However, another aspect believes that entrepreneurship has a positive effect on the creation of job opportunities, which thus decreases unemployment rate. Entrepreneurship is also able to improve an economy through the actual products, services and technology that is introduces into a market. These new ideas boost economic growth. Innovation also creates a sense of competition within the market, which allows for the entrepreneurs involved to become creative under pressure. Competition is necessary in order to encourage either existing, or new entrepreneurs to constantly grow and improve, which once again improves the economic situation.
Diversity when properly managed and implemented, contributes immeasurably to the growth of a business. As such, prioritizing diversity in business activities as a social responsibility does not only benefit the community the business is located but also promotes growth within the business environment. Diversity has been seen to be the premise for a healthy human reproduction and development. It is also needed to complement the ever increasing rigidity and interdependence that exists in the global business environment. Nielsen and Nielsen, 2013 postulated that “global firm have been shown to perform better because of diversity.” But they further explained that the management of diversity is very crucial as the world is increasingly becoming interconnected and complex.
Superior quality and innovation are important to achieving superior customer responsiveness. The ability to satisfy the needs of your customers will allow for your company to stay ahead of your rivals. Customers will be more likely to choose a company if they feel like their voice or opinion is being heard. Another part of this building block is the customer response time. Customers want their products quickly, so ability to deliver the product or service at a quicker rate is important.
The primary benefit of technology is efficiency. Businesses--from small businesses to large conglomerates--are capable of providing products and services at a faster, more efficient rate which can result in higher profits. In an effort to free resources and become more responsive, business leaders across the industry spectrum are reshaping their business priorities, stretching budgets and applying greater scrutiny to capital expenditures. Some have found that when a precarious economic climate requires quick action, a company can open new avenues for growth by strengthening and redeﬁ ning what is truly core to its business. There are several additional factors one must consider when implementing mobile officing across many different offices across different
Why is leadership important? According to the online website www.yourarticlelibrary.com’’ good leadership is essential to a business organisation as it shapes the whole organisation. Leadership is an important factor for making an organisation successful. Leadership transforms the potential into reality. The better the leader the better the employees and both the leader and the employees together make the better product that will increase sales and generate profitability.
The plan intends to help the company introduce their brands to the people that it is not only a brand which aims profit but also a brand that seeks to help. Somehow application of plan also involves changing the face of the product and making it more marketable within the market where it operates. Another vital reason why a company is more enthusiastic to adopt a plan it can that it can improve its financial performance and may create a profitable outcome from this venture. However, the marketing plan can also be because of applying a new technology that would make the operations of the business more effective and efficient. The said plan includes the following
A. Good research, development and innovation will have a positive effect on Threat of substitute products or services and Threat of new entrants. B. The ability to deliver high-quality products or services will have a positive effect on the Business Power. C. Large organizations are pursuing a differentiation strategy need to stay agile with their new product development processes.
It also makes it possible for the business to compete on the market and attract more diverse customers. Investing in Diversity management does not only bring higher revenues, it can also avoid discrimination lawsuits. „With demographic shifts, advances in technology and communications, and globalization, diversity is quickly becoming a driver of growth around the world.“ Diversity is not only beneficial for the companies the organizational culture gives the employee a feeling of belonging and the confidence that they can live their individuality and will be accepted if they do so. In my opinion, it is diversity plays a very important role not only for business also in real life, you can profit from other people with different age, other countries or gender, because you can learn everyday something new. Further, it is important to accept the people for who they are otherwise prejudice and stereotypes will be created and this would the first step to discrimination
Ethics and integrity is essential and played an important role in helping the growth of the business. Behave ethically could contribute to good performance and customers’ satisfaction. This lead maintains and expands the relationship between both parties and indirectly would increase company reputation (Bandsuch, M 2009). According to the Trevino & Nelson (2010), behave in ethics and integrity not only could stronger the relationship with the customers, but also the relationship with the stakeholders. Apart from that, ethics and high integrity could also increase the confidence of customers towards the organization (Trevino & Nelson, 2010).
These particular rules and regulations can have a positive impact on a firm in regards to their business model. In the end, if those particular functions (rules and regulations) are accepted, then the firm can focus on improving its business model through innovation and differentiation. This concept of understanding competitors, allows firms to incorporate successful business models through the development of innovation and adoption, which helps in establishing that successful business model in order to derive towards a competitive advantage. In order to drive towards this competitive advantage, firms look at incorporating that differentiation factor and implementing those best practices undefined by its competitors, which in turn derives procedures that create value for the consumer and helps increase firm