Entrepreneurial Marketing is the combination of two discrete management areas. Existing as distinct disciplines, entrepreneurship and marketing have emerged to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. Definitions of both marketing and entrepreneurship differ considerably and we cannot expect that one single definition of entrepreneurial marketing will cover everything. A contemporary definition that meets the present scope in which entrepreneurial marketing is defined as: “the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.” Recently, entrepreneurial marketing has gained popularity in the marketing and entrepreneurship disciplines. The success of business activities pursuing non-traditional marketing approaches Continue reading
Modern Management Practices
Business Continuity Management (BCM)
“An ounce of prevention is worth a pound of Cure” – Benjamin Franklin The entire businesses around the world are exposed to risk or disruptions whether it is from fire, equipment failure, natural disaster, communication failure, economy downturn or an act of terrorism. There can be hardly superior hazard to any organisation than recession. The organisations experienced more disruptions than ever in the past years. These disruptions can ruin the organisations or make it difficult to survive. This is where Business Continuity Management (BCM) plays integral role to smoothly run the business without any interruption. Business Continuity Management is very important for the endurance of the business. Business Continuity Management is a method designed to ensure that the functions of Continue reading
Introduction to People Capability Maturity Model (PCMM)
The People Capability Maturity Model framework was developed by Carnegie Mellon University, Software Engineering Institute to define the organizational maturity of people processes and practices. It helps the businesses to manage knowledge workers across global borders, as well as between graying and millennial generations. It is the framework that addresses the needs of employees, their competencies and the processes that need to be in place to ensure an organization is continuously improving and able to meet business needs effectively and efficiently and ranks on a scale 1 to 5, with 5 being the highest achievable maturity level. The People Capability Maturity Model (PCMM) is a well documented set of practices that enable growing original workforce competencies. It is more of Continue reading
The Need for Corporate Entrepreneurship
Corporate entrepreneurship or Intrapreneurship is an important element in large and medium organizations. Intrapreneurship exists within the organizations. It plays important role in organizational and economic development. Intrapreneurship leads not only to new ventures, it leads to other innovative activities and orientations such as development of new products, technologies, services, strategies and competitive postures. In good or bad economic times, companies seek innovations to remain competitive. Intrapreneurs are more intelligent and have ability to perceive the big picture. They are self motivated, and optimistic. These people are action oriented and move quickly to get things done. Corporate entrepreneur is a person who focuses on innovation and creativity to transform dreams into profitable reality. A charismatic leader in a company instills Continue reading
What is Intrapreneurship? – Definition, Meaning and Features
In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean “A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation”. Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship.  They are entrepreneurs who catch hold of a new idea for a product, service, or process and work to bring this idea to fruition within the framework of the organization. Intrapreneurs with their innovations and dedicated effort are perceived as a Continue reading
Open Innovation vs. Closed Innovation
Innovation is one of the important catalysts to the sustainable organizational growth and performance. The term of innovation is already used over the century ago and innovation meaning is focus more on the changes or improvement made by the organization either to their product/services, processes and paradigm. Innovation is the use of new technological and market knowledge to offer a new product or service that customer want and the new product must new, lower cost and the attributes of the product are improved with the attributes that never existed in the market before. The concept of innovation also defined as the process of making changes of something established by introducing something new that adds value to customers and contributes to Continue reading