Business and Entrepreneurship Business and entrepreneurship have almost the same meaning but with a minimal difference. Business refers to the process of buying and selling goods to earn a living while entrepreneurship is the process of developing innovation in a new business or an existing business to upgrade it and make more profit. Both terms are based on the same goal of buying and selling goods or services for monetary values. To effectively run a business several factors should be considered, which include business environment, cost of starting the business, marketing strategies, size of the business, and resources available. To start a business, determining a good business environment is very important. Several factors should be considered to ensure the business environment is good for the business. Government factors that design policies and regulations causing the business environment to be productive should be identified to ensure the business environment is beneficial (Álvarez, 2019). Other factors determining the business environment are accessibility, competition, and cooperation among the businesses. Apart from the business environment entrepreneurs should consider the cost required to start…
assume that you are a management trainee of CX. You are writing up a proposal to CEO to recommend implementation of Total Quality Management (TQM) across the company to improve quality performance. Contents: Cathay Pacific Airways (CX) was awarded the “Airline of the Year” by Skytrax in 2014 but subsequently it keeps dropping since 2015 (ranked the 3rd place) and even dropped out of the top 3 positions of airlines since 2016 till now. 1. In your own words, discuss the 5 principles of Total Quality Management (TQM) and how they affect quality performance of a company: a. Management’s commitment (leadership) b. Focus on the customer and the employee c. Focus on facts d. Continuous improvements (KAIZEN) e. Everybody’s participation 2. Based on Skytrax ratings and comments from passengers, and other available sources, evaluate the quality performance of CX in accordance with relevant Total Quality Management (TQM) principles. 3. Illustrate your implementation plan of Total Quality Management (TQM) for CX.[unique_solution] assume that you are a management trainee of CX. You are writing up a proposal to CEO to recommend implementation…
Why Time and Commitment Are Vital for a Successful Digital Marketing Plan Online marketing was once something new and presented different techniques from conventional marketing methods. Within the past few years, we cannot underestimate the importance of digital online marketing for any business that seeks to be successful. The fact that your company has a website is not enough. What imperatively matters is integrating your website with digital marketing strategies and successfully entwine it with the internet. However, most business owners and marketing managers don’t understand the significant role that time plays for any successful marketing plan. They tend to forget that impatience and haste create more significant obstacles to getting things done correctly and within a budget. For any business seeking to experience growth through online digital marketing, you have to let go of the ‘overnight success mentality’ and embrace the old-age tenet that patience is a virtue. Here are some of the reasons why time is necessary. Time allows You to Do the Work Acquiring a commitment with a digital marketing agency for a year or so opens…
Fastenal Company Fastenal Company, commonly referred to as Fastenal, sells construction and industrial supplies, along with its subsidiaries. Besides, the company offers a wide range of products and services such as hydraulics and pneumatics, material handling, safety supplies, storage and packaging solutions, tools and equipment, inventory management, electrical supplies, among others. Notably, its product line consists of two broad categories: hardware, such as concrete anchors, machinery keys, wire rope, and rivets, and threaded fasteners, such as screws, bolts, studs, and related washers. The firm’s products are offered through under numerous brands: Fastenal Racing, Gynaflo Equiprite, FNL, among others. The firm has 2, 662 stores across 14 distribution centers worldwide. Its headquarter is in Winona, United States. As a framework, a SWOT analysis analyzes a firm’s competitive positioning in environmental business. At Fastenal, it analyses the company’s brand with its strengths, weaknesses, opportunities, as well as threats by benchmarking its performance and business (Gürel & Tat, 2017). According to Gürel and Tat, a successful analysis is determined by how an individual considers an interactive process through coordinating a firm’s departments such…
Essential ways to make a stronger customer service in a healthcare organization Customer services play a valuable role in healthcare organizations. Essential ways to make a stronger customer service in a healthcare organization are as follows: Patient care communication: Patient care communication is necessary stuff to make the customer service more effective in a healthcare organization. All the patients must be adequately communicated to understand their healthcare issues to convey them the necessary treatment. Quality care: Quality care is the ultimate priority that healthcare organizations should possess to improve customer service. The entire care process must maintain all the care values, including proper medication, proper healthcare assistance, and adequate dietary guidance. Evidence-based care: Healthcare organizations must ensure evidence-based care for each of the patients. Healthcare records that include care process, medication, and dietary details should be recorded and stored with high security for further use. Diversified environment: the healthcare organizations must ensure a diversified climate in their healthcare organizations to improve customer service quality. All the patients should be provided quality care irrespective of their socio-cultural, economic, gender, religious group,…
The petroleum industry Introduction The petroleum industry is a business dealing with oil and gas, also known as the oil industry. The industry involves the world processes of exploration, extraction, refining, transportation and marketing of petroleum products with the most significant volume products being gasoline (petrol) and fuel oil. The extreme monetary value of oil and its products has resulted in being called “black gold”. This is why it interests me in analyzing the global strategic management administered by the oil and gas industry. I have identified multinational companies in oil and gas industry in including Total S.A. which is a French multinational integrated oil and gas company and Royal Dutch Shell PLC which is also called Shell, a British-Dutch oil and gas company. Both companies offer various services and products across the world. Oil and gas executives were a confidence that 2019 would recover oil markets which increased expectations for increased economic growth, commodity prices and investments overall due to increased energy demand above the average levels, as the world economy keeps displaying robust growth rate. Strategic Groups I…
functionality of Virtual Reality technology in the construction industry Abstract With the emergence of Virtual Reality (VR) technology as a new technology, there is still insufficient information on the acceptance and adoption of this technology among individuals. Semi-structured interviews conducted as a qualitative method for doing this research. Interview questions designed to evaluate the elements derived from the theoretical framework used. The conceptual framework based on the Unified theory of acceptance and use of technology model (UTAUT). Interviews conducted among 15 students and academic staff at UOW and UNSW Universities in Australia. After collecting the information, the information was transferred to the NVivo software to assist in the analysis part. The results of this research indicate that VR technology has been able to be accepted by people in the construction industries. But there are still some barriers to further adopting this technology which are VR hardware and software requirements, affordability and accessibility of this technology. There have been several suggestions for decreasing these barriers in this research. The results of this research can be a useful source for suppliers and…
Comparative analysis of the Indian and Swiss markets and Implications for the Internationalisation Strategies of Multinational Corporations 1.0 Introduction to the Task This report presents an analysis of two international markets: India (an emerging market) and Switzerland (an industrialised country). The aim is to compare the two markets and to formulate strategies that multinational corporations can deploy to ensure success in the two markets. With a population of 1.34bn, India is the second-most populous country in the world and, therefore potentially presents MNCs with one of the largest markets globally. In contrast, Switzerland, with a population of only 8.6m people, has a potentially tiny market (World Bank, 2019a). Even though India has a much larger economy (2017 GDP of $ 2.597 trillion) compared to Switzerland (2017 GDP of $678.9 billion), India’s larger population translates to a much lower per capita GDP ($1,939.61 compared to $ 80,189.70). Moreover, India’s economy has been growing faster than that of Switzerland. Over the past five years, the GDP growth rate for Switzerland has varied between 2.45% and 2.54% compared to India’s 5.5% – 6.6%.…
Is It Feasible To Change the Procedures Used By GUCCI Company to Create Better Customer Value and Save Money for the Company? Table of Contents Executive Summary ………………………………………………………………………………………………………1 Introduction ………………………………………………………………………………………………………………… 4 Background …………………………………………………………………………………………………………….. 4 What is social media? ………………………………………………………………………………………………. 5 Why social media marketing? ……………………………………………………………………………………. 5 Research Methods and Evaluation Criteria …………………………………………………………………… 7 Results …………………………………………………………………………………………………………………………. 9 Results from the company’s management team ………………………………………………………………… 9 Results from the customers’ end …………………………………………………………………………………. 6 Results from the company’s operation……………………………………………………………………………… 7 Cost………………………………………………………………………………………………………………………..11 Resources………………………………………………………………………………………………………………..11 Implementation Time………………………………………………………………………………………………..11 Conclusions and Recommendations …………………………………………………………………………….. 12 Conclusions……………………………………………………………………………………………………………..12 Recommendations…………………………………………………………………………………………………… 12 References……………………………………………………………………………………………………………….13 Tables Table 1. A summary of the benefits of using social media in marketing………………………………. 10 Executive Summary GUCCI is a leading fashion brand known globally but is struggling with its current procedures of marketing. If the company seeks to realize its mission of dominating the Italian market, it must consider changing the procedures used in marketing to create better customer value and save money for the company. Changing the procedures used in marketing implies adopting more aggressive methods of reaching more customers. Since the company already…
How Language Varies Between Older and Younger Generations in Social Media Contents Introduction. 3 Problem Statement. 4 Purpose of the study. 5 Research Question. 5 Literature Review.. 5 Generational Differences. 6 Social Media Use among Generations. 7 Discussion. 12 Conclusion. 13 References. 14 Introduction Communication is a vital aspect of human life. Through communication, we interact with others, express our ideas, and learn new things. The language used to communicate often changes as time progresses. For communication to be productive, all generations have to keep up with the changing language. We live in a society that loves to put labels on all things. These labels are often accompanied by stereotypes that are assumed to define a particular group of individuals. In such a society, we are labeled according to when we were born. Generation X and baby boomers are the most discussed and stereotyped generations (Renn, 2008). Differences between these two generations have often caused some conflict between them. The baby boomers have often disagreed with generation X’s attitudes and…