Business Questions - Assignment Example

Name: Instructor: Course: Date Hilary Andrews and Mankind Question 1: character traits depicted by Hilary Entrepreneurs have similar traits that characterize them. A major trait that Hilary demonstrates is that of being an innovator. Entrepreneurs are characterized by their drive to continuously come up with new ideas and do improvement to the already existing processes. This drive is what mainly motivate entrepreneurs to get into businesses. For instance, Hilary was innovative in that she was able to come up with the business idea of opening a business for male grooming products. Her assumption was based on the fact that, a great number rarely visited shops, and her business would effectively solve the problem. Another trait that Hillary depicts is being tolerance for ambiguity and risk taker. Hilary had the ability to endure potential failure and failure. She clearly depicts this in that she was ready to mortgage her house to venture into business. Though she had started other businesses prior to this one, he was also ready to start another one with the determination to succeed. Question 2: other influences detected Another influence that seems to be at work is her family. Families play a crucial role in motivating entrepreneurs. Hilary came from a family composed of entrepreneurs. While sister operated a public relations company, her father owned a building and landscaping company. The fact that her sister and father were also self-employed and doing well motivated her to venture into business. Another influence that is detected is the availability of the business opportunity. When working for a spa industry, men usually came to her asking for advice on products that they could use on their skin. It was then that she conducted research on the emerging market of skin care product for men. Based on her research the market for male grooming products was growing swiftly, and a great number of them were not used to the idea of visiting the shops. This acted as a motivating factor in setting up a business. Question 3: How much of the success of this venture is down to the right idea at the right time The success of this venture is down on the right idea at the right time. Hilary was able to start a business at the right time, a time when men needed the grooming product. Men were very reluctant to visit shops look for products and information related to men grooming product. Also, the idea of developing a website and exploiting the internet market was what helped the business. This was the right time for online shopping was popular it was essential in the expansion of business. Through the use of online shopping, people were able to buy the products that previously seemed difficult to get. People were also able a lot of information about the products they were willing to buy. Based on Hilary almost 99% of their sales are made through the internet. This illustrates that the use of online shopping in the business was done at the right time, and this helped a lot in the success of Hilary’s business venture. Barbie and Mattel Corporation Question 1: Why Barbie was successful Barbie has been successful due to innovative marketing and numerous product extensions. When Barbie was first introduced in the market, it competed with other dolls meaning that they were initially developed for kids and thus they were designed to be cared for and cradled. Over time, Barbie was modified to have an adult look, for example, some had exaggerated female figure such as blonde hair as well as pouting lips. These features seem to change over time to depict different innovations that have been made over time. Yearly Mattel usually devises some 150 different dolls as well as 120 new outfits. Based on these the company is seen as being trendy as it engages itself in various inventions aimed at reinventing itself. For instance, in the 1960s, it was a ‘mod’ and a hippie in the 1970s. They have also reinvented the dolls to play a wide range of roles, for example, a soldier, surgeon fashion model and scuba diver just to mention a few. Question 2: Is Mattel innovative To a great extent I feel that Mattel has been innovative in how it has developed its product and extended the product lifecycle. This is evident in that every year the company invents a great number of different Barbie doll and new outfits. They have also been innovative in that it has been invented to represent different roles such as a fashion model, engineer, dentist TV news reporters, as well as presidential candidates. Based on the different role, children can purchase more than one Barbie doll based on their preferred role. This is evident in that average girl between the age of 3 and 11 in Britain owns seven dolls, while those in the US own ten of them. Barbie is made up of undressing and dressing, grooming and making. By choosing and introducing new roles, they have extended the product lifecycle. Though the company majors on one product that is the Barbie doll, they have differentiated it from other dolls. Question 3: Lessons for product innovation A major lesson learnt from product innovation is that for companies to succeed they need to keep innovating their products. The more innovative a company is they are bound to succeed in their preferred business area. Barbie has done so by featuring different roles and based on these people can own even more than one Barbie doll. Another lesson learnt in product innovation is that the companies have been creative. The most innovative companies usually have a workforce that is composed of competent and creative individuals. These employees’ plays an important role in that through they may introduce new products they usually extend the product lifecycle. By introducing the different roles, Mattel has been innovative enough. E-Bay Question 1: Why is eBay's business model so attractive? EBay’s business model is attractive in that though it is an intermediary to the buyers and sellers. It’s customers who are sellers and buyers; they do all their work involved. eBay does not sell products that are tangible, but they offer attractive a service and the service connects the buyers and sellers and thus offers them an opportunity for them to connect in a global marketplace. It is also attractive since it has a prominent place in the market in the modern business world. Also, eBay has also marked itself as a strong position in the virtual world. Though similar business has been in place in the past, it seems new to the modern-day virtual world. It is also attractive in that despite its newness, it has similar elements to the traditional frameworks such as demand and supply. The business model is attractive since the buyers and sellers rate each other after a transaction is complete. Question 2: How PayPal enhances eBay’s business model PayPal enhances the business model of eBay in that it offers sellers and buyers a mode to make their payment. Though the two companies are complementary they in a way depend on each other for their business to succeed. The auctions account for two-thirds of PayPal business. PayPal in a way allows the customers to register their bank account and credit card details with them so that in instances when they have to make purchases online. They are just supposed to input their email account and the amount they intend to pay. This makes it easier for them to pay and makes online business easier. Also, the basic business model of eBay generates revenue from the sellers. This in a way drives both the buyers and sellers to use PayPal as the payment method and thus in a way eBay, also turns the buyers into clients and thus it benefits both companies. Question 3: Why Does one element of eBay’s' strategy involves market dominance One of eBay’s strategy that eBay has implemented in their business is market dominance. Through this strategy, eBay aims at gaining a wide range of customers from all over the world. Currently, eBay has already expanded its operations in over two dozen countries in the globe like in India and China. Their strategy will be effective since based on the payment method that is used a wide people have access to it. Despite this, it has failed to expand in countries such as Japan and Taiwan since Yahoo! had already started its operations in this countries. eBay has also not ventured into New Zealand since trade Meisstill, the dominant online auction site in New Zealand. eBay also makes use of the strategy since it leverages the site that is eBay’s relationship with PayPal. Through the use of the strategy, they can generate revenue from the sellers. Alex Tew and the Million Dollar Homepage Question 1: is the million Dollar homepage a 'One-Off' business The million dollar homepage is not a one-off business, and it can be replicated by many others in the business world. Alex made it look like a one-off business, but it is no so he did so by offering a time frame within which it would operate. But the time imposed on the site that is five years has since passed, and it is still in operation. After it’s developed other copy cats have cropped up and trying copying the idea behind the million dollar homepage. But they may not achieve the benefits the Alex had when he developed the homepage. The site was seen as an original adverting campaign, and it generated attention for the first advertisers since a lot of people were interested and were eager to see who would participate. Also based on those who were first to participate, for example, mega companies other followed suit. Question 2: if it can be replicated how can it be replicated? The million dollar homepage can in a way be replicated. For example, one can make the same pixels and divide them based on industries. Companies under different categories will be offered space to advertise. These various categories will make it easier for people searching for various companies in each industry, thus offering convince to the customers. Additionally, limitations need to be placed on the number of pixels that one can be able to buy. For example 50 pixels, by doing a great number of advertisers can advertise on the website. Currently, each advertiser was offered 100 pixels at a minimum, by reducing the number of pixels the number of advertisers is bound to increase. Also, the site can offer an extended period. Initially, Alex had offered a period of five years, and the replicated site can offer additional time with an additional cost involved. Question 3: Lessons from Alex success A major lesson learnt from Alex’s success is that one needs to put their business ideas into practice with a lot of determination. Entrepreneurs are usually are motivated, and he could brainstorm so as to put his idea into practice. Brainstorming usually plans essential role in coming up with the idea within a very short period. Another lesson learnt relates to advertising. Adverting plays an important role in the success of businesses. Through advertising, Alex was able to get advertisers from all over the world, and they were ready to buy the pixels since they termed them as being cheap. After selling some of the pixels to his brothers and some close friends, he used to the money make advertisement. This played a great role in the success of the site since a great number of advertisers from all over the world signed up. To the extent he even closed it for new entrants. Read More