The core concept of Business
The word ‘Business’ is derived from ‘busy’. It means doing things regularly. There are various forms of business such as sole proprietorship, partnership, corporation, and Limited Liability Company. The business holds the world’s economy. The ups and downs of a country’s level of the economy depend upon the transactions going on. A large sum of the Government’s income comes from tax paid by business organizations.
The main objective of every organization is profit maximization. But, to be an ideal business entity this should not be the only criteria or desire. A high-profit making organization can lose its increasing graph within some hours if customers are not getting interested in its product. A customer buys a product only when the feature of the product is more than its cost. They are the king of the market. And the growth of the business depends on the customer’s level of satisfaction.
The fastest thing in the world is the human mind. It means tastes, choices, habits can change at any time. So, besides keeping in mind the thought of profit maximization, customer pleasure should be considered. To make any organization unique from the competitors, the owners need to analyze the customer’s mind, buying capacity, need much better than the others.
Steps to be followed
It is very much profitable to buy the ownership of an on-going business organization, but setting up a new business is not too easy. Many principles, aspects such as size, place, target market are to be considered in the desired manner. Some of the steps are discussed below:
- Geographical location: Every business needs a proper place to be established. If anyone set-up a restaurant business in a rural area, then it will never be going to earn a higher level of profit. But if it is set-up within a shopping mall or in the middle of the city or station road where a huge number of people gathers, then its name is going to be popular among food-lovers within some weeks. On the other hand, if the production process is dependent upon any particular raw materials, then the factory should be set-up near the sources of raw materials.
- Target fixation: It is the work of the management to fix a goal for the organization and helps the whole business organization to work according to it. And the target should be scientific. This means employees efficiency, capital investment, resources and many things must be taken into consideration while fixing a target.
- A unique design: ‘First the appearance, then the quality judgement.’ It’s a very popular and significant quote mostly used by the people of Bengal. It means one will judge or explore your inner quality if you have a nice outlook or gesture. Many people think that the angle of vision and way of talking of any human being defines his characteristics. To make it easier, we can use the word ‘IMPRESSION’. A business organization also need to establish a good impression among the people to be a horse of a long race. There must be an extraordinary get-up of the organisation. The designs should clearly define the working of the entity and attract the people to get into it. And in the case of an educational institution, it is necessary. Because in this case, new generations’ taste is important. Young guys are too calculative and choosy. They have lots of choices. And to be an ideal institution, the entity should make them impressed, should bring out the exceptions before them.
- Perfect investment: Every organization needs to invest in proper areas. Without investment, it is not possible to expect a high return from the market. But, determination of where to invest and how much is important. Suppose, a mobile phone company wants to advertise their mobiles through television. And the question arises, what to show? If it shows just the model and features of the new-launched phone, then it can’t attract the customer. Everyone will overlook it. But, if it shows something that can differentiate its product from the competitors’ or explains its feature with such a unique video or monadic concept, then everyone automatically will be attracted and wants to switch to that. Unique video means the video with which a person can relate himself. Like, Suzuki access 125 advertises on T.V with a tag, ‘KAM PITA HAY.’
On the other hand, the company’s growth depends on the salesperson also. For instance, imagine two persons in a mobile store. The first one is looking for a particular company’s phone, say OPPO. And the other one is looking for a good device with long life and great features. Now, it is in the hand of the sales executive. He aims to satisfy the customer. He can’t use any tricks for the first one because he is in search of a particular brand. But, the second one’s choice is not yet known to the seller. Now, the seller will think about his own profit. It means the sale of which company’s mobile will bring him the maximum amount of commission. And, he will insist or motivate the customer to buy the product of that company. Of course, the product must be one of the best. So, the organization needs to search for a good sales-executive who will work for it. And, he will try to achieve an organisational goal when he will be benefitted much from the company as compared to the others.
The trending way to start a business
In the present century, social media is one of the best and widest platform to reach a lot of people using less investment and some statistical method. The goal of each organization is to be a famous name among young generation people because they are the future. And the applications such as Facebook, Instagram or Twitter are the most loved social media platform. More people are getting engaged in this. So, it is now the best way to inform the world about your business.
The market becomes competitive. Various innovative ways and ideas are being developed by large organizations. Everyone wants to achieve the golden throne of success. And one is to create something that is beyond’s the everlasting ways or rules of business. Some of the successful plans are discussed below:
- Sensitive campaign: The newest sensitive campaign is launched by Dove (Soap Company). And their tagline is #STOP THE BEAUTY TEST. This advertisement is effective, especially for women. Women have started thinking that the company is very much sensitive and caring. And the way of showing Ad is too much emotional so that one can’t be able to overlook the whole scene. Though it’s social awareness, it should be remembered that awareness is one of the objectives of the business. It helps to create a space in the minds of the customer.
- A new and innovative offer: In this category, the first place holder is Reliance Jio. They suddenly entered the market and have captured a huge market. They offered internet connection for absolutely free and the people just needed to have a sim card. For offering the best service for over 1 year, the people of India are getting used to Jio. And no reasons were there to switch to another network. It was a new strategy used by Jio to grab the whole market.
Something that should not be forgotten
In India, one of the most important problems is poverty. The earning capacity of the persons is not so high. Many people are still unemployed. So, as a business organization, it must do something for the society as it is the main place of showing their skills and innovation. One organization can’t reach a higher position if its product is just for rich people. So, the common person should not be ignored. If the price range is higher and it is beyond the buying capacity of a person, then he/she will be dissatisfied and a feeling of unsuccess will arise within them. And this state of mind will not allow them to come to the store again.
By: Anirban Bera
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