BUSINESS HIGH SCHOOL

In what ways do corporations grow?

Answers

Answer 1
Answer: Develop new products. Innovative companies understand that in order to grow, they must continue to develop new products and services. "No executive today is unaware of the strategic need for winning new products," writes Robert G. Cooper in his book, Product Leadership: Creating and Launching Superior New Products. "And so the pressure is on virtually every leadership team to deliver great new products. The new corporate motto is 'innovate or die.'" 

Learn how to delegate. "As organizations grow increasingly complex, duties and responsibilities across the workforce can become less well defined," writes Robert Heller in How to Delegate. "Often it seems as though everyone is doing everyone else's job. Delegation is the manager's key to efficiency, and benefits all." In other words, in order to scale the business, a CEO needs to learn how to delegate so he or she can focus on the company's bigger picture issues. 
Answer 2
Answer:

Answer:

Maximize your existing market

Your first thought when it comes to growing your business might be to attract new customers, but the truth is that your existing customers are your best bet for growing your sales. It's simpler and more cost-effective to persuade current customers to buy more from you, than to find new customers and persuade them to buy for the first time. In fact, it costs three times as much money to obtain new customers as it does to sell to an existing customer. Other sources mark this number as four to ten times more!

Creating a customer loyalty program can be a great way to keep your customers coming back. In addition, it may help you acquire new customers as well. Providing an attractive incentive for your customers to spend more money with you has long-term benefits.

Another technique to maximize your current market is to build an email list. Here you can offer customers exclusive deals and perks while simultaneously keeping your company in their minds. Email lists offer a personal touch and can strengthen your company's image.

Request referrals

Although growing your business through existing customers is your best bet, that doesn't that attracting new customers isn't a valid approach of its own right. Keep in mind, though, that customers aren't likely to simply spread the word about your business on their own. Kindly and actively seek referrals by asking your customers after every sale or service rendered if they know anyone who might be interested in your business's products or services.

Develop new uses for your product or service

Innovation is a fantastic way to get both new and existing customers interested in your offerings.

Expand your market reach

To reach more potential customers, expand your market to new locations or demographics. The most obvious ways to do this are to open additional stores in new locations and to increase your advertising range. Try marketing to different demographics. If you want to reach young people, social media may be your best venue.

Participate in conventions and trade shows

Conventions and trade shows have the unique advantage of attracting people who are already interested in the kind of service or product your offer, which can naturally impact your bottom line. Keep in mind that finding the right convention or trade show for your business is the key to success in this arena.

Take over a niche market

This strategy relies on the concept of “a big fish in a small pond.” Narrow your group of customers to those who desire a particular product or service that is currently unavailable, and then meet that need through specialization.

Lower your costs

Don't forget that increasing your bottom line can be achieved by lowering your overall expenses. The difference between pre-and post-tax money proves this strategy to be a very effective one for business growth. The most impactful ways to lower your costs are liquidating your weak products and improving the turnover of your inventory.

Take a look at your operations and identify where you can lessen expenses by automating back-of-house activities like ordering supplies or sending invoices. Be careful not to automate customer interfaces too much, as you'll lose the personal touch that many customers appreciate.

Diversify your offerings

To maximize growth through diversification, focus on similarity. Your market will typically want a particular kind of product or service. For example, if your market is the adventurous, outdoor-loving type, you might sell mountain bikes during the summer and skis and snowboard during the winter. Perhaps you could even partner with a white water rafting company and give referrals that return a commission to you.

Franchise

If your business is successful and its operations can be duplicated, franchising is a worthwhile option. Many small-business entrepreneurs have become well-known and wealthy through franchising their company.

Export your products

Like franchising, exporting requires a significant commitment of time and resources, but can be a highly rewarding way to grow your business. Reaching international markets can significantly boost your company's bottom line.

Explanation:

Hope it helps


Related Questions

COLLEGE

The Breeze trading company discloses the following information for the month of August 2016. Aug. 01: Beginning inventory, 600 units @ $5 each each.
Aug. 10: Sold 400 units @ $12 each.
Aug. 11: Purchased 1,600 units @ $6 each.
Aug. 15: Sold 1,000 units @ $12.50 each.
Aug. 20: Purchased 1,000 units @ $6.50 each.
Aug. 27: Sold 600 units @ $13.50 each.
Required:

Assume the Breeze trading company uses periodic inventory system, compute cost of goods sold (COGS), ending inventory and gross profit under:
(a). FIFO
(b). LIFO
Assume the Breeze company uses perpetual inventory system, compute cost of goods sold (COGS), ending inventory and gross profit under:
(a). FIFO
(b). LIFO
Explain the reason of higher gross profit under FIFO than LIFO?

Answers

Answer:

Periodic system: FIFO ; COGS= $11400, closing inventory = $7700, gross profit=$14000. LIFO = closing stock= 6600, COGS=$12500, gross profit=12900.

perpetual system: FIFO ;COGS=11400, closing stock= $7700, gross profit= $11400. LIFO ; COGS=$12500, closing stock= $6600, gross profit = $12900

Reason for a higher gross profit in FIFO than LIFO is some of the stock ends up not being sold as they are maybe old, out-fashioned, and obviously new trend come about everyday.

Explanation:

PERIODIC    

DR  purchases account    CR

11-Aug bank 9600  inventory 16100

20-Aug bank 6500    

     

                16100                   16100

 FIFA cost of sales  

   

opening balance   3000

purchases     16100

closing             7700

cost of sales     11400

gross profit   14000

sales           25400

cost of sales   11400

closing inventory           7700

200 units from 11 aug   1200

1000 units from 20 aug   6500

LIFO  

closing balance         6600

600 units from 01 aug   3000

600 units from 11 aug   3600

Cost of sales  

opening stock  3000

purchases   16100

closing stock   6600

cost of sales   12500

   

gross profit   12900

sales         25400

cost of sales   12500

perpetual inventory system    

  FIFA

cost of sales   11400

10-Aug   2000

15-Aug   5800

27-Aug   3600

HIGH SCHOOL

An _________ contract is an unstated or unintentional agreement that may be deemed to exist when the actions of any of the parties suggest the existence of an agreement./search?

Answers

Answer:

Implied contract

Explanation:

An implied contract is a legally binding agreement that is based on the actions or circumstances of one or more parties in a transaction.

Although it is not written down it is enforceable

For example if electronics are purchased it is implied that they must function properly, when newly purchased electronics do not perform as expected the buyer can hold the seller liable.

MIDDLE SCHOOL

What are the three main purposes of money?

Answers

Money is a unit of account, it's a store of value, and  a medium of exchange  

Hope this helps

HIGH SCHOOL

According to Salman Khan of Khan Academy, simplifying assumptions in economic reasoning

Answers

Answer:

Explanation:

According to Salman Khan of Khan Academy, he states that simplifying assumptions in economic reasoning can cause various effects. Such as it helps you clarify your thinking, as well as being dangerous due to the fact that  they may be wrong or completely irrelevant. These assumptions may also allow you to prove things based solely on the assumptions.

COLLEGE

The main difference among different types of business letters is

Answers

The main difference among different types of business letters is that how some parts of the letter are indented from the left side of the margin. Business letters are the letters that were written between two organizations, between organization and a customers and clients.
COLLEGE

Gem Industries is a division of a major corporation. Last year the division had total sales of $23,822,500, net operating income of $2,715,765, and average operating assets of $9,529,000. The company's minimum required rate of return is 18%.Required:a. What is the division's margin? (Round your percentage answer to 2 decimal places.)b. What is the division's turnover? (Round your answer to 2 decimal places.)c. What is the division's return on investment (ROI)? (Round percentage your answer to 2 decimal places.)

Answers

Answer:

a. Division's Margin = 11.4%

b. Division's Turnover = $23,822,500

c. Return on Investment = 28.5%

Explanation:

Provided information,

Total sales = Turnover = $23,822,500

Net operating income = $2,715,765

Average Operating assets = $9,529,000

Required rate of return = 18%

a. Division's Margin = Net operating income/Total sales 100

= $2,715,765/$23,822,500   100 = 11.4%

b. Division's Turnover = Division's Sales = $23,822,500

c. Return on Investment = Net Operating Income/ Average Operating Assets [tex]\times[/tex} 100 = $2,715,765/$9,529,000 [tex]\times[/tex} 100 = 28.5%

COLLEGE

A(n) __________ presents a consideration for the acceptance of a claim.​

Answers

A(n) argument presents a consideration for the acceptance of a claim.​ The exchange is usually done by people who do not agree on something and your best chance to win an argument is to present facts or evidence that can not be disputed. If your opponent is unable to present any facts or evidence or lesser facts or evidence, they will lose the argument.
COLLEGE

During its first year of operations, Kimbrough Corporation sold $14 million worth of goods on account. At the end of the year, $5 million remains due from customers. If the company estimates that 20% of the total year-end accounts receivable will not be collected, it will record a:

Answers

Answer:

Debit Bad debt expense   $1 million

Credit Account receivables   $1 million

Explanation:

When items are sold on account, the required entries are debit to account receivables, credit to revenue. If that the end of the year, $5 million remain due from customers, it means that this is the account receivable at the end of the year. As such, If the company estimates that 20% of the total year-end accounts receivable will not be collected, it means that 20% of the receivable has gone bad.

Amount gone bad = 20% of $5 million = $1 million

Required entries for this are;

Debit Bad debt expense   $1 million

Credit Account receivables   $1 million

Being entries to recognize bad debt

HIGH SCHOOL

Juan just hired his friend, Warren, to manage a team of union welders in an automotive factory. Juan worked with Warren before in a small, privately-owned welding shop. In the welding shop, Warren was the first shift superintendent, where he modestly demonstrated that he knew more about welding than anyone in the region, and he always came up with brilliant solutions. Warren knew his ideas were good, he owned up to his mistakes when he made them, and his workers successfully followed his lead, making him the most productive leader the welding shop had ever employed. However, only a month after hiring his friend, Juan is disappointed to learn that Warren is failing as a manager in the automotive factory. Warren does his job the same way he always has, but he keeps failing to follow the complex bureaucratic procedures in the factory, he repeatedly breaks the agreement between management and the union, and his workers do not listen to him. Which of the following is most likely causing these issues?

A) Warren does not possess the traits of a good leader.
B) Warren's ability to lead depends upon the situation.
C) Warren does not know how to behave like a leader.
D) Warren's employees know more about welding than Warren does.

Answers

Answer:

B) Warren´s ability to lead depends upon the situation.

Explanation:

Warren has the ability to lead because he proved that before when he was working with Juan in the welding shop. He has the traits of a good leader because as the description when he worked in the welding shop says, he:

-Learned from his mistakes

-Had good ideas

-He owned up to his mistakes

-His workers successfully folled his lead

However, he lacks of one leading trait: adjusting to the situation

Warren´s ability to lead depends on his working area, on how he can adjust to the new job.

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