Entrepreneurship Theory - Process - and Practice

Question: Identify the Critical Mix companies principal competitors, their product(s), what market needs they address, and their strengths and weaknesses. What does the competitor analysis imply about the ventures feasibility? Answer: Market competitors and products The critical mix principal competitors include- Averbach Transcription, Forbes Consulting, Research and results, Research scape and Greymatter. The companies provide online research techniques through survey programming, data visualization and Know Omnibus technique research techniques to its valued clients. The brands targets corporate houses and individual entrepreneurs who require authentic market data to make sustainable business plans in the US. Drucker, (2014)mentioned Critical mix emphasize on targeting FMCG brands who require detailed consumer data, to formulate operational and marketing policies. Strengths Quality of workforce- Critical mix recruit qualified personnels from various fields that would assist the brand in developing effective market research reports for the clients. In addition, the expertise of the people would be required in maintaining necessary tools for the business. Brand reputation and Goodwill- The brand reputation and goodwill would assist the firm in promotional and advertising policies. Besides this, strong market goodwill and reputation helps the entity in surviving intense market competition in the US market. Market opportunities- Critical mix has a huge market demand in the US. As such many prominent business houses and small- scale business enterprises requiring research solutions and market data (Kuratko, 2016). As such, the business prospects look steady. Weaknesses Technology - With the increasing emphasis on technology in the US market, research entities are adopting newer technology mechanisms to enhanced consumer services (Drucker, 2014). However, critical mix is failing behind in this aspect, which is hampering its business growth Commercial viability of the brand Critical mix (Feasibility of the venture) Critical mix has viable business prospects in the US market, with several opportunities for further business growth. However, the brand has failed to implement advanced technology in its business operations, due to which the bard has to strive hard to survive intense market competition. References Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Kuratko, D. (2016).Entrepreneurship: Theory, process, and practice. Cengage Learning