They are getting worried because employer’s will not hire full time employee’s and then they will start letting people go because of this…..
3) What factors might allow a brand a potentially long life? What roles might product functionality and product design have on brand success? What advantages might a small business have in developing a branding strategy over a large business? What disadvantages?
The factor is which might allow a brand a potentially longer life within the market would be quality, customer satisfaction, and the cost of the product. If the product that the company is marketing is functional and is top notch with no mistakes the success of this product would be beneficial to the company. One of the things that the business has to look for is whether or not a competitor is selling the product for a cheaper price. Although spending less does not guarantee that the product will work. The hope is to make sure that the consumer will purchase this product again from your establishment. In any business the success of a product depends on consumer satisfaction.
Something else that the business or company needs to look at during the marketing process is the brand of product must be taken into account and that there will be different outcomes to the end result of the product. Small business may have an advantage with developing strategies over the larger businesses because they have more room to experiment with the product. When a business starts out on a clean slate they are able to see what they can perfect about the product to entice customer’s to purchase their products over and over.
Charts and graphs are used to show information about the company’s progresses or recesses. Although graphs and charts are used for a variety of things within a business. Some provide more detail than others a histogram used variables and are measured on a interval scale. By using these variables the business or company can see how they fall onto the histogram. When a company uses a bar chart it shares some of the similarities that the histogram does but it also measures the frequency on each of the categories used within the graph. By using these graphs and charts this will give the company or business the visual representation of the data that is collected within the graphs or charts. Furthermore, the graphs and charts are an excellent way to interpret the data that is being presented to the company or business. Understanding of such charts is needed to be able to understand the data that comes along with the charts and graphs. If company’s or business’s did not have charts and graphs they would just be looking at a variety of numbers that would not mean much without the graphs and charts. When we think about the data in charts and graphs which have the ability to condense the large amounts of information into formats that are easier to understand which would allow the person presenting the graphs and charts a more effective way of communicating the data that is involved with the graphs or charts.
Within this paper, I will elaborate on the strengths of the aquaponic greenhouse business to make the business a success, by addressing the actions the business will take to recover from the weaknesses that the business will encounter. By describing the ways that the business can take with the current opportunities and create more opportunities for the business to grow, and identify threats and the plan for monitoring these threats within the business. Furthermore, I will discuss the way flexibility plays a role in business.
The outlining strategies that will be essential to gain and sustain a competitive advantage in the aquaponic greenhouse would include value where I would evaluate the resources and capabilities of the business. The value of Ponder Hill Aquaponic Greenhouse business will provide value to the changing trends concerning customers. In describing rarity within the aquaponic greenhouse is to have a different variety of products which are not the same as the leading competitor’s within the area. However, in discussing imitability that consists of imitating another business that has the same products or strategies in place to see if they will be compatible with the strategic plans that the business has put in place for the business.
In discussing the strengths of the aquaponic systems by building in a location that would be beneficial to the business so that customers would be able to access the products of the business. Picking the right location for the business is something that will determine the strength of the business. If a customer does not have access to your business they are not going to spend money within your establishment. Being accessible and easy to find is one strength that this business will have because the business will not be that hard to find. If you are not in the right location the customers are not going to find the business.
Some of the actions that will be taken to address the weaknesses of the aquaponic greenhouse business is to understand how the system works within the community by learning what I can about the business before diving right into it. For example, a friend who I know has already started working on his investment of building an aquaponic greenhouse, and it is not going so well at this point in the project. Learning about the different types of strategies and competitive advantages that the business would have can provide some interesting facts about the business and whether or not it will be a success. Another weakness that will have to overcome would be the financial end of the business. Acquiring the finances to put into the business takes time to collect and starting out without the help of investor’s, or loans. Working by overcoming the obstacles and having a plan in place will allow the business to be a success.
In describing ways to take advantage of the current opportunities is to provide consumer’s the choice of buying organic produce, and is environmentally safe for consumption. Opportunities may arise when the products and services can be offered in different locations or at different times. Some of the opportunities may arise unexpectedly, and some may be anticipated. In finding opportunities that will provide the business with a chance to improve the performance and the competitive advantage
Furthermore, Some of the threats that would be harmful to the business is an electrical failure, or pipe blockage that could result in a complete loss of all fish within the business. This would also result in spending more money on replenishing the fish that was lost. The aquaponic greenhouse can have multiple single points of failure that would result in the business being unsuccessful so addressing these risks or threats upon surfacing would be beneficial to the business and their success. One way to avoid this is to have a backup generator just in case there was an electrical failure, and to ensure that the pipes are flowing smoothly throughout the greenhouse.
In conclusion, by evaluating the strengths, weaknesses, opportunities, and threats will help understand how the aquaponic greenhouse can sustain a competitive advantage over the competitor’s in the surrounding area. By offering fresh organic produce to the consumer’s, with easy access to the products and services that Ponder Hill Enterprises offers to the customer. Furthermore, this paper elaborated on the strengths, weaknesses, opportunities, threats, and flexibility of the business. Identified a potential risk and the role that it plays within the strategy that is in place.
Pearce, J. & Robinson, R. (2004). Strategic management: Formulation, implementation, and control. (9 ed.). McGraw Hill.
While researching the methods of cash basis versus accrual basis of accounting within The Michele Corporation to determine on which one would work better for the Corporation. By discussing the advantages and disadvantages of both methods will give The Michele Corporation a better understanding of which method would work the best for the business. In defining, the Constructive Receipt role within the corporation and how it pertains to The Michele Corporation. Cash basis and Accrual basis methods will both be considered for this corporation so that a decision about the corporations standing.
The cash method of the Michele Corporation happens when the sales are recorded when they are paid. About the only time, a business can record cash when passed through the hands of the business owner or it is an expense. Unlike the accrual basis in which the credits are recorded instead of when the cash was received. The debits of the business are owed instead of when they are paid by the company. By using, the cash accounting method simplifies the Michele Corporation, which allows the Michele Corporation to reduce the bookkeeping costs, and takes less time than the accrual method of accounting. The cash basis accounting allows the Michele Corporation to determine their current profitability by keeping the balance sheet so that the business owner can assess the information concerning the financial situation of the Michele Corporation. The Michele Corporation’s advantage to using the cash is that the corporation would not have to pay taxes on the monies that have not been received by the corporation. According to Jones R and Pendlebury (2000, p. 143), cash-based accounting is a major accounting method that recognizes revenues and expenses at the time physical cash received or paid out, and justified on the grounds that the government budgetary, and control process is an annual.
One of the disadvantages of the cash method is that for small businesses and individuals the cash flows could be restricted during certain times. This is something that would to be looked at during this research process. In the first place, the receipt of non-cash forms of payment creates revenue equal to the value of the payment (Jones, 2011). Many companies that deal with cash business from consumers the cash basis of accounting would be simply better and convenient along with reliability for the corporation. Unlike accrual basis, “income and expenses are recorded when they occur in a fiscal period instead of when the company receives or pays cash.” (Horngren, 2008. p. 687). The Michele Corporation would be able to track expenses and cash, which would not require a bookkeeper. Another disadvantage of the cash method is that if records are not kept the company may not make their payments in a timely fashion because they will not know what they have made if the transactions are not kept in order or written down in a journal or ledger. Because the cash method could be manipulated to defer income and accelerate deductions, the tax law limits its use by large corporations (Jones, 2011).
The accrual method within the Michele Corporation refers to the basic rules or guidelines that the business keeps their financial records. A corporation has to have pristine records so that all monies are accounted for within the corporation. The Michele Corporation has to decide which one of the methods would work for this situation. By understanding, both the cash and accrual methods of accounting will allow The Michele Corporation to see which one would work better for the business, Depending on the type of legal methods, the small business has to decide whether they will extend credit to customers or pay the tax on the cash that The Michele Corporation brings in.
According to generally accepted accounting principles (GAAP), only the accrual method of accounting correctly measures annual income (Jones, 2011). The accrual method within The Michele Corporation has some advantages. One of the advantages of the accrual method is that the financial information about the corporation can be recorded as the transactions occur not when the cash received from the consumer. The accrual basis method of accounting allows the corporation to prepare the financial statements so that they can view at any time to see where the financial standing is within the corporation. Furthermore, the accrual method does not take into consideration whether the corporation has paid the bills or not.
One of the disadvantages of the accrual method for accounting is that it is complicated and rather expensive for The Michele Corporation. The cost to implement and employ the accrual method for The Michele Corporation is expensive compared to the cash method in accounting. Another disadvantage in using the accrual basis method for The Michele Corporation would result in the corporation may owe taxes on the income before the corporation receives that income. With the “cash basis this is used for smaller companies when they record revenue after they receive the cash and pay out cash, that can be tremendously misleading for the financial statements” (Weygandt, 2008).
Constructive receipt is applied to an account when the income is credited to the taxpayer’s account. This means that when The Michele Corporation receives credited income allows the taxpayer to draw on the income during the taxable year. If the payment is received and not cashed or lost The Michele Corporation would still have to claim it as income because it would be a restriction composed on The Michele Corporation. Having a business requires understanding on how accounting works within the business. By having, a clear understanding the owners can see the financial standing of the corporation. If the corporation sees that there are items that need to be taken away or are not needed anymore, the corporation should dispose to reduce the cost of the corporation.
By keeping informed about the corporation’s net present value, will help to determine if the new retail store will make it. Depending on the information that is found within the research by determining the net present value of how the corporation’s financial standings are at the end of the fiscal year. This is information that must be made available to the corporation. On the cash basis records are not required but should be kept to account for the money that he or she has made.
In conclusion, the cash and accrual methods both have some advantages and disadvantages concerning business. The Michele Corporation needs to decide which methods would work better for the business. Funnell W and Cooper K (1998 pg 129), the difference between accrual basis accounting and cash basis accounting revenues and expenses are recorded. In my opinion, I would have to say that the recommendation would have to be the cash basis method because the
Jones, S. M., & Rhoades-Catanach, S. C. (2011). Principles of taxation for business and investment planning: 2011 edition (14th ed.). New York, NY: McGraw-Hill/Irwin.
Harrington, S. E., Niehaus, G.R. (2004). Risk and Its Management The McGraw-Hill Companies, Inc.
Jones R and Pendlebury (2000) Public sector accounting 5th edition, Pearson Education, Essex, chapter 8.
Funnell W and Cooper K (1998) Public sector accounting and accountability in Australia UNSW Press, Sydney, pp. 117-149.
Horngren, C. T. (2008). Introduction to Management Accounting (14 ed.). Upper Saddle River, NJ: Prentice Hall.
Weygandt, Jerry J., Kimmel, Paul D., & Kieso, Donald E. (2008). “Financial Accounting” (6th ed.). Hoboken, NJ: Wiley. Retrieved June 20, 2011 from eBook of University of Phoenix.
When a company is looking at the foreign markets and selling their products within those markets the seller needs to be aware of the different cultures and customs or beliefs of that market. Many times people forget that all markets are not the same. What may be okay here in the United States may not be the same in another country. Researching is the main key into the success of a product aside from the price of the product which is just as important. I have seen many shops close down because they were in a conservative spot. A lingerie shop in a small town is not anything people want to see and as a matter of fact there used to be one in this small town but it moved to another county because of the commotion that it stirred. People around here are very conservative in their thinking and thought that it should not be allowed to be a business here. Most of the products that we purchase in the United States comes from another country which means that we will pay a higher cost for that product or service because it can be sold here for a higher price.
Which components do you think are the most important when developing a marketing plan? Explain why. Discuss at least three key components
In my opinion the most important components of developing a marketing plan would include the marketing strategies, a situation analysis, and the SWOTT analysis. All of these components are useful within the business setting for a variety of reasons. With a SWOTT analysis the company is able to see whether or not the product or service is doing well and fitting in with the latest trends within the market. By having this type of component the company is able to see where the weaknesses are for that product or service so that they may act quickly in resolving any issues that may arise. When it comes to the situation analysis which is another component that company’s should use in order to know what the macroeconomic or social factors may be before creating a newer product. Also by having marketing strategies in effect will allow the company to see the demand of the product so they might be able to bring in some profits from the product or service that they have created. Marketing strategies are another component that businesses will use in order to maximize their profits. Every business has to compete to stay within the market. Which means they have to constantly keep checking their product or service for the better of the consumer.