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Über dieses Buch

This book provides an introduction to the concept of entrepreneurship and entrepreneurial business management. It covers many elements of the entrepreneurial management discipline including choosing a business, organizing, financing, marketing, developing an offering that the market will value, and growing the business in all its dimensions.

Inhaltsverzeichnis

Frontmatter

Analyzing Market Chaos

Frontmatter

1. Chaos in Markets

Globalization has created new challenges for firms to survive in the competitive marketplace. Most firms have adapted their policies to stay innovative and have applied new technologies in products and services to gain competitive advantage. Simultaneously consumer buying dynamics have also become unstable due to continuous innovations and improvements in products and services using user-friendly technologies. This chapter discusses how small changes drive large effects in the market amidst the chaos of market competition. The chapter will argue that expectations of companies on market behavior, and the degree of freedom consumers have to drive demand for products and services, prompt problems and challenges for companies in the competitive marketplace. By allowing changes in the products and services offered through innovation and technology, firms encourage small market changes to drive macro and sustainable shifts in consumer behavior. Companies that encourage such strategies are prone to spread chaos in the market by driving high vulnerability into competing companies and their business growth. The chapter addresses the explanation for this apparent paradox, which lies in the butterfly effect of a firm through the convergence of market dynamism, globalization, and the evolving role of the consumer from passive recipient to active co-creator of market behavior. This chapter also discusses the attributes of random versus rational consumer decision-making in chaotic markets.

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2. Reasoned Action and Planned Behavior

Chaos in markets drives random buying behavior among consumers. Consumer behavior in general exhibits mixed cognitive attributes of risk-averse and creative enthusiasm during periods of market chaos. The ideal circumstances for consumer behavior are driven by a competitive business environment in the market. Intention is the cognitive representation of a consumer’s readiness to accept or reject changes in the market and perform induced or self-referred behavior. The butterfly effect in the market triggers such cognitive conditions among consumers. This intention is determined by three things: consumers’ attitude toward the specific behavior, their subjective norms, and their perceived behavioral control. This chapter argues that at the initial stage consumers face a decision crunch, a narrow scope of idea transformation, returns on investment, and self-references versus peer review pressures in making buying decisions. The chapter addresses the issues of reasoned action and differentiation strategies that drive the thought process among companies for reaping better advantages of the butterfly effect. The chapter also maps the mindset of consumers in managing the challenges and opportunities within and outside the market ambience. The chapter also considers the attributes of cognitive push for overcoming complex decisions in marketing, as a way to deliver value for money to consumers. Besides cognitive attributes of consumers, this chapter also discusses issues of knowledge development, business thought process, and managing the consumer learning curve.

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3. Managing Market Shifts

Companies that organize their innovation efforts in systematic, well-managed ways are those whose efforts get rewarded. As the level of competition in the market increases consumers face rapid shifts in innovation and technology. This chapter addresses key questions on the complexity of market dynamism caused by small shifts that make greater impacts on consumer behavior as well as the market performance of companies. Change in the market sometimes occurs through forces that are beyond the control of any individual entrepreneur, such as government policies; availability of capital; and wild cards, including oil price volatility, geopolitical conflicts, the rate of economic growth, and public attitudes toward warnings of global market changes. This chapter critically examines market behavior toward strategy shifts, innovations, and technology application in products and services. A systematic model of market shifts, which links strategy, problem solving, and cultural change tailored to the needs of each firm, is discussed. It is argued that market shifts are often aggressive in innovation of products and services and are subject to managing change in the organization. The issues of organizational learning and innovation theory, organizational complexities, taxonomy of innovations, organizational disciplines, innovation models, and transformation of innovations among emerging enterprises are also categorically discussed in the chapter.

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Building Global-Local Marketing Effects

Frontmatter

4. Market Trend Analysis

Most firms making efforts to gain competitive advantage build their marketing strategies on product improvements as impulsive changes to attract consumers and the market. Changes in existing products, services, or marketing strategies often face consumer resistance. This chapter defines market resistance as an opposition to traditions in the marketplace to create new behavior among consumers. Market shifts explore purposive behavior of consumers and attempt to recreate the modern social conventions that manifest positive impact on competitive differentiations in the marketplace. Many companies recognize that their dispersed global operations drive innovative ideas and build capabilities for introducing competitive market changes. This chapter explains the role of managers in successfully bringing innovations to an enterprise and expanding at the global scale. Arguments are illustrated with examples in reference to phases of innovations, behavioral metrics, the change-resistance cycle, critical success factors, opportunities, threats and disruptions, and chain reactions of innovation. The chapter also addresses the concept and practice of conceiving ideas and nurturing strategic business shifts in a competitive marketplace and suggests ways to increase effectiveness in managing innovations and corporate goals.

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5. Consumer Value Management

Often companies drive innovation to bring change in the market for competitive advantage and reduce the cost and time of manufacturing a product or delivering a service with the desired quality and competitive advantage. Most challenging issues in the market, such as change management, improvement in products and services, and enhancing customer value, are on the axis of identifying redundancies in existing market competition and eliminating them to reduce cost and time involved in the process of generating end values. This chapter addresses the critical issues on delivering customer value and enhancing organizational competency in managing customer values. The chapter illustrates attitudinal models for adapting to competitive differentiation, suggesting that co-creation of new product development and competitive differentiation are two efficient strategies that companies intend to follow. The chapter also addresses various issues referring to managing process improvements and developing an innovations value chain within the value chain triangles of QCT (quality, cost, and time) and TBC (technical, behavioral, and cultural factors).

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6. Darwinism in the Marketplace

Customers have proven to be a precious source of new solutions in various product categories and, by becoming directly involved in the innovation process, they can help companies better anticipate market changes. Darwinism in business is a concept derived from the Darwinian ideology of biological evolution. Many successful global companies have set the example of their evolution in the market over a long period by sustaining in various conflicting situations. This chapter discusses the survival of the fittest and struggle for existence axioms of Darwinism in reference to companies operating in varied market taxonomies. The chapter especially refers to notions of struggle for existence being used to justify various business policies, which make no distinction between those companies that are able to support themselves and those unable to cordon their growth in business against competition. This chapter addresses the competition matrix with two-dimensional focuses in reference to the shifts in marketing-mix elements, and the causes and effects of firms on consumer values in general. The discussions are woven around market complexities emerging out of the diffusion and adoption of technology.

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7. Business Growth and Local Effects

The main goal of consumer-centric changes and user-oriented improvements in products, services, and marketing strategies of competing firms in the marketplace is to manage large differences with small, cost-effective changes. Yet firms often fail to exploit market and production discrepancies, focusing instead on the tensions between standardization and localization of technology. It is argued in this chapter that such situations arise largely as firms fail in maintaining economies of scale, which escalates the cost of production and price. Accordingly, many companies are thrown out of market competition. This chapter analyzes business drivers, the complexities grid, total innovation and risk factors, and factors affecting innovation and technology adaptation in reference to economies of scale and market structure. New product development and managing consumer markets are addressed in this chapter. It is argued that strategic choice for firms requires prioritization toward popular technologies, and the innovation framework can help the firms to become consumer-centric. While it is possible to work on economies of scale, companies must usually focus on building competitive advantage to grow sustainable.

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8. Sustainable Marketing

Consumer marketing focuses on integrating sustainability principles into both marketing theory and the practical decision-making of marketing managers. This chapter examines how the complexities of sustainability issues can be integrated into marketing decisions through a systematic step-by-step approach. The steps involve an analysis of socio-environmental priorities to complement conventional consumer research; an integration of social, ethical, and environmental values into marketing strategy development; a new consumer-oriented sustainability marketing-mix to replace outmoded and producer-oriented strategies; and finally an analysis of how marketing can go beyond responding to social change to contribute to a transformation to a more sustainable society. This chapter explores answers to the fundamental problems of disruptive innovation and technologies to which most companies succumb. Accordingly, this chapter addresses theoretical perspectives associated with sustainable marketing concepts in the global marketplace, delineates the key elements and discusses the market chaos-producing factors in pursuing tactical market growth against sustainable market development.

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Unveiling Future Effects

Frontmatter

9. Social Psychology of Consumers

Random changes in the products and services of firms, competitive strategies of firms in the marketplace, and factors driving the cultural characteristics of consumers around the world are arguably the most critical issues in determining the success of modern business. This chapter provides an in-depth psychological analysis of social consumerism that draws from a wide range of theoretical and analytical approaches. Distant influences, such as advertising, consumption, materialism, and socioeconomic systems that affect the personal, social, and ecological well-being of consumers are categorically discussed in this chapter. Powerful forces on market changes driven by innovations, technology growth, communications, marketing and advertising, and psychographics are interacting to dissolve the boundaries across markets and cultures, and are accelerating the emergence of a homogeneous global consumer culture. This chapter addresses the concerns on effectiveness perspectives of linear and radical changes in the market in reference to cultural shifts, preparing customers for innovation and technology changes, changing psychographic paradigms, and demographic congregation that drive the market.

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10. Challenges of the Butterfly Effect

The butterfly effect emerging out of market chaos drives transformation in the business environment and consumer culture along the dimensions of geodemographic reach, which can be evidenced in closeness to dense centers of population, and generate competition among firms to take advantage of scale and trade in specialized products. Firms prepare for going global by boosting their changes in marketing strategies of products and services and triggering impulses on shopping. This chapter addresses the challenges of companies competing in the market that face positive or negative butterfly effects. Multinational companies nurture a set of enterprise-wide mindsets that can maintain a uniformity of purpose while at the same time successfully adapt practices to diverse local economic and cultural conditions. The chapter also addresses emerging theories and practices, knowledge-sharing and building customer loyalty.

Rajagopal

Backmatter

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