Entrepreneurial Marketing: Strategies for Small Businesses

This document discusses the operational issues faced by small businesses in marketing, the importance of marketing audit, setting objectives, identifying target audience, using social media zones and vehicles, creating an experience strategy, activation plan, and management and measurement.

Entrepreneurial
Marketing

Executive Summary
Social Media Marketing is gaining popularity nowadays. By making its use, different
enterprises are able to realize their marketing goals as well as objectives easily. Therefore the
companies need to ensure that they are able to evaluate proper strategies to be used so as to attain
a distinct competitive advantage over the various competitors existing in the market. There is a
need from the companies to deploy their best methods enabling them to be able to maximize the
level of profits. Using it also cheaper as compared to the traditional marketing channels because
of the lower costs which it has. Thus this is highly beneficial in the context of SMEs because of
the lower costs which it offers.

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Operational issues faced by small businesses..............................................................................1
Marketing audit............................................................................................................................2
Objectives....................................................................................................................................3
Target audience............................................................................................................................3
Social media zones and vehicles..................................................................................................4
Experience Strategy.....................................................................................................................5
Activation plan.............................................................................................................................5
Management and Measurement...................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurial Marketing is defined as spirit and orientation which is uses by
organisation in order to run their business and managing the organisation activities by providing
proper guidance (Whalen and Akaka, 2016). Marketing is important for business industries that
can help to provide the information and messages regarding products and services which are
introducing by organisation and increase the customers base. For organisation it is important to
have strong marketing plans and objectives which can helps to take the competitive advantage
and maintaining high profits. This report is based on Brightstar Financial Limited that is small
size organisation in UK, providing financial services to their clients and managing all activities.
This report will help to attain the business goals of such organisation by deciding objectives and
making marketing plan which provide assistance what actions needs to be taken for reaching the
organisational goals. Moreover, operational issues are identification also covered in report.
MAIN BODY
Operational issues faced by small businesses
Brightstar Financial Limited is running its business in which managers are formulating
marketing plans that can help to manage the good performance. This organisation may face the
operational issues in marketing that are as defined:
Lack of resources – In small and start ups, this is common problem that can be face by
organisation in managing the marketing activities (Yang and Gabrielsson, 2017). This can reduce
the organisational productivity and profitability if there is lack of resources such as social medial
marketing plan which is important for organisation to inform people and encourage them to buy
the products. In operating business there is need to have proper resources and management
activities which can help to deliver the right products and services on time.
Choosing the right social media platform – For marketing and operating a business
there is also need of choosing right social media that can help to provide information and
messages to customers regarding new products and services. Brightstar can face operational
issues in selecting the right social media which can reduce the customer base as resulting not
attaining the business objectives.
Adopting trend and technology - This is another issues which are facing by small
organisation as they are not able to accept the changes and new technology which affected the
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business negatively. This is important factor that need to be consider by organisation at the time
of running and managing activities in relation to a business, help to take the competitive
advantages. If organisations are not ready to accept the new trend and technology such as social
media marketing plan then it may face the challenges of movement of customer towards other
brand.
Marketing audit
Marketing audit is performed by the organizations to identify whether the plans which are
being selected by them will be successful in the future time period (Alqahtani and Uslay, 2020).
This enables them to assess the marketing situation in the market so that they are able to take the
desired actions accordingly.
SWOT analysis of Brightstar Financial Limited
Strengths Weaknesses
 Brightstar Financial Limited provides
the right financial consultancy to its
clients. It provides varied services to its
clients which are not provided by its
competitors which acts as its strength.
 Brightstar Financial Limited's staff is
efficient in its work which helps it in
satisfying clients.
 The marketing strategies of Brightstar
Financial Limited leave a lot to be
desired as it is falling behind its
competitors. This is so because it is not
making use of new digital marketing
techniques to promote its services
which its competitors are using and
thus it is creating a weakness for it.
 Brightstar Financial Limited is weak in
the execution of its promotional
strategies which is impacting its profits.
Opportunities Threats
 Brightstar Financial Limited can target
new clients for the purpose of
maximization of its profits. It will
introduce new financial consultancy
services in the market which can attract
new clients and therefore in this way
 Increasing level of competition in the
financial consultancy business is
creating a threat for Brightstar
Financial Limited.
 Brightstar Financial Limited faces a
threat from the increasing tax rates of
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will be able to raise its level of profits
in the future time period.
 Brightstar Financial Limited can
expand internationally which can
enhance its level of profits.
the government which can result in the
reduction of its profits.
Interpretation- From the interpretation of this SWOT analysis it can be said that
Brightstar Financial Limited must take its marketing objective as Improvement in Client Base.
By doing so the company will be able to enhance its level of revenues effectively and efficiently
leading towards the maximization of profits.
Objectives
The objective of this marketing plan of Brightstar Financial Limited is to increase the
number of clients. As it is a client-based company therefore its revenue growth and profit growth
is dependent on the increase in the clients. Thus for achieving this particular objective the
company needs to make sure that it is able to provide the right compatible consultancy services
to the clients. It should also provide compatible financial services for its clients so that it is able
to ensure that they are able to get their financial queries solved by making use of the services
offered by the company.
The measurable objective of the company is as follows-
To increase the market share within 1 year- The company aims to increase its market share
within a timespan of 1 year by targeting more clients. In this way Brightstar Financial Limited
will be able to achieve its goals and objectives. For this purpose it has to adopt different
marketing tools which will help in the attainment of these goals and objectives.
Marketing tools to be used to realize these objectives-
 Classified Advertisements- Through classified advertisements given in the newspapers
the firms can make sure that they are able to target the right customers (Hoque and
Awang, 2019). Thus Brightstar Financial Limited can make use of them so that they are
able to maximize the level of profits.
 Social Media- Social Media is a powerful marketing tool which can be used by the
organizations (Ahmadi and O'Cass, 2016). In the context of Brightstar Financial Limited,
it is a tool which can be used for enhancement of profits in the future time period. Thus
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by making use of this tool the company will be able to use its marketing strategies
effectively.
Target audience
The target audience of Brightstar Financial Limited in this plan will be as follows-
 Businessman- High-profile Businessman who do not have the time will require financial
consultancy services. Thus by targeting them the company can aim to ensure that it is
able to secure more profits in the future time period.
 Industrialists- Many industrialists cannot devote much time towards the financial
requirements part of their business (KHMAR, 2018). By targeting them the firm will be
able to enhance its profits effectively.
 Professionals- There are many people who have their own profession and have set-up
their own place of work. These people require financial consultancy for their business.
Thus the company must make sure that it is able to target them and increase the revenues.
 Salaried people- Salaried people who are employed at a particular place can be the target
audience for the company. The firm therefore can make sure that they are able to target
these people by providing financial consultancy to them.
 Self-employed people- Self-employed people who are running their own business will
also be the target audience of Brightstar Financial Limited. It will provide different types
of consultancy services to them as they will need the use of these services on a regular
basis.
Thus by developing the correct strategies for these people Brightstar Financial Limited can attain
its goals and objectives and thus will be able to grow substantially leading to obtaining of
sustainable success. Thus from the point of view of managers of the company development of
target audience is highly important.
Social media zones and vehicles
Brightstar Financial Consultancy will make use of the following social media vehicles for
its marketing strategy-
Social media zones-
 Relationship- There is a requirement from the companies to make sure that they are able
to build a good relationship with the customers (Makmur, Chairunisa and Qamariah,
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2018). Thus Brightstar Financial Limited needs to use social media platforms to be able
to build a good relationship with its clients.
 Publishing- Using the social media platforms publishing of the relevant facts and
information can be made by the firms. Therefore Brightstar Financial Limited should be
able to make use of this data effectively and efficiently.
 Entertainment- Through the use of social media platforms, entertainment can also be
facilitated. Thus Brightstar Financial Limited can make use of it to facilitate the
entertainment of its clients.
 Commerce- The use of social media channels can be done for commerce activities also.
Brightstar Financial Limited should use it for the purpose of conducting transaction with
its clients.
Social media vehicles-
 Social media websites- The use of social media websites has to be made by the
organizations so that they are able to make use of their social media marketing strategy
effectively. Thus Brightstar Financial Limited will make the use of social media websites
like Facebook, Twitter etc. for the marketing of its services in an appropriate manner.
 Social media applications- Social media applications can be used by the organizations
because many users are active on them providing them an opportunity to target a
substantial base of customers. Brightstar Financial Limited will make use of these
applications like Instagram so that it is able to effectively do the marketing of its services.
Experience Strategy
An Experience Strategy is required to be created by Brightstar Financial Limited for the
social media platforms which it will use in the future time period. This can be framed as
follows-
 Facebook- For Facebook, the company can create an experience strategy of providing
the required information related to its financial consultancy services on its interface. The
interested clients can therefore contact the managers of the company for the further
process to be followed.
 Twitter- For Twitter, the company should make sure that it provides the latest updated
information about its services. Further it can be also used as an advertising platform to be
able to attract the various clients.
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Activation plan
Objective- To increase the client base of the company by identifying the potential clients
which can be targeted.
When it will be implemented- The company is planning to launch some new financial
consultancy services for its various clients. Thus it plans to make use of its strategies at that time
to be able to increase its client base effectively.
Timescale- The timescale which the company has chosen for the purpose of the
implementation of its social media plan is 4 months.
Management and Measurement
Budget-
Brightstar Financial Limited will set a budget to fulfil the following-
 Financial requirements- The financial requirements related to the fulfilment of the
marketing plan are required to be arranged by the company so that the objective of the
marketing plan will be a success. Therefore Brightstar Financial Limited will be required
to identify its financial requirements and make proper arrangement of funds for the same.
 Forecasting- The budget can also be used by the company for the purpose of forecasting
so that the company is able to make sure that it does not faces financial constraints in the
execution of its marketing plan. Thus Brightstar Financial Limited is required to make
sure that it forecasts its budgetary requirements effectively so that it is able to do the right
forecasting of its budgets.
Controlling process-
 Identification of activities to be performed- For controlling process to be started it is
necessary to identify the various types of activities which are required to be performed
(Sadiku-Dushi, Dana and Ramadani, 2019). Through this, Brightstar Financial Limited
will be able to ensure that it is able to execute its strategies properly.
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 Segregation of tasks- If the controlling process has to be successful it is essential to
segregate the different types of tasks (Satar, John and Siraj, 2016). By doing so,
Brightstar Financial Limited will be able to make sure that it allocates the right task to the
right person which will make the marketing plan a successful one.
 Facilitating comparison- Comparison can be facilitated with the competitors to identify
the strategies and tactics which they are adopting. Through this Brightstar Financial
Limited will be able to use the right approach for the success of its marketing plan.
 Drawing conclusions and recommendations- Controlling process can be used to draw
the conclusions and recommendations to be followed to ensure success of the marketing
plan (Sussan and Acs, 2017). Brightstar Financial Limited needs to make use of them so
that it is able to adopt correct strategies and tactics.
 Taking action- Action can be taken on the basis of variances and deviations which have
been identified. Through their identification, Brightstar Financial Limited can make sure
that it takes correct rectifying actions.
Processes of social media marketing plan for 4 months-
 Identification of social media platforms- The social media platforms will be identified
by Brightstar Financial Limited where it will be targeting its potential clients.
 Framing of strategy- A proper strategy will be framed by the managers of Brightstar
Financial Limited where they will ensure that they are able to get ahead of the
competitors.
 Implementation of plan- The social media platforms will serve as an opportunity which
the managers of Brightstar Financial Limited can use to implement the plan effectively.
 Follow-Up- With the use of social media platforms follow-up can be done appropriately
by the managers of Brightstar Financial Limited by using the right strategies.
Thus by making use of the controlling process, Brightstar Financial Limited can use the
correct methods and strategies so that it is able to realize its marketing objective of increasing the
client base effectively and efficiently. It can identify the mistakes which are being made and
therefore in this way take rectifying actions to correct them. This will ensure that it is able to
attain a strategic edge over the competitors and thereby achieve sustainable success in the future
time period.
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CONCLUSION
From the above report it can be concluded that entrepreneurial marketing is important for
organisation which can help to provide the activities and managing task effectively. The role of
managers is to identify the risk in relation to a business and make a strategic marketing plans
which can help to deliver right products and services. Different types of operational issues such
as lack of resources, trends, and choosing right social media etc. are facing by small and start ups
that may create a problems to run and operate successfully. Marketing plan is prepared by
management that can help to manage all activities and increase customer base by delivering right
product on right time. Moreover, marketing tool helps to inform customers and attracts them to
buy the products.
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REFERENCES
Books and Journals:
Alqahtani, N. and Uslay, C., 2020. Entrepreneurial marketing and firm performance: Synthesis
and conceptual development. Journal of Business Research. 113. pp.62-71.
Hoque, A. S. M. M. and Awang, Z., 2019. Does gender difference play moderating role in the
relationship between entrepreneurial marketing and Bangladeshi SME performance?.
Accounting. 5(1). pp.35-52.
Ahmadi, H. and O'Cass, A., 2016. The role of entrepreneurial marketing in new technology
ventures first product commercialisation. Journal of Strategic Marketing. 24(1). pp.47-
60.
KHMAR, K., 2018. Progression of theory of Entrepreneurial Marketing (EM). International
Journal of Engineering Technologies and Management Research. 5(5). pp.41-57.
Makmur, N., Chairunisa, Y. and Qamariah, I., 2018, January. The Effect of Entrepreneurial
Marketing on Competitive Advantage: Small Culinary Souvenir Industry in Jalan
Mojopahit Medan, Indonesia. In 1st Economics and Business International Conference
2017 (EBIC 2017). Atlantis Press.
Sadiku-Dushi, N., Dana, L. P. and Ramadani, V., 2019. Entrepreneurial marketing dimensions
and SMEs performance. Journal of Business Research. 100. pp.86-99.
Satar, M. S., John, S. and Siraj, S., 2016. Use of marketing in social enterprises. International
Journal of Social Entrepreneurship and Innovation. 4(1). pp.16-24.
Sussan, F. and Acs, Z. J., 2017. The digital entrepreneurial ecosystem. Small Business
Economics. 49(1). pp.55-73.
Whalen, P. S. and Akaka, M. A., 2016. A dynamic market conceptualization for entrepreneurial
marketing: the co-creation of opportunities. Journal of Strategic Marketing. 24(1).
pp.61-75.
Yang, M. and Gabrielsson, P., 2017. Entrepreneurial marketing of international high-tech
business-to-business new ventures: A decision-making process perspective. Industrial
Marketing Management. 64. pp.147-160.
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