Business
Introduction
Josiah Wedgewood during the 1st industrial revolution acted as a leading entrepreneur and had a lot of impact across the globe. Wedgewood recorded major achievement in pottery works and applied the indigenous forms of marketing to attract many people to purchase his products. Wedgewood became a common and famous name as many were introduced to the brands that were owned by him all over the world. Josiah Wedgewood partnered with Thomas Bentley to come out with a brand equity whose price was low that everybody was in a position to afford. This brand had a 1st mover advantage and it created a success history of more than 230 years. As an entrepreneur, Wedgewood, was different and more creative in his pottery works and offered a low price to his products making more individuals to buy the products increasing the demand.
How did he leverage this competitive advantage internationally?
Josiah Wedgewood learnt that marketing was as important as manufacturing in the emerging consumer society. This gave him an upper hand globally and the consumers were informed about the pottery products. The Britain economy and the environmental factors were favorable to Wedgewood compared to other competitors from other countries. Marketing was more organized with the same levels with manufacturing and this gave an edge of the pottery products to be globally known. After the products became known all over Britain, he now opted to move across the world and first aimed at France.France market was potential for cream ware products as the domestic market had a lot of piled stocks.
In 1771, Josiah had a game plan to make his pottery works known in German. He opted to send pottery parcels to more than 1000 individuals in the aristocratic and noble German. A piece of the art went for twenty pounds and he attached a circular letter that was aimed at advertising the services and pottery products. The branding of his products made it more advantageous as it was difficult to duplicate the products that were under his name. Brand marketing was a strategy that he used to ensure that in the international scene they were in a more advantage over other competitors.
Demand v/s Supply Side Scope economies
At first, the demand and supply of pottery products was lowly rated. With time, the pottery products became more popular to people thus increasing the demand. This made Wedgewood to make arrangements to increase the productivity of the products so that he could cater for the demand of the population. By 1771, the pottery products were widely known all over Britain and the demand reduced due to increased supply. This made him increase the supply outside the universe and the brands became more popular to the world as people highly purchased the pottery products. The Britain economy was powerful as it aimed at marketing to be important like manufacturing.
Other Cases & Concepts
Organization of the workforce changed in many institutions during the industrial revolution period. There was the introduction of new standards to employed individuals. This was due to the fact that it was a requirement that they appear to the job places earlier. In a week, they were to work for six days and Wedgewood increased more capacity in the workforce. There emerged a need to document the track record of an employee so that during compensation and allowances the workers could be fairly given what they deserved.
