Entrepreneurial Orientation and Marketing

The provided document is a compilation of research papers and studies on entrepreneurial orientation (EO) and its relationship with marketing. The papers discuss EO as a key driver of innovation, differentiation strategy, and firm performance. They also examine the impact of social media marketing strategies, government support policies, and intrapreneurship on business outcomes. The document aims to provide insights into the role of EO in shaping business practices and marketing strategies.

ENTREPRENEURIAL
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The term marketing can be defined as promoting some product or services into the
market in order to increase the sales and revenue of the business. On the other hand entrepreneur
is a person who takes the risk and opens a business venture and operates on its own.
Entrepreneurial marketing refers to implementation of innovation and creativity on the
entrepreneurial venture. The present study is based on R Robson. The company was founded in
the year 1972 and deals in beauty products (Aliyu, Rogo and Mahmood, 2015). The assignment
will highlight the entrepreneurial theory. Further it will highlight and discuss SWOT analysis and
4 P's of marketing. Further it will compare the SME with some large company. At last, it will
outline the best practice which can be used for marketing.
MAIN BODY
Entrepreneurial theory - Schumpeter's theory of Innovation
This theory is concerned with growth of entrepreneurship business. According to this
theory, the entrepreneurs disturbs circular flow of economy by innovating and develops economy
to a next level (Fernández Mesa, and Alegre, 2015). The belief of innovation is associated with
entrepreneurship plays an important role in determination of entrepreneurial culture (Hussain,
Rahman, and Shah, 2016). This is a system of economy where forces of market that is demand
and supply moves freely and the private enterprises gets promoted. The entrepreneurs engage in
pursuits of entrepreneurial activity to attain more profit (Dwivedi, Kapoor, and Chen, 2015).
The activities of entrepreneurs represent disequilibrium under with the activities of
entrepreneurship breaks circular routine flow. The entrepreneurs engage in combination of
production factors for the development of their SME's. The innovation involves innovation of
new products or generation of new production method or process (Park, Kim, and Ko, 2015). It
also involves opening of new market and new source of supply to raw materials. The SME's
reorganizes and reconcile the position of enterprise in industry by building monopoly in the
industry (Rezaei, Dana, and Ramadani, eds., 2017).
The criticism of this theory is it is over emphasized on innovation function of
entrepreneur and it ignores organizing and managing role of entrepreneurship. Along with it this
theory ignores risk taking function of entrepreneur (Hussain, Rahman, and Shah, 2016). As this
is an important concept and development of every production factor involves risk which cannot

be ignored. The SME's like R Robson undertakes huge amount of risk along with their activities
of innovation (Srinivasan, Bajaj, and Bhanot, 2016).
SWOT Analysis
Strengths Small investment - The company R Robson requires small investment to enter the market
of beauty products with very less initial investment (Rezaei, Dana, and Ramadani, eds.,
2017). The company supplies all over Ireland. Superior quality - The quality of R Robson beauty products are very rich and for such a
good quality (Park, Kim, and Ko, 2015). The quality of their product is good because
they did not use any artificial flavour in their beauty products. Eco friendly packaging - The packaging use by R Robson is eco friendly (Srinivasan,
Bajaj, and Bhanot, 2016). This implies that the company is environmental conscious and
this attracts their customers towards their company.
Weaknesses Not to be preferred by sensitive skin people - People with sensitive skin will avoid such
kind of SME company (Dwivedi, Kapoor, and Chen, 2015). As the products offer by R
Robson is not attaining any attention in the market. The company is SME therefore it
does not spend much on marketing (Van Den Berg, and Braun, 2017). Many people are
unaware about their products. Existence of competition - The company is facing a huge competition from well
established company such as Lakme, L'Oreal, etc (Van Den Berg, and Braun, 2017).
The company R Robson is not attaining growth in market share due to these existing
rivalry firms.
Opportunities Anti ageing products - The company R Robson can enter into new product segment
which is launching their range of anti ageing products. There is trend of anti ageing
products observed in UK (Pererva, Nagy, and Maslak, 2018). The R Robson company
can launch their anti ageing night cream and day cream to attain popularity and market
share. Hair products - The company can also launch their product range of hair products in
which they can launch natural range of hair colours (Zehir, Can, and Karaboga, 2015).

The hair colours of natural ingredients can attract new set of customers and also helps the
company in building trust of customers by launching natural range of hair colour.
Threats Competitors - The company R Robson enters into market which is facing a tough
competition from companies like Garnier, Yardley, Revlon, Lakme etc (Shan, Song, and
Ju, 2016). Also, the company need a huge support of market share to stand in front of
prevailing industry (Pererva, Nagy, and Maslak, 2018).
4P's of marketing Product - The company R Robson has a large set of products in skin care and beauty
treatment. The R Robson produces products for beauty treatment, creams, make up
products, etc (Morgan, Anokhin, and Wincent, 2016) (Zhang, Wang, and Owen,
2015) (Grimmer, Miles, and Grimmer, 2015). Also, the products are in range of natural
ingredients for which is not at all harmful for skin. Price -The R Robson is using price penetration strategy. As the company is a small
organization and initially they need to set their prices at low (Durkin, Howcroft, and
Fairless, 2016). This strategy works on the basis of expectations of customers which will
switch to their brand due to lower price. Place - The company is distributing their beauty products all over Ireland and further
their plans includes the other areas of UK (Aliyu, Rogo, and Mahmood, 2015). As the
customer base will increase the company plans their expansion accordingly. Promotion - The company R Robson is attaining their sales target by promoting through
local newspapers, Bill boards, Television, etc (Kocak, Carsrud, and Oflazoglu, 2017).
The company also establishing their online presence for which they can present the
details of their products through social media (Fernández Mesa, and Alegre, 2015).
Comparison
In the views of Whalen and Akaka, (2016), SME includes all the small and medium
enterprise within which comes the small and medium business operating in the country. On the
other hand large scale business is the type of business which operates with large number of
operations and resources. On the other hand Sadiku - Dushi, Dana and Ramadani, (2019),
articulated that though both the businesses are different in the size but the aim of all the business
are same that is earning profit and sustaining growth and development.

Andersson, Evers and Gliga, (2016), articulates that the in the SME's the number of
workers and employees are very less as compared to the large number of employees and workers
in large companies. Also, the required number of resources is very less in small and medium
enterprises. On the other hand, the as the scale and operations of large business is more so it
requires large number of resources as compared to SME.
On the other hand, in opinion of Kilenthong, Hills and Hultman, (2015), he argued that
also the customer base of SME's is very low since the consumers standard of living has
increased, so they prefer top and premium quality products and for it, they prefer products of
large scale business. Also, because of this reason the scale of operation and production is very
high and large. One more difference between the SME's and large scale organization is that SME
get many relaxations and subsidies from the government whereas the large scale business are
taxed much and because of which the company has to pay more taxes. In views of Soelberg,
Lindberg and Jensen, (2018), finance can be easily available for small and medium business
because the scale of business is small so if they need funds then it can also take help of personal
savings, money borrowed from family and friends. But in contrast, the large scale business has a
very expensive rate of money borrowing. This is because of the reason that scale of operation is
high so the needs of finance is also high and for this they have to pay cost also high.
Best practice
According to Kilenthong, Hills and Hultman, (2015), the marketing is very essential for
the success of any business. Marketing refers to as a process or an activity which is performed by
company in order to promote the products and services into the market. But Nguyen, Sharma and
Crick, (2019), argued that though it is beneficial but at the same time marketing is very costly to
operate on daily basis. Then also there have been two practices which have been considered best
which are Word of mouth and opportunistic innovation.
In the opinion of Hagen, Zucchella and Ghauri, 2019, word of mouth is a practice of
marketing wherein the person with its words influences and markets the products into the
market. It can also be said in the way that a person might have used the product or the services,
and he was so much satisfied with it that he shared its experience with others and promotes the
product or service. In contrast Mehrabi, Coviello and Ranaweera, (2019), argued that word of
mouth can be also negative like for example if a person uses a product or service, and he didn't
liked it then there may be possibility that it may defame the products into the market.

In the words of McGrath, Drummond and O'Toole, (2017), another important practice of
marketing is opportunistic innovation. With the help of this strategy entrepreneur can bring in
new innovations and creativity to promote its products and services. This is because of the reason
that with innovation the product or service is being developed which is mostly liked by
consumers. But in the opinion of Eggers, Eggers and Kraus, (2016), it can also have a negative
impact. This is because of the reason that sometimes even the innovation can fail and it may be
possible that consumers do not like the innovated product or service.
CONCLUSION
With the end of the study it can be concluded that entrepreneurial marketing is very
essential for the success of business. With the study of the report it was seen that Schumpeter
Theory of Innovation is the best practice for the entrepreneurial theory. Also, the report
discussed the 4 P's and the SWOT of company. The SWOT analysis helped the company in
analysing its internal strengths and weaknesses along with the external opportunities and threats.
Further it compared the SME taken with a large company to draw some conclusion. At last the
report highlighted that word of mouth and opportunistic innovation are best practices of
marketing.

REFERENCES
Books and journals
Aliyu, M.S., Rogo, H.B. and Mahmood, R., 2015. Knowledge management, entrepreneurial
orientation and firm performance: The role of organizational culture. Asian Social
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Andersson, S., Evers, N. and Gliga, G., 2016. Entrepreneurial marketing and born global
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Durkin, M., Howcroft, B. and Fairless, C., 2016. Product development in higher education
marketing. International Journal of Educational Management, 30(3), pp.354-369.
Dwivedi, Y.K., Kapoor, K.K. and Chen, H., 2015. Social media marketing and advertising. The
Marketing Review, 15(3), pp.289-309.
Eggers, F., Eggers, F. and Kraus, S., 2016. Entrepreneurial branding: measuring consumer
preferences through choice-based conjoint analysis. International entrepreneurship and
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Morgan, T., Anokhin, S. and Wincent, J., 2016. Entrepreneurial orientation, firm market power
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Nguyen, T.K., Sharma, R.R. and Crick, D., 2019. Potential absorptive capacity and performance
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Park, N.G., Kim, M.S. and Ko, J.W., 2015. The Effect of the Government's Entrepreneurial
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