- Published: August 31, 2022
- Updated: August 31, 2022
- University / College: Université de Montréal
- Level: Undergraduate
- Language: English
- Downloads: 21
LaserMonks Q1 Offering quality products is an aspect of LaserMonks’ formula that would increase my chance of purchasing their products. Quality products offer the company a competitive advantage in terms of marketing over its competitors. Comprehensive market research enables companies like LaserMonks to assess and identify the key elements of a product that are fundamental and essential to customers. The particular factor accounting for the quality of the product attracts customers interested in the given specific features. The market search enabled the company to establish the amounts customers are ready and willing pay for a particular product. The high quality of the product accompanied affordable cost attracts and win massive customers.
Brother Bernard McCoy exhibits the following entrepreneurial characteristics, vision and flexibility (Agbim et al., 253). He had identified income generation from a new source of income as the primary goal. He identified an opportunity in the market before making a decision on the company’s final product line. Brother Bernard shifted from the initial business alternatives to venture in a different product line. The initial options were either opening a shitake mushroom farm or constructing an 18 hole golf course in western Wisconsin. Market gap determined the final decision of a product line the company offers.
Brother McCoy and the other monks no longer handle the company’s operations an indication that they delegated their duties to other staffs as managers. However, they coordinate and affect decision-making processes that transpire within their company, an indication that they still exercise control over their business. Managers should be team players, delegation of roles is an indication that they are team players involving others in the management of their company.
Agbim, Kenneth Chukwujioke, Godday Orziemgbe Oriarewo, and Tor Aondoaver Zever. ” Moderating Effects Of Individual Entrepreneur And Enterprise Characteristics On The Relationship Between Business Environmental Scanning Behaviour And Entrepreneurial Performance.” Journal Of Business Studies Quarterly 6. 1 (2014): 248-268. Business Source Complete. Web. 27 Jan. 2015.