MNG91002 Marketing and Management : Procedure to Design

Entrepreneurship is known as the procedure to design, launch and run any business. It mainly starts as a small business venture. Entrepreneurs refer to as a risk takers who are capable of taking new challenges. Although entrepreneurship is known as a glamorous process to achieve goal, there is a dark side of entrepreneurship. It is often evident that new start up often faces failures. According to reports, 25% start up fails due to various reasons. Three major traits that are related to the dark side of entrepreneurship are- social life will be hampered, it will increase sense of distrust and it causes health hazards (Smith et al. 2015).

Social Life:

It is often evident that entrepreneurs suffer from various personal problems. It is obvious, as they do not get enough time to meet people or socialize with them. It leads them to face relationship issues. It is not easy to take any new venture and accomplish it successfully, entrepreneurs need to be committed towards their dream and dedicate their lives to achieve success.  In order to follow the dreams they need to spend a long time in their workplace. Eventually they do not get enough time for their personal life. It causes various problems in their life (Foster, O'Reilly and Dávila 2016).

Sense of Distrust: 

Entrepreneurship increases the sense of distrust among the entrepreneurs. The primary objective of the entrepreneurs is to accomplish their goal successfully and control the organization. It leads them to look at everything around them in suspicious manner. They always possess a fear of being targeted. It leads them to take many wrong decisions which is not suitable for their business venture.

Health Hazards:

Entrepreneurs need to put immense effort to achieve the desired target. The job of a entrepreneur is stressful. During starting any new business venture, they often spend sleepless nights and neglect their health. It leads them to face various physical issues. During initial days entrepreneurs do not get enough time to have their foods. It is harmful for their health. According to reports, entrepreneurs often face various health issues like insomnia, high blood pressure and various health issues.  In order to achieve, success in life entrepreneurs ignore their health issues. American Journal of Epidemiology has shown in one of its research that due to poor diets, stress and immense pressure entrepreneur’s health often go downhill very quickly (Yang 2017).

Ans. 2

According to some reports, entrepreneurship is not a magic, it takes lots of effort and sacrifice of the entrepreneurs to achieve the desired target (White and Kimm 2015). As per the given case study, Nick Woodman has gone through various difficult phases to earn the desired target. It is not easy to chase dream. Nick Woodman has started chasing his dream to innovate a modern camera on the era of smart phone, where everyone has a smart phone with powerful camera. The arrival of smart phone has decreased the demand of professional camera. It was the biggest challenge for the Woodman to achieve the target. Woodman has started its journey when he was 27. He was afraid of failing again and again. He has given him four years to accomplish his dreams. During initial period, the founders of the GoPro were unable to trust the motive of the Nick Woodman. Later on by his hard work and dedication towards the goal, Nick Woodman has proved himself. He has sacrificed his sleep, many important occasions to provide an innovative camera to the world. Nick Woodman is known as a mad entrepreneur due to his too much dedication towards his goal.  He believes in following passion. As opined by Woodman, one must follow his passion; it provides a wide scope to the person to become successful in the life. Due to his uninterrupted hard work GoPro is experiencing rapid growth day by day. In recent time, people who prefer to scuba diving or par climbing often use GoPro cameras on their helmets to record live experiencing. The development of the organization is highly dependent on the creative ideas of the Nick Woodman. He has led the organization to set a milestone in the industry (gopro.com, 2017).

Part B.

GoPro has started its journey on an era, where everyone has a smart phone and they do no prefer to carry extra camera to capture their private moments. In this competitive environment, the CEO of GoPro has implemented many new and innovative strategies that have brought revolution in the camera industry and it has given a tough competition to the smart phones and other camera brands. It is often evident that people who prefer adventure sports often use GoPro cameras on their helmet to record their live experience. Instead of having tough competitors like Garmin, Eastman Kodak, GoPro has maintained its market share (Perritt and Sprague 2014).

The biggest advantage of GoPro is its brand name. While people think about any kind of adventure sports, they think about GoPro. It has set an example in the industry. According to some reports, GoPro has covered 21.5% market share of camera industry. It provides efficient and wide range of products that are capable of drawing the attention of large number of consumers. The market share of GoPro is increasing every now and then. The organizational management of GoPro has concentrated on improving the product quality, so they can grab the attention of large number of consumers. The loyalty towards the consumers and efficient service has led the organization to achieve desired position in the society (Schoonover, Kinsley and Spitler 2016).

Nick Woodman, the CEO of GoPro does not have any twitter or any other social networking account, but he concentrated on promoting their brand in the social networking sites. This marketing strategy has provided a competitive advantage to the organizational management. The CEO has made the appearance of Go Pro in the social networking sites more attractive than other brands. He has provided an opportunity to the consumers to share their experience of using GoPro camera on the social networking account of GoPro. This has made the relation of the organizational management of GoPro and the potential consumers of GoPro more interactive which as provides a wide scope to the brand to defeat other rival companies. The organizational management of GoPro spends a huge amount of money for social media marketing. According to some reports, the organizational management of GoPro has a strong relation with the people (Hatten 2015).

The organizational management of GoPro uses innovative strategy to promote their brand name among the potential consumers. The organizational management pays close attention to the fact that where and how promoting their product can attract more buyers. They design heir advertisement accordingly. The organizational management creates their advertisement in an attractive manner to reach to the maximum number of consumers. The target market of GoPro is small. They do not deal with a huge number of consumers. The primary motive of the organization is to provide flawless service to each of their consumers (need a Gopro 2014). This has led the organization to improve their performance day by day. The organizational management of GoPro is always aware of the requirement of their consumers. They concentrate on the feedback of their consumers to improve their product quality and earn desired position in the industry.

Ans. 2

Although, GoPro has brought revolutionary changes in the camera industry, there are several threats that have led the organization to face massive difficulties. The organization faces various legal and political issues. This is one of the major threats for the organization to maintain the growth. This may lead various challenges in future as well. Government has made various regulations that have restricted the growth of GoPro. Due to government rule the organizational management has faced various issues in manufacturing their products and transporting the processed product to other locations. High transport tax is one of the major concern for the organizational management of GoPro (Castro 2015).

The growth of various rival companies is another major threat for the organizational management of GoPro. There are many rival companies that are giving tough competition to the GoPro. This is one of the biggest concerns of the organizational management. There is always a threat of substitute.  Consumers have many other options to choose. They can choose any other camera company while a rival company of GoPro is offering the same service in an affordable price. The organizational management of GoPro often aces various obstacles to maintain the profit margin due to competitors like Garmin, Kodak (Graves et al. 2015).

The product price may work as a threat for the organization GoPro. The rival companies of GoPro may provide their products in a same price to the consumers. It will give a tough competition to the GoPro. It is difficult to modify the price chart. It may disappoint potential consumers. It has become one of the major threats for the organizational management. The organizational management always pays close attention to the activities of the rival companies; it will be beneficial for the growth of the organization. The organization often faces various challenges due to the copy of the competitors.

Another major obstacle for the organization is its target market. As the target market of the GoPro is very small, it does not have enough scope to spread network among other group of people. This has restricted the growth of the organization. There are very few people that are interested in adventure sports. Due to this small number of consumers, the scope for the organization to make huge profit is not wide. It works as a threat for the organization (Brown 2016).

The products price of the GoPro is high. It is one of the major weaknesses of the organization. Every consumers now a day’s look for quality service in an affordable price (Berardinetti 2016). Due to the high price rate of the GoPro, the organization has been led to face the crisis of consumers. The organizational management must consider the fact while designing price rates. The organizational management must provide their service in an affordable price to increase the profit margin and earn the desired position in the industry. Otherwise the organizational management may face various crises in near future.

The rise of other rival companies has decreased the profit margin of the GoPro. In order to maintain the profit margin and beat competitors the organizational management must create brand awareness. Otherwise it may lead the organization to face immense challenges in near future. Every competitor of GoPro is using modern way to draw the attention of large number of consumers. It has given a tough competition to the organizational management of GoPro. The organizational management must consider the fact while designing their organizational structure. It is not enough to communicate with the consumers. The organizational management must incorporate communication strategy ti maintain interactive relation with the employees and suppliers as well (Alt and Zimmermann 2014).

Reference:

Alt, R. and Zimmermann, H.D., 2014. Status of business model and electronic market research: An interview with Alexander Osterwalder. Electronic Markets, 24(4), pp.243-249.

Berardinetti, G., 2016. The innovation in the photographic industry, from simple to adventurous: the GoPro case.

Brown, S., 2016. Marketing to Millennials: Improving Relationships with Millennial Consumers Through Online Advertising and Social Media Networking.

Castro, V., 2015. Innovation Importance Across Dimensions for Business-to-Business and Business-to-Consumer Firms: A Case Study-Based Analysis.

Foster, G., O'Reilly, N. and Dávila, A., 2016. Sports Business Management: Decision Making Around the Globe. Routledge.

gopro.com. (2017). gopro.com.

Graves, S.N., Shenaq, D.S., Langerman, A.J. and Song, D.H., 2015. Video capture of plastic surgery procedures using the GoPro HERO 3+. Plastic and Reconstructive Surgery–Global Open, 3(2), p.e312.

Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson Education.

need a Gopro, I., 2014. MARK217 Blog. Month.

Perritt, H. and Sprague, E.O., 2014. Seeking Law Abiding Drones: What to Tell Clients that Want to Use Drones in Their Business. Bus. L. Today, p.1.

Schoonover, D., Kinsley, K. and Spitler, J., 2016. GoPro as an Ethnographic Tool. Journal of Access Services, 13(1), p.7.

Smith, J., Knighton, E., Diehl, J., Paetzold, M. and Barrett, P., 2015. Project Yachts for Millennials: Strategic Management: Lucky Number 7.

White, M. and Kimm, G., 2015. Measuring sky view factor of urban canyons using hacked Gopro hemispheric video processing. In Research for a better built environment: 49th International Conference of the Architectural Science Association (pp. 525-535).

Yang, Q., 2017. Selfie Usage in Marketing Between Companies and Consumers (Doctoral dissertation, Rochester Institute of Technology).