Overview of Entrepreneurship at the BABS (GC073)
Table of Contents
Executive Summary.
1.0 Introduction.
2.0 Entrepreneurship and Entrepreneurship Marketing.
2.1 Entrepreneurship.
2.2 Entrepreneurship Marketing.
2.3 Characteristics and functions of entrepreneurial marketing.
Characteristics.
Functions.
3.0 Using a start-up idea of personal choice as a vehicle for critical discussion.
4.0 Critically analyze the statement given in the question.
5.0 Traditional marketing strategies.
5.1Marketing-Instruments based on 4Ps.
4.2 Marketing mix in traditional marketing.
6.0 Concept of entrepreneurship marketing strategies for the proposed business.
6.1 Guerilla Marketing.
6.2 Ambush marketing.
6.3 Viral Marketing.
7.0 How the proposed business can enter into the competitive marketplace.
7.1 Market Research.
7.2 Consumers and Competitors Research.
7.3 Industry Research.
7.4 Market Segmentation.
7.5 Product Life Cycle Stage.
7.6 Market positioning.
8.0 Financial sources and projections.
9.0 Conclusion.
10.0 Reference.
Executive Summary
According to Day and Reynolds (2011), small organizations mainly entrepreneurship in the UK are good at product innovation, creativity, and invention. However, they are weak in marketing competencies, which means having difficulties putting their products into the market. In consequence, it has been a significant issue for the whole UK including small firms, mainly entrepreneurial innovation-driven start-up companies, to understand the appropriate marketing.
This report critically examines and discusses the marketing entrepreneurship interface as well as the use of entrepreneurial marketing by small organizations in the start-up step.
The finding of this report is based mainly on lecture sheets and notes, several academic books, journals, websites, etc provided and suggested by the module tutor.
A specific start-up choice namely “Organic Health” has been identified first where the choice is to set-up a business for organic fruits and vegetables supplying from producers and selling to retailers including the high street markets, restaurants, catering industry, supermarkets, individuals, etc.
The report then explains the concept of entrepreneurship and entrepreneurship marketing. Next, the report critically analyses and evaluates the statement given in the question. Then, the general concept of traditional marketing is discussed in comparison with the concept of successful entrepreneurship marketing strategies. Following this, several strategies have been discussed on how the proposed market gets into the competitive market, concluding the overall studies on entrepreneurship and its marketing.
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1.0 Introduction
As a study conducted by marketing-school.org (2013), the most successful organizations like Microsoft, Dell, Virgin, etc, which were small firms once, have disclosed that their business class is entrepreneurship where they face a number of unique opportunities and challenges. The key challenge of the entrepreneur is surviving in the competitive market against bigger, better known, as well as more resourceful organization because of its limited budget, the small number of staff and minuscule customer base.
However, it can do successes turning its weaknesses into its strangeness and being more flexible and unorthodox than its competitors. In addition, particular strategies have started to emerge for successful entrepreneurship due to receive more and more focus in this field. Marketing is one of the key areas for entrepreneurs to define a unique identity for themselves.
For example, the proposed business can think of clever ads on the wave of the internet which may recognize the firm across the nation. Morris et al (2002) say, as marketing as a tool is available for any business organization and the organizations willing to invest in, it can be the best approach for emerging the firm to focus its image in the minds of customers.
2.0 Entrepreneurship and Entrepreneurship Marketing
2.1 Entrepreneurship
Entrepreneurship is an individual who assumes the risks of managing and organizing a business in order to receive particular rewards. In entrepreneurship business, the product is tangible items that are made by people or exist in nature, where service is intangible work that includes skills, expertise and time in exchange for money (Christine, 2011). The common themes of entrepreneurship are shown in the following diagram…………………
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