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Here are common business questions and answers you might come across in your business writing assignments. We also show you how our experts answer them.
A. The basic departments or branches of business administration include marketing, finance, and accounting. Marketing is a department that deals with how companies create customer demand for products and services to satisfy human needs and wants through advertising, branding, etc. Finance includes all managing money and other assets, and accounting is where business transactions are recorded.
A. The basic principles or elements of marketing include product, price, place (distribution), and promotion. A company must develop a good understanding of its target market before developing a product to satisfy it. It also needs to consider pricing strategies to make profits while considering supply vs. demand when setting a price. Place refers to distributing the product through channels such as wholesalers and retailers. At the same time, promotion consists of advertising and other activities that help create awareness about its products among its target market.
A. Bad debt can occur when customers fail to pay their debts or when a business makes sales based on credit that the customer fails to deliver. In such cases, the bad debt must be written off by deducting it from gross profits and transferring it to a list of accounts for bad debts expense.