Creating, Financing, and Marketing a Business - Essay Example

ID Lecturer Creating, Financing, and Marketing a Business Thoroughly identify the pros and cons ofthe partnership as a form of ownership. Partnership can have advantages because it asks of the partners to bring in capital at their free will and therefore reap profits according to the investments that they have made. The negative side is that if one of the partners winds up or decides to take away his capital, the whole business suffers as a result. The pros of partnership as a form of ownership therefore bank on the solidity of the linkage that exists amongst individuals and which can essentially bring in the desired results for both the business and the partners involved.

On the other hand, the negativity creeps in when a few individuals (partners) have their ulterior motives and want to do something totally out of the blue, which is not in line with the business agreements. This is when the ownership premise hits the rock bottom and thus the basic functioning ceases to exist. Hence what is required is a balance between the pros and the cons that arise out of the partnership principle as it is understood under the aegis of ownership within a business that wants to achieve success with the changing times.

Otherwise it will simply fade away and the partners would disband sometime in the future. 2. Thoroughly discuss funding options for small businesses. The funding options include bringing in capital from different partners or seeking investments from a sleeping partner, which would essentially mean that this partner will have an executive role and his profits will be given to him directly. Also there could be investments made from the funds that are allotted through loans taken from banks and other financial institutions (Kelly & McGowen, 2012).

The funding mechanisms for a business often depend on the ways and means through which the stakeholders and the senior management decide the course of actions. This will eventually shape up how well the funds are allocated and what other essential requirements are needed by the company under consideration. Since the business is small, it is imperative that the small size does not limit the smooth flowing in of cash. It will demean the very basis of the business and bring issues of magnanimous effect, often curtailing the kind of work that is being done within the company.

What is required therefore is a comprehension that the small businesses have to make both ends meet through proper funding mechanisms. And these can only be ensured when there are adequately sound funding strategies and actions in place. This will manifest growth and success within the basic architecture of the business all said and done. 3. Thoroughly determine and discuss how managerial accounting can help managers with product costing, incremental analysis, and budgeting. Managerial accounting helps the managers by assisting them in details related with price analysis, product costing forecasts, incremental ratios and budgeting scenarios.

It tells them where they are going wrong and what corrective steps they need to take in order to bring about sanity within their managerial capacities. Since managerial accounting has been drafted in such a way that it assists the managers in more ways than one, falling short on this count has always meant a great deal of problems for the managers themselves. This is the reason why managerial accounting has been seen as a major step in the right direction as far as product costing; incremental analysis and forecasting domains are concerned.

This is manifested by budgeting implications and how these play their significant role at detailing the day to day operations of the managers. In essence, managerial accounting has been helpful since managers can always go back and check for details that are related with their undertakings. It gives them the edge to stay one step ahead of their realms and conduct their own selves in proper professional accordance. Therefore a good use of managerial accounting will always provide support to the managers as they aim to break new grounds within the organizational working basis. 4. Thoroughly discuss the basic components of the marketing process using a product or service of your choice as an example.

The basic components of the marketing process for Kellogg’s include its product analysis, the price domains, the placing issues and the promotional angles. All of these focus on how well the marketing is going to be done for Kellogg’s if one sees it as a product of choice here. Kellogg’s’ marketing depends a great deal on how the organization behind it has planned its selling process towards the intended target audiences. This will set the basis for reaching out to the right mix of people without any wastage whatsoever.

It also provides the marketing team an opportunity to zero in on what they want to concentrate upon and where they want to highlight their products on a regular basis. The product is important because it will set the basis for repeat sales with the passage of time. It will be dictated by the packaging of the product that Kellogg’s is selling, and the price quotient which remains ever so important in bringing about a sale. Then again, the premise of promotion is significant since it dictates how the consumers would be hit and what kind of message is being sent their way in order to make them go to the store and purchase the cereal. 5. Thoroughly discuss the roles of social responsibility and technology in the marketing function.

The social responsibility discussions have emanated from the organizational duty to do some good towards the cause of the people at large. The technological domains within the marketing function only allow it to progress and make it bigger and better than it was in the past. Hence the two combine to bring a number of positives for the marketing function of a business. Social responsibility is the key within the marketing function because it creates an air of understanding with the society that the marketing process of an organization is doing something worthwhile for the people and hence more votes are in favor of it in the long run.

On the other hand, having a good enough incorporation of technology is similarly quintessential because it dictates where the marketing can have an edge over other competitors and how fast and effectively it can reach out to the intended audiences. The two (social responsibility and technology) therefore have a very huge role within the marketing function as has been established over a period of time. The future holds strong for both of these facets as businesses are growing and expanding left, right and center.

References Kelly, M., & McGowen, J. (2012). BUSN4 (4th ed.). Mason, OH: South-Western Cengage Learning