The following questions are all based on the GoPro case study published in the Forbes Magazine. Basing your arguments on the topics that you have studied throughout the unit, write a report addressing all of the following questions. The report/questions will cover both aspects of the unit.
Part A
Question 1: Whilst Nick Goodman was confident that his business idea for a cinema-grade mini camera could ultimately lead to success, he did initially question his ability to bring his product to market ie. 'He gave himself four years to make it work before he would drop his idea and enter the workforce'. Therefore, it is clear that there is a 'dark side' of entrepreneurship. Discuss three major traits that are associated with the dark side of entrepreneurship. Justify your response with reference to academic sources (e.g. academic journal articles, textbooks, etc.).
Question 2: Peter Drucker, a leading scholar in the fields of entrepreneurship and marketing, is cited in your unit material numerous times. When speaking of entrepreneurship, Drucker once stated: 'Most of what you hear about entrepreneurship is all wrong. It's not magic; it's not mysterious; and it has nothing to do with genes. It's a discipline and like any discipline it can be learnt'. What evidence exists in the GoPro case study that supports and/or refutes this statement? Ensure your argument(s) are developed through direct reference to concepts, tools and techniques evident in the unit material.
Part B
The role of planning within the firm has been discussed at length in this unit. We introduced aspects of entrepreneurial planning and explored how marketing planning gives direction to both corporate planning and marketing management.
Question 1: How did GoPro gain a competitive advantage from their marketing processes? Provide a theoretical analysis of the reasons for the achievement of this advantage.
Question 2: The GoPro case study specifically identifies future threats to the company's strategy. Provide a theoretical analysis of this threat scenario and give recommendations on how GoPro should respond to this.