Entrepreneurship can be taken to be an integral part of an organization and any firm who wants to achieve long term success needs to engage in considerable entrepreneurship and come up with innovative ideas which can bring about long term success for the business at large (Bresler & Lubbe 2014). Hence, for this purpose, the main aim of the report is to propose an innovative business idea which will then be evaluated using the medium of Marketing mix framework. Furthermore, the third scope pf the report will examine a case study based on which an analysis will be done.
1. According to Storey (2016), the business idea which has been proposed is based on the Grocery Application. The e-commerce trends have become considerably very popular and it is due to this reason that any business organization as functioning in the business environment will be required to ensure that this trend is taken considerable advantage of. Hence, with respect to this it can be rightfully stated that as almost every commodity is available in the online domain, the availability of the grocery items is not that common and hence, for this purpose, it is crucial to understand that this idea will go a long way in ensuring that a large number of users download the application. The mechanism based on which this application will function is very simple. This means that the Application will perform a two way task based on which it will cater to the sellers on one side and the customers on the other. The sellers, who are the local sellers can register themselves with the application based on which they will be allowed to deliver their products to the different customers who aim to buy the particular products (Shaw 2016). On the other hand, there will exist a certain buyers who will be interested in buying the products as sold by these local grocers (Drucker 2014). Hence, the application will serve as a middle market scheme between the buyers and the sellers who can meet one another with the help of this online portal and buy goods at a discount. The name of the application will be GrocApp. The registration will be free for the customers who will be required to pay a certain nominal fees in order to get the items delivered to their place. In addition to this, the sellers would be required to pay a nominal fees based on which they will be required to get themselves registered and additionally ensure that they are able to engage in effective selling procedure. In the following section, the business idea will be explained as a business proposition by making use of the business competition chain model.
(Source: Dees 2017)
It can be seen that the given chain has five essential steps. Each of these steps will be explained in the following section, by making use of the idea of GrocApp.
2.
Figure 2: The Innovation Matrix
(Source: Chernev 2018).
When a business is about to start it may face several problems with respect to the creativity and innovation in the business. As the business is relatively new in the business environment, it may face a certain number of problems. The different barriers to business can be stated to be as follows:
Method of overcoming the barriers:
Form a specific communication plan: Forming a communication plan is very crucial to the overall success of the business and any firm which wants to ensure long term success will be required to ensure that it is successfully able to plan for the future which will help in ensuring that there exists no communication barriers at large.
The knowledge available to the different members of the firm must be distributed equally among all the members of the firm and this will assist in ensuring that the different members are easily able to see to it that they have the right kind of information to make the right kind of decision which will assist in the overall success of the firm. Another way, which can help in removing the barriers is the method of risk taking (Kuratko 2016). Although there exists a critical chance of failure, the entrepreneurial measures commend on the basis of risk and the entrepreneurs will be required to take considerably risks in order to ensure that the business does not fail.
3. The marketing mix can be rightfully defined as a set of tactics which are adopted by any organization in order to promote their products in the market and make the different customers aware of their offerings which are being made by them. The marketing mix is considered to be an important part of the organization and goes a long way in assisting the business to make considerable choices with respect to the offerings which will be made but the business and moreover, it is also considered to be very crucial as the different elements of the marketing mix tend to have a strong influence on one another and this goes a long way in ensuring that the business plan can successfully be implemented (Philip, Keller & Kotler 2017). If the marketing mix of the business is designed in a wrong manner, then, it might lead to the failure of the entire marketing plan. The marketing mix requires considerable understanding and research which will ensure that the marketing plan has been formed after successful consideration. The four P`s of the business have been discussed as follows:
As discussed in the above section, the price in the 4Ps of marketing can be described as the value which is placed on the particular product as present in the market (Marshall 2014). The price determines the value and hence, the pricing strategy needs to be taken seriously. The different pricing strategies which are available to the business can be stated to be strategies like price skimming strategy, differential pricing strategy, and price penetration strategy among others. In the case study, it can be observed that, the Malia Mills Bathing and suit, company is targeting a niche market based on which, it will ensure that swimwear’s for women of all shapes and sizes are designed. This is very uncommon in the business market whereby products of swimwear generally cater to a particular size and design. Hence, it can be stated that the products of Malia Mills are priced exclusively in lieu of their target which is the niche market and the reason that their products of the utmost quality which are manufactured in New York itself and last very long. The different products like the bottoms are priced $130 and the one piece suit runs at an average of $325.
Malia Mills swimwear believes in making exclusive products which are marketed exclusively through the means of Public relations system as it has been profiled in various magazines like the Harper`s Bazaar, New York times and Sports Illustrated. There are various celebrities who have been observed wearing the particular suit and this goes a long way in attracting a larger target audience. Moreover, Mills has also begun to advertise in the local print advertising in order to gain the impact on the new customers. Promotional activities generally seek to gain attention of the target audience by ensuring that the different customers are successfully able to notice the firm and buy the products of the company (Parker 2018). In addition to this, their idea of Polaroids of normal women also attracted a large audience as it was unique. Hence, as learnt from the case the promotional ideas must be exclusive.
Conclusion
Therefore, it can be stated from the given analysis, that the entrepreneurial ideas are very crucial for the overall success of the business and although faced by various barriers, these ideas are required to be validated through solutions. The latter half of the report examined the 4Ps of marketing using the case study example of Malia Mills.
References
Bresler, M. & Lubbe, I., 2014. Marketing management.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Foxall, G., 2014. Strategic Marketing Management (RLE Marketing). Routledge.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kotabe, M. & Helsen, K., 2014. Global marketing management.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Malhotra, N.K. & Peterson, M., 2014. Basic marketing research. Pearson.
Marshall, G., 2014. Marketing management. McGraw-Hill Higher Education.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Philip,K. Keller..P & Kotler , P. 2017. Marketing management. Pearson.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.
Shaw, S., 2016. Airline marketing and management. Routledge.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
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