GE Tech

Module 4

Pretest: 

Differentiate discovery and creation

Discovery                                            

discovery means uncovering something, which already existed, but not recognized by anybody else before, finding something unexpected.

Creation

The invention refers to creating something new and useful, with one’s ideas and experiments. In short, it means creating or designing something. So, check out this article to know the difference between discovery and invention in detail.

Self-Evaluation: Answer the following questions briefly:

Knowledge has great value since it is inherently unique to your organisation. It shapes and drives your business activity, your ability to sell or do more, and stand apart from your competitors. Individual knowledge is easily lost, especially when key employees leave.

Successful innovation allows you to add value to your business so that you can increase your profits—if you don't innovate well, your business will plateau. Innovation helps you stay ahead of the competition. With globalization and a rapidly changing market, there are more competing businesses than ever before.

If a surplus exist, price must fall in order to entice additional quantity demanded and reduce quantity supplied until the surplus is eliminated. If a shortage exists, price must rise in order to entice additional supply and reduce quantity demanded until the shortage is eliminated.

Post-test: 

Given you are a new entrepreneur how will you prepare yourself for a possible entrepreneurial opportunity that is related to technology?

Technology is about innovation and innovation in business is all about doing things differently in order to provide better products and solutions, and an improved service to customers. Technology is not just essential for day-to-day business processes, but it can also help companies to achieve growth and success when utilised effectively. Successful businesses don’t view technology simply as a way to automate processes, but instead use it to open up new ways of doing business. In this article, we explore some of the many ways that technology can support business growth.

Module 5

Pretest: Give some reasons on why the government needs to regulate the market industries

Effective competition in properly regulated markets can deliver lower prices, better quality goods and services and greater choice for consumers. Competition can create strong incentives for firms to be more efficient and to invest in innovation, thereby helping raise productivity growth.

Self-Evaluation: Make a critical analysis about the effects of macroenvironmental factors in the market system.

Macro environment consists of external factors that affect a business and that are uncontrollable and influence business-making decisions. The macro environment consists of different factors that pose opportunities and threats to the company. There are six factors that macro environment consists of; demographic environment, economic environment, natural forces, technological forces, political forces and social & cultural forces.  It’s crucial to identify, understand and analyze the factors so that the company can reach its optimum performance. It’s important for companies to study the macro environment so that they can divide the population into different target markets and plan which market segment to go into. One of the most crucial steps in forming a business is planning and a macro environmental analysis helps them to do that. Often businesses conduct a so-called PEST-analysis that helps them to understand market growth and decline, direction for possible actions and the current business position.

Post-test Create a critical analysis on the role of the Government in the Economic growth

The government has several economic responsibilities to achieve to enhance prosperity of a country. First, the government provides legal and social frame in controlling business activities in the country. This is achieved through enactment of laws protects private ownership of property and enforcement of contracts regarding business transactions. In addition, the government uses the police force to maintain law and order resulting to security of workers and firms within an area. They also inspect and maintain a system of standards for measuring and weighing products thus ensuring transparency in trade.