This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
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The decision making process
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As a business owner or manager you are going to be making decisions. The process of making decisions involves planning, implementing decisions and putting controls in place to enhance decisions. Before any business action can be carried out a plan has to be made. This plan will stipulate the objectives of the business and strategies that will be used to achieve the objectives. For a plan to be more realistic, it is always good to look at the performances of the past so as to be able to predict what can be achieved in future. Long term plans must be made and broken into short term plans.
After objectives of a business have been stipulated, a business owner or manager will have to evaluate various possible medium (strategies) of achieving the objectives of the organisation. Reliable information should be used, so that the best option is chosen. After the strategy needed to achieve the business objective has been chosen (a decision has been made) then the strategy should be implemented, thus you will be implementing the decision you made. In terms of control, the actual result is compared with the expected result to observe variances periodically, thus enabling a business to revise its objectives accordingly. Keep checking my blog regularly. Cheers!
Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.
For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.
Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…