HOW IMPORTANT IS ENTREPRENEURSHIP IN THE DEVELOPMENT AND GROWTH OF THE ECONOMY OF THE COUNTRY?
An entrepreneur is someone who is creative and innovative and is able to identify a business opportunity or gap in the market. An entrepreneur is also willing to take a risk in starting up business and is therefore a risk taker. They have belief in themselves that the opportunity that they identified can become real through hard work and commitment. They are prepared to back their business with personal investment knowing that if they fail they would lose a large amount of money.
Entrepreneurship is therefore the willingness to take risks and create and manage a business venture in a competitive market that is constantly evolving. Entrepreneurship …show more content…
Vision, mission, goals and objectives of the company
Timberland is committed to "Doing Well and Doing Good" by delivering world-class products, making a difference in the world community and creating value for shareholders, employees and consumers around the world.
Mission Statement: Our mission is to equip people to make a difference in their world. We do this by creating outstanding products and by trying to make a difference in the communities where we live and work while doing it.
The Micro Environment
Change and innovation: Timberland started off as a brand for waterproof leather boots. Now Timberland has changed and have started making cloths, boots and shoes that are more casual i.e. Timberland became a lifestyle brand. Timberland recently opened up an online store.
Management and employess:
The Market Environment
Customers: …show more content…
Timberland South Africa now has 27 stores across the country.
Strengths: Timberland is known globally and has a strong brand recognition as a retailer. It is known for making quality products that will last for years which helps in justifying the high price their products are sold at. The brand allows the customization of the boots which allows the customer to inetrecat with the company and thus boosting sales. The company is always expanding its brand through various new products which makes it a complete lifestyle brand.
Weaknesses: Due to the high prices of their products could lead to consumers buying similar products which are much cheaper at different stores. Timberland has a strong brand reputation which makes it difficlut for them to attrct new audiemces outside the rugged lifestyle.
Opportunities: Timberland could start endorsing celebrities, sportsman and sporting events which will help promote the brand. With new malls opening in South Africa provides an opportunity to expand and open up more