What Are The Basic Consideration In Organization?


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Nathaniel Hobby Profile
Nathaniel Hobby answered
The term basic consideration can refer to one of two following things within an organization.
  • It could refer to the first things a business should think about before it starts trading, this could range from a business plan and employees to an office. 
  • It could also refer to the legal term 'consideration' that is defined as the legal value in contracts as payment, this could be in the form of money, time or property/stock. 
For the purpose of answering this question I shall answer based on the first definition. Some of the basic considerations that a new company will have to look at before they begin to trade include:

  • a business plan
  • employees
  • an office and/or warehouse
  • start-up capital (money)
  • stock
  • a marketing strategy.
If all of these things (and more) are not thoroughly discussed and worked through then the company may find that it struggles to compete in its market or has no direction with which to aim its business. By taking these basic considerations into account the company is ensuring that it is as prepared as possible and has built from the right foundations from which the company can grow and begin to make a sizable profit. 

Once all of the physical considerations (employees and buildings) have been sorted it is equally, if not more, important to have a right strategy for marketing your product and selling to the right consumers for the right price. This will involve analysis and consideration of many factors, because with the wrong type of marketing or a product that costs too much, the business may find that it struggles to sell the product. 

On the other hand a good marketing campaign will ensure that the product is available to the right consumers. A business plan is also vital in order to measure the business's success against the original plan.

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