Intro to Business
March 17, 2013
March 17, 2013
Identify the pros and cons of the partnership as a form of ownership.
Partnership businesses are businesses that have more than one owner that profit from the business. There are several different types of partnerships.
* Unlimited partnership: partnership where you are responsible for both your mistakes and your partner’s mistakes.
* Limited Partnership: includes at least one general partner that manages the businesses and one limited partner that contributes financially but gives up the right ...view middle of the document...
Another option would be to ask family and friends to help. You could borrow the money or ask for donations. Loans from banks are another option. As long as you have the credit to assure them you will pay it back. Some other ways of funding a small business include but are not limited to “Angel Investors”. These investors invest in companies just starting out with the intent to make money themselves. And you have “Venture Capital Firms” who look to have a share in ownership. (McGowen, 2012)
Determine and discuss how management accounting can help managers with product costing, incremental analysis, and budgeting.
Management accounting is a branch of accounting that provides reports and analysis to managers to help the make good business decisions. They have three main responsibilities.
1. Product costing: it helps the company to determine the costs of a product.
2. Incremental Analysis: analyzing the many options of production to help make an informed decision on the production of goods and services financially
3. Budgeting: helps to see what the financial plan is for the company that shows how the company will achieve its’ financial goals.
Discuss the basic components of the marketing process using a product or service of your choice as an example.
There are roughly ten different components to the marketing process per Michael Fleischner, the founder and President of Marketscooping.com. These are Marketing Research, Target Market, Product, Competition, Mission Statement, Marketing strategies, Pricing, Marketing goals, monitor your results.
A company or business that I chose is Toys R Us. Toys R Us’s target market is children of all ages. There...