Entrepreneurial Marketing: Changes in Marketing Practices in SMEs

This report investigates the changes in marketing practices in small and medium enterprises (SMEs) and explores the formulation of more innovative approaches. It analyzes the distinct features of the small business marketing environment and evaluates the marketing issues faced by SMEs. The report also explores the use of the Ansoff matrix and best marketing practices in SME entrepreneurial marketing.

Entrepreneurial Marketing

EXECUTIVE SUMMARY
This report is based on the entrepreneurial marketing which aims to investigate the
marketing practices alterations in SME in order to formulate innovative approaches and
strategies. This focused on the concept of entrepreneurial marketing and its difference with
marketing along with its features that impacts on the business environment. Also there is need to
be analyse issues and resolve them by using appropriate methods and practices such as
innovative marketing, word of mouth marketing as well as appropriate form of marketing mix.
Application of Ansoff matrix is necessary for an organisation in order to determine the growth
strategies after considering risks.

Table of Contents
TOPIC: ............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Entrepreneurial marketing......................................................................................................1
Difference between entrepreneurship and marketing.............................................................1
Analyse the distinct features of small business marketing environment................................1
Evaluate the marketing issues................................................................................................2
Critically analyse the marketing theory practices that seen in the small business research
findings...................................................................................................................................3
Develop learning skills that shows the ability in learning to learn.........................................5
Core ideas and concepts drawing on literature.......................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

TOPIC:
To investigate the changes in marketing practices in small and medium enterprises
towards formulating more innovative approaches.
INTRODUCTION
Entrepreneurial marketing is an alternate choice of marketing management plan of
actions which helps to use specific strategies and practices of marketing due to the availability of
limited resources. For study the changes and impacts of marketing practices in small and
medium enterprises, Thirdway Group is taken which was founded in 2009. It is a London based
office design and build, furniture, architecture and development company. The company is
owned by the Ben Gillam with the core tenet is trust, commitment, team and fun. Under this
report studied about the marketing practices, methods as well as techniques of SMEs, evaluate
the changes and their impacts on the businesses etc. Along with this identify the issues that are
faced by the company and resolution techniques as well as develop the learning skill and
abilities.
Entrepreneurial marketing
This try to highlight the Thirdway Group greatest strengths and focused on their value to
the customers. Further, it emphasised on the innovation, proactive thinkings as well as risk
bearers factors to acquire and retain profitable customers. Entrepreneurial marketing defines as a
plan which formulates several policies, strategies, objectives of marketplace because they have
limited resources (Nijssen, 2017).
Difference between entrepreneurship and marketing:
Both concepts are different from each other but necessary for small and medium business
enterprises (Lam and Harker, 2015). this can be described as follows:
Basis Entrepreneurship Marketing
Definition It is a procedure of designing and
launching a new enterprises which are
initially at a small scale.
It is a business process that are used to
develop relationships and satisfying the
customers needs and wants.
Purpose The main purpose of entrepreneurship
is innovation and continuous
The main purpose of marketing is to
analyse and understand the customers
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improvements through creative ideas
and thoughts.
needs and wants and guide to produce
those products which helps in satisfying
them.
Analyse the distinct features of small business marketing environment.
Business environment is consists of the marketing activities which affect firm's ability to
develop and maintain strong customer relationships (List and Explain the Characteristics of a
Small Scale Business. 2019). The environment of Thirdway Group shows the different set of
characteristics that helps to apart from their competitors. These features are as follows: Small market area: Small enterprises serves single communities and covers small market
area which effects the environment of businesses. They would increase the scale of
operations and push it into new classifications by using the best marketing practices and
techniques. Low revenue: Small businesses brings less amount of revenue as compared to the large
scale which depends upon the kind of operation. Lower revenue does not necessarily into
lower profitability, the small companies focus on their own facilities and equipments that
helps to minimising the cost and increasing profitability.
 Limited employees: The number of employees depends upon the size of businesses
because small organizations run by single individual or small teams.
Best methods and practices in SME entrepreneurial marketing: The establishment and
growth of small businesses in any country plays an important role in attaining competitiveness. Ensuring appropriate marketing mix: It is the most important business tool that helps in
distinguishing businesses from others. This includes the several aspects which is used to
ensure the proper functioning of operational activities of an organisation in order to
accomplish goals and objectives (Miles, 2015). Marketing mix associates with the
product, price, place and promotion that are used for the effective management to
enhance the future growth and success.
 Risk taking: Risk taking theory of entrepreneurship is based on the behaviour of
entrepreneur for a successful business venture. New establishments are faced various
risks as the success factor at low as compared to existing business. They suffers from
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financial risk, personal risk as well as interest risks. Successful SMEs in UK have
focused on this technique to ensure the long time growth and survival in the marketplace.
Evaluate the marketing issues.
Small businesses continuously suffers from the issues and challenges, manager of
Thirdway Group needs to analyse the marketing operational issues which are faced by the
company (Whalen, 2016). These can be considered as follows: Regulation and compliances: Rapidly changes in the market situations and technologies
introduced a new set of rules and regulations. It is a critical compliance for running a
small scale businesses because failure in acting rules effect company's operations like
they could be penalised, facing fines or even to closure of firm. Along with this while
globalization, businesses suffer from issues and problems because every country have
their own legislations which need to be followed. Uncertainty: No one knows about what will happened in future but businesses needs to
do proactive planning for better serves to the customers and market trends. The
continuous fluctuations in the market or the uncertainty impacts on the operations of
small businesses like Thirdway Group to set their determined goals. Moreover, it also
impacts on the globalization because certainty in work, culture, political parties,
economic stability etc. are required to set up or expand businesses internationally.
 Finding the right staff: Selecting the most suitable employees is required for long time
growth and survival of business in the market, inappropriate staff arises issues in
operating business activity. In the context of Thirdway Group, manager of the company
struggle to hire qualified staff members with the required skill but small businesses
should be needed appropriate selection procedure because they have limited workforce
for achieving the success (Miles, 2016). Also, for growing at global level a company or
industry requires the qualified and knowledgable workers to fulfil the international
requirements of the customers.
Critically analyse the marketing theory practices that seen in the small business research
findings.
There are several marketing and entrepreneurial theories as well as practices that are used
in research findings. A company Thirdway Group choose Ansoff matrix as a marketing strategy
which helps in effective research of market situations and trends that can be described below:
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Ansoff's matrix: It is a market/product expansion theory that is used by the firm to
analyse and plan the growth strategies with risk factor. This includes the four factors that are
described below: Market penetration: It is one of the stage which focus on the existing product within the
present market with the aim of increasing market shares as well as it is a less riskiest
option (Kilenthong, Hultman and Hills, 2016). Company can be done this scheme
through reducing the prices and increasing the promotional as well as distribution
strategies. Product development: It is concerned with the introducing new products in the existing
markets and this is employed when company have strong understanding of their current
market. This can be done through investing in research and development strategies as
well as acquiring competitors practices by facilitates innovative solutions to meet the
needs of customers. Market development: This strategy is used by the company when they introduced their
existing products in the new geographical location and customer segment. It can be done
through catering in different customer segment as well as entering into new location and
foreign market to achieve the high profitability.
 Diversification: It emphasised on the introducing new products within the new market so
as it considered most riskiest option among all. This can be done through related and
unrelated diversification in which risk can be diversified by doing related diversification.
Best marketing practice methods: Word of mouth marketing: It is a kind of advertisement as well as marketing practices
that helps to capitalize on the opportunity. There are two types of WOM marketing such
as traditional and modern which is used by the Thirdway Group for promoting their own
business. In traditional, recommendations was spread from one person to another
whereas, in modern describes both targeted or naturally efforts where customers share
their satisfaction with the respective brand (Resnick, 2016). Both are helps in increasing
the sales and profits through out the less investments in advertisements and other
strategies.
 Innovative marketing: This strategy allow marketers for alteration in the practices to lead
the performance of business towards the better serve the customers needs. Innovative
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marketing is the combination of two words such as innovative means having a new idea
and marketing means to communicate the informations to their customers related to the
product and services. Thirdway Group use innovative marketing practices for conducting
the proper market research which based on the users needs, trends, preferences, buying
behaviour, prices, promotional strategy as well as unique or new products or services.
Comparison and contras between practice methods of marketing: Both methods are
effective to use for the marketing research of small enterprises because it provides the clear view
about the market conditions and tends which needs to be known by Thirdway Group. This will
helps in identifying the whole market as well as customers demand for increasing the sales and
profitability (Hutchinson, 2015). Along with this, word of mouth marketing is most effective
which is used by the company because it requires less investments in the promotional activities
and innovative is less preferable by Thirdway Group because it requires more finance, resources,
customer base etc.
Develop learning skills that shows the ability in learning to learn.
Autonomous learning skill refers to take control of one's learning on an individual basis
or in cooperation with some other. An autonomous learner is more responsible for the learning
and it is more effective because they have ability to plan and execute the learning goals and
activities (Bhatia, 2015). These skills helps Thirdway Group learners for effective learning along
with the clear purpose and set goals. They have several abilities in learning to learn about the
effective communication, problem solving as well as self management which can be described
below: Problem solving: It is a process which does not focused on problem solving with
available solutions, it allows for the development of skills and attributes and resolve the
problems through experiences. This kind of learning leads to communication,
knowledgable acquisitions, enhanced collaboration with others etc. and allows learner to
develop skills for their future practices. Problem solving ability of learning enhanced the
critical assessment, literature critical review as well as promote learning within a team
environment. It is beneficial that allows active learning, knowledge retention as well as
clear understanding to develop life skills that are used for many domains (Hulland,
Baumgartner and Smith, 2018).
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 Effective communication: Strong communication skill is the fundamental to success in
the life which includes several aspects. There are numerous areas for effective
communication skill that encourage individual learnings as well as cooperation among
all. The most common area for communication is learn to listen for the purpose of
improvement in learning. Also, understand the verbal or non verbal human action along
with the emotional awareness and management. This will increase their learnings for the
awareness about emotions of own and others and develop the ability in learners to
manage those feelings.
 Self management: This strategy deliberate to build learners independence and ability to
absorb in self monitoring, evaluation as well as reinforcement. This emphasise on the
managing own behaviour in different sectors such as time management, goal setting,
motivation and stress management as well. Self management skill is important in
workplace because it helps in facilitates better working environment for individual as
well as their co-workers. This develops the skill of learners which includes self
confidence, patience, persistence and perceptions (Evans, 2016). This is important for the
workers of Thirdway Group to prepare a plan for achieving objectives, timely
performance and appraisal as well as stay focused on the self evaluation of their own
abilities.
Core ideas and concepts drawing on literature.
Entrepreneurial marketing describes the marketing activities of new venture and small
enterprise. According to the Mohammad Asgari Ghods. 2019, shows that entrepreneurship is a
developing field of study along with the new field of academic research. It is an alternate option
of marketing management programme that helps in using marketing strategies and practices due
to the limited capabilities and resources. This will helps in generating innovative ideas as well as
application of effective concepts, methods and techniques.
Reflection/ self evaluation
I am very thankful to all who provide me an opportunity to understand the changes in
marketing practices related to small and medium enterprises in order to take innovative actions
by implementing appropriate approaches. A case is Thirdway Group which has to be taken in
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this assignment as it helps in increasing my knowledge about several concepts, approaches as
well as theories that are needed to implement in organisation's workplace. As I know about the
entrepreneurial marketing and its features that should be required to study as they helps in
knowing the environment of market. Also, I determine the several issues that are faced by the
company in order to starts business that can be solved by formulating effective strategies and
approaches. In addition, I have suffered from lack of knowledge which are needed to formulate
strategies and methods that helps Thirdway Group in order to reduce issues related to the
uncertain marketing conditions.
CONCLUSION
It has been concluded from the above research that entrepreneurial marketing plays an
important role in starting new ventures, small business as well as for globalisation. Also evaluate
the issues and their impacts on the businesses and examine the changes in marketing practices in
small and medium enterprises towards the development of more innovative approaches. In
addition, marketing theories and practices are helpful in selecting the best methods for increasing
the sale and profits at low cost. Also, analysed the leadership skills which shows abilities in
learning to learn for the purpose of improving the personality of learners and workers.
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REFERENCES
Books & Journals
Bhatia, P. G., 2015. Lifelong learning-learning to learn. The Business & Management Review. 5(4).
p.265.Bhakti, Y.B., Astuti, D. and Agustina, I., 2018. The influence process of science skill and
motivation learning with creativity learn. Journal of Education and Learning. 12(1). pp.30-35.
Evans, W. D., 2016. Social marketing research for global public health: methods and technologies. Oxford
University Press.
Hulland, J., Baumgartner, H. and Smith, K. M., 2018. Marketing survey research best practices: evidence
and recommendations from a review of JAMS articles. Journal of the Academy of Marketing
Science. 46(1). pp.92-108.
Hutchinson, K. And et. al., 2015. Loyalty card adoption in SME retailers: the impact upon marketing
management. European Journal of Marketing. 49(3/4). pp.467-490.
Kilenthong, P., Hultman, C. M. and Hills, G. E., 2016. Entrepreneurial marketing behaviours: impact of
firm age, firm size and firm’s founder. Journal of Research in Marketing and Entrepreneurship.
18(1). pp.127-145.
Lam, W. and Harker, M. J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal. 33(3). pp.321-348.
Miles, M. And et. al., 2015. Exploring entrepreneurial marketing. Journal of Strategic Marketing. 23(2).
pp.94-111.
Miles, M. P. And et. al., 2016. The influence of entrepreneurial marketing processes and entrepreneurial
self-efficacy on community vulnerability, risk, and resilience. Journal of Strategic Marketing.
24(1). pp.34-46.
Nijssen, E. J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
Resnick, S .M. And et. al., 2016. Marketing in SMEs: a “4Ps” self-branding model. International Journal of
Entrepreneurial Behavior & Research. 22(1). pp.155-174.
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.
Online
List and Explain the Characteristics of a Small Scale Business. 2019. [Online] Available
through<https://smallbusiness.chron.com/list-explain-characteristics-small-scale-
business-10472.html>.
Ghods M. A. 2019. [Online] Available through
<https://journal-jger.springeropen.com/articles/10.1186/s40497-019-0163-5>.
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Team Meeting Log
Team: Date: Time:
Site: Facilitators: Recorder:
team members present:
Agenda Items:
 Determining what kind of informations we will having in introduction as well as in next
few slides.
 Also, finds some related videos.
Summary of activities and dialogue emphasised during meeting:
 Introduction part and few slides have been finished.
 We select two videos that are included in presentation.
 We discussed about the elements of marketing practices.
Agreements regarding next meeting:
Who When What When completed
Finish complete report
Date/Time/Site of next meeting:
Agenda item for next meeting: Concluding on the basis of completed report.
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