International Entrepreneurship: Reflection on Feedback and Sessions

This report provides a reflection on international entrepreneurship, focusing on the application of various models such as PESTLE, Porter's diamond, Porter's five forces, and the marketing mix. The student critically evaluates the marketing mix, detailing its seven elements (product, price, place, promotion, people, process, and physical evidence) and their importance in business expansion, with examples like Eggfree Cake Box Limited. The report also reflects on formative feedback received, highlighting the impact on the student's learning approach and the enhanced understanding of entrepreneurial theories and frameworks. The student discusses the benefits of receiving feedback and how it helped in identifying and addressing weaknesses. Furthermore, the report mentions the sessions attended, emphasizing their contribution to the project's completion, and acknowledges the absence from one session due to health issues. The report concludes with a list of references used.

International
Entrepreneurship

Table of Contents
Table of Contents.............................................................................................................................2
Reflection.....................................................................................................................................1
Reflection of the formative feedback..........................................................................................2
Sessions attended during week 3 to 11........................................................................................4
REFERENCES................................................................................................................................5

Reflection
There are various models which are used in CW1. These are PESTLE, Porter's diamond,
Porter's five force analysis and marketing mix. All of them are required to be focused by a
business entity which is planning to expand business in different locations around and across
European Union. With the help of all of them appropriate strategies for organic growth of
business could be formulated. One of the main model which is being selected by me for critical
evaluation is marketing mix which is a combination of seven different elements. These are
product, price, place, promotion, people, process and physical evidence. By taking all of them in
to consideration all the business can analyse that they will be able to meet the targeted goals or
not (Cincera and et.al., 2018).
.
With the help of it, enterprises such as Eggfree Cake Box Limited can determine the
changes that are required to be made in products so that large number of customers could be
attracted. The second element of marketing mix is price which is required to be focused by all
the entities so that they can reach to the targeted audience. There are various pricing strategies
such as premium, competitive, penetration, economic etc. In my opinion, if an organization is
expanding in a new market then it should select penetration pricing so that lower price at initial
level could be set. This strategy states that with the increment in demand business entities can
raise the price which helps in capturing large market share. Place is also an essential element
because it is very important for entities to be easily accessible for all the customers. For example,
if an entity is planning to introduce itself in a new location then it is very important for it to open
its store at such place where people can reach easily. If the place where products are sold is not
easy to reach then it may create issues for company to sustain in the market (Díez-Martín,
Blanco-González and Prado-Román, 2016).
Promotion is another element of marketing mix which is also required to be focused by
an organization so that awareness in the market could be increased regarding all the products and
services which are offered to the customers. While expanding business in a new location it is
very important for the enterprises to make sure that they promote themselves properly. I think
that such businesses should use online marketing techniques which will help to reach the
customers in cost effective manner. People are the staff members who are working within an
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organization and to carry out operational activities in systematic manner it is very important for
all the companies to pay attention towards their needs and requirements. With the help of it all
the operational activities could be carried out in systematic manner and all the targets could be
met (Fischer and et.al., 2018).
For all the organizations it is very important to make sure that effective and appropriate
procedures are followed to deliver goods and services to the customers properly. If it is not
focused by all the companies then it will be very difficult to sustain in the market and reach the
targeted goals. For example, if an organization is planning to expand the business globally then it
is very important for it to make sure that appropriate procedures are used to deliver products and
services. The last element of marketing mix is physical evidence which is also required to be
taken in to consideration by companies to make sure that it establishes a positive image of
business in the mind of customers. While expanding business in a new country or region it is
essential for organization to make sure that they are providing appropriate physical evidences
such as great environment etc. to them so that their needs could be fulfilled (Urban and Kujinga,
2017).
While formulating strategies for the business to meet long term goals marketing mix is
required to be focused. While using it is very important for the organizations to make sure that
detailed analysis of all its elements is conducted so that effective steps could be taken and growth
could be acquired for business (Hoppe, 2016).
Reflection of the formative feedback
When an individual is working on a project then it is very important for him or her to take
feedback for the same. With the help of it appropriate modifications in the work could be made
so that possibility of scoring higher marks could be increased. For this purpose students can
show their project to the classmates, friends and tutor who can guide them to improve their work.
When I was tasked to prepare the project then I presented my work in front of my class and
asked the tutor to provide me formative feedback so that I can make appropriate improvements
(Sak and et.al., 2018).
My whole work was analysed by tutor and he said that work is very good but some
modifications are required to be made which are analysing all the theories and models in depth
so that readers can enhance knowledge regarding them. Another feedback which was received by
me was regarding some of the unclear statements which were wrote by in the project. I was
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asked to modify my work by proofreading it so that all the errors could be analysed and resolved.
It has influenced my approach of learning because with the help of it I assessed all the mistakes
which were made by me while completing the project. I learned from all the faults which were
made unknowingly. Formative feedback helped me to develop my skills to conduct in-depth
study of the topic which is being studies so that knowledge regarding it could be improved. If a
person is not able to receive timely feedback on his or her work then it may affect their work and
its efficiency (Jones and et.al., 2017).
Formative feedback helped me analyse all my weaknesses which are required to be dealt
properly so that I can score good marks in academics in future. When I was working on the
project then various international entrepreneurship models, theories or frameworks were used by
me. These are PESTLE analysis, Marketing mix, Porter's five forces and diamond network. After
receiving the feedback my ability to apply all of them was also enhanced because when I started
to work on the project I used them without any detailed analysis. Right after receiving the
formative feedback I studied all of them and gained appropriate knowledge about them so that I
can apply them properly. Earlier I was not aware of impact of PESTLE factors upon a business
but when I analysed the framework properly my knowledge about it was improved. It was
beneficial for me to apply it appropriately in context of the organisation (Parida, Lahti and
Wincent, 2016).
Other models such as marketing mix, porter's network and five forces analysis were also
studies by me after receiving feedback or the purpose of carrying out modifications in my
project. Now my knowledge about all the entrepreneurial theories is vast and I can guide others
to use them properly. If formative feedback was not received by me then it will be very difficult
for me to enhance my knowledge and complete the project appropriately. Formative feedback
was very beneficial for me as it has helped to deal identify all my weaknesses which are lack of
psychological feature, inappropriate information about international entrepreneurship theories
etc. All these weaknesses were dealt by me properly by making appropriate efforts so that I can
complete the whole project appropriately and score higher marks (Jung and Sung, 2016).
In my opinion formative feedback is very important for all the individuals as with the
help of it all the mistakes which are made by individuals while completing a project are made
could be resolved in systematic manner. On the other hand, it also helps to make appropriate
modifications in the work which is being completed by students according to the tasks which are
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assigned by the tutor. In order to make sure that the project is completed according to guidelines
it is essential to ask for feedback whether from tutor or classmates. By receiving it
appropriateness of whole project could be increased along with level of accuracy (Lipset, 2018).
Sessions attended during week 3 to 11
When I was studying in the university I always tried to attend all the sessions so that I can
always remain notified about the projects which are going to be assigned to us in future. I have
attended all the session during week 3 to 11 and it has helped me to complete the project
properly because there were various elements which were discussed during the session.
Attending all the sessions benefited me to complete the project properly. During the sessions of
week 7 was not present because of some health issues which resulted in lack of knowledge of me
regarding in depth study (Kuratko and Morris, 2018).
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REFERENCES
Books and Journals:
Cincera, J. and et.al., 2018. Designing a sustainability-driven entrepreneurship curriculum as a
social learning process: A case study from an international knowledge alliance project.
Journal of Cleaner Production. 172. pp.4357-4366.
Díez-Martín, F., Blanco-González, A. and Prado-Román, C., 2016. Explaining nation-wide
differences in entrepreneurial activity: A legitimacy perspective. International
Entrepreneurship and Management Journal. 12(4). pp.1079-1102.
Fischer, B. B. and et.al., 2018. Quality comes first: university-industry collaboration as a source
of academic entrepreneurship in a developing country. The Journal of Technology
Transfer. 43(2). pp.263-284.
Hoppe, M., 2016. Policy and entrepreneurship education. Small Business Economics. 46(1).
pp.13-29.
Jones, P. and et.al., 2017. A tale of two universities: graduates perceived value of
entrepreneurship education. Education+ Training.
Jung, K. H. and Sung, C. S., 2016. The Effect of Entrepreneurship Education on Career Decision
Self-Efficacy, Career Preparation Behavior and Entrepreneurial Career Intention:
Moderating Effect of Entrepreneurship Education. Asia-Pacific Journal of Business
Venturing and Entrepreneurship. 11(4). pp.49-57.
Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of entrepreneurship.
Journal of Small Business Management. 56(1). pp.11-23.
Lipset, S. M., 2018. Values, education, and entrepreneurship. In Promise of development. (pp.
39-75). Routledge.
Parida, V., Lahti, T. and Wincent, J., 2016. Exploration and exploitation and firm performance
variability: a study of ambidexterity in entrepreneurial firms. International
Entrepreneurship and Management Journal. 12(4). pp.1147-1164.
Sak, G. and et.al., 2018. Forced migrants: Labour market integration and entrepreneurship.
Economics: The Open-Access, Open-Assessment E-Journal. 12(2018-32). pp.1-13.
Urban, B. and Kujinga, L., 2017. The institutional environment and social entrepreneurship
intentions. International Journal of Entrepreneurial Behavior & Research.
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