...w. cadogen: entrepreneurial orientation, market orientAtion, network ties and performance: study of entrePRENEURIAL FIRMS IN A DEVELOPING ECONOMY, JOURNAL OF BUSINESS VENTURING 28(2013) Page 708-727 ADISA AFOLARIN O, PRID 1303094 BE 951, MASTER OF FINANCE AND MANAGEMENT TABLE OF CONTENT INTRODUCTION…………………………………………………………………1.O MOTIVATION OF THE RESEARCH………………………………………......1.1 RESEARCH QUESTION………………………………………………………..2.0 THEORETICAL APPROACH…………………………………………………...2.1 EMPIRICAL APPROACH……………………………………………………….3.1 APPROPRIATENESS OF EMPIRICAL METHOD…………………………...3.2 FINDINGS AND CONCLUSION………………………………………………..4.0 FURTHER RESEARCH PROJECTS…………………………………………..4.1 MAIN CONTRIBUTION………………………………………………………….4.2 1.0 INTRODUCTION. This research studies how entrepreneurial firms evaluate performance benefit by simultaneously aligning high level of both entrepreneurial orientation (EO) and manager orientation (MO). It is relevant for firms operating in a developing economy context where these potentials are enhanced for business with strong social and business network ties. Entrepreneurial orientation refers to firms procluivity to explore new market opportunities and as such it manifest itself through a firms tendency to accept innovation, risk-taking, pro-activeness, competitive aggressiveness and autonomy (Lumpkin and Dess, 1996). Market orientation is defined as the implementation of the marketing concept in firms target market (Kohli and Jaworski, 1990) and...
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...Competitor-oriented Objectives: The Myth of Market Share J. Scott Armstrong, The Wharton School, University of Pennsylvania, Philadelphia, PA 19104 E-mail: armstrong@wharton.upenn.edu Phone 610-622-6480; Fax 215-898-2534 Kesten C. Green, Department of Econometrics and Business Statistics Monash University, VIC 3800, Australia E-mail: kesten@kestencgreen.com Phone +64 4 976 3243; Fax +64 4 473 0643 February 21, 2006 IJB05CmObj27.doc International Journal of Business (forthcoming) Abstract Competitor-oriented objectives, such as market-share targets, are promoted by academics and are commonly used by firms. A 1996 review of the evidence, summarized in this paper, indicated that competitor-oriented objectives reduce profitability. However, we found that this evidence has been ignored by managers. We then describe evidence from 12 new studies, one of which is introduced in this paper. This evidence supports the conclusion that competitor-oriented objectives are harmful, especially when managers receive information about market shares of competitors. Unfortunately, we expect that many firms will continue to use competitor-oriented objectives to the detriment of their profitability. Key words: competition, market share, objectives, profitability. JEL CLASSIFICATION: L21, M21, M31. 2 Many managers have a natural inclination to want to beat their competitors. Our concern in this paper is the relationship between competitor orientation and performance. We show that competitor-oriented...
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...“MARKET ORIENTATION IN THE HIGH-TECH INDUSTRY OF THE BENELUX COUNTRIES WITH SPECIAL REFERENCE TO THE MICROELECTRONICS” The article mainly talks about the market orientation and its impacts to the high-tech marketing environment, such as the microelectronics market segment is a high-tech business, and for further studies, it compare European and US high-tech industry with each other in the article, and the points tells that a different characteristic has different company’s structure. There are two most prominent conceptualizations of market orientation, which are Kohli and Jaworski (1990) and Narver and Slater (1990). Kohli and Jaworski (1990) consider that market orientation is the implementation of marketing while Narver and Slater (1990) say that it’s an organizational culture. Moreover, Kohli and Jaworski (1990) defined that market orientation as "the organization-wide generation of market intelligence, dissemination of the intelligence across departments and organization-wide responsiveness to it" [1] On the other hand, Narver and Slater (1990) defined market orientation as "the organization culture that most effectively and efficient creates the necessary behaviors for the creation of superior value for buyers and, thus, continuous superior performance for the business." [2] Besides, the study considers market orientation as an organizational culture consisting of three behavioral components, which were customer orientation, competitor orientation and inter-functional...
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...Planning Lesson: Marketing Orientation © 2012 Resource Development International Ltd. All rights reserved. Resource Development International Limited reserves all rights of copyright and all other intellectual property rights in these learning materials. No part of any learning materials may be reproduced, stored in a retrieval system or transmitted in any form or by any means, including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Resource Development International Limited. Marketing Orientation Marketing Orientation Today, to be effective in marketing, an organisation has to be marketing oriented. It needs to adopt a marketing based business philosophy in all its functions. Let us commence by looking at some basic concepts relating to marketing and marketing orientation. http://www.youtube.com/watch?v =sbEnRGJr2jY A market consists of buyers and sellers - trading in products/services. The price is normally set by the supply of or the demand for, the product. The market for any business consists of its actual and potential customers. This market may be local (e.g. a street market), national (e.g. the mass market) or international. Markets may be classified as: Consumer markets (B2C) http://www.cimmarketingexpert. co.uk/buyerbehaviour Business markets (B2B) http://www.cimmarketingexpert. co.uk/buyerbehaviourB2B To supply goods and services in a competitive environment a business needs to discover: What to...
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...THEORIES IN MARKETING STRATEGY[1] In general, there are three aspects to the strategy of firms, regardless of the level of the strategy: content, formulation process, and implementation. Strategy content (what the strategy is) refers to the specific relationships, offerings, timing, and pattern of resource deployment planned by a business in its quest for competitive advantage (e.g., generic strategy of cost leadership versus differentiation; push versus pull strategy). Strategy formulation process (how the strategy is arrived at) refers to the activities that a business engages in for determining the strategy content (e.g., market opportunity analysis, competitor analysis, decision-making styles). Strategy implementation (how the strategy is carried out) refers to the actions initiated within the organization and in its relationships with external constituencies to realize the strategy (e.g., organization structure, coordination mechanisms, control systems). The body of marketing literature termed as strategic market planning primarily focuses on the content of strategy and process of strategy formulation at the business unit level and the corporate level, and the role of marketing in these spheres of organizational activity. Firms initiate strategic actions to achieve competitive advantage. However, these actions are shaped, and their outcomes influenced, by the external environment and internal environment of the firms. Institutional theory suggests that the actions...
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...Executive Summary Economies, industries and markets change everyday. The changes may be slow or rapid and may affect many companies and firms if not all. In the last twenty years due to rapid changes in technology and other environmental factors many firms could not simply rely on the strengths of firm resources to maintain healthy and high profit margins, there has been a greater need and shift towards market focused, industry focused approach to conducting business. Irrespective of industries, most companies today have adopted a market-oriented approach especially due to highly competitive environments in most industries. Many authors of market orientation advocate, in order for businesses to compete, stay ahead of their competition and ultimately rise above their competition, firms and companies need to adopt a market focused or market oriented approach to conducting business. Market Orientation is summed up as a process of understanding current and future client needs through research and applying strategies throughout the firm to better respond to those needs, which results in improved customer value. (Raaij, 2008; Lloyd & Harris, 1996; Kumar et al., 2011). This approach if adopted effectively could ultimately result in improved firm value as well. However, in the case of professional service firms there is still many for and against market orientation. The issues with the definition of the concept, time and monetary cost of research and implementation issues....
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...MARKET ORIENTATION – ESSENTIAL FOUNDATION FOR A STRONG MARKETING STRATEGY Electricity Company of Ghana is a limited liability Company wholly owned by the Government of Ghana and operating under the Ministry of Energy (ME). The Company was incorporated under the Companies Code, 1963 in February 1997. It began as the Electricity Department on 1st April 1947 and later became the Electricity Division in 1962. It was subsequently converted into the Electricity Corporation of Ghana by NLC Decree 125 in 1967. Until July 1987, the responsibility for distributing and supplying power in the country rested on ECG. The Government created the Northern Electricity Department (NED) as a subsidiary of Volta River Authority (VRA) in 1987 which took over from ECG the responsibility for the running and development of electric power systems in Brong Ahafo, Northern, Upper East and Upper West Regions. The Company is responsible for the distribution of electricity in the southern part of Ghana namely, Ashanti, Central, Eastern, Greater Accra, Volta and Western Regions. Electricity Company of Ghana is among some of the major utility providers in Ghana. They’re the major supplier and distributor of electrical power in most households, institutions and firms in Ghana. Apple Computers, Starbucks Coffee, Virgin Group, L’Oreal, Nike, Singapore Airlines, Banyan Tree and Samsung are among some of the most successful brands in the world. Much has been written about the power of their brands...
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...EPRG Orientation (made easier to understand and remember the core concept) • Given By Wind , Douglas & Perl mutter • The degree, kind & nature of involvement in International Business (I.B.) or International Orientation of companies vary widely. • Company re-orient/re-organise its activities. • It identifies four types of attitudes/orientation toward Internationalisation: o o o o E-Ethnocentric P-Polycentric R-Regio centric G-Geocentric Concept of EPRG orientation/approach can better be understood with the help of table of characteristics cum differences, which is given in the following pages. Have a look! Basis Management orientation Perception about market Ethnocentric Home-country orientation 1.Domestic market is superior Polycentric Host-country orientation Regiocentric Regional Orientation Geocentric Global Orientation Entire world is a single market that can be effectively tapped by standardised marketing strategy 1.Each national Markets can be market is differentiated distinctive on the basis of 2.Focuses on commom similarities 2.Focuses on regional between home differences characteristics country & foreign between home market country & foreign country 3.Considers foreign market secondary to and extension of domestic market Extension of Localisation/adap Trade-off domestic strategy tation( national between to foreign market responsiveness) standardisation & localisation Profitability Public acceptance(legiti macy) Marketing...
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...effect of marketing practices on sales turnover in small firms. The findings show that the three components of marketing practices are related positively to business performance in terms of sales turnover of small firms. The further analysis also confirmed that customer orientation and competitor orientation are strong predictors of small firm performance. The findings of this study confirm that effective marketing practices also apply to small firms. Key words: Marketing practices, Sales turnover, SBE’s. Introduction Small Business Enterprises are a major contributor to Ghanaian economy. For a very long time, SBEs sector accounted for a large portion of the total number of business in the Ghanaian economy. Small businesses are considered as a sub sector of SMEs in Ghana, along with micro size enterprises operates in various industrial sectors and contributes not only in greater production but also in employment and provides self employment opportunities. In this study small businesses from SME sector is on focus which operate with 3 to 50 full/part time employee .Since small business play an important role in the Ghanaian economy, it is therefore crucial to develop an understanding of why organizations are successful and why they fail in Ghanaian business context. The ultimate factor of small business success is when customers purchase goods and services at profitable terms. However this can only be done if small businesses develop a greater relationship...
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...THE IMAPCT OF PRODUCT LIFE CYCLE ON STRATEGIC ORIENTATION OF A ENTREPRISE Mohammad N. Shahidi, KIMEP, Almaty, Kazakhstan ABSTRCT The impact of product life cycle (PLC) on strategic orientation (SO) in dynamic environment, which is a subject that has interested strategic management scholars, is the focus of this proposal. The literature reviewed shows that despite the worldwide research on strategic management, there is still not a single definition for such a term. As a result, a wide range of conceptual frameworks exists for the formulation and implementation of strategies. There is no consensus on the factors among the scholars that affect strategic orientation of a enterprise. The consideration is mostly towards market/costumer satisfaction, technology, competition, with the enterprise’s capabilities affecting the most. Some of the scholars emphasize management issues and strategic thinking. Others such as Porter, focus on typology and resource bases. However, few scholars focus on the impact of product life cycle on strategic orientation. The attempt in this paper is to show that not only does the PLC orient strategy of an enterprise faster and straight forward than any other factors, but it also takes all other factors into account. The main question is “how product life cycle affects the strategic orientation of a enterprise”. This study began by defining strategic orientation, product life cycle, and their analysis. The study is focused on how the product...
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...(a) Identify and briefly discuss SIX business orientations. Business organisations basically exist to provide products and to maximise profits. But there can be a marked difference in their approach to do business depending on the orientations they modulate their business strategy. The following six business orientations are discussed hereunder: (a) Production orientation: Here the main focus is on the production and management ensures that there is enough capacity to mass produce and whatever is produced it is sold at a relatively low price. Consumers are sensitive to prices and there is less costs associated with advertising and promotion of the goods. Competition is almost inexistent. An example is the production and sale of tomatoes. Whatever amount is produced it is sold on the marketplace. (b) Product orientation: Here management decides to produce a product and production is undertaken without any assessment through proper research techniques being made whether the product is needed or not. Management has at least ensured that the quality and design of the product is good. This type of business orientation is quite risky as it can fail on the market if people do not need it nor are willing to use it in spite of marketing strategies being undertaken. (c) Sales orientation: This concept underpins the need to canalize all energies towards selling the product. The particular product is made available to consumers and salespersons use aggressive selling techniques...
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...E- Market Orientation as a result of Integrating electronic marketing with market orientation concept Morteza Mashayekhi and Amir Ekhlassi Abstract The aim of this paper is to show the relationship between electronic marketing and market orientation. This paper intends to integrate these concepts and draw a framework for e-market orientation as a new paradigm in business. So it is necessary to introduce both e-marketing and market orientation and review the literature related to them. We begin our literature overview with e-marketing and then we turn to introduce the concept of market orientation. Finally, we illuminate the impact of e-marketing on market orientation and introduce the concept of e-market orientation as a new approach in implementing marketing concept with the aid of the internet. Key words: electronic marketing - market orientation – e-market orientation 1. Introduction to e-marketing Electronic marketing is the transfer of goods or services from seller to buyer that involves one or more electronic methods or media. [3] E-marketing includes the management of the consumer’s online experience of the product, from first encounter through purchase to delivery and beyond, but it isn’t just another addition to the marketing mix, another tool in the box. Instead they point out that the way people communicate is permanently changing the way that markets work. [2] E-marketing also can be defined as the use of electronic channels of...
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...Plan SIMILARITIES: IMPORTANCE OF MANAGEMENT: Marketing Myopia: ‘in every case the reason growth is threatened, slowed or stopped is not because the market is saturated. It is because of failure of management.’, ‘little or no attention to customers basic needs and preferences’ ‘management tends to be orientated towards the product rather than the people who consume it’, ‘they latter occupy a stepchild status. They are recognized as existing, as having to be taken care of but not worth any real thought or attention’, ‘organizational lifetime has conditioned management to look in the opposite direction (of customers satisfaction and deepest needs)’. ‘Marketing is a stepchild’, ‘the chief executive must set the companies style, its direction, its goals. . . . for unless a leader knows where he is going, any road will take him there’ ‘All effort focuses on product. The effect is marketing gets ignored.’ Market Orientation: ‘The role of senior management emerged as one of the most important factors in fostering a market orientation.’ Webster 1998 asserts that “customer orientated values and beliefs are uniquely the responsibility of top management”, Webster 1998 p 38 observes ‘if managers are evaluated primarily on the basis of short-term profitability and sales, they are likely to focus on those criteria and neglect market factors such as customer satisfaction that ensure the long term health of an organization’, ‘factors could be largely controlled by managers’, ‘factors identified...
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...Introduction Market-oriented corporate strategy has been known as a pillar of better company performance by both academics and practitioners for over four decades. From a historical viewpoint, market orientation is defined as a stage of organization growth or as a level reflecting the organizational maturity-the definition which is confirmed by different writers such as Baker, Kotler and Dalgic. They believe that market orientation has been created to develop the different business trends by looking at the market orientation as the final stage of business organization development. Market orientation culture is a group culture designed to create better customer value by executing the required actions with the most efficient and effective way available. Thereby maintaining a high level of the performance of the firm. Definition of Market Orientation According to businessdictionary.com, market orientation refers to business approach that focuses on identifying the stated or hidden needs of the customers through its own or acquired products. Market orientation is generally defined as the organization wide generation, dissemination, and responsiveness to market intelligence. This meaning at once changes the dominant standard that has defined marketing for decades. Traditionally, marketing has been defined within the narrow restrictions of the 4P framework (price, place, promotion and product). Such a concept of marketing has make marketing to a tactical discipline to be...
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...1. The Concept and Process of Marketing Marketing is the science and art of incorporating intuition, creativity and innovation in designing new products and identifying channels for their distribution. It encompasses a fair mix of both behavioural and management science. Having a strong foundation in the field of marketing helps an individual translate his thoughts and ideas into appropriate actions, effortlessly. Elements of the Marketing Process The primary aim of every marketing process is to earn profits for the organization. Market research is the primary source of information used by marketers to design a marketing strategy. The results of market research help the marketers make choices about their target market segments, the products they wish to sell and the relationship they would like to build with their consumer. Although different experts have varied opinions about the elements of the marketing process, we will use the illustration below for our reference and understanding. Elements of the Marketing Process Figure 1 Source: Made by Student (2012) 1) Needs vs Wants: Food, water, shelter and clothing are basic needs of any human being, necessary for survival. On the other hand, wants are created to fulfil needs. For instance, ‘I need food but I want a burger’. In this example, ‘food’ is a basic need, whereas ‘burger’ is a means to satisfy the need. The want for a burger is dependent on several factors. The socio-cultural environment around an individual...
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