Table of Contents
1. Why is it important for laboratory people to follow their new product ideas through production and marketing?
The importance of laboratory personnel to carry out a follow up process for products is because of its consumer efficiency and applicability (Choi, 1990). According to the 3M Company, it is vital for the new products to be researched and evaluated. For instance, the company had to confirm that their painting product was actually effective in the market.
Production of goods to the market relies on the ability to offer the right and efficient commodity for the consumer (Desai, 2001). This explains why the company had to test their two tone paint for the fact that it does not separate the colors to be painted. 3M Company had to confirm that they had produced the right item for the consume market. Produced goods do not fully sell in the consumer market without a proper purpose or advantage o their users. Managing and curbing the limitations of any commodity puts it in a better position in the market. Consumers look for items that serve their intended purpose with the least effort.
2. How can a multibillion-dollar corporation keep its entrepreneurial spirit alive?
It is vital that an organization strives to better its status. Entrepreneurship mainly affects the general business activity of an organization. The innate interest in new market commodity is key in promoting business spirit. Items and commodities in the market need to be unique and durable (Choi, 1990). For instance while selling their products in the market; 3M Company saw the need for unique production like new paint and chemicals that were unfamiliar to the public.
This spirit is also build by good advertising (Desai, 2001). When a company or a firm chooses to do business, they need to properly sell their services to the consumer market for increased consumption. A consistent customer number is a mark of better profitability.
3. Is it healthy for a corporation to be involved in such widely diverse industries as Scotch tape and bioelectronic ears? Doesn’t that prevent the corporation from having expertise in all those areas?
Diversity is a vital tool in the field of corporate industries (Rosen, 2004). The fact that items are being produced by many industries puts the market at a very competitive spot. In spite of multiproduction of goods by many organizations, the principal idea is of quality. Indulging in a number of items puts the market advantage at a better position as they offer a variety of items. Profitability is greatly contributed when the selling of more than one product is practiced. One the other hand one item will mean that there is specialization, which accounts for the quality. More goods create a larger market choice for the same firm.
4. Could 3M survive without intrapreneuring?
This company would not survive without intraprenuering. This is because the items they produced had to be built by their own follow up procedures. For instance, commodities that did not offer good marketability were improved or others created in replacement.
CASE STUDY TWO: BUILDING COMPUDYNE
1. What does this case teach you about finding opportunities for forming your own business?
The case study shows that business ventures can be created from other established businesses. For instance, Compudyne was created from the buying of small companies that were then improved but under one administration. Roenigk used his opportunity in buying small companies that later on benefited him. This company has a huge reputation in business dealing with security.
2. Is being at the right place at the right time an accident, or are some people more clever than others at being in the right place at the right time?
Business is affected by the suitability of an idea (Rosen, 2004). In this case, it is innovative that Roenigk chose to buy small companies. The case is not accidental as the business ideas are usually predetermined in the mind. It entirely upon ones own ability to develop ideas that are real and practical. The case is true for Compuyne Company which is now in a successful field after attempting other areas of business venture.
3. What does this case teach you about making the most of a bad thing?
It, therefore, follows from this case study on Compudyne that even the worst moments can result into good. For Roegnik, it was not evident for him that the buying of these companies would lead to a successful business. It was a difficult time for him as he could not settle on a stable area of commitment until the buying of these companies.
CASE STUDY THREE: PRIMARK
1. What are business ethics?
Business ethics involves ways and rules of doing business in the right and accepted manner.
2. Give two examples of ways in which Primark is operating in an ethical way.
With regard to Primark, the organization operates in an ethical way by supporting employee and worker's relation and association to the company. It is a member of an initiative called the Ethical Trading Initiative which champions for worker treatment. The lives of workers are greatly improved through this organization. This means that they value human resources in their organizational structure. In this way the employment rules and guidelines are friendly to the workers.
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Primark has managed to give its value prices by methods that are least expensive. They use approaches like the economies of scale, efficient operating and lean production. This puts the firm at a high level of ethical significance.
In ethics it is significant for the administration to carry out worker evaluation (Beauchamp, 1988). This puts the efforts and dedication of the employees to good use. For instance performance appraisals are important in developing team spirit and individual improvement. Another method is performance management of the employees.
Communication in any organization forms a crucial pillar in the success of business. The proper channels of communicating address many issues that affect a firm. The top echelon in the firm is given the complaints and then carries out a follow up. These complaints and recommendations come from the staff and the consumers of the products (Beauchamp, 1988).
3. Why is it so important for businesses to operate in an ethical way? Explain your answer by referring to the fashion industry.
Ethics in business creates a genuine and friendly environment for consumers and workers (Beauchamp 1988). It is because ethics caters for the market and the producers of commodities without bias. In establishing a consistent consumer force, ethical values play a huge role in this success. It creates a reliable marketability of the firm that would build its profitability.
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In the fashion industry, ethical value is critical. It is important that the market knows whether the goods are genuine or not. Clothes and dressings need to be of desired quality so, proving to the market that the items are fairly priced and genuine is advantageous.
4. In what ways could ethical business practices incur costs to the business? Evaluate the extent to which the benefits to a business of operating in an ethical are likely to outweigh the costs.
Sometimes it is inevitable that the costs incurred during ethical practices might be high. For instance, in the struggle of offering better pricing on commodities, the firm can develop great losses. This says that even in ethical approaches the objective should still be profit making (Klein 2002). When reacting to all the recommendations, it is vital that it is done with priority. This is because not all suggestions are practical.
It has been the main agenda that the initial cost be suppressed by the result (Klein, 2002). It is normal for any firm to experience hitches during the start of venture, but the graph betters with time. For instance, involvement with legal bodies puts the firm at a position of safety in terms of legislation. The company cannot suffer from legal cases or complains. In this case the benefit avoids the long term result that might change the firm's status.