Importance of Innovation in Entrepreneurial Marketing Strategy

This presentation focuses on the importance of innovation in the development of an entrepreneurial marketing strategy. It explores the features of small business marketing, key operational issues, and compares standard marketing theory and practices. It also emphasizes the need for autonomous learning skills in successful marketing. Course code: N/A, Course name: N/A, College/University: N/A

Entrepreneurial
marketing group
presentation

Table of Content
 Introduction
 Features of small business marketing environment
 Key marketing operational issues
 Compare and contrast standard marketing theory and practices
 Autonomous learning skills which shows abilities
 Conclusion
 References

Introduction
Topic: “To identify the importance of innovation in development of entrepreneurial
marketing strategy”
Entrepreneurial marketing is not about single marketing strategy but it is more
related to marketing spirit which differentiates it from other traditional marketing
practices. It involve several fundamental principles of marketing because they are
designed with motive of customer attraction and generating revenue.

Features of small business marketing
environment
Small and medium size companies are which operate their business at small scale by
employing few staff members. Such corporations have approx. 50 employees or less
than that as well as small business marketing environment consider both external and
internal factors. For successful operations of business within market area it is
necessary to focus on factors that are related with business marketing environment.

Cont.…
Few essential marketing features are as follows :-
 Customer focus: Here the business of Steven Madden Ltd. will follow the
marketing strategy focusing on their customers exact needs and wants . In order
to do so they will identify what exactly the need, wants and desire of their
customers is so that they can choose the activity of marketing a product can be
performed significantly within SMEs.

Cont.…
 Objective oriented - This features of business marketing environment is the core
for every type of corporation as in this the main concentration is on full fill
objectives of both customers and company so that both of these can be served in a
effective manner. In this the marketing activity which will be taken into the
consideration will be only after the identification of the weakness of the firm on
which the business of Steven Madden Ltd. will work and adopt the most suitable
marketing activity for their products.

Key marketing operational issues
Marketing operations is broad term which simply explain functions of marketing
organisation including process, technology and people. All these enables marketing
to operate in efficiently and to scale with quality as well as consistency. There are
several marketing operational issues facing by Steven Madden Ltd.

Cont.…
Explanation of these are as follows :-
 Responding to competition – There is high level of competition in Textiles,
Apparel and luxury goods industry because of large number organisation. Thus,
one of the major operational challenge Steven Madden Ltd. Facing is high level
of competition. As their competitors are also offering same products and services
so to come out of this respective small company have to bring something
innovative.

Cont.…
 Uncertainty – Business environment is dynamic and no one knows what exactly
going to be happen in future. Such as fluctuation in market trends give wide
impact on operations of Steven Madden Ltd. And they have to offer products or
services as per present trends.

Compare and contrast standard marketing
theory and practices
There are several marketing theory which Steven Madden Ltd. Can implement
within their working but they have several similarities as well as differences.
Explanation of these are as follows :-
 Ansoff matrix – As per this theory organisation divide its products and
market on the basis of existing or new.

Cont.…
Depending on characteristics of product and market Company will decide its
marketing strategy which are as follows :-
 Market Penetration
 Market development
 Product development
 Diversification strategy

Cont.…
There are several best practices which help in conducting marketing such as word of
mouth, innovative, opportunistic and many more. Out of these word of mouth and
innovative will be implement by Steven Madden Ltd.

Cont.…
Explanation of these are as follows :-
 Word of mouth marketing: It is also known as word of mouth advertising as
well as WOMM is simply social media era's version of simple word of mouth.
Word of mouth also involve traditional and modern marketing. Thus, in
traditional information related to product and services spread from one person to
another on the basis of recommendation.

Cont.…
 Innovative marketing – It is set of innovative process and activities which
market as well as communicate new products to targeted consumers. Innovation
in marketing is activity which include latest ideas which have positive effect on
new products and services. On the other hand, marketing is procedure which
include marketers for communicating information of product and services to
consumers. This is expensive method as it will be not easy for small and medium
scale organisation to implement innovative marketing practices within their
working.

Autonomous learning skills which shows
abilities
Autonomous learning skills not only involves motivation to take charge of one's own
learning but also abilities for doing something beneficial independently. In
entrepreneurial marketing there is requirement of several skills within individual. So
that, overall procedure of marketing will be beneficial as well as company can
enhance their customer base.

Cont.…
Explanation of these skills are as follows :-
 Problem solving – At the time of conducting marketing process several situation
or problem may occur which require to be handle in proper manner. Generally,
problem will be such as people refuse to give feedbacks in that situation it is
responsibility of marketer to motivate them so that feedbacks will be taken.
Because these are necessary for further modification within existing marketing
strategy.

Cont.…
 Effective communication – There is requirement of proper as well as effective
communication skills because it will help in doing marketing of product of
services within more effectual manner. Effective communication provide
assistance in convincing customers to purchase products and services.

Cont.…
 Self management – Along with these two skills there is requirement of self
management skills also for doing marketing of product and services within
effective manner. Here self management is related to managing stress, time
management, problem solving and many more.
Thus, with the assistance of these skills individual will be able to conduct overall
marketing process within effective manner as well as achieve predetermined goals
and objectives.

Conclusion
From the above discussion it has been analysed that, entrepreneurial marketing is
beneficial for an organisation as it help in attracting more and more customers by
using modern techniques. Along with this, For Small and medium scale organisation
one of the best tool for marketing purpose in word of mouth. As they don't have
much funds for doing marketing thus it will help them in increasing their customer
base.

References
 Miles, M. and et.al., 2015. Exploring entrepreneurial marketing. Journal of
Strategic Marketing. 23(2). pp.94-111.
 Nijssen, E. J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
 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.

Thank You