Exam (elaborations)
MNE3701 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 25 October 2024
- Course
- Institution
- Book
MNE3701 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 25 October 2024
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024
-
MNE3701 Assignment 4 (COMPLETE ANSWERS) Semester 2 2024 - DUE 11 October 2024
-
MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024; 100% TRUSTED Complete, trusted solutions and explanations.
Seller
Follow
THEBLAZE1
Reviews received
Content preview
,MNE3701 Assignment 5 (COMPLETE ANSWERS)Semester 2 2024 - DUE 25 October 2024; 100%
TRUSTED Complete, trusted solutions and
explanations.
Having acquired sufficient knowledge and skills on
entrepreneurship and small business management, you must
demonstrate practical competencies in managing business’s
assets and risks. Think of any business you would like to start
and answer the following questions: QUESTION 1 By using
practical examples, critically discuss how you would manage the
assets of your business. (10)
To effectively manage the assets of a business, it’s crucial to
ensure that resources are utilized efficiently to maximize
profitability while minimizing risks. Here’s how I would
approach asset management for a hypothetical small business
—a cyber café named iStudy:
1. Inventory Management
Example: Regularly track and manage equipment such as
computers, printers, and furniture. Implement an
inventory management system to monitor the usage,
maintenance needs, and depreciation of assets. This helps
in understanding when to upgrade or replace equipment,
ensuring the café remains competitive and operationally
efficient.
2. Financial Management
, Example: Establish a robust accounting system to manage
cash flow, monitor expenses, and track revenue. For
instance, using software like QuickBooks can provide real-
time insights into financial health. Regular financial audits
will ensure transparency and help in making informed
investment decisions for future growth.
3. Risk Management
Example: Assess risks associated with equipment failure,
cybersecurity threats, and market competition. For
instance, having a backup power supply (like a generator
or UPS) can mitigate downtime due to power outages.
Additionally, implementing cybersecurity measures such as
firewalls and regular software updates can protect
customer data and business operations.
4. Human Resource Management
Example: Invest in training programs for staff to enhance
their skills in customer service and technical support. This
not only increases efficiency but also improves employee
satisfaction, reducing turnover rates. For instance, training
staff on troubleshooting common tech issues can minimize
downtime for customers and increase overall satisfaction.
5. Customer Relationship Management (CRM)
Example: Utilize a CRM system to manage customer data
and interactions. This could involve tracking customer
preferences, feedback, and usage patterns to tailor
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller THEBLAZE1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now