International Entrepreneurship for Cake Box Ltd

This document discusses the concept of international entrepreneurship and its application in the case of Cake Box Ltd. It includes a critical evaluation of the marketing mix model and its benefits for the company. The document also reflects on the learning experiences and future plans in the field of entrepreneurship.

International
Entrepreneurship for
Cake Box Ltd

Table of Contents
CRITICAL EVALUATION............................................................................................................1
REFLECTION.................................................................................................................................3
REFLECTION ON ENGAGEMENT.............................................................................................6

CRITICAL EVALUATION
Model or theory to be critically evaluated:
Marketing Mix Model
Diagram of model or theory:
The diagram of marketing Mix model is as follows:
Critical evaluation:
In the CW1, wide number of models or framework including SWOT Analysis, Competitors
analysis, STP analysis, Marketing mix and hence forth are used for make decision for betterment
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or expansion of the Cake Box Ltd. From the all, Marketing mix is the model that is used for
managers to estimate impacts that marketing tactics have on sales and further helps in forecasting
influences on future tactics set.
As per the statements of Verma and Singhs (2017), it is critically evaluated that Marketing Mix
Model benefits Cake Box Ltd is setting clean mix creation through involving all the P’s and then
making attempts towards objective attainment. When all the P’s are compatible with each other
then it makes string bonds of chains to make offering successful. Through implementing the
model, the managers attain success in developing a total new product, setting prices, making
promotions, involving people and many more that in different situations. Moreover, use of model
stimulates reflective together with critical thinking of the company and its members which
allows accepting and appreciating the existing position and the ways that are adopted to sustain
it. The wide applicability of the model across variations in organisational requirements also
benefits in analysing situations of specific function or unit to make things staple for business
planning. For marketing mix model, various leadership theories such as transformational,
situational and transactional theories are required so that activities are carried out effectively. For
example, situational leadership theory helps leaders of the company to adopt suitable style as per
the pertaining situations while making decision about its elements that are product, price,
promotion, physical evidence and so forth. The model also benefits the business through
providing guidelines to improve conditions or situations that hampers organisational practices.
The other benefit that is achieved by company through the model is differentiation. Using
marketing mix model, the entity makes huge actions to differentiate itself from its existing rivals.
Through this, the managers analyses the ways other promote the products and can make efficient
strategies for create different place in market and attracting large audiences. It is also beneficial
in evaluating specific supply source, product market, process of business and implementing
technology in order to implement elements of marketing mix. The other advantage that is
experienced by the cake company through implementing marketing mix model is becoming
dynamic as it assists in becoming well prepared for the uncertain disasters that might occur and
strike out its practices. There are situations like recession and poor business environment that
requires company to be become responding in each circumstance. By understanding its elements
including people, process, process and other P’s, the managers responds in better agility manner
and in quick timings. It helps in collecting both qualitative and quantitative information from
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various sources that are used to meet requirements and attaining objectives successfully. The
model also forces managers in positive direction for looking itself so that all marketing mix
elements are recorded along with looking towards situations that are pertaining in the industrial
as well as economic environment wherein operations are performed. The model makes the
business more knowledgeable about the market size, revenues and position that are hold by the
company so that further actions are described for expansion in targeted market that are France
and India.
In accordance with thought of Bradford and Boyd (2020), it have been critically evaluated that
there are some demerits or critiques of the Marketing Mix Model. One demerit is requirement of
significant time as well as cost. It is well said that analysing elements of the marketing mix
requires huge time, resources and money due to wide number of involvement of wide processes
and programs to carry out plan. Along with this, the model only focuses on short term objectives
rather than giving importance to longer equity building practices and other. Moreover, the
analysis also fails in providing effective mechanism to rank items in the list as well as
determining weight of identified factors. It does not provide any suitable mechanism to Cake
Box Ltd for the purpose of dealing with overlaps. As a result, it become quite complex for the
managers of firm to determine the amount of specific factor’s truly impacting objectives or
goals. The framework do not provide any standards or benchmark related to what is to be
included in each element for the purpose of differentiate the organisation. It is also see that the
some of its elements are not stable that acts as recipe for disaster to business.
References:
Bradford, T. W. and Boyd, N. W., 2020. Help Me Help You! Employing the Marketing Mix to
Alleviate Experiences of Donor Sacrifice. Journal of Marketing. 84 (3). pp.68-85.
Verma, Y. and Singh, M. R., 2017. Marketing mix, customer satisfaction and loyalty: an
empirical study of telecom sector in Bhutan. Indian Journal of Commerce and
Management Studies. 8 (2). p.121.
REFLECTION
What?
The entrepreneurship module enhanced my learning and knowledge towards the mechanisms
adopted by an organisation to properly handling situations, taking risk and managing the
business. From the formative feedbacks, international entrepreneurship and learning approaches,
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I improves my understanding towards strategies and programmes that are necessary to be
devised and implemented for achieving successful outcomes. This resulted in positive experience
for me as I have learned numerous concepts about entrepreneurship and all these assisted me in
developing my potentials for dealing with issues and obstacles which can hamper my coming
future success or career. Apart from this, the module also impacted negatively on my experiences
due to involvement of factors or challenges that I faced in analysing collecting information about
distinct aspects. The main area in which major focus is given is the market where the company
can expand the business and uses effective strategies (Bernal and Liñán, 2013). In doing so, I
identified that Cake Box Ltd can expand in markets of India and France through adopting market
entry strategies such as franchising to enter in the overseas market. I also experienced that
academic content of information about entrepreneurship along with models of marketing
underpins my description about the experiences in the field. Framework of marketing mix model
also underpinned my knowledge about key elements such as product, place, process and other
P’s which assist business to move towards expansion directions in different nations.
So What?
From the module, I learned that proper communication is important for initiating workings
towards achieving success. At deeper level, information about market entry strategies are gained
that helps an enterprise to expand over overseas market (Hager and Beckett, 2019). With this,
business like Cake Box Ltd can capture wide market share, customer loyalty as well as can
sustain brand image. Various issues were also analysed by me in the module that are similar in
business types that have objectives of expansion in international market. Along with this, the
module helped me in enhancing entrepreneurial abilities for taking decision in context of
performing business operations in different countries through different strategies, tactics and
policies. This strengthens my skills and abilities to make decision in future at the time I become
entrepreneur of a business. I analysed that the experience that I gained is totally related with
entrepreneurship theory and it is because there are various elements defined in the theory which
are adopted by business person while setting enterprises and attaining positive results. The main
learning that is analysed by me in the module is about handling complexities in peaceful manner
so that proper decisions are implemented in overcoming form issues that impact drastically on
business. he formative feedback that tutors provided means to says that some changes are
required in making the assessment of entrepreneurship up to the standards level. The models and
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frameworks direct me towards engaging in the field with huge enthusiasm.
Now What?
From the insights which I achieved from feedbacks and learning approaches, I will initiate my
workings towards establishing enterprise and managing it properly to make image in the
international market. Moreover, I will also work towards diversifying my knowledge in the
entrepreneurship field so that I can make accurate decision for the field or sector in which I will
open the enterprise. I will apply my knowledge and information in completely different ways
that will help me in differentiating myself from those of others. The information collected by me
will be applied in practical life scenarios and the results will be evaluated so that decision
making is done effectively. Between me and others, the comparison in applying the information
will be seen in the ways entire entrepreneurial workings are completed by adopting different
styles. For example, other business can apply transactional or transformation style to get work
accomplished. In contrary, in my case, I will use situational style so that I can adopt changes
according to pertaining circumstances to complete entrepreneurial activities. In the whole
module, the things that went well are communication and marketing practices that I wish to
apply in my future. It is significant to have proper communication in workings and appropriate
marketing practices so that wide audiences are encouraged or influenced to buy the offerings that
meet their satisfaction (Maker, 2020). The two skills which I need to develop for my future are
team training skills and learning through case study skill. Moreover, the other things that also
went well include learning of styles and practices of entrepreneurship which I will use again and
again in upcoming duration. I also think that I must avoid sharing my thoughts and ideas with
others as sharing can interrupt the business practices and can result in barriers of goal
achievement.
References:
Bernal, A. and Liñán, F., 2013. The personal dimension of an entrepreneurial competence: an
approach from the Spanish basic education context.
Hager, P. and Beckett, D., 2019. Issues Concerning Related Topics Such as Skills, Competence,
Abilities and Capabilities. In The Emergence of Complexity (pp. 55-81). Springer,
Cham.
Maker, C. J., 2020. Culturally Responsive Assessments of Spatial Analytical Skills and Abilities:
Development, Field Testing, and Implementation. Journal of Advanced Academics,
p.1932202X20910697.
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REFLECTION ON ENGAGEMENT
Number of sessions attended:
I attended around 15 sessions.
Explanation of along with reflection on any absence:
The sessions that I failed to attend resulted in negative consequences on my knowledge as I was
not able to grab information related to innovation, principles of marketing and many more. Due
to this, I noticed that I missed out important sessions of the module that restricts applicability of
entrepreneurship context in real life.
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