PERSONAL THOUGHTS ON SUSTAINING COMPETITIVE ADVANTAGE

Sustainable competitive advantage (SCA) is the key to a successful strategy in an organization. The firm is able to acquire SCA when the firm is able to have high levels of performance than other companies in the same industry (Grant, 2016, p. 165). The implementation of strategies results in the simultaneous value of the organization such as creating customers loyalty, production of unique merchandise, good relation with the vendors, brand reputation, quality customer services, great distribution channels and other multiple sources. For example, Coca-Cola has been able to have a great competitive advantage over other companies such as Pepsi in soft drink manufacturing (Labitan, 2012, p. 85). There are both internal and external forces that have made the company sustain a great competitive advantage (Hill & Jones, 2010, p. 242). This can be described as a secret recipe, the continuous development of new products and re-investing of the older ones, global comprehensive distribution channels and production techniques that result to high-profit margin (Grant, 2010, p. 211)

Dell is a company that has also been able to maintain a competitive advantage of other companies in the same industry as it has been able to explore the web distribution channel (Hill & Jones, 2013, p. 273). In the telecommunication industry, the production of mobile phones has continued to evolve due to the high levels of technology. Apple has greatly maintained a competitive advantage other the companies due to its core capacity in the electronic gadgets that is unmatched (Thompson & Martin, 2005, p. 797). The fame of Lady Gaga has been attributed by the unique market concoction that has attracted sensational journalistic reflections that are based on her career of pop music brand that can be said to be valuable best described as speculative at best and suspect at nastiest (Grant, 2016, p. 9).

Leadership is an important aspect of sustaining competitive advantage in an organization. This is because leaders take up the most critical roles in an organization. Good leaders engage their employees in the objectives of the organization that results in productivity, performance, and quality customer satisfaction (GröNfeldt & Strother, 2006, p. 143). When leaders engage with the employees, the employees feel valued hence motivated to do better creating organizational success. Employees feel the pride as they are respected as their great opinions are put into consideration. Leadership also puts into consideration of the employees training in order to advance their skills. The automobile giants Toyota is a good example that has invested heavily in training and qualification of its employees as they have understood the success it has on quality and cost (Singh, 2008, p. 55). It has heavily invested in human resources and positioned its scarce assets in the very core areas which can effectively provide and sustain the competitive advantage (Sanchez & Heene, 2010, p. 114).

The House of Windsor comes out as a good example of strategic success as it was able to overcome the challenges that affect a family owned business. The key issues that it has been able to address included control and power, family inclusiveness, perceived fairness and rewards and compensation. As a way of sustaining competitive advantage, Windsor knew that the strategy will play well for his people as it had little to do with the precedent of Queen Elizabeth II but had a lot to do with the public opinion thus creating soft power that was more influential than command (Pearson, 2012, p. 2). Therefore sustaining competitive advantage involves various strategies to work together as well as proper management. This is because the organization will be able to strengthen its position within the business environment.

In conclusion, sustaining competitive advantage over other organization requires organization strategies to work together. In all the companies that have maintained competitive advantage the leadership of the organization plays a key role in ensuring that all the strategies put in place are executed in the right way. The giant companies have also been able to keep up with technology as a way of enhancing their strategy implementation as well as productivity. It is, therefore, important for an organization to sustain its competitive advantage to enhance its success.

Reference

Grant, R. M. 2010. Contemporary strategy analysis and cases: text & cases. Hoboken, N.J., Wiley.

Grant, R. M. 2016. Contemporary strategy analysis. Chichester, West Sussex, UK ; Hoboken

GröNfeldt, S., & Strother, J. B. 2006. Service leadership: the quest for competitive advantage. Thousand Oaks, SAGE Publications.

Hill, C. W. L., & Jones, G. R. 2010. Strategic management theory: an integrated approach. Boston, MA, Houghton Mifflin.

Hill, C. W. L., & Jones, G. R. 2013. Strategic management theory. Mason, OH

Labitan, B. 2012. Moats: the competitive advantages of Buffett & Munger businesses. United States, [Lulu.com].

Pearson, J. 2012. The ultimate family: the making of the royal House of Windsor. London, Bloomsbury Reader. https://www.overdrive.com/search?q=19BE6ADE-5343-43DD-B41C-8D46063756C7.

Sanchez, R., & Heene, A. 2010. Enhancing competences for competitive advantage. Bingley, UK, Emerald Group.

Singh, M. 2008. Strategic management and competitive advantage. New Delhi, Global India Publications.

Thompson, J. L., & Martin, F. 2005. Strategic management: awareness and change. London [u.a.], Thomson Learning.

Introduction

The increased population in New England has forced many to look for alternative means to live a comfortable life. Currently, there are customers streaming in and out of home agencies enquiring on which alternative suits their wants. Buying or renting a house all depends on with the specifications the customer wants and therefore the cost of each alternative. With the growth in technology and the need to work and live comfortably, the residents have to decide on which offer to fully cover their wants. Such wants are such as a large free space for the family, self-controlled schedule, and model and material used in construction (Turpin and Sanchez, pg145). All these are services that can be obtained from either renting or buying a house in New England. Both alternatives have their advantages and disadvantages but all depends on whatever features an individual wants.

Literature review

Every product developed needs to meet customer requirements so that they can be comfortable using the products. Having a customer choose between buying and renting a house presents multiple challenges that would rather be addressed using factual processes. Quantitative analysis has to be taken into consideration in order to determine whether buying is cheap or expensive to renting using a multidimensional format of analyzing the preferred alternative. In this case, the use of Data Envelopment Analysis (DEA) is important as it applies the use of mathematical procedures in determining the best alternative for residential occupation (Turpin and Sanchez, pg145). DEA methodology provides a wide range of applications to solving most of the world problems which involves determining, for example, the cost invested in locating a new area to live. The DEA model is mostly applied in order to determine and compare between purchasing and renting a home. The main consideration is what value one gains from renting or buying a home.

Methodology

The DEA methodology is applied mostly as a decision-making strategy involving multiple suggestions to a similar task. Both the inputs and the outputs are highly considered in this section and certain mathematical steps are used to determine the efficiency of each alternative (Orkin, pg386). The cost of renting a home in New England, for instance in Massachusetts City ranges from $1,000 per month to $4,200 per month depending on the size of the house and the advantages it comes with. The cost of purchasing a house in the same city of Massachusetts ranges from $136,739 per month to about $500,000 per month also depending on which part of the city one chooses to live (Conner, pg269).

Data Analysis

There are a variety of ways to consider when looking for the best home and the DEA analysis method has provided a simpler way of determining which of these ways are effective. Comparing the cost, the price to pay, the short and long term benefits, rates, availability, and credit allowances are important. Availability of the homes for either rent or purchase in this specific area is assured but the number of individuals moving to this area has increased significantly, therefore, reducing the assured availability of space for occupation since the price will go up in no time. The cost of living in this particular area of New England is high and therefore the amount to be used in purchasing or renting is similarly very large. The rates also are very high since the economy in this area is more than half the national economy. The long-term benefits that can be obtained from living in a purchased home rather than renting are job assured (Orkin, pg386). The rate of landing a good and well-paying job in New England is high and a number of people have taken advantage of the situation, therefore, benefiting from living a self-contained and not a rental home.

Results

Comparing the cost of renting and purchasing a home, it is more likely to consider purchasing a home if one wants to enjoy the long term benefits of a home in New England. The prices vary accordingly since different regions have different advantages but considering our example of Massachusetts City, purchasing is advantageous to renting (Turpin and Sanchez, pg147).  The lowest price an individual can use in purchasing a home is $136,739. With this amount, there are other costs that are incurred while buying a home such as the government taxes, deposits, mortgage costs, leaseholders cost, the major upfront costs and many another cost. These costs vary according to the price of a house, for instance, the deposit for a $300,000 home is at least 20% the cost of the home and the transfer fee is close to $20,000 for the home. These costs are considerably high but the cost of renting is cheap since it only involves paying a one-time deposit at the beginning of the stay which is forwarded one month until one decides to change the house (Conner, pg237). Renting has its own advantage such as the reduced costs but a major disadvantage of being under the control of another who is the owner.

Conclusion

Using the DEA methodology in decision-making process proves to be beneficial as the best is chosen from a variety of options. According to this analysis, the benefits of renting considering the cost are high but the benefits of purchase are so great since privacy, self-control and other major benefits are assured.

Works cited

Turpin, Elissa R. and Sanchez, Adam. Phone Selection Through Data Envelopment Analysis.             Undergraduate Review, 11,

            144-147. 2015

            Available at: http://vc.bridgew.edu/undergrad_rev/vol11/iss1/26

Orkin, David. Nova Scotia. , 2013. Print.

Conner, Nancy. Buying a Home: The Missing Manual. Sebastopol, Calif: O'Reilly Media, 2010. Internet resource.         

Branding and Segmentation

Branding informs media through choosing a network that supports the brand image because there many of them but not all are worthy investing in. It informs social media through creating awareness of what the product is how to use it and where to find it. The other way is through giving valuable and sharable content to the social media. This is very helpful in creating a strong reputation of the brand. The other way is through using social campaigns to promote the content of the brand. This is important as it helps the brand to expand visibility and generate leads successfully.

Social network inform branding through providing a large market share as they have the largest amount of links and controls the most awareness from their user base. It also informs through gaining valuable insights that are valuable. This is because social media produce a large amount of data about customers of real time. The other way is that social media increases the loyalty and the awareness of the brand. It makes it possible for customers to access the brand and easy to connect with the owner. This will in turn increase retention of customers and the loyalty of the brand.

Segmentation is the cornerstone of marketing and social media influences it through giving new options for it. This is because times are changing and businesses must find ways to reach out a wide range of customers. The other role of social media to segmentation is changing emphasis as the consumers are now more socially than the time when demographic segmentation was initially being adopted by marketers. The other role is giving more information and influence to consumers. It is also helping in tracking the opinions and interests of consumers through social graphics. It also helps brands to find their traditional market segments.

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Entrepreneurial marketing

Samsung

 Though the company is among the largest manufacturers of Smartphone, there are bad things which the company does. First, the company advertising is not good.  For example in advertising Smartphone like Samsung Galaxy, the stalkiness, the premise and the performing arts are really bad.  The person advertising takes video without letting the girl know what is going on (Chakrabarty, 1). In addition, the people acting are hired models whose English is not their first language. It uses non-impressive technology which leaves many questions unanswered.  In advertising, the company does not follow ethical standards as it gives misleading information on Smartphone features. For example, the company was fined by ‘Taiwan’s Fair Trade Commission’ for cheating in advertising the Samsung Galaxy Y (Chakrabarty, 1). The entrepreneurial company also has a bad design of the product. It does not change the design and almost all smart phones have similar design.  The products are not quality because most of the smart phones have plastic body and a metallic rim which makes them to fade (Chakrabarty, 1).  Based on the product, the devices in Samsung phones use a product called Google Android and many people do not like it as it is inferior.  Its marketing efforts are weak following that its market share dropped by 2.3 in 2014 and 2015 (Chakrabarty, 1). The worst thing which the company does is enjoying cost-benefit as a result of stealing. There is evidence that Samsung stole $52 million intellectual property from Apple. Samsung had to pay the compensation to the Apple in order to end the controversy (Elgan, 1).

The products do not have a great value and this makes the company to lose value in the market.  The problem with the product value is the Bloatware. The company pre-installs useless apps for example in Galaxy S6 and they fails to provide option for apps uninstall (Chakrabarty, 1).  Other thing which the company does and makes the product to lose its value is Specs.  The products have specs and puts similar price with other phones with specs. The product loses value following that in marketing competition, customers   have a preference on other phones with specs rather than Samsung.  The company fails to achieve the benefits and cost since the customer-perceived value is not achieved.  For example, the company has not enjoyed profit from Galaxy S6   because it failed to compete with Apple and Huawei (Chakrabarty, 1).

The main reason why Samsung is doing badly is because in global the market, the competition is tough and big companies are trying to target the customers which Samsung aim (Price, 1).  Its market share is also dropping as it is unable to face the higher competition. For example, new markets such as Huawei and Lenovo have products with high-end specifications and they sell them in low prices. The point is that the company sells its product in higher prices while other electronic industries emerging in the market are providing similar products with low prices. This brings a big challenge to the company making it lose its product value in the market (Price, 1). It is a fact that the company is unable to compete due to its own faults.  For example, it launched Galaxy S6 which led to a huge market expenses as the company failed to estimate the sales figure. This made the company’s operation cost to drop (Price, 1). The company is controlled by anticipation of demand whereby they put higher prices which makes it difficult to differentiate itself from competitors.

Works Cited

Elgan Mike. For Samsung, Stealing, Cheating and Lying Are Business As Usual. 2013.

Retrieved from: http://www.cultofmac.com/254695/for-samsung-stealing-cheating-and-lying-are-business-as-usual/

Price Rob. Samsung is fighting a massive global trend and losing badly. 2015

Retrieved from; http://uk.businessinsider.com/samsung-is-fighting-a-massive-global-trend-and-losing-badly-2015-9

Chakrabarty Jayadltya.  Top 5 reasons why Samsung smartphones actually suck. 2015.

Retrieved from; https://www.igadgetsworld.com/top-5-reasons-why-samsung-smartphones-actually-suck/

Evaluation of Supply Chain Management Theory in Practice

Introduction

Supply chain  management  can be described as the general  oversight  of the  organization’s operations which ranges from  information,  materials as well as  capital as they are transferred through a certain procedure from the products producers, to the brand's wholesalers than to the retailers which end in the hands of the customers (BIDGOLI, 2010, 112).  SCM entails the integration and coordination of the procedure flow within the particular organization and amid corporations.  SCM aims at decreasing the inventory usage as it utilizes the assumption that products can only be made available at the particular period when they are required. A chain supply, on the other hand, is referred as firm’s alignment in providing a corporation's services and its product to the market.  Supply chain entails the operations that are mainly aimed at ensuring that the needs of the consumers are achieved.  This process does not only entail the suppliers and the respective manufacturers but it involves, in general, the   consumers, warehouses, retailers and the individuals that provide transport plus the consumers (BIDGOLI, 2010, 112). Supply chain mainly deals with distribution which performers materials procurement and ensures that these materials are transformed into finished goods and assist in transporting the goods to the respective consumers.

On the other hand, SCM deals with systematic and strategic business operations as well as tactics coordination.  This is objected at developing the whole supply chain and the sole corporation development (BIDGOLI, 2010, 113). This involves the general coordination of inventory, situation, production and transportation amid the supply chain players in achieving efficiency and responsiveness of the certain market that the corporation is serving. Logistic  differs from SCM  as this involves the activities that  happen within a single environment boundary  and SCM  incorporates  logistic activities  with  those of supply chain like  consumer services,  finances  fresh product growth  and marketing. SCM mission is basically increasing throughput as it decreases the operating costs and inventory (BIDGOLI, 2010, 113).

Evaluation of Supply Chain Management Concepts

Partnerships

It is essential for an organization to determine their strategic partnerships with the appropriate suppliers in attaining a successful supply management.  Corporations in the present manufacturing world have begun limiting the supplier’s number by impending review programs.   Having a partnership with effective suppliers helps in consumer satisfaction as the suppliers work to satisfy the expectation of the consumers. The capability of an organization in developing close partnerships with suppliers and consumers as it makes the management of supply easier (Liu, Ke, Wei, and Hua, 2013, 1450).

Partnerships help in developing wallet share for an organization when the economy becomes tight. In this situation securing fresh accounts can be challenging even as fresh markets emerge.  Due to this suppliers partnerships helps to manufacture corporation in developing their sales targeting efforts to the existing consumers and this implies that success is only achieved if the partnership adds value above the one subjected by the competitors.  It is important to note that prices in any business are very crucial but prices competitions may not be solely able to maintain the consumers as with time they are bound to establish cheaper goods.  This, therefore, implies that having good suppliers partnership would help in securing trending knowledge (Liu, Ke, Wei, and Hua, 2013, 1453).

The best management of supply must incorporate partnerships which are the general relationship between the consumers and the buyers which are mainly grounded on delivering value.  This value can be defined as the combination of quality, time delivery, services as well as process management (Liu, Ke, Wei, and Hua, 2013, 1450). This relationship allows the consumers to develop their goods purchases from the corporation’s suppliers.  This results in increased efficiency for the corporation and the competition ability is developed further.  Partnerships as an SCM concept additionally help in lowering costs. This thus results by processes routing over the partnership existence.  With better partnership inefficiency in operations is reduced greatly based on the good interactions developed between the involved parties. The cost of supply management is reduced as goods and services are only provided at the particular period when they are needed.  The interpersonal relation in the given organization and beyond becomes effective simultaneously (Liu, Ke, Wei, and Hua, 2013, 1450).

From the recent studies, it is clear that partnerships in the context of SCM help in reducing indirect costs which mainly entail operation costs.  The saved cost is then shared by the corporation, the suppliers and the consumers who receive goods at favorable prices.  This transformation, therefore, develops the position of the supply chain in a competitive environment (Liu, Ke, Wei, and Hua, 2013, 1454).

Moreover, through relations innovation is achieved. It is well known that reducing the brand's cycles in an organization which is done by SCM requires the corporation to be highly innovative (KIRK, 2010, 702). Innovativeness requires knowledge, expertise, and huge finances.  This mainly subjects increased pressure to the organization marketing operations and financial constraints.  In addition, more pressure is subjected to the managers of the supply chain in the quest of developing fresh procedures which help in achieving consumer services and finances efficiencies (KIRK, 2010, 702). This can, therefore, be a risky and expensive thing for an organization to engage in and a partnership helps in sharing the involved risks as well as cost.

Partnerships help in achieving decisions quicker which helps in developing different processes before the competitors (KIRK, 2010, 703).   The demands and the expectation of the consumers and the performance of suppliers as the collaboration help in better investigations of market trends. The lead time is reduced as the demands are evaluated and meet shortly. This helps in developing consumer’s loyalty.   Unlike other strategies partnership can be utilized in different industries like servicing industry, manufacturing and so on. Partnership increases the return of inventory through lowering the level of the utilized inventory.  This, therefore, implies that stocks are not warehoused and transported frequently which lowers the cost.  Lower out of stock instances implies that partnership is beneficial in developing efficiency (KIRK, 2010, 704).

Outsourcing Operations

SCM concepts are mainly purposed at decreasing cost. Outsourcing is a procedure that is utilized by corporations in decreasing cost through transferring tasks portions to suppliers existing externally rather than completing the operations internally (BIDGOLI, 2010, 85).  This strategy is termed as an effective approach to saving cost if utilized appropriately. Outsourcing as an SCM concept is linked to numerous benefits. First, it helps in attaining flexibility, in that with the growing economic world uncertainty companies are highly required to develop their capabilities.  But this is always challenging based on the existing laws in the context of labor as the lawsuits for employees are normally high.  However through outsourcing corporations are fully able to eradicate the risk which allows the businesses to quickly adapt to the rising demands.  The second benefit is efficiency, outsources assists companies basically in the context of getting quick services without much hustle (BIDGOLI, 2010, 85). This is mainly because corporations sometimes utilize too much time and resources in getting an expertise for a particular inside corporation service.

Outsourcing helps in elimination negative employee interactions which arise after the dismissal of an employee.  Outsourcing helps in offering relief to the organization as the contract helps to ensure that conflict does not appear (WANG, 2012, 53).  This is in addition beneficial as it does not result in poor performance that may result to bad relations within an organization. Outsourcing therefore helps in saving resources and time which is then utilized for the betterment of the organization, this is mainly because finances and expertise are highly required in the business world today and   resources should be focused on the important activities. Risk management is an additional benefit that is associated with corporation’s outsourcing.  When an organization is involved in providing or developing a fresh product having workers from developed states offers less in the context of risk management.  This is in the case that a product fails to respond well to a market that is open.  Therefore having workers within the offshores an organization can be able to tune operations quickly in meeting the rising demands (WANG, 2012, 53).

Outsourcing is additionally helpful in developing services (WANG, 2012, 54).  This is mainly because the corporation is not required to spend much resources time and finances offering training services to service teams while they hold the opportunity of hiring service professionals to accomplish the particular tasks at a lowered cost.  The most tasks that corporations opt to outsource are HR roles, IT conduct as well as accounting services.  This is mainly because the tasks require high expertise and an employee internally tends to be expensive while compared to outsourcing those services (WANG, 2012, 56).

Outsourcing is helpful  in  breaking taxes  as when business  are addressed from overseas corporations  attain  the  capability  of  attaining an increased ability to pay lower taxes.  Some countries overseas offer less corporate taxes which help corporations in saving costs. In addition, the regulatory costs are decreased (WANG, 2012, 56).  Outsourcing does not only help in lowering salaries costs but also regulatory costs. This is mainly because programs such as Medicare, social security as well as employment insurance are not involved.  This means that the business operates at a lowered cost.  Lastly, outsourcing helps the business in centering on core functions.  Outsourcing provides the business with adequate time to focus on the most beneficial roles which help in developing the flow of work thus permitting quick completion of projects (WANG, 2012, 56).

Third-Party Logistics

A provider of third party logistics is described as a firm in which corporations can be able to attain or outsource all or several functions of supply chain management.  An appropriate third party logistics giver is the one that has the capability of scaling operations,   transporting services and warehousing services to match the needs of the corporation (MÁRQUEZ, 2010, 68).  Opting for third party outsourcing is a good choice business based on different rationales. this is mainly because logistics third party  can help in  enhancing efficiency, saving finances and  permitting corporations  on  focusing  on  the  primary  sections of a  business.  Third party logistics gives the corporation distinct kinds of value services which involve network analysis, customized services, optimization of network and vendor compliance management in association with logistics professionalism.  In the context of SCM expertise   operations and warehousing are the   main services that are offered by a logistics third party provider.  This can additional facilitates transportation and marketing   the brands manufactured by a corporation.  This concept is essential as it helps an organization in developing revenues, increasing efficiency and developing success and the level of profitability (MÁRQUEZ, 2010, 69).

Logistics third party is associated with three main benefits which are suitable for several businesses (IRMA, 2012, 45). The first benefit is basically saving costs. Based on research most of the clients who utilizes logistics the third party generally saves finances. This is mainly because logistics is the center of third party expertise and their services are always superior which makes corporations to opt for the services.  In the real world, most corporations may not have the time of the necessary professionalism to update their information technology systems. Logistics third party is professional in the sector and they hold the capability of meeting all the manual necessities at a reduced cost and less period time.  Logistics third party assists a corporation in becoming more strategic by lowering the cost of delivery for the corporation which helps in developing management and lowering the cost of inventory (IRMA, 2012, 45).

The second benefit of logistics third party as an SMC concept is lowered commitment of finances (IRMA, 2012, 47). When an organization focuses on  logistics functions outsourcing  from a  logistics third party the company  holds no necessity of worrying  in regard to administering  and maintaining  transportation as well as  the system of  warehousing.  The party helps in administering transporting, warehousing associated operations in an effective way more than the corporation would work on it on as well as decrease cost of operation. This is mainly because the corporation requires less cost in getting logistics services from the corporation outsourced services which are a good benefit. The third benefit of logistics third party SCM concept is that it gives a corporation adequate freedom of focusing on competencies (RAY, 2011, 103). 

Operating a managing big business can be challenging and this, therefore, makes it challenging for an organization to have the opportunity of holding expertise in each field that is required. This is an expensive strategy because the professional employee is expensive to maintain.   However, this hustle is not present when the option for logistics third parties because they are expertise with more developed experience at a lower cost.  This, therefore, helps in freeing the corporation management and most employees in prioritizing to use the free resources, time and efforts on their particular professionalism areas.  Instead of utilizing the strategy of diverting  personnel’s,  assets , resources  and finances  in  administering  logistics  operations  the  resources  are then utilized  in perfecting the operations of the  business (RAY, 2011, 103).  For most corporation logistics and supply operations are the most significant and therefore outsourcing this helps in attaining operations efficiency as well save cost.  The concept helps organizations in maximizing operations benefits by attaining better operations.

Logistics third party concept is best when utilized in a highly competitive market and for big firms.  This   concept helps in sharing major responsibilities which help in keeping the consumers happy and satisfied. This helps in attaining a competitive advantage since the corporation is able to acquire information in regard to the market. In addition, the strategy requires huge resources which only favor huge firms with adequate capabilities to focus the resources on outsourcing.  This approach is not favorable for an innovative   corporation because this may result in loss of ideas as the corporations necessitate developing the ideas internally (RAY, 2011, 104).

Whole-Chain Planning

Whole supply chain management can assist in transforming the supply network into a more developed and adaptive strategy (BIDGOLI, 2010, 86).  Whole chain planning helps in increasing visibility in the management supply chain which helps the corporation‘s responsiveness.  This helps the corporation in sensing changing quickly and responding to them responding.  This strategy is, therefore, effective in capitalizing the occurrence of opportunities.  The concept of complete chain planning additionally equips the business in a manner that collaboration and effective communication is achieved.  Complete chain planning enables the business in adopting and meeting the needs and demands of consumers. It is, therefore, easy for an organization to monitor environment compliance of business laws (BIDGOLI, 2010, 86).  This helps in developing actual time intelligence of the business as well as transparency. This reduced the amount of time that is necessary for the production of goods.  In the context of SCM,   the operational expenses are lowered at a high rate as it develops a working time frame which   begins with raw materials procurement, production, and transportation of the particular goods.  Improved operations orders, production as well as transportation help in developing the general operation of the organization.  This is achieved through lowered costs and quality development which help in developing coordination.  Through a close connection with associates in business the corporation, in general, can be able to align its strategies as well as priorities to develop the entire performance of the organization (BIDGOLI, 2010, 87).  This is additionally beneficial because it helps the business in overcoming uncertainties as they are highlighted before.

The general success of chain management is not necessarily achieved in administering supply chain but it is additionally attained through the concepts of optimization as well as general planning (Seuring, 2013, 1514).  This is mainly because the supply chain is the combination of the different aspects and functions of the business in the quest for achieving success. Planning supply chain helps in optimizing the benefits as the involved risks are managed and the costs of engaging in different operations are lowered generally.  This, therefore, provides the business with the opportunity of integrating different concepts that are required in attaining business success. Planning is the procedure that aims at offering support to SCM decisions through providing different future options by opting for the best strategies through the given alternatives.  Full supply chain planning generally involves integral planning which is mainly centered on   the identification of supply issues thus developing solutions in numerous options.  Optimization is engaged in planning and this helps through ensuring that solutions are provided by in a limited form that suits the corporation (Seuring, 2013, 1516).

Portals and Virtual Organization

Virtual organization refers to a corporation that utilizes distributed and disconnected sanctions including the employees and it requires the use of IT in supporting the tasks as well as the communication strategy (Stadtler, 2015, 11). This does not, however, represent the attribute of the organization as it is   accounted indistinct nature. A portal organization is the one that utilizes a customized working for the employees as operations.  The virtual and portal organization is advantageous because they help in saving costs. This is mainly because the organization is able to eliminate different costs that are involved in operations. The services are outsourced to those regions that hold fewer costs.  This, therefore, reduced the associated costs of high risks.  This concept is additionally beneficial because it helps in leveraging international attitudes.  This concept provides the organization with an opportunity for outsourcing talent from distinct regions. This helps   in collecting specialists and experts internationally who work together for the success of a project.   Innovation is therefore enhanced in the procedure based on increased knowledge achieved through sharing thoughts.  Marketing period is lowered as different teams are assigned distinct tasks which are aimed at attaining an efficiency of the corporation (Stadtler, 2015, 22). Less effort to market the corporation is thus required as through virtualization awareness is developed adequately.  This helps in developing opportunities which are essential in achieving technological advances.

Portal organization as an SMC concept is beneficial because as it increases procedure efficiency. This is the daily activities that are encountered every day in a business. This process involves management as well as customer services (Stadtler, 2015, 26).  This helps in hiring individuals who are highly qualified. Visibility is developed gradually as the business is not required to wastes resources which help in cost efficiency. This additionally results in innovation through the combination thoughts as well as ideas which help in technological development.  Through this, the business is able to develop fresh products at a favorable cost. Most corporations are utilizing portal as business sophistication as it helps in fueling growth as it reduces the occurrence of productivity issues.  Those kinds of the organization are essential as it suits the running operations of a corporation which sends growth uniformly to SCM   operations as the level of profitability is being developed simultaneously. A portal organization is beneficial in an addition as it encourages employee’s engagement in decisions development.  In addition, communication is developed based on improved management and transparency growth (Stadtler, 2015, 27).  Target access is increased based on the capability to adapt to changes and develop brands to suit the different demands.

Vendor-Managed Inventory

Vendor inventory management is the relationship in any business in which the distributor or the main manufacturer takes over the inventory management for either a wholesaler or a retailer (Stadtler, 2015, 24).  With the utilization of communication electronic approaches, the product’s vendor is able to administer orders and offer fulfillment for the orders that are also involved in the particular distribution chain. VMI exists in two types that are consignment and managed types of sales.  The consignment kind is the sales where the particular vendor holds the power of retaining a products ownership until it has been sold to the end consumer.  This implies that after the sales the retailer gets a price commission and the rest of the money is sent to the vendor. VMI is associated with distinct benefits; first, it results in a developed consumer service. In this context, an essential feature of VMI is developed communication medium.  This is mainly because the involved manufacturers, retailers and wholesalers and the distributors have to build strong systems of communication through the utilization of developed software.  This, therefore, offers the consumers and the vendors the necessary data that is required in running the operations.  In addition  to  developed communication,  VMI  as an SCM’s  concept  helps in bettering consumer’s  services, increase  the quality of the produced  goods, decrease  the utilized coast and develop the rate of sales (Stadtler, 2015, 17).  Consumer’s services are developed as the corporation is able to respond correctly and swiftly to the demands and expectations of the consumers.

VMI additionally assists   the corporation in attaining better planning strategies. In developing adequate and appropriate associations through VMI it is necessary for the organization to have an adequate data amount that is gathered from their consumers (STADTLER, KILGER, & MEYR, 2015, 13). This information is utilized in inventory management plan prime. This helps in accounting for supply planning as well as management.  VMI helps in attaining business alliances that are strategic as it benefits the relationships of an organization amid more than a single consumer while reducing cost.  This additionally enables the organization to have adequate materials that are necessary for production based on the present market needs. This, therefore, reduces costs as waste is reduced because products are developed based on the needs of the consumers.  The benefit is reduced costs of sales in that storage develops   product cost.  Storing products as they await an order increases cost and the consumers are then required to incur a cost as the products have to be stored as they await sales.  These kinds of the costs are therefore eliminated with the utilization of VMI (STADTLER, KILGER, & MEYR, 2015, 14).

Moreover, VMI results in advanced forecasting. This is mainly because it helps the corporation in gathering data from the surrounding (STADTLER, KILGER, & MEYR, 2015, 16).  Reliable forecasting primarily depends on the amount of data that has been gathered.  With more data, the corporation is able to analyses the needs of the consumers, market trends, demand curves and the general existence cycle of products.  Through the utilization of the historical   data well-developed assumptions are developed which helps in gaining competitive advantage.  VMI helps in gathering large and detailed data which is beneficial as it improves forecasting capability. Franchising verification is another benefit of VMI. Franchising helps the business in gaining full control of inventory throughout the distribution chain.  This creates an opportunity for increasing flexibility and quality products. Product marketing is additionally affected as the distribution chain attains efficiency (STADTLER, KILGER, & MEYR, 2015, 18).

Electronic Information Integration

SMC offers businesses with the opportunity of decreasing cost and developing productivity simultaneously.  This  can  be   achieved through the means of  newer technologies utilization which helps in eliminating  manual procedures as they permit the corporation to spend  decreased  time period  on  tasks  and more period  time  on  things that are beneficial such as developing consumer’s services (FARAHANI, REZAPOUR, & KARDAR, 2012, 76). Electronic data integration cannot be termed as a perfect strategy of reducing cost, increasing efficiency and developing productivity as it has its individual flaws. However, this strategy is associated with numerous benefits in the context of SCM. It offers the business with distinct forms of attaining efficiency.  In the present business world, electronic order request does not necessitate several days to be completed. Businesses are currently faced with much pressure of developing services and brands while   at the same time they reduce the associated coast and develop productivity.  In business, there is a growing necessity of achieving speed and accuracy (FARAHANI, REZAPOUR, & KARDAR, 2012, 74).

Electronic data integration can benefit the business financially.  This helps in saving cost as it requires the number of employees that are required to keep the data as well as the rate of paper usage which is associated with high cost.  In addition, it helps in achieving accuracy, reliability, and speed in operations (FARAHANI, REZAPOUR, & KARDAR, 2012, 78).  Speed and accuracy play a significant role in attaining business success.  This is because the two aspects help in ensuring that efficiency is achieved easily. Transactions that requires more time are completed within a very short period which offers a wider opportunity of responding to the needs of consumers in a faster mode.  Moreover, business efficiency is also enhanced as the paper tasks are automated and this, therefore, implies that the employees can focus on other beneficial tasks.  This, therefore, acts as a form of motivation which impacts production positively. 

More than fifty percent of the required human efforts and resources are saved.  Visibility is additionally enhanced by that electronic integration of data permits the business to attain visibility that is real of the status of transactions. This process, therefore, results in a speedy mode of developing decisions. In addition, the responsive capability of the organization is developed and this helps in meeting the demands of both the consumers and the entire market.  This provides the business with a single communicating language which facilitates understanding with international partners (FARAHANI, REZAPOUR, & KARDAR, 2012, 78).   The last benefit is that electronic integrated data helps in developing market competitiveness as the needs of the consumers are addressed appropriately.

Some of the above approaches such as outsourcing and VMI are mostly appropriate for manufacturing, large corporation and servicing business.  If such approaches are utilized in other industries that can result in incurring huge costs and the achieved benefits may be lower as compared to the utility in a manufacturing industry.  In the context of the approaches competitive requirements provides an adequate explanation of the approaches. This is mainly because the approaches are utilized in attaining competitive advantage in the market.

Future Research Recommendation

Based on the research the findings suggest that more investigation is conducted on the SCM’s concepts barriers in achieving efficiency.  This will help corporation in assessing the risks before engaging in the implementation of the approaches.  In addition, further studies should be done in establishing how SCM can help businesses in reducing costs without affecting the actual operations of the business.

            References

BIDGOLI, H. (2010). The handbook of technology management. Hoboken, N.J., John Wiley & Sons.

CRESPO MÁRQUEZ, A. (2010). Dynamic modelling for supply chain management: dealing with front-end, back-end and integration issues. London, Springer.

INFORMATION RESOURCES MANAGEMENT ASSOCIATION. (2012). Organizational learning and knowledge: concepts, methodologies, tools and applications. Hershey, PA, Business Science Reference.

KIRK, S. A. (2010). IT outsourcing: concepts, methodologies, tools, and applications. Hershey, PA, Business Science Reference.

Liu, H., Ke, W., Wei, K.K. and Hua, Z., (2013). The impact of IT capabilities on firm performance: The mediating roles of absorptive capacity and supply chain agility. Decision Support Systems, 54(3), pp.1452-1462.

RAY, R. (2011). Enterprise resource planning. New Delhi, TATA McGraw Hill Education.

Seuring, S. (2013). A review of modeling approaches for sustainable supply chain management. Decision support systems, 54(4), 1513-1520.

Stadtler, H. (2015). Supply chain management: An overview. In Supply chain management and advanced planning (pp. 3-28). Springer Berlin Heidelberg.

STADTLER, H., KILGER, C., & MEYR, H. (2015). Supply chain management and advanced planning: concepts, models, software and case studies. http://dx.doi.org/10.1007/978-3-642-55309-7.

WANG, J. (2012). Information technologies, methods, and techniques of supply chain management. Hershey, PA, Business Science Reference.

ZANJIRANI FARAHANI, R., REZAPOUR, S., & KARDAR, L. (2012). Supply chain sustainability and raw material management: concepts and processes. Hershey, PA, Information Science Reference.

BEST DELIVERY SNACKS

Subscription snack box service is a snack delivery at the doorstep that has continued to expand rapidly over the last few years. The snacks are many in variety and the client can choose what they want to subscribe for. At the beginning most of the companies offer the snack in the form they are manufactured into but with time they have been able to tailor the snacks to the customer’s preference. It is most convenient for those who subscribe to it as they can get a variety of snacks that contain more fiber, cereal grain and are free from synthetic ingredients (Katz, 2014). An example of such the subscription snack box service is Graze snacks are the proprietors. The subscription in this country works by customers indicating the snacks they would they like and would like to try and their dietary restriction that has assisted Graze to tailor the snack for them. The more the clients interact with the provider of the service the more they learn how to tailor the products to them. Some company’s offer tasting snacks that may include 8 snacks at a cost of $10 and a deluxe box of 16-20 snacks from $17 (Strom, 2015). The subscription earns the subscribers points of which they can redeem online (Katz, 2014).

The process is successful as most companies have been able to tailor the snacks to the subscriber’s preference resulting to better profits. It is one thing that I would like to venture due to its positive future prospects. I would like to venture into internet provider as it is one thing that most homes must have. Technology has changed so many things and the demand for internet connections in homes is rapidly rising. The subscription will be based on the speed of the internet and the numbers of users. This means that it will be possible to cater for the family internet needs whereby the subscription will be renewable on monthly basis (Roberts & Zahay, 2012).

Reference

Katz, B. (2014). The Best Delivery Snack Package in the U.S. retrieved from http://www.seriouseats.com/2014/04/the-best-delivery-snack-packages-in-us.html

Roberts, M. L., & Zahay, D. L. (2012). Internet marketing: Integrating online and offline strategies. Mason, OH: South-Western Cengage Learning.

            Strom, S. (2015). With Subscription Snacks Entrepreneurs Think inside The Box. Retrieved from http://www.nytimes.com/2015/09/26/business/with-subscription-snacks-entrepreneurs-think-inside-the-box.html?_r=0

Entrepreneur

Introduction

An entrepreneur is described as an individual who is involved in setting up a business while taking all the financial and other risks that are involved in developing a business in the quest of generating profit (KALMS, 2013, 43).  This definition is generally accepted by most authors as well as researchers.  A business entrepreneur cannot, therefore, be described as an owner of a business because they differ in a great way.  The term entrepreneur has thus been involved in a series of definition since most individuals fail to understand how it differs from being a manager or an owner of a normal business. In the modern world, the requirements of beginning and maintaining a business are growing rapidly.  An entrepreneur is thus a person who is continuously able to administer and organize the performance and operations of a particular business by prioritizing the quest of generating profit rather than the risks that are involved. The entrepreneur additionally shows daily basis improvement in regard to the manner in which they treat their consumers and employees. An entrepreneur works very hard in ensuring that the operations of the business are developed adequately (KALMS, 2013, 43). This, therefore, implies that the entrepreneurs utilize all the four major functions of management which involves, control, planning, directing as well as decision making.

    Planning is the first function that an entrepreneur utilizes. This involves the procedure of deciding the kind of business that interests the person which should be based on knowledge as well their expertise skills (KALMS, 2013, 49).  This helps in developing better strategies to overcome the risks that are involved.  On the other hand, control involves the capability to control the operations of a business towards the stated goals. This, therefore, involves the employees as well as the consumers. Financial control must additionally be developed to ensure that maximized profits are generated.This helps in developing a better culture for the organization. When an entrepreneur holds adequate knowledge there is a higher potential for business success.  The location is an additional thing that entrepreneurs consider in regard to business setting.  The entrepreneur should additionally be able to develop adequate and effective decisions and ensuring that business legal laws are well incorporated (KALMS, 2013, 52). I conducted an online interview with a successful business entrepreneur who origin is based in UAE by the name Yusuf Ali.  Throughout the Middle East, the entrepreneur has established numerous ventures. The entrepreneur is the founder and owner of a global group located in Dubai that is referred as Spyros. The entrepreneur is basically influenced by technology as well as an innovation which is   taking place at a fast pace in the global world. Currently, the entrepreneur is involved in Spyros medicals, gas, oil, technology and more. He is a young entrepreneur who has achieved so much which makes him an admirable entrepreneur. 

    Entrepreneur Business Environment Description

    The business industry in which the entrepreneur operates in can be referred as a service business field in the general nature. According to the entrepreneur, the industry provides branding products as well as services to the consumers. This is therefore accomplished through the use of brand auditing as well as both internal and external organization marketing communication evaluation. These operations, in general, involve activities such as advertising, brochures, inducing videos, sales reports, and show releases. This helps in demonstrating the organization's uniqueness.

    Entrepreneur’s Background

    Through the interview, I was able to establish that the entrepreneur possesses different capabilities as well as successful entrepreneurial traits. The insights of the interview will be useful in generating a better understanding of the best entrepreneurial paths.

    The idea of starting the business for Yusuf Sayed was settled in the beginning of 1995. This was mainly influenced by the fact that he comes from a family that is very successful in business.  While viewing his family background his prior fathers were businesses entrepreneurs and their ventures can still be established throughout UAE. This, therefore, illustrates that his idea of starting a business was mainly influenced by hereditary factors.  The entrepreneur is characterized by expertise and knowledge because he has numerous bachelor degrees which are based on the field of engineering.  This, therefore, shows that he holds distinct skills in regard to the mechanical field.  In addition for more than four years, the entrepreneur has worked continuously in the design operations, engineering, training as well as planning of organizations projects in the private industry.  The entrepreneur’s father is an entrepreneurial individual while his mother has not been involved in any business operations.  His major interests are mainly based in traveling, new interactions, business ventures, and ideas, places explorations as well as studying.  His siblings are very educated and their interests are mainly based in business which shows that his family offers internal pressures to be an innovative and successful business individual.  He has a brother who is studying medicine in America and hopes of innovating medicines.

    The idea of starting a business for Yusuf Ali was generated by the fact that his prior fathers who were in the business world required a stronger helping hand.  Based on the fact that he is highly creative ad enjoys generating fresh and unique ideas he decided to venture into business.  He always had the dream of developing a small sized fabrication business but since the desires and operations had shifted to a different direction he could not be able to start the business. 

    The major influences of beginning the business were based on his field and literary knowledge and mechanical engineering experience skills.  This gave the entrepreneur adequate confidence of starting and maintain the business to attain success.  While growing up the entrepreneur had always dreamt of providing solutions to technical issues that bother individuals in their daily operations. Based on his confidence of generating unique thoughts as solutions he   decided to start the business.  He, therefore, selected to venture into the service industry because he understood the requirements of providing solutions to consumers. His internal desire was always to offer solutions which were in a much closer relation with the business of offering branding services.

    Yusuf Ali prepared on starting the business in different ways because he believed in becoming a successful entrepreneur. Based on the fact that beginning any business requires a well thought out strategy and that challenges can never be escaped in the business would the entrepreneur developed a well-structured plan of business.

    A business plan may not be very effective when beginning an operation but it helps in setting a focused direction.  A business plan helps an entrepreneur to start the objectives as well as the strategies through which the available resources can be utilized.  In addition, a business plan helps the general business in analyzing the options of acquiring resources such as employees, resources as well as finances.  With this, the business management is, therefore, able to develop better decisions (KALMS, 2013, 43). This involves the ability of the business to understand the general industrial market that it is expected to operate in. in addition, the needs of the employees are clearly defined as well as their expectations. This helps in building a better reputation in the market as the consumer becomes the major priority of the business.  With the understanding and a better analysis the business is adequately able to develop a competitive advantage, especially in the global market.  This is mainly because especially in the service industry business are faced with rapid changes as well as challenges which much be overcome adequately in attaining success. 

    Knowledge, as well as expertise, helps in attaining success in a more simplified form.  The market is analyzed well which helps in developing effective approaches to handling the growing demand. In addition, this helped the entrepreneur in developing more thoughts in regard to innovation and service industry innovation (KALMS, 2013, 48).   This has been a major sector that influences his ability to create different ideas that are unique and offers effective solutions to all their consumers in the global market. In addition based on the fact that he offers technological services, his market has grown continuously in the global industry and especially in the Middle East.

    The entrepreneur is characterized by different traits which I believe contribute a lot in ensuring his success in business. The entrepreneur is highly motivated and passionate about his operations.  This is an essential trait when it comes to the business operation because it helps in accounting for business success. The success of a business is mainly determined by dedication as well as a passion for what an entrepreneur does. The entrepreneur is also a risk taker as he is always ready to get into different ventures which are full of uncertainty.  However despite the fact that he is a risk taker like most entrepreneurs he stands out because he risks his money as well as time into uncertain venture but he always has a plan on how the resources are to be utilized to reduce the risk. He performs an evaluation of the risks worth before venturing. He believes in self as well as bossiness discipline through his intense focus in everything that he does  as he believes that discipline is  key to success.

    Yusuf is a very flexible and highly adaptable person. This is mainly because he is frequently able to adapt to market changes which help in meeting the demands and expectations of consumers. A successful business does not necessary succeed based on making an appropriate decision but it is mainly based on achieving success out of every decision (CASSON, 2008, 65).  Keeping trend of the market helps to identify the changing preferences of consumers thus adapting in a more easy way.  He is also a good planner. Good planning is good for entrepreneurship because this involves the capability of gaining more through investing fewer resources. This, therefore, involves making the best choice and commitment. All the possible risks are identified adequately and the appropriate solutions are analyzed which helps in lowering the occurrence of loss. Successful entrepreneurs do extensive research for individuals to ensure that they increase their knowledge as well as skills.

    Entrepreneurship requires huge skills which are essential in developing fresh strategies. As an entrepreneur, one is highly necessitated to understand their market offering. They are required to have a better understanding of the market structure (CASSON, 2008, 68). This helps in developing better strategies than those that are offered by the competitors. One of the challenges that the entrepreneur had to deal with was a functional risk. The services provided by the entrepreneur are views based and therefore the outcomes have to be effective enough to impress the consumers. This was mainly a risk in investing into the business based on that  the entrepreneur provides branding services and in the beginning most clients holds the little faith of the outcomes.

    Entrepreneurs encounter several issues when starting up the entrepreneurship (CASSON, 2008, 72). The major issue that the entrepreneur faced was mainly a financial investment. The industry required many resources to start and he was therefore necessitated to corporate with different partners. He accomplished this through developing ideas and selling them to investors so that they can be convinced fully to invest. Most of the investors left because they thought that the plan may not be successful and this necessitated him to work even harder to earn their trust. In addition, the entrepreneur was faced with the challenge of labor since most individuals did not have the required knowledge as well as skills to operate effectively. Those with higher skills required a higher salary and he, therefore, opted for employees with fewer skills which required him to offer his individual training to the employees.

    The entrepreneur gathered guidance as well as support from his family and especial his prior fathers who held better knowledge in handling the market. The entrepreneur holds greater confidence in his abilities because he considers his operations as the best globally.  The entrepreneurs hope in venturing in different services such as advertising and health to draw solutions to health issues as well as marketing. The entrepreneur holds different ideas that are coming up and he hopes to make them successful in the near future. The entrepreneurs handle financial issues adequately as he is well involved with beneficial investors who help him in the cases of the financial drop. The entrepreneur believes that becoming successful entrepreneurs requires adequate experience as well as knowledge. This helps in developing critical thoughts in case of an occurrence of issues (OZMINKOWSKI, 2003, 23). Having unique business thoughts help in ensuring that the business is able to attain a competitive advantage through meeting consumer’s demands (CASSON, 2008, 71).

    In the entrepreneurial world challenges and risks cannot be avoided (STOKES, WILSON, & MADOR, 2010, 36). This, therefore, means that an entrepreneur is required to develop innovative solutions to the challenges. Entrepreneurs are additionally required to understand the business market as well as the needs. This helps in attaining consumer’s loyalty thus providing more opportunities in the market. The entrepreneur market is surrounded by vast experience and knowledge and thus becoming a successful entrepreneur requires unique thoughts and solutions. Entrepreneurs are required to be problem solvers to attract more consumers. Branding, as well as services, should be based on technology as well as innovation. This helps in offering distinct services from those that are offered by competitors.  Profit generation is not basically the objective of an entrepreneur as this cannot be attained without proper management of resources (KUMAR, 2008, 53).

    There is a visible distinction between an owner of any business and an entrepreneur. An entrepreneur is an initial business starter who owns the general ideas of a business.  Entrepreneurship is an investment of skills as well as expertise (SAMLI, 2009, 47). An entrepreneur is, therefore, an individual who takes all the responsibilities in a business thus risking the operations as he expects to generate more profit from the activity.  An entrepreneur decides on the materials to be used, labor, product as well as facilities.  In the case of success, the entrepreneur is then happy as he enjoys the benefits and also risks the occurrence of risk in the following venture (SAMLI, 2009, 47).  From the interview, it is clear that an entrepreneur is the business starter which means that he is fully responsible for ensuring that things are done in an orderly manner. On the other hand, an individual who owns a business is only responsible for ensuring that all the initiatives are successful. For an entrepreneur generation of profit is a beneficial thing.

    In conclusion, an entrepreneur is highly required to be a risk taker, a passionate and a highly motivated person. This, therefore, means that they should be able to venture into investments which are characterized by uncertainties based on Yusuf’s interview. An entrepreneur is required to be a problem solver and an individual who thinks critically to ensure that their thoughts are unique and distinct from the rest. Entrepreneurs according to Yusuf are mainly driven by commitment, experience, and adequate knowledge. This, therefore, implies that without an adequate understanding of the market it can be challenging to achieve success in business.

            References

CASSON, M. (2008). The Oxford handbook of entrepreneurship. Oxford, Oxford University Press.

KALMS, S. (2013). Ubiquitous entrepreneurship. [Place of publication not identified], Josef Eul Verlag Gmbh.

KUMAR, S. A. (2008). Small business and entrepreneurship. New Delhi, I.K. International Pub. House.

OZMINKOWSKI, M. (2003). Culture matters: cultural, political, and economic influences on the formation of public. [Place of publication not identified], iUniverse Com.

SAMLI, A. C. (2009). International entrepreneurship: innovative solutions for a fragile planet. New York, Springer

STOKES, D., WILSON, N., & MADOR, M. (2010). Entrepreneurship. Hampshire, UK, South-Western/Cengage Learning EMEA.

Stock market

            When a person choses to make an investment, they make decisions about what to do with their cash.  The risk is based on a person’s level of investment where it can either have the aptitude to affect the financial welfare in either the positive or the negative way.  The level of risk that is connected with a certain investment relates with the level of return the investment might have gained.  In the approach of the investment, the reward is the possibility of having higher incomes.  Based on the accounts, stocks get rewarded with the most robust average annual returns, followed by the corporate connections (Robbins, 2012). 

            The connection between risk and reward is that the investors get ready to risk on the investments and this makes them loose money where they are later rewarded for the risk.  I see myself getting into the investment in future as there are always ups and downs in the market.  This can be managed practicing variation or branching out.  This is done by dividing the money you have allocate to a certain asset class and investments that lies on the same class as you have.  This will help me in spreading my assets around and lessening the risks, thus it is not advisable to put all the investment in one location (Robbins, 2012).

            I need to continue with my research for more relevant sources as every business must have its own access to a range puddle of knowledge.  This can either understand to the needs of the customer or the business location based on the skills of the staff and their experiences.  In this way, the business, shares and uses their skills which are the main ways to develop it successfully (Robbins, 2012).   

Reference

Robbins, R. (2012). Tactical trend trading: Strategies for surviving and thriving in turbulent markets. New York: Apress.

Business idea

One of the best business ideas is selling oil and cosmetic related products. These products are essential currently due to the change in climate and global warming adversely affecting almost every aspect of life. Humanity is the most affected living being by the increase in temperatures as it changes the skin and finally causing complications and allergies (Butler and Poucher, 2013). Preventive measures will have to be taken into considerations in order to reduce these risks and assist an individual to live happily with less stress skin wise.

The target market is all genders whether old or young since the effects on the skin could actually harm anyone. Female gender is one of the most appropriate target markets in this case since they like spending a fortune in purchasing makeup products that will eventually lead to having a weak skin and therefore vulnerable to skin related diseases and skin cancer as the most horrifying effect of sunburns and other environmental changes (Casper, 2010). In the current world, cosmetic is not a new term and thus many have interacted with the product only that the different products have different effects on humanity. The cosmetics will be natural in nature and therefore no chemicals applied on them unless during extraction of the harmful and bitter parts of the herbs. We all love to look beautiful and using a counterfeit product to look beautiful is not the answer to beauty but an answer to the devastating life full of diseases.

Use of natural products is very important as it ensures the skin stays natural. The oils will be used as a detoxing agent that will assist in eliminating the harmful and unwanted liquids in the body that sometimes come out through the mouth for example in the morning the smell from the mouth will be eliminated by the oils. Going natural should be everyone’s priority and therefore allowing intake and application of natural products are the best strategy (Butler and Poucher, 2013). Both males and females will spend on anything just to look good and when what they are using does not turn out to be working they turn to another option but the products will be the last products they settle for. Women and ladies are looking for better way to maintaining the natural beauty using organic products and therefore an effective market for the products. The oil and cosmetics are one obtained from natural products that are known to cure diseases not only in the olden days but can also be used currently just that the products are not used in raw form but they are purified to eliminate any toxins available.

According to the table, cosmetics are mostly used by the middle age compared to the other ages.

Bleaching is the order of the day and this skin bleaching products only serve one purpose of hiding the real skin color but the oil and cosmetics on the table can actually be used to preserve a beautiful and natural skin color 24 hours a day after application and the need for bleaching effects is eliminated. The business can be located in the social media sites since the market target like using the social media sites as a shopping mall. Social media has changed the perspective of marketing by bringing closer the buyers and sellers especially the young generation, therefore, these sites can be one of the best marketing sites for this business idea (Elsner et al., 2012). In the current times, individuals from the age of 10 years have logged into mostly Facebook and therefore this can be one of the best sites to consider doing the business on as it reaches many instantly. Taking Facebook as a business site, the advantages are beyond human description. Currently, the world is co-joined in a single tree of friends of friends on the social media platform. These sites are free to log in and post whatever products one has especially if they are new in the market. Free services are not always available and maximum use of these services is needed to gain profits.

Online businesses nowadays are gaining popularity more than the physical businesses since they can be accessed anywhere and at any given time (Skellie, 2011). The generation we are in today has changed the way people do their shopping by first discussing a particular product and following to make an order of the same product, therefore, increasing the probability of an online business to succeed over the others. Online platforms are free to control and therefore less stress since the business can be operated even in bed. Business interests are likely to be obtained from these sites since the posts enhance the creativity and the willingness to serve customers better. Online business operations also allow customers to respond on any issue that a business has and therefore the comments by individuals can help create more innovative and successful businesses according to customer requirements. Women and ladies love shopping and before every shopping, they conduct a background check and also choose which is the most effective products on them and since they are the target market, in this case, social media sites are the best business location platforms.   

Aggressive advertising has to be done to make the product known to a wide range of people. Having three in every five group of people know the product is a sign of success since they can assist in making the others aware of the products. The packaging of this product will be clear and simple with an attractive color and container that will influence the eyes of the customers (Saeed et al., 2013). Customers are known to first love the packaging of a certain product before they even recognize the package itself and therefore using the latest technology in designing the packaging materials will win customers. Involving the media and media personalities in product advertisement increases the chances pf a product being preferred by the target market. Today there are over 100 channels in the world and using the most preferred channel to advertise a product leads to the awareness of the existence of the product, therefore, a means to increase productivity.

Attending events can also improve the product awareness and make individuals like the product. Selecting a target audience and perfect timing increases the product awareness and therefore profits. Offering promotions and gifts also leads to products awareness and this even lures the perfect target market into purchasing the products (Saeed et al., 2013). The cosmetics are mostly used all day by the ladies and this day even the men carry one or two perfumed products just to look great and using this chance to introduce the products to them increases the awareness of the products.

The goals in this business are to eliminate the medical expenses spent on bleaching and the effects brought by purchasing bleaching products as the skin has been damaged by the environmental changes (Casper, 2010). Manufacturing productive and healthy products should be the vision and the mission of every business. Currently, business individuals are very cautious on the kind of products they deal with since the standards of quality products count in every measure. The objective of this business idea is to improve the living standards of individuals who view themselves as lost in the world of beauty since their skin color does not attract a large circle but with these products, they can have a changed perspective on how they consider themselves. The aim as a business is to generate a viable option to the damaged environment which is full of chemicals released by our industries. Having a business that succeeds in every aspect is the goal of every business and this can only be achieved if the quality is assured. Long term benefits of the products are the long term vision of this business as plans to expand internationally is the concern of this business (Butler and Poucher, 2013). Serving countries with the best products naturally are the vision that will enable the company to move miles to the global community.

This business idea is one of the best and which takes into considerations the reasons for better living. Use of products that add more than beauty to individuals adds value to the community and these products have the capability to add the value (Butler and Poucher, 2013). People are struggling to look beautiful and presentable and the only way to do so that has benefits is to use natural care products.

References

Elsner, P., Merk, H. F., & Maibach, H. I. (2012). Cosmetics: Controlled efficacy studies and        regulation. Berlin: Springer. 

Casper, J. K. (2010). Changing Ecosystems: Effects of Global Warming. New York: Infobase       Pub.    

Butler, H., & Poucher, W. A. (2013). Poucher's perfumes, cosmetics, and soaps. Dordrecht:         Kluwer Academic Publishers.

Skellie, . (2011). Successful Facebook marketing. Melbourne: Rockable Press.

Saeed, S., Khan, M. A., & Ahmad, R. (2013). Business strategies and approaches for effective     engineering management. Hershey, PA: Business Science Reference.

Marketing strategies

In this journal I shall discuss the pricing and it’s important to marketing. In terms of marketing mix many individuals especially those in business would think that pricing is the least element. I would convince them that in every business price is the main component since it is set to maximize profitability in generating the market overall. Organizations should ensure that they put inconsideration pricing as the first option since it is the vital as well as highly demanded component within the theory of marketing mix. It is through the price a business set on it products that consumers are able to have an image of the firm. I would consider pricing as the major element in the marketing mix since it is the only process a business is able to set its price at which it products and services sells.

A business sets it price by taking account the price at which it could acquire the goods as well as the processing cost. As a business man it would be essential for understanding g that pricing is not an easy task since it makes the decision on the consumer stay, thereby I must make a fair decision on whether to apply manual or automatic prices. Pricing is the most important element in the marketing mix since in consideration of all other essentials, it is the only that creates a throughput for the business. However, pricing is used in supporting all the other elements, although at times it appears difficult since it reflects on the demand and supply curve. Strategic pricing is the key elements for a successful business. When customers get poor pricing from the business they will probably never come back (WUEBKER 112, 2008).

Valuing is the endowment of services to the clients after acquisitions or before.  The major concern on the customer service is for the business to assigns to customer services relative to the components such as pricing and innovation. It is the client service that defines how a client behavior is analogized to occupational procuring elevation, but the eventual focus for the association on consumer goods and services. Inspiration is one thing which drives customers on decision making and behavior. It is the countenance which presses an individual enough thus, leading them to the want to satisfy them, thus impacting the market positively (WUEBKER 110, 2008).

Businesses are faced with several challenges which are mainly brought about by pressure from the rule of making decisions on pricing. However, on the private sector there is no interference with the federal state thus; no countless variation on how it operates and it makes it easy for the strategic management in generating more proactive as well as reactive in shaping the organization’s future. Strategic pricing is done considering the products value as well as the target customers thereby; this approach recognizes that individuals always make decisions on purchasing based on psychology (KOLASSA 35, 2009).

Strategic pricing comes in various ways thereby, as a business partner I would consider a comprehensive pricing since it is comprised of several layers generating a foundation for price setting which reduces and increases profit over time. Understanding various pricing strategies values the business opts to consider customer segments. Price skimming views the companies charge where price is increased due to a competitive advantage thus; the improvement tends to be sustainable. It is the price that attracts new competitors into the business whereby, price changes depending with the supply (KOLASSA 35, 2009).

References

KOLASSA, E. M. (2009). The strategic pricing of pharmaceuticals.

WUEBKER, G. (2008). Price management in financial services: smart strategies for growth. Aldershot, England, Gower.

Marketing Strategies

Different companies offer different brands, and it is therefore the responsibility of the company to come with the best strategies in order to make sure that there are appealing to the customers. If a brand attracts the attention of the customers, then it becomes easier for most customers to be able to consider buying it (Katariina, n.d). Most customers are usually attracted to a brand, mainly if it offers very unique features compared to other products of a similar kind. This consequently allows the consumers to be able to purchase such a brand, because it offers features which they have lacked in other brands.

Brands have become a stronger part of our culture nowadays, simply because, they offer different factors which affect our lives. The following are the pros of brands to the culture: they create oneness, they encourage consumer choices and improve marketing practices between consumers and manufacturers. I believe, that it is very significant for a brand to be able to create oneness between a certain peoples in different parts of the world (Katariina, n.d). A good example is Whatsapp, a messaging brand, which allows people to be able to communicate and share ideas, regardless of where they are from. Moreover, it also allows them to be able to develop different cultures, through sharing ideas with people from different areas. This consequently enables people to be able to develop good relations with each other.

On the other hand, brands encourage consumer choices, thus a consumer can be able to decide which product he or she wants through providing a variety of products and thus allowing consumers to buy whatever they like (Katariina, n.d). Furthermore, brands improve marketing practices between consumers and manufacturers, this consequently allows consumers to be able to buy quality products at a very affordable price. Consumers can also be able to understand why different products vary in prices, thus being able to purchase the right products to cater for their needs.

In as much as brands have benefits in our culture, they also have disadvantages which often affects our culture. The following are the disadvantages of brands to our culture: many products create confusion in the market, they affect our behaviours and finally, lead to the death of other brands. Due to the emergence of different brands particularly in technological products, it has made it hard for consumers to be able to understand which products are the best and which ones are not (Katariina, n.d). According to my point of view, a consumer is supposed to understand how a brand works, before actually buying its products. This is not however so because, different brands come up with different approaches which tend to confuse the consumers and thus they end up purchasing products of a low quality.

Different brands, the social media in particular, are really affecting our behaviour, and thus leading to the erosion our culture. Due to the topics which trend on the social media, it makes some people to copy certain behaviours and hence leading to very many problems in the future (Katariina, n.d). Furthermore, some brands have led to the death of other brands, due to selling low quality products, thus making people to avoid such products and hence leading to low economic growth in different countries. I strongly believe that, brands are supposed to influence the culture positively and not negatively. If the right measures are not put in place, then it means that brands are most likely to affect us negatively.

Reference

Dr. Katariina Juusola. (n.d). Marketing Management

Consumer's Behavior Research

Executive summary

The customers for iPhone 7 are grouped into 3 generation personas whose purchasing experience is analyzed on the basis of the reasons behind buying the product. Two generations, baby boomers and X were the main target market for this product given that they are privy to the latest technology and changing trends.  The value for money, product functionality and features are the main driving forces for the purchase of iPhone 7. Customer engagement informed the purchasing experience for most individuals that were interviewed. The advertisement campaigns, analysts and people close to the customers were the most influencers of the purchases done. Use of online ordering process has been used to increase customer traffic. 

Introduction

This paper aims at analyzing the purchasing experience of the iPhone 7customers belonging to the Baby Boomers generation, Generation X and the millennial generations. The decision making by consumers consist of constant interactions between their behavioral actions and environmental factors. This process involves a relationship between the pre-purchase information obtained by the buyers and the post-purchase outcomes.  The customer experience is very important aspects in marketing and purchasing process given that organizations that offer great experience are able easily achieve their growth objectives.  A purchase experience should be understood from the perspective of the customer since only they can tell the various steps they have to purchase a product and their degree of satisfaction through this experience.

Personas Profiles for Generational Buyers

Baby Boomer generation

This generation consists of adult individuals between the ages of   49- 64 years and has the most disposable income than any other demographic. Most of these people plan on spending majority of such money recreational interests, hobbies and traveling. They tend to be loyal to the brands they buy initially and stresses more on great quality for such products, and if a product is proven to be useful for a long period of time, one can acquire their confidence.  The reason for this generation buying iPhone 7 is that they want more quality for their money. They are not very familiar with digital marketing but are increasingly becoming engaged with online platforms which present a good opportunity for reaching out to them. They mostly get information through printed audio and visual media

Generation X

This refers to the individuals whose age is between 37- 48 years old. They are individuals with a lot of responsibilities given that they are at the peak of their careers and have families to take care of. They are thus constantly looking out for updates about family and work, and thus they are constantly checking out on emails and are likely to respond positively to emails with retail details. Their reason for buying iPhone 7 is their need to access such updates constantly wherever they are, at home or at work.  This generation is less likely to move with trends, but would buy products with a wide range of benefits. These individuals are mostly in the social media networks, which is a good platform for reaching out to them. They also set aside savings for the purpose of taking vacations, which shows they have a considerable amount of disposable income.   

The millennial generation

This generation includes individuals within the age bracket of 18- 36 years, and are with time taking over in the job market. This generation has the largest number of entrepreneurs and are an economic force, have a huge buying power but less frequently visit in-store for buying products. The generation has a large presence in the online platforms especially in the social media. They keep with trend and are always waiting for the next big thing and always want more for less. They would go for a trendy product that can have a wide variety of uses but at a reasonable price. They main reason why this generation buys the iPhone 7 product is their desire to keep up with the latest product in the market. Any product which provides solutions to their problems while making life easier appeals to this generation.  

                                   Descriptions of Buyers’ Purchasing Process                                  

The purchase is usually the physical part of complex process of decision making which is created by a customer for every purchase they make. Need recognition is the initial purchase process’ step which results from the existing gap between an actual situation to an ideal situation desired by the consumer (Batra& Kazmi, 2008). The need recognition defines the beginning of customer purchase experience as seen in the reason for purchasing the iPhone 7 among the three generations. The need to have a quality product that offers value for money , the need for a product that can offer different functionalities and the need  to keep up with the latest trend in the phone industry was that present among the three generations.   This need lead to customers evaluating the available alternatives before making the final buying decision. The decision is determined by the available information and the steps made previously on the basis of perceived value, the feature and capabilities for that particular product.

Many of the interviewed customers were longtime fan of iPhone7 especially among the generation X and Millennial generation. They got the information about the product after a news release that it was being launched into the market. The description about the functionalities of the product – what the device could do and wanted to get the experience of using the product. The customers were able to have a buying experience whose emphasis was the brand and the provision of information about how the brand functions. Many of the customers could be referred to voracious consumers of such information especially those who were able to access the products positive reviews on the online platforms or advertising. The buyers also interacted with brands representatives, analysists and peers through online platforms, phones and in person.  Such levels of interactions made the customers across the three generations to feel engaged and through this they were able to make decisions on buying this product. Purchase experience consists of various elements that inform the buying decisions and beginning from customers psychology, information consumed to interactions they have in the entire buying process (Schiffman, 2015).   

Product purchased and target market

The iPhone 7 product had favorable number of purchases that were informed by the product’s features, capabilities and a good buying experience.  These features includes an bigger size of the battery which adds more hours for power storage, a better camera that produces brighter pictures, and a water resistance features that is very appealing to the customers. Other features include a higher storage options that double the previous version of the iPhone gadgets and gaming. This smartphone seems to be largely targeting the younger and middle age generation which includes both the x-generation and Millennial generation who are the main driving force for the sale of this product. Apple seems to have a good understanding of the market, consumers and technology which has formed the basis of the firm’s marketing strategies for iPhone 7.  One of strategies involves a separate way of launching the produced. The marketing strategy involves creating a small number of iPhones to cause a lot of hype about the product which makes the consumers to feel the need to purchase the phone especially among the millennial generation that focus on the trending and new products.  The product has also use appearance as a strategy of differentiating the iPhone 7 from iPhone.  The brand target for the generation –x segment of the product may be the reason for trying to have the long battery life given the desire for a multifunctional product. The product store marketing has involved ad campaigns which have involved letting target customers feel the product as a lifestyle rather than just a product. The company has especially used local celebrities to reach to the localities. The company allows for the product to be bought from the apple store through online technology after a customer has made reservation. The online platform allowed many customers to have access to the device.

iPhone 7 Purchasing Influencers

The product most influential purchases impacted the generation X and the millennial generations which indicated the highest interest in owning the device. This can be attributed to the customers need being met by the product regardless of the price associated with it (Batra& Kazmi, 2008).  These influencers included analysts and the people close to the buyers of the phone but advertisement campaigns featuring prominent people such as celebrities also impacted on such purchases. 

References

Batra, S. K., & Kazmi, S. H. H. (2008). Consumer behaviour: Text and cases. New Delhi: Excel Books. 132

Schiffman , L. G. (2015). Consumer Behavior. Pearson India.