Economic Concepts in Making Business Decisions Essay

The principle location of B & B LLC is in the city of Detroit, county of Wayne and the state of Michigan. Section 3 B & B LLC, functions as a business for profit with excellent management that chooses the right quality products while gaining a greater share of the market. Article II. Board of Directors Section I There shall be Board of Directors for B & B, LLC, that has the authority and responsibility of governance for the Legal Limited Corporation includes, but is not limited to determining and making policies, approving organizational goals, plans, and the evaluations. Article III. Officers Section 1 Term of Office All officers are elected from the board of directors and shall serve three (3) year terms.

Only the Executive Director, CEO, CFO, President of Marketing and Purchasing shall serve more than two (2) consecutive terms in the same office. Reginald function as the official spokes person of the organization and has the responsibility of hiring, firing, and evaluating the employees. Mission Statement B & B LLC is committed to being the best screen-printing, digitized designs, and embroidery organization in the Mid-West with the best wholesale prices passed on to the customers. We strive to excel in business, while using the highest quality product materials from the United States; too many jobs have been lost to out sourcing already, we will not do this in our business. Increase Revenue

Our company will increase revenue by producing an increase in sales, acquiring smaller companies, and strengthening our position in key markets with an extension to our business and collaborating with them and strengthen our position. We will use profit maximizing quantity to determine the quantity each resource employed to maximize the profits or loss; combining the marginal product of each resource equal to its marginal resource cost (to its price if the resource is employed in a competitive market (McConnell, Brue, & Flynn, 2009). III. Executive Summary B & B T-Shirt Factory LLC, was found by Reginald Lestre, Curtis Bundlres, and Donna Johns in 1973. Our business has been located at 16011 W. McNichols, in Detroit, MI 48235, for over twenty-five years. Reginald Lestre, CEO and founder of the business, has a degree from MIT, a printer, and driver.

Curtis Bundlres is the CFO, has a Degree in business from Lewis Business College, and a customer service person, Donna Johns is President of Marketing and Pricing, has a Bachelors of Science in Marketing and Business Administration from Wayne State University. They have the same focus –working independently, for themselves. Our business is financed with implicit costs and profits are used to increase business by purchasing additional supplies, imprintable apparel and other accessories that are screen-printed, digitized designs, cad cuttered, or embroidered into the fabric through custom designs. Our products are unique because they are one of a kind designs created for individuals, organizations, or families that purchases our service.

B & B tangible resources begin with knowledge and experience (over 40 years) in the firm with the owners, organizational process, and previous performance. Our tangible resources are financial, physical, and organizational, especially monitoring customers and competitors; these are easily identified. Intangible resources are human, creativity-innovation such as problem-solving, and willing to take risks, these are the informational expertise based on practices and routines but not clearly evident (Katz and Green, 2009). B & B is a long-run adjustment enables us to be competitive with our experience and the two-part adjustment to equilibrium in the long run.

The adjustment of our firm size maximizes long-run profit and the entry of other firms into the industry or out of the industry, to eliminate economic profit or loss resulting in a long run multifaceted equilibrium condition. (McConnell, Brue, and Flynn, 2009). Marketing Opportunity Our managers are often faced with decisions to maintain profitability by adjusting price, reducing costs or some combination of both. They can sustain economic profits based on options available to them in different market structures. . We also can buy-out some of our rival wholesalers and become new joint ventures with other companies (www. wearablesmag. com, 2013). Management First-Reginald Lestre, CEO, founder, researcher and developer with over 40 years of experience in the business.

There is nothing that happens at the factory that he is unaware of from repair s of the equipment or tools, the contributing factor of majority of the designs and shooting the actual screen. Second-Curtis, CFO, “Mr. Banker”, his strongest qualities is finances, he can operate a shirt -cap press and finish the job when necessary. Third-Donna- President of Marketing and Purchasing, a gifted marketer in the screen-printing and embroidery industry, only purchases as needed, does not have materials sitting on the shelf ,or have inventory sales. Donna has a vivid imagination, is versatile, and operates the factory alone sometimes. Our company’s model is unique because of our customization of each individual order; there are no two designs alike. We have a strategic relationship with a wholesaler, who sells textiles aterials to the public (if you have an established contract with the corporation), I know this is a form of barriers to entry in the industry. Therefore, one can create or increase barriers to entry, being a monopoly firm one can block entry with legal barriers such as patents, licenses, pricing, and other strategic barriers (McConnell, Brue, ;amp; Flynn, 2009). Our strategy is for our short-term goals have been accomplished, being able to work for ourselves, we accomplished that over ten years ago. Our long-term goals are to expand our business by adding other imprintables materials to our line of printable and acquire a partnership by the end of our fiscal year in 2013.

We continues to focus on selling activities, our sales force performance has improved as measured by internal quantitative and qualitative metrics, and we have created a new sales position to engage with customers who have not made us their first call and management believes these and other actions will enable us to continue to regain this share of the market. We look forward to working with another team this year to further strengthen our leadership platform (http://fibre2fashion. com, 2013). V. Part I: The Organizational Plan Our business mission short-term is accomplished, to work for ourselves and make as profit without borrowing finances thus far. Each position with this company is a detailed job description as well as a defined relationship. The structure of the organization is detailed and complete. Authority is properly positioned to achieve maximum effectiveness of each organizational structure. VI. Part II: The Marketing Plan

Our target market is the Mid-West states, with a niche specifically in Michigan. One of our competitors (B-Bros. ) is having certain troubles with their market trends and this is the opportunity for B ;amp; B LLC, to focus on making a move in this area. We will do advertising, public relations, sales, and a market analysis to initiate our marketing strategy. Our business is establishing a new database of marketing to monitor our competition and customers, too. We plan to offer coupons, catalogs, websites, market research, direct sales, direct mail, email, viral marketing, and other promotional materials to increase our sales and increase our percentage of the market. Product differentiation can be