Entrepreneurship & Marketing Strategy

This assignment delves into the crucial relationship between entrepreneurship and marketing strategy. It requires you to analyze how entrepreneurial ventures develop and implement effective marketing plans. Key areas of focus include understanding target customer needs, crafting compelling brand identities, and leveraging digital platforms for market reach. The assignment emphasizes the practical application of marketing principles within the dynamic context of starting and growing a business.

Running Header: Managing Business
Managing Business
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Managing Business
Executive Summary
The below presented assignment has been made focused on the process and practices involved
for managing a business. The task comprise of the management activities executed for
developing and managing the business practices of Honda Motor Ltd. Due to an increase in the
intensification in the competitive environment the business entity is planning to establish the
venture in new region. The selected region is Vatican City and for which the below executed
analysis has been executed. The analysis comprise of the critical analysis of the external
environment of the Vatican city for Honda Motors Ltd for establishing the business. The nest
part contains VRIO analysis that has been executed for evaluating the resources and capabilities
of the business firm. And at last the significance of the decision making process has been
described.

Managing Business
Contents
Introduction......................................................................................................................................3
Critical analysis of external environment........................................................................................3
Manipulating and stretching the resources and capabilities............................................................4
Aids of decision making process.....................................................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

Managing Business
Introduction
Organizing and coordinating the activities and operations of a business corporation in order to
attain the desired targets can be termed as the process of managing business. Some times
management can also be considered as one of the empirical component in the process of
production along with machines, materials and money. Effectiveness and efficiency in
maintaining the business activities and operations will lead the entity towards the high peaks of
success and growth (Armelini & Villanueva, 2011). Managing a business is a crucial task for any
of the business corporation. There are three hierarchical levels within a business entity that are
the operational, the management, and the executive. These hierarchies are considered as
significant and are accountable and all the business goals must funnel towards upward and
downward direction for fulfilling the success criteria for the business. The core operations or at
the heart of the business is setting the objectives and goals/ and also monitoring and gauging the
individuals on their achievement. The below presented analysis has been presented on the
evaluation of different management styles and decision making in Honda Motor. Due to increase
in competitiveness the entity is planning to establish venture in Vatican city.
Critical analysis of external environment
Analyzing the external factors that are held responsible in stimulating the business environment
of an organization can be termed as the process of analysis of external environment. Honda
Motor Ltd. can make use of various approaches for analyzing the external environment
(Armstrong et al., 2015). PESTEL analysis is the best approach that can be used and the same is
described as follows:
Political: The political factor is one of the vital factors of the external environment and is also
held liable in stimulating the business environment and the operations of the business
corporation. As per the given scenario, it has been estimated that the Vatican City is expecting
positive changes of growth and developments in the economy due to the next election. The
Vatican City is located in a limited area and due to which the governing authorities denied many
business activities and investments of firms (Baker, 2014). The governing authorities are also
trying to bring enhancements in the areas where for the emergence of establishments. And hence
if the business corporation is planning for establishments in Vatican City then they should cope-
up with the governing authorities.
Economic: The economic factors comprise of the interest rates, fluctuations in the tax rates and
GDP etc. Moreover, it has been observed that the current economic trend is experiencing
fluctuating that will affect the business activities. The Vatican City has a pool of skilled labor
and low employment opportunities are available (Baum, Frese and Baron, 2014). This scenario
will be proven beneficial for the business entity as while establishing in the region the
requirement of the skilled labor will be fulfilled. It has also been found that region is
economically stable and acceded to WTO in 1998 and also has backing of IMF.

Managing Business
Social: On the basis of the analysis it has been noted that the country is the smallest region
amongst European region and hence the country is trying to bring an increase in the in
population and growth rate. The social communities are very limited and hence the business
entity will have to serve special focus towards them so as to ensure effective and efficient
delivery of products and services (Bhachu, 2017). Moreover, by focusing on the social aspects
the business corporation can bring an increase in the goodwill and brand equity. And hence being
socially aware proves beneficial while the entity is expecting to establish the business.
Technological: This component has been considered as one of the biggest and essential
requirement for any of the business enterprise. Technology is also considered as one of the pillar
of the base for the firm (Bienkowski et al., 2010). This aspect will aid the firm in attaining the
goals and objectives and also will maintain the sustaining position of the enterprise in the
competitive environment. On the basis of the research it has been observed that the Vatican City
is trying to improve the infrastructure facilities and also seeking for technological developments
and advancements. And as Honda Motor is planning to establish the venture in the region then
technological aspect is one of the most considerable components for the entity.
Environmental: Under this aspect the business entity should ensure that the manufacturing
process and other operations executed in the business entity should be environmental friendly.
The firm is required to be aware of all the activities and aspects that can cause harm to the
environment and for which the enterprise should also make adoption of preventive measures. If
the firm is environmentally aware then there will be an increase in the goodwill and market
share.
Legal: This factor comprise of the rules and regulations, the norms and legal obligations of the
entity and that are required to be adhered by the business firm (Bruni, Gherardi and Poggio,
2014). The legal aspects may fluctuate with the change in the governing authorities and that will
also change the legal aspect. The business entity will have cope-up with the legal environment
of the Vatican City so as to develop a smooth flow of operations and functionalities.
Manipulating and stretching the resources and capabilities
Resources and capabilities are the factors that enable the business entity to perform the various
operations and functionalities within the business entity. The business entity should make use of
various tools and mechanisms for manipulating and stretching various resources and capabilities
of the firm. Honda Motors Ltd can make use of VRIO analysis for executing the process of
manipulation. This tool will be proven very much beneficial for the analyzing the internal
sources and capabilities of the business (Deakins and Freel, 2009). On the basis of the survey it
has been observed that Jay B Barney introduced this framework tool in framework tool in 1991
in his work ‘Firm Resources and Sustained Competitive Advantage’. VRIO as a framework can
be utilized for evaluating the capabilities and resources of the firm such as financial, human,

Managing Business
material and non-material resources and capabilities. The below presented is the VRION analysis
for Honda Motors Ltd that will be proven beneficial in number of ways:
 Value: The resources available with the business corporation should be able in offering
competitive advantage for the firm (Dorn and Suessmair, 2017). The resources play an
integral role in providing support to the operations and functionalities within the
organizational structure. The resources should be able enough and efficient in exploiting
the weakness and elevating the threats in the market place. Moreover, the concept also
comprise of the various methods and mechanisms that can be utilized by the business
entity for attaining the resources and capabilities required by the entity from the market.
 Rarity: The resources that are easily available and are also available for all the
competitors rarely provide any kind of benefits and are also not that significant for the
business entity. And hence the firm should analyze the resources and capabilities that will
aid the entity in attaining competitive advantage (Lam and Harker, 2015).
 Imitability: An ideal resource is difficult to be obtained by competing business. This
factor comprises of the issues and the limits imposed over the business entity while
attaining or obtaining the sources from the market.
 Organization: This means developing substitutes, the resources available with the
business entity should be tough for the competing brands while developing substitutes..
Or the resources should be ideal or unique and should not be substituted by any other
resources.
The above-presented analysis has been made focused for generating resources and capabilities
for Honda Motors Ltd in Vatican City and is also considered as a complement for the PESTLE
analysis. According to this analysis the macro environment of the business organization is also
assessed.
Aids of decision making process
Decision making process is making the best choice from the various alternatives available with
the business corporation. And there are number of alternatives found in the organization and in
the departments. Before making the decision process of evaluation should be evaluated so as to
get aware of the advantages and disadvantages. The process aids in developing and bringing out
the best outcomes (Lee, Barker and Mouasher, 2013). This can also be considered as the most
significant function of the management. Decision making process is very much significant and
organizing, directing, controlling, staffing can’t be conducted without them. The below described
are some of the advantages that will be assisting Honda Motors Ltd in the decision making
process:
Implementation of managerial function: It will be proven very much difficult to execute
different managerial functions without decision making process (Hail, Leuz & Wysocki, 2010).
For instance, an individual working in Honda Motors will be working through decision making

Managing Business
functions. And hence it can be said that decision making function plays an integral role in the
implementation process of managerial function.
Pervasiveness of decision making: Taking decisions has been considered as the one of the
significant step during all the managerial activities and functions within the business entity
(Nunan & Di Domenico, 2013). Decision plays an integral role in all kinds of function and
without which no operation executed is possible.
Evaluation of managerial performance: The managerial performance can be evaluated by
taking help of the decisions taken by them (Pardalos and Tsitsiringos, 2013). For instance, when
the decision taken is correct then it will be considered that the manager is qualified, capable and
efficient. And whereas the decision is wrong the manager is expected to be disqualified.
Helpful in planning and policies: The decision making process is very much capable in
assisting the management while developing the plans and policies. Any kind of policy or plan
will be established by taking the support of the decision making (Renton et al., 2015). No plans
and policies will be performed without decision making. Moreover, appropriate and accurate
plans are required to be developed for implementing plans and policies.
Selecting the best alternatives: On the basis of the research it has been concluded that the
process of selecting the best alternatives is termed as the decision making process (Scarborough,
2015). And hence it is of very much significance for each and every business corporation to have
varied range of alternatives from which the selection can be made and appropriate decision can
be taken. The decision making team should evaluate various advantages and disadvantages of
every alternative and select the best alternative.
Conclusion
In the limelight of the above executed analysis it has been concluded that managing business is
one of the crucial task for any of the business entity. The above presented report has been
analyzed for the business establishment plan of Honda Motors in Vatican City due to an increase
in competitive environment. The assignment comprise of the analysis of the external
environment and also of the resources and capabilities available with the firm. And at last the
benefits of the decision making process has been evaluated.
Recommendations
As Vatican City is limited in terms area and population, Honda Motors should make use of a mix
of contemporary and traditional and contemporary means of promotional tools for promoting the
business. This will aid them in covering all types of audience. Moreover, the business firm
should provide training sessions regarding the enhancement of the communication skills to the
staff of the firm and also to the workforce at the showrooms so as to have interactions with the
customers and also developing bonds with them will be easy.

Managing Business
References
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insight, vol. 9, pp.29-36.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction.
Pearson Education.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Bienkowski, M., Feldmann, A., Jurca, D., Kellerer, W., Schaffrath, G., Schmid, S. & Widmer, J.,
2010. “Competitive analysis for service migration in vnets”, Proceedings of the second ACM
SIGCOMM workshop on Virtualized infrastructure systems and architectures, pp. 17-24.
Bruni, A., Gherardi, S. and Poggio, B., 2014. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Deakins, D. and Freel, M.S., 2009. Entrepreneurship and small firms. McGraw-Hill College.
Dorn, T. and Suessmair, A., 2017. Determinants in Pay-What-You-Want Pricing Decisions—A
Cross-Country Study. American Journal of Industrial and Business Management, 7(02), p.115.
Hail, L., Leuz, C. & Wysocki, P., 2010, “Global accounting convergence and the potential
adoption of IFRS by the US (Part II): Political factors and future scenarios for US accounting
standards”, Accounting Horizons, vol. 24 (4), pp.567-588.
Lam, W. and Harker, M.J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal, 33(3), pp.321-348.
Lee, K.H., Barker, M. and Mouasher, A., 2013. Is it even espoused? An exploratory study of
commitment to sustainability as evidenced in vision, mission, and graduate attribute statements
in Australian universities. Journal of Cleaner Production, 48, pp.20-28.

Managing Business
Nunan, D. & Di Domenico, M., 2013, “Market research & the ethics of big data”, International
Journal of Market Research, vol. 55 (4), pp.505-520.
Pardalos, P.M. and Tsitsiringos, V. eds., 2013. Financial engineering, E-commerce and supply
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entrepreneurial marketing and SME approaches to brand management. Journal of Research in
Marketing and Entrepreneurship, 17(2), pp.149-164.
Scarborough, N.M., 2015. Entrepreneurship and effective small business management. Pearson
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