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Question:

Discuss about the Entrepreneurship and Marketing.
 
 

Answer:

Introduction

Entrepreneurship and marketing are the critical business concepts to an organization. They are considered as the primary foundation of success to a business enterprise. Entrepreneurship is defined as process of setting up new business ventures and taking on the financial risk as well as all risk with the hope of getting profits. The person who takes risk and set up new business ventures is called an entrepreneur (Breslin, 2016). On the other hand, marketing is explained as the process of promoting goods and services produced by the company to reach the intended customers.

Entrepreneurship and marketing are independent management context. The successful marketing strategies reflect the avocations of entrepreneurs in certain business venture. The accomplishment of marketing objectives is defined by the entrepreneurship traits that are known to be relevant elements that  drive an entrepreneur to manage the organization in front of different business risk (Katz & Green, 2009). Entrepreneurship is much broader that coming up with new business ideas, it is all about the implementation of the marketing strategies that are relevant to the company operations. Consumers are the main stakeholders who exhibit the entrepreneurship dedicated to the products and services as well as the installed marketing strategies.

Entrepreneurship

According to Peter Drucker, entrepreneurship is the strategies that are carried out in developing new business enterprises in front of risks with an aim of getting profits. An entrepreneur is a person who performs the entrepreneurial process and strategies of setting up new business enterprises (Drucker, 2014). The characteristic traits and the related entrepreneurial aspects define the success of many entrepreneurs. Regardless of the success, the entrepreneurship traits allow the other people and growing entrepreneurs to change their mind and follow the steps of a successful business individual (Schaper, 2016).

 

Entrepreneurship traits

Passion

Entrepreneurs are persons who are passionate about their activities, passion is one of the most critical entrepreneurial element.  Entrepreneurs are considered to have passion to money, their products, and services, their ability to solve problems and make life to be easier (Stevenson & Jarillo, 2007). Nick Woodman is an entrepreneur who is passionate about his inventions and implementation of his ideas. At age of four, Nick Woodman was passionate about implementing his ideas. The case study indicates that Nick Woodman was not afraid of challenges, this statement reflects the definition of entrepreneurship as defined by peter Drucker (Drucker, 2014). However, Nick Woodman was passionate about his invention at the University of California his parents were not supportive of the ideas he had.  “I remember my parents not being very supportive of it,” he says. “But if I didn’t follow my passion for surfing … I would have never come up with the concept to make a wrist camera.” “supremely confident” boy who wasn’t afraid to challenge those in charge. “There was always a smile on his face, either a great big one or a kind of sly, smirky thing,” said Craig Schoof, Woodman’s former baseball coach, and history teacher. “There was the, ‘yeah, I’m happy’ or the ‘yeah, I’m happy, and I’m planning something.’ ”

Consistent behavior

Entrepreneurs have common trait of having consistent behavior they have a spirit of working diligently to their ideas.  According to MD Burton, JB Sørensen, SD Dobrev, consistent behavior is considered as the critical element that defines the activities of an entrepreneur. They have a habit which compels them to work on something new as generated by their ideas. Nick Woodman had a habit of inventing new cameras and working on new ideas, the habit of implementing on his ideas since when he was four years kept him driving to his success (Stokes, 2000).

Self-belief

Self-confidence is the primary entrepreneurial trait that defines the activities of an entrepreneur, entrepreneurs are crazy-sure of their activities. According to Breslin, entrepreneurs success is elaborated by their self-believe in what they are doing. The self-believe allows an individual to trust the activities he or she is doing. In front of consistent risk, a person is confident to overcome the risks and obtain success out of the existing business risks. Nick Woodman is an entrepreneur show had self-confident in his invention, he believes of making the best cameras in the market as compared to the existing products (Todres, 2016). According to the case study, he had confident of making 3-D cameras and sales it within a period of four months.

 

Marketing and Strategic Planning

Marketing is s strategic management approach that involves the process of ensuring that the products and services produced by the company are reaching the consumer inappropriate time and that those products and services are of the correct demand from the consumers in the market. Effective Marketing requires relevant strategic planning and frameworks, which are relevant to the products and services produced. According to the case study, Nick Woodman is considered to implement strategic planning measures that are relevant to the marketing of GoPro cameras. The marketing and strategic planning context reflect the path which is used by the company to maintain its relationship with the clients in the market (Woodman, 2011). While conducting a marketing research, a company should consider analyzing the essential elements such as market mix and the level of competition available in a certain market.

How GoPro gain competitive advantage

Nick Woodman is a deliberated and self-confident entrepreneur is focuses measures to improve his products as he strives towards meeting the current and future market demands. He recognizes the effort and the impact of other competitors in the market. They acted as pressure panels to him since he was working on his innovation with an aim of beating existing companies in the market (Kirzner, 2015).

GoPro products gained the competitive advantage in the market since it developed a strong social media following, this is where the company could leverage their strengths and explore the new market that will encourage the sustainable business partnership with other stakeholders (Hatten, 2015). Nick Woodman did not have twitter account, the utilization of Facebook account allowed him to reach out to many consumers as he thought them about how the product as used. Consequent, the GoPro cameras created a good working environment to police and Military since they use the product in their usual activities, therefore, encouraging competitive advantage of the product (Stokes, 2000).

GoPro cameras gained competitive advantage more efficiently as compared to any other similar and existing cameras in the market. The technological aspect is one of the essential factors that promoted the competitive advantage of GoPro cameras, Nick Woodman ensure that his cameras were installed with sophisticated technology that will allow it to rotate at 360 degrees while capturing the scenes and “life’s precious moments.” Nick Woodman focus mostly on the sporting events where the cameras were used to record videos, the cameras were used to capture life’s precious moments this compelled the athletes who participated in the events to purchase the GoPro products (Woodman, 2011).

Apparently, the GoPro product gained their competitive advantage due to increase market share. The case study indicates that Nick Woodman made sales that worth $350, 000 in 2005 this was the first sales he made after manufacturing a 3-D camera. The high starting sales of $350, 000 indicates that the company market share had started at a point where the company is not expected to drop beyond its starting line (Woodman, 2011).

The current research indicates that GoPro Company is having a coherent market share of 47.5% as compared to other existing companies in the market. The case study shows that the sale of GoPro kept own improving after the invention of the GoPro products in 2004. In the year 2012,  the company sales were indicated as 3 million cameras and grossed $521 million with over $100 million in January and in 2013 the figure was expected to double. According to this analysis, GoPro Company is considered to be a strong competitor in the market due to its large market share and improving sales (Hollensen, 2015).

On the other hand, GoPro Company gained its competitive advantage because of its products which are considered to provide fine and digital pictures. The GoPro cameras are using new and improved technology that allows the 3-D operations; the use of upgraded technology allows the camera to provide quality videos and pictures (Hollensen, 2015).

 

GoPro SWOT Analysis

SWOT analysis is a strategic management tool that is used to explain the strengths, weakness, opportunities and threats that affect the business activities of an institution. The SWOT analysis tool allows the management of a business enterprise to maximize the strengths instigates measure that will reduce the impact of existing weakness, implement the new business opportunities and measures that will provide solutions to threats that could affect the activities of a business organization. The SWOT analysis of GoPro Company gives the complete report on the strengths, weakness, opportunities and threats (Breslin, 2016).

Strengths

The study reveals that the GoPro Company is having the high growth rate in the market as compared to iON and other companies in the market. Giovanni Tomaselli the founder of iON cameras acknowledge that Nick Woodman deserves to be a billionaire this is because of high rate of growth in the market. GoPro cameras are also of high quality and that they are durable. On the other hand, GoPro Company enjoys the strength of being a strong competitor in the market, therefore having the competitive advantage over other companies in the market (Hollensen, 2015).

Weakness

While discussing on the weakness of a company, we tend to explain on those limiting factors that can hinder the enterprise from achieving its strategic goals and objectives. GoPro Cameras lack its recognition for a longer time because of limited market exposure this compel Nick Woodman to use many resources while marketing its products. GoPro Company is lacking measures of tackling its future market competitions; in future, the company has to consider new companies who will tend to dilute the market with their new products (Kirzner, 2015).

Opportunities

Opportunities are those factors that can be utilized by the company to overcome the threats that might affect business operations of a company. The study reveals that Nick Woodman is working closely with other companies in the market with an aim of accessing the market demand.  GoPro Company is selling its product to government agencies comprising the police and military, allowing the company to enjoy market recognitions. Prices of the product keep on changing each every dawn, GoPro ensures that understanding the pricing strategies in the market will allow them to offer their products at a standardized price (Schaper, 2016). 

 

Threats

Threats are those aspects that an organization might face while striving towards achieving its goals and objectives. One of the biggest threat that affects the activities of GoPro Company is the level of competition in the market. Competition in the market is stiff, forcing the company to use more resources in order to meet the market demands. The competitors in the market develop the new product, GoPro uses its one style of designing its products giving a chance to other companies to develop new products with exceptional designs and structures.

Change in price is also fatal aspect that could affect the activities of GoPro products in the market, competition in the market tend to change the pricing strategies of products in the market, and thus affecting the activities of a company. However, the regulations that are installed by the government agencies also affect the business activities of GoPro Company, there are some legal rules and frameworks that are supposed to be followed by an operating company while operating in a specific market (Katz & Green, 2009).

Conclusion

Nick Woodman in an entrepreneur and a billionaire, he invented the GoPro cameras which are used during sporting activities and even used by government agencies including police and military. The entrepreneurship traits are considered as the fundamental features that define the activities of an entrepreneur. They comprise self-belief, having consistent behavior and habits, punctuality and passion. SWOT analysis is a strategic management tool that is used to give a clear report on the strength, weakness, opportunities and threats that GoPro Company might face while operating in the market. The strategic management tool is used by business organizations to define their competitive advantage over their competitors in the market.

 

References

Breslin, D., 2016. Learning to Evolve; Increasing Entrepreneurial Self-Efficacy and Putting the Market First.. s.l.:s.n.

Drucker, P., 2014. Innovation and entrepreneurship. .. s.l.:Routledge.

Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson Education. s.l.:s.n.

Hollensen, S., 2015. Marketing management: A relationship approach.. In: s.l.:Pearson Education..

Katz, J. A. & Green, R. P., 2009. Entrepreneurial small business (Vol. 200).. s.l.:McGraw-Hill/Irwin..

Kirzner, I. M., 2015. Competition and entrepreneurship.. s.l.:University of Chicago press..

Oosterbeek, H., Van Praag, M. & Ijsselstein, A., 2010. The impact of entrepreneurship education on entrepreneurship skills and motivation. In: s.l.:European economic review,, pp. 442-454..

Schaper, M. (., 2016. Making ecopreneurs: developing sustainable entrepreneurship.. s.l.:CRC Press.

Stevenson, H. H. & Jarillo, J. C., 2007. A paradigm of entrepreneurship: Entrepreneurial management. In Entrepreneurship (pp. 155-170).. s.l.:Springer Berlin Heidelberg..

Stokes, D., 2000. Putting entrepreneurship into marketing: the processes of entrepreneurial marketing.. Journal of research in marketing and entrepreneurship, 2(1), pp. 1-16.

Todres, M., 2016. Exploring The'Social'In Social Entrepreneurship: Applying The Concept of Network Sociality To Social Entrepreneurs (Doctoral dissertation, University of Kent). s.l.:s.n.

Woodman, N. D., 2011. U.S. Patent No. 8,014,656. Washington, DC: U.S. Patent and Trademark Office. s.l.:s.n

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