Introduction to business Assignment Example | Topics and Well Written Essays - 500 words - 1

Introduction to business - Assignment Example As indicated above, the environment of a business is dynamic and most noticeably complex. Therefore, these environmental aspects are considered crucial to a business, because they have an impact on the growth of business and generally, its survival in a competitive market. These aspects are not only critical because of a business’ survival in the market, but also because they are a gauge against changes in the market. These are changes that may be technological or economical in nature such as recessions or bank interests. When an organization is able to detect these changes, it becomes easier to adapt or work on how to evade any undesirable results. Business adaptability is crucial in a competitive market, and businesses that are not able to adapt to change soon operate on losses. According to Goodman, Ladzani, Bates, Botha, and Vries a market is defined as a place where trade takes place and based on the participation of sellers and buyers. Sellers and buyers participate by trading in goods or information. In my opinion, this definition is simple and based on the physical location of a market. However, today’s markets are rather different and more virtual rather than physical. An excellent example of this is the internet, which is now a large market and one which is most liquid. In defining the market, it is crucial to also mention that the market is not only focused on products and services, but also satisfies the needs of customers (Goodman, Ladzani, Bates, Botha, and Vries 16). In my opinion, the most appropriate way of defining the market is to think about the needs of customers before making any other business related move. After this, the next best step to take is to identify the products which meet the customer needs. In the contemporary society, companies use marketing tools to convince the buyers to buy goods from the market. The nonprofit organizations use the marketing tools to encourage buyers in the market. Hence, in