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Question 1

Scientists may see it as an interaction of heredity and the environment as they say that heredity has something to do with an individual’s personality and behavior. However, some personalities are much more favorable to be entrepreneurs. Someone’s personality and ability to bear risks is an important thing that influences outcomes. Entrepreneurship can be taught and practiced well and thus entrepreneurs are made.

Question 2

In business, a venture capitalist is an investor who will either provide capital to establish ventures or may even support companies that would want to expand but they are not able to, because they do not have public funding access. The venture capitalists would invest in such companies so as to earn a massive return on their investments.

Question 3

Among the nine building blocks are the value proposition, target customer segments and the distribution channels. The porter’s analytical tools assist managers in business to generate a viable value proposition. The target customer segments show that what appeals to one customer segment does not do the same for the other. The communication and distribution channels relates to the ‘promotion’ and ‘place’. It explains how the business is promoted and the place where the products are made available to the required customers.

Question 4

Competitive advantage is defined as an advantage that a firm or an organization has over its competitors (Bögenhold, Heinonen, & Akola, 2014). This advantage could allow the firm to generate greater more profit and retain more customers. Marketing stresses unique benefits and help in stressing all things the firm does better than its competitors thus contributing to the competitive advantage of a company.

Question 5

Market segmentation is the process in which a large market is sub-divided into smaller groups with similar characteristics (Bögenhold, Heinonen, & Akola, 2014). There are five steps involved in market segmentation. First, the market is defined and analyzed to determine the market’s parameters. Secondly, the potential segments are identified and described so as to decide on the most useful variables to select the members of the market segments. Thirdly, the segments to be served are selected. Fourth, the product position strategy is determined and lastly, the marketing program is designed and implemented.

Question 6

Marketers may find it difficult to understand the consumer behavior if they do not put into consideration the factors that may influence their consumers (Bögenhold, Heinonen, & Akola, 2014). For example; the thought processes that consumers may use to make their decisions should be understood by the marketers. The marketers would want to try and tap what makes the consumers tick as they make their decisions and at the same time learn what type of things lead to their final choice.

Question 7

The four types of business legal entities are characterized by: the personal liability of owners, Federal Income Tax treatment, permitted number of owners, permitted types of owners, Permitted classes of ownership interests, the duration of entity, special allocation of tax items, centralized management, transferability of interests, regulation of issue and sale of interests and lastly, the necessary documentation.

Question 8

The cultural environment has a great impact on the consumer buying behavior. International marketers need to understand some key cultural elements when designing their developing promotions, products and the implementation of the distribution systems in the foreign markets. Some of these elements include the values, thought processes, traditions, symbols, beliefs, religion and language. Culture influences people from birth all through to adulthood. 

Question 9

The Tall structures pros lie in the clarity and the managerial control. They provide clear and distinct layers that have obvious lines of responsibility, control and a clear promotion structure. It however faces challenges when the structure gets taller. This makes communication to take time to travel to the required levels thus hampering decision making.

A flat structure on the other hand offers more opportunities for employees to excel while promoting the business vision. They are flexible and adapt to changes easily. However, a heavy managerial workload and many employees reporting to bosses may at times result to confusion over roles.

Question 10

A stakeholder is anyone who is affected in any way or another by a business. The employees share a common concern in their pay with the company. It does not matter whether the owner of the business decides to give benefits and other packages to compensate them. Instead, the continued economic company’s health is of great benefit to them.

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