***********please profisional answer for the midterm exam *************** 1- wha
ID: 352027 • Letter: #
Question
***********please profisional answer for the midterm exam ***************
1- what is a nonequity arrangement ? Define the two major types of nonequity arrangements ; licensing and turn – key projects , and give at least one advantage and disadvantage for each ?
2- Identify and describe the major parts of a patent application ?
3- It is recommended that business plan progress be measured throughout the year . Discuss three controls that help trach progress ?
4- Identify in order , and briefly explain each step of conducting market research giving examples where appropriate ?
Explanation / Answer
1. NON EQUITY ARRANGEMENT -
In non equity arrangement the entrepreneur can enter the market and obtain sales and profit without direct equity investment in the foreign market. In this exporting and contractual are the two routes to choose from. Exporting is a way through which the company can expand and Contractual agreement is another way through which the company can expand.
Licensing - It involves giving a foreign manufacturer a right to use a patent, technology, or production process. The licensing arrangement is most appropriate when the when the entrepreneur has no intention of entering a specific market.
Turn - Key Projects - It is a method of doing international business whereby a foreign entrepreneur supplies the manufacturing technology or infrastructure for a business and turns it over to local owners. In Turn - Key Projects the financing is provided by the local owners.
2. PATENT APPLICATION -
A Patent application is a request which is pending at a patent office for the grant of a patent for that invention described and claimed by that application. The application consists of the description of the invention.
Major parts of a Patent Application -
3. CONTROLS THAT HELPS TRACK THE BUSINESS PLAN PROGRESS -
With the following steps one can easily monitor the business plan progress -
a. Create plan review dates - Business plans should be reviewed regularly especially if the business is growing in a fast pace, or if the business is experiencing cash flow problems. The review dates should be aligned with the short term and long term goals. Depending on the size of the business this could be Monthly or quarterly review.
b. Develop a tracking system - If a business plan has a set of measurable goals then it is always beneficial to develop a tracking system to know where you stand. Each of the element is subject to rapid change, this should be involved in the process to know the actual position of the business.
c. Coordinate business and marketing plans- Business and marketing plans overlap in several ways so reviewing both the plans simultaneously on regular basis helps you monitor and control the goals and measurement of each plan.
4. STEPS OF CONDUCTING MARKET RESEARCH -
1. Although all the other steps are valuable in business process but this is the most important step as this is where you lay the foundation. Before beginning with the market research one has to figure out the exact problem . In this phase you need to establish your research objectives.
2. Once you are aware of the problem, it's time to make a research plan. There are many methods which can be incorporated to make a research plan. For Example -
3. Once the data is collected , you have to make sure that it is relevant. The ideal type of information to gather would be analytical, or scientific as well as emotional data that you cannot get by looking at the graph.
4. Once the data is collected it time to interpret it. When you are analyzing your data you should not find patterns based off your previous data assumptions prior to collecting the data.
5. Once the research is complete, it's time to show some action. Put your findings to test and start working.
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