Top Aspects That Need To Be Included In Any Business Theory
Define the business' purpose. This is why the business exists, what it does, and how it is done. Use this evaluation to state beliefs, strategies, and assumptions based on current data.
Identify social factors that will affect the company and how it works. This includes client demographics such as lifestyle, income levels, home ownership, etc.; government influence, such as stability, laws, regulations and taxes; region that products or services. Follow the trends and patterns that can affect business growth.
Define your market. List what your products are, how they are sold, and how they are advertised. Define why your customers buy your products, and what is unique about them within their market. Define methods for pricing products, so that maximum profits are achieved.
List who you customers are, such as homeowners or renters in urban areas in rural locations, income levels, and who decides purchase products. List the reasons for the customer to buy, this requires some market research to discover. Discover what other organizations are helping to promote their products, such as certification agencies or government agencies and where they are situated.
Finally, discover and list out all the technology that makes your product possible. This starts at the planning stages of the products and goes through to the consumer purchasing them. Design models, manufacturing equipment, equipment used to deliver services, and how the consumer purchases the product, such as at a store, online, or other method.
These definitions give an idea of how the business operates today, and if it uses all its assets to its full potential it can be successful. If at any time, it is found that the assets are not used, a new model using all possible benefits must be stretched and engaged. Only by using all the tools to its best advantage will a company can succeed.
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6 sigma is a process used by numerous companies to increase productivity and employee performance. To learn more on the topic go to www.sixsigmaonline.org. Here you will find information on lean six sigma, as well as the different belt levels and more.