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Business Sucess and Prosperity Key Elements Reflection Paper

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Introduction to Business
Student Name
Institution
Course
Professor Name
Date
Introduction to business
Business success and prosperity are determined by several factors put together
by teams involved in bringing up the business. On setting up the business with my
friend several strengths and competities will appear from both of us which In terms of
benefits, highlighting core competencies allows businesses to focus on product lines
and economic sectors that can generate high returns. This type of information gives
leaders and managers the guidance they need to boost their company's performance.
Furthermore, the concept of core competencies enables businesses to try out new
innovations and be more innovative. This broadens the pool of candidates and allows
businesses to attain their maximum potential. Capabilities that provide value to the farm
business by seizing opportunities and/or eliminating dangers in the outside development
are considered valuable. An uncommon ability is only one that just a few, if any, of your
competitors have. Competition would have a hard time establishing qualities that are
tough to mimic. As employment markets get more competitive, it's more crucial than
ever to differentiate oneself from the pack. Including a core abilities section in your
resume can help you make the most of the limited space available by highlighting
attributes that distinguish you. Employers are increasingly employing Personality Tests
(ATS) to prescreen candidates, which examine resumes for keywords. Including
business objectives on your resumes can assist the applicant tracking system (ATS) in
complete guide provided by the company and moving you along in the recruiting
process. When a corporation allocates a core capability to itself wrongly, problems can
occur, such as overemphasizing shortcomings or overlooking possible strengths.
Consider a corporation that believes advertising is its key skill when it is actually

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innovation. In that situation, it may spend too much time and money on marketing
initiatives and not enough time and money on improving its products and services,
which will prevent it from remaining competitive in the long run.Large swaths of highly
fertile agriculture that have been passed down from generation to generation for several
generations are one example (Stefanyszyn, 2008). This resource is likely debt-free, and
the members of the family know the land's virtues and drawbacks better than anyone
else, allowing them to do it more profitable than others. Many competitors who rent land
or are new to land ownership would find it impossible to match this skill. Strength will
bring a strong brand, a dedicated consumer base, a healthy bank sheet, and cutting-
edge technology, to name a few. A hedge fund, for example, may have created a
proprietary trading technique that outperforms the market. The company must next
choose how to use the data to attract fresh investors (Stefanyszyn, 2008).
Because of its expanding demand and worth, the electronics industry is
experiencing growth in the corporate world. Furthermore, the diversity of brands
necessitates the creation of a business center that can guarantee the accessibility of all
companies under one roof. For example, having Apple stores across the country is a
complete impossibility. Even if each city has only one store, it is inaccessible to all of the
city's residents. The Electronics and appliances business is the main idea of the
business plan that my friends and I intend to set up. Electronics (digital or multichannel)
equipment designed for everyday use, often in private homes, is associated with
consumer electronic components or home electronics. Devices utilized for amusement,
communication, and recreation are referred to as consumer electronics (Shan, 2005).
Because many things are contained in dark coloured casings, they are frequently known
as black goods. This word is used to separate them from "household goods" such as
laundry machines and freezers which are used for household activities but are
increasingly considered black goods, with many of these having connected to the
Internet. Business objectives and goals on the first year of operation include customer
service objectives could include lowering complaints by half in a year or reducing
customer complaint resolution times to one business day or less. To fulfill customer
service goals, you might set a goal of expanding your customer service employees from
one to three by the end of the year or establishing a policy that guarantees consumers a
return phone call by the end of the working day (Shan, 2005).
The locality of the business The rival near you already has a consumer base, and
even those customers are likely to be loyal to such a location. Within a quick journey of
the ideal location, look for similar electronics outlets in surrounding business areas.
However, if the company provides various products or targets a distinct type of
consumer, other businesses in the vicinity may not be true competition. Mobile phones,
tablets, digital cameras, peripherals, and gadgets are all popular commodities that are
easily marketed in the market. Marketing them to consumers should not be an issue as
long as it substantiates their prices and are capable of performing the capabilities they
boast about. There are already a number of well-known electronics manufacturers on
the market. However, that is the most important factor to consider. Operations will be
majorly done on face-to-face and online orders and delivery to the people situated far
distant from the area of operation (Shan, 2005).

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Introduction to Business Student Name Institution Course Professor Name Date Introduction to business Business success and prosperity are determined by several factors put together by teams involved in bringing up the business. On setting up the business with my friend several strengths and competities will appear from both of us which In terms of benefits, highlighting core competencies allows businesses to focus on product lines and economic sectors that can generate high returns. This type of information gives leaders and managers the guidance they need to boost their company's performance. Furthermore, the concept of core competencies enables businesses to try out new innovations and be more innovative. This broadens the pool of candidates and allows businesses to attain their maximum potential. Capabilities that provide value to the farm business by seizing opportunities and/or eliminating dangers in the outside development are considered valuable. An uncommon ability is only one that just a few, if any, of your competitors have. Competition would have a hard time establishing qualities that are tough to mimic. As employment markets get more competitive, it's more crucial than ever to differentiate oneself from the pack. Including a core abilities section in your resume can help you make the most of the limited space available by highlighting attributes that distinguish you. Employers are increasingly employing Personality Tests (ATS) to prescreen candidates, which exam ...
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