Notes, summaries, assignments, exams, and problems for Vocational training

Different Philosophical Perspectives on Entrepreneurship

2.1. R. Cantillon (Father of Political Economy)

"As a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using resources while consequently admitting the risk of enterprise."

- The Focus of Cantillon's definition of an entrepreneur is on:

1. Entrepreneur's function
2. Their role as an uncertainty-bearer in the market

Market-Based Perspectives

Adam Smith (1770) [The Father of Economics]

An entrepreneur is an individual who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services, and thereby acts as an economic agent, transforming demand into supply.

Leon Walras

Value and Satisfaction

The buyer chooses the offerings he or she perceives to deliver the most value, the sum of the tangible and intangible benefits and costs to her. Value is a combination of quality, service, and price (qsp), called the customer value triad. Value perceptions increase with quality and service but decrease with price. (real value - what an enterprise is offering).

Marketing is the identification, creation, communication, delivery, and monitoring in relationship to expectations. If the performance falls short of expectations, the customer is disappointed. If it matches expectations, the customer is satisfied. If it exceeds them, the customer is delighted.

Marketing Channels

To reach a target market, the marketer uses three kinds... Continue reading "Marketing: Value, Channels, and Environment" »

COMPANY ORIENTATION TOWARD THE MARKETPLACE

The production concept is one of the oldest concepts in business. It holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution. Marketers also use the production concept when they want to expand the market.

The product concept proposes that consumers favor products offering the most quality, performance, or innovative features. A new or improved product will not necessarily be successful unless it’s priced, distributed, advertised, and sold properly.

The selling concept is based on hard selling is risky. It assumes customers coaxed into buying a product... Continue reading "Understanding Marketing Concepts and Holistic Marketing Dimensions" »

Effective Methods in Group Decision Making

To make decisions by consensus, different techniques can be employed, including the Nominal Group Technique and brainstorming.

Nominal Group Technique

The Nominal Group Technique is a structured method for problem-solving in groups. A moderator presents a problem, and for 6-8 minutes, each group member silently writes down their ideas and potential solutions. The ideas are then discussed individually to clarify any doubts. Subsequently, group members independently rank the ideas based on their own perspectives.

Decision-Making by Majority

When unanimous agreement cannot be reached, voting is a straightforward method to arrive at a decision. Each member casts a vote for their preferred option. There are... Continue reading "Effective Group Decision-Making: Techniques & Strategies" »

Defining Competitive Territory and Boundaries in Mission Statements

• **Industry:** Companies may operate in one or multiple industries, including industrial goods, consumer goods, or services.
• **Products and Applications:** Firms define the range of products and applications they will offer.
• **Competence:** Companies identify their core competencies and leverage them.
• **Market Segment:** The type of market or customers a company targets.
• **Vertical:** The number of channel levels in which a company participates, from raw materials to distribution.
• **Geographical:** The regions, countries, or country groups in which a company operates.

Establishing Strategic Business Units (SBUs)

Companies can define themselves in terms of products or customer-satisfying... Continue reading "Defining Business Scope and Strategic Units" »

**Protection and Indirect Contacts**

Luminaires shall be Class I or Class II. Accessible metal parts of the luminaires will be connected to the ground. Excluded from this requirement are those metal parts with double insulation that are not accessible to the general public. For access to the interior of luminaires installed at a height less than 3 meters above the ground or in a publicly accessible space, the use of special tools will be required. All metal structures within a distance of less than 2 meters from the metal parts of the exterior lighting installation shall be joined together equipotentially. It must be ascertained whether these metallic elements can transfer dangerous voltage points to a distance (e.g., metallic). In which case,... Continue reading "Safety and Installation Standards for Outdoor Lighting" »

The Nature of Corporate Entrepreneurship

Why do we need Corporate Entrepreneurship?

Businesses are faced with:

• Changing dynamic markets
• Globalization
• Shorter product life cycles
• High rates of technological change
• Pressures to reduce costs
• Changes in business organization

A possible response

Some large firms responded to the changing environment by addressing their necessary response to working with a dynamic environment involving attitudes to:

1. Risk
2. Innovation
3. Flexible, rapid response
4. Organizational and managerial changes

Corporate Entrepreneurship (Intrapreneurship)

Corporate Entrepreneurship (i.e. Intrapreneurship) is defined as the “process by which teams within an established company conceive, foster, launch and manage a new business that is distinct... Continue reading "Corporate Entrepreneurship: Benefits, Strategies, and Environment" »

Medical & Everyday Vocabulary

English to Spanish Terms

• Tablet: Comprimido
• Stomach ache: Dolor de estómago
• It's twenty past one: Son la 1:20
• Neck: Cuello
• Low cholesterol: Colesterol bajo
• Iron: Hierro
• Elbow: Codo
• Lotion: Loción
• Shoulder: Hombro
• Cream: Crema
• Onion: Cebolla

Spanish to English Terms

• Mano: Hand
• Oreja: Ear
• Nariz: Nose
• Espalda: Back
• Carne: Meat
• Pescado: Fish
• Vegetales: Vegetables
• Productos lácteos: Dairy products

Pharmacy Dialogues

Dialogue 1: Spanish Interaction

• Pharmacist: Buenos días, ¿puedo ayudarle?
• Patient: Sí, esto me duele.
• Pharmacist: ¿Le duele la garganta?
• Patient: Sí, me duele la garganta.

Dialogue 2: English Pharmacy Visit

• Pharmacist: Hello, Ochoa Pharmacy. May I help you?
• Patient: I'm not feeling well. I feel dizzy and I have a bad headache.

Integrated Marketing

Integrated marketing involves creating and executing marketing activities and programs that work together to deliver value to consumers. This includes ensuring consistency across communications, products and services, and channels.

An effective integrated marketing strategy requires choosing communication options that complement each other and developing a cohesive channel strategy.

Internal Marketing

Internal marketing focuses on hiring, training, and motivating employees to provide excellent customer service. It emphasizes the importance of a company-wide understanding and support for marketing efforts.

To achieve success, internal marketing requires vertical alignment with senior management and horizontal alignment with other... Continue reading "Understanding Marketing Concepts and Strategies" »

Marketing Innovation

Innovation in marketing is critical. Imaginative ideas on strategy exist in many places within a company.

Senior management should identify and encourage fresh ideas from three underrepresented groups: employees with youthful or diverse perspectives, employees far removed from company headquarters, and employees new to the industry. Each group can challenge company orthodoxy and stimulate new ideas.

Scenario analysis: Develop different ideas. “What will we do if it happens?”

Dimensions of Business Innovation

• Offerings (WHAT): Develop innovative new products or services.
• Platform: Use common components or building blocks to create derivative offerings.
• Solutions: Create integrated and customized offerings that solve end-to-