Rather than travelling physically to showcase their company's products, a worker could take advantage of a tablet or smart phone's video capability, and have buyers inspect and make orders for products virtually (Johnson, 2014). The Effect of Business Anywhere Anytime on the Business Model The growing use of mobile wireless devices reduces customer search costs and gives sellers the opportunity to make sales in areas that are geographically inaccessible (Forlano, 2008)
The most pronounced ones include m-banking in the banking sector, m-health in the health sector and m-commerce in trade and marketing. M-health enables care providers to not only access their patients' medical and health data through the Electronic Health Register in real time, but also share information with other care providers both within and without their systems using their tablets, smart phones and apps (Hampton, 2012)
This technology has been widely used in the area of e-commerce, where the seller designs their function for a wide range of activities such as product ordering, in the form of an ad, and then transmits the function and the distinct identity of the pen to the service provider (Agbinya & Masihpour, 2012). How do Mobile Devices Enable the Conduction of Business from Anywhere? While just one year ago the Xoom, PlayBook, iPad, Android, and other smart mobile devices were hardly used in the business world, today, more than 80% of CEOs worldwide use social media and mobile devices in their business operations (Johnson, 2014)
As one recent study showed "for each pair of objects, the judge decides which of the two objects is preferred (or judged to be bigger, better, faster, etc.); the aim is to estimate the desirability or worth of each object and this to rank the objects in preference order" (Dittrich, Francis, Hatzinger, Katzenbeisser, 2012, p
Additional data as to the company's marketing expertise in areas around the globe, and how many "average women" live in those areas would be beneficial in determining whether the production of one shoe size for the greater good of all women, is an acceptable venture. As one recent study found "although the normal distribution is convenient for specifying correlations among the random effects, the use of other distributions for the random effects greatly enriches the class of models" (Lee, Noh, 2012, p
Using an approach like the frequent outcome approach might work in this instance. As one study determined "we analyze sequences of values that are almost-uniform and we discuss a prediction method called the frequent outcome approach, in which the outcome that has occurred the most in the observed trials is the most likely to occur again" (O'Neill, 2012, p
There were just as many female purchases made over seven as there were purchases made under seven. Paul Erdos, a reknowned mathematician, once stated that "a mathematician is a device for turning coffee into theorems" (Peterson, 1998, p
There are a number of statistical methods that would help in determining just what that audience is and who would fall into that category. According to Charles Wheelan, author of Naked Statistics; "Many businesses must assess the risks associated with assorted adverse outcomes" (Wheelan, 2013, p
Underscoring these key strategic component areas are the core functional departments of a business including information technologies (it), Human Resource Management (HRM), Accounting, Finance and Supply Chain Management (SCM) (Porter, 1986). Business models succeed or fail based on their agility and responsiveness to the market over time, including the design of systems to support having every major product or service initiative be customer-centric first, process- and efficiency-driven second (Ghezzi, Balocco, Rangone, 2010)
Business models are also strategic in scope, defining the many interrelated infrastructure components, systems, organizational structures and key business processes needed to create value for customers profitably on an ongoing basis (Laplante, Neill, 2004). All of these factors also have led to business models being predicated on the value chain as defined by Porter (Porter, 1986)
Business Models What is meant by the term business model? Used universally to define the coordinated synchronization and sequencing of processes companies rely on create value for their customers, a business model defines in detail how an organization goes about transforming resources into products or services (Shi, Manning, 2009)
Time is often the most critical resources that business models must manage as well. Project-based business models have become pervasive in the last decade as many manufacturing companies outsource the development of it systems and also support for compliance initiatives ranging from Sarbanes-Oxley (SOX) to government-mandated requirements (Wikstrom, Artto, Kujala, Soderlund, 2010)
As an independent manufacturer, Virgin Galactic has to ensure that it suppliers regularly supply the required raw material and spare parts of aircrafts without any delay. These raw material and aircraft spare parts must strictly comply with the international quality management standards (Beaudry 2001)
AEROSPACE INDUSTRY The companies operating in the aerospace industry design, manufacture, sell, and maintain different types of vehicles that fly through air and space. The major customers for air and space vehicles include airline companies, aerospace research organizations, and military or defense corporations (Cadogan 2011)
However, the major market share is taken by the private sector in most of the countries. Some private sector companies also operate through funding arrangements by other companies (Commission on the Future of the U.S. Aerospace Industry 2012)
Therefore, Virgin Galactic will also have to give an equal focus on other operational aspects of its business. For example, it cannot adopt stability strategy for its small satellite manufacturing and operations while LauncherOne operations are in process (Corallo, Laubacher, Margherita, & Turrisi 2009)
The size of the Universe where aerospace industry tries to make discoveries is still immeasurable. Therefore, the aircrafts and spaceships which companies manufacture to explore the secrets of the Space have a limited speed, capabilities, and coverage (European Commission 2012)
For example, the financial position will get negative impact from high Research and Development costs, software implementation costs, technological advancements and communication networking costs. On the other hand, it will get advantages from its core strengths and distinctive competencies which have made it a reliable corporation in the aerospace industry (Pinney 2012)
They will be a potential player in this industry which will further get concentrated with a large number of manufacturers. This entry of new manufacturers will open new horizons for more potential participants in the form of suppliers and technical support firms (Platzer 2009)
The businesses have to make collaborative arrangements with international businesses in order to improve their manufacturing capabilities and efficiency of operations. The costs of production are very high for spaceships, aero planes, rockets, and all types of aircrafts (Rossetti & Choi 2005)