BSM 100 Lecture Notes - Lecture 2: Bleeding Edge Technology, Leading Edge, Protectionism
23 Nov 2017
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Government plays a very big role, promotes free enterprise, fair competition. Allows small and large companies to coexist. Vulnerabilities: possible protectionism, corruption, ceo and worker pay gap, Judiciary ensures laws are made and enforced, enforceable contracts consumer debt, federal/provincial debt. Reduce costs by outsourcing, initial investment of searching high. Patents, legal setup to protect intellectual property. Hiring and retaining good workers by offering new opportunities. Opportunities for growth come from research and development. Better, more efficient products, new products to meet consumer wants, good customer service. Have to make sure new products are ready for the market and not rushed (samsung note) When products are not ready, known as bleeding edge firm (losing money) Customers must believe that the benefits they get are higher than the price they pay, value is important. Diverse workforce has an impact, different ideas, decisions made, different thoughts. Rising worker expectations, ethics and social responsibility to retain workers.
