Entrepreneurial Marketing- PDF

Added on - 21 Feb 2021

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ENTREPRENEURIALMARKETING
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONThe term marketing can be defined as promoting some product or services into themarket in order to increase the sales and revenue of the business. On the other hand entrepreneuris 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 theentrepreneurial venture. The present study is based on R Robson. The company was founded inthe year 1972 and deals in beauty products (Aliyu, Rogo and Mahmood, 2015). The assignmentwill highlight the entrepreneurial theory. Further it will highlight and discuss SWOT analysis and4 P's of marketing. Further it will compare the SME with some large company. At last, it willoutline the best practice which can be used for marketing.MAIN BODYEntrepreneurial theory - Schumpeter's theory of InnovationThis theory is concerned with growth of entrepreneurship business. According to thistheory, the entrepreneurs disturbs circular flow of economy by innovating and develops economyto a next level(Fernández Mesa, and Alegre, 2015). The belief of innovation is associated withentrepreneurship 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 demandand supply moves freely and the private enterprises gets promoted. The entrepreneurs engage inpursuits of entrepreneurial activity to attain more profit(Dwivedi, Kapoor, and Chen, 2015).The activities of entrepreneurs represent disequilibrium under with the activities ofentrepreneurship breaks circular routine flow. The entrepreneurs engage in combination ofproduction factors for the development of their SME's. The innovation involves innovation ofnew products or generation of new production method or process(Park, Kim, and Ko, 2015). Italso involves opening of new market and new source of supply to raw materials. The SME'sreorganizes and reconcile the position of enterprise in industry by building monopoly in theindustry(Rezaei, Dana, and Ramadani, eds., 2017).The criticism of this theory is it is over emphasized on innovation function ofentrepreneur and it ignores organizing and managing role of entrepreneurship. Along with it thistheory ignores risk taking function of entrepreneur(Hussain, Rahman, and Shah, 2016). As thisis an important concept and development of every production factor involves risk which cannot
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