INTERNATIONAL MARKET ENTRY STRATEGIES
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HOW TO ANSWER AN INVESTOR “WHY DO YOU WANT TO RAISE CAPITAL?”
This is indeed a very simple question but for some entrepreneurs who are raising capital, they find it difficult to give an honest, correct and logical answer to the investor. To many, it may sound simple, however the response is not in its simplicity but rather in its logicality. How logical and rational and convincing is your response to that simple question if asked? I have come to the realization that, many entrepreneurs take for granted certain things considering they already know the answer whereas, they have a limited knowledge on what could either merit or demerit their opportunity to receiving funding.
THE 10 GOLDEN RULES OF RAISING CAPITAL
Success in raising capital for your business is very practical and easy. It often leaves clues, and if you look closely you will find a trail. There are a number of simple rules you can follow to significantly improve your chances of raising capital. Some of these rules are based on plain, old common sense. Some have been validated by the bitter experiences of other entrepreneurs. If you follow the golden rules in this lesson, you will avoid some of the most common mistakes and roadblocks people face when they try to raise funding.
7 CRITICAL RISK INVESTORS ALWAYS LOOK FOR
One thing the entrepreneur often forgets to understand is the fact that, Investors take a risk by investing in their businesses. These are the risks that influence how investors think and react to the business opportunities, that entrepreneurs engage in. All business opportunities are surrounded by a certain amount of risks, which in the eyes of the entrepreneur are minimal, usually because they neglect them or did not see them. That’s why, for investors, rigorous risk analysis lies at the heart of making every investment decision. Many entrepreneurs just don’t understand how to analyze their business from an investor’s perspective. And only those entrepreneurs who know how to do this can improve their chances of raising funding. This paper gives you an understanding on the 7 critical risks entrepreneurs should identify and address in their business before approaching a potential investor. The knowledge and insights you gain from this lesson will surely serve you throughout your journey as an entrepreneur.
How to think like an investor
The principal goal of this lesson, is to provide participants with knowledge and techniques on how to find and target the right investors, avoid costly mistakes, and craft convincing proposals that will make investors want to give you money. There are certain things you need know about investors as an entrepreneur before approaching them for funding. Don’t you think so? This lesson will make you see from a broader perspective how to position the concept of raising funds within the confines of your business. Whether you want to raise $5,000 or $10 million to kick-start your business idea, grow an existing business, or turn around a failing one, this lesson is the foundation that will significantly increase your ability to find, approach, engage and convince potential investors to give you funding. Most investors complain that it’s hard to find good businesses to invest in. Entrepreneurs, on the other hand, complain that it's hard to find investors who are willing to invest in their business. The big reason for this mismatch and confusion is most entrepreneurs who are looking to raise funds are flying blind. Their businesses just don’t meet the requirements that potential investors are looking for. The truth is funding is Available and Abundant for those who know how to access it! Many entrepreneurs often give the common excuse that funding is scarce. This is not only false, it's actually very misleading. If capital is really scarce, how come the volume of investments and loans to entrepreneurs and businesses continue to grow every year?
UNDERSTANDING THE THEORIES AND TYPES OF ENTERPRISE NETWORKS
To begin, Casson and Giusta (2007) said a network refers to a set of elements or members that are connected to each other. Seibert, Kraimer, and Liden (2001) defined a network as “the pattern of ties linking a defined set of persons or social actors”. Before I go any further, to you, what do you think a network is all about? What opinion do you hold in your mind about this concept? From the two definitions I just presented, you will realize that connections or ties are the fundamental features of all networks. The connections are the results of relationships between the members. In addition, all members of a network are either directly or indirectly linked to each other (Casson & Giusta 2007). Thus, networks consist of a set of elements or members that are connected to each other as a result of the relationships of the members. Therefore, your class is made up of a network of individual members called students. Also, your church is made up of a network of Indi dual people called brethren as well as your family is made of a network of individual persons called family members. Almost in every situation in normal life and business, a network is bound to exist. This makes me tempted to say Man cannot live without a network, so also do businesses need networks to survive. I find it challenging when I hear people say, “I don’t need another man in this life” or “I can succeed without the help of any man” and there are many examples of such comment’s rights? I’m sure you too often hear people make statements. It's funny, and yes truly funny because such statements are made may be from ignorance or usually from nonsense pride. Hear me and hear me well! Even to go to heaven, you need God’s network if not you lie yourself. One famous Cameroonian politician once said, “you scratch my back, I scratch your back”. Therefore, the importance of networks cannot be overemphasized in business.
UNVEILING THE SME GROWTH-A MUST READ
The main objective of this course is to provide students with knowledge and techniques in developing networks and clusters of SMEs. But before we delve into details of such techniques, it is imperative we understand how these SMEs came about. There are certain things you need know about SMEs. Don’t you think so? This will trigger the student to reflect from a broader perspective how to position the concept of networks and clustering within the confines of SMEs. For example, what are SMEs and what contributions do they bring to society? Are SMEs in America different from those in Cameroon? If so, what makes them different and are there similarities between them? A discussion on SMEs is relevant due to the role they play in employment creation and economic growth worldwide (Fan, 2003; Tambunan, 2008; Wattanapruttipaisan, 2003). We need to know, enterprises of this category are attributed as backbones to economic development.
ACTS OF GENDER BASED VIOLENCE, CAUSES AND CONSEQUENCES
In the 24 developing countries studied in a recent survey, a combined total of only 7% of survivors of gender-based violence, including physical and sexual acts, formally reported their attacks to police, medical or social services.
In India, less than 1% of survivors reported gender-based violence to formal sources.
In the same 24 developing countries, the surveyors explored whether women told their friends, family members or neighbors about their attacks and found that the rates of this “informal reporting” ranged from 15% in Honduras to 60% in Ukraine.
In Papua New Guinea, 59.1% of men admit to forcing an unwilling intimate partner into having sex.
According to the UN, there were 15,654 cases of sexual violence in the Democratic Republic of the Congo in 2012.
CORPORATE STRATEGY AND GOVERNANCE a must read
The modern business world now recognizes the importance of strategic issues and the contribution of strategic management to business success. While this has many benefits it also brings many problems. It could be argued that ‘strategy’ (or ‘strategic’) is the most overused/misused phrase in business today. Everybody seems to have a ‘strategy’ for everything. By attaching the term ‘strategy’ to an activity, it somehow becomes more important – “more grand” – but in reality very little actually gets done! To illustrate this, the lecturer recalls the recent experience of sitting through a seemingly endless meeting, listening to people talking on-and-on about ‘strategy’ or the need for a strategic view. Finally, someone said something sensible; ‘… there’s too much strategy and not enough people doing things!’ This blunt comment is memorable for two reasons. Firstly, it ended a tedious meeting. Secondly, and more importantly, it illustrated a key point: strategy must lead to action, not be a substitute for it. Ultimately, all organizations need ‘people doing things’. The goal of strategy is to ensure that they are doing the right things. These actions need to be coordinated, efficiently executed and focused on meeting customer need.
Recommended
HOW TO ANSWER AN INVESTOR “WHY DO YOU WANT TO RAISE CAPITAL?”
This is indeed a very simple question but for some entrepreneurs who are raising capital, they find it difficult to give an honest, correct and logical answer to the investor. To many, it may sound simple, however the response is not in its simplicity but rather in its logicality. How logical and rational and convincing is your response to that simple question if asked? I have come to the realization that, many entrepreneurs take for granted certain things considering they already know the answer whereas, they have a limited knowledge on what could either merit or demerit their opportunity to receiving funding.
THE 10 GOLDEN RULES OF RAISING CAPITAL
Success in raising capital for your business is very practical and easy. It often leaves clues, and if you look closely you will find a trail. There are a number of simple rules you can follow to significantly improve your chances of raising capital. Some of these rules are based on plain, old common sense. Some have been validated by the bitter experiences of other entrepreneurs. If you follow the golden rules in this lesson, you will avoid some of the most common mistakes and roadblocks people face when they try to raise funding.
7 CRITICAL RISK INVESTORS ALWAYS LOOK FOR
One thing the entrepreneur often forgets to understand is the fact that, Investors take a risk by investing in their businesses. These are the risks that influence how investors think and react to the business opportunities, that entrepreneurs engage in. All business opportunities are surrounded by a certain amount of risks, which in the eyes of the entrepreneur are minimal, usually because they neglect them or did not see them. That’s why, for investors, rigorous risk analysis lies at the heart of making every investment decision. Many entrepreneurs just don’t understand how to analyze their business from an investor’s perspective. And only those entrepreneurs who know how to do this can improve their chances of raising funding. This paper gives you an understanding on the 7 critical risks entrepreneurs should identify and address in their business before approaching a potential investor. The knowledge and insights you gain from this lesson will surely serve you throughout your journey as an entrepreneur.
How to think like an investor
The principal goal of this lesson, is to provide participants with knowledge and techniques on how to find and target the right investors, avoid costly mistakes, and craft convincing proposals that will make investors want to give you money. There are certain things you need know about investors as an entrepreneur before approaching them for funding. Don’t you think so? This lesson will make you see from a broader perspective how to position the concept of raising funds within the confines of your business. Whether you want to raise $5,000 or $10 million to kick-start your business idea, grow an existing business, or turn around a failing one, this lesson is the foundation that will significantly increase your ability to find, approach, engage and convince potential investors to give you funding. Most investors complain that it’s hard to find good businesses to invest in. Entrepreneurs, on the other hand, complain that it's hard to find investors who are willing to invest in their business. The big reason for this mismatch and confusion is most entrepreneurs who are looking to raise funds are flying blind. Their businesses just don’t meet the requirements that potential investors are looking for. The truth is funding is Available and Abundant for those who know how to access it! Many entrepreneurs often give the common excuse that funding is scarce. This is not only false, it's actually very misleading. If capital is really scarce, how come the volume of investments and loans to entrepreneurs and businesses continue to grow every year?
UNDERSTANDING THE THEORIES AND TYPES OF ENTERPRISE NETWORKS
To begin, Casson and Giusta (2007) said a network refers to a set of elements or members that are connected to each other. Seibert, Kraimer, and Liden (2001) defined a network as “the pattern of ties linking a defined set of persons or social actors”. Before I go any further, to you, what do you think a network is all about? What opinion do you hold in your mind about this concept? From the two definitions I just presented, you will realize that connections or ties are the fundamental features of all networks. The connections are the results of relationships between the members. In addition, all members of a network are either directly or indirectly linked to each other (Casson & Giusta 2007). Thus, networks consist of a set of elements or members that are connected to each other as a result of the relationships of the members. Therefore, your class is made up of a network of individual members called students. Also, your church is made up of a network of Indi dual people called brethren as well as your family is made of a network of individual persons called family members. Almost in every situation in normal life and business, a network is bound to exist. This makes me tempted to say Man cannot live without a network, so also do businesses need networks to survive. I find it challenging when I hear people say, “I don’t need another man in this life” or “I can succeed without the help of any man” and there are many examples of such comment’s rights? I’m sure you too often hear people make statements. It's funny, and yes truly funny because such statements are made may be from ignorance or usually from nonsense pride. Hear me and hear me well! Even to go to heaven, you need God’s network if not you lie yourself. One famous Cameroonian politician once said, “you scratch my back, I scratch your back”. Therefore, the importance of networks cannot be overemphasized in business.
UNVEILING THE SME GROWTH-A MUST READ
The main objective of this course is to provide students with knowledge and techniques in developing networks and clusters of SMEs. But before we delve into details of such techniques, it is imperative we understand how these SMEs came about. There are certain things you need know about SMEs. Don’t you think so? This will trigger the student to reflect from a broader perspective how to position the concept of networks and clustering within the confines of SMEs. For example, what are SMEs and what contributions do they bring to society? Are SMEs in America different from those in Cameroon? If so, what makes them different and are there similarities between them? A discussion on SMEs is relevant due to the role they play in employment creation and economic growth worldwide (Fan, 2003; Tambunan, 2008; Wattanapruttipaisan, 2003). We need to know, enterprises of this category are attributed as backbones to economic development.
ACTS OF GENDER BASED VIOLENCE, CAUSES AND CONSEQUENCES
In the 24 developing countries studied in a recent survey, a combined total of only 7% of survivors of gender-based violence, including physical and sexual acts, formally reported their attacks to police, medical or social services.
In India, less than 1% of survivors reported gender-based violence to formal sources.
In the same 24 developing countries, the surveyors explored whether women told their friends, family members or neighbors about their attacks and found that the rates of this “informal reporting” ranged from 15% in Honduras to 60% in Ukraine.
In Papua New Guinea, 59.1% of men admit to forcing an unwilling intimate partner into having sex.
According to the UN, there were 15,654 cases of sexual violence in the Democratic Republic of the Congo in 2012.
CORPORATE STRATEGY AND GOVERNANCE a must read
The modern business world now recognizes the importance of strategic issues and the contribution of strategic management to business success. While this has many benefits it also brings many problems. It could be argued that ‘strategy’ (or ‘strategic’) is the most overused/misused phrase in business today. Everybody seems to have a ‘strategy’ for everything. By attaching the term ‘strategy’ to an activity, it somehow becomes more important – “more grand” – but in reality very little actually gets done! To illustrate this, the lecturer recalls the recent experience of sitting through a seemingly endless meeting, listening to people talking on-and-on about ‘strategy’ or the need for a strategic view. Finally, someone said something sensible; ‘… there’s too much strategy and not enough people doing things!’ This blunt comment is memorable for two reasons. Firstly, it ended a tedious meeting. Secondly, and more importantly, it illustrated a key point: strategy must lead to action, not be a substitute for it. Ultimately, all organizations need ‘people doing things’. The goal of strategy is to ensure that they are doing the right things. These actions need to be coordinated, efficiently executed and focused on meeting customer need.
GLOBALIZATION, INTERNET AND MARKET POSSIBILITIES
Globalization is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy. Globalization has grown due to advances in transportation and communication technology. With the increased global interactions comes the growth of international trade, ideas, and culture. Globalization is primarily an economic process of interaction and integration that's associated with social and cultural aspects. However, conflicts and diplomacy are also large parts of the history of globalization, and modern globalization.
ENTREPRENEURIAL CULTURING IN THE 21st CENTURY
For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,
THE SECRETS OF TIME MANAGEMENT
Until we can manage time, we can manage nothing else. Until you value yourself, you will not value your time. Until you value your time, you will not anything with it. Lost wealth my be replaced by industry, lost knowledge by study, lost health by temperance or medicine but lost time is gone forever.
INTRODUCTION TO THE CONCEPT OF SOURCING
Emphasis on sourcing is not something new within the business environment. A research institute conducted a study on strategic sourcing for 25 senior operation managers in the United States of America, and concluded that “the one dictum that would still be valid a half-a-century from now is the policy of buy low, sell high”. Strategic sourcing is not necessarily the act of buying low and selling high, rather it looks in to the sustainability of what was bought low and equally the sustainability of what was sold high. Majority of today’s businesses, only look for opportunities to make fast cash without having a second thought on the consequences of their operations in the future. Strategic sourcing is primarily about the first part of this lecture.
PRODUCTS, SERVICES AND BRANDS
Let me begin this chapter by saying that, the purpose of business is to create and retain a customer. Value in one’s product or service should be and almost always is defined on customers’ terms. Hope you know that? Value is a customer’s opinion and never a manufacturer’s opinion. If your product or service is perceived by the customer as having value then that perception will result in a purchase. If the customer uses your product consistently and is satisfied with the results, then it will result in creation of customer value.
MARKET SEGMENTATION, POSITIONING AND TARGETING
Modern companies understand the fact that they cannot appeal to all buyers in the market or at least not to all buyers in the same way. Do you know why? The Christians say Jesus Christ died for the World, yet not everyone in the same World believes in him. Then what more of Companies? See! Let me you tell the truth, not every distraction requires your attention. When you understand this as a marketing management student your perception about appealing to customers will change. The reason is because you cannot satisfy everybody. In pidgin we say “you born pikin but you no born yi heart”. Meaning people will always have their own way of reasoning and you cannot control them. Believe me when I say so. As a business man, you will need to find your own share (market segment) and satisfy them. Not everybody will like your product. Just take it like that.
Therefore, you should be able to understand that there are numerous buyers in the market and they are too widely scattered. These buyers are varied in their needs and buying practices. Also, the companies themselves vary widely in their abilities to serve different segments of the market. In such a scenario, the companies must design customer-driven marketing strategies that build the right relationships with the right customers.
CONSUMER BEHAVIOR
As an introduction, I think it is necessary you understand that, in most of the markets, be it consumer market or organizational buying market, buyers differ enormously in terms of their buying dynamics. So the task for the marketing manager is not only to understand these differences in buying patterns but also to generalize them for better targeting and product offer. In consumer markets, for example, not only do buyers typically differ in terms of their age, income, educational levels and geographical location, but more fundamentally in terms of their personalities, lifestyles and their expectations from the products and services available in the market.
The marketing environment and the marketing information system
In this second chapter of our lecture we will begin with the environment and latter move to analyze the constituents in this environment regarding the market. You know, whether a business be carried online, or on air, or on land, or on waters, one thing is certain that it was conducted within an environment. Therefore understanding this environment becomes imperative for the success of the business always. Please take marketing students, the environment is one; but the conditions and the parameters are not always the same. Many people believe that organizations can survive if they are sure about the management of their internal systems like business processes, flow of goods and internal practices of quality and cost control. Most organizations devote a large part of their effort in managing the internal controllable elements, whereas they need to respond and adapt to the external environmental changes. Though they cannot significantly influence the external environment but they can be responsive to larger social and other environmental changes, which is likely to affect their business in both short run and long run. It is imperative for an organization to understand the market as well their consumers really well. I will not speak much before we get in to the details of the matter.
Fundamentals of marketing
You are about to study (marketing), is as old as civilization. If this is true, then from where comes the idea that marketing is a 21st century concept? Study to discover the truth my students. Those who say that the concept of marketing is an emerging topic is business probably speak out of ignorance and do not understand that marketing has its roots right from the Garden of Eden. What could Eve had told Adam about the fruit that had to ability to make the man disobey God is called marketing. Till tomorrow only Eve alone knows what she told Adam that convinced him to eat the fruit. What she did is called word of mouth marketing. Hope you understand. Therefore although marketing is talked and discussed in business terms today, its origin goes back to the ancient civilization when man used symbols, signs and material artifacts to transact and communicate with others. Modern marketing revolves around the concepts, which are age old. The first signs that man made to communicate with others gave birth to the idea of marketing. The evolution of marketing has made it a structured discipline to study; otherwise marketing did exist in the ancient past.
CAUSE AND EFFECT RELATIONSHIPS
In science and everyday life, we think a lot about causes and effects. This is called the law of causation. Yes! It is a law, which states that things don’t just happen. Many people think that in life and business and even in other aspects of nature, things just happen. No, they don’t. There is a cause for everything, and for every cause the is an effect. Recall that it is call the law of cause and effect or causation. However, the complexities of life at times may put someone under the effects which he/she did not cause. We will deal with that latter. All I want you to keep in mind now is the fact that, knowledge about causation allows us to understand the world, make predictions, and change things. Yes, I mean change things and you will understand how you can change things through this law. I guaranty you, after going through this lectures your life will experience a turnaround in the way you think and act. Remember #things don’t just happen. In this chapter we shall discuss some of the principles of causal reasoning. First we start with a set of rules known as "Mill's methods."
They were formulated by the famous English philosopher John Stuart Mill (1806-1873), who wrote on a wide range of topics from logic and language to political philosophy.
THE CONCEPT OF CRITICAL THINKING
As humans we think all the time because we possess the ability and capacity to do so. However, it is not all types of thinking that is productive or relevant to our own very existence. Although we have the natural abilities to think as humans, this mental ability is an art and a craft. Consequently, the art of correct thinking can be acquired through learning.
There are several different types of thinking such as: creative thinking, design thinking, innovative thinking, positive thinking, and of course critical thinking. For the purpose of this course, we will concentrate on critical thinking.
Logical Reasoning: relevance, obstacles and structure
This document provides an outline for a course on logical reasoning, conceptualization, and critical thinking. It includes:
1. An overview of the course which aims to develop students' capacity for logical and critical thinking.
2. The course objectives which are to lay foundations for logical reasoning, develop critical thinking skills, and understand arguments.
3. Details of the course schedule, topics, and evaluation methods which involve assignments, quizzes and exams.
4. An introduction to the topic of Week 2 which is logical reasoning, including definitions of key terms and an exploration of statements, arguments, and the structure of good arguments.
Introduction to logical reasoning
One of the central attributes that distinguishes man from other living organisms is the ability to think. Without this distinctive characteristic, life would be hard to live. This course on logical reasoning is out to demonstrate the importance of logical reasoning in your daily lives in general and in your respective professions in particular.
The concept of brand equity
“If this business were split up, I would give you the land and bricks and mortar, and I would take the brands and trademarks, and I would fare better than you”. This statement was made by John Stuart, Chairman of Quaker. It revealed the importance that some business executives attached to the concept of brand equity even when many had not grasp the vision. Tangible assets ruled for much of the 20th century. Business executives knew brands were there but their value was not recognized by many. Then the 1980s arrived, and by this time the value of brands was recognized not only by top corporate officials but also by consumers. This brand equity is the measurable value derived from marketing and other strategic management efforts attributable to a brand. This measureable value enables customers in making buying decisions, builds customer loyalty, builds market share, protects market share, helps command higher prices and assist in business expansion. But there is also a flip side, a neglected brand erodes value. The problem gets more acute when it comes to understanding what makes a brand valuable than others: how should one measure the strength of a brand? What limited numbers of indicators should one use to evaluate what is commonly called brand equity?
Strategy implementation / Execution
A key maxim in business is: never acquire a business you don’t understand how to run. Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he will find sorrow near at hand. He who will not worry about what is far off will soon find something worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because our strategies have been so well planned out.” And let me say here that, just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully.
Competitive Intelligence
Today’s companies face their toughest competition ever, as such to succeed in today’s fiercely competitive marketplace, companies must move from a product-and-selling philosophy to a customer-and-marketing philosophy. This chapter spells out in more detail how companies can go about outperforming competitors to win, keep, and grow customers. To win in today’s marketplace, companies must become adept not only in managing products but also in managing customer relationships in the face of determined competition and a difficult economic environment. Understanding customers is crucial, but it’s not enough. Building profitable customer relationships and gaining competitive advantage requires delivering more value and satisfaction to target customers than competitors do. Customers will see competitive advantages as customer advantages, giving the company an edge over its competitors.
Competitive Market & Product Strategies
Every company desiring to stay competitive must design broad competitive marketing strategies by which it can gain a sustainable competitive advantage. But what broad marketing strategies might the company use? Which ones are best for a particular company or for the company’s different divisions and products? No one strategy is best for all companies. Each company must determine what makes the most sense given its position in the industry and its objectives, opportunities, and resources. Even within a company, different strategies may be required for different businesses or products. Johnson & Johnson uses one marketing strategy for its leading brands in stable consumer markets, such as BAND-AID, Tylenol, Listerine, or J&J’s baby products, and a different marketing strategy for its high-tech health-care businesses and products, such as Monocryl surgical sutures or NeuFlex finger joint implants. So you understand that no one best strategy truly exist for all firms. But which strategy is best for which company? This chapter attempts an appropriate respond to the question.
Competitive intelligence
Today’s companies face their toughest competition ever, as such to succeed in today’s fiercely competitive marketplace, companies must move from a product-and-selling philosophy to a customer-and-marketing philosophy. This chapter spells out in more detail how companies can go about outperforming competitors to win, keep, and grow customers. To win in today’s marketplace, companies must become adept not only in managing products but also in managing customer relationships in the face of determined competition and a difficult economic environment. Understanding customers is crucial, but it’s not enough. Building profitable customer relationships and gaining competitive advantage requires delivering more value and satisfaction to target customers than competitors do. Customers will see competitive advantages as customer advantages, giving the company an edge over its competitors.
Business Environment Analysis
An analysis of the external environment is undertaken in order to discover the opportunities and threats that are evolving and that need to be addressed by the organization. A study by Diffenbach (1983) identified a number of positive consequences that stem from carrying out an organized environmental analysis. An analysis of the external environment can be broken down into three key steps, each becoming more specific to the organization. The first step is an analysis of the macro-environmental influences that the organization faces. This is followed by an examination of the competitive (micro) environment the organization operates within. Finally a specific competitive analysis is undertaken.
Introduction to business competition
The basic management process for every business consists of (l) defining the purpose or mission of the business, (2) developing a set of corporate objectives, (3) formulating a corporate strategy, (4) implementing the strategy, and (5) evaluating and monitoring the strategy to determine if changes are needed in any of the preceding steps. This process is very fundamental for businesses desiring to be sustainable. An understanding of it, gives the business executive a forecast of the future business trends. It also serves as a guide for possible business actions which may catalyze the enterprise to greatness or hinder its progress.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Digital Transformation Frameworks: Driving Digital Excellence
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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GLOBALIZATION, INTERNET AND MARKET POSSIBILITIES
Globalization is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy. Globalization has grown due to advances in transportation and communication technology. With the increased global interactions comes the growth of international trade, ideas, and culture. Globalization is primarily an economic process of interaction and integration that's associated with social and cultural aspects. However, conflicts and diplomacy are also large parts of the history of globalization, and modern globalization.
ENTREPRENEURIAL CULTURING IN THE 21st CENTURY
For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,
THE SECRETS OF TIME MANAGEMENT
Until we can manage time, we can manage nothing else. Until you value yourself, you will not value your time. Until you value your time, you will not anything with it. Lost wealth my be replaced by industry, lost knowledge by study, lost health by temperance or medicine but lost time is gone forever.
INTRODUCTION TO THE CONCEPT OF SOURCING
Emphasis on sourcing is not something new within the business environment. A research institute conducted a study on strategic sourcing for 25 senior operation managers in the United States of America, and concluded that “the one dictum that would still be valid a half-a-century from now is the policy of buy low, sell high”. Strategic sourcing is not necessarily the act of buying low and selling high, rather it looks in to the sustainability of what was bought low and equally the sustainability of what was sold high. Majority of today’s businesses, only look for opportunities to make fast cash without having a second thought on the consequences of their operations in the future. Strategic sourcing is primarily about the first part of this lecture.
PRODUCTS, SERVICES AND BRANDS
Let me begin this chapter by saying that, the purpose of business is to create and retain a customer. Value in one’s product or service should be and almost always is defined on customers’ terms. Hope you know that? Value is a customer’s opinion and never a manufacturer’s opinion. If your product or service is perceived by the customer as having value then that perception will result in a purchase. If the customer uses your product consistently and is satisfied with the results, then it will result in creation of customer value.
MARKET SEGMENTATION, POSITIONING AND TARGETING
Modern companies understand the fact that they cannot appeal to all buyers in the market or at least not to all buyers in the same way. Do you know why? The Christians say Jesus Christ died for the World, yet not everyone in the same World believes in him. Then what more of Companies? See! Let me you tell the truth, not every distraction requires your attention. When you understand this as a marketing management student your perception about appealing to customers will change. The reason is because you cannot satisfy everybody. In pidgin we say “you born pikin but you no born yi heart”. Meaning people will always have their own way of reasoning and you cannot control them. Believe me when I say so. As a business man, you will need to find your own share (market segment) and satisfy them. Not everybody will like your product. Just take it like that.
Therefore, you should be able to understand that there are numerous buyers in the market and they are too widely scattered. These buyers are varied in their needs and buying practices. Also, the companies themselves vary widely in their abilities to serve different segments of the market. In such a scenario, the companies must design customer-driven marketing strategies that build the right relationships with the right customers.
CONSUMER BEHAVIOR
As an introduction, I think it is necessary you understand that, in most of the markets, be it consumer market or organizational buying market, buyers differ enormously in terms of their buying dynamics. So the task for the marketing manager is not only to understand these differences in buying patterns but also to generalize them for better targeting and product offer. In consumer markets, for example, not only do buyers typically differ in terms of their age, income, educational levels and geographical location, but more fundamentally in terms of their personalities, lifestyles and their expectations from the products and services available in the market.
The marketing environment and the marketing information system
In this second chapter of our lecture we will begin with the environment and latter move to analyze the constituents in this environment regarding the market. You know, whether a business be carried online, or on air, or on land, or on waters, one thing is certain that it was conducted within an environment. Therefore understanding this environment becomes imperative for the success of the business always. Please take marketing students, the environment is one; but the conditions and the parameters are not always the same. Many people believe that organizations can survive if they are sure about the management of their internal systems like business processes, flow of goods and internal practices of quality and cost control. Most organizations devote a large part of their effort in managing the internal controllable elements, whereas they need to respond and adapt to the external environmental changes. Though they cannot significantly influence the external environment but they can be responsive to larger social and other environmental changes, which is likely to affect their business in both short run and long run. It is imperative for an organization to understand the market as well their consumers really well. I will not speak much before we get in to the details of the matter.
Fundamentals of marketing
You are about to study (marketing), is as old as civilization. If this is true, then from where comes the idea that marketing is a 21st century concept? Study to discover the truth my students. Those who say that the concept of marketing is an emerging topic is business probably speak out of ignorance and do not understand that marketing has its roots right from the Garden of Eden. What could Eve had told Adam about the fruit that had to ability to make the man disobey God is called marketing. Till tomorrow only Eve alone knows what she told Adam that convinced him to eat the fruit. What she did is called word of mouth marketing. Hope you understand. Therefore although marketing is talked and discussed in business terms today, its origin goes back to the ancient civilization when man used symbols, signs and material artifacts to transact and communicate with others. Modern marketing revolves around the concepts, which are age old. The first signs that man made to communicate with others gave birth to the idea of marketing. The evolution of marketing has made it a structured discipline to study; otherwise marketing did exist in the ancient past.
CAUSE AND EFFECT RELATIONSHIPS
In science and everyday life, we think a lot about causes and effects. This is called the law of causation. Yes! It is a law, which states that things don’t just happen. Many people think that in life and business and even in other aspects of nature, things just happen. No, they don’t. There is a cause for everything, and for every cause the is an effect. Recall that it is call the law of cause and effect or causation. However, the complexities of life at times may put someone under the effects which he/she did not cause. We will deal with that latter. All I want you to keep in mind now is the fact that, knowledge about causation allows us to understand the world, make predictions, and change things. Yes, I mean change things and you will understand how you can change things through this law. I guaranty you, after going through this lectures your life will experience a turnaround in the way you think and act. Remember #things don’t just happen. In this chapter we shall discuss some of the principles of causal reasoning. First we start with a set of rules known as "Mill's methods."
They were formulated by the famous English philosopher John Stuart Mill (1806-1873), who wrote on a wide range of topics from logic and language to political philosophy.
THE CONCEPT OF CRITICAL THINKING
As humans we think all the time because we possess the ability and capacity to do so. However, it is not all types of thinking that is productive or relevant to our own very existence. Although we have the natural abilities to think as humans, this mental ability is an art and a craft. Consequently, the art of correct thinking can be acquired through learning.
There are several different types of thinking such as: creative thinking, design thinking, innovative thinking, positive thinking, and of course critical thinking. For the purpose of this course, we will concentrate on critical thinking.
Logical Reasoning: relevance, obstacles and structure
This document provides an outline for a course on logical reasoning, conceptualization, and critical thinking. It includes:
1. An overview of the course which aims to develop students' capacity for logical and critical thinking.
2. The course objectives which are to lay foundations for logical reasoning, develop critical thinking skills, and understand arguments.
3. Details of the course schedule, topics, and evaluation methods which involve assignments, quizzes and exams.
4. An introduction to the topic of Week 2 which is logical reasoning, including definitions of key terms and an exploration of statements, arguments, and the structure of good arguments.
Introduction to logical reasoning
One of the central attributes that distinguishes man from other living organisms is the ability to think. Without this distinctive characteristic, life would be hard to live. This course on logical reasoning is out to demonstrate the importance of logical reasoning in your daily lives in general and in your respective professions in particular.
The concept of brand equity
“If this business were split up, I would give you the land and bricks and mortar, and I would take the brands and trademarks, and I would fare better than you”. This statement was made by John Stuart, Chairman of Quaker. It revealed the importance that some business executives attached to the concept of brand equity even when many had not grasp the vision. Tangible assets ruled for much of the 20th century. Business executives knew brands were there but their value was not recognized by many. Then the 1980s arrived, and by this time the value of brands was recognized not only by top corporate officials but also by consumers. This brand equity is the measurable value derived from marketing and other strategic management efforts attributable to a brand. This measureable value enables customers in making buying decisions, builds customer loyalty, builds market share, protects market share, helps command higher prices and assist in business expansion. But there is also a flip side, a neglected brand erodes value. The problem gets more acute when it comes to understanding what makes a brand valuable than others: how should one measure the strength of a brand? What limited numbers of indicators should one use to evaluate what is commonly called brand equity?
Strategy implementation / Execution
A key maxim in business is: never acquire a business you don’t understand how to run. Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he will find sorrow near at hand. He who will not worry about what is far off will soon find something worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because our strategies have been so well planned out.” And let me say here that, just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully.
Competitive Intelligence
Today’s companies face their toughest competition ever, as such to succeed in today’s fiercely competitive marketplace, companies must move from a product-and-selling philosophy to a customer-and-marketing philosophy. This chapter spells out in more detail how companies can go about outperforming competitors to win, keep, and grow customers. To win in today’s marketplace, companies must become adept not only in managing products but also in managing customer relationships in the face of determined competition and a difficult economic environment. Understanding customers is crucial, but it’s not enough. Building profitable customer relationships and gaining competitive advantage requires delivering more value and satisfaction to target customers than competitors do. Customers will see competitive advantages as customer advantages, giving the company an edge over its competitors.
Competitive Market & Product Strategies
Every company desiring to stay competitive must design broad competitive marketing strategies by which it can gain a sustainable competitive advantage. But what broad marketing strategies might the company use? Which ones are best for a particular company or for the company’s different divisions and products? No one strategy is best for all companies. Each company must determine what makes the most sense given its position in the industry and its objectives, opportunities, and resources. Even within a company, different strategies may be required for different businesses or products. Johnson & Johnson uses one marketing strategy for its leading brands in stable consumer markets, such as BAND-AID, Tylenol, Listerine, or J&J’s baby products, and a different marketing strategy for its high-tech health-care businesses and products, such as Monocryl surgical sutures or NeuFlex finger joint implants. So you understand that no one best strategy truly exist for all firms. But which strategy is best for which company? This chapter attempts an appropriate respond to the question.
Competitive intelligence
Today’s companies face their toughest competition ever, as such to succeed in today’s fiercely competitive marketplace, companies must move from a product-and-selling philosophy to a customer-and-marketing philosophy. This chapter spells out in more detail how companies can go about outperforming competitors to win, keep, and grow customers. To win in today’s marketplace, companies must become adept not only in managing products but also in managing customer relationships in the face of determined competition and a difficult economic environment. Understanding customers is crucial, but it’s not enough. Building profitable customer relationships and gaining competitive advantage requires delivering more value and satisfaction to target customers than competitors do. Customers will see competitive advantages as customer advantages, giving the company an edge over its competitors.
Business Environment Analysis
An analysis of the external environment is undertaken in order to discover the opportunities and threats that are evolving and that need to be addressed by the organization. A study by Diffenbach (1983) identified a number of positive consequences that stem from carrying out an organized environmental analysis. An analysis of the external environment can be broken down into three key steps, each becoming more specific to the organization. The first step is an analysis of the macro-environmental influences that the organization faces. This is followed by an examination of the competitive (micro) environment the organization operates within. Finally a specific competitive analysis is undertaken.
Introduction to business competition
The basic management process for every business consists of (l) defining the purpose or mission of the business, (2) developing a set of corporate objectives, (3) formulating a corporate strategy, (4) implementing the strategy, and (5) evaluating and monitoring the strategy to determine if changes are needed in any of the preceding steps. This process is very fundamental for businesses desiring to be sustainable. An understanding of it, gives the business executive a forecast of the future business trends. It also serves as a guide for possible business actions which may catalyze the enterprise to greatness or hinder its progress.
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