Essay Sample on Dimension of Entrepreneurship

P&G has outlined several dimensions of entrepreneurship: these include: promote one-one consumer outreach programs to meet the less apparent consumer needs since most primary needs have been achieved. The impact of this less is less focus groups and more non-tradition research market tools. Considering brand expansion through the vision statement of a company as a tool to ensure employees work towards a common goal. Encourage cross-division exchange of ideas through appreciating employees for coming up with ideas instead of just receiving the ideas which strengthened collaboration across the company. The company had put in place strategies to foster cross-division exchange of ideas which included internal trade shows, power shows, innovation reviews and showcase recent success and opinions. The company also made it possible to accept ideas from outside sources to fully maximize the pool of resources available at their disposal, especially in technology. Also, the company established measures to know when they have tested adequately since perfecting of products may result in loss of sales, hence the importance of limiting test marketing. Lastly, is the importance of getting more designers involved when making a product to enhance the consumer experience of a product which comprises of how the product feels or smells or looks.

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Q. 2. Entrepreneurial intensity

Entrepreneurial intensity is established in terms of innovativeness, risk-taking and pro-activeness. The three elements of entrepreneurial intensity respectively denote to the efforts that a firm takes to seek creative answers for their problems, to the readiness to acknowledge a rational opportunity of expensive failure, and the implementation of required practices to achieve entrepreneurial concepts. For P&G, the firm has emphasized more on open innovations as a vital strength across the business while limiting its research and development (R&D) spending. The focus of P&G on innovation resulted in a diversified business portfolio which made the company sell most of its food and beverage business to focus more on innovations they had perfected. P&G fuels innovation by welcoming ideas from outside sources; for example, the company collaborates with competitors to create a novel product and acquire technology to improve the quality of their products. Notwithstanding, the higher chance to open innovation by the firm, most of its successes are founded on their effective adaptation of product concepts, thereby improving their existing products.

Q.3. Plot P&G on the entrepreneurial grid

Five situations denote the nature of entrepreneurial intensity: these include Periodic and Continuous incremental, Periodic discontinuous, Dynamic and Revolutionary. Though twenty-two out of forty P&G product categories have led in the market, P&G is still making efforts to maintain its number one position in the market of consumer goods by forming priorities in R&D. P&G exceeds at evolution and growth in existing product ideas. Tus, P&G is appropriate for Continuous/ Incremental part of the grid.

The World's Best Companies for Innovation

Q. 1. Motives for pursuing innovative corporate activities

Facebook: Facebook has remained the big buck in the world of social networking. Since it was started, Facebook has strived forward with a mental concept that it will never be extinct which has been achieved by regular corporate innovation

Google: is unique in its innovative methods and is in a continuous innovation cycle. The company does not get comfortable with one innovation method but employs innovation by dozens with a growing innovation ecosystem.

Amazon: The motive of the company to engage and incorporate innovative practices is for the company to be customer-centered where consumers can discover and find anything they desire to buy online, and efforts to charge their customers the lowest amount possible.

Apple: The motive for Apple is to continuously produce quality and a more extensive range of products through technological innovations that would not be attractive to customers but also improve customer experience. Apple has produced a wide range of products such as the iPhone, Apple Watch, iPods and iPads.

Novartis: The motive for the company is to discover, create, and successfully market an innovative product to prevent and treat diseases as the biggest grocery retailer in the U.S.

Nike: Nike’s, motive maintain a competitive edge in the physical and digital space hence the company follows strategies of product differentiation, emphasis on market niche, and customer intimacy to foster a strong relationship with consumers.

Disney: The motive for pursuing corporate innovativeness is to establish itself as the world number one in the animation sector before it expanded into live-action film production.

Q. 2. How strategic entrepreneurship

• Facebook: Facebook may use strategic entrepreneurship in finance and can invest in substantial capital in hypothetical projects and creative concepts.
• Google: Google has substantial know-how and intellectual asset in several areas. Investing in data has enabled Google to remain with a massive amount of data giving them the ability to search for data on a large scale with the high response time.
• Apple: Apple has invested in various customs, phone brands, commercial hardware and software to exploit its innovative strength and render it easily available to customers.
• Amazon: Amazon may use strategic entrepreneurship for leverage. Amazon promotes an ecosystem that enables retailers to prosper by allowing them to sell to buyers. Amazon facilitates a symbiotic relationship for the company, consumers and retailers.
• Nike: The business employs strategic entrepreneurship in storytelling which Nike has excelled at to convey the values and authenticity of the brand. Through this, consumers of Nike’s products feel like part of the story of the company.
• Novartis: Novartis employs more than 20000 people spread across production, sales, engineering and marketing. Moreover, to expertise in the field of pharmaceuticals, all employees bring individual interests and passion, which fuels innovation.
• Disney: Can apply strategic entrepreneurship in marketing since millions of people have watched Disney movies and channels. The products offered to generate considerable amounts of revenues in addition to goodwill is important to Disney when it needs test and acquire feedbacks on its current movies or Tv shows.

Q.3. Business Model

• Facebook: Facebook uses an advertising business model, and almost all revenues of the company come from targeted advertising (Gennaro Cuofano, 2019). Facebook’s algorithms compact the attention of more than 2.4 million users, and revenues from Facebook advertisement accounted for 98.66% of its total revenues.
• Google: The firm has used the AdWords and AdSense business model to create a win-win formula. The concept entails medium and small business sponsoring their products at a cost-efficient rate and results can be tracked with minimal effort (Google’s Business Model Explained, 2018). Also, google applies the advertising model through the cost-per-click concept, where businesses have to pay only when the advert is clicked.
• Amazon: The firm uses a business concept with several moving parts (Amazon’s vs Alibaba’s Business Models: What’s the Difference? 2019). Amazon sells goods directly to consumers; it offers a stage for retailers to directly sell to consumers and also has a subscription-based business concept via Amazon Prime Service and electronic product line.
• Apple: it has a business model that is divided between products and services (Apple vs Microsoft Business Model: What’s the Difference? 2019). Through this, the company has insistently integrated its products rendering it easy to utilize novel Apple products and making it difficult to change to a competitor interface; a concept known as “Apple Ecosystem Lock.”
• Nike: The firm adopts a mass-market business model, with no substantial differentiation between consumers (Company Nike | Cleverism.Com, 2017). The business targets its products to all consumers who are fascinated by athletic footwear and clothing.
• Novartis: The company’s business model is split between pharmaceutical, Alcon and Sandoz. In pharmaceutical products, the company uses both direct and indirect business channels to persuade doctors to prescribe novel medications (Visnji, 2019). In Alcon, they work with Payers to acquire procedure approval and influence hospitals and doctors to purchase their products.
• Disney: Uses a scalable business model which goes beyond producing films to building and maintaining brands (Amarsy, 2020). The firm develops brands around its stories and characters, and entertainment platforms pay to air Disney movies to their audience and license business to use some of the characters in Disney movies.

References

Amarsy, N. (2020). Disney’s Business Model: A Scalable Dream Factory. Www.Strategyzer.Com. https://www.strategyzer.com/blog/posts/2015/3/17/disneys-business-model-a-scalable-dream-factory

Amazon’s vs. Alibaba’s Business Models: What’s the Difference? (2019). Investopedia. https://www.investopedia.com/articles/investing/061215/difference-between-amazon-and-alibabas-business-models.asp

Apple vs. Microsoft Business Model: What’s the Difference? (2019). Investopedia. https://www.investopedia.com/articles/markets/111015/apple-vs-microsoft-vs-google-how-their-business-models-compare.asp

Company Nike | Cleverism.com. (2017, July 26). Cleverism. https://www.cleverism.com/company/nike/Gennaro Cuofano. (2019, March 3). How Does Facebook Make Money? Facebook Business Model In A Nutshell. FourWeekMBA. https://fourweekmba.com/how-does-facebook-make-money/

Visnji, M. (2019, February 25). How Novartis Makes Money? Understanding Novartis Business Model. Revenues & Profits. https://revenuesandprofits.com/how-novartis-makes-money-understanding-novartis-business-model/‌

What Is a Hidden Revenue Business Model? Google’s Business Model Explained. (2018, February 25). FourWeekMBA. https://fourweekmba.com/hidden-revenue-model-google/‌