Entrepreneurial Marketing: Challenges and Strategies for Small Businesses

Entrepreneurial marketing.

Table of Content
INTRODUCTION...........................................................................................................................1
Distinguishing Features of Business Marketing Environment....................................................1
Key Marketing Operational Issues Faced By Small Businesses.................................................2
Comparison Between Standard marketing Theory and Current Practice of Small Business .....4
Autonomous learning skills ........................................................................................................5
Core ideas and concepts analyzed along with conclusion...........................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurial marketing refers to development of business structure where
establishment of new company operational structure focusses on building dynamic business plan
to position itself in high competitive business world. This report explains how marketing
operations of SME differs from medium or large sized business and how entrepreneurial theory
impacts the managerial functions. It also analyses the marketing operations issues faced by small
businesses and strategies companies can develop to enhance its position. The report also explains
comparison between Standard marketing Theory and current practise of small business through
various business models explanation which elaborates how company can implement its business
strategies with efficiency.
Distinguishing Features of Business Marketing Environment
Marketing environment is the integration of different internal and external environment
factors of business organization which impact the marketing activities in the market. It is very
essential marketing analysis to determine all market factors to formulate effective marketing
strategies and increasing its potential effectively (Qureshi, Aziz and Mian, 2017). As small
businesses are majorly distributed in the market. Small businesses has to identify market factors
due to lack of proper resources to achieve objectives. There are various features which small
business has to take into account while planning marketing strategies to increase their sales ad
profitability in market.
Issues and challenges for SME
Attracting new customers: It becomes challenge for SME to attract new customers towards
business products and services, as the market reach is limited only to regional sales and less
public
Maintaining profitability: It becomes difficult for small businesses to maintain profitability
margins and also focus on marketing, promotional activities for reaching the market expansion
levels. For example-a restaurant cannot maintain balance between sales figure of revenue and
investment needed for business promotional activities.
Retaining valuable employees: It becomes difficult for small business and new entrepreneurs to
maintain valuable employees who are skilled, as training opportunistic growth is lacking due to
less capital funds. For example- A new highly talented employee after certain period working in
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company demands promotion or an increase in pay. Extrinsic motivation is important for
retaining of valuable employees.
Securing finance: SME or new enterprises face difficulties in managing their finance funds as
the managerial operations lack technology to keep control on securing finance for longer periods.
For example- Accounting functions and computers technology need high investment by the new
enterprise which needs strong capital funds (Grimsdottir,Edvardsson and Durst, 2019).
Increasing revenue: Enterprises faces risk of less revenue due to competition among new
companies and high preferences of customers as the market demands are highly competitive. For
example- Small enterprises face difficulty for long term revenue and profitability level as
company functions and operations are highly vast.
Embracing technology: Small enterprises and new companies face difficulty in embracing
technology due to less skilled employees, and less advanced methods for improving the work
performance. For example- it becomes hard for employees to adjust to new technology
implementation and high
Social media: SMEs face challenge of social media usage and internet services promotion which
is important for business expansion decisions. For example- Being present on social media for
advertisement activities becomes difficult for company management due to less capital funds.
General Forces
Small business has to identify these forces as they have indirect impact on business
activities. Customers are the specific forces of the business which impact directly which change
in behaviours and decision-making (Yang and Gabrielsson, 2017). General forces are social
factors, technological factors, economic factors, legal, political factors which has the potential of
impact small businesses and reduce their efficiency in the market.
Complexity
It is very complex marketing environment for small business due to high competition
which impact the growth in market effectively. This is very essential for small business to
understand the complexity of the market in order to formulate effective marketing plan and
ensure the effective success to increase sales and survive with high profit margins.
Vibrancy
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