Partnership is defined as the relationship of two or more people who come together jointly to carry out a business. This form of indulgence has its advantages and disadvantages;
Advantages of partnership
First of all, it makes it possible to raise enough funds tin initiate a business since there is more that one person to combine forces. In addition to that this form of business attracts many employees especially due to the fact that they are offered the incentive of becoming a partner to the business. Subsequently, there is a wide scope of knowledge within this combination since members of the partnership may have different skill in different fields hence there is diversity. (Habeeb, 2002).
Disadvantages of partnership
This form of operation gives a joint liability for the uncouth conduct of other partners. This may be unfair to others because they take responsibility of actions they are not directly involved in. A partnership also has a limited lifespan since it automatically comes to an end in the event that one of the partners dies or withdraws. Decision making is a partnership also needs vast consultation hence there are no independent decisions. (Habeeb, 2002).
Funding options for small businesses
Small businesses are able to get funding from various sources since they do not entail many legal procedures. The most common funding for such businesses is the dept funding. Entrepreneurs only need to pass a bankruptcy test before a bank may be able to give them loans to start their businesses. They only need to carry with them a viable business plan to present to the bank. Grants are also possible funding options for small businesses. Despite the widespread of dept funding, other small business owners go for equity financing where private institutions offer funds in exchange for ownership stake. Funding for such businesses may also be obtained form friends and family either as refundable or nonrefundable.
How managerial accounting can help managers with product costing, incremental analysis, and budgeting
Managerial accounting is the use of information related to accounting by managers of different departments within an organization with an aim of making conversant business decisions that translate to increased profits within the enterprise. By using previous financial statements, managers are able to vary profit margins in relation to the market trends so as to make informed choices of the best costs of products and services that would favor profit targets. These previous accounting statements may be used to monitor incremental analysis. This is because the statements may be scaled to come up with a trend which can further be used when budgeting for the future. (Jiambalvo, 2007)
The basic components of the marketing process in a hospitality outlet
I will use a hospitality outlet as an example. This business involves the provision of meals, drinks and accommodation. The various components of marketing that such an outlet must put in consideration is external analysis which includes changes in the political arena, technology, trends in the values of the society, competitors and their characteristics and the economic conditions. These studies will help the business in determining what products and services to introduce into the market and to what kind of clientele to market to. Before formulating a marketing plan, it is imperative that the business analyzes customers’ needs and demands. This ranges from what kinds of food and services in high demand to the market that fall in the bracket of its prices. Internal analysis is also an important marketing component that a hospitality outlet needs to look into while strategizing its marketing plan. It is important that it evaluates its financial and human resources in relation to its marketing budget. In addition to that, it has to analyze its performance businesswise in relation to its competitors. Amongst others are the SWOT analysis which will serve a great deal in gauging its capabilities.
Roles of technology and social responsibility in the marketing function.
An organization must show concern for the environment in which its business transactions are done and the people around it. As a result, marketers should put into consideration the interests of the society as they conduct their business since marketing is all about the image of the organization in the public arena. Social responsibility in marketing has seen organizations into supporting charitable events within the society. This is defined as societal marketing whereby marketers determine the needs, wants and interests of their target markets and deliver the preferred satisfaction in a more efficient way than their competitors in a manner that incorporates customers’ and society’s well being. (Aras, Crowther, 2011)
On the other hand, technology serves an important role in marketing functions of organizations. The most prominent role of technology in this field is customer relationship management. IT is used by many organizations to store information of its current and prospective clients. This makes them able to keep track of their customers in such a manner that they maintain clients and do not lose them to competitors. The customer relationship software is used to identify target markets, pursue them and produce quality traffic from it. It may also be used to guarantee customer satisfaction by individualizing the relationship of clients and organizations. Technology has also enhanced digital marketing a great deal. Products and services can now be marketed and promoted with the use of digital distribution channels like the internet so as to attract a large scope of customers.
Aras, G., & Crowther, D. (2011). Governance in the Business Environment. Bradford: Emerald Group Pub.
Habeeb, H. (2002). The Euro-Mediterranean partnership pros and cons: An Arab view.S.l.: Univ. Publ.
Jiambalvo, J. (2007). Managerial accounting. Hoboken, NJ: Wiley.