Business

The value of a business plan to an organization.
   A business is based on formulated set objectives. In order to achieve these objectives one needs to outline focused business strategies. This is where the concept of a detailed business plan is required. These helps in analyzing the pros and cons involved in execution of the business ideas in mind (Pinson  Jinnet, 2007, P.23). A business plan can be designed in any stage of a business. For start ups, a business plan is deemed on organizing thoughts, seeking funds and convincing potential investors that your plan is really workable. A good business plan helps in identifying your potential customers and analyzing the focus market early in advance. A business plan outlines your physical location and the advantages of setting up your business in that area in terms of infrastructure and the demand of your goods or services you are planning to offer. Setting up of prices is determined by the prices imposed by the competitors already in the market. A plan help determine the number of working staff needed in running of the business and set out provisions for overheads.                                              Marketing strategies are also indicated in the plan. These strategies demonstrate how you plan to reach and sell your services or products to the desired targets. Well formulated business plans are used to acquire funds from lending institutions and to convince potential investors to invest in your ideas. Existing businesses also formulate business plans from time to time. These are either deemed at changing running strategies in place or outsource funds for expansion. Businesses set up yearly goals and in achieving them they need to formulate a working plan. By taking all these factors into consideration helps a business formulate survival tactics needed in the success of any business venture.
How the economic concepts of supply and demand can have an impact on organizational performance in the short and long run
   The law of supply and demand stipulates that for a market to be at equilibrium, the quantity demanded should equal the amount supplied. This law determines the setting of prices in the market. The price ratio between the two is referred to as the market-clearing price because it helps level any excess in the amount supplied or demanded. When the prices are high, demand seems to go down and there is excess in supply. When the prices goes down Consumers demand less and more supply enters the market. Relatively, if the prices go down it means that the demand will be too high than supply. At this level, it is implied that the supply is rationed. When there is no excess in supply and demand then the market is said to be at equilibrium. However, in a normal market situation, activities continue to occur altering the equilibrium. These activities are called disturbances and generate changes on the short run or long run performance of a business. Demand elasticity is the decline in the rate of demand imposed by 1 incline in price. Elasticity in supply is the rate at which supply inclines due to an incline by1 of the price at the moment.  The elasticity of demand and supply is always high in the long run than it is in the short run. This means change in performance is more likely to be experienced in the long run than it is in the short run. In conclusion, it is implied that when the elasticity of demand and supply is down, the disturbance tends to generate high effect on price and a little impact on the quantity traded in the short run. Relatively, when the elasticity of demand and supply is high, it generates a low effect on price and a high effect on quantity in the long run.

Business Ethics and its important to the success of a business

  Behind every successful business entity there is the efforts of a good leader. One of the characteristics of a good leader is good business ethics. For a leader to be termed as effective, 56 of his composure must be based on his ethics both business and personal. The word ethics in business is perceived to be a pillar in strategic planning. Great business planners know that for the set goals and objectives to be achieved, there also need another set of guidelines to be followed. This principle outlines how individuals are supposed to conduct themselves in an organization. An outline of guideline principles maintains respect between peers in an organization and fosters good understanding and relationships. This helps prevent unethical behaviors whereby people intentionally cause harm to others directly or indirectly leading to shortcomings in terms of concentration and production capacity. These set guidelines foster improved communication in an organization which is a vital key to improved production. With everybody focused in doing what is ethically right, it leads to less waste of time and increased productivity levels.
How marketing strategy and organizational structure can provide an organization a sustained competitive advantage in the market place
   Marketing Strategy is a guideline to achieve set marketing objectives. All these are guided by the set overall corporate objectives in edging out its competitors. (Teng, 2008. P.76). In order to maintain a competitive advantage, a good marketer considers the three generic strategies of cost leading, competitive pricing and differentiation (uniqueness). These strategies help in providing consistency all the way through the different components of the overall marketing mix. Marketing strategies are the foundation stones upon which marketing designs are laid.
   A well designed organization structure helps an organization in positioning itself strategically for future development. First an organization needs to consider its nature and form of business in order to formulate a manageable and flexible organizational structure that will enable quick achievement of set objectives and goals. A well laid out organizational structure provides optimization in all level of management. This demonstrates the addition of value to the work of other parties in the organization. A flexible organization structure enables quick communication and easy planning. It saves time to strategize on positioning itself in the market.