The word ‘entrepreneur’ comes from the French entreprendre and roughly means to set about, undertake. Opinions vary as to what makes an entrepreneur, but we can mention some of the things that entrepreneurs do. They:
1. build and create organizations.
2. combine things in new ways.
3. actively study possibilities.
4. deal with uncertainty.
5. get elements in production to work together.
6. identify and take action in respect of shortcomings or gaps in the market.
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The idea of diversification has a varied history. It was in high fashion in connection with corporate development in the late 1960s and early 1970s, but fell on hard times when concentration on principal business gained the upper hand over diversification. (more…)
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The dictionary gives two definitions for distribution:
1. Agreed or regular allocation and delivery of goods.
2. The totality of operations undertaken to make goods or services available to customers. (more…)
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By customers we mean regular buyers of goods or services. Potential customers are usually included in the abstract concept of market. The concept of a customer is appearing more and more in non-commercial activities where the term used to be ’user’ or ’buyer’. In this respect, a customer is the person who receives and evaluates a producing unit’s goods or services. (more…)
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Studies have shown that the cost of replacing a lost customer is from five to seven times greater than the cost of raising the value delivered to an existing customer. Taking care of customer relations is of vital importance for the health of most businesses, and the signs are that this is going to be even more important in the future. (more…)
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Customer Relationship Management, CRM, concerns the technique of getting, developing and hanging on to good customer relations by finding out as much as possible about customer needs and wishes. The concept of CRM has come to be synonymous with systems developed by the SAP company (Systems, Applications, Products), Siebel and others to facilitate the work of CRM. Many people have these systems in mind when CRM is used today. (more…)
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The heading of this entry really ought to be ’profit control systems’, because the shorter term ’control systems’ refers to the process of obtaining organized information about the extent to which operations are achieving their set goals. Surprisingly often, we find that control systems are not congru-ent with the goal image. In many cases this is because the goal image has not been precisely defined in terms of money, or of quantities like orders received or market share, or of customer-perceived quality. If we have established the principal factors of quality as the customer perceives it, we can also measure and record those factors without having to go out and ask customers so often that it causes undue expense to us or undue annoyance to them. (more…)
Written by admin on January 10th, 2009 with no comments.
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The whole object of business strategy is to gain a strategic advantage (or competitive edge). This strategic advantage should be of a kind that can be utilized as soon as possible and last as long as possible. Its function is to generate profits above the industry average and to gain market share. (more…)
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Competition is defined as ’rivalry or contest, often between more or less well-matched contenders’. From the term ‘competition’ we can derive many different concepts and models, all of them based on an ability to compete, that is, the ability of a product to be perceived as a better alternative than the one offered by competing companies. Some of these concepts are described below: (more…)
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A common definition of competence is:
Competence = Knowledge + experience + ability
Knowledge comprises a co-worker’s training and qualifications. Experience is framed by time and work content. Ability refers to the capacity to utilize knowledge and experience to solve problems. Will is sometimes empha-sized in definitions of competence. (more…)
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