Final reflection

Statement 1:

Appropriate branding to enhance product value

Explanation:

Effective branding involves making people pay money for a product based on the story of the product, a story you have control over by good branding. Guiding principles then, are keeping the product relevant, evolving with current clientele of your products and courting new ones (source: Howard Breen’s lecture, Sep 23). The image created for the brand should meet the standards that the product holds and this should be reciprocal in nature (source: Adrian Niman’s lecture, Sep 30). Byron Cunningham notes in his lecture (Oct 14) that issues like branding and convenience weigh heavily upon a consumers decision to shop. Marketers are obliged to change their business identities and concepts if they go wrong (source: Arlene Dickinson).

Statement 2:

Upgrading of the factors of production

Explanation:

Within the prerequisites for a successful product is the upgrading of factors that interact to make that product. Howard Breen emphasizes in his lecture (Sep 23) that despite the need for consistency with the message and values of the business, upgrading is necessary. In certain circumstances and business models, the entrepreneur is the business with a service being offered for instance. In this case upgrading would involve enhancing skills and exposure, an example of which would be traveling to a different environment for training (source: Kim Parlee/Media effects on business).

Statement 3:

Technology as a catalyst for growth

Explanation:

Howard Breen in his lecture (Sep 23) proposes that technology should be used to build relationships with the clientele of your business. This can be in reference to technologically inspired programmes such as electronic customer satisfaction surveys. The internet as a tool should provide a platform for the discussion and transmission of ideas between entrepreneurs for instance, who have a common business outlook (source: Kim Parlee/Media effects on business). Technology should also be aggressively used to develop new products within a business (source: Linda Hasenfratz, Nov 25).

Statement 4:

Marketing and visibility of the product

Explanation:

Marketing of products has been and still is a fundamental requirement in any business hoping to afford their product sufficient market visibility. Adrian Niman in his lecture (Sep 30) asserts that an online presence is an effective tool of marketing today. With the immense traffic noted in the internet today, the likelihood of attracting more customers is high. There is a need to determine what the customers are thinking such that the product can be reinvented continuously (source: Arlene Dickinson, Nov 11).

Statement 5:

Team building as a means to enhance capacity

Explanation:

It is necessary to strive to develop the strengths of the human resource within your business and confer training to them with the aim of creating a team that can manage their own expansion and ultimately the expansion of the business (source: Adrian Niman, Sep 30). Stephen Smith in his lecture (Nov 4) notes that the ultimate goal in any business is a profit and the most efficient way of achieving that goal is through team building to enable the players to work well and in harmony.

Statement 6:

Sustainable green development

Explanation:

Byron Cunningham in his lecture (Oct 4) explains that the success of a business enterprise should not only be pegged on financial returns but also on the ability and capacity to mitigate the ecological cost of doing business. Recycling of waste products within the organization assists to reduce the pressure and trigger sustainable growth, which on its own however, is not sufficient (source: Credit crisis/Sustainable business). Linda Hasenfratz in her lecture (Nov 25) proposes that businesses should embrace globalization and green technologies as strategies for marketing and growth.

Statement 7:

Leadership versus management

Explanation:

Leadership is a critical skill required in any business undertaking. Management generally aims to do things right but leadership on the other hand encourages doing right things. The major aim in this leadership role within the business is to direct ‘ownership transfer’ of the business from the proprietor to the people on the ground. Once they ‘own’ your products, one is assured of a greater output. This can be achieved by granting workers more leeway and space in their work (source: Stephen Smith, Nov 4).

Statement 8:

Effective communication as leverage

Explanation:  

Enabling communication at the workplace is mandatory in setting up of a harmonious environment where growth is a prospect. Stephen Smith in his lecture (Nov 4) states that good and effective management entails gathering of feedback from employees as well as building capacity to accept good ideas from staff and implementation of the same. Communication at all levels across an organization is a core factor in boosting employee morale (source: Linda Hasenfratz, Nov 25).Byron Cunningham in his lecture (Oct 14) insists that a democratically inclined workplace is likely to be a successful one.

Statement 9:

Constructive cost cutting

Explanation:

The size of a business is a significant cost implication and hence the model involving keeping businesses small and thus easier to manage is a sound way to go. Many smaller separate businesses also have a stronger position in terms of purchasing power. Investments in training and technology are key in mitigating the costs of production (source: Linda Hasenfratz, Nov 25). Entrepreneurs should also be averse to risky sectors of investment that leave them exposed to higher risk profiles, as was in the case in the sub prime mortgage financial crisis (source: Credit crisis/Sustainable business, Oct 21).

Statement 10:

The client/customer as the golden goose

Explanation:

Byron Cunningham in his lecture (Oct 14) explores the question of why people shop and one of the reasons mooted involve service. Adequate, timely and focused customer service is mandatory for the success of a business considering the gargantuan role the client/customer plays in a business. In a business environment where the term ‘long term competitive advantage’ is alien, focus on the customer is necessary to maintain at least a reasonable competitive advantage if not a strong one (source: Stephen Smith, Nov 4).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References:

Howard Breen (2009, Sep 23) Personal Brand

Adrian Niman (2009, Sep 30)

Michel Labbe (2009, Oct 7) Options for homes

Byron Cunningham (2009, Oct 14) Planet Bean

Credit Crisis (2009, Oct 21) Sustainable Business

Kim Parlee/Media effects on business

Stephen Smith/Leadership (Nov 4)

Ms. Arlene Dickinson/Marketing (Nov 11)

Linda Hasenfratz (Nov 25)

 

 

 

 

 

 

 

 

 

 

 

 

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