Entrepreneurial Competencies
Thinking Like an Entrepreneur
On a trip down south, at Nagpur you marvel at the size of the oranges and the price at which they are available. You buy in dozens and consume these merrily en route. This is consumer’s mindset. On the contrary, an entrepreneurially thinking individual, he may buy and enjoy the oranges as well, would also start thinking what if I arrange for their transportation and sale at my place…
Although some studies consider the impact of extensions on the parent brand (John, Loken, and Joiner 1998; Loken and John 1993), brand extension research primarily has focused on identifying the factors that define successful brand extensions. Beginning with Aaker and Keller’s (1990) work, researchers have viewed the fit between a parent brand and the extension category as a determinant of the success of the extension.
Alignment of Strategy with Structure
Executives of multibusiness firms are increasingly using management control systems (MCS) to align corporate strategy with organizational structure to create synergies across business units. Senior managers find that it is no longer practical to expend vast resources to continually restructure their organizations in order to align with changes in strategy and environmental conditions (Luke, Walston and Plummer, 2004). Instead, more organizations are learning a far more effective approach–choose an organizational structure that works without major conflicts, and then design MCS to align that structure with strategy (Kaplan and Norton, 2006).
Relationship Marketing
Though it was first coined by Berry (1983) in the United States, relationship marketing as a term was not commonly used until the latter part of the 1980s. The term relationship marketing emphasises variables and processes such as trust, commitment, social norms, and so on. The key structural issue in relationship marketing stems from its raison d’etre: exchanging resources to provide mutual benefits and thus achieve mutual goals, which differentiate it from the conventional view of marketing, offered by American Marketing Association (1985) which involves the integrated analysis, planning and control of the ‘marketing mix’ variables (product, price, promotion, and distribution) to create exchange and satisfy both individual and organisational objectives.
