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Variables in a Organization

In: Business and Management

Submitted By fitzgerald
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Variables in an Organization
Letura Stitt
RES/351
November 20, 2012
Dr. Leo Magneres

Variables in an Organization In this instance, the term variable is used as a synonym for the word construct, or the property being studied. (Cooper & Schindler, 2011) There are many factors which need to be kept in mind before starting a business or an existing business. To succeed in a business, the owner must adhere to the following terms:
Knowledge and Experience
The owner needs to be aware of the type of business he or she is intending to start. Having knowledge or expertise about the service or product is the key to a successful business.
Market/Demand
Knowledge of the intended market and the current demand is needed in any type of organization. An example of a marketing strategy is to know if the product is a domestic item or international item.
Costs
Correctly assessing total costs for start-up and functioning in a business is an important consideration.
Financing and Capital
Financing and capital are the next steps to consider after total costs are applied. How he or she intends finance the business will be the next step for the owner.
Competition
Information about the intended market needs to be sought only in the case of competition. It is not needed in a monopoly situation. With a competition based organization, the market demand and supply gap needs to be considered.

Location
Finding the right location is strategic and important for an owner starting a business. This is also important with an existing business.
Laws, Rules, and Regulations
Many states have different laws, rules, and regulations on the local, state, and federal levels. Non-compliance of statues can be a costly mistake and result in huge penalties and fines.
Return on Investment
Return on investment is calculated as net profit divided by the investment made.…...

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