business studies

Control Over the Market Environment

  • Businesses must take a proactive approach in controlling their market environment.

    • This includes:

    • Establishing and revising their vision.

    • Crafting a clear mission statement.

    • Setting attainable goals and objectives that align with current market trends.

    • These foundational components help to guide the overall direction of the business in a competitive landscape.

Policies and Management Structures

  • Important to establish:

    • Policies

    • Procedures

    • Management structures

    • These elements should aim to move the business in the right direction and ensure operational efficiency.

Efficient Use of Resources

  • Efficiency and effectiveness are key for resource utilization.

    • All business resources should be used in a manner that benefits the overall business objectives.

Influence Over Market Environment

Influence on Customers

  • Businesses can impact consumer decisions through:

    • A well-considered and well-executed marketing strategy.

Definition of Marketing Strategy

  • A marketing strategy is defined as:

    • A plan of action that outlines the marketing objectives of the business.

    • This strategy includes the:

    • Specific strategies

    • Activities that will be utilized to accomplish these marketing objectives.

Influence on Suppliers

  • Intrapreneurs can influence suppliers through:

    • Selling long-term contracts for imports at fixed prices.

    • Forming strategic alliances with suppliers, enhancing mutual benefits.

Influence on Competitors

  • Although direct influence over competitors is limited, businesses may engage in:

    • Forming strategic alliances.

    • Joining community business forums.

    • Collaborating through a consortium with other business owners.

    • These joint efforts can lead to shared ideas and resources, fostering collective growth.

Influence on Unions

  • Establishing good relationships with unions is crucial for businesses.

  • Engagement strategies include:

    • Participating in bargaining sessions with trade unions.

    • Providing explanations of issues that could be concerning to union leaders, aiming to persuade them toward the business's viewpoint.