Entrepreneurial Marketing: Analysis of Small Business Marketing Environment

This report analyzes the different features of small business marketing environment and identifies key marketing operational issues faced by new ventures and small businesses. It also compares and contrasts standard marketing theory and practices.

Entrepreneurial marketing
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Analysis different features of small business marketing environment........................................3
Key marketing operational issues faced by new ventures and small businesses.........................4
Compare and contrast standard marketing theory and practices.................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Entrepreneurial marketing is includes uniqueness into the product through innovation,
risk taking as well as being proactive. This is the campaigns which are tried to highlight
company greatest strengths while emphasizing their values for customers. This have great focus
on products and customers services is the great way to stand out from competitors. The present
report is based on Small SMEs required different marketing process. The report will cover
Harvey water softener Company which is small companies. The present report will analyze the
different features of small business marketing environment. This will also identifies key
marketing operational issues which are faced by new ventures and small businesses are specified
into sectors and industries in the global context. This is critically compared and contrast standard
marketing theories. This will also develop autonomous learning skills which are show abilities in
the learning about the communication, problems solving and self management. This will reflects
about the core ideas as well as concepts about the employability skills.
MAIN BODY
Analysis different features of small business marketing environment.
The small business marketing teams are generally engage with cautions of marketing
program due to staff competition and the insufficient financial capacity on their ventures. The
competition for the customers and marketer are the larger and higher established companies in
the field. Hence, those small businesses have the forced in order to identify different marketing
strategies which can suit their resources for their capability notwithstanding aggressive
competitions from their counterparts. For example: Harvey water softener company is a small
company which is make their complete focus on the building new strategies. In against of this
the big companies generally use the method of intense market research and this assist the bog
companies in analysing the market strategy of other competitors. This aids the bog company in
formulating their strategies in accordance with the other competitors.
The small businesses are prefers the narrowing down on little numbers of products
because of resources as well as perfecting differentiation strategies are sets on the group. This
helps to create more effectiveness and customers services in effective manner (Armstrong and
et.al., 2018). The customization techniques of products make them for getting unique and
different choices from others into the market place. With the help of this, the purchases or the
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consumption of the small businesses products are help to become inevitable to the customers. In
addition to that small business marketing is help to enhance product loyalty as well as long terms
interactions between their customers at the personal levels. Harvey Company is not have
communication with the social media but company M&S have great social media interaction
with others in an effective manner. But in against of this all the big companies are using all the
latest techniques of the marketing including the use of social media marketing in proper and
effective manner. Also, the big companies have huge amount to invest and because of this they
use the latest technology of doing and running the business in good and effective manner.
The small businesses are have great opportunity to have option for engaging on the social
media due to the huge numbers of persons as well as peoples by using it on the communication
platform. On the other side the big companies in this sector not has much opportunity as they are
already developed and these small opportunities has no impact over the working of the company.
Through that, company have great opportunity with avenue such as the Facebook, Instagram etc.
which is cheap as well as convenient for creating consciousness of the all those products and
services are in the effective and in valuable manner. That is the effective awareness which will
help to translate within the knowledge inquiry and purchase of the entity products (Brennan,
Canning and McDowell, 2020). Moreover, volume of products and services sought shall
significantly rise. The small businesses have great opportunity to opt for the brand management.
This is the best strategy which is enables for differentiate their products which are established
retails as well as big firms. This has great at offering good quality of products and services on
affordable prices to their customers. This practice has enabled for the small businesses to get the
firm footing into the business and in field. On the flip side the big companies are already using
the social media for the purpose of marketing the goods and services. In addition to this the big
companies also uses the social media in order to take the feedback from the consumers and to
analyse the views of consumer by comparing the product of companies with that of the other
competitor’s product and services.
Key marketing operational issues faced by new ventures and small businesses.
There are various and several kinds of issues which are faced by new ventures and small
businesses which are explained are underneath:
As per the view Cateora and et.al., (2020), Productive capacity: The main problem which
is affect to the entities include productive capacity for goods and services which are access to
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communicate and lack of information. The ability of ventures to use the above factors in
effective and valuable manner which is generally leads to generated more benefits in the sales on
the customer base as well as cost saving. This was the great evident from the success of
globalized businesses which commenced operating as with the small scale exporters. On the
other side Deepak and Jeyakumar, (2019), Cost of communication: this is another issue and
problem which is faced by small business. The exploitation of internet lowered cost of
communication which was a barrier for reaching out towards the customers. This help to get
chance of accessing the vital and effective information on the new and potential marketers for
business. The cost of communication is very high when social media because of technology
advancement. This creates more effectiveness for the small business as well as problems for
business. In that business management requires to understand all the technologies for using those
in an effective manner. like the Harvey water softener company is not have complete focus on
the communication channels which is the issues for company because in the absences of social
interaction is create farness between employees. On the other side, companies within the same
industry have great uses of social media for communication and interaction which is help to
make effective and valuable relations with customers. The use of social media is very helpful in
doing the communication as here the company can even sue the option of video calling and
conferencing and use can communicate with any person sitting at any place of the globe.
In contradict manner Haider and et.al., (2017), International transports: the international
transportation is important and effective for managing business but that is also the issues for
small business to have greatness. In that business needs to most instances adopt the generic
business strategy in the operation of business. Through that businesses are creates specific
marketers. According to the Hill and et.al., (2017), Insufficiency of financial resources:
insufficiency of the financial resources has been enabled by the many of small businesses to
engage on the websites in order to advertise their products and service. These practices are the
partially working as well as create some issues and management. Proper financial resources are
most important and effective sources which are help to make best goodwill at market place in
effective manner. On the other side, the big companies do not have any insufficiency of the
financial resources. This is because of the reason that the companies have large operations and
because of this their income is also more and investment are also high. Due to this reason the
financial resources of the company are high.
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As per the view of Mathews and et.al., (2016), Loss of key employees: the loss of key
employee in the SMEs has entities operations. Most of enterprises were having found to depend
on the specific level of staff in order to run activities on daily basis within the effective manner.
This created evidenced from mismatch of skills within the job description which is culminated
operational inefficiencies as well as wastages of resources in the small business. On the other
side Resnick and et.al., (2016), new ventures are the most effective and established from ideas
which is originated from the proprietors. There has the effective business plan is the most
instances failed for considering strategies in order to puts at the place after the expansion. This
has covered by evidenced by the food industry where demands surpass business capacity. This is
the issue which is faced by small business management and enterprises in an effective manner.
Those are the issues which are faced by small business and it in marketing area. Through
that, small businesses have disadvantaged with unsuccessful of business.
Compare and contrast standard marketing theory and practices.
Marketing is the perceived as means community comes up with the distributive processes
of product and services which are offers to the customers. Marketing is the great element which
is composed the moves from the one stage of product or services. The small business at their
owners marketing of the products and on the individual basis, the marketing have the great
concept is compare with the society as medium of advertising.
Most of the time, small businesses are not survey to market. They surveys before the
entry into the field. On the other side, marketing is the normally done before introduction of the
product at the market place. This is help to done by assessing the market structure regarding to
the social, economic as well as characteristics of the target market (Todor, R. D., 2016). This is
the great activity which has aimed to give marketers an idea of regarding the customers’
expectations, likes, dislikes and preferences. This is the essential planning as well as conducting
feasibility studies for the new markets before establishment for business within given market.
However, the small businesses are typically done into hurry as well as no due diligences
are done with establishing a business at the locations. Most of the time general marketing is
premised on assumption of reaching the broad customer basis, using the entire media platform
which can convey information to customers (Tuten and Solomon, 2017). The application of 4 P’s
marketing which have been applied effectively into marketing process which is have the brought
to question. It had been established strategies that are gets ineffective at the time of comes to the
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use of services. This gives small businesses on the upper level. This is because of the reason is
their close customers’ interaction strategy as well as services provision. In addition to that, the
plan cannot handle products are originate from industries. Most of the time, standard strategy and
marketing theory primary goals are to increase volume of sales. With the help of this, its actions
such as advertising as well as promotions are generally transactions oriented. In contrast to this
the big companies uses more of the advance and latest methods of marketing like the use of
digital marketing technologies, email marketing and all the other latest methods of marketing the
goods and services in the highly competitive market.
On the other side, small business has main objectives and goal is to create effective
relations with those customers. The 4P’s of marketing is the effective and valuable for the
company because through that company is able to considers all the product, price, promotion and
place of companies in an effective manner (Yang and Gabrielsson, 2017). This creates more
effectiveness because through that companies have opportunity to maintain product cycle and its
management at the working place. Products which are sales and introduce by company and price
through that customers are attracted towards product. With the help of promotion companies are
able to handle their food fall because promotion is the way of attracting customers and provide
complete information to them. This creates effectiveness for the business in an effective manner.
On the other side the marketing mix of the big companies is very strong as they are having
access to all the resources as they have full financial resources. Thus, because of this the market
position of the company is very strong and the market share of the big companies is also very
high.
On the other side, customer brand pyramid is refers with the cost of entry, differentiation
benefits and the crucial experiences like the emotions. This creates higher effectiveness and
values for the business in an effective and in valuable manner. With the help of this companies
are highly able to understand that the working policy to create more effectiveness.
CONCLUSION
From the above study it had been concluded that the entrepreneurial marketing has been
more effective and valuable for the company as well as small business. With the help of
marketing, small businesses have great opportunity to develop their business or attract more
customers in order to goals and objectives of company. The report has covered different features
of the small businesses marketing environment in an effective manner. This has been created
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effective business image into the market place. The features of small scale businesses have lower
revenue and productivity, by using small market area, limited area of fewer locations and sole
partnership ownership and taxes. The small business has been faced marketing operational issues
faced by the new ventures and small businesses in specified sectors and industries in a global
context. The issues covered the ineffective financial resources; cost of communication has extra
chargeable for the business as well as the transportation charges has issues and problems which
had been faced by small business. At the end of report had been compared and contrast the
different theories and practices of marketing theory had been helped to achieve goals and
objectives of company.
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REFERENCES
Books and Journals
Armstrong, G.M. and et.al., 2018. Marketing: an introduction. Pearson UK.
Brennan, R., Canning, L. and McDowell, R., 2020. Business-to-business marketing. SAGE
Publications Limited.
Cateora, P.R. and et.al., 2020. International marketing. McGraw-Hill Education.
Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Haider, A.A. and et.al., 2017. Marketing Management. Head, B, p.22.
Hill, L. and et.al., 2017. Creative arts marketing. Routledge.
Mathews, S. and et.al., 2016. Internet marketing capabilities and international market
growth. International Business Review. 25(4). pp.820-830.
Resnick, S. M. and et.al., 2016. Marketing in SMEs: a “4Ps” self-branding model. International
Journal of Entrepreneurial Behavior & Research.
Todor, R. D., 2016. Blending traditional and digital marketing. Bulletin of the Transilvania
University of Brasov. Economic Sciences. Series V. 9(1). p.51.
Tuten, T. L. and Solomon, M. R., 2017. Social media marketing. Sage.
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.
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