Entreprenuership (course) Essay Example | Topics and Well Written Essays - 2750 words

Entreprenuership (course) - Essay Example Furthermore, with the improvement of technology and increasing competition caused due to economic liberalization and globalization, the assumption which holds that fostering entrepreneurship will enhance a country’s competitiveness seems to be valid like never before. According to Shane and Venkatraman (2000), entrepreneurship is an act of being an entrepreneur or one, who discovers, exploits, and assesses the opportunities of developing new products or services, innovative production process, new strategies or exploring new markets. Often, entrepreneurship is discussed under the entrepreneurial functions, entrepreneurial factors, entrepreneurial behaviour and entrepreneurial initiatives. Friijs, Paulsson and Karlsson (2002), stated that entrepreneurship mainly relates with the functional activities which include innovation, coordination, capital supply, uncertainty bearing, making decision and allocation of resources. Entrepreneurs have always been the strong contributor in most of the theories related with distribution, production and growth. The role of entrepreneurs in driving the economic growth of a country can be best described with the help of theory of long waves by Joseph Schumpeter. According to Schumpeter (1942), "Everyone is an entrepreneur when he actually carries out new combinations". Finding out new combinations pertaining to the factors of production can be cited as the entrepreneurial discovery that ultimately becomes the fuel of economic development. According to the author, the new combinations are better approaches to fulfil customer needs, developing new products and creative destruction to some extent. Now based on the notion of creative destruction, the theory of long waves (regarding the economic growth and business cycles) has been formulated. The theory states that a business cycle comprises of creation of new products and services along with the implementation of new s trategies. These phenomenons ultimately lead towards the

The role of multi-channel retailing in Singapore service retail Essay

The role of multi-channel retailing in Singapore service retail industry - Essay Example Thus with the development of internet communication the consumers can now easily make purchases through the web sphere and also through their personal gadgets like Personal Digital Assistants having internet connectivity. Moreover the customers can also make relevant purchases based on catalogues or visiting kiosks of the retail stores. These services largely enabled by multi-channel retailing systems have helped in transforming the pattern of services generated in the retail sphere. Furthermore the retail firms based on multi-channel systems are also helping the consumers to avail a large number of options where the consumer can locate products in one outlet and purchase such from another belonging to the same company. Again multi-channel retailing system has also helped the consumers to gain the advantage of returning commodities in one retail outlet which was purchased from another outlet of the same company. (Berman, Retail Management, A Strategic Approach, 10E (India: Pearson Ed ucation India, 2007), 183.; Willard N. Ander and Neil Z. Stern, Winning at retail: developing a sustained model for retail success (New York: John Wiley and Sons, 2004; Lena Fitzen, Multi Channel Retailing in the Automotive Industry: Determinants of Consumer Retail Choice (Germany: GRIN Verlag, 2009), 16.) Different retail companies pertaining to categories like apparel and other consumer durables make expanded use of multi-channel retail systems to reach wide number of consumers thereby focusing on market expansion and augmentation of revenues. Big retail firms through the opening up of different retail formats and through increased web presence can fulfill the business objectives of market expansion in both new and existing territories. (Joachim Zentes, Dirk Moschett and Hanna Schramm-Klein, Strategic Retail Management: Text and International Cases (Germany: Gabler Verlag, 2007), 55; Diamond, Fashion Retailing: A Multi-Channel Approach (India: Pearson Education India, 2007), 374). Multi-Channel Retailing-Advantages and Challenges The growth of multi-channel retail systems around the world led to the increase of large number of advantages and disadvantages related to it. Firstly the retail companies tending to use the multi-channel retail systems need to strategize their retail offerings and services in a homogeneous manner so that it can well percolate along the several marketing mixes. Retailers through the use of multi-channel retail concept tend to draw consumer attention to specially designed products which are not easily displayed in retail counters. These retail companies through the use of the online sphere tend to create a huge display of different types of products thus enhancing the width of the product assortments. Moreover retail companies can also cause consumer hype by creating displays of new product and service launches in their websites. Again the retailers can make use of multi-channel retailing concept to create a mass promotion of the pro ducts and services. The retailers can make use of utilities like kiosks and catalogues to help in generating large number of information to the consumes pertaining to the availability of store outlets, product and servi