MKT3031 Entrepreneurial Strategy Assignment Sample

• Subject Code : MKT3031
• University : University of Northampton My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Entrepreneurship

Strategic Consultancy Report

Abstract

In this report, we come across several strategies that Marshfield bakery has implemented in recent years. Also, several strategies that are required to work on for the betterment of the company is discussed in this report.

The position of the company in the global market is also evaluated, and an estimated set of objectives that can enhance the business model in other markets are also debated in this report. Certain recommendations such as-

• Increasing the quality of the products.

• Introducing new technology for better output

• Surveying global market demand

• Working on customer feedback

is explored in this report. At the conclusion, the reason behind the success and reason behind the lack of Marshfield bakery in the Global Market is also discussed here.

Table of Contents

Introduction

Entrepreneurial strategies in Marshfield Bakery

Intrapreneurial Strategies in Marshfield Bakery

Marshfield bakery strategic situation

Position of Marshfield bakery in Global Market 

Set of objectives for Marshfield Bakery for Future

Implementation strategy consistent with identified objectives in Marshfield Bakery

Recommendations

Conclusion

Reference

Introduction

Marshfield, over the years, has successfully manufactured and provided home-made cakes, biscuits, and snack bars. The Marshfield bakery also provides seasonal goods on several occasions. The Marshfield bakery has its customers segments all over the U.K. and Europe. Marshfield bakery started its journey in 1984. The recent study clarifies that 12 officers are working in the organisation. Paul and Lynne White are the present owners of the Marshfield bakery. Marshfield bakery is one of the renowned bakeries in the United Kingdom, serving over a century. Certain research also awards us the fact that Marshfield is an award-winning bakery business owned solely by a family. Marshfield bakery has successfully manufactured more than ten different flavours of bread, especially shortbread and biscuits.

Also certain flapjack products along with a different variety and taste of cakes. Marshfield bakery was successful in expanding its business in different markets and also grew in manufacturing different products. Marshfield bakery business expanded its business globally more than two times within 25 years. According to certain research, Marshfield bakery has successfully launched more than twelve new products by using several innovative strategies and also enhanced employment generation in its business model. To understand the reason behind such growth, entrepreneurial, and intrapreneurial strategy are discussed below.

Entrepreneurial strategies in Marshfield Bakery

Marshfield Bakery has been successful in private labeling in the Global Market. The reason behind the triumph is the various strategies that the entrepreneur working in that business model has developed (Niehm, et al, 2017). The entrepreneurs put more emphasis on self-branding of the Marshfield bakery. The mixed entrepreneurial method of the Marshfield Bakery are-

Marshfield bakery has age-old goodwill in the U.K. business market. Providing bakery products was the main objective of the company. But as time passed by, the taste of the customers began to change. Soon they fail to provide the required quality service to their customers. On the other hand, several other companies who understood the customer's shift of taste started providing them with their required products. As other companies began emerging, it became utmost necessary to understand the position of the competitors in their quality of service and the product they provide to the customers. The procedure enabled Marshfield bakery to understand their situation in the market, and work on the feedback, enhance them to outgrow their service quality than other competitors, and restore their renowned pride (Lo, et al., 2019).

Conserving profit money will enable entrepreneurs to avoid several worst situations. During the late '90s, the Marshfield bakery suffered a terrible loss due to a shift of customer taste. Also, during the downsizing market, several other business models went through bankruptcy while Marshfield survived anyway during that period. James Early (present secretary of Marshfield bakery) stated that their organization saves their excess surplus revenue in several stock markets or through bonds and invests it in other ways to survive in an unforeseen situation(Minto-Coy et al, 2019).

Marshfield entrepreneurs were successful in researching new products and implementing it in their kitchen. Introducing new products and attracting customers towards those products were always the particular attributes in Marshfield bakery. Within the period of twenty-five years of their reign in the bakery business of the U.K., they have provided their customers with variety, which attracted customers to buy their products. According to Marshfield bakery director Anthony Fletcher, Marshfield bakery and their employees or the staff working there, believe in inventing new products. Producing a variety of bread, cookies, biscuits, and other food products put much emphasis on the company. Also, special management was there to provide the company with data on the shift in customer taste. Installing new technology and providing the required products to the customers were the most important among their entrepreneurial strategies (Hess, 2017).

Marshfield bakery was successful in gaining faith among the customers in the U.K. Richard Hazel (present secretary of Marshfield bakery) states that after successfully restoring the business renowned faith and trust, their focus was on increasing the business in the global market. Although the business begins its journey from a small family business, it has a whole lot of different market value in the U.K. The first step was to earn the faith of the customers of the U.K. But in the case of every entrepreneur's dream is to move their business into the global market. Marshfield bakery has a yearly revenue of more than 10 million francs. But to enhance their vision, they need to place their brand in the global market. Developing this entrepreneurial strategy will increase the fame of Marshfield bakery in the future (Massis, et al., 2019).

One of the essential entrepreneurial strategy is to work on customer feedback. In several cases, customer feedback enables the organization to understand the customer taste and demand. Marshfield bakery introduced several products based on customer feedback. According to the retired secretary of Marshfield, the idea of production of biscuits was taken based on customer feedback, which turns out to be a beneficiary decision for the company.

Intrapreneurial Strategies in Marshfield Bakery

Every business's success depends on the implementation of new ideas. The main work of the intrapreneurs is to provide proper guidance to corporate entrepreneurship and enhance the success of the business model(Stokvik, et al., 2016).

Certain studies clarify that in recent times Marshfield has applied several intrapreneurial strategies that have established a deep impact on the growing ladders of the company. The points are-

Providing the workers with a new vision and encouraging teamwork has enabled Marshfield bakery to outgrow its competitors. Marshfield employee Benjamin James White(resigned) states that the entrepreneur's Paul and LynneWhite used to provide it's workers with a specific vision and always supported teamwork. It was giving proper guidelines, supporting them, and let them earn the faith of the workers to provide a maximum output, which increased the profit margin in return. This intrapreneurial strategy turned out to be beneficial for Marshfield's bakery(Carter, et al., 2017).

Intrapreneurs play a vital role in understanding the business segmentation. Understanding the target market is one of the essential intrapreneurial strategies. Marshfield bakery begins its journey of providing bakery products as soon as they know the customer demand for it. In developed countries like the U.K., where ethnic food products are more consumed, customers have a lot more inclination towards bakery products. Also, in recent years, Marshfield bakery has introduced a variety of cookies that the target audience is much more fond of. This intrapreneurial strategy has benefited the company.

The idea of customer first and then technology has helped the company to grow in recent times. Working on several moral ethics of intrapreneurs is also very essential. Putting passion in work ethics, showing the business credibility in the market, the capability of the workers to provide service to customers, and competency along with profitability are the few ethics in the intrapreneurial strategies of the Marshfield bakery.

Understanding the problem and opportunities are the main criteria of the intrapreneur that need to be fulfilled. Solving problems and resolving disputed matters in the business market and finding a chance to develop is another important intrapreneurial strategy. During the early 21st century, when cookies were becoming famous. Marshfield decided to provide variety in cookies. After a few years of research and working, Marshfield bakery succeeds in establishing the cookies, and it's taste among the customer and using the prime opportunity to grow out other competitors and create a successful business development. The usage of the intrapreneurial strategy worked positively for the Marshfield bakery(Falola, et al., 2018).

The growth experiment and revenue streams are two major intrapreneurial strategies for the Marshfield bakery. Marshfield bakery in recent years has tried to increase the business in the global market. Commencing several market surveys in other parts of Europe has let them understand the global market. Also, introducing several other items to grow the business has proven success up to a certain extent. Also, the company has taken help from other companies and attracted investors to invest in their business model, which turn out to increase their revenue streams to commence such growth experiments(DITKUN, et al., 2016).

Marshfield Bakery Strategic Situation

Marshfield bakery was able to identify several strategic situations and work on several strategies based on several internal and external factors of the business. The method that the entrepreneurs of the bakery have taken is successful up to a certain extent. Although lack of implementation reduced the chance of enhancement in the Global market, the production house is trying to work on the strategies. Successful implementation would have increased the fame of the company in the global market by 2025(Souza-Monteiro, et al., 2017).

Position of Marshfield bakery in Global Market

Marshfield Bakery is renowned all over the U.K., but increasing competition has made the brand incur a loss in recent years. Over the past few decades, several other bakery business models have come into existence(Giri, 2018).

In today's world, the increasing number of consumers of ethnic food is enhancing all over the world. In developing countries like India, this is no exception. The Marshfield bakery has a great scope to flourish and open branches of their brand all across the world. Recent studies state that Marshfield Bakery Limited has recently become a part of the Food Wholesalers Industry, present in ChippenhamChippenham, UK. Currently, the company comprises more than 80 employees and has successfully generated more than $ 8 million in their sales of bakery products. The entrepreneurs of the Marshfield bakery have been successful in earning the faith of other companies and investors. More than 600 companies have collaborated with Marshfield Bakery limited, and it's corporate family. One of the critical companies providing data to Marshfield Bakery is- D&B Hoovers.

According to this company, Marshfield has concentrated the business model in the U.K., which is creating less space for the bakery company to flourish in the global market. According to the statistics, the company was successful as a small business model. But lack of courage to compete Marshfield bakery products in the worldwide market has reduced the chances of the company to flourish. Marshfield bakery was identified as one of the best small companies which have a turnover of more than five million francs in the market of the U.K. It has a secured position in the U.K. but lacks a position in the global market. Lack of proper execution has lead to the downfall of such an initiative(Kostyuchenko, et al., 2019).

Set of objectives for Marshfield Bakery for Future

Marshfield bakery can be a renowned bakery business, but it also comprises certain shortcomings. A certain set of goals that can enable Marshfield Bakery to develop the business model and to increase the horizon are-

They are removing old panels, including new advanced technological kitchen panels, and providing new extensions with a walk-in-chiller. The entrepreneurs must work on the immediate installation of new food-safe walls. The process can produce more output and will be able to provide their service more often to the customers. Also, increasing food safety procedures will enable them to deliver quality material for customers to consume.

They are changing the production of bakery products. Over the years, there is a drastic increase in obesity. Customers have slightly inclined towards the more consumption of gluten-free and low trans-fat food products. If the organization enables the Marshfield bakery to provide the customers with the required service, then the customer's satisfaction can be met. So the primary objective of the Marshfield bakery must be to provide healthy food material(Ham, et al., 2020).

Certain research clarifies that there is a growing demand for ethnic food, moreover during special occasions such as- Christmas, the demand for such food products increases. But the Marshfield bakery was unable to meet the order of the customers due to lack of technological and certain management issues. For this reason, other bakery product providers are emerging in the business and providing customers with quality service and meeting their demand. Marshfield bakery to keep pace in the competition, their primary objective must be to offer more enhancing quality service and meet the customer demand by employees more stress on helping the working staff to provide service to customers.

Implementation Strategy Consistent with Identified Objectives in Marshfield Bakery

Marshfield, in recent times, has implemented the identified goals in their business model. Introducing new technology has enhanced the production of more consumable food products. Also, several implementing strategies such as increasing the quality of service and providing the customers with new products and their variants have been taken based on certain identified objectives in Marshfield bakery. Also, providing the working staff with certain health care policies and other job security and satisfaction has enabled them to intensify the amount of output from the employees. The implementation of these identified objectives has helped in the growth of the company(Maria, 2019).

Recommendations

The certain recommendation that can enable the Marshfield bakery to grow and increase its hold in the Global Market are-

Marshfield bakery needs to estimate the global business market trend and produce bakery items according to the data provided to the organization. Analyzing several entrepreneurial and intrapreneurial strategies, enhancing the quality of the product can be worth benefitting for the company. Moreover, the production of a variety of bread and cookies can attract more customers to buy the products(Walker, 2018).

Entrepreneurs must put more stress on including new technology and excluding the old method of production. In today's world, everything is technologically advanced. Marshfield using such technology, can produce more consumable goods in less time and meet customer satisfaction. The policy, in return, will increase their customer as well as profit margin.

In this period of globalization, drastic steps must be taken to be Marshfield to increase their business model all across the world. The entrepreneur needs to get hold of the global market position and work accordingly to spread their products and enhance their customer's sphere.

Research also presents a fact that by 2025 by consumption of ethnic food products will increase at a tremendous rate. Marshfield must understand the situations and analyze the opportunity that lies in front of them. Taking the shot will help them grow their brand name in the future.

Conclusion

Marshfield bakery has been able to restore its renowned distinguishing quality of service. The ability of the organization to provide quality service to their customers. The discussion of entrepreneurial and intrapreneurial strategies has been enhanced to understand a brief idea about the position of Marshfield bakery in the Global market. It also provides us with certain views on the set of objectives that the Marshfield bakery has been working towards. The plans will enhance them to work on their priority and to understand the situation to increase the vision of their globalizing the bakery business. The entrepreneurial strategies taken by Marshfield bakery and its implementation can help the company to grow more in the future.

Reference

Carter, M. and Tamayo, A., 2017. Entrepreneurial and intrapreneurial skills of managers as the determinant of organizational performance of small and medium enterprises in the Davao region, Philippines. Philippines (March 6, 2017).

De Massis, A. and Kotlar, J., 2019. Case Studies, Movies, TV Shows and Other Family Business Resources. Entrepreneurship & Innovation Exchange.

DITKUN, S., SOARES, A.M., PRIETO, D., KOVALESKI, J.L. and YOSHINO, R.T., 2016. Follow up through the strategic planning of a bread factory in the region of Campos Gerais for the implementation of a franchising system. Revista ESPACIOS| Vol. 37 (Nº 17) Año 2016.

Falola, H.O., Salau, O.P., Olokundun, M.A., Oyafunke-Omoniy, C.O., Ibidunni, A.S. and Osibanjo, O.A., 2018. Employees' intrapreneurial engagement initiatives and its influence on organisational survival. Business: Theory and Practice, 19, pp.9-16.

Giri, A.V., 2018. Hurdles and Barriers in the Development of Bakery Business. Idea Publishing.

Ham, S., Lee, S., Yoon, H. and Kim, C., 2020. Linking creating shared value to customer behaviours in the foodservice context. Journal of Hospitality and Tourism Management, 43, pp.199-208.

Hess, E.D., 2017. 3 Fellers Bakery. Darden Business Publishing Cases.

Kostyuchenko, M.N., Kosovan, A.P., Shaposhnikov, I.I. and Martirosyan, V.V., 2019, January. The bakery products market in the globalization economy conditions: institutional сhanges and trends in the development of consumer behaviour and competitive strategies. In 2nd International Scientific conference on New Industrialization: Global, national, regional dimension (SICNI 2018). Atlantis Press.

Lo, F.Y., Huarng, K.H. and Rey-Martí, A., 2019. Entrepreneur subsidiary of business groups from emerging markets: a multi-level perspective. International Entrepreneurship and Management Journal, 15(2), pp.471-483.

Maria, O., 2019. Implementation of managerial strategies' principles at the enterprises from the agro-food sector. Sustainable development.

Minto-Coy, I.D., 2019. From the periphery to the centre: start-up and growth strategies for minority diaspora entrepreneurs. International Journal of Entrepreneurship and Small Business, 36(1-2), pp.189-215.

Niehm, L., Lee, Y., Zuiker, V., Manikowske, L., Masuo, D. and Shin, E., 2017. Rural Family-Owned Business Sustainability in Times of Economic Change: Strategic and Entrepreneurial Responses to the 2007 to 2009 Recession. In the United States Association for Small Business and Entrepreneurship. Conference Proceedings (p. 1320). United States Association for Small Business and Entrepreneurship.

Souza-Monteiro, D. and Hooker, N., 2017. Comparing U.K. food retailers corporate social responsibility strategies. British Food Journal.

Stokvik, H., Adriaenssen, D.J. and Johannessen, J.A., 2016. Strategic entrepreneurship and intrapreneurial intensity.

Walker, J., 2018. Development and marketing of a bakery (Doctoral dissertation, California State University, Northridge).

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