Entrepreneurial Marketing: Features, Issues, and Contrasts

This report discusses the features, issues, and contrasts of entrepreneurial marketing in small businesses. It explores how SMEs face challenges in marketing their products and services and highlights the importance of strategic planning. The report also emphasizes the role of innovation in reaching consumers and discusses the use of social networking for marketing purposes.

Entrepreneurial
Marketing
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Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Distinguish features of small business marketing environment. ...........................................3
Key issues related to marketing that faced by SMEs in industries. .......................................5
Standard Marketing Theory and contrast with SMEs............................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................9
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INTRODUCTION
Entrepreneurial marketing includes the innovation, risk endurance and very much
proactive towards environment in order to enlarge business opportunities positively. The major
motive of entrepreneurial marketing campaign is to highlight organisational superlative
capability while establishing values out for their competitors (Amjad, Rani and Sa'atar, 2020).
Entrepreneurial marketing majorly address environment where the organisational products and
services are new. Marketing is an wide area where the entrepreneurs can be able to actually
define their unique identity in the marketplace. Marketing and entrepreneurship traditionally
regarded distinct field of study. The main thrust of SME is acknowledge ding pivotal role of
entrepreneur in organisational marketing activities in order to gain potential outcomes.
Respective report is based on Unicorn Grocery which offer the whole food co op that is organic
in nature as it is very much demanded in the marketplace. Respective assignment rely on
distinguish features of marketing environment of small business by examine key operational
issues avail by new ventures and small businesses for achieving desirable outcomes. Finally it
includes critically evaluation of standard marketing practices.
MAIN BODY
Distinguish features of small business marketing environment.
Small-Scale businesses plays very much important role in economic development by
providing employment opportunities to the people for achieving desirable outcomes (Crick,
2019). In context of Unicorn Grocery which is a small business unit not have adequate
resources and materials to enlarge business opportunities. In that regards by using strategies and
tactics administration can be able to gain sustainability and competitiveness of market. In context
of small enterprises the factors of marketing possess differ meaning in terms of product, price,
place and promotions in contrast of organisations operates at wide scale. The attributes of macro
environment are differ from the large organisation that can be understand with the help of PEST
analysis. It helps in giving important information regarding macro business environment.
Political factors:
In an organisation political factors refers to the extent to which SMEs interact with the
local government and their various agencies in order to gain desirable outcomes. Small business
enterprise by building strong relationship with the members of city council for effectively
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managing their organisational legislations and ethical activities. While respective organisation
build positive relationship with respective councils they can be able to gain the subsidy in tax
regimes and raising funds from different sources helps to access towards marketing activities in
potential manner. For achieving goals and objectives it is potential for organisation to build the
positive relationship with the individuals and other authorities in which they operate their
business activities.
Economical factors:
In economic factors consist of interest rates, tax regimes and shift in the local economy
which assist and hinders activities of enterprise in achieving desirable results (Fatoki, 2019). In
context of Unicorn Grocery their business operations directly rely on the economic conditions on
sphere where they are actually operating. In circumstance of low economic conditions and due to
unemployment organisation it creates budget constraints in front of people in order to gain the
desirable outcomes. On other hand if economic conditions are strong enough such as economic
conditions and employment rate then organisation can be able to gain profitability and
sustainability in marketplace.
Social factors:
In social factor consist of change in consumer choice and preferences as per the
consumers choice and preferences for achieving desirable outcomes. In context of small scale
businesses they operates within lesser funds that hinder their self interest in attracting potential
consumer base in giving adequate information regarding products and services. By accessing the
changing needs and wants of consumers organisation can be able to render one of best products
to end user (Ferreira, Lord Ferguson and Pitt, 2019). SMEs such as Unicorn Grocery they
struggling for gaining the potential market sphere and goodwill of market by using significant
marketing approaches for gaining desirable outcomes.
Technological factors: In technological factors consist of the using highly advance kinds of
tools and techniques assist in gaining desirable outcomes. In context of small business they
possess relatively less amount of funds to operate their business works and activities. Yet, in
context of Unicorn Grocery they by investing in newly and advance tools can be able to gain the
positive response from side of their consumers. By using the respective tools and techniques in
order to obtain potential results.
Strategic marketing:
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The first and foremost focus of the organisation is to carry out the strategic marketing
activities and actions for achieving desirable outcomes. For an administration it is very much
significant to build strategies and tactics by accessing consumers needs and demands in order to
achieve desirable outcomes (Hagen, Zucchella and Ghauri, 2019). By align the business goals
and objectives such as making changes in organisational structure and level of flexibility in
organisation with working with dynamic business environment is very much potential for them.
In that regards Unicorn Grocery encounter no. of issues or problems in market their products and
services in the wider market place. So in that regards strategic marketing plays very much
important role in enhancing the competitive edge of market.
Key issues related to marketing that faced by SMEs in industries.
In today's dynamic business world, SMEs put one of their best efforts in reaching the
large no. of consumers and it can be only possible by using kinds of tools to promote products in
wider marketplace. Due to fierce competition in marketplace organisation face issues in market
their products and services into the wider marketplace that are as follows:
Gaining competitive advantage:
The success factor of any Small and medium enterprise largely depends on superior of
their goods in which they presently are dealing. In context of Unicorn Grocery they with the
help of experts maintain their products quality so that they can give one of their best experience
of their consumers (Hong and Yang, 2019). In context of entrepreneurial marketing they can
competitive advantage by positioned their products and services and by build USP in the
marketplace. With the help of unique recognition in marketplace organisation can be able to raise
their products pricing and can easily enhance their sales in positive manner. In context of
Unicorn Grocery they fail to position their products and services into the marketplace which
obstruct in gaining potential results.
Unique selling proposition:
USP is very much important for organisation to create a unique image that helps in
gaining the competitive edge and sustainability of market. USP helps directly to communicate
with the consumers as their respective features already told about their features that directly
helps in decision-making (Hoque and Awang, 2019). In context of SMEs they put one of their
best efforts in communicating the people by elaborating their accountabilities in gaining potential
outcomes. In context of Unicorn Grocery they by selling products that are comparatively
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available at low cost and in good quality for achieving distinctive image in business
environment.
Strategic competence:
Strategic competence is very significant for organisation to move in a definite direction
by elaborating the goals and objectives and accessing business environment in positive manner.
They choose strategy for gaining competence is digital transformation to enlarge business
opportunities potentially (Jessop, 2019). By going digitalize organisation can be able to attain
potential opportunities that are as follows:
 Able to optimise the technology by collaborating with value chain in order to enhance
consumers experience.
 Develop and deliver one of best products and services to ultimate user with help of
various online platforms such as Amazon, M&S and many more.
Assessment of risk:
For an organisation it is very much potential to access the risk factor that constantly
harms their business work and activities. Respective factor can be lessen down by using various
kinds of tools that consisted KPI and benchmarking used by most organisations (Khan, 2019).
In assessment of risk includes the assessment of internal and external business environment with
the help of PESTEL and SWOT tool in gaining potential outcomes. To eliminate risk it is very
much potential to access the skills and capabilities of employees and provide adequate training to
enhance their level of competency.
Standard Marketing Theory and contrast with SMEs.
Marketing is most creative counterpart consist of advertising, sales promotions and its
focus rely on R&D to adjudge about consumers taste and preferences (Renton and Richard,
2019). Due to limited resources with SME they can not be able to use marketing activities widely
contributes in gaining desirable outcomes. In context of SMEs they majorly rely on the
innovation that is very much demanded in market and helps to beat against competitors. In
context of Unicorn Grocery to remain competitive for gaining potential outcomes it is necessary
to collect knowledge and information which assist in selling products and services. Respective
Inputs helps to organisation in make new products or bring changes in existing one and in
choosing appropriate distribution channel for gaining desirable outcomes.
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Positioning of product or service: The basic marketing theory aimed to maximise
organisational sales and revenue, in that regards organisation need to position their products in
the marketplace (Sadiku-Dushi, Dana and Ramadani, 2019). By distinctive positioning in
marketplace organisation can be able to build their products as per consumer choice and
preferences positively. In context of Unicorn Grocery by distinctively position their product in
marketplace such as they build their products for people who are very much health conscious so
they build products accordingly.
Channel marketing of a product or service:
channel marketing is very much important for an organisation, it helps to send the
message regarding products and services to make key marketing decisions. If an organisation
offer discount on specified products and services in that regards they need to properly
communicate with the consumers to denote way their products differ from competitors. So in
context of respective organisation they by amending their communication channel can be able to
offer their products in best manner.
Viral and social network marketing:
To remain competitive in the market environment it is very much potential to use
effective kind of technology to produce organisational products and services. Social networking
is one of most essential kind of communication channel which assist in gaining potential buyers.
The major tools of social network marketing consist of Facebook, Twitter accounts and other
kinds of electronic means assist in selling more products and services on part of organisation
(Smith, 2019). In context of Unicorn Grocery which not possess sufficient funds to market
their products and services, in that regards by using social networking sites they hope to enlarge
business opportunities in optimistic way.
Therefore it is very potential for an organisation to put one of their best efforts in organisational
development and enhancement by using theories and practices.
CONCLUSION
It has been summarised from respective report that within organisation marketing plays
very important role in reaching large no. of consumers. Marketing is very potential whether it is
small and large business enterprise every entity required to market their products and services at
wider marketplace. While market the products and services organisation face no. of challenges
and issues that hinders their self interest in gaining potential outcomes. By using innovative
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products and services organisation can be able to enchant large no. of consumers by framing
products as per the consumer choice and preference. For an organisation it is very important to
plan in strategic manner by evaluating circumstances and situations that encounter by
organisation.
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REFERENCES
Books and journals:
Amjad, T., Rani, S.H.A. and Sa'atar, S., 2020. A New Dimension of Entrepreneurial Marketing
and Key Challenges: A Case Study from Pakistan. SEISENSE Journal of
Management. 3(1). pp.1-14.
Crick, J.M., 2019. Incorporating coopetition into the entrepreneurial marketing
literature. Journal of Research in Marketing and Entrepreneurship.
Fatoki, O., 2019. Entrepreneurial Marketing and Performance of Small and Medium Enterprises
in South Africa. Journal of Reviews on Global Economics. 8. pp.1429-1437.
Ferreira, C.C., Lord Ferguson, S. and Pitt, L.F., 2019. Entrepreneurial marketing and hybrid
entrepreneurship: the case of JM Reid Bamboo Rods. Journal of Marketing
Management. 35(9-10). pp.867-885.
Hagen, B., Zucchella, A. and Ghauri, P.N., 2019. From fragile to agile: marketing as a key driver
of entrepreneurial internationalization. International Marketing Review.
Hong, Y.E. and Yang, S., 2019. ENTREPRENEURIAL AND SME
MARKETING. Contemporary Issues in Marketing: Principles and Practice, p.255.
Hoque, A.S.M.M. and Awang, Z., 2019. Does gender difference play moderating role in the
relationship between entrepreneurial marketing and Bangladeshi SME
performance?. Accounting. 5(1). pp.35-52.
Jessop, B., 2019. Entrepreneurial City. The Wiley Blackwell Encyclopedia of Urban and
Regional Studies, pp.1-10.
Khan, W., 2019. Impact of Entrepreneurial Digital Marketing on Internationalizing SMEs in the
health sector.
Renton, M. and Richard, J.E., 2019. Entrepreneurship in marketing: Socializing partners for
brand governance in EM firms. Journal of Business Research.
Sadiku-Dushi, N., Dana, L.P. and Ramadani, V., 2019. Entrepreneurial marketing dimensions
and SMEs performance. Journal of Business Research. 100. pp.86-99.
Smith, C.D., 2019. Entrepreneurial Marketing in Online Home-Based Businesses: Narratives
From Immigrant Entrepreneurs.
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