Entrepreneurship Module CW2: Critical Evaluation & Reflection Report

This report presents a critical evaluation of the marketing mix model, analyzing its strengths and weaknesses in the context of business expansion, particularly for companies like Eggfree Cake Box Ltd. It examines the model's application in planning marketing strategies and identifies its limitations, such as its internal orientation and potential for overlooking customer behavior. The report also includes a reflection on the entrepreneurship module, detailing the learning experiences related to risk management, market entry strategies, and internationalization processes. It discusses formative feedback received, the application of entrepreneurial theories, and the development of future career goals in entrepreneurship, emphasizing the importance of practical application and avoiding demotivating influences. Finally, it includes a reflection on the student's engagement, detailing session attendance and the impact of any absences on their learning experience.

CW2 – Critical
Evaluation & Reflection
Template

Table of Contents
CRITICAL EVALUATION............................................................................................................1
Model to be critically evaluated:.................................................................................................1
Diagram of model:.......................................................................................................................1
Critical evaluation:.......................................................................................................................1
References:..................................................................................................................................3
REFLECTION.................................................................................................................................4
What?...........................................................................................................................................4
So What?......................................................................................................................................4
Now What?..................................................................................................................................6
References:..................................................................................................................................6
REFLECTION OF ENGAGEMENT..............................................................................................7
Number of sessions attended among week 3 as well as 11:........................................................7
Explanation of as well as reflection on any absence:..................................................................7

CRITICAL EVALUATION
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Model to be critically evaluated:
Marketing mix model
Diagram of model:
Figure 1Marketing Mix Model. 2020
(Source: Marketing Mix Model. 2020)
Critical evaluation:
In CW1 assessment, wide business models are used to gain success about collecting information
about the market. As per the viewpoints of Christopher (2016), Marketing mix model is
commonly used model in business. It helps organisational managers to plan entire competitive
marketing strategy to promote the new of existing business. It benefits a company through
examining favourable prospects in the market and selecting suitable target audience to endorse
the offerings through suitable systems or methods. Marketing mix model assist managers of
Eggfree Cake Box Ltd to allocate responsibilities for product, price, place addition to promotions
of staff members. Along with this, the model also benefits in providing opportunity for
recognising cost benefit elasticity’s with limited available resources. It facilitates procedures of
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communication among different departments and units of entity. Moreover, marketing mix
model simplifies things as well as supports organisational workforce to bring concepts of
marketing together and make things easier for business expansion in different cities. It also
benefits in making decision after considering impacts that one element can have on whole
procedures to attain success. The model also helps the company in varying its marketing
practices and operations as per the pertaining situations, available of resources and preferences of
customers. The model also involves techniques that facilitate in discovery of key drivers for
company in terms of profit, sales demand as well as performances. It enables the brand to
explore high level scenarios which distinguish marketing tactics, supply of products and project
saes activity in particular duration. Moreover, it provides deep understanding about multiple
elements that influences business sales, turnover and other beneficial aspects. With this model,
Eggfree Cake Box Ltd formulates clean mix through having all the P’s well-matched to each
other. For instance, products are compatible with promotions, prices are well-suited with
placement, promotions are well-matched with prices and so on. this makes strong bind among all
the factors and also directs in making the series longer. It also benefits the institution in
enhancing product portfolio through making minor changes in the existing offerings and
features. The model also helps in differentiation of business from rival companies through
producing effective product, setting affordable prices, making it available at all places and better
promotions. Elements of marketing mix model provide guidance and support to administration
team for creating a strategy that reaches consumers, expansion of operations and generating large
revenue numbers. Effective guidance are provided by marketing mix model for making
improvements in the business and strengthens overall operations to achieve excellent results. It
makes an entity dynamic for executing marketing related practices for attaining return on
investment of time. The model allows Eggfree Cake Box Ltd to separate operations from other
ones and allotting workings for different campaigns and demands.
From the thoughts of Sridech and Peanmunkung (2019), it has been evaluated that marketing
mix model fails in considering behaviour of customers due to have nature of internal orientation.
It also restricts interactions among company and targeted audiences by not capturing effective or
strong relations. The model also includes significant cost as well as requires huge time that cuts
margins of profits of the entity and creates huge difficulties in managing such situations. It is
also analysed that marketing mix model do not result in stable positions that further results as
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recipe disaster for organisations. It is also necessary to have understanding about market and
audiences otherwise application of the model creates huge complexities in the path of attaining
success factors. Results obtained from marketing mix model are generally messy that affects
information validity and hampers accuracy of decision making for endorsing values of brand in
specific market. Involvement of various elements makes things unrealistic and difficult for
obtaining appropriate detailed inputs. It also results in hitches for making higher demand of
organisational resources in kind of increased investment within facilities of production and
inventory. Marketing mix model do not describes about making bonds with customers which is
major drawback of it. The model assist in emphasising short term sales that significantly
undervalue importance of medium or long term equity constructing practices. The results
obtained from the models are generally based on biasness of marketers due to which company
has to suffer huge losses in making brand image. At same time, the model utilises historical
performances and outcomes for analysing marketing results that are nor effective or adequate for
managing marketing investments for particular new product.
References:
Books and journals:
Christopher, M., 2016. Marketing: an introductory text. Macmillan International Higher
Education.
Sridech, S. and Peanmunkung, N., 2019. Marketing-Mix-Factors Affecting the Selection of
Domestic Airlines Services at U-Tapao International Airport (Rayong-Pattaya).
Available at SSRN 3327661.
Online:
Marketing Mix Model. 2020. [Online]. Available through: < https://oxidian.ch/marketing-mix-2/
>
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REFLECTION
5

What?
In the entrepreneurship module, I experienced strong influences on managing or handling risks
involved in the business by an individual. In the study, I experiences wide number of aspects and
this leads to enhancing my potentials for mitigating or managing risks or issues that can
influence my future career. In the study, wide number of tasks were delegated by the professor
and particular product is to be selected by an individual member so that business can be
expanded in new cities. I learned various new approaches and models that are adopted by
managers of Eggfree cake Box Ltd for further expansion. At same time, I also experienced some
negative impacts due to issues that are faced in diversifying the enterprise in different areas. I
focused on the main area of market and I identified that there are various market entry strategies
adopted by the business in different areas in world. Along with this, I also focused on
internationalisation process and enhanced my identifications towards adopting of the process by
Eggfree cake Box Ltd to expand in Croatia and Germany. The other area selected includes
strategies of entrepreneurship and I learned that studying competition, conserving cash,
researching about products, customer feedbacks and respond to changes are some of key
strategies that are important in the field. In my context, content about entrepreneurship and
marketing practices underpins the description as having knowledge about these are necessary in
today’s world (Bisson, 2017). Moreover, model of marketing mix were also used to develop
brief knowledge in the field. In order to generate ideas, I conducted market research about the
aspects used by international businesses and the ways they adopts new mechanisms to promote
and market the brand. I also learned that starting a business and expanding it in untapped market
requires huge efforts. At same time, various issues are also faced by the person who takes risks
of building the enterprise successful in the market.
So What?
At deeper level, I learned that market entry stages are key for business expansion and adopting
the suitable one is significant for a business. Managers adopt business expansion frameworks to
enlarge their market share, size as well as sustain position in competition Cathro, O’Kane and
(Gilbertson, 2017). I also analysed that issues are common in all types of working whether a
business or examination. In relation to the business issue, they either provide opportunities or
results in threats. My experience relates with theory of international entrepreneurship as the
theory states about the elements used by entrepreneurs to attain successful outcomes in
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entrepreneurship. The formative feedback received from tutors meaning that some improvements
are required in developing knowledge and executing them appropriately in diversifying field of
entrepreneurship. Models, theories as well as frameworks provide guidance to improve morale,
freedom and quality of life in order to manage business in global market. Approaches of learning
and application of models in context to entrepreneurship are effective guidance for an individual
who have plans to develop information about it and then execute actions in real life. Formative
feedbacks reflect about the improvement in knowledge to achieve higher grades. By receiving a
formative feedback, I analysed my loopholes or the area in which I have to make improvisation
in the field, theory or models.
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Now What?
From the gained insights in formative feedback, approaches of learning as well as theories or
models of international entrepreneurship, I will pursue my career towards becoming an
entrepreneur and expanding the knowledge further. Along with this, I will also use the
knowledge to provide guidance to my close ones who are suffering in the field due to limited or
little knowledge about entrepreneurship and making suitable investments. I will be different as I
am going to use the knowledge in innovative manner that is showing practical solutions to
people and their real impacts in an entrepreneur life. According to me, providing people
guidance through showing real scenario and actual impacts can be used in future. the things that
should be avoided in implementing the aspects includes listening to people that de-motivates the
most in doing so as it will cause negative impacts on future entrepreneurship of a person
(Sommers, 2016). Moreover, I should also adopt the fruitful factors used by successful
entrepreneurs as it will influence my ways to build and expand enterprise positively. The
relevant lessons include success story of Bill Gates and other entrepreneurs that worked hard and
gained flourishing outcomes. Along with this, the other relevant lesson learned from the module
includes entrepreneurship spirits, styles, types and many more. It also defined about the impacs
that international entrepreneurship have on economies of nation. These can be applied through
considering conditions and situations in which strategies implemented by the personalities
showed triumphant path.
References:
Books and Journals:
Bisson, M., 2017. Coach yourself first: A coach’s guide to self-reflection. Troubador Publishing
Ltd.
Cathro, V., O’Kane, P. and Gilbertson, D., 2017. Assessing reflection. Education+ Training.
Sommers, J., 2016. PRoBlemAtizing Reflection. A Rhetoric of Reflection, p.271.
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REFLECTION OF ENGAGEMENT
Number of sessions attended among week 3 as well as 11:
10
Explanation of as well as reflection on any absence:
From the sessions, I only attended 10 sessions. Innovation, solution providers, accountability and
so on are some of the sessions in which I got absent. The absence in these session resulted in
huge impacts on my learning and application of knowledge in the modules. Because of not
attending the sessions, I analysed huge knowledge about various things was missed by me.
However, the session that I attended were huge beneficial and helped me in developing my
competence for entrepreneurship.
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