Self study 7 Task 1What is innovation ? Explain answer with examples

Task 3
3.1 Reading: Answer the following questions according to the text.
Marketing
Marketing is the process of identifying the goods and services that consumers need and want and providing those goods and services at the right price, place, and time. Businesses develop marketing strategies by conducting research to determine what products and services potential customers think they would like to be able to purchase. Firms also promote their products and services through such techniques as advertising and personalized sales, which serve to inform potential customers and motivate them to purchase. Firms that market products for which there is always some demand, such as foods and household goods, often advertise if they face competition from other firms marketing similar products. Such products rarely need to be sold face-to-face. On the other hand, firms that market products and services that buyers will want to see, use, or better understand before buying, often rely on personalized sales. Expensive and durable goods - such as automobiles, electronics, or furniture - benefit from personalized sales, as do legal, financial, and accounting services. Finance involves the management of money. All businesses must have enough capital on hand to pay their bills, and for-profit businesses seek extra capital to expand their operations. In some cases, they raise long-term capital by selling ownership in the company. Other common financial activities include granting, monitoring, and collecting on credit or loans and ensuring that customers pay bills on time. The financial division of any business must also establish a good working relationship with a bank. This is particularly important when a business wants to obtain a loan. Businesses rely on effective human resource management (HRM) to ensure that they hire and keep good employees, and that they are able to respond to conflicts between workers and management.
Marketing - bu iste'molchilarga kerak bo'lgan va xohlaydigan tovar va xizmatlarni aniqlash va bu tovar va xizmatlarni to'g'ri narx, joy va vaqtda taqdim etish jarayoni. Korxonalar potentsial mijozlar qanday mahsulot va xizmatlarni sotib olishni xohlashlarini aniqlash uchun tadqiqot olib borish orqali marketing strategiyalarini ishlab chiqadilar. Firmalar, shuningdek, potentsial mijozlarni xabardor qilish va ularni xarid qilishga undash uchun xizmat qiladigan reklama va shaxsiylashtirilgan savdo kabi texnikalar orqali o'z mahsulotlari va xizmatlarini ilgari suradilar. Oziq-ovqat va uy-ro'zg'or buyumlari kabi har doim talab mavjud bo'lgan mahsulotlarni bozorga chiqaradigan firmalar, agar shunga o'xshash mahsulotlarni sotuvchi boshqa firmalar bilan raqobatga duch kelsalar, ko'pincha reklama qiladilar. Bunday mahsulotlar kamdan-kam hollarda yuzma-yuz sotilishi kerak. Boshqa tomondan, xaridorlar sotib olishdan oldin ko'rishni, foydalanishni yoki yaxshiroq tushunishni xohlaydigan mahsulot va xizmatlarni bozorga chiqaradigan firmalar ko'pincha shaxsiylashtirilgan savdoga tayanadilar. Avtomobillar, elektronika yoki mebellar kabi qimmat va uzoq muddat foydalaniladigan tovarlar yuridik, moliyaviy va buxgalteriya xizmatlari kabi shaxsiylashtirilgan savdodan foyda oladi. Moliya pulni boshqarishni o'z ichiga oladi. Barcha korxonalar o'z to'lovlarini to'lash uchun etarli kapitalga ega bo'lishi kerak va foyda ko'ruvchi korxonalar o'z faoliyatini kengaytirish uchun qo'shimcha kapitalga intiladi. Ba'zi hollarda ular kompaniyaga egalik huquqini sotish orqali uzoq muddatli kapitalni jalb qilishadi. Boshqa keng tarqalgan moliyaviy faoliyatlarga kredit yoki kreditlar berish, monitoring qilish va undirish hamda mijozlarning o'z vaqtida to'lovlarini ta'minlash kiradi. Har qanday biznesning moliyaviy bo'limi ham bank bilan yaxshi hamkorlik aloqalarini o'rnatishi kerak. Bu, ayniqsa, biznes kredit olmoqchi bo'lganida muhimdir. Korxonalar yaxshi xodimlarni yollash va saqlab qolish, shuningdek, ishchilar va rahbariyat o'rtasidagi ziddiyatlarga javob bera olishlarini ta'minlash uchun samarali inson resurslarini boshqarishga (HRM) tayanadi.
3.2. Answer the following questions:
1. Give definition to the word ‘business’.
The term business refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities. The purpose of a business is to organize some sort of economic production of goods or services. Businesses can be for-profit entities or non-profit organizations fulfilling a charitable mission or furthering a social cause. Businesses range in scale and scope from sole proprietorships to large, international corporations.
The term business also refers to the efforts and activities undertaken by individuals to produce and sell goods and services for profit.

2. What is the difference between for-profit and non-profit organizations? Support your answer with relevant examples.

Generally, for-profit companies seek to provide a product or service to consumers and make a profit by doing so. A nonprofit organization's purpose is to provide a service or benefit to the community with no intention of earning a profit
3. What is production?
Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output which is fit for consumption – a good or product which has value to an end-user or customer.
4. Specify the notion of ‘just-in-time inventory’.
Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.

6. 
   What is marketing?
   

Marketing is the activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

7. 
   Define such business operation as finance.
   

It refers to the corpus of funds and credit employed in a business. Business finance is required for purchasing assets, goods, raw materials and for performing all other economic activities. Precisely, it is required for running all the business operations

8. 
   What does the HRM involve?
   

Human resource management is the strategic approach to nurturing and supporting employees and ensuring a positive workplace environment. Its functions vary across different businesses and industries, but typically include recruitment, compensation and benefits, training and development, and employee relations.