Importance of Innovation in Entrepreneurial Marketing Strategy

This presentation explores the importance of innovation in the development of entrepreneurial marketing strategies. It discusses the background of Little Shoes Company, the definition of marketing practice, and various innovative marketing practices. It also highlights the differences between marketing and entrepreneurship marketing. The presentation provides insights into key operational issues in entrepreneurship marketing and concludes with the significance of entrepreneurial marketing for attracting customers and using modern techniques.

ENTREPRENEURIAL
MARKETING GROUP
PRESENTATION
(“To identify the importance of innovation in
development of entrepreneurial marketing strategy”)

Content TableContent Table
 Introduction
 Background of Little Shoes Company
 Entrepreneurial and SME
 Definition of Marketing Practice
 Innovative marketing Practices
 Marketing practice
 Word of mouth Marketing

Content Table
 Relationship marketing
 Innovative Marketing
 Internet marketing
 Adoption of marketing practice
 Difference between marketing and entrepreneurship marketing
 Operational issues in entrepreneurship marketing
 Conclusion
 References

INTRODUCTION
 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

Background of Little Shoes Company
Little Shoes Company which is shoes manufacturer in UK. It was
established in 2007 and it is located at two places in UK i.e., 6
Wollaton Rd, Beeston, Nottingham NG9 2NR as well as 30
Gordon Road, West Bridgford, Nottingham NG2 5LN.

Entrepreneurial and SME
 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 (González-
Benito, Muñoz-Gallego and García-Zamora, 2015).

Entrepreneurial Marketing
Customer focus - Here the business of The Little Shoes Company
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.

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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. (Lee, Hallak and
Sardeshmukh, 2016).

Definition of Marketing Practice
Marketing introduces as the art of making prospective
customers and consumers to be interested in goods and
services offered by SMEs. Marketing includes doing
investigation, advertisement, promotion and distribution
of the products and services for sale (Maritz and
Donovan, 2015).

Innovative Marketing Practices
 Innovative marketing refers as the set of innovative
activities and processes that market and pass on unique
services and products to a group of customers.
 Marketing and innovation are two different words that
should be understand (Miles and et. al., 2015).

Marketing Practices
There are several best practices which help in conducting
marketing such as word of mouth, innovative,
opportunistic and many more. Word of mouth, innovative,
relationship and internet marketing are some essential
examples of marketing practices.

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 (Nijssen, 2017).

Relationship Marketing
It is another type of marketing which helps an organisation
to increase relationship between customers and an
organisation. Main focus of relationship marketing is on
customer building. It will be beneficial for an enterprise
in improvement of its business success and growth in
marketplace (Wu and Huarng, 2015).

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 (Yang and Gabrielsson, 2017).

Internet Marketing
It is also called as a cloud marketing which will be beneficial
for an organisation to introduce their products and services
in marketplace. In this, All the marketing items are pass on
over the internet and promoted on different platforms
through multiple approaches (Tidd and Bessant, 2018).

Adoption Of Marketing Practice
Thus, for The Little Shoes Company Mouth of word is best
marketing approach as people as hyper connected to each
other in which single recommendation can give wide
effect in grabbing more customers. There are different
number of word-of-mouth marketing practices for Little
Shoes Company (Chen and et. al., 2015).

Differences Between Marketing And
Entrepreneurship Marketing
Basis of comparison Marketing Entrepreneurship
marketing
Meaning Marketing introduces as a
systematic process of
interesting potential
clients and customers in
product or service of
Little Shoes Company
(Pato and Teixeira,
2016).
Entrepreneurship
marketing refers as an
organisational functions
as well as set of process
for developing,
communicating and
delivering effective value
to clients and for handling
customer relationship in
way that is beneficial for
company and its
stakeholders.

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Purpose Main purpose of marketing is
to attract maximum
customers by providing
accurate information about
the products and services
offered by Little Shoes
Company.
Entrepreneurial marketing
campaigns give their full
efforts in highlighting the
greatest strengths of
company while emphasizing
their value to the customer.
Orientation Marketing is defined by
customer orientation. It will
support SMEs by increasing
number of customers and
also assist them by
increasing sales.
Entrepreneurship marketing
is defined by innovation and
entrepreneurial marketing.
This marketing will helps
entrepreneur to set up their
business in marketplace
successfully (Wagner, 2017).

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Involvement Marketing includes
advertising,
promotion, sales,
public relation and
many other aspects
which will be
essential for the
success and growth
of Little Shoes
Company.
Entrepreneurial marketing
consider innovation, risk
taking, and being proactive. It
will be beneficial for Little
Shoes Company to introduce
new product or service and
attract maximum number of
customers.

Key Marketing Operational Issues In
Entrepreneurial Marketing
Responding to competition – There is high level of
competition in shoes industry because of large number
organisation. Thus, one of the major operational
challenge The Little Shoes Company Facing is high level
of competition (Prabhu and Jain, 2015).

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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 The Little Shoes Company And they have
to offer products or services as per present trends (Lee,
Hallak and Sardeshmukh, 2016).

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.

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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
Chen, Y. and et. al., 2015. IT capabilities and product innovation
performance: The roles of corporate entrepreneurship and
competitive intensity. Information & Management. 52(6). pp.643-
657.
Drobyazko, S. and et. al., 2019. Entrepreneurship innovation model for
telecommunications enterprises. Journal of Entrepreneurship
Education.
González-Benito, Ó., Muñoz-Gallego, P. A. and García-Zamora, E.,
2015. Entrepreneurship and market orientation as determinants of
innovation: the role of business size. International Journal of
Innovation Management. 19(04). p.1550035.

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Lee, C., Hallak, R. and Sardeshmukh, S. R., 2016.
Innovation, entrepreneurship, and restaurant
performance: A higher-order structural model. Tourism
Management. 53. pp.215-228.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and
innovation: Setting an agenda for greater discipline
contextualisation. Education+ Training. 57(1). pp.74-
87.
Miles, M. and et.al., 2015. Exploring entrepreneurial
marketing. Journal of Strategic Marketing. 23(2). pp.94-
111.

Thank-You