MBA601 Fundamentals of Entrepreneurship Case Study 2 Sample
Your task
Collectively, you are required to conduct an 80-minute in-class activity in which you and your group members will be tasked to analyse a case study and prepare a debriefing presentation of 6 minutes (no more). In addition, you will be required to individually prepare an 800-word summary per the assessment instructions below. Please note that failure to attend this activity results in a grade of zero for the written summary submission.
Assessment Description
In this group assessment, students will evaluate the business model canvas of a venture and its risks and benefits and provide recommendations for potential improvements or modifications.
Assessment Instructions
During week 8, your workshop facilitator will form the class into groups of three to four members (no more). Attendance is mandatory so that you can get acquainted with your group members. During the week 9 class, you and your group will be given 80 minutes to work on a case study which the workshop facilitator will distribute to everyone. Based on the case study information, your group’s task is to read the case study and then analyse and critically evaluate the following:
• Problem/issue that the venture is solving and its value proposition.
• The venture’s business model canvas.
• Future potential of the venture and two recommended strategies.
In answering these questions, please use theories/concepts taught in weeks 4 to 8 and include clear critical assessments and justifications for your comments. Your comments may include assessments, criticisms, praise, and recommendations, but all should be supported with justification and demonstrate an understanding of the course content.
Upon the conclusion of the in-class activity, each group must deliver a 6-minute presentation on the group’s critical analysis of the case study. Please note that PowerPoint presentation is NOT compulsory for this activity as you are encouraged to use other tools such as Prezi.
By the beginning of week 10, individually, you are also required to submit an 800-word written summary in which you are to comprehensively discuss the future potential you see in this venture and the strategy or strategies you would recommend in seeking to fulfil this potential (including but not limited to growth plans, product development, market development, funding and business model changes).
Solution
Future potential in venture
1. Rising Demand for Sustainable Golf Accessories
Demand for environmentally friendly golf equipment is rising, which is particularly noticeable in the Australian golf industry. University Assignment Help, Golfers are becoming more environmentally concerned and look for sustainable choices that reflect their ideals. In the golf sector, this rising awareness presents a great opportunity for enterprises to serve environmentally sensitive customers (Morgan, 2022).
2. Market Size and Development
With more than 1,500 golf courses, Australia has a sizable golf market and a sizable client base. Furthermore, the market for sustainable golf accessories is predicted to increase significantly due to the worldwide trend toward sustainable practices. This market's potential for development may be ascribed to the growing number of golf fans and their shifting product preferences (Morgan, 2022).
3. Competitive Benefit
Companies in the eco-friendly golf accessory industry may create a significant competitive advantage by providing cutting-edge, long-lasting solutions. Companies may stand out in a market where environmental awareness is crucial by differentiating via sustainable materials, production techniques, and marketing tactics. Market dominance and brand loyalty may result from this advantage (Morgan, 2022).
Recommended Strategies
1. Product Development
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Figure 1- Product Development
Source- (Garland et al., 2021)
It is crucial to consistently develop to satisfy the rising demand for sustainable golf accessories in the Australian market. This calls for increasing the selection of environmentally friendly golf accessories, adding materials that have a lower effect on the environment, and keeping an eye on new trends. To find and create cutting-edge, sustainable golf goods, partnerships with manufacturers that specialize in eco-friendly materials may be quite helpful (Crilley et al., 2020).
2. Market Development
Strategic connections with golf courses and clubs are necessary to grow the market for eco-friendly golf equipment in Australia. In addition to increasing consumer demand for environmentally friendly goods, these institutions' promotion of sustainability has a beneficial influence on the environment. Effective marketing initiatives that emphasize the products' environmental benefits encourage market growth (Crilley et al., 2020).
3. Growth Plan
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Figure 2- Growth Plan
Source- (Garland et al., 2021)
A thorough expansion strategy was developed to promote sustainable golf in the burgeoning Australian market. First and foremost, it is crucial to broaden the product range to include a variety of eco-friendly accessories. These can include biodegradable golf tees, eco-friendly golf bags, and golf gear (Crilley et al., 2020). The pursuit of strategic partnerships with golf facilities and clubs will increase market penetration. These collaborations may support green activities including recycling campaigns, environmentally friendly course management, and instructional golfing events. Additionally, expanding into new geographic regions both inside and outside of Australia is consistent with the larger trend of global sustainability (Gerke, Dickson and Wohlgemuth, 2021).
4. Geographic Expansion
Geographical expansion outside of Australia into foreign markets is a sound business strategy. Golf sustainability is becoming more popular in areas like Europe and North America, which offers significant business chances. To successfully penetrate these markets, corporate expansion involves market research, localization of marketing initiatives, and conformity to regional laws and preferences (Gerke, Dickson and Wohlgemuth, 2021).
5. Funding
Scaling operations and fulfilling the promise of the sustainable golf accessory industry depends critically on securing the required funds. This entails looking into numerous options, such as grants, loans, and investments. Government incentives and awards for boosting eco-friendly firms may also help financially. For sustained expansion, an efficient finance strategy that is in line with development objectives is crucial (Gerke, Dickson and Wohlgemuth, 2021).
6. Business Model change
Adopting a circular economy strategy may help shift the company model in the direction of sustainability. Programs for product recycling or take-back may help limit waste and lessen the impact on the environment. Additionally, subscription-based business models may increase client retention and provide a steady source of income. These adjustments ensure long-term profitability while bringing the company into line with sustainable standards (Russel, 2022).
7. Collaborations & Partnerships
Promoting eco-friendly golf accessories may be accomplished via partnerships with personalities and organizations that are concerned with sustainability. To reach a larger audience, partnerships might include cooperative marketing efforts, educational programs, and the sharing of resources. By collaborating with organizations that share its values, the brand can increase its reputation and reach among golfers while also amplifying its message on sustainability (Russel, 2022).
8. Customer Education
It's crucial to inform them about how golf affects the environment and the advantages of eco-friendly gear. Golfers may make educated decisions by using interesting internet tools, courses, and content creation. In addition to increasing awareness, AZ Limited may build a devoted consumer base that is enthusiastic about eco-friendly golfing practices by highlighting the items' contributions to sustainability (Russel, 2022).
References
Crilley, G., Murray, D., Howat, G., March, H. and Adamson, D. (2020). The Australian Golf market is witnessing an increasing demand for sustainable and eco-friendly products. Journal of Retail & Leisure Property, 2(4), pp.369–380. doi https://doi.org/10.1057/palgrave.rlp.5090157.
Garland, R., Brooksbank, R., Taylor, D. and Fullerton, S. (2021). STRATEGIC MARKETING IN AUSTRALASIAN GOLF. [online] Available at: http://easm.net/download/2007/d79c73053b8123183ac970ebd2af5808.pdf
Gerke, A., Dickson, G. and Wohlgemuth, V. (2021). Golf Accessories for a Booming Australian Market -A case study. European Sport Management Quarterly, pp.1–20. doi: https://doi.org/10.1080/16184742.2021.1955290.
Morgan (2022). Sustainable Golf: Eco-Friendly Accessories for a Booming Australia. [online] heinonline.org. Available at: https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/intlawmanr6§ion=11
Russel, A. (2022). Golf in the Australian Market. [online] www.proquest.com. Available at: https://search.proquest.com/openview/51070b804522db6d2bedf8b0d98bf73f/1?pq-origsite=gscholar&cbl=2026366&diss=y.
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