MKTG400: Branding Week 6 Assignment
For the assignment this week you will pick two business concepts, one that is embryonic and one that is more refined and prepare a 3 – 5 page essay addressing the following questions for each:
- Is there a market?
- Can we compete and win?
- Will the leadership position endure?
- What are the two or three issues and areas of uncertainty that will determine whether the concept is a success?
This assignment must be in APA format and make sure to provide at least two outside sources to support your work. The assignment should be submitted to the weekly assignment folder.
MKTG400: Brand Week 6 Assignment
The embryonic and refined business concepts all affect an entrepreneur differently. The embryonic stage is the starting point of a business characterized by the idea, feasibility, verification, demonstration, and commercialization. In most cases, its life-cycle position is highly affected by competitive dynamics making the position a significant component of a strategic analysis of a business. On the other hand, a refined business concept is fully established through well-structured business ideas. The entrepreneur must have created a SWOT analysis, developed a business model canvas, highlighted the business skills, and has identified personal qualities. Therefore, the refined business concept is the one that is well-formulated and has had significant improvements for quite some time.
Embryonic Business Concept
The consumer-goods business concept is an example of an embryonic business concept that involves presenting a new product to the market. The idea identifies products and services that customers want and defines how they differ from others provided in the market. Also, the brand of this type of business concept is crucial as it enables consumers to identify the one selling the product quickly. Similarly, the idea is associated with risk factors related to the product. The consumer-goods concept can involve a host of competencies and assets based on distribution, product design, brand, marketing insight, and programs (Bischof & Rudolph 2021). Therefore, these elements help analyze competition and can be barriers to entry for a business at an embryonic stage.
The consumer-good concept at the embryonic stage can have a market but does not follow any predictable pattern due to external factors such as regulatory, technological, demographic, and social changes that can affect the pattern’s shape. Besides, we can compete with the consumer-good business concept. Still, there are unknown business conditions and new technologies, including new business competitors, unclear competitive conditions, unpredictability, and a dynamic business network. Therefore, these factors can make it difficult for the consumer-good concept to compete and win. The leadership position of the business might endure if the risk factors, known players, and predictable patterns are well-established.
Furthermore, the consumer-goods concept can endure in leadership when it has well-defined and incremental developmental processes and structured analysis in known surroundings. The two issues of the consumer-goods business concept include encouraging conflicts and intuition instead of avoiding or moderating conflicts and calculating business cultures (Kirk & Zollo, 2021). Also, the consumer-goods idea might experience unclear competitive conditions instead of apparent success factors. On the other hand, change in demand, government policies, and technology are the areas of uncertainty that determine whether the concept is a success.
Refined Business Concept
A business-to-business concept involves creating an idea that provides products and services to other businesses. The business-to-business concept is well-defined as the stakeholders share their products and services to as many businesses as possible, which is the well-defined strategy of getting direct feedback and refining more ideas. The persons involved in the business-to-business concept succeed in surveying the target market to understand the target customers better. It has established the existing products and services and the areas of problems they are solving. The refined business-to-business model has dramatically lower price points, making them enjoy a market value in a business-to-business engagement.
There is a market for the business-to-business concept as the participants resolve the business needs, including selling particular products or offering services that can make their operational processes more effective (McGee, 2019). For instance, an automobile manufacturer buys robotic machines from a robotics manufacturer, which helps in increasing their productivity. The business-to-business concept focuses on identifying an opportunity to benefit from an idea. However, we can compete and win as analytical methods, convergent thinking, and focus on competitive advantages. Its organization is well-structured with official rules and routines, well-defined boundaries, and a well-calculated culture. Most importantly, the business will win due to predictable patterns, known risk factors, apparent success factors, known players, and predictability. The development strategies are well-defined and incremental with known dilemmas, cash flows, and clear objectives.
The leadership position for the business-to-business concept will endure due to robust strategies laid down by the business stakeholders. Knowing the players in the market and having well-defined business-to-business boundaries enable the refined business to survive in the leadership position. The refined company endures at the leadership position with corporate social programs due to sustainable operations that serve as definers of various business categories and subcategories. The businesses intend to have a good relationship with each other, and social programs can provide a reason to exclude the competitive brands. However, issues such as using the wrong systems to reach other businesses and lack of problem-solving skills are the issue that affects the refined businesses. Also, the areas of uncertainty that will determine whether the concept is a success include the use of technology, government policies governing business-to-business models, and technology. Therefore, a well-defined business concept results in success.
Bischof, S., & Rudolph, T. (2021). Consumer Goods Subscriptions: How to Win in Retail in the 21st Century. Walter de Gruyter GmbH & Co KG. Retrieved from https://books.google.com/books?hl=en&lr=&id=qw1QEAAAQBAJ&oi=fnd&pg=PP5&dq=consumer-goods+concept&ots=ePhI-bKNv_&sig=teFnTeM-lnPVfxinudDiSVLaqhE
Kirk, N. H., & Zollo, L. (2021). Talking to Customers and Looking for Problems. In European Venture Toolbox: The Path for SMEs to Grasp and Defend Opportunities. Emerald Publishing Limited. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/978-1-80117-318-620211002/full/html
McGee, J. E., Peterson, M., Mueller, S. L., & Sequeira, J. M. (2019). Entrepreneurial self–efficacy: Refining the measure. Entrepreneurship Theory and Practice, 33(4), 965-988. Retrieved from https://journals.sagepub.com/doi/abs/10.1111/j.1540-6520.2009.00304.x