Basic aspects of a business
- November 9, 2021
- Posted by: seyiolaoye
- Category: Business
The basic aspects of a business are:
1. Branding is the practice of creating a name, symbol or design that identifies and differentiates a business and it’s products/services from other businesses. It is the way people perceive your business, the impression and image you create about your business.
Basic elements of branding:
a. Name and style.
b. Trademark and design.
c. Impression and reputation.
2. Sales and Marketing are the sum of activities taken to promote the buying and selling of a product or service. While sale is the exchange of a product or service for income, marketing is all the process that lead to sales.
Basic elements of sales and marketing are:
3. Customer service/care is the aspect of business that focuses on taking care of customer’s needs and ensuring their happiness – before, during and after customer’s requirements are met. Customer care is any activity aimed at customer satisfaction.
In order to achieve customer satisfaction, it is important to understand the different kinds of customers, which are:
a. Low price seeking customers
b. Sophisticated customers
c. Difficult customers
d. Affluent customers
4. Legal aspect of business is centered on the laws that regulate business activities. It focuses on compliance and legitimate dealing in doing business.
The legal aspect of business includes:
- Registrations and compliance with business regulatory bodies
- Obtaining approvals, licences and permits for doing certain business
- Agreements and contracts that bind business relationship
- Business protection