Entrepreneurship and Ecology

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Questions and Answers

What is the condition for an organization or individual to experience growth?

After meeting environmental requirements

After surviving in a competitive market (correct)

After understanding the changing patterns of the weather and physical environment

After satisfying customer requirements

What is the main reason a business needs to meet customer requirements?

To satisfy regulatory requirements

To survive and eventually grow (correct)

To increase profit margins

To remain relevant in a competitive market

What is the purpose of Total Quality Management (TQM)?

To help organizations and individuals remain relevant and grow (correct)

To only meet environmental requirements

To reduce production costs

To increase profit margins

What are the two types of competitive advantages mentioned in the text?

Product-based and process-based Signup and view all the answers

What is the necessary step before communicating with customers?

Understanding customer requirements Signup and view all the answers

What happens to organizations that fail to meet customer and environmental requirements?

They will not be accepted and will not survive Signup and view all the answers

What is the primary purpose of existence according to the philosophy of Total Quality Management?

To be useful to ourselves and others Signup and view all the answers

Why do organizations fail to survive?

Lack of quality management Signup and view all the answers

What is a condition for business survival?

Identify the customer Signup and view all the answers

Who is considered a customer in the context of Quality Management?

All those affected by the business processes Signup and view all the answers

What is an example of an internal customer in UPSA?

Lecturers Signup and view all the answers

What is an example of an external customer?

National Accreditation Board Signup and view all the answers

What is the result of being useful according to the philosophy of Total Quality Management?

Acceptance Signup and view all the answers

Why is it important to identify the customer?

To understand the business environment Signup and view all the answers

What is the first stage of the Business Growth Model?

Existence Signup and view all the answers

What are the two main contexts that affect an organization?

Internal and External Environment Signup and view all the answers

What is the purpose of understanding the business environment?

To survive and satisfy physical and business environment requirements Signup and view all the answers

What is one of the PESTLE factors that affects business operations?

Legal Signup and view all the answers

What is the 'C' in PESTLEC?

Competition Signup and view all the answers

What is the third stage of the Business Growth Model?

Acceptance Signup and view all the answers

What is the purpose of understanding the internal context?

To identify organizational values and culture Signup and view all the answers

What are the issues that arise from the external environment?

Issues arising from legal, technological, competitive, market, cultural, social and economic environments Signup and view all the answers

Which type of customer has the freedom to choose an alternative service or product?

Elective customers Signup and view all the answers

Who is an example of a non-user customer?

A nursing mother buying baby food Signup and view all the answers

What is a characteristic of customers?

They have expectations Signup and view all the answers

What type of customer is forced to deal with a certain entity due to a monopoly?

Captive customers Signup and view all the answers

What is an example of an unwilling customer?

A taxpayer paying road tolls Signup and view all the answers

What is the purpose of a stakeholder analysis?

To identify both internal and external customers Signup and view all the answers

What is a characteristic of customers that is often overlooked?

They have legs (have options) Signup and view all the answers

What do customers have that need to be satisfied?

Needs Signup and view all the answers

Study Notes

Overcoming the Competition

Define a brand proposition to differentiate from others
Choose a competitive advantage (product-based or process-based)
Understand customer requirements to meet their needs
Communicate effectively with customers to build relationships
Seek to delight customers to exceed their expectations

Guaranteeing Growth

Survival is a prerequisite for growth
Organizations must meet customer and environmental requirements to survive

Philosophical Implications

Organizations must be useful to customers and the environment to survive
TQM helps organizations remain relevant and grow in a changing business environment

The Purpose of Existence

To be useful to oneself and others
Being useful means making a positive impact or contribution
Being useful creates the condition for acceptance

Conditions for Business Survival

Identify customers who are directly or indirectly affected by the business
Understand the environment in which the business operates

Defining the Customer

Customers include all those affected by the business processes, not just end users
Internal customers include employees, management, and stakeholders
External customers include regulatory bodies, the community, and others

Categories of Customers

Elective customers have choices and can switch to alternatives
Non-user customers purchase products or services but do not use them themselves
Unwilling customers are forced to perform certain obligations due to legal regimes
Captive customers have no choice but to deal with a certain entity due to monopoly

Characteristics of Customers

Customers have rights to be respected
Customers have expectations to be met
Customers have needs to be satisfied
Customers have requirements to be fulfilled
Customers have options and can choose alternatives

Understanding the Organization and its Context

External context includes legal, technological, competitive, market, cultural, social, and economic environments
Internal context includes values, culture, knowledge, and performance of the organization

The Business Environment

Organizations must identify, understand, and satisfy both physical and business environment requirements
Elements within the business environment include competition, PESTLE factors, and more

The PESTLE Factors

Political: political system in place
Economic: demand and supply forces and purchasing power
Social: socio-cultural beliefs of the people
Technological: technological innovations that affect the market
Legal: legal regimes that govern business operations
Environmental: environmental requirements that affect the business

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Description

This quiz covers topics related to entrepreneurship, including competitive advantage, customer satisfaction, and growth, as well as ecological concepts, such as changing weather patterns and the physical environment.