Chapter 6: Markets: Understanding Customers and Competitors
This story of the early stages of a new entrepreneurial venture helps to illustrate the complex mix of personal and social forces at work in business today. In this case, we meet the founders of Jackson Reece (www.jacksonreece.com), and hear how they came to develop an innovative and highly successful new product in a mature market dominated by powerful incumbent firms. Download the full case study here: Chapter 06 Case study
Chapter 6: Questions
1. What does the case suggest about the process of identifying (or creating) an entrepreneurial opportunity?
Guidance answer:
The case illustrates how technological innovation, in terms of the internet and the access to information that it offers, enables the identification of new opportunities when encumbent firms fail to keep pace with the needs of their customers. The internet has enabled both increased access to information by users and increased opportunity to develop and market specialist products for niche markets.
2. What practical lessons can you draw from the case about marketing in a new entrepreneurial venture?
Guidance answer:
The Cordners’ faced many of the challenges typically encountered by entrepreneurial ventures: lack of resources, lack of legitimacy and powerful encumbents.
How they were able to overcome those challenges by is well illustrated by the techniques listed in Table 6.1 Entrepreneurial Marketing Techniques. Namely:
They established personal credibility through their personal story and the depth of research and development they applied to developing their products.
They built and refined supportive social networks, particularly the relationship with InvestNI.
As primary users of the product themselves and feedback from other users the development of the product has been very much based on co-creation of customer value.
They have ultimately coordinated a wider value constellation, by sourcing ingredients largely from within Europe and working with local partners to manufacture and package the products.
3. Check for updates on the company’s website (www.jacksonreece.com) and search for related news stories, then make your own notes on its development since the early stages described in this case.
Guidance answer:
You could compare the longer-term growth development of this new business to that of other entrepreneurial companies. Consider, for example, whether they have changed direction as new opportunities emerge, the way they have responded to challenges, and how they have developed their resources and capabilities over time.
