Knowing the Economics and Finances of a Business

Knowing the Economics and Finances of a Business

Knowing the Economics and Finances of a Business

Knowing the Economics and Financials of a Business
In the business world today there is a substantial amount of information that a senior executive of a company should know, in order for the business to function properly and be successful. Kudler Fine Foods is the business that will be used to show how they have used the economic and financial aspect to become prosperous in the fine wine and culinary business. Throughout this executive summary economic and finances will be the focused and in conclusion hopefully. If you hold such position or wish to do so in the future you will see the importance of such and implement this knowledge to your business agenda.
Economics “the social science that studies the production, distribution and consumption of goods and services”(Wikipedia Encyclopedia,n.d.). Kudler’s Fine Foods of which is owned by Kathy Kudler and was established in 1998. Prior to opening the establishment the demographics had already been done when Kudler discovered that her neighborhood didn’t have a place that was nice to choose their products. This is the second step to having a successful business and that is to make sure where you open a business up at there is a need for such. This is in an effort to keep competition from being right at your back door. Not only is Kudler Fine Foods a one-stop shop it also has the luxury of you having a specialist available to assist customer’s with their culinary needs. Economics “studies the consumption of goods”(Wikipedia Encyclopedia,n.d.).Kudler Fine Foods tries to keep the cost down by purchasing products in bulk and by completing orders herself, this is done for all the stores. This allows Kudler’s Fine Foods not to over spend causing a deficit instead of a profit. Other economic factors were that of the value of houses that were in the area as well as the median...