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BUSINESS RESEARCH

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Business Research
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Business entails any activity involving selling goods or services to make a profit. The

company could be large scale or small scale. There are businesses owned by individuals, while

more than one person owns others. Other than having the capital, labor, and a ready market to

sell the particular goods and services, management of the business activities is critical. The

management process entails controlling people and manipulating various resources, e.g.,

financial, technological, and natural resources, to meet the desired goal of the business. The

customers' management is crucial because they are the consumers of the goods and services. The

following are some of the factors in managing a business and especially managing the demands

of the customers.

Process strategy, also known as the transformation strategy, is the pattern of decisions

made in the managing process to transform various resources into goods and services. A process

strategy facilitates increased output in the business because it enables the company to increase

production of the goods and services and ensures a faster operations process. The main aim of a

transformation strategy is usually to create a production process that meets the customers'

requirements and product specifications within cost and other managerial constraints

(Scarborough,2016).

The strategies include process focus, repetitive focus, product focus, and mass

customization. These strategies are essential because they provide a guideline for the business's

operations, especially in decision-making. Also, the policies enable the company to comply with

the laws and regulations and streamline the internal business processes. A business that lacks a

well-established process is likely to fail because there are high chances of stagnation due to a

clear road map on the proceedings.

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Decision-making is determining the best course of action to meet the desired needs. In

business, the decision-making process entails a series of steps taken to determine the planned

path for business initiatives and set specific actions in motion. The decision-making method

bears tremendous significance because the options chosen by the firm determine the success or

failure of that particular business. For example, a firm that makes a wrong choice on the financial

partners to work with could be faced by the problem of bankruptcy in the case that the partners

fail to be competent enough.

Decisions made in business could be tactical, strategic, or operational. The effectiveness

and the efficiency made in the industry are primarily determined by those involved. Inclusivity

of all the relevant shareholders in the business is crucial as it helps analyze the company's scope

from different perspectives. The rule of the majority should apply in the decision-making process

to facilitate success in the business. A decision backed by many people is likely to gain more

support, and the stakeholders will be more motivated as they implement the decisions made. The

Decision-making process gives room to consultations and confrontations whereby the decision-

makers analyze the other alternatives, thus enabling the best choices.

Capacity planning is the process of analyzing the business's potential to handle the

various operations. The aim of capacity planning is usually to identify whether there are

adequate resources and skills to propel a business activity and the supply to meet the customers'

demand. In the process of capacity planning, ideas to bolster the capability of the business are

primarily considered by the panel facilitating the process of capacity planning.

There are many dynamics in business. For instance, seasonal changes could decrease the

demands of some products, and the customers' preferences could also change. Capacity planning

is therefore meant to determine whether the firm will cope with the changing situations. The
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strength and capacity of a business are determined by the various resources the business has. For

example, adequate financial resources will enable the company to adjust to the multiple changes.

Project management uses procedures, methods, skills, knowledge, and experience to meet

particular project objectives within established parameters while adhering to project acceptance

criteria (Lock, 2017). A finite budget and time frame limit outcomes. Project management is

essential to build and explain the plan before starting the business. It makes a base for

cooperation and carries out project tracking and risk management to ensure a productive usage of

the resources and an excellent financial representation.

There is a need for businesses to generate higher results at all times. Quality is identified,

monitored, and regulated through project management. Customers are satisfied when they get

good outcomes. Projects are frequently integrated with more extensive business operations and

frameworks within a business. Integration means that everything is planned with the company in

mind.

Customers are a crucial part of the business and should be well maintained to ensure a

smooth flow of business operations. In managing the demands of the customers, forecasting is

essential. Business people should analyze possible probabilities (Parris et al., 2016). It is vital to

predict occurrences to be able to plan. Previous patterns help in forecasting as scenarios keep on

repeating themselves.

Forecasting facilitates the brilliant formulation of short and long-term goals. The business

person can establish measures based on the things that are likely to occur in the future. For

example, a business person could start buying umbrellas and raincoats when the rain season

arrives (Drosos et al., 2021). Certain products and services are only marketable during particular
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seasons. It is, therefore, necessary for the sellers to forecast and know what products to sell and

in what seasons.

Inventory management identifies the types and the amount of stock to order at a

particular time. Entrepreneurs can track inventories from purchase to sale goods, place and

respond to trends to ensure there is always enough stalk. The good stalk will enable the firm to

fulfill the customer's order and avoid losing the customer if there is a shortage of some product in

your business.

The importance of inventory management is that it enables the seller to realize when the

stock is almost finished and restock. The three most common strategies for inventory

management are the push strategy, the pull strategy, and the just in time strategy. For small

businesses, inventory management helps them manage multiple locations and ensure accurate

record keeping. Inventory solutions are more accessible to conduct than the manual keeping

style.

The process of Business people selecting appropriate policies and procedures to meet the

demands of their customers efficiently is called planning. Scheduling is meant to convert project

action plans for scope, time, and quality into an operating timetable.

The distinguishing factor between scheduling and planning is that scheduling defines

who and when the businessperson will do the operations. In contrast, planning determines what

and how much is needed to meet the customer's demands.

The method of identifying, forecasting, and allocating various types of company

resources to projects at the appropriate time and cost is known as resource planning. It also

ensures that resources are used efficiently and effectively across the business.
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The following are among the reasons why resource planning is critical: It helps identify

diverse resources in various parts of the country. It aids in the maintenance of non-renewable and

non-perishable resources. It aids in the minimization of resource wastage.

From the above illustrations, it is evident that management is crucial to every business.

Business people should find ways to predict the firm's future and prepare to adjust to the

changing needs and preferences of their customers. Maintaining the customers will only be

successful if their demands are met. All the plans ought to be first put in theory before being

implemented.

References

Drosos, D., Skordoulis, M., Tsotsolas, N., Kyriakopoulos, G. L., Gkika, E. C., & Komisopoulos, F.

(2021). Retail customers’ satisfaction with banks in Greece: A multicriteria analysis of a

dataset. Data in Brief, 35, 106915.

Lock, D. (2017). The essentials of project management. Routledge.

Parris, D. L., Dapko, J. L., Arnold, R. W., & Arnold, D. (2016). Exploring transparency: a new

framework for responsible business management. Management Decision.

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Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management.

Pearson.