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20 November 2020 | Story Charlene Stanley

Two lecturers in Business Management from the Faculty of Economic and Management Sciences walked away with the 2019/2020 UFS Excellence in Teaching and Learning Awards in the category Innovation in Student Engagement and Learning.

Dr Ekaete Benedict and Mrs Risna Opperman are also both real-life entrepreneurs who own businesses in and around Bloemfontein, using their practical experience from the business world to supplement the theoretical knowledge they impart to their students.

Success recipe

Lecturing the flagship entrepreneurship module in the Department of Business Management, the two lecturers use the graduate attributes theory as a starting point, which states that students should learn and develop certain skills, abilities, knowledge, and attitudes during their studies at university.  

They then integrate and design their module outcomes, academic activities, and assessments to align with these attributes, ensuring that their students develop the skills that will help them to be better prepared for the work environment and self-employment.


Ekaete Benedict_web
Dr Ekaete Benedict. Photo:Supplied

To enhance learning and engagement, they employ blended learning techniques in the form of face-to-face classes supplemented with online activities via Blackboard. 

They also effectively implement experiential learning, inviting real-life entrepreneurs and officials from various small-business development agencies as guest lecturers to communicate and interact with students.
Some of the lessons these industry experts have shared with students are: 
How to protect your business ideas; How to access government funding; How to start your business; and How to market your business.

Aims of Excellence in Teaching and Learning Awards 

The Excellence in Teaching and Learning awards, hosted by the Centre for Teaching and Learning (CTL), recognise academics for their innovative learning and teaching practices within different disciplines, as well as the advancement of the scholarship of teaching at the institution.Among its aims are to share best practices, innovative ideas, and research findings in learning and teaching.

Risna Opperman web
Risna Opperman. Photo:Supplied

Value of Entrepreneurship

Both winners are passionately advocating the critical need for entrepreneurship education and training in the South African context.
“In the light of South Africa’s high unemployment rate (over 30%), plus the fact that we have the highest youth unemployment rate in the world (58.2%), there is a big demand for meaningful engagement of young people in productive activities – hence the need for entrepreneurship,” says Benedict.
“As entrepreneurship lecturers, our focus is not just on graduating future employees for the workforce, but to create and develop future employers who can contribute to the economic development of the country,” emphasises Opperman.

News Archive

Producers to save thousands with routine marketing strategies, says UFS researcher
2014-09-01

 

Photo: en.wikipedia.org

Using derivative markets as a marketing strategy can be complicated for farmers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvest; whilst the high market risks require innovative strategies including the use of futures and options as traded on the South African Futures Exchange (SAFEX).

Using these innovative strategies are mostly due to a lack of interest and knowledge of the market. The purpose of the research conducted by Dr Dirk Strydom and Manfred Venter from the Department of Agricultural Economics at the University of the Free State (UFS) is to examine whether the adoption of a basic routine strategy is better than adopting no strategy at all.

The research illustrates that by using a Stochastic Efficiency with Respect to a Function (SERF) and Cumulative Distribution Function (CDF) that the use of five basic routine marketing strategies can be more rewarding. These basic strategies are:
• Put (plant time)
• Twelve-segment pricing
• Three-segment pricing
• Put (pollination)(Critical Moment in production/marketing process), and
• Pricing during pollination phase.

These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. Farmers can save as much as R1.6 million per year on a 2000ha farm with an average yield.

The results obtained from the research illustrate that each strategy is different for each crop. Very important is that the hedging strategies are better than no hedging strategy at all.

This research can also be applicable to the procurement side of the supply chain.

Maize milling firms use complex procurement strategies to procure their raw materials, or sometimes no strategy at all. In this research, basic routine price hedging strategies were analysed as part of the procurement of white maize over a ten-year period ranging from 2002–2012. Part of the pricing strategies used to procure white maize over the period of ten years were a call and min/max strategy. These strategies were compared to the baseline spot market. The data was obtained from the Johannesburg Stock Exchange’s Agricultural Products Division better known as SAFEX.

The results obtained from the research prove that by using basic routine price-hedging strategies to procure white maize, it is more beneficial to do so than by procuring from the spot market (a difference of more than R100 mil).

Thus, it can be concluded that it is not always necessary to use a complex method of sourcing white maize through SAFEX, to be efficient. By implementing a basic routine price hedging strategy year on year it can be better than procuring from the spot market.

Understanding the Maize Maze by Dr Dirk Strydom and Manfred Venter (pdf) - The Dairy Mail


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