Managing Human Capital and Entrepreneurship Assignment 1 (GC01554)
Table of Contents
1.0 Introduction.
2.0 Entrepreneurship and Entrepreneurship Marketing.
2.1 Concept of entrepreneurship.
2.2 Concept of entrepreneurship marketing.
2.3 Characteristics and functions of entrepreneurial marketing.
Characteristics.
Functions.
3.0 Developing a start-up idea of personal choice as a vehicle for critical discussion.
4.0 Critically analysis of statement given in the question.
5.0 Traditional marketing strategies.
5.1Marketing-instrument based on 4Ps.
4.2 Marketing mix in traditional/conventional marketing.
6.0 Concept of entrepreneurship marketing strategies for the proposed business.
6.1 Guerilla Marketing.
6.2 Sponsorship marketing.
6.3 Viral Marketing.
7.0 How the proposed business can enter into the competitive marketplace.
7.1 Market Research.
7.2 Customer analysis.
7.3 Competitors Research.
7.4 Industry Research.
7.5 Market Segmentation.
7.6 Customer target/Targeting.
7.7 Product Life Cycle.
7.8 Market positioning.
8.0 Financial sources and projections.
9.0 Conclusion.
10.0 Reference.
1.0 Introduction
Most of the large and successful organizations (such as Microsoft, Coca-Cola, IBM, Samsung, Dell, Virgin, etc) in the present business world were small entrepreneurship firms once when they started up the businesses (Coulter, 2012). This means entrepreneurship is the starting point of being a successful and big company. However, entrepreneurship firms face several unique challenges and opportunities (Kotler et al., 2014). The main challenge of entrepreneurship firms is they face difficulties to survive in competitive market places and gain sustainable competitive advantages because of theirs limited resources against the well-known and bigger organization (Palmer 2012). For example, a start-up sole trader retailer will face challenges and difficulties to gain improved market share and survive against retail giants like Tesco and Sainsbury’s. However, as Steve and Caroline (2012) note, entrepreneurship firms can turn their weaknesses and threats into strengths and opportunities and can create a unique identity through different marketing strategies. For example, a start-up firm can provide clever advertising through social media and other digital tools which can recognize the firm to the huge number of target customers within short time periods.
In this report, the reporter has focused on several start-up marketing strategies of big organizations as the training methods for entrepreneurship firms. In the first section, the reporter has explained the terms of entrepreneurship and entrepreneurship marketing. In the second section, the reporter has outlined the characteristics and functions of entrepreneurship marketing. In the third section, the reporter has discussed how a starting entrepreneurship firm can use start-up ideas as personal choices. In the fourth section, the reporter has critically analyzed the statement given in the question paper of this coursework. In the six-section, the reporter has developed a concept of entrepreneurship marketing strategies for particular start-up firms. In the following section, the reporter has developed strategies on how a start-up business can enter competitive markets. Finally, the reporter has defined essential financial sources of running an entrepreneurship business.
2.0 Entrepreneurship and Entrepreneurship Marketing
2.1 Concept of entrepreneurship
Entrepreneurship refers to individuals assuming risks of the organization as well as managing a start-up business to achieve specific rewards. In terms of entrepreneurship business, products are tangible and services are intangible (Christine, 2011). A common theme of entrepreneurship’s definitions was developed by Morris et al. (2012), which is outlined in the following diagrams:
Diagram: Themes of entrepreneurship Source: Morris et al (2012)
2.2 Concept of entrepreneurship marketing
The necessity of entrepreneurship marketing is raised by entrepreneurial strengths and opportunities. Entrepreneurship marketing exploits and identifies these opportunities and strengths to attract and retain loyal customers in innovative approaches such as creating values for customers, managing risks, and managing resources. Entrepreneurship marketing uses multiple strategies to differentiate itself from traditional/conventional marketing practices. In addition, it unorthodox technique to emerge organizational success in crowded markets. However, many entrepreneurial marketing strategies cannot be used effectively because of resource limitations, for example, start-up businesses may have staff limitations, technology limitations, financial limitations. The key entrepreneurial marketing features are risk-taking, proactive and innovation, which mainly focus on its values to attract customers. As Stoke and Wilson (2010) note, innovative products and excellent customer service are key strategies of entrepreneurial marketing to survive in a competitive market, where cheaper and accessible marketing tools like social media can be used effectively.
2.3 Characteristics and functions of entrepreneurial marketing
Characteristics
Morris et al (2012) state that entrepreneurial marketing can have several characteristics, where the key ones are innovativeness, value-creating, source leveraging, pro-activeness, customer intensity, and risk-taking calculations.
Functions
Morris et al. (2012) state that entrepreneurship marketing has several functions which aim to ensure business survival in competitive marketplaces. The key function is to promote customers’ trust and loyalty providing quality and innovative products and excellent customer services. In addition, it creates customer preferences through fixing product prices and providing the value of money, making sure service speed and product availability and flexibility. Most importantly, the entrepreneurial marketing function is to gain sustainable competitive advantages through analyzing critical success factors and business’ core competencies.
3.0 Developing a start-up idea of personal choice as a vehicle for critical discussion
A start-up idea in this report is to start a business called “Organic Health”, where the key operation is wholesaling several organic fruits and vegetables in the London market. The proposed business will supply these innovative products from several British firms and will be sold to different groups of target markets in London including restaurants, catering industry, off-licenses, street shops, individual customers, and supermarkets……………..
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