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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 Entrepreneurship
Question 1: Entrepreneurs have been identified as having certain traits and characteristics. Discuss the extent to which GoPro founder Nick Woodman exemplifies these traits and characteristics. 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 Marketing and Strategic Planning
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.
The GoPro success story is an inspiration in itself. The combination of a great leader, a compelling idea, and high performing product is what it takes to describe GoPro. A company which has created a niche market for itself – amongst the adventure seeking aficionados. Apart from the high-quality cameras, GoPro is also backed by a solid content marketing strategy. With over 6,000 uploads on YouTube every day, it encourages its users to share experiences, thereby generating positive synergies with the brand itself. 'GoProing' is now used as a noun on the Twitter platform, thereby joining the ranks of brands such as Xerox, Dettol, and Band-Aid. And behind all this success is the founder, Nick Woodman. A credit to his capabilities and skills should not be missed out when discussing the case of GoPro.
The report would extend into an analysis of the characteristics of the Entrepreneur, Nick Woodman, along with justification of the general skills of an Entrepreneur that Woodman has. Also how the capabilities are imbibed would be considered as part of the work. The second section would majorly talk about the marketing strategy and strategic planning of GoPro and its viability. A detailed analysis of competitive advantage gained by GoPro is expected to be covered under the work.
A.1 Personality Traits and Characteristics of Nick Woodman
The traditional theories of entrepreneurship like the personality theory (Aldrich & Zimmer, 1986) stress that, to be a successful entrepreneur, certain traits like – low aversion to risk, ambition, aggressiveness, high need for achievement are needed. The ability to take up risks is clearly visible as Nicholas Woodman had been previously involved in an online gaming venture which went bust during the dot com bubble. Nicholas spent hours alone working on his product, testing materials and refining; this clearly demonstrates his ambitious nature and need for achievement. He carried out all the roles including product development, R&D, a salesman for GoPro which point to his tenacious nature. According to an article in the Journal of Applied Psychology (Baum & Locke, 2004) there exists a relationship between entrepreneurial traits and skills which impacts venture growth. Self-efficacy, goals and well-communicated visualization that had direct effects on venture growth, whereas passion, new resource skills and persistence helped to sustain the growth for long-term. In the case of Nicholas Woodman, the passion he has for adventure sports has translated into fulfilling the need for that category of consumers.