Case Study 3

Submitted by: Group 2

1. Pritom Das ID: 2010458

2. Aditi Chakraborty ID: 2020116
3. Tandra Chakrabarty ID: 2021965
4. Nafisa Islam ID: 2022061

Course Name: Principles of Marketing

Course Code: MKT 201
Section: 08
Summer 2021

Submitted to:
Mr. Syed Imamuzzaman
Lecturer
Independent University, Bangladesh

Submission Date: 10th August 2021

1. What is the importance of entrepreneurship and innovation as a means of
stimulating the economy and creation of new business?

Answer: Business is the capacity and availability to create, arrange and maintain
another business enter cost alongside any of its danger to make benefit. Also,
development is the instrument of businessperson by which they present new cycles,
administration, or item to influence positive change in their business. The economy is
made from ventures and organizations. Our economy has endured in light of the fact
that the business chiefs can adjust to the changing occasions and provided generally
the network’s needs. In the exceptionally cutthroat world organizations would be
trapped in an endless cycle without innovativeness and development. In any case, with
imagination and advancement the business prospects are perpetual.
Business produces monetary benefit and keeps the economy above water. The
significance of development in business is displayed by concocting another approach to
create an item or an answer. It will save time, cash, and use different assets and give
the association an upper hand over different organizations stuck in their framework.
Pioneering movement can prompt advancement inside a business opportunity for an
item or administration which can consequently prompt expanded monetary turn of
events. Thus, we can see that business venture and advancement is vital for
invigorating the economy and formation of new business.
2. What are the advantages and difficulties of a business start-up?
Answer: ADVANTAGES
Labor independence: One of the most attractive advantages for people who decide to
be entrepreneurs is the fact of being their own bosses and having their own hours.
When you open your company, you have an autonomy that you will not have working
for someone else. What can be said is that, for the business to work, you must work
with rhythm and be responsible, since there will be nobody behind you to manage the
times and priorities, which requires great dedication and effort on the part of the
entrepreneur.
Stability: Job stability and, in some cases, precarious employment conditions, are
another because that leads many people to start their own business. That is why,
knowing that you have job stability, will be another of the strengths. This does not mean
that being an entrepreneur does not also have its risks and uncertainties, but your work
continuity will depend on other factors such as the success or failure of the business,
and not on the decision of a boss.
Bring your own idea to life: For many people, there is no greater satisfaction than
working on their own project, from start to execution. Putting an idea into action and
fighting for it, with the problems and satisfactions that may arise, is a great challenge.
Great income: if your project works properly and is successful, your income may be
higher than working as an employee for another company. You should also bear in mind
that many of the businesses, at the beginning, have economic losses, either because
they are not yet known, they do not have a client portfolio, etc. So, you must be patient
and have a budget that values this possibility.

Difficulties

Not having all the necessary means: in order to carry out a business activity, you must
have a series of resources, whether technological, logistical, human or financial, among
others. The fact of not having them, can be one of the disadvantages when it comes to
starting your business.
Assume a great economic investment: Entrepreneurship is not cheap, you need to have
a budget, resources, and a large amount of time, especially at the beginning of the
activity.
Not knowing the market, you are exposed to: Before launching any business activity,
you must carry out a preliminary research exercise to find out what needs people have,
and if your product or service will cover them.
Not being ready to start: Going ahead with your own business is something that not
everyone is prepared for. Very high availability and commitment is required. Since you
will have to make an effort and sacrifice many times so that the company does not fail.
3. Is there a right time and manner to move forward with the internationalization’s
process of a technology-based company? Or should technology-based
companies be ‘born-global’?
Answer: The period of internationalization alludes to the idea of the boundaries of how
to upgrade worldwide strategies for action, what appropriation things are, and where the
objective gathering is arranged. During the interaction of internationalization, a
progression of consecutive advances is needed to be led and choices made get-
togethers a huge addition in development and enough involvement with the homegrown
market.
Notwithstanding, for the most part all technology-based organizations are and to some
degree must be 'born-global' to make do in the business as per the new improvement of
IT foundation and the contenders also. These organizations approach for the worldwide
market and internationalization exactly at the beginning of their entrance in the business
or instantly just get-togethers. Technology-based organizations can be said to be 'born-
global' because of their benefit on the mechanical edge. They will in general adventure
the chances dependent on the improvement of new items and administrations in the
global market. They can limit the ‘niche segment’ of the worldwide market and serve as
per purchaser needs.
Technology put together concentration with respect to one specific area and focusing on
a specialty market or a particular market assists them with staying away from more
prominent rivalry as they have a superior capacity to supply. Likewise, they work better
in little business sectors as they can consider the tweaked needs of the item. In
addition, the organization or its workers don't need to be truly present in a local/region to
give the client their administration and arrangement. Technology-based organizations
will in general discover the client portion with the normal requirements across the globe
and offer their support in like manner. No separation inside the homegrown or the
worldwide market. Also, in conclusion, 'born-global' totally relies upon the methodology
and arranging by contributing advancement and plan.
Due to their young age, the ‘born-global’ ordinarily have restricted capital, regularly
seem to have a restricted assembling potential and a particular comprehension of the
market as an individual and are cognizant that the shopper is an unfamiliar resident, of
any ethnicity. The "born-global" are endeavoring to foresee ecological and use
upgrades after certain activities.
 4. What are the advantages of the new concept of virtual offices in the process of
internationalization of a company?
Answer: 1. Corporate Mailing address
Virtual workplaces offer you an expert street number. By pursuing a Virtual Office, you
make an actual office without submitting a rent commitment. A virtual office gives you
the unforeseen appearance of working at an actual office area, despite the fact that you
don't as a general rule, alongside an actual location for correspondence. So, there is a
little managerial help for pennies daily.
2. Increased business authority
A benefit of a virtual office is that the businesses can take up locally established
organizations and complete the work by the representatives, distantly. Accordingly, the
advantages of having a virtual office assume a significant part when you project your
organization's accessibility in numerous areas.
3. Extended telephone administrations
In a virtual office, you can seek after an expert virtual climate by having a telephone
number, fax administration, voice message boxes, and surprisingly a virtual voice to
deal with calls without the requirement for a secretary. The organizations can receive
extra rewards of virtual workplaces like decreased human mediation and limited
expense.
4. Fulfilled moment administrations
This point firmly upholds for what reason to utilize virtual workplaces when many
individuals consider having an actual office, however innovation has been modernizing
each business viewpoint. Customary arrangement includes broad labor force and space
for obliging everybody and everything. In a virtual office, you can take into account all
the business needs by means of a solitary snap in programming.
5. Cost-powerful practice
An ongoing office might cost you a tremendous cost in numerous angles. Possibly you
need to lease or rent the business space, pay utilities, purchase furniture, hardware,
and innovation. The benefits of virtual workplaces cut down those costs and help you in
setting aside some money, which you can put resources into future business extension.
6. Less time utilization
The new pattern shows that most representatives favor the work from home alternatives
even at a lower compensation, as it lessens their drive time, saves the movement cost,
and, in particular, gives solace. Thus, the advantages of virtual workplaces favor the two
representatives and managers in all certain way.
7. Flexibility of work
Adaptability at work makes representatives more fiery, excited, and keen on work. They
see it as an extraordinary advantage enriched by the organization to sign in whenever it
might suit them and even work during portability or with their cell phones. Such benefits
of virtual workplaces save time as well as further develop by and large work mentality.
8. Enhanced usefulness
Telecommuting diminishes interruption and further develops focus at work, thus,
regardless of whether you work for set number hours, your efficiency improves, and
both the organization just as you advantage in money related terms.
9. Increased group size
Without the obstruction of fixed work area and lawful conventions, you can flawlessly
build your group size with the advantages of having a virtual office. This, thus, makes a
positive effect on your business development just as on your workers and clients.
10. Protect the climate
You can maintain a business without forcing harm to the climate through the virtual
workplaces. They additionally offer a tranquil climate to representatives by keeping
them from openness to a wide range of contamination by wiping out drive.
11. Attract the best ability
You can enlist the best abilities you need without putting resources into cash,
enrollment drives, and this gives abundant chance to pick the perfect individual for the
right position.
12. Increase adaptability
Having virtual workplaces helps you in increasing and down your assets without
confronting any results and develops your business continually.
13. Easy arrangement
Virtual workplaces are not difficult to set up and simple to close down also, without the
need to spend anything extra.

To a nutshell, having a virtual office is consistently a resource for new companies during
their underlying stages, and they can much further proceed with a similar practice for
proficient and quicker business development. In case you are a shrewd business
visionary, you will go for virtual workplaces since it gives you plentiful chance to deal
with the high points and low points in your business till you embrace solidness
5. How important is knowledge to support innovation?
Answer: The knowledge application cycle aims to make knowledge more tangible,
hence assisting in the transformation of invention into innovation. Applying knowledge is
a technique for mastering new knowledge, improving its selection and allocation, and
producing performance standards with fewer faults and unnecessary elements. The
approval process can leverage innovation through practice, since frequent engagement
with a piece of knowledge gives individuals with increased insight into their potential
applications, summarizing the knowledge-innovation relationship topic.
Information, particularly implied knowledge, is critical to the creative process. New and
relevant knowledge is developed and turned into commodities and services by
transforming broad information into specific knowledge. In order to compete and get a
competitive advantage, a high level of knowledge is a necessary and significant
prerequisite for innovation. We can summarize some of the main reasons why
knowledge is necessary for innovation in the following list:
• Knowledge belongs to the non-rival sector, which means that using and utilizing it
does not exclude or damage others. Knowledge or an idea, unlike any other commodity
or service, only requires to be started and created once, and then it can be used as
many times as desired without losing its worth.
• It appears that knowledge is built up through time. Any initial or existing knowledge-
based concept can be developed and investigated to generate better and new
concepts.
• Knowledge, especially digitized knowledge, may be replicated and copied at extremely
low or no cost.
• Knowledge can never be entirely removed from the equation.
• It is classified as an intangible asset. No other producer or maker has the ability to
retrieve a tangible product, such as machinery, buildings, or mobile phones.
• Knowledge management offers an organizational context for the organization's
collection of knowledge.
• Knowledge assists in the continuous expansion of the information base by gathering
and capturing explicit and tacit knowledge.
• Knowledge sharing fosters a culture of innovation by fostering a knowledge-driven
culture.
• What's more, creating new ideas utilizing information takes place in enormous swaths
of instability. Nobody knows what the outcome will be, and no one can predict how far it
will carry people beyond what they now know.