SMEs are liable to have specific learning of the neighborhood business environment and can tailor their items and administrations suitably. SMEs help the neighborhood framework through aiding in provincial and nearby development. Littler organizations perhaps ready to improve in ways that bigger ones would discover troublesome. They have a tendency to be less bureaucratic and more adaptable in their reaction to client
• Investigate competitive advantage strategies that promote sustainability in a small business. • Investigate the case study to see how the small businesses in Johannesburg use the competitive advantage strategy and the brand strategy Definition of key concepts In this section of the study the key concepts are briefly defined below. SME Small and medium enterprises (SMEs) are increasingly seen as playing an important role in the economies of many countries. Thus, governments throughout the world focus on the development of the SME sector to promote economic growth. In South Africa, SMEs contribute 56% of private sector employment and 36% of the gross domestic product (Fatoki Olawale and David Garwe 2010:1) Brand marketing Ehmke, Cole (2011:4) a carefully conceived and executed marketing plan with a focus on the customer is a major contribution to business success.
A core competence provides potential access to a wide variety of markets. The key core competencies over here enables the creation of new products and services. For example, Saga has established such a strong leadership in supplying financial services and holidays to old generations. Their core competencies include skills in CRM, leading marketing skills and clear distinctive brand proposition that focuses solely on a closely defined customer
Admittedly, managing a small business require a lot from the owners. In addition to the character traits mentioned, an owner needs the skills and knowledge necessary to run a successful business. Therefore, it is crucial that the owner realistically: • Able to balance the demands between your business and your family • Assess the personal attributes significant for your success as an entrepreneur and which could spell the success of your business; • Assess your managerial skills • Perform a personal financial assessment Entrepreneurs are central to the success and failure of a beginning small business. The ability to overcome obstacles with equanimity is essential for the owner. Below are descriptions of what successful businessmen are: • Sensitive to the needs of the customers through keen observation.
Introduction SME plays very important roles in the global economy. They account for more than 95% of registered firm in the world. Organisations have realized the increasing impact of new technology. This has allowed many organisations to have competitive advantage over their competitors. It is a challenge to be able to keep pace with the ever changing dynamic environment while maintaining the competitive advantage.
Thus in Law a company is a distinct entity and it is not relevant to enquire whether the directors belonged to the same family or whether it is considered as a one man company. Concept of One Person Company was first introduced in JJ Irani Committee report in 2005 which encouraged entrepreneurial capabilities of people, thus giving whole new bracket of opportunity for those who look forward to start their own ventures with a structure of organized business to participate in the economic growth of the country. SCOPE Small and medium-sized enterprises (SMEs) are a heterogeneous group of businesses usually operating in various sectors like manufacturing, service, agri-business and trade. They include a wide variety of firms such as village handicraft makers, small machine shops, and computer software firms that possess a wide range of sophistication and skills. These SMEs not only help to create employment opportunities, but also generate income, investment and savings in the economy.
In today’s challenging business environment of going global and competition becoming intense, organizations have mounting pressure to perform better than before. Over the years, acquisition and perpetuation of talent has become an important tool in accelerating competitiveness and enhancing organizational capabilities to respond to market changes wherein employees’ skills and personalities are appropriately deployed to optimize performance. Furthermore, identifying and developing executives who have leadership potential, like every other vital strategic function, is a demanding process. Organizations today are confronted by societal developments such as globalization, technological improvements, demographic changes and increasing global competition.
But we don’t know about business tourism is that with growing industry business tourism has an great impact on its economy and, ordinarily on its demand. Therefore, business travel and tourism request has various measurements. Obviously, in its least complex sense it is the quantity of individuals going for business purposes in a specific locale, nation or around the world ( Reference). The demand for business tourism depends upon the Characteristics of Business Tourism: If we talk about business tourism in terms of the conceptual definition then business tourism turns to be a huge concept and it is one of the highest spending industry which is contributing a lot to an economy. With the features of being an higher earning industry business tourism also have some characteristics which includes the following: a.Business tourism is at the superb, high return end of the tourism range.
1-3 Entrepreneur 's importance: The relationship of tourism entrepreneurship and sustainable regional development can be motivated by the consideration that entrepreneurship has a potential to have positive impacts upon a region’s economic, socio-cultural and environmental aspects. Development of small-scale tourism entrepreneurship can contribute to the sustainable regional development by strengthening the local culture and identity (Robertsand, 2008). Enterprises can particularly contribute to sustainable regional development through a policy where companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. Moreover, entrepreneurship can play an important role in improving the quality of life of the local people by involving them in tourism activities and thus, providing jobs and employment (Jenkins, 2006; Middleton, Fyall and Morgan,2009) . Pro-poor tourism perspectives have small
A rapid increase of start-up businesses in the modern day has resulted in a rise of market competitiveness. Furthermore, because these customers determine a corporation’s success or failure, the relationship between a customer and an organisation is extremely vital. Katz’s Theory on managerial skills stresses that human skills are necessary for most leadership roles (Katz, 1974). This skill is much needed by managers in this day and age in an effort to combat the changes and challenges caused by customers. This