Qualities of a Successful Business. Responding to Change technology changes quickly technology changes quickly allows companies to operate around the.

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Presentation transcript:

Qualities of a Successful Business

Responding to Change technology changes quickly technology changes quickly allows companies to operate around the world allows companies to operate around the world

Smaller businesses can change more quickly than large businesses management of small business is directly in touch with customer demands

Smaller businesses can change more quickly than large businesses management of small business is directly in touch with customer demands

Advantages of Large Businesses financial resources - production and human resources (wide range of skills; numbers to work toward goal)

For example: Banking Machines a. Decreased need for more employees - less people in the branch - cut costs b. Gives customers more flexibility to get to their money - time of the day c. Allows employees in banks to concentrate on more urgent needs of customers d. Allows customer more convenience - get money in a number of locations e. Allows rapid interdependence with other branches

See figure 4-4 in textbook Why might the service depicted here convince business travellers to go by train rather than airplane?

E-business Change must contribute to the success of the business This is one of the largest growing sectors in business today : E-Bay, Amazon, Chapters etc security risks - encouraging people to trust company, their security, their confidentiality

Filling a Market Niche You must Know your market and focus on meeting the demands of that market in order to succeed.

Understanding Demographics Demography is the study of statistics relating to populations or community Finish reading the section on Demographics and answer the following questions Pg 105 #1, 2 and 3 Connecting Business with Demographics: FACES - page 112 questions 1,2,3