Mgt211 Assignment No. 1 solution
Tuesday, April 26, 2011 Posted In MGT Edit ThisIntroduction to Business (MGT 211)
Assignment # 01
Marks= 20
Students in nearby rural areas can not reach City College on time due to non-availability of proper transportation system. Suppose you want to start a business of pick and drop of students by purchasing a bus. Keeping this scenario in mind, please answer the following questions:
1. What will be your objective to start a business? (5)
2. Which business structure is most suitable for this business; give the logical reasons for adopting this business structure? (10)
3. What sorts of promotional activities will you perform before opening this business? (5)
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Important Tips
1. This Assignment can be best attempted from the knowledge acquired after watching video lecture no. 1 to lecture no 15 and reading handouts as well as recommended text book).
2.Video lectures can be downloaded for free from Online VU Lectures.
Schedule
Opening Date and Time
April 22, 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time
April 27 , 2011 At 11:59 P.M. (Mid-Night)
Note:
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Solution:
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1. What will be your objective to start a business? (5)
To facilitate students
profit earning
establish sound and long term business relation with cusomers(students)
provide better transport facility as compare to others.
social welfare
2. Which business structure is most suitable for this business; give the logical reasons for adopting this business structure? (10)
i think corporate socity would be best for this purpose because it is student need and welfare based bussiness and coprative socity provides cheaper facilities and hving easy n quick formation............. (dont take it bench mark)
3. What sorts of promotional activities will you perform before opening this business? (5)
it ll be according to question #2. pool resources etc
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Pc 1. What will be your objective to start a business? (5)
If I start this business my vital objective would be “customer’s satisfaction” because that’s the way through my business will grow up. But it is not possible by only planning minor or sit back and hoping to see money. But I need to couple of crucial things in my mind and act upon them. Setting objectives engage a continuous process of research and decision-making. 1st of all Knowledge of yourself and your entity is a vital preliminary point in setting objectives. 2ndly Goal setting should be the vital part of your business and is one of the major part of a good business strategy. Lots of people when they establish a business ignore to do this and in the end continuous circles achieving very little. So I must say that one should really focus on goal setting if he wants the ultimate customer’s satisfaction.
2. Which business structure is most suitable for this business; give the logical reasons for adopting this business structure? (10)
Before starting any business 1st of all we should be aware and to know various types of legal business structures that exists along with there benefits and drawbacks. If I start this business then I will choose sole proprietorship coz it is type of business that don’t need such legal entity like registering your business in local municipality. The other big advantage of this structure is to give me full control on financial place it mean I can enjoy full share of profit. And one more logic is that it is easy to form not much money or investment or equipment required for it. Usually it remain away from taxes. In this type of structure of business the sole proprietor alone is responsible for all decisions. He is free to take any decision on his own. Since no one else is involved in decision making it becomes quick and prompt action can be taken on the basis of the decision. In sole proprietorship structure the owner has full control over each and every activity of the business. As we know owner has all power with him it is possible to exercise better control over business. Business secrecy is an important aspect for all businesses. It refers to keeping the future plans, business strategies, etc. secret from outsiders or competitors. In the case of sole proprietorship business, one is in a very good position to keep his plans to himself since organization and control are in his hands.
3. What sorts of promotional activities will you perform before opening this business? (5)
Advertisement has become an important part to promote any sort of business so I will also not stay behind from it. But one thing also need to keep in mind that I am also going to form a business establishment that require some investment so I must keep on eye on low cost advertisement activities. Such as
Brushers : I will spend some of the my budget on Brushers to tell people that I am going to start this business so more and more parents adopt my pick and drop service for their children.
Local Cabal Network : when I wish to promote this business at local area especially at cheap basis then there is nothing better use local cabal network as a key for advertise my business.
Internet : If my budget supports me to do advertise more than I should not hesitate to open a website of my business.
Hiring Qualified Service : Most important thing is that no one should deny my business and should not give wrong feedback to do this I should hire such drivers who know enough about road sense and rules.
