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The following questions are all based on the GoPro case study published in the Forbes Magazine. Basing your arguments on the topics that you have studied throughout the unit, write a report addressing all of the following questions. The report/questions will cover both aspects of the unit.
Assignment structure and marking allocation
Entrepreneurship (25 marks)
Question 1: Whilst Nick Goodman was confident that his business idea for a cinema-grade mini camera could ultimately lead to success, he did initially question his ability to bring his product to market ie. 'He gave himself four years to make it work before he would drop his idea and enter the workforce'. Therefore, it is clear that there is a 'dark side' of entrepreneurship. Discuss three major traits that are associated with the dark side of entrepreneurship. Justify your response with reference to academic sources (e.g. academic journal articles, textbooks, etc.). (10 marks)
Question 2: Peter Drucker, a leading scholar in the fields of entrepreneurship and marketing, is cited in your unit material numerous times. When speaking of entrepreneurship, Drucker once stated: 'Most of what you hear about entrepreneurship is all wrong. It's not magic; it's not mysterious; and it has nothing to do with genes. It's a discipline and like any discipline it can be learnt'.
What evidence exists in the GoPro case study that supports and/or refutes this statement? Ensure your argument(s) are developed through direct reference to concepts, tools and techniques evident in the unit material. (15 marks)
Marketing and Strategic Planning (60 marks)
The role of planning within the firm has been discussed at length in this unit. We introduced aspects of entrepreneurial planning and explored how marketing planning gives direction to both corporate planning and marketing management.
Question 1: How did GoPro gain a competitive advantage from their marketing processes? Provide a theoretical analysis of the reasons for the achievement of this advantage. (30 marks)
Question 2: The GoPro case study specifically identifies future threats to the company's strategy. Provide a theoretical analysis of this threat scenario and give recommendations on how GoPro should respond to this. (30 marks)
Academic rigour (15 marks)
This is a substantial piece of scholarly work and will require extensive engagement with both unit theory and the case study.
School extension policy
Students wanting an extension must make a request at least 24 hours before the assessment item is due and the request must be received in writing by the unit assessor or designated academic.
Extensions within 24 hours of submission or following the submission deadline will not be granted (unless supported by a doctor's certificate or where there are exceptional circumstances – this will be at unit assessor's discretion and will be considered on a case by case basis). Extensions will be for a maximum of 48 hours (longer extensions supported by a doctor's certificate or exceptional circumstances to be considered on a case by case basis).
A penalty of 10% of the total available grade will accrue for each 24 hour period that an assessment item is submitted late. Therefore an assessment item worth 20 marks will have 2 marks deducted for every 24 hour period and at the end of 10 days will receive 0 marks.
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The report is centred on the case study about GoPro. The pioneer behind GoPro is Nick Woodman. The journey of Nick Woodman throws light on the dark side of Entrepreneurship. His general distrust, fear of failure kept him researching on the best equipment that could be crafted for sales before he decided to take up full time work. He reached out to the right market and ensured sales and thus had an aptitude of an entrepreneur. The report further describes how Peter F Drucker could be right when he stated that Entrepreneurship is a discipline that could be imparted. Information related to Entrepreneurship is available in an organised form and thus when born Entrepreneurs have trouble in International Business or scaling they know what to do through an industry analysis or competitor analysis. The marketing plans and strategies based on past events in the history of GoPro is analysed to understand the success of the company. The company had the right plans and strategies in developing its core competencies. GoPro built its brand by reaching out to right customers. It had appealing brand ambassadors. The product mix was unique and the product quality had good reviews in the market. Nick woodman could push the sales with the current trends of marketing through YouTube and Facebook. The price mix was affordable assuming its use by the younger generation. It could thus penetrate the market and capture the market. The visions of GoPro on business continuity are faint as witnessed by falling profits as of last year. It faces threat through competition, slow life cycle, and restricted global reach. Competition is intense as other brands for example, HTC etc. are strong. Various suggestions for repeat business are suggested through extension of services and joint ventures.
The report concentrates on the growth, success, and threats of GoPro. GoPro is a company focused on action cameras, accessories, mobile – apps, and video editing. The company was conceived by Nick Woodman who was an average in studies and passionate about adventure, surfing, etc (Doeden, 2015). He was confident about his dream becoming a reality when he disconnected with people and tried to create an action camera that could capture a real movie when surfing or diving. He made sure he had profits the first year. He is proof that entrepreneurship need not be learnt as a discipline. However it does restrict entrepreneurship imparted as education to be learnt. Nick Woodman kept his lessons on failure and ensured that his product was supplied to the right market. He ensured sales with the right product, promotion, and price mix. The Company had dominance in the market because of the product portfolio and its core competencies (Alpert, 2012). At present the company faces competition from strong and popular brands, the product life cycle is slow for repeat business. Its presence and push strategies are mild considering its global presence. Various joint venture strategies are suggested in the report for reacting to threats and slowdown of its business.