Blacksacademy
Business Studies
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Subject: Business Applications
Title : Start Up
What is Start Up?Start up is the term used to describe when a new business is created. It is particularly appropriate when the business is a small business. Often one or more people come up with an idea for a business. They may be in paid employment and wish to create their own business and work for themselves.
In order to do business one must have capital. In this context this means cash money with which to buy the necessary equipment and other goods in order to run their business. They also need capital in order to pay any wages and other bills. People starting a business will usually have some savings of their own. They usually go to a bank in order to borrow further money and so start their business. A lot of small business people run their businesses on gut feelings and hunches.
However, it is generally agreed that businesses do better when there is a business plan. The plan is a statement of objectives of the business and an outline of how the business is going to achieve those objectives. All businesses sell goods or services. Therefore, it is always a good idea to conduct market research before starting a business. Market research involves finding out information about the people who will purchase your product.
There are different types of business and it is useful to be aware of the distinctions between these types. It is not everyone who can succeed in business. By starting up a business you become an entrepreneur. This is French for one who undertakes something. An entrepreneur is a leader in business. He/she runs a business and takes risks in doing so.
An entrepreneur is someone who must be prepared to take risks. Not everyone is cut out to be an entrepreneur, and it is worth considering what the qualities of a business leader are.
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Subject: Marketing
Title : Customer Matrix
Customer Value PerceptionThe customer matrix is a graphical representation of the value a customer places on a certain good.
It assumes that customers value products in two ways.
(i) By perceived use value (PUV) – i.e. quality: “The satisfaction experienced by the buyer in purchasing and using the product of the service.”
(ii) Perceived price.
These dimensions are “perceived” rather than “actual”; because purchasing intensions are motivated by what customers think they are getting, not what they are actually getting.
Equivalent products are ones with similar perceived use values and similar perceived prices.
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