ndow 86 Fri 1155 PM x Coogle Translate week 3Jan 2226 Entr

ndow 86 Fri 11:55 PM x ( Coogle Translate week 3-Jan. 22-26 . Entre x e.methodist.edu/webapps/blackboard/content/listContent.jsp?course_id-_13781 1&content; id- _1044150 1 oogle M-Gmail y Twitter u, Coogle Translate Home l myMU-MU email-Blackboard For Tuesday-Reading Assignments Be propared to discuss: List and explain the 3 components of a business definition. What are a company\'s core values and why are they important? How does a company\'s culture affect the work envwirorment and type of employoos that a company will atract and retain? Name the 6 factors advantage Differentiate a strategy from tactics and give an example of each Define the following of competitive advantage. How can you ensure that your competitive advantage is strong enough? What is a USP? Economics of one unit (EOU) -Unit of sale Cost of goods sold/ cost of services sold Grosa prof · Direct labor Name 3 methods of determining the value of a business. For Thursday be prepared to discuss The EMyth Revisited, Ch. 5 and 6 Name ways an entrepreneur can move out of the \"Comfort Zone\" phase to experience successful growth Explain how companies successfully move into the Maturity Phase of a business For Thursday 2 groups will present your Entrepreneur Presentation

Solution

Answer 1:

Three components of business definition include following:

All the three components are interrelated.

Answer 2:

Core Values Acts as a base for running or operating business with integrity. Core values support companies vision, shape their culture and reflect companies inside values.

Core Values play an important part in any business because they clearly define what is specific and essential for a company. They identify the belief and principles of the company. Core values provide answer to several important questions like What does the company stand for?

Companies culture affect the work environment. Organizational Culture is environment that surrounds an employee during working hours. Culture affects environment by shaping relationships at work, processes at work and making work enjoyable.

Companies culture is made from the values and beliefs followed by company, attitudes and behaviors of employees. Company culture is something that differentiates one employer from other.

It affects the type of employees that a company will attract and retain because while interviewing the candidate, it is identified that whether the employee will fit in the culture followed by the company or not. Those candidates that shows the behaviour and attitude followed by organizations are attracted towards the organization and are easy to retain. While those whose attitude and behaviour is different from that followed by organizations neither fit in nor are able to retain.

Answer 3:

Competitive advantage is created when one firm does something better than other firms. Six factors of competitive advantage are:

In order to ensure that one’s competitive advantage is strong enough one must develop strategies and tactics that will beat competition.

USP is a unique selling proposition/point. It is a component that differentiates ones products or services from that of your competitors and gives an added advantage to the business. Example of USP is best quality product or services.

Answer 4:

Strategy is different from tactics in following ways:

Example of strategy: To gain market share from competitor is the strategic goal.

Example of Tactics: In order to achieve this strategic goal several marketing tactics can be applied like reducing price of commodity etc.

Answer 5: