Entrepreneurial Marketing | Assignment Sample

Entrepreneurial
Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
Social Media Marketing..............................................................................................................1
Innovative Marketing Strategies.................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Marking is referred as way of communicating and informing customers about product
and services of company (Nijssen, 2017). It is a study of management which helps company in
exchanging relationship with customers in order to increase sale of company. Company work
with motive on earning more profits by attracting customers towards company. Marketing
function play very important role in large as well as small and medium sized enterprises (SMEs).
Small and medium organisation refers to business where personnel numbers is quite below to
certain limits and have low revenues. These organisation have limited resources and their
essence is entrepreneurial. These organisation needs to have innovative marketing strategies to
increase their market share and profitability. In this report chosen company is Rowlinson
Knitwear. This is SME organisation which is dealing in office and schools wear. This
organisation produce durable garment which is suitable for corporate branding and
personalisation for schools and clubs. Rowlinson Knitwear is located at Stockport, United
Kingdom. This organisation is best known for knitwear and offers stock suitable for embroidery.
This organisation was founded in 1935 by Wilfred Rowlinson. It is producing around 40,000
garments in a week. This report consist study about social media marketing as well as impact on
marking on business and its operations. As marketing is crucial function of every business, its is
very important to identify strategies of marking for chosen company. Analysis and evaluation of
marketing strategies which help business to grow in this competitive world. This report identify
the impact of word on mouth on small and medium size company. Study about effect of word of
mouth on chosen company with positive and negative impact on business to identify weather
word of mouth is better or not for chosen company. This report also contain innovative
marketing strategies for company.
Social Media Marketing
Its can be term which help business to target customer through different social media.
Social media marketing is a tool to promote company product by use of digital media as well as
its is techniques used by organisation to communicate with different customers (Sethna, Jones
and Harrigan, 2013). It type of marketing is a powerful way for all size organisation to reach
large number of customers at same time. Majority of customers is already using different social
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networking sites such as Facebook, Twitter, Instagram, Pinterest etc. SMEs can use social media
marketing to promote products in order to inform features about company product to customers.
Word of mouth is refers as a techniques of advertising products or services offered by
company (Lodish and et.al., 2015). Marketing of product through customers to other people
which help company is increasing sales can be termed as word of mouth. Word of mouth
marketing is when customers of Rowlinson Knitwear recommend its products to other
prospective customers. This can be most effective form of promotion for SMEs as it will leads to
increase in sales of company. It is a traditional way of marking which includes satisfied
customers recommending products to other people. In this modern era, social media play a role
as word of mouth. Customers can share their feedback and views with large number of audience
which will be very helpful for Rowlinson Knitwear in promotion of its products.
Positive impact of word of mouth
There are various positive impact of word of mouth on Rowlinson Knitwear business.
Communication form satisfied customers about products can advantage for company and
increase in its profits.
 Low cost: Marketing of company product through word of mouth will help in reducing
cost of company in marketing. When satisfied customers of Rowlinson Knitwear
company are recommending its products to other people who require corporate ware or
school ware, it will leads to decrease in marking cost of company and increase in
profitability.
 Builds brand: Word of mouth will help in building strong brand image in market as
people are recommending Rowlinson Knitwear products to other customers. Satisfied
customers are mostly recommending company products to their tier family member as
well as friends, this will leads to create in positive feeling about company products. When
customers are share their positive experience and information about company it will
build brand image in market (Chaston, 2015).
 Create trust: Customer usually tend to buy those products which is referred by other
people as it will create trust on products because its is tried and tested. Word of mouth
will also helps in building trust on Rowlinson Knitwear products as its is already used by
known person. Marketing of product by word of mouth is unbiased and its influence
customer to purchase products.
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Negative impact of word of mouth
Word of mouth can also have negative impact on image of Rowlinson Knitwear
company and its business operation. It also have disadvantages for SMEs such as mention below.
 Lack of control: Advertisement of product by word of mouth can not be controlled by
company (Miles and et.al., 2015). When business is creates its advertisement and
promoting its products through other medium it can be controlled by business. In word of
mouth customers have full control over message they are conveying about products and
their experience. Their are chances that their message can be negative and incorrect.
 Not measurable: This type of promotion can not be measured by company. Other
methods of advertisement can be measure by company by different tools and techniques
but word of mouth is external method of promoting company products. Rowlinson
Knitwear can not measure effect of word of mouth promotion in increase in sales or loss
in company.
For Rowlinson Knitwear marketing through word of mouth is betters as this company is
small and medium size enterprise. SMEs do not have large amount of budget to spend on various
marketing and promotion activities. Word of mouth is free advertisement of Rowlinson Knitwear
products and it will help in attracting more customers to company. By word of mouth marketing
it will encourage other to purchase products from Rowlinson Knitwear company for any school
ware or corporate ware garments. This will help in breaking down trust barriers and influence
customers to purchase products for particular Rowlinson Knitwear company.
Innovative Marketing Strategies
Innovative marketing is conception where marketing department of a firm do a market
research to identify needs, trends of consumers and develop marketing ideas accordingly to
promote and launch a new product in market (Jones Suorant and Rowley, 2013). Through
innovating marketing a firm can advertise a new product and price it in an alternative way. In
case of Rowlinson knitwear, innovation in their marketing helps them to directly to get in touch
with consumers and know about their needs and wants. Rowlinson Knitwear has increased it
productivity and consumer satisfaction level thorough implementing new and innovative
marketing strategies.
Continuous Innovations
Continuous innovation means ongoing improvement of product according to
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needs of consumers. It is basically enhancement of product in regular basis with different and
innovative marketing ideas every time. In context of Rowlinson Knitwear, they have
continuously involved in upgrading their products with creative promotional and advertising
activities.
Issues in new venture enterprise Cost: New venture require large amount of cost to operate its business (Franco and et.al.,
2014). Company needs to work in limited amount of budget to earn profits and marketing
activities needs to be conducted with small amount of cost.
 Competitions: New enterprise have to face existing competition in market area. Company
needs to develop effective strategies to attract customer and have competitive advantage
over other companies.
Digital strategies to overcome issue
Various strategies which can be used by company to overcome issues are mention below.
1)Digital marketing
It is type of marketing where product and services are advertised through digital
technologies such as internet, phones, display advertising and so on (Whalen and et.al., 2016).
Companies use digital marketing as a tool in increasing their sales. Rowlinson Knitwear also
uses this digital marketing Strategy for promoting corporate wear and school wear. They have
their website which describes well about their brand and products in which they deal in. The can
make their site more creative and disclose prices of products. Shopping apps are area of interest
of consumers these days. Rowlinson Knitwear can make their own shopping app to increase their
sales. Thorough this they can gain an advantage over their competitors.
2)Social Media Marketing
Social media marketing is promoting brand on various sites like Facebook, twitter,
Instagram and so on. Social media has become a strong marketing tool for achieving branding
goals. Almost all types of companies use social media marketing to target consumers and aware
them about their brand. Coming to Rowlinson Knitwear, they have their page on Facebook but
they can even promote their brand on various other sites like Instagram. Facebook adds strategy
can be used by Rowlinson Knitwear so that people notice their brand and it is cost-effective.
3)Google My business
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Google my business is also a great tool to promote business in local area. This basically
shows business on google when people search particular product or service in their area(Ahmadi
and O'Cass, 2016). Consumers gets attracted by google reviews which is present along with
business information. Rowlinson Knitwear can use this innovative strategy to spread information
about its business. Potential consumers of school wear and corporate wear living around
Rowlinson Knitwear store can be easily attracted.
4)Content Marketing
Content marketing is creating an effective and attractive content about product and
services which are offered by company , usually result of content marketing takes long time. It is
a slow pay-off process but gradually firm get benefits out of it (Hartsfield Johansen and Knight,
2017). Content writing involves blogs, SEO and so on. This innovative strategy is inexpensive
compared to other strategies. Rowlinson Knitwear can use content strategy as marketing tool.
They can hire content writers and make them write about relevant and quality content related to
Rowlinson Knitwear and their products.
Companies should understand which type of innovative marketing strategy is better adapt
by customers. This depends on type of consumers, their attitude, need, preferences and choices.
When a company identifies innovative marketing strategy which is better adapt to customers then
they can work on it in order to improve their sales. Taking Rowlinson Knitwear into
consideration, as they sell corporate wear and student wear their consumers are mainly corporate
people and students, both are very active on social media. They use social media almost
everyday in their day to day life. It is better adapt to consumers in case of Rowlinson Knitwear
and best tool to advertise their products and increase more number of consumers. Through social
media they can connect with people directly and answer their questions. It is a low budget
strategy and and they can even gain competitive advantage (Parveen Jaafar and Ainin, 2016).
Using this innovative strategy Rowlinson Knitwear will eventually become a popular student
wear and corporate wear brand in UK market. So, social medial marketing is a better innovative
marketing strategy for Rowlinson Knitwear.
CONCLUSION
For the above report it can be concluded that small and medium size company needs
focus on their marketing and advertisement of products as it will help in increase in sales of their
products offering. Marketing will leads to information and communicating business offering to
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customers. Company can use different methods of promotion tools and techniques but marking
through word of mouth is very helpful for SMEs. Word of mouth will leads to build brand image
of company and help in getting competitive advantage over other. By this marketing it will
overall have positive impact on business and its activities. In modern world word of mouth can
be done with use of social media. Large number of customers are using different social media
and satisfied customers can refer or recommend products on digital media. Social media capture
very large market area and positive feedback about company will build brand image of company.
SMEs can also use various innovative marking tools as a digital media, social media marketing,
google by business and content marketing. Marketing of company products on social media is
very cost effective for company as it contain low cost of marketing products. There are various
tools available for measuring effect on promoting product on different social media.
Advertisement on Facebook, Instagram etc. will capture large customer at same time and
company can also measure its impact. Social media will also provide facility of two way
communication, company can know feedback of customers and improve their products according
to feedback of customers.
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REFERENCES
Books and Journals
Nijssen, E.J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
Sethna, Z., Jones, R. and Harrigan, P. eds., 2013. Entrepreneurial marketing: Global
perspectives. Emerald Group Publishing.
Lodish, L.M. and et.al., 2015. Marketing that works: how entrepreneurial marketing can add
sustainable value to any sized company. Pearson Education.
Chaston, I., 2015. Entrepreneurial Marketing: Sustaining Growth in All Organisations.
Macmillan International Higher Education.
Miles, M. and et.al., 2015. Exploring entrepreneurial marketing. Journal of Strategic
Marketing. 23(2). pp.94-111.
Franco, M. and et.al., 2014. An exploratory study of entrepreneurial marketing in SMEs: The
role of the founder-entrepreneur. Journal of Small Business and Enterprise
Development. 21(2). pp.265-283.
Jones, R., Suoranta, M. and Rowley, J., 2013. Entrepreneurial marketing: a comparative
study. The Service Industries Journal. 33(7-8). pp.705-719.
Whalen, P. and et.al., 2016. Anatomy of competitive advantage: towards a contingency theory of
entrepreneurial marketing. Journal of Strategic Marketing. 24(1). pp.5-19.
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.
Hartsfield, S., Johansen, D. and Knight, G., 2017. Entrepreneurial orientation, strategy, and
marketing capabilities in the performance of born global firms. International Business:
Research, Teaching, and Practice. 2(1). pp.12-38.
Parveen, F., Jaafar, N.I. and Ainin, S., 2016. Social media’s impact on organizational
performance and entrepreneurial orientation in organizations. Management
Decision. 54(9). pp.2208-2234.
Dada, O. and Fogg, H., 2016. Organizational learning, entrepreneurial orientation, and the role of
university engagement in SMEs. International Small Business Journal. 34(1). pp.86-
104.
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