Company Essentials: Objectives, Elements, and Growth Strategies
A company is a set of items organized and coordinated under direction, oriented towards a series of goals, while operating under conditions of risk.
Objectives
Overall Objective: Expresses the long-term goals the company wants to achieve. These goals drive business performance and must be realized.
Specific Goals: These are the targets the business aims to achieve over a given period. They change frequently but remain aligned with the company’s overall objective (basic social objectives and purposes)
Read MoreUnderstanding Global Inequality and Underdevelopment
Inequality and Development
The most significant market failure impacting individuals is the increasing income inequality and persistent poverty. The State supports mechanisms to redistribute wealth and income within the country, such as establishing a progressive tax structure and a welfare state that provides certain services and goods for free to the majority of the population.
Global Inequalities
Inequalities exist within a state, which in most countries of the world have increased over recent years.
Read MoreBusiness Plan Essentials: Key Concepts and Strategies
Business Plan Essentials
Executive Summary
A concise summary of the business plan, highlighting the main results on a single sheet.
Problem Definition and Alternatives
This section identifies the problem and its underlying reasons, while also explaining the weaknesses of existing alternatives.
New Business Idea Presentation
Market context, strengths, new components, etc. This section outlines major trends that suggest the new idea has potential.
Sector Analysis
Analysis of the industry structure, including
Read MoreEntrepreneurship: Key Concepts, Challenges, and Advantages
Entrepreneurship: An Overview
How would you describe entrepreneurship? Entrepreneurship is accepting the risk of starting and running a business. It encompasses the capacity and willingness to develop, organize, and manage a business, bearing its inherent risks, to generate a profit.
From an economic perspective, entrepreneurs utilize labor, land, and capital. They combine resources, labor, materials, and other assets in ways that increase their value. They also introduce changes, innovations, and
Read MoreProduct Levels, Decisions, and Development Process
Three Levels of a Product
Products can be categorized into three levels:
- Core Customer Value: The fundamental need or want that the customer satisfies.
- Actual Product: This includes the brand name, quality level, packaging, features, and design.
- Augmented Product: Additional services and benefits, such as delivery, after-sales support, and warranty.
Consumer vs. Industrial Products
Consumer Products
- Convenience
- Shopping (or Durable Goods)
- Specialty
- Unsought
Industrial Products
- Materials and Parts
- Capital Items
- Supplies
Fordism: Rise, Fall, Impact, and Legacy
The Fall of Fordism
- The uniformity of the wage rate (eliminating bonus pay) and repetitive detail operations led to the abandonment of the Ford model.
- Increased unionization of workers, particularly around the Industrial Workers of the World (IWW).
The Solution: Reduced Working Hours
The reduction of working hours from 9 to 8 hours, surprisingly, increased production levels at an accelerated pace. The “high wage” became a necessity for the new process of accumulation. It was believed that later generations
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