Creating, Financing, And Marketing A Business
Creation of partnership may be the main significance of the formation of a business ownership since it only requires the simplicity and flexibility. The other attraction of business formation for partnership is the partnership tax treatment; in this case, the partnership tends to be a straightforward same as the sole proprietorship, however, at the partnership level, there fails to be no taxation. This is because, all the individuals get taxed, and this tends to be of great benefit given that the tax level is only one. Conversely, this may sometimes have a consequence if the business reinvest its profits in an expense which is non-tax deductible (Casmer, 2006).
Pros of partnership formation
In partnership where there are more than two parties who are the co-owners, the presence of the multiple owners allows the borrowing of additional funds to be much easier because in this case, there is higher combination of the credit rating.
The other importance of partnership as a form of business ownership is that, the partners in the business tends to share all the duties, the tasks as well as the responsibilities.
Money can be easily raised at the same time retaining the rights of decision making in a limited partnership where there are limited responsibilities of the investor by the investment (Ramos, 2010).
Cons of partnership formation
All the partners happen to be very liable for the debts as well as other claims that may include the debts as a result of other partners.
There can be problem that comes as a result of a partner entering into the legal agreements while there is upholding of the other partner.
One is ready to bear the responsibility for the debts as well as other obligations (Ramos, 2010).
Funding options for small businesses
There are various funding options for the small businesses which include;
Grants
The small businesses are provided with grants opportunities that are available to ensure that they make their businesses to achieve a competitive advantage. The small business has managed to work hand in hand with the Government agencies to get the resources available for their businesses by performing a cost-effective research.
Debt Financing
Presently, most of the small businesses have been funded with the debt finances through the financial institutions. The banks are ready to provide these businesses with loans so long as they pass muster and would will to pay back the loan with an interest rate scheduled.
How managerial accounting can help managers with product costing, incremental analysis, and budgeting.
In most organizations, the managerial accountings at all cases are usually concerned with the issue of providing the data to managers who are within the organization as well as directing and controlling the operations. The managerial accounting can help the managers with product costing, incremental analysis, and budgeting by giving information concerning the costs of products and services in the organization. A good example in this case is when the manager uses the product costs in guiding the selling prices, the products cost will definitely be used for the inventory valuation and may be for the income determination. The managerial accounting will also be in position of giving information on budgeting and performance reports that gives a comparison of the budget and the actual results.
Marketing process using a product of my choice
In this case, the marketing process for the product of my choice is a tablet computer. Based on the research carried out recently, the research shows that many young people are buying the tablet Pcs as compared to the older people, and as the results, different marketing strategy was employed to help in finding out the reaction of the customers in the market by building awareness of the brand of the product and services for exemplifying a stronger store reputation as well as developing a stronger relationship with the customers. The overall brand personality of the tablet Pc aspires to be the world leading and innovative computer that provides the young people of what they want in terms of gaming and social networking.
Promotion
The following tactics of promotion have been used for the product to gain its competitive advantage in the market. The promotion of the product involved personal selling and the use of word mouth through the networks of the reliable customers. Promotion also included the visual displays of the tablet in the storefront on the weekly basis.
Roles of social responsibility and technology in the marketing function
The advancement in technology is one of the most significant elements that has enabled the managerial in sharing marketing information as well as using it in promotion of the brand image and corporate. The introduction of the new systems such as the information systems has become significant in offering the new ways of improving the internal efficiencies within the firm. The information systems also allow marketing communications between the product management and personnel in the corporate planning. The roles of corporate social responsibility in marketing function involve a variety of different activities which includes working together with the local communities and socially sensitive investment for the environmental conservation as well as sustainability.
References
Casmer, J. (2006). Sole Proprietor Or Partnership? The Pros And Cons Of Each | WebProNews. WebProNews – Breaking News in Tech, Search, Social, & Business. Retrieved February 23, 2013, from http://www.webpronews.com/sole-proprietor-or-partnership-the-pros-and-cons-of-each-2006-06
Schaefer, P. (2013). Business Partnership Pros and Cons. Business ideas for small business and home business. Advice, start-up, marketing and management information and resources from Business Know-How. Retrieved February 23, 2013, from http://www.businessknowhow.com/startup/partnership.htm
Ramos, J. L. (2010). Pros and cons of partnerships – by John Louie Ramos – Helium. Helium – Where Knowledge Rules. Retrieved February 23, 2013, from http://www.helium.com/items/1887642-pros-and-cons-of-partnerships
