...objective. Our first challenge was finding an interrelated theme for family business, that wasn’t too obvious or researched too much already, as we actually want to fill a small knowledge gap with this research. Therefore we choose innovation, because there is a lot of controversy to it about the innovativeness of family businesses. Also, innovation intrigues us very much, as it often determines the succeeding or failing of a company. After brainstorming we came up with the following research question: “How can we explain that family businesses, in comparison to non-family businesses, tend to be more innovative than is often assumed?” This question allows us to investigate the strengths of family businesses and...
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... Title: THE INFLUENCE OF CULTURE ON BUSINESS ACTIVITIES: A COMPARATIVE ANALYSIS OF CHINA AND NIGERIA Name: Afouda Dotun Ehizojie Student’s ID number: 31540020 Date: 2015-11-27 Grade: Teacher’s signature: Abstract According to Zimmerman (2015), culture is the characteristics and knowledge of a particular group of people, defined by everything from language, religion, cuisine, social habits, music and arts. It was also described by Murphy (1986) as that complex whole which includes knowledge, belief, art, morals, law, customs, and many other capabilities and habits acquired by members of society, which gives them their sense of identity. From this we understand that the influence of culture on individuals cuts across every aspect of their lives including business practices. This paper seeks to analyse the influence of culture on the business practices of these two different countries; China and Nigeria, and also comparatively analyse the influence of the traditional culture of these two countries in other to better understand their business practices to foster smooth business relations. Keywords: Culture, Business practices, China, Nigeria, Society. INTRODUCTION Culture which is widely referred to as the total way of life of a particular group of people which is passed down from one generation...
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...facilities management, the importance and performance of the existing facilities in city hotels of Griffith University in order to identify the critical factors in better operation and execution of hotels. The rapid development and expansion of hospitality industry has made hotel industry much more competitive than before, thus, how to promote the operation and execution become a significant issue in surviving in fierce competitive business environment. Among those critical issues of success in managing hotels, the service segment is in particular of importance in that it is directly accessed by customers or travellers and they are inclined to rate hotels on those service (Roger, 2011). Therefore, it is quite necessary to elevation how importance of existing facilities towards guests and the current performance of those facilities in the hotels. The Griffith University Hotel, being operating for a relative long period in the service industry, has established its good reputation and occupied a certain part of market shares. While, it still suffers from threads from low priced hotels and other rivals who are continuingly promoting hotel environment and service. In order to maintain the current volume of guests and probably increase it, the examination is conducted to deal with the competitive pressures. Currently, there are seventeen categories of facilities utilized in the city braches of the Griffith University to serve customers, such as family restaurant, tennis court and...
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...Business Preparation for Communication Diversity XXXXXXXXXXXXXX CMC 260 February 10, 2013 XXXXXXXXXXXXXXX Business Preparation for Communication Diversity When it comes to conducting business with other countries and cultures it is important to research and gain knowledge and information that will allow you to understand the changes you may have to make in order to assure that it is one that is not only successful but positive as well. No matter which country our culture it may be it is important to understand several different areas and make sure to ask yourself the correct questions. Those areas are to understand universal systems, cultural values, language and thought, social etiquette, business customs, negotiation strategies, and culture shock. Please feel free to use this as a guideline when beginning your research to help get a quick and easy start, ensuring that the business outcome will be successful. Universal Systems: It is important to understand how each culture works when it comes to economic, political, and educational, marriage and family, and social hierarchies and interaction systems. Each country will differ from the other so it is very important to make sure you have a full understanding of the importance and the way these things are seen in the country you will be conducting business in. Here are a few questions you think about while doing your research. What type of economic system do they fall under? What is the determining...
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...Successful Family Business 1 The competitive advantages of family business in the business industry compared to non-family business By Kateleen Louise L. Reyes En12 (Communication in English II) School Of Management March ,2013 Running Head: Successful Family Business 2 Family businesses are vital in every country and have an important role in our global economy. In many countries, family businesses control significant parts of the economy as well as the economic structure. Family businesses are icons of countries that show their hopes, dreams and entrepreneurial spirit; moreover they aim for self-sufficiency and wealth. Family businesses’ importance and significance were recognized recently but they are considered to be the most prevalent and pervasive form of business. Family businesses are businesses owned and controlled by families that also have at least one of the following characteristics: the business should have three or more active members, family control of 2 or more generations and the current generation intends to pass the business to the next generation of the family. Family businesses having three or more active members is one of the characteristics used to differentiate them from non-family businesses. Family members are more active in the involvement of the enterprise’s everyday activities whether it is the formal or informal employment of family members. Some use the terms “employment”, “involvement” and “activity” of family members or...
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...central challenges facing Al Blanchard, Grandview Industries, and the Blanchard family? * Finding a successor that will fulfill the needs of the company and satisfy the family. The process of finding a successor does not come over night and requires diligent thinking and planning. * For Grandview Industries the future is bright. It is growing steadily and tripling in sales, so the real challenge Grandview faces is finding a president and committee that will continue to develop the business and satisfy the hundreds of employees * For the Blanchard family, they all need to come together and come up with a solution that is best for Grandview. The Blanchard’s is a pretty big family so not everyone is going to be satisfied with the decision. As a family though, they must be behind the next business leader 100% and choose it carefully. 2. What would you recommend Al Blanchard do, in his leadership capacity, on behalf of Grandview Industries and its shareholders? * I would recommend Al to stay as president for another 2 years or so. Currently he is the only viable option for this position at this time until the family works out the transition. Stepping down while Grandview is performing at a high level would be the wrong decision for Al to make. He has done an excellent job delivering dividends to family members, which have been keeping them happy. * In addition, as the business is developing and the number of shareholders is growing, any successor would have...
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...Family business is a business in which, one or more members within the management team are drawn from the owning family. Family businesses can have owners who are not family members. Family businesses may also be managed by individuals who are not members of the family. However, family members are often involved in the operations of their family business in some capacity and, in smaller companies, usually one or more family members are the senior officers and managers. Many businesses that are now public companies were family businesses.Family participation as managers and owners of a business can strengthen the company because family members are often loyal and dedicated to the family enterprise. However, family participation as managers and owners of a business can present unique problems because the dynamics of the family system and the dynamics of the business systems are often not in balance.The interests of a family member may not be aligned with the interest of the business. For example, if a family member wants to be president but is not as competent as a non-family member, the personal interest of the family member and the well being of the business may be in conflict.Or, the interests of the entire family may not be balanced with the interests of their business. For example, if a family needs its business to distribute funds for living expenses and retirement but the business requires those to stay competitive, the interests of the entire family and the business...
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...The Importance of Intercultural Skills According to Beamer, “The two important reasons for understanding culture are to learn how others make sense of their environment, and to prevent mistakes and miscommunication” (Varner & Beamer, 2010). I would add that a third reason for understanding and developing culture is to avoid making mistakes of the past. Beamer described how baffling a mere theme park or mall could be in different parts of the world. Understanding the culture surrounding the mall in India proved important to understand the many different countries represented. Something as simple a Disney Land did not make sense to residents of mainland China. For example, my grandmother was a nursery school teacher and believed in stories and imagination. I was privy to all the typical American nursery rhymes as well as some of the more unknown ones and the stories brought to life by Walt Disney. In China, however, their childhood stories are very different so having a Disney theme park was difficult for them to identify. Secondly, Beamer describes the importance of preventing mistakes and miscommunication. There are many stories of how important it is; for many international corporations, for their employees to know a great deal about the culture with which they do business. There are many more parodies of the disasters that take place between blundering low level employees who have not done sufficient research into the nuances of the culture. They make avoidable...
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...Assignment 1: Entrepreneurial Leadership Sara J Broderick Dr. Kathleen Irwing BUS: 508 Contemporary Business Strayer University Oct. 22, 2013 Entrepreneurial Leadership Five Guys’ Burgers and Fries, a family owned franchise is one of the fastest growing chains in America (Better Burgers Starts to Sizzle in Canada, 2012). Five Guys’ Burger and Fries sets itself apart from other fast food chains by using quality ingredients and keeping a constant core menu. Jerry Murrell, founder and owner says the business plan from the start is still the business plan today. “Sell a really good, juicy burger on a fresh bun. Make perfect French fries. Don't cut corners.” (Welch 2010) There are advantages to a family-owned business that give Five Guys’ Burgers and Fries unique edge. Also, Five Guys’ Burgers and Fries focus on the customer has helped their marketing efforts tremendously. Murrell’s philosophy for the successful franchise is different then most fast food franchises in that the focus is on quality food. Many fast food franchises serve frozen beef patties and dehydrated frozen fries. Five Guy’s Burger and Fries actually soaks their fries in water, then pre-fries them forming a seal so that when they get fried a second time, they don't absorb any oil -- and they're not greasy. (Welch 2010) Five Guys’ Burger and Fries also differs from other food chains by keeping the core menu. Murrell doesn’t want to serve subpar food so they stick with a limited menu and execute it...
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...exposure of our parent’s actions and the actions of those that surround us. The environment that we are exposed to helps to shape the person that we are to become in life. As a child my parents taught me the value of hard work and what it meant to provide for your family. Although my parents did not attend church regularly, my grandparents on both sides of the family did attend church. My parents always allowed me to stay with my grandparents and go to church with them. My maternal and paternal grandparents attended different denominations of the Christian faith. I was exposed to different beliefs within the Christian faith. There were many similarities to the teachings in the different denominations. Christian religion helped to teach me the importance of a person’s character. Attending church also taught me the importance of standing up for what I believe in no matter what. I think that I am a person who is trustworthy, respectful, responsible, fair, caring, and helpful to my neighbors and family when they are in need. I in turn expect to be treated with the same respect that I show others. I attended public school as a child and was taught many of the same things in school as I was in church. The importance of sharing, caring, acting fairly, and helpful to those around us...
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...Early European Exploration 1. Spain (new Spain) Reasons for exploration o God, Gold and Glory Area claimed o South and Central America without Brazil. Florida and New Mexico in North America Importance of Hernando de Soto, Hernán Cortez, Christopher Columbus o Columbus began first permanent contact between Europeans and the Americas o Hernando De Soto discovered the Mississippi o Francisco Cortes explored the SW (Grand Canyon), brought horses to Native Americans, 2. French (new French) Reasons for exploration o Fishing and Fur Trade Area claimed o All along the Saint Lawrence River and later the Mississippi River to Louisiana Importance of Verazzano, Cartier, Champlain, de la Salle. o Verazzano was first to discover New York and claim it for France; has a bridge named after himself o Jacques Cartier sailed up the Saint Lawrence River and founded Montreal (but was considered a failure by the French) o Samual de Champlain founded Quebec City and is known as the father of New France o de la Salle sailed down the Mississippi, founded Memphis and claimed Louisiana (named after Louis XIV) for France 3. English Reasons for exploration o Mercantilism – more land and raw resources for land-starved English, along with the creation of new markets for goods Lost colony of Roanoke (story) o (2nd voyage to Roanoke 1st hitched a ride back with Sir Francis Drake) Sailed to Roanoke and ran out of supplies. John White then sailed back to England for supplies...
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...partners, and society at large" (Centor, 2008). Many people define "Marketing" as a mean of selling or advertising. This paper will cover the definition of Marketing, comparing and contrasting personal's definition of meaning. Author will provide three examples from the business world, describing the importance of marketing and success of the company business. Marketing is when a company makes purchases resell items, use products to make money. Marketing in any given situation business to business involve years of market efforts to sell items online or offline promotions. Author definition of Marketing Marketing is defined as a person communicating the value of a product or service to customers, who have the interest in purchasing the product. Marketing is the idea of activities done by an individual organization to satisfy its customers. Generally the term meaning is Marketing can be looked like when process for creating, delivering and communicating value of products to customers and providing great customer relationship in a way that help the organization. Marketing satisfies persons' need and wants through exchange process and at the same time relationship is an important part of this market exchange. Importance of marketing in organization success...
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...I would keep the materials in the original order I received them, but I would further arrange the material in the most user-friendly manner possible. Considering the size of the donation I would probably need to use five or more manuscript boxes. I would then make the arrangement manageable by arranging the records in the collection into series, then further arranged sequential by order of importance, or chronologically. Due to the variety of the material I would further divide the materials into subseries. The collection would be titled Edith Smith’s. The series would be formed based on the functions of the records and how the creator grouped the different documents together as they relate to the specific activities she was involved. For example, the papers of Edith Smith’s form separate series for personal and family records, business financial records from her women’s clothing store, and political records as a town leader, or her active participation in the of Evanston Mills, Florida, town’s church and other civic organization....
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...Different methods of measuring the size of a business The number of employees: This will not work on capital intensive firms as they use more machinery and technology, yet there businesses may still be large. The amount of capital invested: This method does not work on labour intensive firms as the business may have a high amount of capital employed yet a low output and therefore low efficiency. The sales turnover: A business may not always be able to achieve maximum results in sales however this does not mean that they are not a large business, only that the business is not at its best at the moment. Market Capitalization: Markets tend to be highly volatile, and the prices of shares differ on a daily basis however this does not determine the size of the business. Therefore, when determining the size of a business, a combination of factors must be considered. Advantages and disadvantages of being a small business Advantages * Low start up capital required: small business is the relatively low startup capital needed. Personal savings, small grants and loans from friends and family are usually enough to start up a small venture. * Independence: you have the freedom to make the decisions that are crucial to your own business success. * Easier to manage: Dealings are usually local. * Decision making is faster * Profits are solely the owners * Creative freedom and personal satisfaction: you’ll gain personal satisfaction from implementing your ideas...
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...Introduction Innovation in any business sector is essential for profit and continuity of the business. Organizations must realize the importance of their vision, mission and values when determining new directions and divisions for innovation. This paper shall examine and define how vision, mission, and values guide strategic direction by creating a new business sector for Petco. Company Background Petco was founded by Walter Evans in 1965 as a mail-order veterinary supply business, with a mission to offer to the public quality pet and veterinary supplies at discounted prices (“About Petco”, n.d.). From their humble beginnings in 1965, they have grown into the second-largest pet supply specialty retailer in the United States offering over 10,000 pet-related products and a wide pet service line (“Major Companies”, 2014). According to “Major Companies” (2014), as the company is private, no official financial information is publicly available, however IBISWorld estimates revenue for 2014 to be around $3.3 billion with $261.3 million from their pet services lines (Petco Animal Supplies Inc.). Mission and Vision Statements Mission and vision statements are powerful motivators that explain an organization’s purpose and direction, with an inspiring vision of the future (Manktelow, 2014). While both are equally important, mission and vision statements are not the same. Mission statements according to Manktelow (2014), “mission statements define purpose and primary objective...
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