Business

Coke differentiation strategy is for development of product (soft drinks) and services (delivery) to offers unique feature & attributes.

Value Addition in features helps a company to offer a special price for it. Like when you buy mineral water is cost you less but when you buy vitamin water, its price is little high. This higher price is to Cover Company’s cost that usually doesn’t cover from routine priced products.

Customers surely pay when they don’t have any alternative for you.

Coca Cola maintains their differentiation from other soft drinks by spending more than 20% of their advertisement budget to only differentiate their product. It has positioned successfully with following standards

• Corporate repute for innovation and quality
• Communication of product strength perceived by users
• Enjoy & fun symbol

Why this definition, Coca-Cola has unquestionably chosen a differentiation strategy. This has always been Coca-Cola’s strategy since the early days of the company’s life as evident by Woodruff refusing to match Pepsi’s 6 cent 12 ounce bottle. (Pendergrast, 2000) Coca-Cola hopes to isolate their competition away from the market by creating a strong, brand loyal customer base.

This strategy is a good choice for Coca-Cola, however it can be detrimental if they are not careful. A couple more years of slipping market share may take Coca-Cola into the Stuck-in-the-Middle category of which it can be very hard to climb out. There is a fine line between being confident in a company and being content.

Coca-Cola better is careful that they do not mistake confidence with being content as their overwhelming success over the past century could and very well may lead to ignorance of their current situation.

Therefore if Coca-Cola wishes to not only exist but also prosper in the future, a much stronger concentrated effort toward a differentiation strategy will prove to be highly beneficial.

Every running business is backed up by various shown and hidden functions helping it generate sales and earn revenues. These Business functions or tasks usually vary in different businesses but overall they are the same from production to qualify sales.

10 Different Types of Business Functions

If you are new to the business world and thinking to start a profit-generating business in your area or somewhere in the world, there are many but 10 most important things to consider when starting a new business. Once it is started, the next step is to perform functions.

Creation and Distribution of Utilities

Business involves the creation and distribution of goods with the object of earning profit. A businessman conducts this process for his own interest. It also includes the mining, communication process, and transportation functions.

Planning and Controlling Function

It is one of the most difficult business functions in the business undertaking. It is largely concerned with the determination of policies for plants and following them through production. Any divergence from the target may affect the function to be performed at the next stage. 

Technology and Engineering Function

The engineering department in large technical industries advises the supervisors on technical matters. Research, development, and designing of the product function are often performed under the engineering department.

Finance Function

You do everything to be Financially Independent and this is the most important function in the private enterprise by which all the activities are conducted. The funds are in the custody of the treasurer who is liable for all types of payments belonging to money. Credit control, purchase discounts, wages, and loans are also financial functions.

Manufacturing Function

Manufacturing is primarily concerned with the conversion of raw material into finished or intermediate. In other words, it is the creation of form utility. The manufacturing process may only involve the changing of the nature of the material, as this function is done in refining or chemical industry, But really it includes both the changing of the nature of the material and its form as it is conducted in the steel industry.

Personnel Function

The personnel function is conducted by the personnel department which is also categorized into 3 subcategories and named as Human Resources Department, Personnel Management Department, and Industrial Relation Department. Usually, the following functions are centralized by this department:

• Organization
• Establishing policies
• Staff development as promotion policies, training program
• Remuneration (i.e. job evaluation, grading, merit rating, the establishment of wages, and salary structure.)
• Relationship scheme through trade unions, counseling, etc.
• Casting and budgeting
• Record Keeping

Accounting Function

Businesses understand accounting importance, So, they hire an accounting department to perform professional service. The accountant or chief accountant is in charge of this department who conducts and supervises the financing, accounting, budgeting, and costing activities; regarded as one of the tools of administration.

Purchasing Function

It is one of the highly important functions in a manufacturing organization. There are several specialists in their respective fields in the purchasing department who also increase the efficiency of work and help to maintain reasonable prices of the product. The purchasing function is closely related to sales.

Sales Function

It is the productive function of business that is generally performed by the sales department. It involves the transfer of ownership of goods from one hand to another in exchange for money.

Sales function also includes grading, where housing, transporting, sorting, collecting, and packaging matters. These sales functions are performed with Modern & Traditional Selling Techniques.

Organization

The organization is generally regarded as the grouping of activities in a coordinated manner with a view to obtaining maximum benefits. In the words of Richard “Organization is the structural relationship between the various factors in an enterprise”.

According to this concept three factors of an enterprise i.e. Men, Material and Management are combined to attain the objects of the business. So the organization is the relationship between the various objectives and factors.

Some writers prefer to the word ‘organization’ to the individuals functioning within an organizational unit as well as to the whole functioning. However, it is advisable that organizational changes should be made according to changed circumstances in order to meet the present environment.

Thinking to start a business in your town, city or country? Its your first try and have no experience on it? Failure fear? Market Trends? and lots of other questions you may have in your head.

No worries! Every successful entrepreneur was once a striving for success. The same way you can be successful. If you have any of Entrepreneur Characteristics in you, you can brand yourself either today or tomorrow.

10 Most Important Things to Consider When Starting a Business

Let’s dive into the discussion of what things to consider when you are going to start up your own business. These may be more or less depending upon your business plan and idea.

However, these 10 factors are essential when starting a business. People from the United Kingdom may get benefit from starting any of these Small business Ideas.

Product Demand

Before starting a business, the market is surveyed to know which goods are in demand. The businessman also selects a business which is suitable to him and which he can organize well.

Size of Business

The businessman must keep in view the volume of business. He decides whether he has to do business at small scale or large scale. He may limit his business at the local level; and by adopting the business of a wholesaler, he can extend his business to other market.

Form of Organization

After deciding the size of the business, the businessman has to plan the form of organization. He decides whether he has to start the business as a sole proprietor, or as a partnership, or in form of Company.

Suitable Location

Suitable location facilitates business and guarantees its success. The premises where following facilities are available are considered best for business: with sufficient supply of raw material, an easy approach to the market for the sale of goods, water, power and quick means of transportation and protection against risks and accidents.

Concession from Govt

In some enterprises Govt. allows some concession or rebate income to X or in excise duty. In some kinks of business import and export policies are lenient. All these concessions are kept in view before starting a business.

The Arrangement of Capital

Capital is arranged according to the size and bulk of the business. Even after the business has Started capital is required for the purchase of raw material and for the payment of wages and taxes and for miscellaneous, purposes. Capital is arranged keeping in view all these requirements.

Business Policy

Policy is framed before the actual commencement of business. Determination of method of payment and receipts, formula and technique of production are most essentials for the successful business. Future prospects are to be regarded according to the rate of growth. Anyhow policy generally depends upon the nature of business, rate of profit and situation of market.

Availability of a Administrative Personnel and Skilled Workers

If machinery is arranged in business, skilled personnel are also employed to run the machinery and the administration. The owner should be capable of personnel management to adjust Qualified persons engaged in right part of a business which is to be conducted on the right lines.

Availability of Labor

Laborers are the back-bone of a business. Before starting a business the area is surveyed to know whether sufficient labor is available or not; In order to reduce the cost of production, the local rate of wages of labor is also kept in view. It is better to start business in an area where the wages are low.

Means of Transportation

Developed means of communication and transportation are essential for business. These means help to bring raw-material to the factory and also help to transport finished goods to the local and other markets. If these facilities are not available the cost of production will increase, and the business will suffer.

A warehouse is a place where different goods are stored or accumulated for a temporary period. It created time utility for supply chain management. The need for warehouses arises out of the lack of adjustment between times of production and times of consumption of goods.

At present time the goods are produced for in advance of demand. So before the goods are short in the market, they should be stored.

It is the warehouse that stores the goods from the time of production to the time they are sold. In this way, through proper warehouse management to take maximum advantage of it. Businesses remove the hindrance of time between the places of production and consumption.

Uses and Importance of Warehousing

Many goods are not produced regularly at the point where they are wanted for consumption and they must be stored from the time of production until they are wanted by the consumer if they are to be used in satisfying human wants. Goods produced at a distance from the consumer must be transported to the consumer.

In order to ensure an even supply, a stock of such goods must be maintained near the consumers as protection against delays and uncertainties of transport and to permit transport in economical units.

Many agricultural goods produced seasonally are supplied to consumers more or less evenly throughout the year. Grain, Cotton, Tobacco, and Sugar furnish can be stored for several years without any deterioration. The demand for some products is irregular. In such cases, storage may be called into use so that production can be more regular.

If factories producing such goods are to be operated throughout the year, the goods produced in the “off months” must be stored until they are wanted by 1he consumers. Storage involves expense, but much expense is often less than the extra cost of providing buildings, machinery, and labor to produce seasonal products as needed.

Moreover, production and transport may be interrupted by fire, flood, strike, cold, or storm. Storage is a safeguard against such risks. It offers facilities to the traders or merchants to get loans from the credit agencies on the goods stored in the warehouse. The credit agencies will be in a position to give loans by the transfer of warehouse receipt, which is a negotiable instrument of title.

It offers goods facilities for the transfer of ownership of goods warehoused therein without the actual transfer of goods simply by transfer of warehouse warrants with the endorsement of the owner thereon. It removes the hindrance of time which would otherwise be involved in obtaining possession of the goods from the places of their production

Types of Warehouses

Public Warehouse 

It is operated in accordance with the law for the purpose of storing goods for other people at profit. Sometimes a large arrives in part when it is not convenient for the importer to take it into his custody.

During such periods these goods have to be stored somewhere. Similarly, even in trade, they have to be stored between the time they are made and the time they are required for use. A public warehouse provides facilities for storing all such goods. It thus renders many useful services to the trade.

It enables smaller sellers to carry regional stocks. This factor is very important in competitive markets.

Private Warehouse

This type of warehouse belongs to the owner of goods, usually a wholesaler, who stored his goods. There in order to supply to retailers in future. Goods are produced in large quantities in anticipation of future demand and for unknown customers. The ultimate wholesaler finds it necessary to purchases goods in advance in large bulk and to store them for future supply.

Bonded Warehouses

It is one that is licensed to accept imported goods for storage before payment of customs duties. By storing his goods in a bonded warehouse the importer gains some control without paying the duty. The goods in bonded warehouses are under the strict supervision of customs officers and before the owner can interfere with them, previous permission is necessary.

Government Warehouse

This type of warehouse is mainly located at the important seaports and in most cases is owned by the Dock Authorities. The general public can also use this group of the warehouse on payment of fixed charges.

If a customer cannot pay the rent within the specified period of time, then the authority can recover the rent by disposing of the goods.

So, you are planning to start up a business. It is a great idea. But you maybe not sure how to start a small business at home? There was a time if you wanted to start your own business, you had to grovel to your bank manager, have something extraordinary to sell, and then try to persuade real people to buy it, and then you had a market value in the world of business.

But that was before the internet era when there was no email, no social media, and no CRM software. Now a day, modern technology turned the whole world into a global village. All you need is to have good business communication skills.

Social media and marketing automation now dominate our lives. Today, for home-based, cheap and successful small business in UK; a decent business idea with internet connection and devotion to work is enough.

United Kingdom, UK, is one of the major economies of the world. It drives economy of many other countries as well. Real estate, manufacturing industry, and service industry are the contributor to GDP of the country.

After Brexit and other global economic events, the country is growing again and its change in GDP 2.3% is really a good indicator. So, this is the time for entrepreneurs to go through the most promising business ideas from home which are forecasted to make money in this market.

Homongous Successful Business Ideas in UK

For better understanding, we will categorize these businesses into different categories to answer your question what is the best business to start from home? If you are a female and want to have a startup, we have listed business ideas for women with low investments here.

IT business ideas; online business ideas

1. Bookkeeping Services

If you are good with numbers and take an interest in accounting. Then check out some free to use accountancy packages to offer bookkeeping services. Accounting is important to businesses, there is huge potential to provide these services at competitive pricing. You can use cloud-based wave accounting or open-source Gnu Cash.

2. Virtual Assistant

Perhaps the most lucrative assignment you can choose today. You can get your clients through sites such as Upwork, Fiverr. Choose clients, rates, and the working hours that work for you.

3. Social Media Consultant

The new marketing place is social media. Facebook and Instagram help you to grow beyond boundaries. You can get complete professional courses with recognized certification through Twitter, Google, and Youtube.

4. Affiliate Marketing Work business ideas

Do you want to earn money for doing absolutely nothing? Yes, it is possible by promoting somebody else’s product and services. For this work, you need a blog or website with good visitor statistics. And that is the tricky part.

5. Review Products Professionally

For this, make a profile on freelancing websites and offer your services as an “influencer” by leaving a review in exchange of money. The alternate way is to build your own website or blog and review products there.

6. Remote Secretarial Services

If you have excellent communication skills and you are well- organized then you can offer your services as remote secretarial services. This requires you to book a meeting, organize calendars, reply to emails, compose presentations, and answer phone calls.

7. Ebay Affiliate Business Ideas

In this commissioned base home business, you will need to work hard to sell other people’s stuff on eBay and take your commission.

8. App Developer

This is the internet business era. In the world of internet, new apps come out every day. This is the market of the future. For this, what you need to do is;

• Create your app
• Come up with a decent marketing orientation

This business won’t need to invest much money to get started but yes; it requires your time and effort.

This requires a little bit technical knowledge.

9. Be a Business Plan Designer

There are plenty of people who have resources and ideas but they do not have clue how to present their concepts to appeal potential investors. This is a good option for you if you have an MBA-type qualification or you have owned your own business.

10. Freelance Copywriter

Every organization needs some employees to write for them. Now the internet makes it easy for employers to hire someone hourly beside on regular salary package. So, this need opened up millions of opportunities and you could be the one to provide them.

Get started with a website and create an online portfolio. If you do not have a portfolio then create one by working for free then showcase your work.

11. Blogger and Vlogger

If you have any passion or interest like sports, crochet, app development, fitness, or beauty. You do not need to write or talk about it. You can make videos and promote your site on social media and other types of advertising.

You can make cash by selling your items, advertising space on your blog and vlog, and reviewing products.

12. CV writer

Everybody wants a new job and for this they need a professionally written CV. If you can comprehend what employers are looking for, and then you can write CV accordingly then you can earn money.

Get started with a website or register yourself on freelancing sites like Fiverr, upwork, freelancer etc and promote yourself also on social media like Facebook, youtube, and Instagram.

13. Photograph Selling

If you are a professional photographer or have an interest in photography then you can make money by selling your pictures on photo-selling websites. Gettyimages.com and flicker.com are the sites where you can establish yourself.

14. E-commerce Business Idea

You want to sell your products but you cannot afford an actual shop. Set yourself up online and sell all over the planet, read more about cloth selling here.

15. Travel Planner

If you are well organized then this is good for you. Many people have ample money and love to travel. But due to shortage of time they cannot make arrangements of traveling like flight booking, hotel, and car rentals.

With an eye for a bargain, you could make a living as a travel planner to people who are cash-rich and time-poor.

16. ebook Writer

If, you are knowledgeable on a particular subject and you can write a short book about it. Then write it and publish it on the Kindle store.

You can sell your book online here or on Amazon and other sites.

17. Online Clothing Store Business Ideas

The online clothing store is an $80 billion-a-year business. However, starting a successful online clothing store is not just buying a domain and placing an advertisement.

Step one chooses a niche for your site that has earning potential.

Step two is; you have to decide about the products you are going to sell. Because the clothing market is almost infinite so be specific. You can try Ladies, Kids or Gents clothing and start with either winter or summer collection suits.

Step three is to focus on your end goal. This will enable you to implement new trends.

Step four: Outline your business plan for further implementations. Outline your market, your potential shoppers, your products, and list of your competitors.

Step five: And the most important step is to bring traffic to your newly launched online clothing store. Social media marketing is effective and biggest traffic drivers.

Food Related Small business Ideas

Life is becoming very fast and new trends highlight the increased demand for street food, fast food, and plant proteins.

18. Street Food Business Idea

Food trucks selling Indian food with zingy vegetables and drizzled in chutney or Italian Pizza and Pasta could become a common sight. Fasten your seat belt and set up your own street food van.

19. Health Food

People are concerned about their health and they are exploring alternatives to staple foods. This is the time to start a health food business that stands out.

Cleaning Related Small Business Ideas

In UK, half a million people working in the cleaning industry and its worth is around £5.6 billion. It is a competitive industry but think about areas you are interested in and can start a business around it.

20. Windows Cleaning

If you have interests in it then go for it. New equipment for window cleaning made this work easier and now you can work from the ground.

21. Carpet and Sofa Cleaning

Carpet and Sofas always need cleaning. People may turn to a carpet cleaner to get their sofa and carpet look tip top.

22. Car Washing

People love their cars but do not have time to keep them in tip top condition. A mobile car wash business could capitalize on this.

Home Based Creative small Business Ideas

23. Furniture refinishing business ideas

People who love art and a little bit of old school in their lives. They want to refinish their vintage furniture with a touch of modern design. Pick up old furniture and do it up and then sell it.

24. Baking Retailers

You can bake cake according to the desire of the people and sell your awesome creations.

25. Event or Party Planner business ideas

If you are well organized and can keep minor things in the record then you can become a successful event planner. 

Obviously some of these home-based small business ideas have more earning potential than others. These works may help you to earn part-time or on weekends. Explore your talent and interest and then plan what kind of business suits you and help you to grow in this technical era.

Nature is diversified, so the humans too. Humans tried to be economically prosperous by using different art and tricks of business. In ancient times they use to adopt hunting, fishing and farming and crops to survive economically. They often use a barter system in this regard. When there are prosperous times in economy & business so does depression/recession exit also, whether look at the lives of humans in 11^th century or whether of today we find a business cycle in every era.

In all Phases of the Business Cycle, businesses face different things. Sometimes they are busy and making hundreds of dollars and sometimes spending from the capital. All the phases are backed by factors affecting

Causes of Business Cycle

There are two types of factors affecting the business cycle,

1) Internal Causes and

2) External Causes

A combination of both or any of the parent or child cause may effect.

Internal Causes of Business Cycle

Psychological Causes

Business cycles are also caused by psychological causes. In the business circle, two schools of thought exist. Optimistic & Pessimistic psychology of entrepreneurs. Optimistic thinking towards business and development brings more employment, profit, demand, and boom in the national economy. Pessimistic psychology relates to negativity about business investment which brings unemployment, loss in business, and less demand of products.

Economic Disturbances

A business cycle always occurs when the rate of capital goes down. Similarly boost up in the economy can be measured when the rate of capital goes up.

Another factor that causes the business cycle is the interest rate for business loans. When a heavy interest rate is introduced by banks ultimately it creates a hurdle in economic peak.

Lack of Investments

During the phase of depression and trough lack of investments towards business can be observed. The same situation can be seen in wars, national disasters, and climate changes in a country. When there is less investment in business ultimately can be the result.

Public Demand and Supply

In the economic prosperity phase, a balance between demand and supply can be monitored. The business cycle arises when there is less demand for products from the public and excessive supply is available. If there are more demand and less supply from producers it also causes inflation.

External Causes of Business Cycle

Political Changes

An economic cycle can also appear due to political change in a country. By the change of government, new leadership plan and implemented new policies best suited to their interest and usually avoid the continuity plans of the x government. This change caused a great setback for the national economy as well as a loss of money and honor at the international level. This practice can be observed in the U.S.A, UK, Germany, and other countries as well. After the end of the tenure of PPP in 2013, the newly elected government avoid any existing plans of the x government, the same case is with India & United States.

Wars

Wars are also an important factor in the business cycle. During War times most of the national revenue is used in the manufacturing and purchasing of weapons, and war materials. That’s why wars are called freezing times for the economy of any nation. They throw a nation back to 10 years of its economy.

Post War Rehabilitation

After wars, it may take 10/15 years for a country to rise up again economically. In first and second world wars participating countries like USA, UK, RUSSIA, TURKEY, GERMANY, ITALY, SPAIN, CHINA, AUSTRIA, HUNGARY, FRANCE wars caused a great loss to the industry, agriculture, transportation, housing, and humans too. After the war years, a nation has to rehabilitate itself by using its available economic resources. In these situations, the national economy is overlooked, and rehabilitating the country becomes the utmost priority of government which caused a setback to the national economy.

Natural Disasters

Natural Calamities like Floods, earthquakes, droughts, and hurricanes also caused the national economy to go down. A nation may face agriculture destruction or loss in production in floods, destruction of business and infrastructure in earthquakes and may have to spend more on importing the eatables in drought phases.

Natural calamities take a long time to cover up from. They may also cause a business cycle of recession or depression due to much expenditure on rehabilitation.

New Trends in Business

Due to the good and bad, rapid and new trends in the international market, a nation may face a business cycle. The era of 1990-2017 can be viewed as an example to check and analyze the advancements in the field of Mobile Phones and Information Technology. By the changing of the business market and trends users also change their lifestyle as per the modern trends.

With the arrival of new trends in business, no one can not overlook the current demand of time, they have to pay and invest in that specific new market so as to meet the needs of global economic trends. This new investment can also be the cause of depression for a national economy.

Population Expansion

The business cycle can also be seen in the countries having a rapid expansion in population. Due to the increase in population, it becomes almost impossible for a government to provide the basic necessities to the citizens. When there is an immense increase in population, ultimately demand edibles, clothes, and housing arises. Developed countries can be the example, where a majority is living; they’re below the average, unemployed or working on the lowest wages, living on roads, have no food to eat not even the basic medical and educational facilities. In this situation, the economy has to bear a difficult time rising up again.

Weather & Climate Changes

Trade cycles can also occur due to the change of weather or climate in different parts of the world. Agricultural countries can be the victim of the business cycle due to the sudden changes in weather. If the heavy and unexpected rainy season starts in summer, ultimately it will result in low wheat production. The economy relies on agriculture which has a 70%  share in the economy.

In contrast to summer, the winter season is called the recession/ depression phase in Europe because due to the worst season businesses get a setback, laborers are affected the most, they are fired or are offered limited jobs in that times in lieu of low wages. Supply of raw material to businesses got late due to the odds of weather and transportation issues.

Business are fundamental elements of the economy globally. They play their part to strengthen the economy of the state. Business can be small to large size, an example of a business can be a home industry to a farmhouse, a clothing brand, automobiles company, fan industry or a hardware industry. All kind of businesses faces ups and downs during their life course. They may face ups and downs, then fall and rise again, This is what we call Phases of Business Cycle.

When this kind of ups and downs occurs in many businesses gradually, an economic cycle can be monitored backed by Internal and External factors affecting it. More than 10 causes of business cycle are the core reasons for uncertainties in the market.

Types of Business Cycles

There are two main types of business cycle

1. Classical Cycle which defines ups and downs in total production
2. Growth Cycle which refers to fluctuation in the growth rate of production

Features of Business Cycles

Business cycles are actually considered as a guideline for the national economic strategists. Small size companies even large size businesses too bother about business cycles while they are planning for a specific new economical strategy. They decides whether to hire new workers in peak times or use existing staff for overtime, or to lay off the existing staff in trough phases, because in these phases unemployment and inflation may increase.

Phases of Business Cycles

In business environment basically two phases are dominant, which are Prosperity & Depression, others phases are Expansion, Peak, Recession, Depression, Trough, and Recovery.

Expansion

The very first phase of business cycles can be termed as an expansion. This phase is considered favorable for employment, daily wages, debtors, profit increases, investment and for sales and goods services. A businessmen may invest in a new project or start construction of a new company,  debtors may pay their debits and save their money in banks,  employees may start construction for their homes.

Peak

Second phase of business cycle is the prosperity phase in business. At this phase national economy achieve its highest position or peak and maximum growth is achieved. Manufacturers started manufacturing all the usable products for society and consumers are facilitated in this regard. In this situation investment in different businesses increases rapidly.

Recession

Recession is the third main phase of business cycle. In this phase a gradual fall can be measured in product prices, employment, investment and  income. Due to the lack of information about market trends and consumer demands  manufacturers keep on continue production of products like automobiles, machinery,  other sales and goods. In this situation consumers did not buy the products, excessive products are available in market and are still continue to supply. Gradually prices of products tends to go down.

Depression

After the recession phase, a prominent decline can be measured in employment, economy continuously falls down below the growth line, this phase is called the depression phase of the economy.

Trough

Trough is the most depressed and worst phase of an economy, in this phase economic negativity prevails rapidly. Investors stop investing in new projects, employees are fired because of the low economy, labours are offered jobs at low wages, unemployment prevails, sales and goods go down at their lowest, productivity vanishes. A negative and lowest decrease in economic growth is also observed. Investors thought to end their business and to move other countries, pessimistic thinking prevails in the business economy, debts increase again and are hard to pay, banks stop issuing new loans and interest increases.

Recovery

In this phase, the economy started recovering from the lowest growth rate. A positive thinking prevails in investors about investment and employment also. Due to the low prices, demand grows up, ultimately suppliers activated. In this regard economy gradually started strong again.

The role of psychology in business is considerably great as Importance of Business psychology cannot be ignored in the contemporary field especially when psychology has developed itself as a science with its various branches to study the human mind and to work accordingly. Business Psychology is one of the main branches of psychology.

Different methods are used by psychologists to calculate data, to get information about a certain subject, to evaluate and then to use better strategies for a flourishing business.

The objectives of business psychology are diverse. It aims to study and understand work conditions, and applies desirable policies in the work field, communicate employee to make it better. So, the individuals work in a more effective manner and organizations can stabilize themselves in the market where competition is the part and parcel of life.

Uses of Psychology in Business

Psychology in business accommodates itself by managing, supporting and training employees. Business psychologists assist people to understand others, how they come in contact with technology, in making different types of advertising campaigns, in designing products which public demands. They work in a conducive way and adopt an impartial set of mind and suggest ways to workers to cope with many problems.

Most of the Multi-National Organizations interpret Importance of Psychology in Huma Resource Management, they hire Psychologist in HR department as HR team to perfectly conduct all Functions of Human Resource Management and achieve organizational long and short-term goals.

Research Methods in Business Psychology

Psychologists make use of a variety of methods regarding business.

Case Study Method

Of course, there are different types of business so business psychologists take into consideration a specific subject. Data is collected by them through different interviews, observations, and psychological tests. Also, the public develops a sense of ownership of the product when it is asked about the products which are to be promoted by a company. They feel being trusted by certain companies.

Survey Method

This method is quite advantageous as it provides a lot of information using inferential statistics and content analysis.

For example

A business psychologists design a questionnaire related to an advertisement for a product for which he wants to know whether the public will appreciate it or not. Hence questionnaires are distributed among public and so data is collected. He arranges the data with the aid of statistics and at last, comes to a conclusion.

Goals Achieved Through Psychology in Business

• Through the use of scientific research methods, psychologists try to discover new techniques to increase the rate of productivity.
• Business psychology tries to acknowledge the needs of employees.
• It works to create a better workplace where people feel motivated enough to work.
• It makes use of such policies which attract employees.
• Another goal of psychology is to design better products.
• It promotes healthy behaviour.

How Does Business Psychology Work?

There are different ways through which psychologists work.

Unbiased Attitude

Business Psychologists like professionals are not permitted to biased and prejudiced. So, they stay impartial and offer advice which is truly amenable.

Diagnostic Method

Psychologists in different industries help to solve different issues and affairs by using scientific research methods. Through these methods, they try to study mind processing of all the individuals at the workplace.

Comfortable Workplace Environment

Business psychologists assure that the working zone is kept tranquil so workers can perform best. As researches have proved that noisy work zone effects the minds of employees and they either feel depressed or agitated.

Problem-Solving

Employees are not motivated every time because of various psychological, economical and work-based problems. They help employees to solve disparate problems related to work.

Implementation

They not only offer the solution to problems but also suggest the way for implementation.

Assessment and Evaluation

By considering individuals individually, workplace environment, data management, and welfare, they work to designate the rejuvenating environment.