.
3. Consumer -goods Concept ; Is an idea of a new product to present to the consumer market. This type of concept identities something that buyers may want and defines how that product differs from anything else on the market, or at least why it’s a better option than the competitors .
4. Small Business Concept; Involves an idea for creating a small business, often to provide a central product or service to consumers .The concept solves the need of the consumer and identifies any issues with the business idea.
5. Comsumer-to-Consumer Concept; Involves an idea for one consumer to sell a product or service to another cconsumer . In this concept, the cconsumer usually acts as the sole provider of the goods and may ccorrespond directly with the buying consumer . Online Auction shop serve as an example of this concept.
6. E- Commerce Concept ; is an idea that involves selling a product or service electronically. Many E commerce develop to online stores that sell a.specialized product or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store .
7.Mobile Concept; is an idea revolving around service or products provided through mobile devices like phones and tablets . This kind of concept identifies a.type of application to create , the functionalities of the application and whether it.is something consumers would want to buy . It os important for those using this concept to identify similar competitors , the platform it’s available on and how much it costs consumers to download it.
2. The business Concept i can develop to boost my personal economy and finances is the Mobile Concept.
I can do so by learning how to create websites and graphics designs for organizations , agencies and.people that needs them
Steps I have taken towards this concept are;
1. learning how to and design websites through program such HTML, Java, C++, phantom, etc .
Also learning and acquiring knowledge on Social Media Management , Content Creation , Animation and Video Creation , etc
2. budgeting .
3. Setting realistic goals
4. Saving more and spending less
5. and Investing
Itohowo Emmanson Akai Faculty of Education. Dept. Social science education (Eco&Edu). Reg. No. 2020/247029. Course title: Eco122. Assignment. (1) What is Business Concept. (2) Business Concept that can be developed First and foremost, let coin the two terms separately even though a little light has been shown on it.
What is Business? Commonly and fleetingly, it means any activity that seeks (preferably at a profit) to satisfy existing and created the needs of customers. What is Concept? It is an idea, plan or principle retained or buried in the mind, gathered from experience, reasoning or imagination for something specific.
So haven coined out the two terms separately, “BUSINESS CONCEPT or PLAN IDEA”, can be seen as a detailed document of intent by an entrepreneur showing the existing of business opportunities and ideas developed to exploit them with details of all the relevant external and internal elements involved, and the merits, risks and the potential rewards inherent in exploiting the opportunities. Moreover, it encompasses of a chain of activities managed at different seasons and locations, using variety of resources and personnel. Furthermore, an entrepreneur deciding ahead or in advance what to do, how to do it, when to do it and who is to do what in making available goods and services for the satisfaction of existing and created needs of customers.
Assignment: (2) Business Concept that can be developed. (1) Establishing of Cocoa farm (2) printing of recharge cards. (3) Establishing of water leaf farm (4) Refining of palm kernel to get groundnut oil, king oil, power oil, etc. (5) Going to riverline regions to buy fishes and crayfish at a cheaper rates and transport them to the Eastern and Norther parts of the country. (6) Rearing of animals such as: pig, chicken, fish and turkey. (7) Opening of bakery.
STEPS TO BE TAKEN
Concept of CAPITAL RAISING: Capital for every business can be raised in two dimensions or sources.
They are Equity and Debt.
Equity sources: It consists of the sources that have to do with owners of the business and their relatives, friends, and business associates or partners.
Debt sources: It entails the sources that are
not from the owners of the business or those related or close to them.
Equity sources include:
(1) Personal resources of the owners: It is the
source that has to do with personal savings of the owners and other personal resources in cash or in kind. The start-up capital of many businesses are raised through personal resources of owners.
(2) Resources of relatives and friends: This source consists of resources either cash or in kind given to investors of business, by relatives and friends. It could be inform of loans or direct free assistance.
(3) Resources of partners and business
associates: In any attempt to expand business, investors solicit for more funds from people also willing to join in the ownership of the Enterprise. The funds might be inform of shares subscribed by the new comers into the business.
(4) Retaining Earning or Salary.
Debt sources include:
(1) Bank: Based on the fulfillment of given conditions, bank, especially commercial ones, provide loans to all forms of businesses
(2) Government support agencies: To boost entrepreneurship in the country government at many settings have set-up some support agencies. They include: National Directorate of Employment (NDE), National Poverty Eradication Programme (NAPEP) and National Economic Empowerment Development Strategy (NEEDS)(3) Specialised financial institutions: in its bide to develop some sectors of the economy the Federal government has established some specialised financial groups. Their duties are to provide funds to selected sectors as equity participation or as loan. Examples are: Nigeria Industrial Development Bank(NIDB), Nigeria Bank for Commerce and Industry (NBCI), Nigeria Agricultural and Rural Development Bank (NARDB). Above all, these are the necessary steps I have drafted to take and for every other person to take and become self-employed or boost his or her fiances.
Department: Combined social science (Economic and philosophy)
Faculty: Social science
Reg number:2020/245604
Course code: Eco 122
Level: 100l
Name: Sunny Precious Ogochukwu
Answer
1.) Business concept is an idea that is the basis for founding or transforming a business. It typically describes how you capture value and your unique selling proposition.
Business concept is a statement that describes the reach and reason of existence of a given business idea.
A business concept is a brief description of an idea behind the existence of a business. It describes key consumer problem it seeks to solve, articulates how the idea applies to a market and provide a clear direction when processing a business plan.
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market.
A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept it’s essential to outline the framework for revenue growth.
Example of business concept are
* Infrastructure concept
* Business to business concept
* Consumer good concept
* Small business concept
* Consumer to consumer concept
* E-commerce concept
* Consumer service concept
A business concept statement should content the following
* A brief description of the business concept
* The market need
* Your solution
* Your proposed business model
* Your unique value proposition
* A succinct competitive analysis
* A quick overview of your market plan.
2.) Target consumer
* Product ( Baking and Event planning)
*Distribution
People loves cakes so if I can do it to they target desire and satisfaction it will be beneficial to me
1). Business concept is the foundational idea behind a business. This is intended to provide meaningful direction for the process of developing a business plan and launching a firm. ie creating ideas and bringing them to reality to achieve desired goals.
2). Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea. eg learning and establishing a trade like sewing I would first buy sewing equipment; sewing machine, scissors, fabrics to achieve my aim to establish my personal business.
Name: Ọdụ Gideon Odu
Reg no: 2020/242639
Department: Economics
Business concept.
A business concept describes and clearly defined a new idea for a business initiative, whether that be creating a new company or producing a new product for consumer market.
An important component of a business concept is the business model which details the finance of the concept and how to make it profitable. Example
Business- to- business concept
An automobile manufacturer may buy robotics machines from a robotics manufacturer because it can help to increase their productivity.
2. The business concept I think that might improve my personal income is building a sports equipment shop in school. Due to there is no one in school yet and it takes a student transport to get to one in the market.
2020/246206
1. A business is a legal enterprising entity setup by an entrepreneur u or group of entrepreneurs with a common goal oriented intention, which engage in commercial, industrial or professional activities. Types of businesses includes; Sole proprietorship, Limited liability company, private liability company, partnership or corporations.
A business could be for profit maximisation or a non-profit organisation, i.e charity organisations e.g NGO’s etc).
2. The business I have chosen to venture into is clothe trading. And the steps, I have taken to start it up is saving up money, researching on what type of clothe will make more sales in the university, what type of clothe will make more sales in a particular season, how to manage my finances to avoid bankruptcy, how to run efficient advertisements, how to manage my personal and academic activities with the business etc.
NNAJI MIRACLE OGECHUKWU 2020/242602 ECONOMICS DEPARTMENT 1. A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
2. E-commerce concept. Registering for the 72ig course under Expertnaire as an affiliate marketer is the biggest step I’ve taken to boost my personal economy and finances.
NNAJI MIRACLE OGECHUKWU
2020/242602
ECONOMICS DEPARTMENT
1. A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
2. E-commerce concept.
Registering for the 72ig course under Expertnaire as an affiliate marketer is the biggest step I’ve taken to boost my personal economy and finances.
Name: Amaechi Tochi Constant
Reg no: 2020/247525
E-mail: Constantamaechi23@gmail.com
1. What is business concept
This is the fundamental/main idea behind the basis for founding or transforming a business idea, I.e The business model, plan, vision and mission are developed based on this concert.
A business concept also describes and clearly defines a new idea for a business initiative, whether that can be creating a new company or producing a new product for the consumer market. And important component of business concept is business model which details the finances of the concept and how to make it profitable.
Examples/ types of business concept
1. Infrastructure concept: This is a business idea that involves the creation and development of a structure, facility or building. It also determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues.
2. Business-to-business concept: This involves creating an idea that provides services and products to other businesses, instead of consumers. This concept also looks to identify an opportunity where a company can benefit from the idea.
3. Consumer-goods concept: This is an idea of a new product to present to the consumer market. Its identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why its a better option than the competitors.
This type is important because it helps consumers to easily identify who is selling the product and also defines the consumer’s need and explains why they should buy it.
4. Small business concept: This involves an idea for creating a small business, often to provide a central product or service to consumers.
This concept shows potential, then funding and financing are in order. The concept also solves the needs of the consumer and identifies any issues with the business idea.
5. Consumer-to-consumer concept: This involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the goods and may correspond directly with the buying consumer.
6. E-commerce concept: This is an idea that involves selling a product or service electronically. This concept has to identify the best way to increase traffic to the website and provides products that make consumers want to return to the store.
7. Mobile concept: Is an idea revolving around services or products provided through mobile devices like phones and tablets.
This concept also identifies a type of application to create, the functionalities of the application and whether its something consumers would want to buy.
8. Consumer service concept: This is an idea that brings a new and innovative service to the consumer market. They identifies issues and looks to solve them. They also determines who the primary demographic for the service is, how practical it is to implement, whether its a useful service and how much consumers have to pay to benefit from it.
A brief description of business concept
1. The market need.
2. Core products or services.
3. Target market.
4. Unique value proposition ( UVP ).
5. Competitive Analysis.
2. Business concept that I can develop to boost my personal economy and finances and what steps have taken to that.
“To become a web designer and an entrepreneur in the business/market world and have learnt alot about the business that I want to venture into”.
Business concept
A business concept is a fundamental prerequisite for the existence of a company. It does not have to be unique in order for the company to be successful. Through franchising, for example, you can use an existing business concept and establish it in a new market.
From my concept on business, one need to describe hi/her business concept in a written document. This is a good idea and ensures that you and other people know what your company should focus on.
Give an account of the market your company is aiming at; the needs that your company will meet through its products or services. The company’s strengths and unique expertise.
You therefore do not need to have decided exactly what, how and to whom you intend to sell and what is unique about your particular company. It can be a good idea to split your business concept into an external and an internal business concept.
External business concept
Customers: Who is your company aimed at? What needs does this group have which this company can satisfy?
Product, goods or service: What will the company sell? How does the product meet the customer’s needs?
Internal business concept
Method: How will the company be organised? What processes will be established, e.g. in order to manage intangible assets?
Competition: In what way will the company assert itself with respect to competitors in the same industry, or associated industries? How will the company’s intangible assets be safeguarded with respect to competitors?
Protecting intangible assets
In order to benefit from the company’s intangible assets, you must first identify them. You can do this via Test your business. At the end of the test, you will find out more about where to get advice and financial support. Examples of intangible assets are: the name and logotypes for the company, a product or service design and appearance, text, photo, music, film, computer software, computer games and apps business concepts, business models, internal manuals, manufacturing processes and working methods customer registers, company databases inhouse-developed technology research results and the results of development work certifications, collaboration agreements and goodwill.
2. As a student the business I wish to develop to boost my personal economy and finances is saloon business.
A salon business plan is a formal, written document that details your business goals. Your plan should include information about your team and company, and an outline of how you plan to accomplish your goals. The most important thing to remember is to be realistic. Setting goals that are too lofty or too pessimistic can set you up for failure.It’s crucial to understand your target market and do a deep dive into expenses in order to make informed projections about your finances.
The steps I have taken to start up my salon
I have over seven years experience in hair salon business and numerous exposure to both the scientific and practical aspect of the hair salon.
I have been able to master the technical requirements, financial management, staff recruitment and organization skills among other things, necessary to give the firm good commendations from clients.
My managerial skills has also helped in putting together work force for over year’s which will help me to coordinate team work in most aspects of the business.
My hair salon will satisfy family hair needs in one convenien visit.
Finally, I have raised and save up funds for the starting up of this business.
NAME: MBADIHE LUCY CHIDERA
REG NO: 2020/242899
DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS/PHILOSOPHY)
EMAIL: luhcey@gmail.com
FACULTY OF SOCIAL SCIENCE
TOPIC: UNDERSTANDING BUSINESS CONCEPT
DEFINITION OF BUSINESS
Business is an organization comprising people who strives together to achieve common objectives and goals.
Business Economics is a field of applied economics that studies the financial, organization, market-related and environmental issues faced by corporations.
HOW TO UNDERSTAND THE BASIC CONCEPT OF A BUSINESS
According to every business concern, the basic objective or aim of a business is the customer satisfaction in as much as every business owners needs to make profit, so if the customer is satisfied the business continues to excel.
In order to understand the concept of business, one need to know the type of customers he/she brings in and also the type of product the customer is willing to purchase.
For example: As an entrepreneur introducing a particular product e.g children beads to the market , he or she must bring the product closer to a school environment because that is where he is likely to make profit .
As a student I am likely to introduce data to the public because everyone here in school needs subscription in order to know or hear the latest info about what’s going on in school ,so me bringing in the data subscription to the student will help them more as far as we all are student I may tend to decrease the prices of every subscription they do and so in this case I am likely to gain more profit.
Question 1.
A business concept clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market, it is all about the direction and form of the operations of the business. Business concept is seen as the fundamental prerequisite for the company’s existence. It looks into how a business is organized? Processes to undergo for a business to be established, who the company is aimed at? what the company will sell? How will the product reach consumer’s need? and how the company’s intangible assets be safeguarded with respect to competitors? etc.
An important component of a business concept is the business model, which gives information of the finances of the concept and how to maximize profit. Irrespective of the business concept, it’s essential to outline the framework for revenue growth, such as how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
Question 2.
My business Concept:
A brand of organic food products that each contain less than 3 ingredients. A natural tasty fruit juice of different species of fruits for the healthy growth of consumers.
Brand Concept:
(Kay’s Noble Juice )
My brand name based on purity, health and simplicity.
Customer Needs:
Consumers of organic products commonly prefer an easy to read label with healthy ingredients. However, it is increasingly common for organic products on the shelves to contain complex ingredient lists with ingredients such as sugars, thickeners and preservatives that some consumers view as unhealthy. Products such as apple juice made only from apple juice may appeal to these consumers.
Risks:
Ingredients such as sugar and thickeners will be added to increase customer perceptions of quality and taste. For example, some consumers will strongly prefer the taste of sweetened products.
*No step taken yet*
1) WHAT IS A BUSINESS CONCEPT
In my own u understanding, a business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines its direction, it’s product or service and the needs it will meet. A business concept explains the reason of exsitence and the reach of a guven product or company.
Here are some of the essentials needed in a business concept:
1) The market need: Needs and tastes of consumers should be noted in other to be able to satisfy them.
2) The next important essentials is to determine your product and who it will serve.
3) You should also map out the targeted market for your product or service.
4) Then, the ability to make your product or your service stand out i.e make it different from similar products on the market. In other for this to be possible, you must be creative.
5) Business concept should also include the thorough analysis of the competition, landscape, market size and profit potential.
2. A BUSINESS CONCEPT I HAVE CONCEIVED AND INTEND TO GO INTO
As an aspiring entrepreneur, i will like to engage in Interior design business. I
I have the understanding that before any great business can flourish, they must be first a business plan. As to that, i have come up with a business plan to enable me in me interior design business.
1) Having the knowledge of the trend in the interior decoration world.
2) As an artisan i am, i can take into the market by selling home decor, whether it’s woodworking, paintings, macrame pieces etc.
3) Since the works is now a good village, i intend to lose my original pieces on my online store.
4) I intend also to share my home art and craft ideas and decorating tops on my website our through video tutorials.
Mordi Chidera Reginald
2020/242598
Chideramordi43 @gmail.com
Economicsdepartment(major)
Assignment:ECO122
Topic:Understanding Business Concepts. Business concepts are fundamental for the existence of a business. It is about the modus operand a business should adopt in its business operations.Understanding vital business concepts can help a prospective entrepreneur to start up a very viable business one has always dreamt of owning.The understanding provides the entrepreneur with the following;*It enables the entrepreneur to be savvy*It enables the entrepreneur to avoid errors, such as,start up mistakes which include; -selecting the wrong market-poor financial management-and not selecting proper business partners.A good understanding of the concepts should enable the entrepreneur to be able to spell out the market it aims at,the needs it Will meet through its products or services,and the business strength and unique expertise.In conclusion any prospective entrepreneur who intends his or her business thriving in the unforeseeable future must have a clear understanding of business concepts.
Question 1
A business concept is an idea that is the basis
for founding or transforming a business. It
typically describes how you capture value and
your unique selling proposition. A successful business concept lays out the groundwork for why you have created the idea, what it can
solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like
how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
Question 2
As a student, the business concept that I would develop in other to urguement my financial status is the resell of textbooks,fillers,lecture notes and so on to first year students and other years.
In other to make profit, I would sell at a price greater than what I spent but not equal to the price of original copy. This would inturn drage more customers.
NAME: ODOH MMESOMA JESSICA
REG NUMBER: 2020/242893
DEPARTMENT: COMBINED SOCIAL SCIENCES
(A) WHAT IS A BUSINESS CONCEPT
A business is an organisation or any other entity engaged in commercial, professional, charitable or industrial activities. It can be a profitable entity or a non-profitable entity and may or may not have a separate existence from the people or person controlling it.
Therefore a business concept is the fundamental idea behind the business.
Also, a business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. Uber, for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. The business model, plan, vision, and mission are developed based on this concept.
(B)
2. As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
As a student, I have decided to go into the sale of cosmetics and perfumes to sell to students in the hostels(girls). So far, I have carried a survey on the different types of cosmetics and perfumes girls usually wear, I have asked those who are already in the business all that it takes to be successful in the business and the various challenges I will face in the future, I have also gone to the market to inquiry of the prices of the products, I have selected my seller and I have my started raising my capital.
Name: UBAH VIVIAN CHIOMA
Dept: EDUCATION ECONOMICS
Course: INTRODUCTION TO BUSINESS MANAGEMENT
Reg. Number: 2020/243849
Question: UNDERSTANDING BUSINESS CONCEPT
What is a business concept?
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
8 business concept examples
Here are eight business concepts to consider:
Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
Business-to-business concept
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
Consumer-to-consumer concept
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
What Are the Key Business Concepts?
Business Model
A business model describes how a company makes money. In other words, it shows how the firm creates, delivers and captures value. For example, if your company sells sports shoes, your business model is what differentiates you from other sellers of athletic footwear.
Business Strategy
Strategy is a plan of action designed to achieve a particular goal. It is also an elaborate and systematic plan of action. For example, if your company’s goal is to gain a 10 percent market share in a specific sector, your strategy must indicate how you intend to reach that objective.
Marketing a Company
Marketing is the commercial process that enables a company to promote and sell goods and services. Marketing specialists use the 4P acronym to summarize what a business must do to remain profitable. The acronym stands for product, price, promotion and place. Place, in this context, means distribution channels – such as supermarkets and retail stores.
Regulations and Compliance
Compliance initiatives help a business abide by various standards when dealing with counterparties. They also prevent employees from running afoul of the law. Abiding by regulations is a money saver, because government agencies often impose hefty fines on companies that violate rules.
Filing Taxes
If you’re a business owner, accurately sending the taxman his due helps you avoid substantial penalties. The Internal Revenue Service and state fiscal agencies require that businesses file income information quarterly and at the end of the year. To avoid the doldrums of an IRS audit, make sure your business files all income data on time.
Bookkeeping and Accounting
Accounting is the process that enables a business to record and report its transactions. A bookkeeper records corporate economic events by debiting and crediting specific accounts. These include assets, liabilities, expenses, equity and revenues. The bookkeeper makes journal entries in a general ledger, which is a two-sided form with one column for debits and another for credits.
Reporting
Financial reports shed light on how a business performed over a specific period, such as a quarter or fiscal year. Accounting data summaries include a balance sheet, a statement of profit and loss, a statement of cash flows and an equity statement.
Financial Analysis
By analyzing a new company’s finances, you can determine whether it is a flourishing firm or one experiencing fits and starts. Investors use financial ratios to analyze corporate items, such as solvency, profitability and efficiency.
Securities Exchanges
Also called financial markets, securities exchanges enable investors to buy, hold and sell investment assets. If you’re an entrepreneur, a financial exchange may be a good place to raise cash for your company.
Thanks
Name; ALOKA ANITA NNEKA
Department; COMBINED SOCIAL SCIENCE Economics/PSYCHOLOGY
Email Address; alokaanita@gmail.com
Reg Number;2020/242953
A business [entity] is an organisation or any other entity engaged in commercial, professional, charitable or industrial activities.
A business [activity] is a commercial activity which involves providing goods or services with a primary motive of earning profits.
BUSINESSES CONCEPT;
The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept. Uber, for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. Every other business strategy was developed based on this concept.
Businesses can be classified into but are not limited to 4 types. These are –
Manufacturing
Merchandising
Hybrid
Service
Anelechukwu precious kelechi
Reg: 2020/242577
Department: Economics
1. Business concept is a statement that defines the reasons of a business idea which then a business plan follows after. The major thing in a business is to keep it alive,make profit and to satisfy customers.
I also learnt that they’re four types of businesses which are: Manufacturing, Service,merchandising and hybrid
Manufacturing: they make use of raw materials to produce secondary goods eg converting cassava into garri, maize into cornflakes etc
Service: They render services to their customers eg modelling, hairdressers, barbers, advertisement companies etc
Merchandising: they act as a wholesaler or retailer to their customers eg super market, glossary stores etc
Hybrid: This is any business that combines two business together for example if you combine manufacturing and services a good example is a restaurant.
I also learnt about the forms of businesses which are sole proprietor, partnership, limited liability companies, corporation, cooperative societies
Business is sub- divided into two groups Industry and commerce
2. I will say service like modelling to boost my personal finance and am still working towards it
1:Business concepts are the foundation of every successful business. They give a company it’s unique identity and makes it stand out from the rest.
A business concept is what makes an idea for a product or service different from the competition. It is the basis of an organisation or company that defines it’s direction, it’s products or services and the needs it will meet.
A business concept describes what a product or service is, who needs it and how it will be profitable, it’s a single sentence that describes a new business idea, it states what the business does and why it will be successful.
There are 8 types of business concepts which are
1: infrastructure concept
2: Business stop business concept
3: Consumer- goods concept
4:Small business concept
5: Consumer-to-Consumer concept
6:E-commerce concept
7: Mobile Concept
8: Consumer Service Concept
Question 2. As a student, I feel the best business concept I can develop to boost my personal economy and finances is mobile concepts because services and products are delivered via mobile devices such as, phones and tablets, as it is usually presented as a downloadable application that may or my not include additional in-app charges for the users.
The steps I’ve taken in achieving this goal.
1: I’ve started reading articles and books concerning this mobile concept.
2: Saving money for investment
3: I’ve decided to stay focused and budget
4: Attending seminars too
NAME: EGWIM CHINONSO THERESA
REG NO:2020/242593
DEPARTMENT: ECONOMICS
LEVEL:100 LEVEL
1.What is a business concept?
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
Here are some business concept to consider;
* Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
* Business-to-business concept
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
* Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
* Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
* Consumer-to-consumer concept
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
* E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
* Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
* Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
2. As a student, the small business concept is what I can develop to boost my finances and personal economy. This is because as a student you don’t need to create a large business,you also have to balance the time between your studies and your social life.
Creating a small business in the university environment is what I have always wanted to do to help boost my finances and also my brand/career in the future.
The steps I have taken include ;
* Making a survey around the university about what my consumers need the most.
* Building up capital for the business.
* Creating awareness about the business both physically and online.
* Taking online classes/courses in order to boost sales on all social media platforms.
* Also, reading books on customer service and salesmanship in order to make my customers happy.
ABUGU JOY CHIOMA
2020/247315
DEPARTMENT OF LIBRARY AND INFORMATION SCIENCE.
1. A business concept describes the reach and reason of existence of a given business idea , it defines a new idea for a given business.
The main concepts of business are customers, supply and demand, competition in the market world, fixed and variable cost, and return on investment (profit).
2. A Small business concept :
A small business concept involves an idea for creating a small business, often to provide a central product or render service to satisfy consumers.
The step I took is advertising my products and skill to people so that they can patronize me.
Name: Onuoha Chijindu
Reg No: 2020/249380
Email: chijindub747@gmail.com
(1) A business concept is a statement that describes the reach and reason of existence of a given business idea, that is, it sums up the crucial elements that define the business.
It describes key consumer problems, it seeks to solve, articulate how the idea applies to a market and provides clear direction when processing a business plan.
A business concept serves as overview to potential business partners or investors.
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new products for the consumer market.
A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of business concept is the business model which details the finance. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
(2) As a student I have developed the business concept of fashion designing (female cloth designing), I cut and sew female outfits, Ankara, polyester, lacra materials into gowns, skirt, blouse, jumpsuit and shorts.
I have taken these steps below to achieve it:
* In 2019, I paid someone in the sewing business line to teach me how to make female wears.
* I have a sewing machine at home with which I sew for ladies.
* I’m currently planning on how to get a sewing machine in school here to continue with the business.
NAME: ONUAH PRECIOUS ONYINYECHUKWU
REG NO: 2020/245130
DEPARTMENT: ECONOMICS
FACULTY: SOCIAL SCIENCE
EMAIL: onuahprecious04@gmail.com
* * * * * * *
What is business concept? Before I proceed I will like to explain what is business itself in relation to the concepts. According to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is ‘the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.’ A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being used. Regardless of the preferred strategy, businesses must provide a service, product, or good that meets a need of society in some way.
BUSINESS CONCEPT is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
2.) As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
As a student I can open a website, or engage in online work [affiliate marketing, or rather run Ads on my YouTube channel.
What steps will I take?
I will first of all know my target audience, how to uniquely present my product (to show a big difference from others), to what end is my product of value to my customers? How then can I deliver the benefits to my customers and how to make my products stay unique.
As a beginner in a business I will try to avoid:
✓excessive spending.
✓consider jobs related to my area of specialization in order to attract more customers
✓learn how to spend less and manage a budget.
✓avoid credit card debt.
Name : Ukwuoma Justice Tobechukwu
Reg no: 2020/242967
Dept : Combined Social Science
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2. As a student who has some other financial needs the business concept I can develope is a small business concept because it is easy to run and doesn’t need much capital to start up.
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
Small businesses are often backed with a skill which one learns and develops.
Reg no:2020/242940
Dept:CSS(economics/sociology)
A business concept is a fundamental prerequiste for the existence of a company,it explains reason for a company’s existence and reach of a given products,also does not have to be unique in order for the company to be successful.
Unlike business organization A company business concept is about the direction and form of it’s operations.if it is apparent to you that the company’s success lies in it’s tangible assets,think carefully about protecting them at an early stage,business concepts are employed regularly in the business world,most commonly to represent business ideas.
As a student i have thought about reselling products which is Affiliate marketing,I have taken some steps like having an online marketing strategy.
Name: MBA GIFT AGU
Registration number: 2020/246360
Department: ECONOMICS 100L
course code; eco 122
Topic: understanding business concept
UNDERSTANDING BUSINESS CONCEPT
1. A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. … An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable.
A company’s business concept is about the direction and form of its operations. If it is apparent to you that the company’s success lies in its intangible assets, think carefully about protecting them at an early stage.
A business concept is a fundamental prerequisite for the existence of a company. It does not have to be unique in order for the company to be successful. Through franchising, for example, you can use an existing business concept and establish it in a new market.
There are different types of business concepts which every business organization would choose whichever that suits; some of this business concepts are:
1. Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
2.Business-to-business concept
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
3. Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
4. Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
5. Consumer-to-consumer concept
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
6. E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
7. Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
8. Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
Summarily, business concepts are laid down strategies an organization put down to harness it’s development in the market. Its concepts maybe in existence already but it requires dedication for effectiveness for it to yield positive returns.
NUMBER TWO
The business concepts I can boost is the E-commerce concept.
In our world is the creation of wealth via the internet and thereby alleviating poverty.
I intend to generate income by using the platform that my electronically connected device have in stock for me by paying attention and being careful on how I make moves.
By involving in online businesses eg. Affiliate marketing and some many others.
I intend to be an affiliate marketer by undergoing classes from people who are grounded in the business to avoid making mistakes and allow for easier and smoother work.
Thanks.
NAME : ORJI UZOAMAKA .J.
REG.No. 2020/242612
DEPARTMENT: ECONOMICS
Email address : orjiuzoamaka2019@gmail.com
1.) A business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems, it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
A business concept serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan.
It is intended to provide meaningful direction for the process of developing a business plan and launching a firm. It captures the unique value preposition of your business in the context of a crowded market .
Some business concept examples include:
1.Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building.
2.Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market.
3.Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets.
4.E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically.
5.Consumer-to-consumer concept
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer.
6.Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers.
While a business concept statement needs to be short, it should still include key elements of your business. These includes:
1.Short description of the business
2.Competitive Analysis
3.Identify your potential
4.Business model
5.Unique Value Proposition
6.Market needs
7.Goals
8.Target market
9. Core products or services
2.) Start Baking Business: Baking cakes, bread, biscuits, cookies,pea nuts ,chin chin and others in other to boost my personal economy as a student.
Below are steps which I have taken:
I have been able to raise a capital for my baking business.
I have been able to Create a website for my baking business and display my goods there or still market them on social media.
I have also watched some YouTube channels on baking, which have improved my knowledge and baking skills.
I have purchased some baking equipment for the smooth running if my business e.g baking pans, oven , e t c.
I have been able to design a flyer to advertise my products.
Name: Anyanwu Chinazaekpere Mavis
Department: Education Economics
Reg no: 2020/243851
1: UNDERSTANDING A BUSINESS CONCEPT
A business concept can be seen as a statement that describes the idea and reason of existence of a given business. In other words, a business concept sums up the crucial elements that define the business.
Business concepts are employed regularly in the business worlds, most commonly to present new ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business. A business concept statement provides a road map for your startup once you’re ready to assemble all the resources for your new start up
Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood. This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists.
2: As a student, I have thought about opening a catering business where I can bake and fry different snacks for students consumption in order to boost my personal finances and economy. I have taken different steps to make my goal and I’m is achieved. The steps include;
Observing my surroundings: I have observed that mostly students are going to be my customers. So whatever I do, their satisfaction is my goal.
My hobbies and interests are great inspiration to me and it influenced my decision making process to start up a business like this one.
Changes in lifestyle of students: After observing that students enjoy more of snacks during school hour because of its simplicity, I am sure that my target audience will respond to my business.
1)A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. An important component of a business concept is the business model, which details the finances of the concept and how to make it profit.
2) Investments in manufacturing business,Service industry, Merchandising can increase students personal income and finances.Consequently, I have opened a manufacturing firm that produce books,In addition to this,I also tutor students on YouTube and in return I get paid.I have also invested in Real estate and bought shares in many companies both local and foreign businesses.
NAME: MAMAH FAITH OKWUKWE
REG NO: 2020/245317
DEPARTMENT: ECONOMICS
EMAIL ADDRESS: http://www.mamahokwukwe24@gmail.com
LEVEL: FIRST YEAR
SUBJECT CODE: ECO 122
1) Since a business organization is a commercial, industrial or mercantile enterprise that consists of people who strive to achieve a common goal, vision and value that represents the organization’s integrity; every business organization must have a business concept which sums up the crucial elements that define the business and attracts potential investors who share the same ideology and have a common goal.
A business concept is therefore a statement that describes the reason of existence of a given business idea and the reach of that idea. That is, it defines clearly, a new idea for business initiative, be it creating a new company, providing a new product for the consumer market, invading a market niche or providing a product more efficient than it’s competitors.
Because a business concept is a form of communicating what a business does and why it exists, it should contain:
i) a short description of the business and why you have created the idea;
ii) the product or service being offered and what it can solve being stated for easy understanding and clear communication;
iii) who the demographic is, that is, the target market;
iv) the business model, that is, it’s costs and gains;
v) the company’s overall competitive advantage showing how the proposal differs from what already exists (it’s competitive analysis);
vi) the unique value proposition of the product showing the potential investors and public the essential qualities of a product and whether it is beneficial enough to invest in it.
2) THE BUSINESS CONCEPT I THINK I CAN DEVELOP TO BOOST MY PERSONAL ECONOMY AND FINANCES
Since being innovative involves thinking of creative ideas that solve a consumer’s issues or make some aspect of their lives more efficient, thereby turning these ideas and solutions into a business idea, after a long period of time spent thinking, I came up with a business concept that could serve a purpose.
Noticing that the University community has a large population of students who perform daily activities like washing their clothes, cooking utensils and so on, I decided to start up a local detergent and liquid soap business.
Not many people are into this business so students have no other option but to buy the factory made ones that are becoming costlier everyday. If I begin this business with the knowledge I got from my secondary school home economics classes, then I would make a more foamy detergent that many students can easily afford and I will get my profit.
STEPS I HAVE TAKEN
i) I have observed my surroundings, studying my prospective buyers, my competitor’s strengths and weaknesses and my comparative advantage over them.
ii) I have asked my hostel mates and majority of them complained that the factory made detergents have gotten less foamy over the years.
iii) I have checked the trend and seen that these type of products are still desired so I want to create a new demand for my products.
Okeke Juliet Kelechi
2020/242642
Economics department
1. A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
It is the fundamental idea behind the business. The business model, plan, vision and mission are developed based on this concept.
2. As a student, I think I can develop a small business concept. The business idea is to bake cupcakes for sale. My targets consumers are students, most especially my course mates. My main aim is to make profit to boost my personal economy and finances.
I have actually taken some steps which are: I made a little research about my business e.g consumer preference (which type of cupcakes they would prefer), amount of other similar goods (how much do other people sell cupcake). I also made some calculations on my cost of production, expected revenue and profit.
1) Business concept is a brief description of an idea behind the existence of a business. It describes the major or key consumer problems it seeks to solve, articulates how the idea applies to a market and provides clear direction when processing a business plan.
2) The business concept I would develop inorder to boost my personal economy and finance are
I). Firstly know the kind and nature of business I want to go into.
II) write down the steps and plan on how I can set up the business, how am going to run the business and finally know my consumers.
III). My capital, I must also have an idea on how to raise my capital for the business either by personal savings, family contribution or even an overdraft from the bank.
Name: Mpama Onyinyechi Adaugo
Reg no: 2020/245072
Department: Economics
Answers to question 1
A broad perspective on “business concept”.
Defination of business: Business refers to the economic activities concerned with the production and exchange of goods and services, primarily pursued with the objective of earning profits. According to B.O. Wheeler, “Business is an institution organised and operated to provide goods and services to society under the incentive of private gain.”
According to L.R. Dicksee, “Business is a form of activity pursued primarily with the object of earning profit for the benefit of those on whose behalf the activity is conducted.” Business involves production and/or exchange of goods and services to earn profit, or to earn a living. However, profit is not the sole objective of the business. It may have other objectives like promotion of welfare of the workers and the general public.
However, in a wider sense, business also consists of:
(a) Creating demand for the products and services before producing and purchasing the goods.
(b) Production of the goods and converting the economic resources into goods and services.
(c) Continuous research and development in order to improve the quality of goods and services.
(d) Activities to ensure that the goods and services not only reach the consumers but also satisfy them in fulfilling their needs.
For instance, a shopkeeper runs his shop, a doctor operates his clinic, a manager works in his office and a lecturer teaches in a college to earn a living for himself/herself and for his/her family. On the other hand, non-economic activities are carried out not for earning money but on account of the human sentiments of charity, love, sympathy, patriotism, religion, etc.
Howerver there are characteristics of business:
(i) It is a Human Activity: Business is a human activity which makes available goods and services to the society. It is not only dependent on making available the goods and services or the mere production of these but also depends on the exchange of value which is provided in return because if you are engaged in giving gifts to somebody then it will not be treated as business.
(ii) Continuous Economic Activity: In business an economic activity must be repeated again and again because if an entrepreneur does not do that it will not be treated as business. For example, if a person sells his own house, this activity does not come under the framework of business.
(iii) Profit Motive: Any economic activity which leads to generation of profit is considered as business. Therefore, intension should be to earn profit otherwise if a person is engaged in social service or preaching about the religion cannot be treated as business.
(iv) Entrepreneurship: One cannot run any sort of business . the element of entrepreneurship irrespective of the size of the business. Business can only be run by a daring person who has the ability to face risk of loss. Because no business is there where the element of risk is missing. Involvement of element of risk of loss makes the business world more challenging and to face financial challenge is not everybody’s cup of tea.
(v) Creation of Utility: A man does not produce anything in a way, he only converts the form of resources which are provided by the nature. The business changes the form, place and possession utility of goods and makes them available in usable form. The business creates the utility of the things so that these can be consumed.
Answer to question 2;
As a student and an uncoming entrepreneur i engage myself in the selling of ladies wears. That is what keeps me financially stable in school as and it greatly improves my finance’s.
Step i took was, i gathered capitals to start the business, then i ordered for the goods from wholesellers that i know. When the goods arrived i started advertising it online and taking it from one hostel to another to sell.
NAME: MAGBO CHIDIMMA JOY
REG NO:2020/242674
DEPARTMENT: EDUCATION ECONOMICS
COURSE CODE: INTRODUCTION TO BUSINESS MANAGEMENT (ECO 122)
ASSIGNMENTS
1) Against this background clearly share a broad perspective on what you understand by business concept?
A business concept is a fundamental prerequisite for the existence of a company. It does not have to be unique in order for the company to be successful.
A business concept is also define as a new idea for a business initiation whether that be creating a new company or producing a new product for the consumer market. An important component of a business concept is the business model, which details the finance of the concept and how to market profit
2) As a student what business concept do you think you can develop to boost your personal economy and finance and what steps have you taken to do that?
The business concept that I can develop is a small business concept and E – commerce business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
The steps I have taken is
1) Saving up money ( Budgeting)
2)Setting up a business plan
3)Conducting a market research
4) choosing the particular business to venture into
5) Picking my business location
NAME: OKORAFOR CHINONYEREM MGBO
MATRIC NUMBER:2020/242636
DEPARTMENT: ECONOMICS
COURSE CODE: ECO 122
COURSE TITLE: PRINCIPLES OF ECONOMICS
1.
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
What Does Business Concept Mean?
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2.
As a student trying to manage my personal economy and finance, I will use the following two business concept namely:
a. E-commerce concept
b. Mobile concept
E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
E-commerce sites consist of a few different sectors, including handmade goods websites or e-commerce platforms, which allow consumers to create their own online store. Those considering starting their own C2C business can use these e-commerce sites to target a broader audience or a niche audience for consumers looking for specific items.
For example, if you start an online store for organic skincare, you might attract consumers who want homemade lavender skincare products. This is because they specifically searched for those items and found your online store as a result. In contrast, if you owned a physical shop with organic skincare products, you would rely on a limited pool of consumers who may or may not have an interest in your products.
Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it. It can also include social media sites. This is because social media sites have also started to include online store features where members can sell their used items or promote their original products. Social media platforms also offer unique marketing techniques through hashtags and sponsored advertisements, which can help encourage social media users to visit your page.
The reason for choosing this business concept is because it doesn’t require much capital and can be operated from any location both at school and home or even the school hostel
NAME: FALETI SEGUN TOBI
REG NO: 2020/242563
DEPARTMENT: ECONOMICS MAJOR
1. A business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.A business concept is a fundamental prerequisite for the existence of a company. It does not have to be unique in order for the company to be successful. Through franchising, for example, you can use an existing business concept and establish it in a new market.
A new enterprise’s business model should also cover projected startup costs and financing sources, the target customer base for the business, marketing strategy, a review of the competition, and projections of revenues and expenses.
Successful businesses have business concept that allow them to fulfill client needs at a competitive price and a sustainable cost. Over time, many businesses revise their business models from time to time to reflect changing business environments and market demands.
When evaluating a company as a possible investment, the investor should find out exactly how it makes its money. This means looking through the company’s business model. Admittedly, the business concept may not tell you everything about a company’s prospects. But the investor who understands the business concept can make better sense of the financial data.
2. Since my stay here in Nsukka I’ve discovered some commodities that are more expensive here than in Lagos where I came from. Commodities such as sugar, groundnut, clothes, electronics etc. I can source for capital to import any of these commodities from Lagos and sell at a cheaper price here which I believe it would certainly take off.
During Christmas and new year break, after I might have sourced for capital I would go to the market and buy the goods in bulk and import it to school when resuming, then I will make awareness to my classmates, lodge mates, people in my environment. I make sure I sell at a lesser price so as to be able to compete in the market.
In a period where there’s no break and there’s is need for me to get new stock, I may decide to send money to my parent to buy and send on waybill to me or I travel to Lagos on a weekend. This will go a long way in solving my financial needs and also serve as a relief to my parents.
NAME: NWANOSIKE CHINONSO AMOS
MATRIC NO: 2020/242603
COURSE CODE: INTRODUCTION TO BUSINESS MANAGEMENT
DEPARTMENT: ECONOMICS
LEVEL: 100
1. WHAT DO YOU UNDERSTAND BY BUSINESS CONCEPT.
According to my understanding, Business concept are fundamental prerequisite of a business that defines it’s system, form,and mode of operation that of which is to make sure that the business thrives,escalates and gets to the expectancy or target of the owners.
In other words, business concept is an afore layed down idea, thought and strategies which will be the main bedrock and secretes behind the success of a business.
2. AS A STUDENT WHAT BUSINESS CONCEPT DO YOU THINK YOU CAN DEVELOP TO BOOST YOUR PERSONAL ECONOMY AND FINANCES
The business concept that I have developed in other to boost my personal economy and finances is marketing and advertising or creating awareness of a particular or divers product of some sightly recognized companies and well known or famous companies examples are companies that produces phones, cloths, electrical pass.
Secondly another concept is registering with the company especially those that are famous,which can easily attract buyers, and also solicit that my name should be included in the list of the share holders of the company, as I will add to the growth and development of the company by Channeling my customers already, and those that are yet to be my customers to that particular company that I have shared capital into.
(b) WHAT STEPS HAVE YOU TAKEN TO DO THAT?
As for the steps, before now I have started learning how to publicise people’s businesses and products on the social media most especially on WhatsApp and Facebook and other mediums of global communication.
NAME: UGWUOKE UKAMAKA CALISTER
REG NUMBER: 2016/237622
Email address: ugwuokecalister1@gmail.com
1. A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business does and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative.
First of all, the product or service being offered must be understood. This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists.
Business concepts are employed regularly in a business world, most commonly to present mew business ideas to a potential investor and institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
2. As a student, the service business concept can boost my personal economy and finance.
Steps I’ve taken includes online coaching.
Name:EZEUDUJI BRIGHT IFECHUKWU
REG: 2020/242590
COURSE:ECO 122
DEPARTMENT:ECONOMICS
Business concept
We defined business in So many ways for example business (entity)is an organisation that is engaged in professional ,commercial and industrial activities.it can be profitable entity for non profitable entity. Business ( activity)is activities that involves in provision of goods and services with primary motive
Then we this we can now say that BUSINESS CONCEPT is an ideas behind a business for example business model,plans vision and mission on how to develop a business
Also business objective is the way to conduct a business in a long run ( to make it last for long time)For example in the olden days business only exist in making profit by providing goods and services. But now in the modern time is outline of every business man Is to satisfy the customers
Types of business we have
The manufacturing business which are the producers that produce goods to sell
The service which deals in selling intangibles goods to the consumers
The merchandising which is when the business buy product from a manufacturer or a wholesale at a retail price
PRINCIPLE OF MANAGEMENT
Management is the applications of planning organizing staffing directing and controlling functions in the most efficient manner possible to accomplish meaningful organizational objective
Name: Ekwe Okwuchukwu Cletus
Department: Economics
Level:100
1. A business concept is a statement that describes the reach and the reason of existence of a given business idea.In other words,it sums up the crucial elements that define the business.It assists business organisations to achieve achieve their common goals.
2. As a student,small business concept can develop or boost my personal finances.Small business concepts involves an idea for creating a small business,often to provide central product or service to consumers.The small business can be in form of services rendered to the members of the public or the buying and selling of commodities.
-Steps taken so far to achieve my goals includes;
i. Rendering of direct services to my fellow students and members of the public in form teaching.
ii. Informing my coursemates that are also good in teaching to assist in achieving the goals together.
iii. Attending seminars, public lectures and online tutorials on how to become perfect in the service.
iv. Organizing online tutorials to test the effectiveness.
What I undestand by “BUSINESS CONCEPT”
A business concept can be seen as a statement which contains the fundamental idea of a business existance, the process of achiving the business goal, the method the business should be run and the value proposition that distinguishes the business from others, in a distilled and crystallized format.
Name: Orji David kenechukwu
Reg no: 2020/242635
E-mail: Orjid9881@gmail.com
Department: Economics
(1). Business concept:
A company’s business concept is about the direction and form of it’s operations if it is apparent to you that the company’s success lies in it’s intangible assets, think carefully about protecting them at an early stage. A business concept is a fundamental prerequisite for the existence of a company.
A business concept describes and clearly defines a new idea for a business initiative whetter that be creating a new company or producing a new product for the consumer market
(2) The concept that can boost my personal economy and finance is E-commerce concept which is selling of services or products electronically
I have this great zeal of starting up Affiliate marketing which is an E- commerce concept my moves to make it this is I am able to raise capital to register for the course online and I hope and believe it goes well for me .
NAME: OKONDUGBA-SOLOMON EMMANUELLA T
DEPARTMENT: ECONOMICS
REG NO: 2018/245786
EMAIL: ellabeautiful67@gmail.com
Question 1
What is business?
Business can simply be defined as either an occupation, profession, or trade, or is a commercial activity which involves providing goods or services in exchange for profits.
Of course, Profits in business are not necessarily money. It can be a benefit in any form which is acknowledged or appreciated by a business entity involved in a business activity.
What is a Business Concept?
Business concept can simply be referred to as the fundamental or basic idea behind the business. The business model, plan, vision, and mission are developed based on this concept. Taxify, for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. Every other business strategy was developed based on this concept.
In business concepts, there are also objectives. The business objective is what makes the business go on and conduct its activities in a long run. It is said to be the reason why the business exists.
Some kinds of objective in business concepts include;
*According to the modern concept, the underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.
*According to the traditional concept, business is said to exists only to earn profits by providing the goods and services to the customers.
There are various types of business. They include;
*Manufacturing
*Merchandising
*Services
*Hybrid
MANUFACTURING
These are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales.
MERCHANDISING
Merchandising is a middlemen business strategy, whereby the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price. It is usually known as a ‘buy and sell’ business as they make profits by selling the products at a price higher than their cost price.
SERVICES
This is a type of business that deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider e.g Hairdressing, Barging, Tailoring e.t.c
HYBRID
Hybrid businesses are as similar as the two or more types of businesses explained above. For example, a restaurant develops its own dishes (manufacturing), sells the products like cold drinks which are manufactured by other businesses (merchandising), and provide service to the customers (service).
There are also various forms of business ownership such as Sole proprietorship, cooperative society, partnerships, public limited liability companies etc.
Question 2
As a student, I’ll prefer a Business Concept such as hairdressing and catering, in order to boost my individual economy and finance. Reason being that, asides the fact both hairdressing and catering are one of my hobbies, they are also services I can render to people at their preferred time and place. It would cost me little or nothing to start up, and it would also be extremely profitable to me.
NAME: OGBONNA CHIDIEBERE BARTHOLOMEW
REG NO: 2020/246431
DEPARTMENT: ECONOMICS
1) A Business Concept can be defined as a set of ideas, Thinking and planned reasoning which is achieved by a set of people whose major vision is to keep the business alive, make profit, compete with competitor and boost the growth of the company either financially or Otherwise.
2). I have planned a business Concept which is importing of phone accessory and phone hardware part with Computers from country that is well developed like china, America, korea, to Nigeria, Because, i discover that hardware problem is a major problem to phone and Computer engineers in Nigeria.
Well i have developed my knowledge in the aspect of phone and computer repairs, so i have knowledge of that field which when i get enough Capital to start up the business i will not be lagging out of knowledge on those field, And i will know, How to manage well. And i have started making little profit from my phone and Computers repairs.
Okoloaja Vanessa Mmerichukwu
2020/245131
mmerichukwunessa77@gmail.com
A business concept is defined as a creative thinking behind the existence of a business. It can also be seen as having a thought towards a product or a service different from competiting with other business rivalries. It describes a product and the section of the society that will appreciate it more, in order to increase profit. A business concept is said to be the crucial elements that define the business.
2. As a student, I have always nurtured petty business ideas, I have thought about providing catering services to people, catering services which will be needed for birthdays and other events such as: cake and patries. I have spent invaluable time watching videos on YouTube, baking on my own and asking other persons I feel are better than myself. I even got a brand name already ” Mhmilicious taste” . I’m optimistic that my dream will be an actualisation
NAME: Umezulike Treasure Mmesoma
DEPT: Economics
FAC: Social Science
REG NO: 2020/242631
EMAIL: umezuliketreasure@gmail.com
1. Business Concept:
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative.This means that whatever the company is offering must be clearly communicated through the business concept. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2. What business concept will I put in place if I were to own an organization:
Supposedly I were to open a franchise that’s based on production of multiple goods, the first and essential step to take is to create a business model for the organizations business concept: The business model would consist of four elements; a customer value proposition, a profit formula, key resources, and key processes.
The other components of the business model would include the choices that executives make about how the organization should operate,choices such as compensation practices, procurement contracts, location of facilities, extent of vertical integration( Vertical integration refers to the process of acquiring business operations within the same production vertical. A company that opts for vertical integration takes complete control over one or more stages in the production or distribution of a product.), sales and marketing initiatives, and so on. Managerial choices, of course, have consequences. For instance, pricing (a choice) affects sales volume, which, in turn, shapes the company’s scale economies and bargaining power (both consequences).
With the business model laid down we move to the next stage: Setting up an organizational structure( this will also aid in determining profits or loss) , Since I earlier stated its a multiple products franchise therefore a product-type divisional organizational structure will be needed. This structure type uses product categorization as the basis for determining which resources and business operations belong to certain divisions, Each division is a group of resources and operations that represent a product category, such as resources and operations for the production, distribution, and sale of consumer goods. This system will further aid in the addition, merge, or disband divisions, depending on current business needs and the development of the organization, considering that further business diversification is possible. Also aiding in the easy determining of which division/products that are making profits or incurring losses .
The managerial structure will be centralized for easier decisions making .
1. A business concept is the foundational idea behind a business. It is what makes an idea for a product or service different from the competition.
2. As a student I’d like to open a small business concept. It involves an idea for creating a small business, often to provide a central product or service to consumers. For example, a Make-up Artist. There are many benefits to starting this business, example is Flexibility.
Here are the steps I will take to do that:-
Step1: Telling my friends to refer to their friends and show them my work. Incase there’s any events like Matriculation, birthdays, convocation, etc..
Step 2: I’ll create an instagram page where I will post my pictures and videos of the ones I made.
Step 3: I will design fliers that will contain the necessary information such as my number, the service I render such as Birthday shoot, Matriculation, Convocation, pre wedding shoot. And their prices too.
Name: ogechukwu Uzoigwe
Department: economics
Reg number: 2020/242627
Topic: understanding business concepts.
A business concept describes and clearly defines a new idea for a business A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market.
1).Consumer.
You may be surprised that I’m starting with this ‘simple’ term.
The term ‘customer’ (or ‘consumer’) is so commonly used nowadays that very few people still understand what it should really mean.
Like it or not, the customer is, and will always be, the MOST IMPORTANT part of any business. It doesn’t matter if you’ve rented an impressively-furnished glass office, hired MBA employees and manufactured a beautiful product. If there are no customers buying the product or service you’re selling, you have no business.
2).Supply and Demand
In every market, there are two key groups of people: buyers (demand) and sellers (supply). Suppliers alone cannot make a market; neither can buyers.
All entrepreneurs and business people are suppliers by nature.
If you’re in business, you must be supplying (selling) something; a product (like fruits, vegetables, electronics) or service (like a consulting or taxi business). For a supplier to make any money and remain in business, customers must be willing to buy the product or service they’re selling.
Let’s talk a little more about demand.
The concept of ‘demand’ describes a consumer’s desire and willingness to pay a price for a product you’re selling. Demand is clearly different from ‘wishes’ and ‘wants’. Anybody can wish and want anything, but if they’re not willing to open their wallets and pay for it, that’s not demand.
Quantity, like price, is also another factor that affects supply and demand.
Some sellers will start to reduce their price in order to attract more customers. On the other hand, if there were more students than soaps, sellers can easily get away with inflating their prices.
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3). – Competition
Every day you wake up as a business owner, there is another business somewhere that is trying to compete against you and run ahead of you. And what is the prize businesses compete for? Customers! Remember, customers are the most important element in every business.
Every business continues to look for new and effective ways to be more attractive to customers. If they are more attractive, they can win over customers from their competition.
By providing products that are of higher quality, services that provide more value, convenience and greater satisfaction, your competition is likely to ‘steal’ your customers. If your customers find out that they can get a better deal and enjoy more friendly services at your competitor’s, you may lose them forever.
Your competition will always look for weaknesses that they can exploit in your products and services. This is why every business should have a ‘ advantage’; a quality that makes it difficult for other businesses to exploit its weaknesses or copy its style.
A popular trademark brand, a patented product or ‘mind blowing’ customer service are just a few examples of competitive advantages a business can have.
In the world of business, only the strong survive and a competitive advantage is a strength that you have that keeps you alive in the market. It is something unique you can provide to customers that they can’t get anywhere else. And as long as this advantage aligns with everything your customers want, you’ll remain successful in your business!
4). – Return on Investment
Business 101 – 5 Important Concepts for Entrepreneurs 5Yes, let’s get a bit more technical with the terms.p
‘Return on Investment’ or ROI is a popular term with investors, bankers and professional business people.
ROI is commonly used when an investor or entrepreneur is considering several business or investment options.
ROI is one of the effective tools that can help business people and entrepreneurs choose the best and most rewarding option out of a number of options. And don’t be scared, the calculation for ROI is quite simple.
By dividing the Benefit (the profits she’ll make) by the Cost of investment (the cost of setting up and running the business), you can easily calculate the ROI for any number of business opportunities.
5). – Fixed and Variable costs
To make money, you need to spend money.
Costs (or expenses) are everything you spend on or pay for to start, run and keep your business alive. Rent, equipment, salaries for staff, internet bills, transportation, advertising and bank charges are just a few examples of costs that most businesses have to bear.
Unfortunately, most small businesses are suffering from a lot of costs they could have avoided or significantly reduced.
Understanding your costs is one of the key elements of success in any business. Cost is very important because it is one of only two factors (the other being ‘Revenue’ or ‘Sales’) that will determine if you make a profit or loss in your business.
No matter how much revenue your business makes, it would be totally impossible to turn a single profit if your costs are greater than your revenue.
The Profit Equation in business
There are essentially two main types of costs you need to know about as a business owner and entrepreneur. They are: fixed costs and variable (or ‘marginal’) costs.
Fixed costs (also known as ‘overhead costs’) are costs that do not change regardless of the quantity of products or services a business does. Rent and equipment/machines are two of the most common fixed costs.
Name: Okechi Francis Uche
Reg no: 2020/242648
Department: Economics
Definition: A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
Here are eight business concepts to consider:
1. Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
2. Business-to-business concept
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
3. Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
4. Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
5. Consumer-to-consumer concept
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
6. E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
7. Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
8. Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
In all these business concept I have made attempt;
Consumer to consumers concept, small business concept, E-commerce concept, Mobile Concept.
2 hours ago
1. In my own perspective ,business and understanding business concept can be defined or described as a new idea for a business intiatives both in commercial business or personal services.
2. As a student, the business concept I can boost for my personal economy is braiding of hair,selling of wigs and a makeup artist.
firstly the steps I took was to bring up a capital for the business .another role I have taken is braiding of hair at the hostel.
Faculty of social sciences
DEPARTMENT: Combined social science (Economics and Philosophy)
Reg Num:2020/242942.
1 Business concept is an idea that is the basis for funding or transforming a business,it typically describes how you capture value and your unique selling proposition.
2. As a student the business concept I will go for is AFFILIATE MARKETING.which is quite similar to dropshopping it is a cheaper business venture you don’t need to get a shop or whatever All u need is contact, you make money making sure that product gets delivered to the customer that’s all
1. In my own perspective ,business and understanding business concept can be defined or described as a new idea for a business intiatives both in commercial business or personal services.
2. As a student, the business concept I can boost for my personal economy is braiding of hair,selling of wigs and a makeup artist.
firstly the steps I took was to bring up a capital for the business .another role I have taken is braiding of hair at the hostel
NAME: ONAH JUDITH UGOCHI
REG NO: 2020/242646
DEPT: ECONOMICS
LEVEL: 100
Answer No (1).
When starting a business, there are several nuts and bolts one need to consider. Critical of them all is a business concept. It’s a pillar that crystalizes one’s idea into a money-making machine.
Being innovative involves thinking of creative ideas that solve a consumer’s issues or make some aspect of their lives more efficient. These ideas and solutions become business concepts, which give focus to a business idea and define its practical purpose.
Therefore, a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept.
A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
It serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan. One’s concept statement should be able to hook its audience’s attention as well as justifies the investors’ decisions.
Some business concepts includes;
1) Consumer-goods concept: This is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
2) Small business concept;
This concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
3) Consumer-to-consumer concept;
This concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
4) Infrastructure concept;
This concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
5) Business-to-business concept;
This concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
6) Consumer service concept;
This an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
E.t.c
Answer No. (2).
2). As a student, I’m thinking of proposing a Consumer-to-consumer business concept;
Which involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer.
So in my case, I plan to start advertising someone else’s wigs online (in my name). Although the wigs are not rightfully mine cause I don’t have enough capital to start my own wig business yet, I plan on convincing the real business owner to let me take 5 percent of every sales I make or better still, she can let me add extra 5% to the actual price of the wigs. So that in every successful sales she makes through my referrals, I get 5% of the money while she takes the rest. With this I believe I will be able to save up with time and start my own wig business.
And so far so good, I’ve been looking for a reliable and trustworthy wig seller to collaborate with. Cause if they deliver fake hairs to my customers (referrals). It will definitely affect my image as I was the one who advertised the hairs to them and not the real business owner. So I have to be careful. Which is why I’m taking my time for now.
Name: Uzo-onwukwe Esther Chinasa
Department: Economics
Reg No:2020/246419
The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept. Uber, for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. Every other business strategy was developed based on this concept.
Objective Of The Business
The business objective is what makes the business go on and conduct its activities in a long run. It is the reason why the business exists. While most of the people argue that profit making is the core objective of every business. Few have come up with the new underlying objective.
According to the traditional concept, business exists only to earn profits by providing the goods and services to the customers.
According to the modern concept, the underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.
Types Of Business
Businesses can be classified into but are not limited to 4 types. These are –
Manufacturing
Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales. Examples of manufacturing businesses are steel factories, plastic factories, etc.
Service
This type of business deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider.
Service firms offer professional services, expertise, commission-based promotions, etc. Examples include salons, schools, consultancy etc.
Merchandising
Merchandising is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price. It is usually known as a ‘buy and sell’ business as they make profits by selling the products at a price higher than their cost price.
Examples of a merchandising business are grocery stores, supermarkets, distributors etc.
Hybrid
Hybrid businesses have the characteristics of two or more types of businesses explained above. For example, a restaurant develops its own dishes (manufacturing), sells the products like cold drinks which are manufactured by other businesses (merchandising), and provide service to the customers (service).
Forms of Business Ownership
Business ownership comes in many forms based on the number of owners, the liability of the owners, representation, and motives. These are –
Sole Proprietorship
Sole proprietorship is a business owned and operated by a single individual. It is easy to set-up, operate, and register. All the profits of the business belong to the owner and he’s also liable for all the liabilities incurred.
The biggest drawback of this business that the owner faces unlimited liability. This means that the creditors of the business can go after the personal assets of the owner if the business is unable to pay them.
Partnership
When two or more persons join hands to run a business, they usually come into partnership. Partnerships come in two forms – general and limited. A general partnership is like sole proprietorship but with more than one owner where all the owners face unlimited liability. In limited partnerships, some or all of the partners have limited liability.
Corporation
A corporation is a business which has a separate legal identity from the people who own or run it. Ownership is usually represented in the form of shares of the stock.
Owners enjoy limited liability but are not necessarily involved in running the business. The business is operated by a group (board of directors) elected by the shareholders.
Limited Liability Company
A limited liability company is a hybrid form of business which has characteristics of both a corporation and a partnership. A partnership because it is not incorporated and a corporation because all of the partners/owners enjoy limited liability.
Cooperative
Cooperative is a private business organisation owned and controlled by people for their mutual benefits. These people are called members and are benefitted by the goods and services offered by the cooperative.
2.E -commerce concept is the best concept for a student like me and the steps I have taken is by doing sales marketing ordering goods and also upload goods and services for consumers to see.
Question one
{1} clearly share a broad perspective on what you understand by business concept..
Business Concept is stated to be the direction and form of it’s operations. The needs that your business will meet through it’s products or services… The company’s strength and unique expertise… A business concept can be described clearly as a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. An important component of a business concept is a business model, which details the finances of the concept and how to make it profitable, its also a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his or her proposed venture…This version tells the listener much more than the first statement and helps the potential client visualize the business and it’s offerings.
Business concept are also idea turned into a start up of an entrepreneurs which enables the founder to succinctly describe the precise nature of the business to suppliers, customers, lenders and resources team members an important skill for the entrepreneurial success. For Example, it is not sufficient to say “I want to start a management consulting company”, this tells the listener little, instead, one might say ” I plan to start a management consulting company that provides strategic planning services to mid -sized business in the southeast. Each consulting team, tailored to meet the unique needs of a client , will provide assessment and planing services to help clients improve efficiency and institute processes for innovation and change resulting in cost reduction and sales increases.
This version tell the listener much more than the first statement and helps the potential client visualize the business and its offerings… Often the business concept changes during feasibility testing and business planning as the founder learns more about the market and potential profitability of a business…
(2) Question two
As a student schooling in the university of Nigeria Nsukka, I have got lot of business ideas to develop that would boost my personal finances but I would share this with you for I believe it would give my patrons maximum satisfactio and sales would increase in no time for me…
I plan to start an ice-cream and fruit juice business at student union building (sub) that would provide natural juice from fruits without preservatives at a minimum price of 200 and different flavored ice-creams with different toppings that would be sold for 500 and above.. my patrons would get to take ice-cream and any toppings of their choice to make it enjoyable and get the needed satisfaction for an affordable price.. I noticed the current sellers of ice-cream don’t make different flavors and don’t add any toppings and natural fruit juice is not sold here, so am getting fruit juicer machine, the fruit juice I have seen here has preservatives and they were made artificially by companies….
STEPS TAKEN BY ME (OGBODO EUNICE IFEBUCHE)
1) survey of business location
2) I got a perfect location
3) gathering capital
4) researching on how to better my business concept…
Name: Chinemerem Daniel Nmesoma
Reg number:2020/248460
Department: Economics
Email: chinemeremdaniel10@gmail.com
The two major categories of economics
Microeconomics
Macroeconomics
Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.
Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.
Micro economics involves
Supply and demand in individual markets.
Individual consumer behaviour. e.g. Consumer choice theory
Individual labour markets – e.g. demand for labour, wage determination.
Externalities arising from production and consumption. e.g. Externalities
Macro economics involves
Monetary / fiscal policy. e.g. what effect does interest rates have on the whole economy?
Reasons for inflation and unemployment.
Economic growth
International trade and globalisation
Reasons for differences in living standards and economic growth between countries.
Government borrowing
BUSINESS CONCEPT
Business is either an occupation, profession or trade,or is a commercial activity which involves providing goods or services in exchange for profits.
Profit in business are not necessary money.it can be a benefit in any from which is acknowledged by a business entity involved in a business activity.
Business is a commercial activity which involves providing goods or services with a primary aim or motive of earning profit.
Business Concept is the fundamental ideas behind the business. The business strategy, plans , vision and mission are developed based on this concept.
Business concept are the foundation of every successful business. They give your company it’s unique identity and make it stands out from the rest.
Business concept is what makes an ideas for a product or service different from the competition.
Business concept describes what a products or services is, who need it and how it will be profitable.
Business concept that I will venture in as a student is e-commerce business concept because we are now in a global world where if you are not on social media,you don’t know what’s up,through this social media you advertise your goods,people from all round the world will know that there is a new ideas in the market,will come to patronize your product.
First steps first, I have to buy likes,letting people see my idea’s and like through creation of group s on social media
Taking the time to learn a few critical financial rules can help you build a healthy financial future.
Learn self control
Control your financial future
Know where your money is going
Name:Onyebuchi Blessing Chinomso
Department:Education Economics
Reg No: 2020/246384
Taking the time to learn a few critical financial rules can help you build a healthy financial future.
Learn self control
Control your financial future
Know where your money is going
Taking the time to learn a few critical financial rules can help you build a healthy financial future.
Learn self control
Control your financial future
Know where your money is going
Name:Onyebuchi Blessing Chinomso
Department:Education Economics
Reg No: 2020/246384
CHIDIEBERE FAVOUR CHIWEMMERI.
2020/242578.
DEPARTMENT OF ECONOMICS.
100LEVEL.
ECO122 ASSIGNMENT.
QUESTION: UNDERSTANDING BUSINESS CONCEPTS.
ANSWER: EXPLANATION OF THE TERM BUSINESS CONCEPTS.
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business. It describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood. This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Essentially, a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
Additionally, a business concept serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan. Thus, a business concept statement should hook its audience’s attention as well as justifies the investor’s decisions.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
TYPES OF BUSINESS CONCEPTS.
There are many types of business concepts below are few of them:
1. Infrastructure concept: An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
2. Business-to-business concept: A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
3. Consumer-goods concept: A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
4. Small business concept: A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
5. Consumer-to-consumer concept: A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
6. E-commerce concept: An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
7. Mobile concept: A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
8. Consumer service concept: A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
MY PERSONAL BUSINESS CONCEPT.
I anticipate to create an online site for books publication that will stand as number one in Africa. A business coynvept that will stand as a tree yielding massive employment for all and sundry. An online site were boths will be critically evaluated by English professors and those who have acquired and are skilled in the art of literary critics. A site where books will be edited alongside proof read and published. It’s business portfolio will also involve marketing of the books and production of best selling books in Africa.
Well I plan to achieve this and many more and as a step to it, I have started partnering with Amazon and hope to start publishing there soonest.
Name :Emeka Nmesomachi Wisdom
Reg no:2020/242588
Dept: Economics
Email: wizzyella0@gmail.com
1. A business concept is a brief description of an idea behind the existence of a business.
OR
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
2. Tailoring
Although is stressful and not so lucrative but I enjoying doing it. I also started it with small capital and is being really profitable because most of my friends are helping me advertise the business . The first step I took was to get a sewing machine and also I purchased some materials.I have sewn for few of my friends since I resumed .
Name: Okpani Blessing
Reg Number: 2020/242623
Dept: Economics
Email: lilianokpani54@gmail.com
Question 1
Business concept
A business concept is an idea that clearly defines a new idea for a business initiative. It could either be creating a new company or creating a new product for the consumer market..
Eneh Favour Onyinyechi
2020/245914
Department:Economics
Faculty:social science
Assignment: Understanding business concepts
1. Meaning of business concept:
A business concept describes and clearly defines a new idea for a business initiative, whether you are creating a new company or producing a new product for the consumer market. An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. A business concept is a statement which provides a roadmap for your start-up once you are ready to assemble all the resources for your new start-up. A business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems, it seeks to solve, articulate how the idea applies to a market and provides a clear direction when processing a business plan. A business concept serves as an overview to potential business partners or investors. A business concept needs to be short, but contain key elements of your business.
Types of business concept
i. Infrastructure concept
ii. Business-to-Business concept
iii. Consumer-good concept
iv. Small business concept
v. Consumer-to-consumer concept
vi. E-commerce concept
vii. Mobile concept
viii. Consumer service concept
2. As a student, what business concept do you think you can develop to boost your personal economy and finances and what steps have you taken to do that?
i. Consumer- good concept: is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market or at least why it’s a better option than the competitors.
*An example of the consumer – good concept i have developed to improve my personal economy and boost my finances is Baking of different treats and cooking varities of dishes.
ii. Steps i have taken;
a. I have explained what my business is about and the reason for starting this endeavour.
b. I have included features that makes my business to stand out from competitors.
c. Identified the market problems that my business idea would solve. For example: instead of the consumer purchasing a mixer, oven, pan and other utensils needed he/she could just but a box of muffins.
d. Identified my potential consumers/competitors (their strengths and weakness)
e. Observation of my surroundings and checking out trends.
f. Finally, making sure that i enjoy what i do.
NAME: EZEMMA HONEST CHINAZA
DEPARTMENT: COMBINED SOCIAL SCIENCE ( ECONOMICS/ PSYCHOLOGY)
REG. NO: 2020/243001
1. What is a business concept?
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
8 business concept examples
Here are eight business concepts to consider:
1. Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
2. Business to business concept
A business to business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
3. Consumer goods concept
A consumer goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
4. Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
5. Consumer to consumer concept
A consumer to consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
6. E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
7. Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
8. Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
2. MOBILE CONCEPT
Writing ebooks
Similar to blogging, e-books allow you to teach others new skills through a digital book that will cost readers a fraction of the price of a printed copy while offering them the same level of education. E-books are free to start and can be sold on huge platforms such as Amazon. You could even donate copies to not-for-profit organizations who believe in your cause.
Name: Okpani Blessing
Reg Number: 2020/242623
Dept: Economics
Email: lilianokpani54@gmail.com
As a student, I learnt how to make cake and other chops and am really good at it. So coming back to school this year I decided to start up something that will boost my finances, I then engaged in making pastries( chin -chin) with my brand name which I registered before coming back (Premium pastries). The plan was to make and start supplying to hostels and some other provision shops on campus. I had a target of about eight hostels and three kiosks but could only start my supplies with two hostels and two kiosk. So far it has been going find but I think I will need to put in more money to get more quantities for supply. So this is my business idea for the year to boost my finance.
Name: Onyema Janet
Registration number: 2020/242640
Department: Economics
Email: onyemajanet@gmail.com
1. A business concept can be defined as the foundation upon which a business is built. Be it can also be said to be a business plan.
2. As a student a business concept I can develop is a hairdressing business. I’ve started by making hair for ladies in my department and I intend to make hair for people in hostels and others.
Name: Umeh Success Precious
Reg no: 2020/243839
Course: Education Economics
Email: successprecious41@gmail.com
1. What is business concept: Business concept is a statement that describes and clearly defines a new idea for a business initiative whether that be creating a new company or producing a new product for the consumer market.
In my understanding business concept defines an idea for a business initiative, it has to do with the reason behind the business idea.
business concept is the fundamental reason behind a business idea, it defines the vision of a business and it’s plans
2. My business idea is to go into selling bags, which I will go for a market survey first, know the wholesalers around my area, start the business with at least 50 thousand naira which will get at least 10 bags, then sell at least 8 de first month which will yield me more than the cost price. Then be4 6 months I will be selling at least 30 bags every month.
2b. I have started saving some money and I have gone for market survey.
Name: Mbibe Martha Queen
Department: Combined Social Science ( Economics and political science)
Reg No: 2020/242938
Course code: Eco 122 (Introduction to Business Management)
Question 1
What is a business concept
I would like to first define a Business and later Concept.
BUSINESS
A business is defined as an organization or enterprising entity engaged in commercial, industrial or professional activities.
TYPES OF BUSINESSES
There are four basic types of businesses.
1. Manufacturing business: This is were products are made at a plant location.
2. Wholesaling business: This is where products are purchased from the manufacturer and resold to another company which then sells them to consumers.
3. Retailing business: This is where products are purchased from wholesaler and then resold to consumers at a retail location, such as a business that is solely retail, or a business in which the majority of revenue comes from retail sales.
4. Service business: A service is an activity that does not result in the ownership of anything. Rather, it is the act of doing work for another individual or business.
In addition to the standard four, there is a fifth type of business.
5. Non-profit organization: It is an organization that does not make a profit and instead uses the revenue to support programs and activities.
CONCEPT
A concept can be defined as abstract ideas. They are understood to be the fundamental building blocks of the concept principles, thought and beliefs.
BUSINESS CONCEPT
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market.
An important Concept of a business concept is the business model, which details the finances of the concept and how to make it profitable.
In other words, a business concept is a statement that describes the reach and reason of existence of a given business idea.
But in summary of all, a business concept are the foundation of every successful business. They give your company it’s unique identity and make it stand out from the rest. It is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines it’s direction, it’s product or service, and the needs it will meet.
It describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.
Examples of a business concept include,:
* Businesses that will send someone to your ho.e to read all of your gas and electric meters.
* Businesses that will pay you just to test their website for a day.
* Financial institutions that will lease you a car and then let you just trade it in every few months.
TYPES OF BUSINESS CONCEPT
1. Infrastructure concept: It involves the establishment and development of a structure, facility or building.
2. Business-to-business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
3: consumer-goods concept: it is a concept for the sale of a new product to the general public. A Consumer goods expresses the demand of the customer and explains why they should buy it.
4. Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
5. Small business concept: A small business will provide a single product or service to customers.
6. E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
7. Mobile concept. Services or products are delivered via mobile devices such as phones and tablets. This concept is usually presented as a downloadable application that may or may not include additional in-app charges for users.
8. Consumer service concept: Consumer service is a concept that solves people’s demands. It introduces a new product or innovative services to the market.
FACTORS THAT AFFECT A BUSINESS CONCEPT
Some factors affecting business concept, include:
* Business model.
* Business strategy.
* Business partners and Allies.
* Marketing a company.
* Regulations and compliance.
* Filing taxes.
* Book keeping and Accounting.
* Financial Reporting.
QUESTION 2
1. AS a business concept manager i will like to start a business which involves supplying people with snacks like shawarma once a week let me say (Saturdays and Sundays.) And I get paid 2000Naira per supply.
2. I will also like to start a kind of trade whereby I get paired up with my fellow student who is capable of designing cakes when baked. So I bake and she designs, we make sales and share the profit together.
3. An online business ( Afrigold) which pays off its employees who brings more people into the business.
4. A business which involves making people’s hair and I get paid off instantly.
OZOR PAMELLA CHISOM
2020/247089
1:A business concept can be defined as a new idea for a business initiative or a statement that best describes the reach and reason of existence of a given idea.
2: As a student I think I can develop my personal finance or economy by selling online products or should I say affiliate marketing, such as network market in other to get paid by referring people.
1,In my own understandiing ,A business concept describes a new idea for a business initiative, whether that be creating a new company or producing a new product for consumer market ,the importance of business component a bare it business model ,which details the finance of the component and how to make it profitable
2, I have three ideas (business concept )
# laundry work – I can still wash and study ,there a lot of lazy student ,so I can assist by washing their cloth ,but my charge will be high ,do laundry in my lodge ,iron and deliver to them ,there is money in laundry if you effective in your service
# Resell my text book -to my juniors both in university and secondary ,but I will do that in a cheaper rate ,for fast rate in sells ,and still carry out with my studies effectively
#Offer a transcription service for lectures-
Not that I encourage people not to turn up for lecture, but rarely a class have 100 percent attendaance ,I will offer my notes even add more details by researching about the topic ,it will be best they can get any where ,am still good in web design
We this ,I know I can give attention to my studies and still make money as a student
NAME: OHA UJUNWA EMMANUELLA
REGISTRATION NUMBER: 2020/242643
1). Business Concept describes and clearly defines a new idea for a business initiative, whether in creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the users are and whether it’s beneficial enough to invest in it. A business Concept is a brief description of an idea behind the existence of a business.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2). I have engaged in making headbands and selling them, also I’m a marketer for Greenlife company. I also want to sign up for affiliate marketing, this way I can sell other people products and get paid a commission whenever a sale has been made. Above are means I improve my personal finances.
Name: ONYENEKE AMARACHI PRISCA
Dep: SOCIAL SCIENCE EDUCATION
Faculty: EDUCATION
Reg no: 2020/246746
(1)
What is a business?
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships ,e t c. The vision of a business organization is to create better everyday life for many people.
A Business organization is an entity formed for the purpose of carrying on commercial enterprise.
An organization makes it possible to take decisions at the right time about production and thus may take feedback. Before making any decision organizations always research the market and combine the facts. The organizations always try to attain the goals and objectives of the business at the minimum cost.
A Business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business. For Example an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
(2)
As a student the business concept we can develop is to start reselling your textbook for a cheaper price, or start selling airtime for your fellow student or any other things we can do that will add to our pocket money ,but what we should do should be something that is legal and acceptable
NAME : EKE JOSHUA OKWUCHUKWU
DEPARTMENT : ECONOMICS
REGISTRATION NUMBER : 2020/242585
G-MAIL : ekejoshuaokwuchukwu@gmail.com
1. Clearly share a broad perspective on what you understand by “Business Concept”.
A company’s business concept is about the direction and form of its operations. A business concept is a fundamental prerequisite for the existence of a company.
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
It is the fundamental idea behind a business. The idea, vision and mission of a business is developed based on these concepts.
There are various types of business concepts to put into fo consideration. They include;
a. Infrastructure concept
b. Business-to-business concept
c. Small business concept
d. Consumer goods concept.
e. E-commerce concept
f. Consumer-to-consumer concept
g. Consumer service concept
h. Mobile concept
2. As a student, what business concept do you think you can develop to boost your personal economy and finances, and what steps have you taken to do that?
For me, I would say consumer service concept.
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
Offering services in school to my course mates such as doing their assignments, term papers, copying their notes or even signing attendance at times.
Sometimes, filling of manuals and it has gone a long way to help my finance in school.
1. Business Concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business. It is the foundation of every successful business. It is also seen as the fundamental idea behind a business.
OBJECTIVES OF A BUSINESS CONCEPT
a. To keep the business running for a long time.
b. To make profit.
c. To satisfy customers.
d. Effective utilization of profit.
e. Bringing up new ideas.
TYPES OF BUSINESSES
a. Manufacturing: These are businesses that produce semi- finished or finished goods from raw materials e.g Dangote Plc, Flour Mills etc.
b. Service: These businesses render direct or indirect services to customers e.g barbers, accountants, teachers, hairstylists etc.
c. Merchandising: In this type of business, goods are bought from producers or wholesalers and sold at retail prices. The agents or middlemen that carry out this activity are called Merchants.
d. Hybrid: This is a combination of manufacturing and merchandising businesses i.e they produce goods and also sell it at retail prices.
FORMS OF BUSINESSES
a. Sole proprietorship: This is a business owned by one person. It is also known as one man business. This businesses are mostly small scale businesses.
b. Partnership: In this business, it is owned by two or more people. This is when two or more people put their resources together to start a business.
c. Co-operation: This is a business which has separate legal entity i.e the business is separate from the owner. The business can operate on its own. It enjoys limited liabilities.
d. Co-operative: This is a privately owned business organization. It is solely for the mutual benefits of its members.
e. Limited liabilities: This business has the attribute of partnership and co-operative i.e it is operated and privately owned by two or more people.
2. Living in the girls’ hostel and also being a girl myself, I know for a certainty that we are very perculiar about how we look. From our hair to what we wear; we always want to look beautiful and wearing the latest designs is a must do. With these gathered information, I have come up with a business: HAIR ATTACHMENTS AND READY- MADE AFRICAN PRINT (ANKARA) CLOTHES SELLING.
I have kick started this business by striking a business deal with a hair attachment wholesaler; that way I can get it cheap, in bulk and in varieties. I was also introduced to an indigenous fashion designer who specializes in African prints designs. After looking at several of his designs, I can confidently say that my customers will have no fear or worry in that area. This way, my customers get beautiful professionally sewn ankara attires.
Not only are my customers satisfied but I get to make profit and also get referrals which will increase my popularity therefore causing an increase in my profit.
Name: ABOSI PETER OSITA
Email: abosiosita@gmail.com
Department: Economics
Reg: 2020/248501
1. What is a business concept?
In my own understanding business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2. Business-to-business concept
As a student, developing will help me to to boost my personal economy and finances as business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
To make this come true, I have started with education to acquire knowledge from Economics which will help me build a good skills. I have go beyond just higher institution curriculum to real financial books like Rich Dad Poor Dad , Think and Grow Rich etc. I have make out time to learn from investors.
Name: Okparaaluu Dominion Chukwumaife
Department: Economics
Matriculation number:2020/245657
Email: okparadominion@gmail.com.
1.In my own view or in my own perspective I can say that a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
Additionally, a business concept serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan. Thus, your concept statement should hook your audience’s attention as well as justifies the investors’ decisions.
2. The business I can startup as a student or I wish to begin is being a nail vendor and having a nail salon.
Steps to follow is included in pthe following Is there a secret recipe to a successful business concept? Short answer, there’s none. But there are ways to create a foundational concept that transforms your idea into a profitable business.
There’s always that ‘aha!’ moment before the next up-and-coming business is born. Indeed, everyone seems to have an idea for a successful startup. However, only a few would dare to make it happen.
If you’re ready to mobilize this dream, first you need to decide what business it would be. Developing a business concept is an important step to express your entire plan in writing. A business concept statement provides a roadmap for your startup once you’re ready to assemble all the resources for your new startup.
steps to Develop the Best Business Concept are as follows:
*Observe your surroundings – Are there any products or services that are not available right now? Or perhaps what’s currently available doesn’t live up to the things it claims to offer. This is a great opportunity for you to build a better product.
*Check out trends – See if there are any changes in lifestyle or market needs. Tune in to what’s happening on the Internet, TV, or newspaper. For example, more people today are choosing veganism as a lifestyle. This heightens the demand for vegan or plant-based products.
*Nostalgia – Was there a product or service that you liked in the past that is no longer offered in your area? Maybe you want to relive that. Ask around and see if other people share your sentiment.
*Bring new life – Is there a way to modernize common services such as home appliances repair and pet grooming? Find out how you can transform routine services into something better.
*Gaps in operations – More companies choose to let go of some of their business operations to save time and cost. If you can find a way to close this gap, it can be a potential business waiting to happen. As an example, our founders here at Full Scale saw that new American startups can’t find top-notch developers in the country. So, they built Full Scale, an offshore development company that answers the growing demand for quick and affordable software services.
*Create a new demand – As industries grow, the core needs of the market often gets ignored. Revive or create a new demand that answers an existing need.
*Hobbies and Interests – Yes, your hobbies can also be a great inspiration for starting a business. Is there a clear demand for which your hobbies or expertise can answer?
Name:Ani chisom promise
Reg no:2020/242569
Email:sommypromise5400@gmail.com
UNDERSTANDING BUSINESS CONCEPT
A business concept is a statement that describe the reach and reason of existence of a given business idea.Being innovative involves thinking of creative ideas that solve a consumer’s issues or make some aspect of their lives more effective.The ideas and solutions becomes business concept,which focus to a business idea and defined it practical purpose .Business Ideas develop to what is called Business plan.
There are some objectives in business which include:(a) To keep it alive (b)Satisfy your customers (c)To gain profit (d) consistency etc.
There are also 4 main types of business which include:Manufacturing,Merchandizing,service,and Hybrid.
Business have different forms of ownership which is: Sole proprietorship,partnership,public limited liability,cooperative etc
Business is also divided into two(2) which include: Industry and commercial
Industry:Manufacture,extract etc.
Commerce: Ensure smooth flow of goods and services of manufactured goods getting to consumers.
Business also have hindrances which include:Hindrance of place,Hindrance of time,Hindrance of knowledge ,lack of warehouse.
And one of the ways to deal with some of the problem of business is to “Diversify” ie try something new instead of quitting when faced with problem in Business.
Name: Sunday Morewell Chizuru
Reg no: 2020/242632
Gmail: ginikachim232@gmail.com
What is Business concept
A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines it’s direction, it’s product or service and the needs it will meet.
It can be said to be a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that defines the business.
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.
As a student who has the ability to teach and impact knowledge on others I can start the business of tutoring my fellow students and in return getting money from them for the service rendered. I have tried organizing some free tutorials for some of them who where interested to test my ability so as soon I confirm am good at it I can then introduce the payment of tutorial fees.
NAME : ONYEJE CHIDUMEBI ONYINYECHI
DEP: ECONOMICS
REG NO: 2020/242644
1. BUSINESS CONCEPTS : Business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it. An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2.Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
I am on the task of coming up with a new product to present to the consumer market , it’s an invention of mine but the details of the invention won’t be disclosused for now
NAME: OKOAZE DANIEL CHINOSO
DEPARTMENT: ECONOMICS
REG NO:2020/246577
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.To furthermore
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Name: UGWUOKE CHIKWADO
Reg. Number:2020/242634
E-mail: ugwuokechikwado599@gmail.com
1. “Business concept” is a business idea in which a business model is developed in order to create an entirely new business venture or to enter and improve an already existing industry.
2.As a student, I have developed a “consumer-service concept” known as “E-stylists and barbers” concept. The idea is to develop a business model that electronically connects prospective students to professional barbers/hair stylist who will offer these students indoor grooming services at their convenience, at an affordable rate and timely too. As a hair stylist who has a ten-year experience in the industry, I make plans to hire and test professional stylists who will fit in for the job. I have also started taking short courses on how to run adverts using social media platforms as well as other non media platforms.
Okelekwe Chiamaka Mediatrix
2020/242609
Economics
1. A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines it’s direction, it’s product or service and the needs it will meet.
NAME: CHUKWU BRIDGET OLACHINYERE
REG NO: 2020/248249
COURSE: ECO 122
DEPARTMENT: ECONOMICS
1). What is business concept
Business concept is a statement that shows why a business was established. It is the basis if an organization or company that defines its direction, its product or services and the needs it will meet.
A business concept is a fundamental prerequisite for the existence of a company. It does not have to be unique in order for the company to be successful. For instance, you can use an existing business concept and establish it in a new market.
There are eight business concepts namely;
a). Infrastructure concept: It involves the establishment and development of a structure facility or building.
b). Business–to–business concept: It involves providing services and products to other businesses rather than consumers.
c). Consumer–goods concept: It is a concept for the sale of a new product to the general public.
d). Small business concept: It involves providing a single product or service to customers.
e). Consumer–to–consumer concept: It means the sale of a product or service by one consumer to another consumer.
f). E–commerce concept: This concept deals with how products or services are sold over the internet.
g). Mobile concept: This concept deals with how products and services are delivered via mobile devices such as phones and tablets.
h). Consumer service concept: This concept solves people’s demands. It introduces a new product or innovative services to the market.
2). As a student, the business concept I have in mind to boost my personal economy and finances, is bead making and it will be mainly bags because students will purchase it more than necklaces and also crochet products.
I haven’t taken many steps though, just that I bought some beads and made a bag for now but will make more as time goes.
Omeje Deborah Mmesoma
Economics department
2020/242625
omejedeborahmmesoma@gmail.com
Business concept is a fundamental prerequisite for the existence of a company. It also describes and clearly defines a new company or producing a new product for the consumer market. It sums up the crucial elements that defines the business. It is what makes an idea for a product or services different from the competition.
E- commerce concept of business that I will choose to boost my finance. The steps to be used are
Determine a target market
Market analysis
Finance
Feedback
Name: ONYEABOR FAVOUR CHIDERA
Regno;2020/243844
Email: onyeaborfavourchidera2020@gmail.com
1) A business concept is a statement that shows the ideas and reasons for the existence of a business.It projects the product or service being offered by the company,the target market and the competitive advantage.
2)As a student who has in mind to boost my personal economy and finance,I made a move towards being a hairstylist,I had the opportunity to learn how to make so many alluring and beautiful style and pedicure which I know clearly will pay me off in school,am already acquiring the necessary equipment required by me to impress my customers,I use so many platform to advertise my handwork and call on students to patronise me such as posting on my status both WhatsApp, Facebook and Instagram. I plan on expanding to areas outside school by taking up jobs that comes up and yet give maximum attention to my studies.
Uzoetoh Chinaecherem Clara
2020/245127
Economics department
festusclara2@gmail.com
A business refers to all of the activities involved with the sale and purchase of goods and services. Business activity can take place anywhere, whether that’s in a physical storefront, online, or even on a roadside. A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for profit entities or non-profit organizations.
Business types range from limited liability companies, sole proprietorships, corporations, and partnerships.
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business. A company’s business concept is about the direction and form of its operations. The business model, plan, vision, and mission are developed based on this concept.
As a student, the business concept I think I can develop to boost my personal economy and finances is saving and investing in my future
The steps taken to do that are:
Having self control(basically controlling my spendings)
Getting a financial mentor
Creating a financial budget
Saving as little as possible
Setting realistic goals
Improve on my skills
Finding additional sources of income
Name:Ayogu madeliene ukamaka
Department: Economics
Reg number:2020/242568
E mail: madelieneukamaka@gmail . Com
There are many examples of business concepts but I will focus on consumer’s
Consumer-goods concepts but before I do that,I would like to define what business and it concepts is.
Business can be defined as an occupation,profession or a commercial activity which involves providing of goods and services in exchange for profit.It can also be defined as an organization or any other entity engaged in commercial, professional, charitable and industrial activities.Then concepts means idea or the knowledge you have about something.
So business concepts describes and clearly defines a new idea for a business initiative.
Then coming to a consumer-goods concept it is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.so as a student,these are steps I need in other to boost my personal economy and finance.
1.Ideation:ldeation is the first step to take because i need to have an Idea mental pictures and at least a little knowledge of what business I need to engage my self in.
2.Research : Researching and diligent inquiry is one of the important steps to take because it will helps me to acquire more knowledge on how to manage the business and researching also gives me clue on what brands of goods people demand for lately and how they wants to be attended to.
3.planinig:The next step I have to take is to plan for the business by making Sure that I have enough fund and resources that can help me start up the business.
4.product development:in this 4th step ,goods are due to be delivered,the objection in this stage is to ensure that it satisfies consumers and help me reach business goals
5.product launching: products can now be released after the 4th step, in this step, people can now easily buy or demand for the product in the market but it is also important to site the business where people can easily patronize.
Name:Ayogu madeliene ukamaka
Department: Economics
Reg number:2020/242568
E mail: ukamakamadeleine@gmail.com
There are many examples of business concepts but I will focus on consumer’s
Consumer-goods concepts but before I do that,I would like to define what business and it concepts is.
Business can be defined as an occupation,profession or a commercial activity which involves providing of goods and services in exchange for profit.It can also be defined as an organization or any other entity engaged in commercial, professional, charitable and industrial activities.Then concepts means idea or the knowledge you have about something.
So business concepts describes and clearly defines a new idea for a business initiative.
Then coming to a consumer-goods concept it is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.so as a student,these are steps I need in other to boost my personal economy and finance.
1.Ideation:ldeation is the first step to take because i need to have an Idea mental pictures and at least a little knowledge of what business I need to engage my self in.
2.Research : Researching and diligent inquiry is one of the important steps to take because it will helps me to acquire more knowledge on how to manage the business and researching also gives me clue on what brands of goods people demand for lately and how they wants to be attended to.
3.planinig:The next step I have to take is to plan for the business by making Sure that I have enough fund and resources that can help me start up the business.
4.product development:in this 4th step ,goods are due to be delivered,the objection in this stage is to ensure that it satisfies consumers and help me reach business goals
5.product launching: products can now be released after the 4th step, in this step, people can now easily buy or demand for the product in the market but it is also important to site the business where people can easily patronize.
Name: MUOKEBE CHIAMAKA FAITH
Reg no: 2020/244660
Dept:EDUCATION AND ECONOMICS
E-mail: faithc643@gmail.Com
What is a business concept?
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
“A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines its direction, its product or service, and the needs it will meet.”
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.”
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
Example
For example, Calories Watch is a mobile app designed to track the amount of calories being burned during an exercise routine. The app calculates an estimate by inputting the nature of the training and the time spent on it. The company’s founder Mr. Puller is preparing a business document to potential investors where he will explain his idea and how it can make money for them. In order to do this, he needs to come up with a business concept that is both appealing and informative for these individuals.
As we previously discussed, a business concept explains the reason of existence and reach of a given product or company. In this case, a business concept for Calories Watch might be the following: “Calories Watch is a mobile app designed for fitness enthusiasts to help them track their progress while they are training. This app measures the amount of calories being burned by using innovating calculation methods that no other app is currently able to provide.
8 business concept examples
Here are eight business concepts to consider:
1. Business-to-business concept
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient. For example, an automobile manufacturer may buy robotic machines from a robotics manufacturer because it can help to increase their productivity. This concept looks to identify an opportunity where a company can benefit from the idea.
2. Infrastructure concept
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building. This type of business concept determines what the need for the new infrastructure is and how it can benefit people, such as building a new highway to help reduce traffic issues. It’s then necessary to determine the technical feasibility of the infrastructure. This identifies if the structure is practical to implement and whether the required resources, like materials and labor, are available in order to build it within a specific timeframe and budget.
3. Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
4. Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
5. Consumer-to-consumer concept
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer. In this concept, the consumer usually acts as the sole provider of the good and may correspond directly with the buying consumer. Online auction shops serve as an example of this concept. In this concept, one consumer identifies a product or service to provide and determines the needs of consumers who may want it, including how they may pay for it.
6. Mobile concept
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers. This kind of concept identifies a type of application to create, the functionalities of the application and whether it’s something consumers would want to buy. It’s important for those using this concept to identify similar competitors, the platform it’s available on and how much it costs consumers to download it.
7. E-commerce concept
An e-commerce concept is an idea that involves selling a product or service electronically. Many e-commerce concepts develop into online stores that sell a specialized product, selection of products or offer a unique service. This concept has to identify the best way to increase traffic to the website and provide products that make consumers want to return to the store. Companies using this type of concept also have to determine where to have their products manufactured and what kind of transaction service to use for consumers.
8. Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it.
Question 2 As a student, what business concept do you think you can develop to boost your personal economy and finances and what steps have you taken to do that
Small business concept
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers. These business concepts have to determine who the product or service is for and whether it’s desirable enough that consumers would actually want to buy it. If it’s a concept that shows potential, then funding and financing are in order. The concept solves the needs of the consumer and identifies any issues with the business idea.
Small businesses are an important part of the American economy. In today’s business world, many employees are looking for more opportunities that offer flexibility, such as remote work opportunities and unique scheduling. For some, starting a business is a viable option.
My reason of choosing small business concept includes :
There are many benefits to starting a small business. Some of these include:
1.Flexibility: Some businesses offer flexible schedules and working remotely. This is particularly true of freelance creative gigs.
2.Specialized knowledge: Perhaps you have a specialized knowledge or craft you need to share with the world, starting a small business could be your platform.
3. More money: While businesses aren’t always successful, some people may turn to small businesses to boost their income or add a second income stream.
4.Low startup cost: When someone can start a business economically, that may be a driving factor in a digital era.Small businesses often offer more personalized solutions and attentive service than larger competitors, but they need to first connect with customers. To market a small business effectively, create a targeted strategy that will establish it as a competitor in its market. If you are marketing a small business, there are several approaches.
The steps that i have taken so far includes:
Establishing my brand.
Building a webpage.
Creating a social media presence.
Selecting a marketing strategy.
1. Establishing my brand
Good branding sets my business apart from competitors and makes it easy for customers to recognize my products. Establishing a clear and identifiable brand image that includes a clean logo, distinctive typography and a visually appealing color palette. I Use these elements consistently across all my marketing materials and online promotions to create familiarity and establish a clear connection between the company and its brand.
2. Build a webpage
A webpage is important for any modern business to establish credibility.So my webpage includes products and services that i offers. I add links to any social media pages that iestablish for the business so i can cross-promote offerings across different platforms. Creating a blog, sharing videos or establishing an online marketplace will give customers a better experience.
3. Create a social media presence
Social media provides an interactive platform for small businesses to connect with their customers. So i Create pages on social media platforms so that promotions will appear in followers’ feeds. I alway Maintain an active presence on these pages, adding new posts frequently and responding promptly to comments, mentions or messages. This gives me a way to interact directly with my customers and gather valuable feedback on your marketing efforts.
Most social media websites offer extensive analytics that will help me understand how my page is performing. I can also promote my posts with the built-in advertising options available on many platforms. This offers a simple way for a small business to start with early marketing efforts.
4. Selecting a marketing strategy
Establishing clear goals for my marketing strategy, such as generating more leads, increasing sales for a new product or gaining new social media followers. Measuring my progress against these goals to determine which campaigns are most successful. It can take a new business some time to find the most effective approach for its market, so it’s important to evaluate how much my efforts perform.
Some marketing strategies that i have tryed include:
local events, connect with new customers and offer samples or live demonstrations.
Free product marketing: Offering free samples on-site or by mail to give more customers the opportunity to try my products. Giving free samples allows individuals to become accustomed to my product and brand.
Content marketing: Creating a series of blog posts on the business’s website and social media pages. If visitors learn more about me, they may be more likely to become loyal customers.
Mobile marketing: Creating an application or mobile-optimized site that provides value and functionality. Offering an intuitive mobile application can make it simple for customers to access information from anywhere.
Name: Eze Faith Chioma
Reg no: 2020/242584
Department : Economics
1 Business is an occupation, profession, or trade or is a commercial activity which involves providing goods and services in exchange for profits.
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business. It is the fundermental idea behind the business
NAME: OGUANYA CHIDERA FAITH
REG NO: 2020/242638
DEPT: ECONOMICS
BUSINESS CONCEPT
Business Definition
A business [entity] is an organisation or any other entity engaged in commercial, professional, charitable or industrial activities. It can be a for-profit entity or a not-for-profit entity and may or may not have a separate existence from the people/person controlling it.
A business [activity] is a commercial activity which involves providing goods or services with a primary motive of earning profits.
Concept Of Business
The business concept is the fundamental idea behind the business. The business model , plan, vision, and mission are developed based on this concept. Uber , for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. Every other business strategy was developed based on this concept.
Objective Of The Business
The business objective is what makes the business go on and conduct its activities in a long run. It is the reason why the business exists. While most of the people argue that profit making is the core objective of every business. Few have come up with the new underlying objective.
According to the traditional concept, business exists only to earn profits by providing the goods and services to the customers.
According to the modern concept, the underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.
Types Of Business
Businesses can be classified into but are not limited to 4 types. These are –
Manufacturing
Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales. Examples of manufacturing businesses are steel factories, plastic factories, etc.
Service
This type of business deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider.
Service firms offer professional services, expertise, commission-based promotions, etc. Examples include salons, schools, consultancy etc.
Merchandising
Merchandising is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price. It is usually known as a ‘buy and sell’ business as they make profits by selling the products at a price higher than their cost price.
Examples of a merchandising business are grocery stores, supermarkets, distributors etc.
Hybrid
Hybrid businesses have the characteristics of two or more types of businesses explained above. For example, a restaurant develops its own dishes (manufacturing), sells the products like cold drinks which are manufactured by other businesses (merchandising), and provide service to the customers (service).
Forms of Business Ownership
Business ownership comes in many forms based on the number of owners, the liability of the owners, representation, and motives. These are –
Sole Proprietorship
Sole proprietorship is a business owned and operated by a single individual. It is easy to set-up, operate, and register. All the profits of the business belong to the owner and he’s also liable for all the liabilities incurred.
The biggest drawback of this business that the owner faces unlimited liability. This means that the creditors of the business can go after the personal assets of the owner if the business is unable to pay them.
Partnership
When two or more persons join hands to run a business, they usually come into partnership. Partnerships come in two forms – general and limited. A general partnership is like sole proprietorship but with more than one owner where all the owners face unlimited liability. In limited partnerships, some or all of the partners have limited liability.
Corporation
A corporation is a business which has a separate legal identity from the people who own or run it. Ownership is usually represented in the form of shares of the stock.
Owners enjoy limited liability but are not necessarily involved in running the business. The business is operated by a group (board of directors) elected by the shareholders.
Limited Liability Company
A limited liability company is a hybrid form of business which has characteristics of both a corporation and a partnership. A partnership because it is not incorporated and a corporation because all of the partners/owners enjoy limited liability.
Cooperative
Cooperative is a private business organisation owned and controlled by people for their mutual benefits. These people are called members and are benefitted by the goods and services offered by the cooperative. All members are expected to help run the business as the main motive of the cooperative is to provide service to all the members rather than a return on investment.
IKPO NGOZIKA GLORIA
2020/245311
Economics department
ikpogloria40@gmail.com
Business is any occupation which include all activities which are connected with the production or procurement of goods for sales and adding a profit margin that cost for further selling bto the contumer for the satisfaction bof their need . A business concept is the fundamental idea behind the business.the business model,plan,vision and mission are developed based on this concept.A business concept is also a statement that describe the reach and reason of the existence of a given business idea.
Eco 122(BUSINESS CONCEPTS)
1. A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
2.infrastructure concept
b.business to business concept
c. Consumer goods concept
STEPS TO DEVELOP MY BUSINESS CONCEPT
1. I will Consider and analyse the relevant markets. …
2.Note down my ideas and expand them. …
3.Carry out competitive analysis. …
4.Model my business. …
5.Create/design/sketch my mockup and then test it. …
6.Execute a market survey. …
7.Develop my final product.
NAME: NNAMDI EZINNE ADAOBI
REG NO:2020/242891
DEPARTMENT: COMBINED SOCIAL SCIENCE (ECO/SOC)
Eco 102_FIELDS OF ECONOMICS AND MOTIVATION
Macroeconomics – branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.
Microeconomics – branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources
An “economic motive”-if we have to resort to definitions. -is that tendency in human beings to calculate the costs and the. returns involved in pursuing a certain desirable end and to choose. that line of action which will give one the greatest returns in propor- tion to the expenditure.
NAME: NNAMDI EZINNE ADAOBI
REG NO:2020/242891
COURSE: COMBINED SOCIAL SCIENCE (ECO/SOC)
Name: okoye ogechim yegra-owo
Reg no:2020/242986
Dept: combined social science (Eco pol)
I think I can develop a small business concept to boost my personal economy and finances. A small business concept is a type of business concept that involves an idea for creating a small business often to provide a central product or service to consumers. This concept solves the need of the consumer and identifies any issues with the business idea.
I have taken the following steps:
1. I learnt a trade which is tailoring or fashion designing.
2. Kept a cash book to record all transactions no matter how little for credibility.
3. Set an objective and worked towards it,this is very important.
4. Monitoring trends by utilizing social media:in the fashion industry,new designs come out daily and they can be seen mostly through social media handles and it’s important to keep up with the new trends as people always want them.
5. utilizing social media for advertisement: marketing products online.
Name: okoye ogechim yegra-owo
Reg no:2020/242986
Dept: combined social science (Eco/pol)
A business concept are ideas behind business initiatives and are the details for a business idea and the firm of its operation.it is a very fundamental requirement for the existence of a company and can be seen as a the Foundation 4 a business in the sense that it is a statement that describes the reason a business idea exists and the crucial elements that comprise of the business. For a business concept to be successful it should lay out the groundwork for why there there of the business is created what it can solve and if it’s beneficial to invest in it. The business model which details define answers of the concept and how to make it profitable is a very important component of business concept. There are various types of business concept such as : consumer-to-consumer concept, e-commerce concepts, small business concept and consumer goods concept etc.
Name: ADONU CHISOM PETER
Reg. No : 2020/246581
Email: chisompeterpann@gmail.com
Department: COMBINED SOCIAL SCIENCES. (ECONOMICS/PHILOSOPHY)
Course: Eco 122. (Assignment)
1. My perspective understanding of business concept; essentially, a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seek to solve, articulates how the idea applies to a market and provide a clear direction when processing a business plan.
Business concept is a statement that describes the reach and reason of existence of a given business idea. It is an idea that is the basis for founding or transforming a business.
2a. The business concept I can develop to boost my personal economy and finances is POULTRY FARM BUSINESS
b. I tried it from October to December last year 2021 and it was interesting but I did not earn much as expected but with my little understanding about business concept I think I need to be patience and perseverance on monitoring the business until I become conversant with it and then starts earning as expected.
Name: Nsofor Ekperebuike Leonard
email: nsoforekperebuikeleonard@gmail.com
Registration number: 2020/242605
Question 1:
A business concept is the idea or building blocks behind the existence of business. It is what defines a business, it lays down the potential achievement of a business, without this idea a business can not flourish therefore breaking down before it started or not long after it started.
Question 2:
In this UNN it is had to decide which business venture to go into as a student almost all areas have to many people in it but as I moved into my new resident last year I began to notice that sachet water is expensive in my area. I started to develop ideas on how to start a sachet water shop and how to sell cheap to my potential customers, I thought about how to get a shop the financing for the shop. I decided to use my room in my Lodge since am staying in the ground floor, deciding which brand of sachet water to sell was not difficult because the closest good water company around is lion water. I made enquiries on how to purchase water from the company direct which a friend of mine directed me to someone who works in the company. I made payment for 50 bags which will be delivered to me in a weeks time. I informed my lodge mates that I will be selling bags of water and for one bag is N170 and also I informed my landlord that I will be starting a business in my room in order not to have any problems with him which he did not mind.
Name: Ekwegbara Everestar Chibugo
Reg no: 2020/243840
Dept: Education Economics
Email: ekwegbaraeverestar@gmail.com
UNDERSTANDING A BUSINESS CONCEPT
A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
OBJECTIVE OF THE BUSINESS
The business objective is what makes the business go on and conduct its activities in a long run. It is the reason why the business exists. While most of the people argue that profit making is the core objective of every business. Few have come up with the new underlying objective.
According to the traditional concept, business exists only to earn profits by providing the goods and services to the customers.
According to the modern concept, the underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.
Types Of BUSINESS
Businesses can be classified into but are not limited to 4 types. These are –
MANUFACTURING
Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales. Examples of manufacturing businesses are steel factories, plastic factories, etc.
SERVICE
This type of business deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider.
Service firms offer professional services, expertise, commission – based promotions, etc. Examples include salons, schools, consultancy etc.
MERCHANDISING
Merchandising is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price. It is usually known as a ‘buy and sell’ business as they make profits by selling the products at a price higher than their cost price.
Examples of a merchandising business are grocery stores, supermarkets, distributors etc.
HYBRID
Hybrid businesses have the characteristics of two or more types of businesses explained above. For example, a restaurant develops its own dishes (manufacturing), sells the products like cold drinks which are manufactured by other businesses (merchandising), and provide service to the customers (service).
FORMS OF BUSINESS OWNERSHIP
Business ownership comes in many forms based on the number of owners, the liability of the owners, representation, and motives. These are –
SOLE PROPRIETORSHIP
Sole proprietorship is a business owned and operated by a single individual. It is easy to set-up, operate, and register. All the profits of the business belong to the owner and he’s also liable for all the liabilities incurred.
The biggest drawback of this business that the owner faces unlimited liability. This means that the creditors of the business can go after the personal assets of the owner if the business is unable to pay them.
PARTNERSHIP
When two or more persons join hands to run a business, they usually come into partnership. Partnerships come in two forms – general and limited. A general partnership is like sole proprietorship but with more than one owner where all the owners face unlimited liability. In limited partnerships, some or all of the partners have limited liability.
CORPORATION
A corporation is a business which has a separate legal identity from the people who own or run it. Ownership is usually represented in the form of shares of the stock.
Owners enjoy limited liability but are not necessarily involved in running the business. The business is operated by a group (board of directors) elected by the shareholders.
LIMITED LIABILITY COMPANY
A limited liability company is a hybrid form of business which has characteristics of both a corporation and a partnership. A partnership because it is not incorporated and a corporation because all of the partners/owners enjoy limited liability.
COOPERATIVE
Cooperative is a private business organisation owned and controlled by people for their mutual benefits. These people are called members and are benefitted by the goods and services offered by the cooperative. All members are expected to help run the business as the main motive of the cooperative is to provide service to all the members rather than a return on investment.
NAME: REMIGIUS CHIDEBERE RICHARD
REG NO.: 2020/242621
DEPT.: MAJOR ECONOMICS
EMAIL: bcrichardremigius@gmail.com
BLOG ADDRESS: https://www.successtonicsblog.com/2022/01/eco-122-14-01-2022-online-discussion-quiz-1-understanding-business-concepts
(A)
Concept of Business
In Layman terms, business means to get something at low cost and sell it at a higher cost, meanwhile, the margin produced between that is the profit. Business’s only purpose is profit, it is driven by it. Business is derived from the word ‘busyness’ meaning engaged in an activity.
If we were to define business in much finer terms, we can say that “Business is any occupation which includes all activities which are connected with production or procurement of goods for sale and adding a profit margin to that costs for further selling it to the customer for the satisfaction of their needs.”
Most importantly, the business aims at a profit but only through the satisfaction of the needs of the customers. The business includes every occupation in which people are busy in earning the income by the means of either producing, purchasing, selling or exchanging goods or services to fulfill needs of other people with the objective of making a profit.
CHARACTERISTICS OF BUSINESS
Characteristics are the features which are necessary to classify the business.
(1) Economic Activity:
Business necessarily has to be an economic activity. But what exactly is an economic activity? Any activity that gives a monetary return is an economic activity. For example, if your friend’s father picks you up and drops you at college every day, he is doing this act out of kindness. But if he starts a transportation service of picking up and dropping by charging money then it’s an economic activity.
(2) Production or Trading of Good or Services for Sale:
If a business plans on selling a product, it has to either manufacture that product or purchase it and add a profit margin to it and sell it further. Business is interested in every activity that is concerned with the production or purchase of goods for selling, this makes it one of the most important characteristics of a business. Services for sale include transportation, housekeeping, and security. Whereas, goods are mostly consumable items.
(3) Sale or Exchange of Goods and Services:
The third and crucial one of the characteristics of business after production or procurement is to sell that product for the money. The way to sell a product or service is by launching it in the market or to offer it for sale. A sale or exchange must take place between the seller and the buyer.
(4) Regularity in Dealings:
Business is a repeatable economic activity that generates money. For example, if you sell your old bike and it generates money. Also, it’s an economic activity but is you doing this on a regular basis? No. As it has no regularity in it, it cannot be accepted as a business activity. Similarly, there is a dealer who deals in the purchase and sells of second-hand bikes. For him, it’s a business activity as there is a regularity in his dealing. A single transaction of purchase or sale cannot be classified as a business.
(5) Profit Earning:
The sole purpose of business is the maximization of profit. It steps into the market with the main objective of earning a profit. For the survival of business in a market, generating profit is extremely necessary. If a business can’t produce profit, it is expected of it to go downhill financially. Therefore the businessman does all the possible tricks to maximize its profits by increasing the volume of sales or decreasing the costs.
(6) Risk Factor:
It is well known “Higher the risks, higher the return”. Business attracts risk. While initiating business it is not guaranteed 100% that the business will be successful. There is an anticipation that there might be demand for its product or service in the market. But the market is always dwindling the subject to risk. The business may even earn profit but the amount of profit earned may vary.
(B)
The Business skills concept I’m going to develop are:
• Team management
• Leadership
• Communication skills
The steps are:
• I tried to ensure I’m able to manage myself well.
• I tried to ensure I choose the word I speak to people in term of business and others.
NAME: IZUKANNE CHIBUZOR ABIGAIL
DEPARTMENT: COMBINED SOCIAL SCIENCES (ECONOMICS/PSYCHOLOGY)
REG NO.: 2020/242981
COURSE CODE: ECO 122 (INTRODUCTION TO BUSINESS MANAGEMENT)
ASSIGNMENT
1) Business Concept
A business concept is a statement that describes the reach and reason of existence of a business idea. That is, it sums up the crucial elements that define the business. There are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
The target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantages should conclude the statement to describe how this proposal differs from what already exists.
2) My Business Concept
One of my major business concept is to open a makeup studio where not just makeup is done but also hair styling and manicure and pedicure.
My target market will be of course the female population who are of age to do makeup.
I am in the process of acquiring the skill set that will enable me to successfully run the business. Hopefully, when am done acquiring the skill set, I will then start building my clientele, which will in turn enrich my finances.
My plan for my business is to make it national and also international, thereby creating job opportunities, alivating poverty and enriching the economy.
EGWUCHUKWU MARYANN CHIAMAKA
2020/245129
ECONOMICS DEPARTMENT
(Please, there is another answer with my name but this is the correct one because I corrected my reg no)
1. A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
In summary, a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
2. To boost my personal economy and finances, I have proposed to start an online blog. This is a platform where I can share my ideas, knowledge, skills and experiences worldwide. Seeing that we are in a digital age makes my business concept authentic. I believe that there are people out there, both national and international, that need knowledge about certain things. Like they say, “knowledge is the key to success”. I will be able to reduce to some extent, the level of ignorance, both to myself and my audience. By doing so, I will earn points which I can convert to cash.
I have started making moves to achieve this by registering on a blogging website and I’m just waiting for approval.
Name: Igboji Divinegift Onyinyechi
Reg. Number: 2020/244348
Email: igbojidivinegift@gmail.com
(1) What is a business concept?
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
(2) Consumer service concept
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them. The ride-share system is an example of an innovative consumer service concept because it helped to resolve the concern of high taxi costs. This type of concept determines who the primary demographic for the service is, how practical it is to implement, whether it’s a useful service and how much consumers have to pay to benefit from it. It also identifies any potential competitors who provide a similar service.
The steps I have taken to this concept is that I visited some particular and I made research on what service they need so that I could render it to them.
NAME:AMARA MARVELOUS EZEILO
DEPT:combined social science
(Economics/Psychology)
Reg no:2020/245138
Definition: A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business.
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
Reg no: 2020/242926
Name: okafor emmanuella kosiso chukwu
Department: combined social science ( Economics/ political science)
A business concept is a statement that describes the reach and reasons of existence of a given business idea.
This means that whatever a company is offering must be clearly communicated through the business concept.
NAME: Uwaezuoke Favour Ifunanya
DEPARTMENT :Economic
REG NO:2020/242628
Understanding business concepts.
What is a business?
A business is a commercial activity which involves providing goods and services with a primary motive of earning profits. Profits in business are not necessarily money, it can be a benefit in any form which is acknowledged by a business entity involved in a business activity.
What is a business concept?
A business concept is what makes an idea for a product or service different from the competition. It’s the basis of an organization or company that defines its direction, its product or service, and the needs it will meet.
A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.
8 types of business concepts
There are eight business concepts you need to know:
1.) Infrastructure concept: It involves the establishment and development of a structure, facility, or building.
2.) Business-to-business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
3.) Consumer-goods concept: It is a concept for the sale of a new product to the general public. A consumer good expresses the demand of the customer and explains why they should buy it.
4.) Small business concept: A small business will provide a single product or service to customers.
5.)Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
6. ) E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
7.) Mobile concept: Services or products are delivered via mobile devices such as phones and tablets. This concept is usually presented as a downloadable application that may or may not include additional in-app charges for users.
8.) Consumer service concept: Consumer service is a concept that solves people’s demands. It introduces a new product or innovative services to the market
Name:chukwuma Ogochukwu susan
Reg number :2020/242910
Department:Combined social science (economics and political science)
Assignment on Eco 122
Topic_understanding business concepts
It has to be written in a language that will excite and convince potential investors, banks, customers etc. Even if you use business plan software, hire a business plan consultant or use a business plan template, you still need to understand the language your plan is written in.
Now that you know why these concepts are important, let’s dig in…
1 – Customer
The term ‘customer’ (or ‘consumer’) is so commonly used nowadays that very few people still understand what it should really mean.
Like it or not, the customer is, and will always be, the MOST IMPORTANT part of any business. It doesn’t matter if you’ve rented an impressively-furnished glass office, hired MBA employees and manufactured a beautiful product. If there are no customers buying the product or service you’re selling, you have no business.
Now you know why they say ‘The Customer is King.’
If the customer is the most important element of every business, what do you think should be the very first step every entrepreneur must take before they even open for business?
You’re right. You must first identify your customer!
Who is the customer for that product or service business you plan to start? What does she want? How, where and when does she want it? What does she not like about the current product or service she’s using? Where does she live and work? How much can she afford for this product you’re about to start selling? Will she be more sensitive to the price or the quality of your product?
The more accurate your answers are to these questions, the more successful and lucrative your business will become.
Understanding the customer means that you should ALWAYS look at your business from the perspective of the customers you’re targeting. It doesn’t matter what your personal likes, tastes and preferences are, if customers don’t want or like what you’re selling, they won’t buy it. And if they don’t buy it, your business Will die.
2 – Supply and Demand
In every market, there are two key groups of people: buyers (demand) and sellers (supply). Suppliers alone cannot make a market; neither can buyers.
All entrepreneurs and business people are suppliers by nature.
If you’re in business, you must be supplying (selling) something; a product (like fruits, vegetables, electronics) or service (like a consulting or taxi business). For a supplier to make any money and remain in business, customers must be willing to buy the product or service they’re selling
Let’s talk a little more about demand.
The concept of ‘demand’ describes a consumer’s desire and willingness to pay a price for a product you’re selling. Demand is clearly different from ‘wishes’ and ‘wants’. Anybody can wish and want anything, but if they’re not willing to open their wallets and pay for it, that’s not demand.
Let’s say I have a shop on a university campus and I’m in the soap business. Each of my soaps sell for $1 and students love to buy them because of the sweet fragrance and beautiful packaging. More importantly, students love to buy my soap because they can afford to pay for it. Yes, my soap enjoys a huge demand.
Imagine that I suddenly increase the price of each soap to $50, what do you think will happen? While there is still demand for soap, I can guarantee that I may not sell a single soap!
Why? No demand.
Although the students still have need for soap (for bathing, washing etc.), they are unwilling to pay for it because it’s been priced out of their reach. They still miss the fragrance and colour of my soaps but they can’t afford it. What they feel about my soap is no longer ‘demand’. My soap has become a wish.
Quantity, like price, is also another factor that affects supply and demand.
Let’s imagine that there are other shops like mine on the university campus that sell soap, and we all sell each soap for $1. The problem is, there are only 100 students in school but we have more than 1,000 soaps to sell. If we assume that a student will buy only one soap, what do you think will happen in this market?
Some sellers will start to reduce their price in order to attract more customers. On the other hand, if there were more students than soaps, sellers can easily get away with inflating their prices.
This brings us to one of the most basic but very important principles of Economics. It’s called the Principle of Supply and Demand. This principle states that when supply is higher than demand, prices usually fall. And when demand is greater than supply, prices are likely to rise.
Lesson: Understand the nature of supply and demand in your market. It can help you better plan, price and profit in your business.
3 – Competition
Business 101 – 5 Important Concepts for Entrepreneurs 4How would you feel if you owned the only business that sold mobile phones in your country?
That would be great, wouldn’t it?
It means you could sell any type of phones you want, at any price you like. You could decide to sell only red-coloured phones because red is your favourite colour.
Who cares what the customer wants? If they don’t like the quality, colour or price of your phones, what other options do they have? You’re the ONLY business they can buy from. They can hate, blame and groan about your terrible customer service but it won’t affect your business. As long as they need mobile phones to communicate, you’ll always be in business!
Economists refer to this type of business as a ‘monopoly’.
Unfortunately, most of the world now operates a ‘free market economy’ where anybody with the means can start a business and prices of goods and services are determined, not by a single business or individual, but by the interaction of supply and demand in the market.
Simply put, the market is a race and every business is trying to outrun the other to win more customers.
Every day you wake up as a business owner, there is another business somewhere that is trying to compete against you and run ahead of you. And what is the prize businesses compete for? Customers! Remember, customers are the most important element in every business.
Every business continues to look for new and effective ways to be more attractive to customers. If they are more attractive, they can win over customers from their competition.
By providing products that are of higher quality, services that provide more value, convenience and greater satisfaction, your competition is likely to ‘steal’ your customers. If your customers find out that they can get a better deal and enjoy more friendly services at your competitor’s, you may lose them forever.
Your competition will always look for weaknesses that they can exploit in your products and services. This is why every business should have a ‘competitive advantage’; a quality that makes it difficult for other businesses to exploit its weaknesses or copy its style.
A popular trademark brand, a patented product or ‘mind blowing’ customer service are just a few examples of competitive advantages a business can have.
In the world of business, only the strong survive and a competitive advantage is a strength that you have that keeps you alive in the market. It is something unique you can provide to customers that they can’t get anywhere else. And as long as this advantage aligns with everything your customers want, you’ll remain successful in your business!
Lesson: If your business can’t compete, it’ll definitely die. Find your competitive advantage and keep improving it!
4 – Return on Investment
‘Return on Investment’ or ROI is a popular term with investors, bankers and professional business people.
ROI is commonly used when an investor or entrepreneur is considering several business or investment options. A good example will be useful here. (image credit: fareexchange.co.uk)
Rebecca currently works a 9 to 5 job and dreams of starting her own business. Like many wannabe entrepreneurs, she has been looking for a profitable business idea that can be transformed into a successful business.
Finally, she stumbles on three exciting business opportunities on smallstarter.com – pig farming, importing small goods from China and a laundry business.
The problem is, as much as she would love to, she cannot start all three businesses because she only has sufficient capital (about $6,000) to start one. As a result, she now has to choose one business idea out of the three and build it into a viable business.
To choose the best option, Rebecca needs an objective and unbiased method to evaluate all three business opportunities without letting her personal feelings get in the way.
If her heart had to decide, she would go for pig farming because her father raised pigs while she was a child. She loves pigs and has a lot of experience in pig farming.
But is pig farming the best and most profitable option for her? What if the import business will make her more money than pig farming? How can she know this?
ROI is one of the effective tools that can help business people and entrepreneurs choose the best and most rewarding option out of a number of options. And don’t be scared, the calculation for ROI is quite simple.
By dividing the Benefit (the profits she’ll make) by the Cost of investment (the cost of setting up and running the business), you can easily calculate the ROI for any number of business opportunities.
From this simple formula, Rebecca calculates the ROI for all three opportunities as shown in the table below.
Business 101 – 5 Important Concepts for Entrepreneurs 6
According to these results, it turns out that the laundry business will give the highest return on investment (ROI) than all the other options.
The laundry business option will return three times (300%) the capital Rebecca invests in it. Although at $2,000, it is the cheapest to start of all the options, it surprisingly provides the highest returns.
Based on these results, Rebecca’s best option would be to start a laundry business.
Lesson: Always, always choose the business or investment option that maximizes your ROI.
5 – Fixed and Variable costs
To make money, you need to spend money.
Costs (or expenses) are everything you spend on or pay for to start, run and keep your business alive. Rent, equipment, salaries for staff, internet bills, transportation, advertising and bank charges are just a few examples of costs that most businesses have to bear.
Unfortunately, most small businesses are suffering from a lot of costs they could have avoided or significantly reduced.
Understanding your costs is one of the key elements of success in any business. Cost is very important because it is one of only two factors (the other being ‘Revenue’ or ‘Sales’) that will determine if you make a profit or loss in your business.
No matter how much revenue your business makes, it would be totally impossible to turn a single profit if your costs are greater than your revenue.
The Profit Equation in business
There are essentially two main types of costs you need to know about as a business owner and entrepreneur. They are: fixed costs and variable (or ‘marginal’) costs.
Fixed costs (also known as ‘overhead costs’) are costs that do not change regardless of the quantity of products or services a business does. Rent and equipment/machines are two of the most common fixed costs.
Let’s say you pay $1,000 as rent for a laundry and dry cleaning business you just started. Whether you do business or not in your first year of business will not change the rent you have paid for that year. Same thing goes for equipment, salaries, insurance and electricity/water bills for your business. All of these are fixed costs that remain constant.
Variable or ‘marginal’ costs (as the name implies) are costs that change with the level of business activity. If you sell more products or deliver more services, this type of cost will increase and vice versa.
Using our laundry business example again, what kind of costs do you think would qualify as variable costs? Stuff like detergent and other things you use to wash your customers’ clothes are variable costs. If you wash more clothes, you’ll spend more on detergents (higher costs), and if you wash less, you’ll spend less (lower costs).
Most entrepreneurs make the mistake of taking on too much fixed costs at the start of their business. They buy machines and equipment when they should have leased (which is less costly and more flexible). They employ more employees than necessary and pile on huge salary (fixed) costs when they could employ less or pay on a wage and commission basis (which are more variable).
Entrepreneurs have to be conscious of the impact of fixed and variable costs on their business at all times.
Name : Abonyi Ifebuche Faith
Reg no : 2020/242675
E-mail: ifebuchefaith51@gmail.com
Dept : Education Economics
1. In my own understanding, Business concept can be defined as a basis that describes the idea and initiative behind the foundation of a new business setup and how it will work. It talks about the transformation and existence of a business idea. It defines an organization’s direction, its products or services, and the needs it will meet.”It brings about the understanding of what differentiates a business organizations from its competitions.
A business concept should highlight the following as they are the factors to be considered while making a business plan : The Market Need, competitive analysis, market need, Core products or service, Target market, Unique Value Proposition (UVP), Profitability, etc.
2. As a student, I can boost my personal economy and finances through my hairstyling skills : This is what I do and I am really good at it. I paid to learn the skill last year, 2021 and I am working really hard to make it a big business. I have already created online platforms where I post my works for promotion.
Reg no: 2020/242926
Department: combined social science (Economics/ political science)
Name: okafor emmanuella kosisochukwu
(1) A business concept is a statement that describes the reach and reasons of existence of a given business idea.
This means that whatever a company is offering must be clearly communicated through the business concept.
1. A business concept describes and clearly defines a new idea for a business initiative, whether that be a creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
In summary, a business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan.
2. To boost my personal economy and finances, I have proposed to start an online blog. This is a platform where I can share my ideas, knowledge, skills and experiences worldwide. Seeing that we are in a digital age makes my business concept authentic. I believe that there are people out there, both national and international, that need knowledge about certain things. Like they say, “knowledge is the key to success”. I will be able to reduce to some extent, the level of ignorance, both to myself and my audience. By doing so, I will earn points which I can convert to cash.
I have started making moves to achieve this by registering on a blogging website and I’m just waiting for approval.
ORAJIAKU CHIDERA PRINCEWILL
chideraprince44@gmail.com
2020/242647
1) A company or organization’s business concept refers to the ideology and initiatives the firm takes in carrying out it’s business operations so as to maximize its profit. For any business venture to thrive and achieve it’s set goals, it must come up with a plan and adopt an approach to its business activities. This approach will determine the performance of such a business in the long run. A business concept is therefore a vital principle that determines the performance of a firm, business or organization. Companies seek to engage in business activities for the purpose of making profit. In other to achieve this, they draft out the initiatives, concepts or principles that will drive the company and its employees. They do these by market surveys or by advice of a qualified personnel. A business concept therefore determines the success or failure of a business.
2) As a student, I have adopted the business concept of applying the scale of preference to my expenditure. With my limitless needs and limited resources, I buy only what is important e.g. buying the right proportion of food and water, avoiding overspending and unnecessary spending, and putting away secondary needs.
FACULTY:SOCIAL SCIENCE EDUCATION.
DEPT:EDUCATION ECONOMICS.
COURSE TITLE:INTRODUCTION TO BUSINESS MANAGEMENT.
TOPIC:BUSINESS CONCEPTS.
NAME:IZUCHUKWU CHIDIMMA MARYJANE.
REG NO:2020/242685.
EMAIL:maryjanechidio@gmail.com.
The word “BUSINESS” simply apply to many activities people undertake on a daily basis to earn a living based on the degree or level of benefit or profit accrued to it.Also is a specific commercial enterprise or establishment.Business can be in form of building,trading,legal services,baking,sewing,advertising,etc.
CONCEPT on the other hand refers to a brief description of an idea behind the existence of something.Put together we can say that,
A business concept are those ideas behind any commercial enterprise or establishment.Also is a road map for a business start up.There are some tips that helps one develop the best business concept which include;
* Observing your surroundings to know if the current product avaliable solves the populace problem,if not then is the best time to introduce your business.
* Checking out trends which involves following up business news on social media’s for any change in the business world.
* Modernizing some old goods or services that are out of fashion which will help boost the demand for such goods or services.
* Appointing or hiring a business professionals or consultant that can help prepare a business plan to ensure that the plan clearly defines your business concept.
Also,there are some objectives to bear in mind when starting a business.some include;
* Having a target market: knowing who are your product target consumer goes a long way in letting you know the type of business to establish.
* A brief description of your business: Explaining your business and the reason for establishing to the general public will help your business to grow in future.
* Discovering the market need of the people: This will help you to know if the business your are about to establish will help solve the present need of the people.
* Profitability of the business: knowing the profitability state of your business is enough to attract investors to your business.
IMPORTANCE OF BUSINESS CONCEPT.
*To sets and defines the objectives of the business.
* To help in rasing equity funding for the business.
* To defines the principles of the business for sale or legal processes.
*To provide assistance while applying for business loan.
Name:Nsude Onyinyechi Gift
Reg No: 2020/245128
1. A business can be an occupation, profession or trade or a commercial activity that involves provision of goods and services in exchange for profits.
A business entity is any organisation or entity engaged in commercial,professional, charitable or industrial activities. While a business activity is and activity which involves providing goods or services with a primary motive of earning profits.
A business concept is the idea behind a business. The business plan, vision. Mission are based on its concept. Dispatch riders for example, started on the concept of delivering goods to the individual’s doorstep.
2. Rendering of catering services is a business concept I’ve engaged it. I’ve learnt the skills by going to a catering school. It has been helpful in my finances and I don’t let it distract me from studying or going for my lectures. I have my oven, I have my business name and everything else needed to grow my business.
Name: Ogbene Linda Chimuanya
Reg No: 2020/242902
Email: lindaogbene7@gmail.com
1. My own understanding about Business concept:
A business [entity] is an organisation or any other entity engaged in commercial, professional, charitable or industrial activities. A business [activity] is a commercial activity which involves providing goods or services with a primary motive of earning profits.
Business concept is business model, plan, vision, and mission about the direction and form of business operations. e. A business concept is a fundamental prerequisite for the existence of a company, it describes and clearly defines a new idea for a business initiative, whether that be creating a new company. … An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable.
2. As a student the business concept I think I can develop to boost my personal economy and finances is Hair dressing.
And the steps i have taken to do that is that every weekend I go for a part-time job in where they are making hair, sometimes after lecture I go for a past Time which they pay me little money.
Name: Onyebueke Peace Oluchi
Reg number: 2020/242616
Email: peace.onyebueke.242616@unn.edu.ng
1. A Business Concept describes and clearly defines a new idea for a business operations, whether that be creating a new company or producing a new product for consumer market.An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable
2. Hair stylist and Wig making
I have learnt, acquired the skills. and have being making a living out of it
NAME: ORJI CHINECHEREM JACINTA.
REG NO:2020/242885
DEPT : COMBINED SOCIAL SCIENCE
BUSINESS CONCEPT
A business concept describes and clearly defines a new idea for A business initiative, wether that be creating a new company or producing a new product for the consumer market. A business concept is a fundamental prerequisite for the existence of a company.It does not have to be unique in order for the company to be successful. Through franchising, for example, you can use an existing business concept and establish it in a new market.
There are eight business concepts .
1) Infrastructure concept: It involves the establishment and development of a structure, facility, or building.
2) Business-to-business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
3) Consumer-goods concept: It is a concept for the sale of a new product to the general public. A consumer good expresses the demand of the customer and explains why they should buy it.
4) Small business concept: A small business will provide a single product or service to customers.
5) Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
6) E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
7) Mobile concept: Services or products are delivered via mobile devices such as phones and tablets. This concept is usually presented as a downloadable application that may or may not include additional in-app charges for users.
8) Consumer service concept: Consumer service is a concept that solves people’s demands. It introduces a new product or innovative services to the market.
the average price level of things must rise. Why is this so? Simple – this is the only scenario where investments will turn profits and you will want to make investments as the value of the money you hold goes down with time.
5. Trade deficit
Trade takes place not just between individuals within a nation – but also across borders. At its most basic, the two are no different – just a matching of demand and supply happening at a suitable price. But when a country spends more money on imports than it earns from its exports, it runs a trade deficit – also known as a current account deficit. The opposite happens when the exports outstrip the imports earning the country a trade surplus.
A business concept that can help me financially and also improve the economy.
MY BUSINESS CONCEPT
jac- stitches
sole proprietorship
since I have acquired some basic skills and a sewing machine ,it requires little capital . Maybe in my second year I can put my business plan into practice ,which would help me solve some financial problems in school. And maybe after I graduate from school and I’m unable to find a job on time ,I can expand my sole proprietorship business with the required capital and maybe employ staffs , which would help me financially and inturn reduce unemployment in the society.
Name: Onyemalu Belinda Chinyere
Reg No: 2020/242633
Department: Economics
Question: Understanding business concept.
Answer:
First of all we will like to know what a business is all about before moving to what business concept is all about. A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships.
A business concept is a brief description of an idea behind the existence of a business. It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing a business plan. We all know that business plans are quite extensive; it’ll take a long time to read the entire document. Since most of its readers are busy people like entrepreneurs and investors, it’s unreasonable to read the whole business plan only to find out that the content doesn’t meet the readers’ expectations in the end.
Hence, it’s practical to hit the right balance. You need a document that’s short as a note but still informational as a business plan. This is why you need a compelling business concept statement along with the proposal.
Additionally, a business concept serves as an overview to potential business partners or investors. It provides them with enough information on whether or not they should continue with the proposed plan. Thus, your concept statement should hook your audience’s attention as well as justifies the investors’ decisions.
KIWAMU FAVOUR CHIZARAM
2020/242601
Economics
kiwamufavour@gmail.com
1. A business concept can be defined as an idea behind the existence of a business. It can also be defined as an idea for a product or service different from the competition. It describes what a product or service is, who needs it and how it will be profitable. It describes key consumer problems it seeks to solve , articulates how the idea applies to a market and provides a clear direction when processing a business plan.
It can also be said to be a statement that describes the reach and reasons of existence of a given business idea. In other words, it sums up the crucial elements that defines the business.
2. As a student, I have thought about creating my very own online stores just like konga online store, where other small student businesses can come and display their goods to be sold to people that needs it. I have also googled sites or apps that can create that internet platform but due to monetary reasons, I am still working on making this business concept a reality
NAME: ICHIE JOY CHINAZAEKPERE
REG NUMBER: 2020/242595
Email address: joy.ichie.242595@unn.edu.ng
1. A business concept is a statement that defines the reason of a business idea. Every business begins with an idea. When you have an idea, you can develop a business plan.
Every business must have an objective. Objectives of business can be divided into two: ECONOMIC OBJECTIVE and SOCIAL OBJECTIVE
The ECONOMIC OBJECTIVE of a business includes:
a) To gain profit.
b) Innovation.
The SOCIAL OBJECTIVE of a business includes:
a) To satisfy your customers.
b) Employee welfare.
c) To protect the environment.
There are 4 types of business:
a) Manufacturing: This type of business uses primary goods to produce secondary goods.
b) Service
c) Merchandising: eg grocery stores, supermarket, distribution, etc.
d) Hybrid: This is the combination of any of the above listed businesses. It could be a combination of manufacturing and service, etc.
FORMS OF BUSINESS OWNERSHIP
I) Sole proprietorship
II) Partnership
III) Limited liabilities
IV) Corporation
V) Corporatives/thrifts
NATURE AND SCOPE OF BUSINESS
a) Vastness
b) Globalisation
c) Interdisciplinary field: A business should be in auch a way where anybody from any fureld can be employed.
d) Information overload
e) Diversification
f) Foreign capital and technology
g) Environmentalism
h) Competitive
I) Rise of rural market.
Business is further divided into INDUSTRY and COMMERCE
INDUSTRY is divided into:
a) Extractive
b) Genetic
c) Manufacturing: And this is also divided into;
I) Analytical
II) Processing
III) Assembling
IV) Synthetical
V) Construction
COMMERCE: Commerce ensures the smooth flow of goods and services from manufacturers to consumers.
2. As a student, I think I can participate in the service aspect of business.
Steps I have taken to do so: I’ve enrolled in classes to be directed on how to go about the business without making loss or being duped.
(1)
What is a business concept ?
A business concept is a statement that describes the reach and reason of existence of a given business Idea,in other words it sums up the crucial elements that define the business
A business concept also describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market, an important component of a business concept is the business model which details the finances of the concept and how to make it profitable
(2)As a student the business concept I think dat I can develop to boost my personal economy and finances is baking of cake, making of chin-chin, peanut and so on. And I have taken the first step by learning how to make those things and I’m buying the equipments gradually.
Name: Ogbonna chinecherem Rita
Reg No: 2020/245073
Dept : social science education
Unit: Economics unit
Course code : ECO 122
Email: ogbonnachinecheremrita@gmail.com
1.From my own understanding,a business concept is an idea and brain behind every busines it is a brief description of an idea behind the existence of a business. It describes key consumer problems and possibly solutions, it articulates how the idea applies to a market and provides a clear direction when processing a business plan.
2. As a student,I can boost my personal economy and finance through cloth making.
I grabbed the holiday opportunity and utilize it,I registered with fashion school and learnt a lot of things,I joyfully came back to school with my mini sewing machine which have been my source of income,I do sow and mend clothes for students on my free time making sure it doesn’t hinder me from attending lectures,I planned it well in other not to disappoint my customers and still give maximum attention to my studies.
(1) what is business concept
Business concept is a statement that describes the reach and reason of existence of a given business Idea, in other words it sums up the crucial elements that define the business.
A business concept also describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market, an important component of a business concept is the business model, which details the finances of the concept and how to make it profitable
(2) As a student the business concept I can develop to boost my personal economy and finances baking of cake, making of chin- chin peanut and so on.
I have taken the first step by learning how to make those things and I am buying the equipments gradually
.
Name:-Chianumba precious Chioma
Reg No:-2020/242581
Email address:- chianumbap@gmail.com
*WHAT IS BUSINESS*
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.and also business is the production, distribution, and sale of goods and services for a profit.
*WHAT IS CONCEPT*
Concept can be said to be something conceived in the mind i.e thought, notion. an abstract or generic idea generalized from particular instances the basic concepts of psychology the concept of gravity. concept. adjective.
*BUSINESS CONCEPT*
A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. … An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable.
*TYPES OF BUSINESS CONCEPT*
• *Infrastructure concept*
An infrastructure concept is a business idea that involves the creation and development of a structure, facility or building.
• *Business-to-business concept*
A business-to-business concept involves creating an idea that provides services and products to other businesses, instead of consumers.
• *Consumer-goods concept*
A consumer-goods concept is an idea of a new product to present to the consumer market.
• *Small business concept*
A small business concept involves an idea for creating a small business, often to provide a central product or service to consumers.
• *Consumer-to-consumer concept*
A consumer-to-consumer concept involves an idea for one consumer to sell a product or service to another consumer.
• *E-commerce concept*
An e-commerce concept is an idea that involves selling a product or service electronically.
• *Mobile concept*
A mobile concept is an idea revolving around services or products provided through mobile devices like phones and tablets.
• *Consumer service concept*
A consumer service is an idea that brings a new and innovative service to the consumer market. This service identifies issues and looks to solve them.
NB:
Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
Name: Igwebuike Kenechi Kester
Reg no: 2020/246575
Email: kesterigwe22@gmail.com
1. A business concept is an idea on which the business is structured around. It is basically the foundation for the business.
NAME : UMEZEH SOMTOCHUKWU LUCY
REG NO: 2020/242622
DEPARTMENT: ECONOMICS
1. Business concept is a statement that describes the origin of a business idea. It all begin from an idea that leads to recruitment of employees before it all blow up. Business concepts are used to keep businesses alive and prolong them,it helps entrepreneurs to gain profit and also help to satisfy consumers. Business concepts defines the stability of the business. It is the business concept that helps the business plan and the business foundation to survive .
2. Business concepts helps stabilize the business therefore,one must need business innovation which deals with bringing new ideas and concept that helps in developing the business and keep it running.
b. There must also be utilisation of resources to make maximum profit because a business cannot run without making profits. There must also be the consistence of qualitative goods… therefore amount of raw materials put in to produce goods must be the exact same and must not be dynamic.
NAME:Onoka ESTHER CHIKA
REG NO:2020/242905
DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS AND PSYCHOLOGY)
COURSE: ECO 122
What I understand by “business concept”
Business concept describes and clearly defines a new idea for a business initiative, whether by creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful
2)As a student,the business concept I think I can develop to boost my personal economy and finances is Wholesale of beverages, buying directly from the company and then selling to the retailers and individuals.to make the business grow and more profitable,I will have a delivery van to offer delivery to customers buying in large quantities at a giveaway price,to encourage more patronage,I will also add a business card to it with marketers available to advertise the business.
Presently,I haven’t taken any step to do this because it involves a huge amount of money and I do not have what it takes to borrow money from bank or any loan organization and also the connection to reach some companies or at least some company’s distributors.
Name: AGBO EMMANUEL CHUKWUEMEKA.
Reg no: 2020/242571
Department: Economics department.
Email address: agboss2d@gmail.com.
Answers to the questions.
1) what do you understand by business concept?
First of all business is an occupation or company that deals on the production and distribution of goods and services, while concept is a general idea and understanding retained in mind, from experience or reasoning. All together business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company producing a new product for the consumer market. Business concept is the fundamental idea behind the business.
2) As a student, the business concept (idea) I can develop to boost your my personal economy and finance is sewing ( tailoring) and the step I have taken towards developing the skill is I learnt how to sew clothes in 2020( during the lockdown ) and with this idea I can assist my self. The second step is getting a sewing machine for my self and then start a small business.
NAME: NDUKWE JAMES JOHN
REG NO: 2020/242889
EMAIL: oziljohn12@gmail.com
The business concepts that I can develop to boost my personal economy and finances is to know my TARGET CUSTOMER.
I have to know my target customer for my products or services in order to develop VALUE PROPOSITION, POSITIONING, and DISTRIBUTION of my products or services.
Knowing my target customer will enable me to fix a price for my products or services that will yield profit to me in terms of short-run and long-run services. A price that my target customer can be able to afford when purchasing any of my products or services.
The STEPS I have taken so far toward this is by conducting a market research for my products or services, and also who is my target customer for the products or services. And I have gotten critical feedback from people on that…
My services are graphics designing, writing, podcasting, and potential Development.
I have carried out a market research on them to know my target customer and also what they expect from my services.
©️James Ndukwe.
Chukwu Emmanuel Chimezie
2020/241925
Economics department
1. A business concept is a plan for a new company. It’s the idea you have for your company and how it will work. It provides a brief description of the product or service you intend to offer. A good business concept should have done a survey to ascertain the problems of individuals and companies problems or need that requires a solution.
A good business concept should be able to provide a product or service that fulfills the needs of the market or demands. They should also describe the target market for that product or service, how it will position the the product in the market and why customers will buy it. It should contain the Unique Value Proposition (UVP) of your product, how it’s different from similar products on the market and what you hope to accomplish.
It should also include an analysis of the competitive landscape, market size and profit potential.
2. I once had a business concept; starting a car wash business. It had with it a home service proposition and even a laundry service and most importantly it was meant as a disguise, because the real business concept is the real estate. This means that you are into real estate but you are building car washes and selling it off as franchises.
The steps I have actually taken on this is that am still studying and researching on real estate and the act of franchising
Azubuike Chiamaka Maryann
2013/187242
Economics department
A business concept is what makes an idea for a product or service different from the competition. It is the basis of an organization or company that defines it’s direction, it’s product or service and the needs it will meet.
A business concept describes what a product or service is, who needs and go it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.
2. Baking: I have been doing it for sometime now. Sometime ago I had to change the packaging of my products and also try out new combinations and new recipes of the same product to know if I can increase my sales and get more customers. I have also done a survey to ascertain what and what people liked and when they need it
NAME=Edeh loveth ifeoma
MATRIC NO=2020/242988
DEPARTMENT=Combine social science. economic/political science
Email=ifeomaloveth33@gmail.com
Course = Eco
Course code=122
1, WHAT IS A BUSINESS CONCEPT
Definition: A business concept is a statement that describes the reach and reason of existence of a given business idea. In other words, it sums up the crucial elements that define the business
.What Does Business Concept Mean?
A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
2,STEPS I HAVE TAKEN TO BOAST AND DEVELOP MY PERSONAL ECONOMY AND FINANCE ARE
A, Conduct market research
Market research will tell me if there’s an opportunity to turn my idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in my area. I Use that information to find a competitive advantage for my business.
B, Write my business plan
My business plan is the foundation of my business. It’s a roadmap for how to structure, run, and grow my new business. I we use it to convince people that working with me — or investing in my company — is a smart choice.
C,Fund my business
My business plan will help me figure out how much money I we need to start my business. If i don’t have that amount on hand, i we need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital i need.
D,Choose my business name
It’s not easy to pick the perfect name. I we want one that reflects my brand and captures my spirit. I we also want to make sure my business name isn’t already being used by someone else.
E,Spend wisely
Now I have plan of opening a business of my own my spending we be made consciously in other to boast my finance and increase my capital.
Business Concept in my understanding is the foundation, pillar or life wire of every successful business. It gives a business it’s unique identity, making it stand out from the rest.
It describes key consumer problems it seeks to solve, articulates how the idea applies to a market and provides a clear direction when processing business plans.
It describes what a product is, who needs it and how it will be profitable to the business.
Business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
2.) As a student the business Concept that I can develop to boost my personal economy and finance is Business to Business concept.
Business to Business concept focuses on providing products and services to other businesses like mine, to help boost my personal economy.
The step I have taken to actualize this;
After looking at the high demand for pastries and cake, I decided as a professional Baker to purchase a baking mixer(a product from BREVILE THE BAKERY CHEF) which manufactures baking mixer, to help increase production of my pasteries and cakes which are in high demands, thereby maximizing profit and in turn boost my personal economy and finance.
OKAFOR CHIOMA NANCY
REG. NO : 2020/242649
DEPARTMENT: ECONOMICS
Email : nancyokafor2000@gmail.com
(1) BUSINESS CONCEPT
From my perspective, I would say that business concept is a new idea for a business initiative, In other words, it sums up the crucial elements that define the business. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.
In recent times where there is a lot of competitors in the production or marketing industry, businesses have taken it upon themselves to think of new products or new approaches to market or distribute an already existing product. This is where the need for business concept comes in, the firm would have to create a business model that includes basic information such as the service or product, the target demographic or customer, and a unique selling proposition that gives the company an advantage over competitors.
There are a good number of types of business concepts, some of which are:
E-commerce Concept ; this is an idea that involves selling a product or service electronically.
Mobile Concept : This is an idea revolving around services or products provided through mobile devices like phones and tablets. This idea usually comes as some kind of downloadable application, which may or may not have additional in-app purchases for consumers.
Business-to-business Concept : This concept involves creating an idea that provides services and products to other businesses, instead of consumers. Many of these types of ideas seek to resolve the business’s needs, whether that be selling them a particular product or offering them a service that can make their operational processes more efficient.
(2).
As a student, my idea to boost my personal economy and finance would be to become a freelance full stack web developer.
As a full stack web developer, I’ll be able to work remotely from school provided I have the necessary skills which are needed. In order to achieve this, I have started a course in programming where I would learn a basic set of skills some of which include coding, graphic designing and so on. With consistency, in about 5 to 6 months I should be able to work and earn while still being a student.
Email: julietsobe512@gmail.com
Question 1: what do you understand by business concept
I understand business concept to mean an abstraction of things in the real world; anything in the business that you must know about and manage. It also describes the origin of business idea.
A set of business concepts as represented by standard terms and business definitions along with the logical connections among the concepts. It is a fundamental prerequisite for the existence of a company.
Question 2:
As a student, what business concept do you think you can develop to boost your personal economy and finances; what steps have you taken to do that.
There are various business concepts, such as consumer goods concept, business to business concept, infrastructure concept, mobile concepts, small business concepts e t c.
But as a student, I engaged in small business concept.
To boost my personal economy and finance, I specialise in cosmetology that is making of hairstyles, makeup specifically for students.
Steps I have taken to be successful in it includes:
1.Getting organized i.e making the items needed for the service available.
2.Having a time schedule that is knowing when to render my service to my customers.
3.keeping detailed records: that is recording the sales and income I made on daily basis.
4. Analyse competition: that is knowing my competitors in the same business and striving to be the best.
5. Understanding the risk involved.
6. Being creative
NAME :IROEGBU RACHAEL NWANGAJI
REG NUMBER: 2020/244930
EMAIL: iroegburachael@gmail.com
1. A buisness concept is a precise description of an idea that’s behind the existence of a company,organization. Its the form of its operations, the audience(market) that the company is aiming at ,what services the company will provide or needs the company will meet through its product and services,its strengths and unique enterprise.
2.
A business concept that I have been working on is to create a blog where people who are gifted with writing skills can implement their skills and make profit /income while at it. Some of the famous writing/content creation sites that I wish to emulate are opera news and medium.
Having worked as a content creator with opera news, I have been opportuned to have experience as a writer and see how I can make use of my talent to inform people, educate and make income while at it. It was very convenient as well since I could work from home and that is all the more reason while I appreciated my work,it is stress free for a student.
I am currently working to improve my skills as a writer and content creator while focusing on the main goal to actually own a blog site someday.
1.A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it’s beneficial enough to invest in it.
An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it’s essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it’s financially successful.
2.Consumer-goods concept
A consumer-goods concept is an idea of a new product to present to the consumer market. This concept identifies something that buyers may want and defines how that product differs from anything else on the market, or at least, why it’s a better option than the competitors. The brand of this type of business concept is really important because it helps consumers easily identify who is selling the product. A consumer good clearly defines the consumer’s need and explains why they should buy it. It also factors in the risks associated with the product.
Name:Eleazu Kamcy Godwin
Reg number:2020/242589
Email adresss:kamcy godwin@gmail.com
1.A business concept describes what a product or service is, who needs it and how it will be profitable. It’s a single sentence that describes a new business idea. It states what the business does and why it will be successful.”structure, facility, or building. Types of business concepts include:
Business-to-business concept: A business-to-business concept focuses on providing services and products to other businesses rather than consumers.
Consumer-goods concept: It is a concept for the sale of a new product to the general public. A consumer good expresses the demand of the customer and explains why they should buy it.
Small business concept: A small business will provide a single product or service to customers.
Consumer-to-consumer concept: That means the sale of a product or service by one consumer to another consumer. The customer chooses a product or service and communicates directly with the buyer.
E-commerce concept: The product or service is sold over the internet. Many e-commerce ideas become online stores that sell a specific product, a variety of products, or provide a one-of-a-kind service.
Mobile concept: Services or products are delivered via mobile devices such as phones and tablets. This concept is usually presented as a downloadable application that may or may not include additional in-app charges for users.
Consumer service concept: Consumer service is a concept that solves people’s demands. It introduces a new product or innovative services to the market.
2.The type of business concept I can do as a student is the e-commerce concept which is is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer or consumer-to-business. The world is fast turning to a global village and as a student I have joined many online sites to make money. I do pre-order for goods and affiliate marketing where I promote the goods and services of a person to yield a resulting sale in exchange for a commmision. I also sell my clothes on sites like eBay and even my photos on sites like photo stock and Getty images.