This website uses cookies to ensure you have the best experience. Learn more

Market Orientation As The Prerequisite For Successful Entrepreneurship

2947 words - 12 pages

1.IntroductionMarketing is a management function that is typically used to identify and understand the consumers' needs and wants. It then coordinates with the rest of the organization in order to deliver the superior value to at least match the needs and wants (Kara, Spillan & Deshield, 2005: 106). Marketing academic advises that firms' activities should be drove by the philosophy of the marketing concept. Marketing academic also beliefs that firms' superior performance will be the inevitable result if they can adopt this philosophy and effectively convert is to actions. (Pelham, 2000: 48). However, we cannot deny the predominant contribution of the philosophy of the production orientation in the last century. There are many firms that had succeeded with focusing on technical or production capabilities, instead of applying the market orientation. Nevertheless, the time has been changed. Along with the trends of globalization, deregulation, and more sophisticated customers, have all resulted in a more intense competitive environment (Pelham, 2000: 48). Thus, the philosophy of the marketing concept will become more and more vital factor for any sizes of businesses, which can decide the life of the business.Market orientation has been identified as the most crucial success ingredient for both small and large companies (Verhees, 1999: Online). Unfortunately, many small businesses' failure results from the ignoring the factor of market orientation. The lack of understanding about the target market can be ranked the top 10 reasons for small business failure. Due to the ponderance of this factor, it can quickly lead to many other problems, such as cash flow problem.2.The meaning of entrepreneurship"Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence" (Hisrich & Peters, 2000: 9). In South Africa, the small, micro and medium-sized (SMMEs) enterprises play a significant role in the country's economy to provide jobs, stimulate growth, and ensure equality (Plessis, 1996:163). In terms of entrepreneurship, however, does not only focus on the SMMEs, but also deals with all sizes of companies, even in government organizations (Plessis, 1996: 56).2.1 The difference between entrepreneurship and small business managementBoth entrepreneurship and small business management are important components to nation's economy. Due to their difference of pursuing and creating opportunities, fulfilling ambitions, and challenges to economic policy maker, it is therefore necessary to draw a distinction between them (Wickham, 1998: 18). The following three aspects can mainly distinguish the entrepreneurial venture and small business:InnovationAn entrepreneurial venture is characterized by a prominently innovative nature. It based on creative ideas, mobilize...

Find Another Essay On Market orientation as the prerequisite for successful entrepreneurship

'The history of news since the nineteenth century has been the history of a translation from popular defined as "for the people", to popular as "for the market"'

2744 words - 11 pages 'The history of news since the nineteenth century has been the history of a translation from popular defined as "for the people", to popular as "for the market"' (Hartley, 1982:130). Discuss with reference to examples from today's popular press.This essay will begin by defining the press as popular "for the people". Newspapers were once the bearers of education, in all it's shapes and forms, working for the benefit of the people. Now, the

Friendster, a new social networking entrepreneurship. Define the market sytstem, and creative destruction. Will this entrepreneurship become a victim of creative destruction

709 words - 3 pages added" services, such as job referrals and classmate searches. Google.com, who tried to buy Friendster last October for $30 million, has launched their own social networking site, Orkut, which is a potential threat to Friendster. With the 20 something crowd being very faddish, its has been said that Friendster may have already reached their peak, but John Abrams is undeterred and confident, knowing that a goodexit strategy for Friendster is

Training as the most important aspect of successful employment

2142 words - 9 pages duties effectively, accurately, and professionally. This guidance is essential to provide employees with the correct information as well as the confidence to participate fully. As a part of the development plan for the employee training around the Telemedicine implementation, Capstone Health Consultants is recommending that one of Utopia Medical Center initial steps is to perform an evaluation of how change is managed with their organization

How far is Descartes’ Argument from Indivisibility successful as a justification for the need of a metaphysical distinction between mind and body?

841 words - 3 pages How far is Descartes' Argument from Indivisibility successful as a justification for the need of a metaphysical distinction between mind and body? Descartes introduces the argument from indivisibility by positing what he discerns as the fundamental difference between the mind and body, stating that "...the body is by its very nature always divisible while the mind is utterly indivisible." (Descartes, 1641 6th Mediation). The distinction is

The Market for Alcoholiic Beverages

1438 words - 6 pages ECON 1101 - The Market for Alcoholic Beverages Andrew Fontaine (2148 8547) An important purpose of this study has been to search for differences in economic factors, prices and incomes to explain the differences in the consumption of alcoholic beverages. The effects of the prices and incomes on consumption are measured by elasticity’s, which include price elasticity. Price elasticity of demand is a measure used in economics to show the

The Tests for Market Efficiency

2337 words - 9 pages means that neither the fundamental analysis related to analysis of financial information of the company such as earnings, capital stock etc nor the technical analysis related to the analysis of historical performance of the stocks of the company enables the investor either experienced or not to get return over and above the average return of the market by holding any portfolio of stocks with average market risk. A random walk and efficient

The Underground Market for Drugs

1971 words - 8 pages The underground market for drugs is like any other market economy. Like all other markets, it is governed by the forces of supply and demand. When speaking about these concepts, it is valuable to have a concrete definition to return to. Supply, as defined in “Essentials of Economics” is “The ability and willingness to sell (produce) specific quantities of a good at alternative prices in a given time period, ceteris paribus.” (Schiller, 50

The Housing Market as an Economic Indicator

2259 words - 9 pages rates were blamed for the bust. A recession was brewing as housing purchases fell off and only 42% of all housing for sale actually sold. Political efforts were in progress to encourage house buying. Rock bottom selling prices and low mortgage rates encouraged some purchasing. The housing market was still in a slump and signs showed that it had become a buyer's market. Housing purchased in the boom of the early 80s showed a 50% depreciation from

Croatia as a Potential New Market for TESCO

1446 words - 6 pages the brand for a positive shopping experience and value. Another strength of TESCO is its strong online database. Due to its wide network of suppliers from around the world and TESCO’s high volume of goods purchased daily, they are able to have extremely competitive pricing. TESCO has a strong base in the UK marketplace, which represents as its core market. Weaknesses Nearly half of TESCO stores worldwide are located in the United Kingdom. This

The Leadership Qualities Necessary for a Successful Manager

2373 words - 9 pages Leadership qualities necessary for a successful ManagerIntroductionManagers usually have goals and objectives to achieve. And to do this, they would normally be required to utilise, appropriately, the resources available to them. People constitute a very important part of such resources that are available to the manager. According to Drucker (1968), a manager is someone who works with, and through people towards the achievement of set objectives

The Market for the School Uniform Business

1348 words - 5 pages The Market for the School Uniform Business Uniform Co. has operated in this district for the past ten years established itself only within the blue-collar market. Uniform Co.'s uniform producing machines are operating at fifty percent capacity and we have a surplus of employees. To achieve optimum profits the company must ether layoff part of its staff or expand its business into other markets. Uniform Co. has a good reputation of treating

Similar Essays

The Market Orientation Of Coca Cola Essay

656 words - 3 pages The Market Orientation of Coca-Cola I had researched the information by contacting the Coca-Cola's customer service help-line for an information pack and by contacting The Coca-Cola Company's Industry and Consumer Affair's officer (Alneka Warren) by email. I have also visited the Business library for further information relating to Coca-Cola and used various textbooks and various web sites from the internet. The two marketing orientations

The Readiness For Entrepreneurship Training Project

916 words - 4 pages The name of project is the “Readiness for Entrepreneurship (RE)”. The RE program helps the targeted people who are unemployed, and are interested in starting a business at the local level (for cities or counties). Once applicants are selected by objective criterion, the admitted applicants are eligible to get education of specific skills for six months or one year. The period of training will be depending on the area of establishment. In

The Core Idea In Marketing Is Often Called The Marketing Concept Or Market Orientation. Discuss How Market Orientation May Help To Achieve Positive Net Marketing Contribution (Nmc)

984 words - 4 pages This paper will discuss the importance of market orientation and how it supports any organization's overall goal of achieving a positive Net Marketing Contribution (NMC) to any of the (often costly) marketing activity that it undertakes. The definition of both of these concepts will be integral to the ensuing discussion.Market orientation according to Narver and Slater as cited in the 2007 Garcia de Madariaga and Valor article, "is the culture

What Is Meant By The Derived Demand For Labour Why Is The Labour Market Regarded As A Factor Market?

766 words - 3 pages Labour is the human element in the production process. It is the intellectual and physical effort of people in production. The labour market is a factor market where the demand and supply of labour interact to determine the wage rate and the allocation of labour resources in the economy.The demand for labour is derived form the demand for the goods and services that labour is used to produce. The demand for labour is influenced by the level of