Introduction
New venture start-up and development process can occur over a considerable period of time. Initial business ideas take the time to formulate, research, create a strategy, raise funding and establish a framework for the organisation structure. This complex process is unique for each business. However, there are some general theories and strategies which aim to support and explain business creation and development processes. This report will highlight similarities and differences of management theory with practical experience running an enterprise in SimVenture, focusing on main areas of Sales and Marketing, Operations, Finances, Organisation. It will also provide an overview of entrepreneurship, strategy and growth.
1.0 Sales and marketing
1.1 Start-up and Research In 5 stages in the start-up process of business (Deekens and Freel, 2012) described as the formation of the idea, where an opportunity recognition by an entrepreneur happens (Park, 2005), pre-start planning and preparation, new entry and launch. Applying the model to the simulation exclude first two stages and starts with the third stage – pre -start and preparation. At this stage market research is set up as a vital tool for defining competitors, nature of market and market needs.
There is a number of ways market research can be undertaken, for example, PESTEL, SWOT or Porter`s Five Forces analyse (Boddy,2014). Each of them focuses on a different aspect of factors
To be able to do this project you should select a company of your choice and identify the various market research techniques the company has used to gather information of the market.
Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.
Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.
Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).
Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.
Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. The processes are identifying an opportunity, developing a business plan, assessing the need for resources, and finally developing a management program designed to achieve success. The entrepreneur must develop an understanding of this process as an important step. Developing an understanding of the entrepreneurial process can determine if a business venture is to be successful. Some phases of the entrepreneurial process may appear more important than the others but in reality each phase must be completed in succession in
Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and
The market research that needs to be used is finding the need for the product through surveying at places that promotion is planned to take place. This consists of scoping places that may be good for the company to find consumers. Realtor offices are a great place to survey
What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.
Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.
Market research is the method of gathering and analyzing information about customers, competitors and the market. Market research is used when companies want to focus on things like market trends, customer habits and lifestyle, what price customers will pay for a product and what competition exists. This type of research assists companies build an idea on how competitive the market is also business owners can price their products efficiently with the understanding of the current market research.
Birth stage, in the birth stage an entrepreneur thinks about a business model, forms a management group to work with and then they form a business plan. The entrepreneur’s primary concern is securing funds for development and survival. At this stage, the organisation is a one man show with the founder/entrepreneur bearing all responsibility for development and management.
Marketing research defined is “the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company” (Kotler & Keller, 2009, p. G6). Juice Guys methodology to obtain
Our aim- to engage with SimVenture; a business simulation that allowed us to build and sell computers through our virtual company named ‘Genesis’. The formation and running of our virtual company integrated us with new venture creation and about being an entrepreneur. It reinforced concepts previously presented in our course lectures and engaged us in a competitive and volatile business environment. SimVenture ran for three virtual years with five members on its team- each with a different role in the company.
Market research will be helpful in identifying the potential customers and regions, competitors in the business. Thereby one can keep their focus in the relevant areas to succeed in the market. A complete market analysis will provide a good idea about the market size and segmentation, product differentiation and all the relevant data to solve marketing challenges. While introducing a new product into the market, the market analysis will determine whether is there any demand for this kind of product and is producing the new product will be profitable or not? In general, companies will perform the market research