The Impact of Web 3.0 on Marketing Essay Example for Free

The Impact of Web 3.0 on Marketing Essay The future of the Internet is in Web 3.0, known as the Semantic Web. Feigenbaum, Herman, Hongsermeier, Neumann and Stephens (2007) summarised the concept as â€Å"a highly interconnected network of data that could be easily accessed and understood by any desktop or handheld machine†. The authors, referring to a 2001 article by Berners-Lee, Hendler and Lassila about their vision on Web 3.0, also said Berners-Lee et al: painted a future of intelligent software agents that would head out on the World Wide Web and automatically book flights and hotels for our trips, update our medical records and give us a single, customized answer to a particular question without our having to search for information or pore through results. This means online sites and databases already contain information about individuals’ culture, travel, health and education. In Web 3.0, individuals’ habits and preferences are known. The technology of Web 3.0 is ‘smart’ in using the data to drill down key choices to individuals, thereby saving Web 3.0 users time and effort in searching for information and in making decisions. Web 3.0 is however not a product separate from its previous ‘incarnations’. Instead, it is an extension or an enhancement of the current Web. The World Wide Web Consortium has already released Semantic Web technologies and languages for the different sites and databases to ‘talk’ and generate results in a unified manner for Web users. In contrast, Web 1.0 was just about linking Web pages with hyperlinks. Web 2.0 is where we are now—the consumer and producer of information are increasingly the same person, sharing views and new ideas with fellow netizens (sometimes anonymously). Web 3.0 is the â€Å"convergence of new technologies and rapidly changing consumer buying trends†, having overcome some of Web 2.0’s limiting factors such as presenting the audience with too much information, which Tasner (2010) argues, distracts us. Advertising has accordingly evolved from placements in newspapers, magazines, radio, signs and from the 1930s, on television. When the Internet came to wide use in industrialised societies in the mid-1990s, marketers advertised online through banners or interstitials (among others) and refined their search engine optimisation so the brands’ Web links appear at the top of search results. Functions of Web 3.0 Although Web 3.0 is not widely utilized, the technology is already in use (Ohler, 2010). Smith (2009) speaks of Web 3.0 as sophisticated, intelligent software that can learn, understand and make decisions. For example, Web 3.0 can trace online materials, analyze the popularity of content and draw conclusions. It will filter and refine the users’ online searches. This idea is also echoed by Reh (2011), who says Web 3.0 will be able to extract feedback on products, services or organizations that have been posted on blogs and online forums, for example. Organizations can then develop Web pages specifically aligned with their customers’ needs (Reh, 2011). This saves time and cost for the organization. The norm is that an organization would track online traffic by the number or pattern of clicks on its website and get feedback from surveys in order to predict what its customers want. Web 3.0 will empower marketers by allowing them to target products and create specific marketing messages for particular customers more intuitively. Advertising might turn out to be less effective and marketers will need to rely on their merits and not on what they claim (Smith, 2009). In an article by Baumann (2009), Nova Spivack, founder and CEO of Radar Networks views Web 3.0 as an upgrade of Web infrastructure. He says the focus will be on the back-end of the Web, where final processing of the data occurs. An upgrade of the databases and data stores will increase efficiency and make searches faster. Time-consuming tasks such as searching and compiling currently done by netizens will eventually be taken over by computers in the future. Web 3.0 applications will have the capacity to run on any device, be it a computer or the mobile phone. These applications will be speedy and customizable (Cho, 2008). Theoretical framework For the purpose of this research paper, we will be adopting the Co-creation method as the theoretical framework. According to Prahalad and Ramaswamy (2004), it is the process whereby consumers take an active role and co-create value together with the company. With the impending rise of Web 3.0, the framework has provided companies with unique and inventive opportunities to capitalise on consumers’ innovative potential. This has resulted in various approaches to collaborate with consumers during the entire value chain. Most often co-creation occurs during the innovation process, referring to joint product development activities such as generating and evaluating new product ideas; elaborating, evaluating, or challenging product concepts; and creating virtual prototypes (Fueller, Matzler, Stieger, Kohler, 2011). Cost-efficient and multimedia-rich interaction opportunities offered by the Internet and the existence of online communities have made virtual co-creation a suitable means of creating value and improving the overall success of new products. Information technology enables new forms of producer-consumer collaboration in new product development processes (Fuller, Muhlbacher, Matzler, Jawecki, 2009). With Web 3.0, social interaction drives business operations (Laurent, 2010). We infer that marketers will take advantage of this because a Web 3.0 browser would have learned a customer’s likes and dislikes. The more interaction a user has with the Internet, the more the browser would learn about him/her to predict future behaviours and consumption patterns, putting the user in touch with people who share his/her interests and aspirations (Kumar, 2009). Consumer co-creation, in which consumers participate creatively in the production of content and innovation of services, has arisen because of consumers’ greater access to the â€Å"means of production† through information and communication technologies (Lundvall and Johnson, 1994). It aligns to the shift from producer-centric to consumer-centric innovation. Consumers are not just engaging in production, but also in dynamic production, or innovation (Potts, 2008). This is facilitated by the same forces that are increasingly delivering productive capabilities into the hands of consumers, and is occurring with ever higher quality, at ever lower costs, and on an ever increasing global market into which particular consumer specializations can find a â€Å"producer† niche (Potts, 2008). According to Fuller (2004), consumers are considered a valuable source of innovation. Researchers as well as consultants claim to virtually engage consumers in co-creation activities s uch as generating, designing, refining and testing ideas and new product concepts. They do this in order to develop new products and services that better meet consumers’ wants and needs and to decrease the high failure rates of new product introductions, especially prevalent in the consumer goods sectors. The novelty of virtual co-creation compared to conventional customer integration is that consumers are not only asked about their opinions, desires, and needs, but also are asked to contribute their creativity and problem-solving skills. Consumers therefore take on the role of co-creators (Fuller, 2010). In this paper, we will apply the co-creation framework to address the following research questions: †¢ How will marketers now skew their marketing strategy to maximise on Web 3.0? †¢ Will online marketing efforts move towards targeting social networking sites only? †¢ Will online marketing efforts now be shaped by customers? †¢ What is the impact of privacy issues on marketing efforts? We infer that as the opportunity arises to innovate, along with further development of social networking characteristics of Web 3.0, online marketers will have to look to consumers’ insights when it comes to shaping their online business models. As set out above, it is an inc entive for consumers to have a say in how they experience their shopping online. Marketing strategies on Web 3.0 With Web 3.0, social interaction drives business operations (Laurent, 2010). We infer that marketers will take advantage of this because a Web 3.0 browser would have learned a customer’s likes and dislikes. The more interaction a user has with the Internet, the more the browser would learn about him/her to predict future behaviors and consumption patterns, putting the user in touch with people who share his/her interests and aspirations (Kumar, 2009). Mobile technology, too, will advance with Web 3.0 where advertising will explode, as Web-based advertising allows for rich, engaging ads (Kurtyka, 2007). Zoetrope is one of the early users of Web 3.0 technology. Using the Zoetrope interface, a user could compare historical changes of various data through time by comparing snapshots of different pages on the Web. Analyzing different and changing elements on Web pages over a period of time is downright difficult today, if not impossible. But Zoetrope makes it happen. The headlines of, say, today’s Straits Times homepage will be gone tomorrow, and yesterday’s price for a pair of jeans on ASOS is likely irretrievable today. This means that marketers can now see the key words trend or correlate the relationship between products, consumer needs and brand names over a period of time. By using this technology, they can now provide better information to searchers overall. By using snapshots of their competitors’ link profiles over time, marketers will able to find out whether their competitors are out-linking them. U.S. retailer Best Buy is using a Semantic Web markup language called RDFa to increase the visibility of its products and services online. With data such as store name, address, store hours and geographical data being marked up using RDFa, search engines can identify each data component more easily and put them into context. The use of semantic technology led to increased traffic and better service to its customers (MacManus, 2010). Meanwhile, marketers will face the challenge of having to be more creative in their strategies (Cobe, 2007). They would need to constantly update themselves abo ut their customers’ preferences and develop their software for user interface feasibility, functions and so on, to keep up with customer’s spending needs (Smith, 2009). Research using Web 3.0 may take the shape of working with consumers to build a co-managed interactive feedback/preemptive mechanism. The essential 4P’s of marketing — product, price, placement and promotion — will be affected by linked data. Linked data come about when information is marked up in standardized, highly structured formats such as Resource Description Framework (RDF), allowing computers to better understand the meaning of content, rather than simply matching on strings of text (Byrne and Goddard, 2010). So the real power of the Semantic Web, as Byrne and Goddard note, lies in the ability of â€Å"intelligent† search engines to disambiguate terms (Apple the computer vs. apple the fruit, for example), to understand the relationships between different entities, and to bring that information together in new ways to answer queries. How then will marketers skew their marketing strategy to maximise Web 3.0? Marketers love data and they will use these â€Å"free† data to do market research, Web analytics and customer relationship management records. As marketers, they will b e able to use this data to advance market research and product development. With the Semantic Web, they can easily make correlations and connections between the audience and the brand far more deeply than before. This in turn will empower marketers to be more targeted in messaging, more efficient in reaching their customers and more relatable as brands. Besides providing more meaningful information for consumers, marketers will gain from enhancing search engine optimization as well. With the consumers’ online search patterns on hand, marketers can add search-engine-friendly structured data to their websites, resulting a more relevant search, hence generating a better listing, more clicks and more traffic. At the same time, word-of-mouth sharing, syndication of Web content to other online sites, feedback and social groups will have a role in spreading memes. The newest innovation by Facebook, called Open Graph, is a good example. Facebook users will be able to instantly share activities with their friends through applications without being required to grant the apps permission each time. As a result, Facebook users will be sharing more data with friends, Facebook, and marketing companie s than ever before. The goal is to send everything a user does, everywhere on the Web, to Facebook. Guess (2011) notes that Open Graph allows the Web to evolve into the Semantic Web, where experiences are personalised and needs anticipated based on user data. Users are highly likely to love this they will be seeing what they prefer . Engagement with customers is high and they will more likely to be interacting with product brands. With this, marketers will need a tool that can measure the sentiment of an article or comment, who it came from and who it was directed to. It will also be good to measure the connections between community members and between people and concepts. By looking at both trending and popular dialogue, marketers can tell if their brands have sparked robust exchange online. While Web 3.0 offers all the gears for marketers to become better at their game and to measure the effectiveness of campaigns more completely, it also makes marketers less relevant. The content is crucial but the message or is no longer being told alone by marketers. It is in the social graphs and others’ perception of the brands’ ranking in importance through linked data. For survival, marketers must embrace collaboration and innovation, be transparent and continue to harvest content of value. Moving towards social networking Web 3.0 represents a shift in how people interact with the Web and vice versa. Standards are continually being created to make Web-based data and information smarter. Mobile devices are becoming more powerful and versatile, making almost any kind of Internet activity available on the go. Immersive and virtual environments are becoming richer, more complex, and as applications become smarter, the Internet experience will become more immersive (Green, 2011). According to Manas (2009), social media are no longer reserved for teenagers discussing the latest fads — they have become a tool that will either help or harm a business, depending on how they are utilised. Manas reasons that businesses should take advantage of Web 3.0, as rather than just responding to queries, a search engine will try to understand a consumer’s nature, social footprint and sentiments, before it gives a response. While scouring the Net for people, places, and things and determining the relationships between them, new search engine technology can understand the feelings associated with them, positive or negative. However, he advised businesses to be discerning about which platforms to use as there are more than 100 social media platforms, each with its own flavour — some users like Facebook, others like Bebo, and another group is more into MySpace. Customer integration can be much more than merely access to the right information. It can be defined as a form of value creation where the consumers take part in activities and processes which used to be seen as the domain of the companies (Wikstrom, 1996). The customer becomes a ‘co-producer’ and from a producer perspective, the customer is seen as tasks in a production system (Ramirez, 1999). In a case study of Nike made by Ramaswamy (2008), the article discussed how to co-create value through customers experiences in the context of the innovation and marketing processes of Nike. It provided details on Nikes social networking site, Joga.com, where individuals can upload videos of their soccer skills and the network community can judge a monthly winner. Other marketing initiatives of the company include street soccer competition sponsorships, a website where professional soccer players can interact with fans and conventional Internet marketing program sponsorships (Ramaswamy, 2008).

fidel castro :: essays research papers

Fidel Castro was born on August 13, 1926. He attended Catholic schools before graduating from the University of Havana with a degree in law. Castro was a member of the Ortodoxo Party, a social-democrat party, and strongly criticized the government of Fulgencio Batista. On the 26th of July in 1953, Fidel Castro launched an attack on the Moncada army barracks. It failed, and most involved were killed or captured. Fidel was captured and given a trial, which he used to make his famous speech, "History Will Absolve Me". Sentenced to 15 years, he was pardoned after just two. He then went into exile in Mexico, where he trained and assembled the 26th of July Movement. He gained support from Che Guevara and others before leaving aboard the Granma to invade Cuba in 1956. Returning to Cuba, the revolutionaries hid in the Sierra Maestra mountains, gaining support among the peasants. Eventually, Batista was forced to flee in 1959 and Castro took over. Many Cubans left when it became clear that the Revolution was a Marxist one. Economic antagonism from the United States caused Castro to nationalize all American property. The United States Government tried various schemes to assassinate Fidel Castro and continues to economically isolate Cuba. The CIA even tried to invade Cuba at the Bay of Pigs to remove Fidel Castro from power, but the Cubans successfully fought it off. As a result, Castro became closely aligned with the Soviet Union. The Soviets bought large amounts of sugar and supplied Cuba with economic and military assistance. This money fueled many of Castro's social programs, such as his war on illiteracy and free universal health care. Unfortunately, aligning Cuba with the USSR only led to more friction between Cuba and the United States.

Past Year Paper

CONFIDENTIAL BM/SEP 2011/ENT300/ETR300 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME FUNDAMENTALS OF ENTREPRENEURSHIP ENT300/ETR300 SEPTEMBER 2011 3 HOURS INSTRUCTIONS TO CANDIDATES 1. This question paper consists of four (4) parts : PART A (20 Questions) PART B (20 Questions) PART C (5 Questions) PART D (2 Questions) 2. Answer ALL questions from PART A, B, four (4) questions from PART C, and one (1) question from PART D. i) ii) iii) Answer PART A in the True/False Answer Sheet, Answer PART B in the Objective Answer Sheet.Answer PART C and PART D in the Answer Booklet. Start each answer on a new page. 3. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) iv) the Question Paper an Answer Booklet – provided by the Faculty a True/False Answer Sheet – provided by the Faculty an Objective Answer Sheet – provide d by the Faculty 4. DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 10 printed pages Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 2 BM/SEP 2011/ENT300/ETR300 PART A 1. An entrepreneur is described as a person who acts as agent in transforming demand into supply. The statement, â€Å"A entrepreneur is an individual who actively forms or leads his own business and nurtures it for growth and prosperity†, refers to the functional definition of an entrepreneur. In Malaysia, small and medium enterprises (SMEs) contribute about 90% of the total value added in the manufacturing sector.The franchisee is a company which sells the right to another party to operate the franchise business. In a franchise system, the advertising and promotional contribution is a one-off payment made by the franchisee to purchase the right to operate the franchise In Malaysia, the small and medium enterprises (SMEs) are commonly registered as sole propri etorship businesses. The affairs of all business entities in Malaysia are governed by the Memorandum and Article of Association.In a partnership business, when there is no written agreement, termination of any partner must be agreed by all partners Under the Industrial Coordination Act (ICA) 1975, every manufacturing company is required to obtain a manufacturing license from Malaysian Industrial Development Authority (MIDA). Preparation of a business plan is a process that involves the identification, analysis and selection of viable business ideas. The executive summary is part of the main body of the business plan. A well prepared operations plan will help the entrepreneur to evaluate market acceptance of the product or service.A â€Å"process chart† refers to a diagram showing the arrangement of machines, equipment, workers and other facilities used in the operations Compilation of geographic, demographic and psychographic factors is a process of market segmentation. The t erm â€Å"target market† refers to the group of customers with needs and wants that can be satisfied by the business through the supply of goods or services. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. It is not mandatory for employers to contribute to the Employees Provident Fund (EPF) as long they have contributed to the Social Security Organisation (SOCSO). Hak Cipta Universiti Teknologi MARA CONFIDENTIAL 16. CONFIDENTIAL 3 BM/SEP 2011/ENT300/ETR300 17. The nature of industry is normally described in the organization aspect of the business plan. One of the main reasons for preparing a cash flow statement is to determine the expected profit for the planned period. Deposits and pre-operating expenses are examples of expenditure that are required to start a new business. The main objective of Bumiputera Entrepreneurs Retail Project Fund (PROSPER) is to enhance and upgrade Bumiputera entrepreneurs' participation in the retail business. 20 marks) 18. 19. 20.  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 4 BM/SEP 2011/ENT300/ETR300 PARTB 1. Which of the following activities is related to entrepreneurship? A. B. C. D. E. Creation of something new of value Creation of wealth Production of products and services Expansion of business entities All of the above 2. Who described an entrepreneur as a knowledgeable individual and is instrumental in the development of a city-state where enterprise will emerge? B. C. D. E. F. Joseph Schumpeter Adam Smith David McClelland Carl Menger Ibnu Khaldun . Which of the following statements best describes an entrepreneur who has internal locus of control? A. B. C. D. E. He believes that success or failure is determined by his own effort. He believes in himself. He does not belief that success or failure of his venture is determined by fate or luck. He desires to take personal responsibilities. He examines the situation and determine how to increase the chance of winning a business situation 4. The stat ement, â€Å"a successful entrepreneur places the highest priority on getting a job completed†, is associated with: A. B.C. D. E. Commitment to work contract Concern for high quality of work Efficiency orientation Systematic planning Problem solving 5. Which of the following phases of creativity process involves discovery of the idea or solutions to the problems? A. B. C. D. E. Background or knowledge accumulation Incubation process Idea experience Evaluation and implementation None of the above  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 5 BM/SEP 2011/ENT300/ETR300 6. Which of the following is a source of innovation within the company or industry? A. B. C. D. E.Demographic change Incongruities New knowledge Change in consumer preference None of the above 7. Which of the following statements is TRUE about a partnership business? A. B. C. D. A partnership business is incorporated under the Companies Act 1965. A partnership business is incorporated under the Partnership Act 1961. A partnership business is incorporated under the Business Registration Act 1956. A partnership is a legal entity and its identity is separate from the identity of its members. E. The life span of a partnership business is not dependent upon the death or resignation of its members. . Which of the following statements about a private limited company is NOT TRUE? A. A private limited company can take legal action and face legal action under its own name. B. The life span of a private limited company depends upon the death or resignation of its members. C. The liabilities of the members in a private limited company are limited to the total shares contributed to the company's capital. D. A private limited company must have at least two members who are of Malaysian Nationalities. E. The company's shares cannot be transacted through the share market. 9.Which of the following statements is TRUE about a franchise business? A. A franchise is a product and/or service distribution system governed by a contract made between two parties i. e. the franchisor and the franchisee B. A product/trade name franchise is a system where the franchisee acquires sales right which includes the trade name, trademark, and/or products from the franchisor upon the signing of the dealership contract. C. A business format franchise is a system where the franchisee is granted the right to manufacture and market the franchisor's product and/or services using a complete franchisor's business â€Å"set-up†.D. The franchisee is a person who purchases the right from the franchisee to operate the franchise. E. All of the above are true. 10. Which of the entrepreneurs? A. B. C. D. E. following ministries/agencies provides financial assistance for Federal Agricultural Marketing Authority (FAMA) Malaysian External Trade Development Corporation (MATRADE) Malaysian Entrepreneurship Development Centre (MEDEC) Perbadanan Usahawan Nasional Berhad (PUNB). Malaysian Industrial Development Authority (MIDA) CONFIDENTIAL  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL 6 BM/SEP 2011/ENT300/ETR300 1. Which of the following statements is NOT TRUE? A. Construction of buildings can only be undertaken with the written approval from Local Authority. B. In setting up a manufacturing business, a planning permission from Local Authority is needed. C. All business licences related to factory premises, advertising signage, storage and canteen must be obtained from Local Authority. D. The environmental control and approval are under the responsibility of Local Authority. E. All of the above are not true. 12. Which of the following statements is NOT TRUE about a business plan? A.A business plan is a written document that describes the proposed business or project in a comprehensive manner. B. A business plan can be used as a basis for determining the viability of the new business. C. A business plan can be used as a communication tool to convince potential investor s of the viability of the new venture. D. A business plan enables the entrepreneur to distribute business resources more effectively. E. A business plan enables the entrepreneur to evaluate and select a viable business idea. 13. Readers of a business plan include: I. II. III. IV. A. B. C. D. E.Employees Investors Suppliers Registrar of Companies II only II and III only I, II and III only I, II, and IV only All of the above 14. Which of the following is an objective of preparing a marketing plan? A. B. C. D. E. To evaluate market acceptance To develop marketing strategies for products or services offered by the business. To identify required resources to execute the marketing strategy. To estimate financial requirements for the marketing activities. All of the above are objectives of preparing a marketing plan.  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 7 BM/SEP 2011/ENT300/ETR300 5. The following factors should be considered when determining distribution stra tegy, EXCEPT: A. B. C. D. E. Type of product Target market Market share Market coverage. Product standardization 16. Which of the following information should be included in the â€Å"organization† aspect of the business plan? A. Background of the registered owners of the business including their relevant qualifications, skills, experiences, role in business and stake or share in the business. B. Mission statements which describe how entrepreneurs will achieve their purposes in the environments in which they conduct business.C. Nature of the industry, including economic trends, important legal or regulatory issues, and potential risks. D. Product characteristics, distribution, promotion, and pricing strategies. E. Amount of funds needed to run the business, amount available, and amount requested from new sources. 17. Which of the following factors should be considered when choosing suppliers for raw materials? A. B. C. D. E. Quality of the materials supplied Price and discoun t offered Payment and delivery terms Time between orders and delivery All of the above factors should be considered 18.Which of the following statements is NOT TRUE about a process chart? A. Symbols used in the process chart can also be used in a Job Activity Chart of a worker. B. Process Chart will show the sequence of activities required to produce the product or services. C. In a process chart, â€Å"delay† means the process is delayed because the materials-inprocess are waiting for the next activity. D. The symbol † V † indicates the movement of materials or goods from one place to another. E. The first step in preparing a process chart is to identify all the activities involved to manufacture the product or deliver the services. Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 8 BM/SEP 2011/ENT300/ETR300 19. Which of the following statement is TRUE? A. Sources of finance refers to the sources where funds to finance a particular project implementa tion costs can be obtained. B. Internal sources of finance mainly come in the form of cash contributions or other assets from the entrepreneurs. C. External sources of finance are mainly derived from commercial banks, finance companies and government agencies. D. External sources of finance may come in the form of term loans, hire purchase or grants. E. All of the above are true. 0. Which of the following statements is TRUE? A. Pro forma income statement refers to the projected statement of cash inflow and outflow throughout the planned period. B. Pro forma income statement shows the expected profit or loss for the planned period. C. Pro forma income statement shows the financial position of the business at a specific point in time in terms of assets owned and how those assets are financed. D. Pro forma income statement shows the beginning and ending cash balances for a particular period. E. All of the above are true. (40 marks)  © Hak Cipta Universiti Teknologi MARACONFIDENTIAL C ONFIDENTIAL 9 BM/SEP 2011/ENT300/ETR300 PARTC QUESTION 1 Briefly explain five (5) of the personal entrepreneurial competencies (PEC) associated with successful entrepreneurs. (5 marks) QUESTION 2 What are the criteria used to evaluate and select viable entrepreneurial opportunities? (5 marks) QUESTION 3 What are the factors that you need to consider when choosing a location for your business? (5 marks) QUESTION 4 In preparing the organization plan, it is important include the organization structure of the business organization. Briefly explain the various types of organizational structure. 5 marks) QUESTION 5 Briefly discuss the importance of preparing financial plan. (5 marks)  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 10 BM/SEP 2011/ENT300/ETR300 PARTD QUESTION 1 Define the term â€Å"entrepreneurial motivation†. Discuss, with examples, five (5) common characteristics of achievement-oriented entrepreneurs. (20 marks) QUESTION 2 Explain the importance of materials requirement planning. Describe the steps involved in materials requirement planning process. (20 marks) END OF QUESTION PAPER  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL Past Year Paper CONFIDENTIAL BM/SEP 2011/ENT300/ETR300 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE COURSE CODE EXAMINATION TIME FUNDAMENTALS OF ENTREPRENEURSHIP ENT300/ETR300 SEPTEMBER 2011 3 HOURS INSTRUCTIONS TO CANDIDATES 1. This question paper consists of four (4) parts : PART A (20 Questions) PART B (20 Questions) PART C (5 Questions) PART D (2 Questions) 2. Answer ALL questions from PART A, B, four (4) questions from PART C, and one (1) question from PART D. i) ii) iii) Answer PART A in the True/False Answer Sheet, Answer PART B in the Objective Answer Sheet.Answer PART C and PART D in the Answer Booklet. Start each answer on a new page. 3. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) iv) the Question Paper an Answer Booklet – provided by the Faculty a True/False Answer Sheet – provided by the Faculty an Objective Answer Sheet – provide d by the Faculty 4. DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 10 printed pages Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 2 BM/SEP 2011/ENT300/ETR300 PART A 1. An entrepreneur is described as a person who acts as agent in transforming demand into supply. The statement, â€Å"A entrepreneur is an individual who actively forms or leads his own business and nurtures it for growth and prosperity†, refers to the functional definition of an entrepreneur. In Malaysia, small and medium enterprises (SMEs) contribute about 90% of the total value added in the manufacturing sector.The franchisee is a company which sells the right to another party to operate the franchise business. In a franchise system, the advertising and promotional contribution is a one-off payment made by the franchisee to purchase the right to operate the franchise In Malaysia, the small and medium enterprises (SMEs) are commonly registered as sole propri etorship businesses. The affairs of all business entities in Malaysia are governed by the Memorandum and Article of Association.In a partnership business, when there is no written agreement, termination of any partner must be agreed by all partners Under the Industrial Coordination Act (ICA) 1975, every manufacturing company is required to obtain a manufacturing license from Malaysian Industrial Development Authority (MIDA). Preparation of a business plan is a process that involves the identification, analysis and selection of viable business ideas. The executive summary is part of the main body of the business plan. A well prepared operations plan will help the entrepreneur to evaluate market acceptance of the product or service.A â€Å"process chart† refers to a diagram showing the arrangement of machines, equipment, workers and other facilities used in the operations Compilation of geographic, demographic and psychographic factors is a process of market segmentation. The t erm â€Å"target market† refers to the group of customers with needs and wants that can be satisfied by the business through the supply of goods or services. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. It is not mandatory for employers to contribute to the Employees Provident Fund (EPF) as long they have contributed to the Social Security Organisation (SOCSO). Hak Cipta Universiti Teknologi MARA CONFIDENTIAL 16. CONFIDENTIAL 3 BM/SEP 2011/ENT300/ETR300 17. The nature of industry is normally described in the organization aspect of the business plan. One of the main reasons for preparing a cash flow statement is to determine the expected profit for the planned period. Deposits and pre-operating expenses are examples of expenditure that are required to start a new business. The main objective of Bumiputera Entrepreneurs Retail Project Fund (PROSPER) is to enhance and upgrade Bumiputera entrepreneurs' participation in the retail business. 20 marks) 18. 19. 20.  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 4 BM/SEP 2011/ENT300/ETR300 PARTB 1. Which of the following activities is related to entrepreneurship? A. B. C. D. E. Creation of something new of value Creation of wealth Production of products and services Expansion of business entities All of the above 2. Who described an entrepreneur as a knowledgeable individual and is instrumental in the development of a city-state where enterprise will emerge? B. C. D. E. F. Joseph Schumpeter Adam Smith David McClelland Carl Menger Ibnu Khaldun . Which of the following statements best describes an entrepreneur who has internal locus of control? A. B. C. D. E. He believes that success or failure is determined by his own effort. He believes in himself. He does not belief that success or failure of his venture is determined by fate or luck. He desires to take personal responsibilities. He examines the situation and determine how to increase the chance of winning a business situation 4. The stat ement, â€Å"a successful entrepreneur places the highest priority on getting a job completed†, is associated with: A. B.C. D. E. Commitment to work contract Concern for high quality of work Efficiency orientation Systematic planning Problem solving 5. Which of the following phases of creativity process involves discovery of the idea or solutions to the problems? A. B. C. D. E. Background or knowledge accumulation Incubation process Idea experience Evaluation and implementation None of the above  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 5 BM/SEP 2011/ENT300/ETR300 6. Which of the following is a source of innovation within the company or industry? A. B. C. D. E.Demographic change Incongruities New knowledge Change in consumer preference None of the above 7. Which of the following statements is TRUE about a partnership business? A. B. C. D. A partnership business is incorporated under the Companies Act 1965. A partnership business is incorporated under the Partnership Act 1961. A partnership business is incorporated under the Business Registration Act 1956. A partnership is a legal entity and its identity is separate from the identity of its members. E. The life span of a partnership business is not dependent upon the death or resignation of its members. . Which of the following statements about a private limited company is NOT TRUE? A. A private limited company can take legal action and face legal action under its own name. B. The life span of a private limited company depends upon the death or resignation of its members. C. The liabilities of the members in a private limited company are limited to the total shares contributed to the company's capital. D. A private limited company must have at least two members who are of Malaysian Nationalities. E. The company's shares cannot be transacted through the share market. 9.Which of the following statements is TRUE about a franchise business? A. A franchise is a product and/or service distribution system governed by a contract made between two parties i. e. the franchisor and the franchisee B. A product/trade name franchise is a system where the franchisee acquires sales right which includes the trade name, trademark, and/or products from the franchisor upon the signing of the dealership contract. C. A business format franchise is a system where the franchisee is granted the right to manufacture and market the franchisor's product and/or services using a complete franchisor's business â€Å"set-up†.D. The franchisee is a person who purchases the right from the franchisee to operate the franchise. E. All of the above are true. 10. Which of the entrepreneurs? A. B. C. D. E. following ministries/agencies provides financial assistance for Federal Agricultural Marketing Authority (FAMA) Malaysian External Trade Development Corporation (MATRADE) Malaysian Entrepreneurship Development Centre (MEDEC) Perbadanan Usahawan Nasional Berhad (PUNB). Malaysian Industrial Development Authority (MIDA) CONFIDENTIAL  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL 6 BM/SEP 2011/ENT300/ETR300 1. Which of the following statements is NOT TRUE? A. Construction of buildings can only be undertaken with the written approval from Local Authority. B. In setting up a manufacturing business, a planning permission from Local Authority is needed. C. All business licences related to factory premises, advertising signage, storage and canteen must be obtained from Local Authority. D. The environmental control and approval are under the responsibility of Local Authority. E. All of the above are not true. 12. Which of the following statements is NOT TRUE about a business plan? A.A business plan is a written document that describes the proposed business or project in a comprehensive manner. B. A business plan can be used as a basis for determining the viability of the new business. C. A business plan can be used as a communication tool to convince potential investor s of the viability of the new venture. D. A business plan enables the entrepreneur to distribute business resources more effectively. E. A business plan enables the entrepreneur to evaluate and select a viable business idea. 13. Readers of a business plan include: I. II. III. IV. A. B. C. D. E.Employees Investors Suppliers Registrar of Companies II only II and III only I, II and III only I, II, and IV only All of the above 14. Which of the following is an objective of preparing a marketing plan? A. B. C. D. E. To evaluate market acceptance To develop marketing strategies for products or services offered by the business. To identify required resources to execute the marketing strategy. To estimate financial requirements for the marketing activities. All of the above are objectives of preparing a marketing plan.  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 7 BM/SEP 2011/ENT300/ETR300 5. The following factors should be considered when determining distribution stra tegy, EXCEPT: A. B. C. D. E. Type of product Target market Market share Market coverage. Product standardization 16. Which of the following information should be included in the â€Å"organization† aspect of the business plan? A. Background of the registered owners of the business including their relevant qualifications, skills, experiences, role in business and stake or share in the business. B. Mission statements which describe how entrepreneurs will achieve their purposes in the environments in which they conduct business.C. Nature of the industry, including economic trends, important legal or regulatory issues, and potential risks. D. Product characteristics, distribution, promotion, and pricing strategies. E. Amount of funds needed to run the business, amount available, and amount requested from new sources. 17. Which of the following factors should be considered when choosing suppliers for raw materials? A. B. C. D. E. Quality of the materials supplied Price and discoun t offered Payment and delivery terms Time between orders and delivery All of the above factors should be considered 18.Which of the following statements is NOT TRUE about a process chart? A. Symbols used in the process chart can also be used in a Job Activity Chart of a worker. B. Process Chart will show the sequence of activities required to produce the product or services. C. In a process chart, â€Å"delay† means the process is delayed because the materials-inprocess are waiting for the next activity. D. The symbol † V † indicates the movement of materials or goods from one place to another. E. The first step in preparing a process chart is to identify all the activities involved to manufacture the product or deliver the services. Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 8 BM/SEP 2011/ENT300/ETR300 19. Which of the following statement is TRUE? A. Sources of finance refers to the sources where funds to finance a particular project implementa tion costs can be obtained. B. Internal sources of finance mainly come in the form of cash contributions or other assets from the entrepreneurs. C. External sources of finance are mainly derived from commercial banks, finance companies and government agencies. D. External sources of finance may come in the form of term loans, hire purchase or grants. E. All of the above are true. 0. Which of the following statements is TRUE? A. Pro forma income statement refers to the projected statement of cash inflow and outflow throughout the planned period. B. Pro forma income statement shows the expected profit or loss for the planned period. C. Pro forma income statement shows the financial position of the business at a specific point in time in terms of assets owned and how those assets are financed. D. Pro forma income statement shows the beginning and ending cash balances for a particular period. E. All of the above are true. (40 marks)  © Hak Cipta Universiti Teknologi MARACONFIDENTIAL C ONFIDENTIAL 9 BM/SEP 2011/ENT300/ETR300 PARTC QUESTION 1 Briefly explain five (5) of the personal entrepreneurial competencies (PEC) associated with successful entrepreneurs. (5 marks) QUESTION 2 What are the criteria used to evaluate and select viable entrepreneurial opportunities? (5 marks) QUESTION 3 What are the factors that you need to consider when choosing a location for your business? (5 marks) QUESTION 4 In preparing the organization plan, it is important include the organization structure of the business organization. Briefly explain the various types of organizational structure. 5 marks) QUESTION 5 Briefly discuss the importance of preparing financial plan. (5 marks)  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 10 BM/SEP 2011/ENT300/ETR300 PARTD QUESTION 1 Define the term â€Å"entrepreneurial motivation†. Discuss, with examples, five (5) common characteristics of achievement-oriented entrepreneurs. (20 marks) QUESTION 2 Explain the importance of materials requirement planning. Describe the steps involved in materials requirement planning process. (20 marks) END OF QUESTION PAPER  © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

Blindness and Identity Crisis Within Invisible Man

Ellison s chapter 1 of Invisible Man depicts a sad but all too common reality for Black men in 1952 America. The unnamed main character is dehumanized and humiliated simply because he is Black, yet praised for being a good Negro. He and his classmates are first beaten down and harassed then given money as compensation for a show in which they were forced to be participants. The saddest thing is not what these white men put them through, but that these black boys, the invisible man in particular, accept their humiliation and powerlessness. They accept their place in society, a place that was given to them and not chosen for themselves. Ellison gives us an explanation for their acceptance of these roles in the passage concerning the†¦show more content†¦This imaginary, yet all too real blindfold takes away the invisible one s own identity of himself. It takes away the dignity that can come only with self-acceptance. When speaking of being blind folded, he says, I have no dignity (1921). This white society of 1952 America, by blindfolding this black boy and thousands like him, has stolen their identity and dignity without them even realizing or acknowledging it. Instead of holding his head high simply because of who he his, the invisible one can only see his self worth because of who white America says he is. He fights his own classmates and even feels superior to them (1919) solely because he is better than them in the white men s eyes. Some critics may say that the white men are blind in that they are incapable of seeing the black boys for whom/what they areÂâ€"real human beings. I disagree. I think the white men see these black boys, the invisible one in particular, as humans who share the same goals and aspirations as they do. Otherwise, why present the invisible one with a briefcase and scholarship? They simply don t want to fully acknowledge that he is capable of accomplishing the very same things that they have accomplished; to do so would mean social equality and of course they did not want that. Ellison points out that they don t even want black males to think of themselves as men as they only refer to these eighteen year old as boys (whereas males from their ownShow MoreRelated`` Invisible Man By Ralph Ellison : A Black Man s Search For Identity2068 Words   |  9 Pageseyes, our general beliefs, what we like and don’t like, etcetera. In psychology, identity is the qualities, beliefs, personal ity, looks and/or expressions that make a person or group; identity can also be defined as one’s name. Invisible Man by Ralph Ellison is a story about a black man’s search for identity in a racist, 1930s America. 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