Marketing & Entrepreneurship Essay Example | Topics and Well Written Essays - 3000 words

Marketing & Entrepreneurship - Essay Example Economic Factors Marketing management This is an important factor that constitutes to business success. An existence of an enterprise implies that there must be market for its products. Despite the competition from other producers an entrepreneur ensures efficient marketing skills to make profits. Effectiveness in product marketing is an important factor hat has to be put in consideration in any business enterprise. To enhance business success in marketing management, small scale business link up with both large and medium business enterprise. This linkage facilitates their supply of products hence it becomes easier to market the products. Production management For every enterprise to succeed, their must be a proper management in the production sector. The enterprise should have a well established source of raw materials. The cost of raw materials together with the cost of production should not exceed the cost of sales. A successful enterprise is one that always reaps profit from its sales. The department of production in any business must connect with the marketing department so as to ensure every item that is produced has direct or indirect market. Financial management Financial gain is always the driving force in any entrepreneurial investment. Therefore management of finances is a very important factor in any business enterprise. ... Therefore it can be argued that it is the financial capability of every entrepreneurial activity that measures its strength against the other as suggested by Ernst (2005, 165) Personnel management The department of the personnel is another factor that determines the success of any business enterprise whether small or large. Personnel management coordinates all activities related to workers in an organization. Its contribution to the business success is through how it handles the welfare of the employees. Offering the best to the employee in terms of salary, enough time limit of work and other incentives increases their motivation to work. The more motivated the employees are the more they increase production hence large sales. The increasing in sales indicates increase in profits and the business enterprise is said to be successful. Another factor relating to entrepreneurial success is the personnel skills and knowledge. Employees who have the necessary skill are capable of leading t he business to success. Political Factors Any business entrepreneurship occurs within a particular framework or political governance. Some of the political factors that affect business enterprise include: Political environment The political environment surrounding a business enterprise determines its operation and success. The current economic structure of the country may adversely affect the success of the business. For instance incase of an inflation the entrepreneurship is not likely to succeed. Favorable government incentives like loans to starting entrepreneurs, motivates them and they are likely to succeed. The economic strategies passed by the government such specialization on the area of production

Marketing Plan for M&S Food Retails Sector Assignment

Marketing Plan for M&S Food Retails Sector - Assignment Example At present, it is unclear whether Marks and Spencer has an established market. Also, it is evident that the products of the firm are still far from establishing a permanent image in the minds of the consumers. It is important to segment the market and decide a particular group that will serve as the target market. Moreover, the marketing team needs to reconcile the attributes of products perceived to be ideal by the consumers and the attributes of the products as developed by the company. The other marketing initiatives necessitate the identification of the price, promotion, product, and place. Mixing these aspects will improve the marketing strategies of the company. It is imperative that Marks and Spencer needs to take advantage of its strengths and limit the negative effects of its weaknesses. Marketing ideas have to be done using creativity with the inclination to use the fundamental tools and concepts. The growth in the UK food retail industry has been unprecedented. Amidst the geographical limitations, UK houses several food retail firms with global distinction. Excluded from this group are the different food retail companies based from the US and the neighbouring European countries. According to the British Retail Consortium (2001), the impact of the food retail industry in the overall economy of UK has been gaining prominence. The figures suggest that the industry has been employing 1.2 million individuals. This translates to more than 5% of the total workforce in UK. Also, the industry is consisted of approximately 60,000 enterprises. Overall, the industry has contributed about 10% of the Gross Domestic Product. Aside from these actual results, the industry continues to flourish with the establishment of policies geared toward competition and favourable market conditions. The sophisticated UK retail market shows variations to styles in relation to the development of products. Despite the failures of some innovations, firms have been optimistic in introducing new products in the market. In particular, food retailers have cited their strengths in marketing as the source of competitiveness. Indeed, the marketing efforts observed in most food retail companies have provided positive outcomes. In particular, firms have become highly focused on the consumers instead of satisfying the corporate goals. The marketing strategies promoted by the firms have become the determinant of success. It is likely that food retail companies with superior marketing dynamics will emerge as the top player in the industry. In UK, the developments in food production have greatly affected food retailers. Specifically, the changing preference of consumers has defined the direction taken by food retail companies. Recent trends suggest that products that are fruit flavoured will become highly popular in UK. Likewise, UK consumers will be highly receptive to food products with distinct yet uncommon combination of flavours. Moreover, functional foods will be highly regarded in the market as well as food that contain low carbohydrates. Basically, UK consumers have become more aware of their food intake because of the hazards attributed to such activity. Health issues and concerns are primary drivers that influence consumers in purchasing certain food products. In the beverage sector, beer manufacturers will continue to challenge the wine