Question:
Describe about the case study of candle company?
The business of specialty candles has been becoming extremely popular since the last few decades as larger number of population have started enjoying the relaxing impact imposed by lighting scented candles. This consumer demand and popularity for the specialty candles contributes in creating a number of business opportunities for the entrepreneurship with innovation for starting a business that is showing willingness for manufacturing and selling candles (Dafna, 2008). As in the case provided, there is an involvement of four main phases. The first phase had been the introduction of lightning candles within the market for making significant amount of profit. The second phase was establishing lightening candle as a significant brand and identifying customer’s highest potential loyalty. The third phase had been focused on opening stores in a number of different place for the promotion of their own brand. The fourth phase had been to come in alliance with the multinational organization for capturing the market and initiation of growth.
In relation with these four phases of the case study, this report will be linking the theories of entrepreneurship with the roles played by different authorities in the implementation of different phases.
Considering the first phase of the company being referred to in the case study provided, focus in created on the introduction of product within the market for making a profit of rupees 527,114. While an organization might consider the fact that new product being developed and promoted is extremely reliable upon the creativity and the innovation of entrepreneurship, it is extremely important for considering the theories of marketing for the introduction of product. It is important for the creation of effective tactics and strategies in accordance with the theories of entrepreneurship with unique skills involved in the form of leadership (Sareerat, 2003). In this particular phase the main theories of entrepreneurship revolves across the need for the creation of a specifically unique product, on the basis of the differential of sales.
However, as the phase had been focused on making profit, the fundamental tenet of profitability will be considered in context with the concepts of entrepreneurship. A basic fundamental tenet to launch a product is that this particular product must provide appropriate level of profitability. Just due to the fact that the customers show interest within the product does not mean that the organization will be making, promoting and distributing the product in a profitable manner. In consideration with entrepreneurship, there should have been the need for the creation of budget in a detailed manner that has calculation for each and every cost related to overhead, distribution and production (Davidsson, 2009). In addition to this, it is important for initializing the demands of the project on the basis of different amount of prices. With the help of this theory related to entrepreneurship, the organization would have been successful in plugging the amount of expenses and revenues within the budget for determining the success of launching product in a profitable manner.
The second phase was establishing lightening candle as a significant brand and identifying customer’s highest potential loyalty. Branding has to be considered as the most relevant aspect within any business enterprise and that is the same case within the candle production company. An effective strategy of brand contributes in providing a major edge in order to increase the competitive advantage within the market (Dafna, 2008). The brand should be providing a promise being understood by the customers. It helps in stating as to what can be expected from the products being provided, and this helps in differentiating the offerings in comparison with what is being provided by the competitive organization. The entrepreneurial foundation of a specific brand can be considered as the logo (Davidsson, 2009). Consistency in the strategic branding helps in leading towards an extremely strong equity of brand that means the added value being introduced as the product of the business enterprise. This contributes in allowing to impose charge over the brand in comparison with what is being charged by the unbranded and identical products being commanded.
The third phase had been focused on opening stores in a number of different place for the promotion of their own brand. As an enterprise involves a complete complex related to the systems of socio- technical that include technology, information, processes and people that help to define the scope or boundary related to the enterprise can be considered as a relevant first step in order to define the needs of the organization (Howrwitz, 2008). When there is an increased need for the expansion of enterprise, it is extremely important for making a move towards the foundational approach from the transactional approach that helps in the multiplication of advantages and the return on investment. This has to be done in accordance with the effect of return on investment multiplier. The expression of this can be done with respect to the different units of business.
The fourth phase had been to come in alliance with the multinational organization for capturing the market and initiation of growth. It had been found that majority of the customers seemed to be possessing high preferences towards the point of view over the entire and the separate aspects with respect to the products that are scented candles, except the fact that the aspect for the promotion of market that have been receiving medium showing preference towards the point of views through the customers (Rungruangphon, 2002). They had been showing preference towards the fact that the dealers should be adding the strategies of marketing to the amount of sales and making changes in the way of distribution and production. If changes are made in all of the processes of marketing, the customers will be having high level of satisfaction. Hence, in consideration with this fact, the aspect of 4P can be considered.
The customers have the possession of perspectives with high preferences on the entire and over the separate related aspects. Apart from the ability for negotiation of price with the dealer, the consumers will not be showing preferences towards cheaper amount of price, as the scented candle is valuable and handmade as well. Considering the trends of purchases and behavior of the customers towards the products of scented candle, it can be stated that the style of preferences towards the products of scented candle in the design of flower, style of floating decorations, and style of decorated packaging (Davidsson, 2009). The business of specialty candles has been becoming extremely popular since the last few decades as larger number of population have started enjoying the relaxing impact imposed by lighting scented candles. This consumer demand and popularity for the specialty candles contributes in creating a number of business opportunities for the entrepreneurship with innovation for starting a business that is showing willingness for manufacturing and selling candles.
While an organization might consider the fact that new product being developed and promoted is extremely reliable upon the creativity and the innovation of entrepreneurship, it is extremely important for considering the theories of marketing for the introduction of product. This consumer demand and popularity for the specialty candles contributes in creating a number of business opportunities for the entrepreneurship with innovation for starting a business that is showing willingness for manufacturing and selling candles (Howrwitz, 2008). As in the case provided, there is an involvement of four main phases.
In common sense, the concept of social entrepreneurship can be of huge help. It is referred to as the activity of entrepreneurship with a purpose linked and embedded with the values and demands of the society. This has been becoming an extremely important phenomenon of economy at an international scale (Sareerat, 2003). This helps in giving rise to innovative ideas, the origination of which can be seen from the developing nations, and where there is an involvement of the need to be deploying the new models for the business that seems to be addressing the basic needs of the human. This can be done by being involved with giving a share of profit for social purposes and welfare.
Even though social entrepreneurs can begin with local and small efforts, they are often known to be targeting the issues having a local source in order to express global importance. It had been found that majority of the customers seemed to be possessing high preferences towards the point of view over the entire and the separate aspects with respect to the products that are scented candles, except the fact that the aspect for the promotion of market that have been receiving medium showing preference towards the point of views through the customers (Rungruangphon, 2002). They had been showing preference towards the fact that the dealers should be adding the strategies of marketing to the amount of sales and making changes in the way of distribution and production.
For the development of a theory that has been bounded in a well manner, there is an increased need for dropping the differences that lie between the value of economy and the society that is more often related with defining the social entrepreneurship. In the most common sense, it can be argued that there is entrepreneurship with a specific social vision and mission in opposition with the motivation that seeks the amount of profit (Dafna, 2008). Their goals is focused on the creation of social value. Social value seems to be having less for dealing with the amounts of profit but rather involving the long and basic standing requirements being fulfilled in a significant manner.
Creation of value can be done in a significant manner from the activity when utility of resources is done in favor of the society for increasing the favorable perception towards the customers. Appropriation of value should be included in alignment with the creation of value. If this is not aligned with the creation of value, then the value being created will not for a long duration of time or can be considered as being illegitimate and more chances of being outlawed because of the cost imposed on the society (Davidsson, 2009). When there is an increased need for the expansion of enterprise, it is extremely important for making a move towards the foundational approach from the transactional approach that helps in the multiplication of advantages and the return on investment. This has to be done in accordance with the effect of return on investment multiplier.
The expression of this can be done with respect to the different units of business. The brand should be providing a promise being understood by the customers. It helps in stating as to what can be expected from the products being provided, and this helps in differentiating the offerings in comparison with what is being provided by the competitive organization (Howrwitz, 2008). The entrepreneurial foundation of a specific brand can be considered as the logo. Consistency in the strategic branding helps in leading towards an extremely strong equity of brand that means the added value being introduced as the product of the business enterprise.
Recommendation and Conclusion
As an enterprise involves a complete complex related to the systems of socio- technical that include technology, information, processes and people that help to define the scope or boundary related to the enterprise can be considered as a relevant first step in order to define the needs of the organization (Rungruangphon, 2002). Branding has to be considered as the most relevant aspect within any business enterprise and that is the same case within the candle production company. An effective strategy of brand contributes in providing a major edge in order to increase the competitive advantage within the market.
In common sense, the concept of social entrepreneurship can be of huge help. It is referred to as the activity of entrepreneurship with a purpose linked and embedded with the values and demands of the society. This has been becoming an extremely important phenomenon of economy at an international scale (Sareerat, 2003). Creation of value can be done in a significant manner from the activity when utility of resources is done in favor of the society for increasing the favorable perception towards the customers. Appropriation of value should be included in alignment with the creation of value.
References
Dafna, K. (2008). Managerial performance and business success: Gender differences in Canadian and Israeli entrepreneurs. Journal of Enterprising Communities: People and Places in the Global Economy, 2(4), pp. 300-331.
Davidsson, P. (2009). Entrepreneurship and after? A study of growth willingness in small firms. Journal of Business Venturing, 4, pp. 211-226.
Howrwitz, P. S. (2008). “The psychology of the entrepreneur,” in D.L. Sexton and R.W. Smith (eds.), The Art and Science of Entrepreneurship, Cambridge, MA: Ballinger
Rungruangphon, W. (2002). “Principle of Marketing,” Bangkok: Thammasart University.
Sareerat, S. (2003). “New Modern Marketing Management,” Bangkok: Thammasarn Co., Ltd.
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