International Entrepreneurship Report: Ansoff Matrix and Wenzel's

This report delves into the realm of international entrepreneurship, focusing on the application of the Ansoff Matrix for Wenzel's, a company in the fresh bread and cakes industry. The report explores various market entry strategies, including market penetration, product development, and diversification, and provides a critical evaluation of the Ansoff Matrix as a marketing planning tool. The analysis considers the internationalization of firms and the role of entrepreneurs and networks. The report also discusses the selection of target markets and the potential risks and benefits associated with different growth strategies. The reflection section highlights the student's learning experience, including the challenges faced in applying the Ansoff model and the insights gained regarding the importance of strategic marketing and business expansion. The report concludes with a summary of the findings and recommendations for Wenzel's international expansion.

INTERNATIONAL
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
TASK 2 ...........................................................................................................................................1
Critically evaluation one model used and define what you have learnt through reflection. .......1
CONCLUSIONS..............................................................................................................................3
REFERENCES................................................................................................................................5
.........................................................................................................................................................6

INTRODUCTION
International entrepreneurship is an approach that considers the internationalization of
firms that has strong influence of entrepreneur and networks of the entrepreneur that has
established with foreign actors (Akhmetshin and et.al., 2018). It is an approach that almost
considers the internationalization of firm. Hence, international opportunity mainly focused on
systematic activity.
Therefore, it can be said that internationalization is one of the driving force behind
growth of economy. Thus, present report is based on business activities of Wenzel's and this
entity deals in fresh bread & cakes, it is growing company with great opportunity.
Thus, present report has covered various activities as to select and apply model and
theories to develop internal market entry strategy with model as Ansoff matrix.
TASK 1
Covered in ppt
TASK 2
Critically evaluation one model used and define what you have learnt through reflection.
It is one of the marketing tactic that employed by multinational companies. Hence,
strategy that enables individual subsidiaries of the multinational to compete interdependently
with wide range of domestic markets. Ansoff model is marketing planning model that aids to
business in determining its product and market growth strategy. It is model that aids to put
focuses on selling existing products into existing market (Akhmetshin and et.al., 2018).
Therefore, this is essential for strategic marketing planning and it also enables to look at
the opportunities to grow revenue for entity to with help of developing new product and services.
It is one of the most widely used marketing models. In addition to it, this is term that works as to
evaluate the opportunities for companies in order to enhance sales through alternative
combination for new market again product and services. Hence, it can be stated that Ansoff
model is kind of marketing tool that supports the firm to determine its product and market
growth strategy. If particular product of firm has arrived at the end of its life-cycle then firm
need to proceed.
Thus, market penetration is not an option because of the age of the product but eventually
it decides to proceed with product innovation because it has already succeeded with this strategy
(Antoncic and et.al., 2015). It is helpful to introduce the product into existing market. Thus,
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Wenzel's adopts the diversification strategy then it must have idea about what it expects to gain
from the strategy. Therefore, the main beneficial aspect of diversification is that it is helpful in
minimising the risk of loss and to have reduction in potential losses of investment.
This term specifically used in order to increase the sales of good and services (Coffie and
Blankson, 2018). Hence, global strategy defined as strategic management, source of competitive
advantage, foreign market entry and emerging economies. Therefore, it is defined as a strategic
guide to globalisation it will be helpful in order to expand the business activities in more
profitable and productive mode (Bronfenbrenner, 2017). Thus, target marketing is very
systematic approach that aids to connecting with the defined group within the market. Under this,
tourists can be selected on the basis of region, national and sub nation boundaries.
Under the growing market, by maintaining its market share will enhance growth in
market (DeTienne, McKelvie and Chandler, 2015). Market penetration has its own limits and if
once the market has approaches the saturation another strategy must be adopted if entity wishes
to grow continuously. Hence, the entity as Wenzel's can adopt this strategy to expand their
services in market of Austria and Sydney. With aid of it, entity can able to growth their market.
By developing product and services the firm must have better expansion into a new market. In
addition to it, this can be stated that market development strategy has wide range of risk than
market penetration strategy (Czarniewski, 2016.). It is beginning with ideation and concept of
generation and ending with commodity introduction to the market. By developing core
competencies of commodities the enterprise can perform in effective and efficient mode.
Reflection-
I have undertaken research in terms to develop an international marketing strategy for
Wenzel's. Thus, I have used wide range of strategies as multi-domestic, transactional and global
strategy. To make this effective, I have selected two countries to promote the product and
services of quoted enterprise and that is as Austria that is in EU and another is Sydney that
belong to Australian country. In order to have expansion in product and services, the Ansoff
model has been used. It is marketing planning model that aids a business in terms to determine
its product and market growth strategy. Therefore, this matrix suggests that business attempts to
grow their functions in new and existing market. I have identified that this is one of the
suggestive growth strategies that helps to set the direction for business function and aids to
streamline the operational functions. It is one of the new product development strategy that aids
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to caters under existing market in the better approach. I have identified that this is the strategy
that aids to select the detailed insights of customer needs.
Therefore, I have learnt that Ansoff theories takes a considerable place in evolution of the
strategy research. Thus, there are four types of strategy as penetration, product development,
diversification and market development. I must say that this is technique that firm tries to
enhance its penetration of market with the existing commodities. The firm has tries to enhance its
penetration of market with an existing product. Under this strategy, I have evaluated that
diversification strategy is most risky as it distracts the company from its production and
marketing. In order to evaluate any market penetration strategy the entity needs to undergo with
criteria as cost of work, cost of resources, productivity of work and promotion cost. Hence, I
have identified that this is the strategy that aids to determine the growth of business. It is most
commonly used tool as SWOT. I have identified that it is the one of the effective communication
tool that aids to see possible growth for enterprise. I have also noticed that new developments
can be influenced by customer feedback.
Thus, good strategic marketing consultant will help the business to look towards things as
gaining new customers, increased revenue and effective company growth. Moreover, it can be
stated that Ansoff matrix must be used to have better development in new market and it will also
lead to have beneficial growth strategy. Hence, its defines the suggested growth strategy that aids
to set the direction for the business strategy. In order to have internation expansion, I have also
identified that I have lacking some skill and that was barricading me to have better
implementation. I was not having the idea about the usage of Ansoff model in terms to business
productivity and profitability. Hence, it is helpful in terms to identify the growth and to take
better evaluation so that each things can be directed effectively. In addition to it, I have identified
that Ansoff matrix will aid to evaluate the growth strategies and it will also help in order to have
expansion of functions within market. By the implication of Ansoff matrix I have identified that
it is one of the effective strategy that aids to selling existing products into the existing market. By
undertaking innovative approaches the entity can produce better products. It is one of the
strategic tool that aids to enhance the working of enterprise by selecting proper strategy.
CONCLUSIONS
Hereby, it can be concluded that international approach is one of the system activity and
it is one of the most vital driving forces behind the economic growth. Therefore, this kind of the
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systematic perspective allows to have the better understanding of collectivity of international
opportunities. Thus, present report is based on the business activities of Wenzel's. It is firm that
is engaged in product and services of bakery. Hence, the report has covered the activities as to
draw highlights on the models and strategies that helps to conduct better working practices and
to target the audience so that firm can able to promote better productivity.
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REFERENCES
Book & Journal
Akhmetshin, E. M and et.al., 2018. Freelancing As a Type of Entrepreneurship: Advantages,
Disadvantages and Development Prospects. Journal of Entrepreneurship Education.
Antoncic, B and et.al., 2015. The Big Five Personality–Entrepreneurship Relationship: Evidence
from S lovenia. Journal of Small Business Management.53(3). pp.819-841.
Bronfenbrenner, M., 2017. Income distribution theory. Routledge.
Coffie, S. and Blankson, C., 2018. Strategic prescriptive theories in the business context of an
emerging economy. Journal of Strategic Marketing. 26(5). pp.373-384.
Czarniewski, S., 2016. Small and medium-sized enterprises in the context of innovation and
entrepreneurship in the economy. Polish Journal of Management Studies. 13.
DeTienne, D. R., McKelvie, A. and Chandler, G. N., 2015. Making sense of entrepreneurial exit
strategies: A typology and test. Journal of Business Venturing. 30(2). pp.255-272.
Online
Ansoff Matrix. 2017.[Online] Available
through:<https://www.tutor2u.net/business/reference/ansoffs-matrix>.
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