Entrepreneurial Marketing

This document explores the importance of entrepreneurial marketing for SMEs, focusing on Austin Fraser, a technology recruitment SME. It discusses the theories behind entrepreneurial marketing, such as innovation theory and need for achievement theory. The document also highlights the main issues faced by SMEs and why big firms don't face the same challenges. It further explores innovative and entrepreneurial considerations in SME marketing, including word-of-mouth and social media strategies. The conclusion emphasizes the significance of marketing for SMEs.

Entrepreneurial Marketing

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
SME and Entrepreneurial theory findings...................................................................................1
Main issues faced by SME..........................................................................................................2
Why big firms do not face such challenges.................................................................................3
Innovative and Entrepreneurial consideration in SME’s marketing............................................4
Two best practices.......................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing introduces to the set of activity and process of developing, communicating,
offering and exchanging goods or services that have value for customers. Marketing is important
for the entrepreneur because it will help them in development of its business at marketplace.
Along with this, entrepreneurial marketing is less regarding a single marketing strategy as well
as more about a marketing sprite that distinguish themselves from traditional marketing practices
(Ahmadi and O'Cass, 2016). Main purpose of this project is to identify how marketing in an
SME differs from the medium or large sized business. Austin Fraser is a chosen SME that is
specialise in technology and in life science recruitment. This organisation is specialist in
technology based requirement. They have consultants that have specialism in niche market and
help the client to identify the best candidate that perfectly matches to their requirement.
In order to complete this report, there are different points that will be needed such as SME
and entrepreneurial theory, issues faced by SME as compare to big organisation and best
practices method i.e. word-of-mouth and innovative.
MAIN BODY
SME and Entrepreneurial theory findings
Austin Fraser is an example of SME that specialises in recruiting or hiring technology
teams across entire sector. Company has developed a transparent and open culture, which is
focused from the top down. Along with this, company is requiring to expand their business
which is only possible with the use of marketing. Marketing will support company in its business
expansion by providing information about its business culture, business information at domestic
as well as global level. Additionally, small business marketing helps Austin Fraser by increasing
brand loyalty, enhancing relationship with customers, increasing sales, improving performance
and productivity (Alqahtani and Uslay, 2020).
It is a universal fact that entrepreneurship is an essential or fundamental factor within
economic development. Entrepreneur is an individual that plays important role in development
of its business success and growth. It is a risk bearer as well as well under uncertainty. There are
different theories of entrepreneurship that used by SME such as Austin Fraser for enhancing their
business operations and improving business performance. Some theories will be explained as
below:
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Innovation Theory: According to this theory, entrepreneur essentially an innovator and
innovator is an individual who introduces new combinations. This theory will be essential for
SME such as Austin Fraser in development of its business growth and success. By using this
theory, they can easily expand their business at international level (Andersson, Evers and Gliga,
2018). Austin Fraser already based upon the technology for business so innovation will be the
main requirement that help an organisation grow in market.
Need for achievement theory: This is an another theory of entrepreneurial and in this
theory entrepreneur i.e. Austin Fraser try to analyse internal factors such as human values as well
as motives that lead an individual to exploit chances, to take benefit of favourable trade
conditions. This theory is also effective for the small and medium size organisation by increasing
opportunities to growth their business internationally and achieves competitive advantages. The
base of technology helpful for Austin Fraser in application of this theory regarding the expansion
of business at different international levels. This do not even include the large amount of
investment.
Theory of leadership: Entrepreneurship refers to the effective function of leadership and
managerial skills. SME also needs finance but that is of alternative significance. This theory
further explains that an individual who is to become an industrial entrepreneur should have more
than the make to earn profits as well as amass wealth. Therefore, it is important theory of
entrepreneurial that will be effective and beneficial for Austin Fraser in its growth at
international level (Anwar and Daniel, 2016). The availability of consultants in niche market
help to grab the effectiveness of theory where they will promote leadership at ground level in
ascertainment of targeted goals.
Main issues faced by SME
There are many number of issues are facing by the SME’s including Austin Fraser. The
main reason behind the presence of these issues is intense level of competition in market. There
are many number of organisations exist in market and providing specific recruiting services at
global level. This makes the task more difficult for a medium size organisation like Austin Fraser
to sustain in market with limited number of resources. The different number of issues that are
generally facing by the SME’s including Austin Fraser are defined below:
Restricted ability to attract new customers/candidates: The medium size organisations
like Austin Fraser are not effective in attraction of new customers due to the intense level of
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competition in market. This is commonly happening because candidates also want to join with an
organisation which is best in their operation and able to provide effective end results. Also, the
limited number of resources not helpful in the direction of attracting new candidates because
they are unable to shoe or prove their competencies. The end impact of all this has over
sustainability of business where difficult for them to hold position in market (Bhardwaj, 2018).
Inability to maintain profits: The medium size organisations are unable to maintain the
level of profit in front of large organisations. This is so because large number of internal and
external factors changes the scenario continuously where not possible for medium size
organisation to change their strategies and business model so frequently. The end impact of this
is visible over their profitability that diminished to some level as compared to the previous
figures.
Difficulty in retention of talented employees: It is difficult for the medium size
organisation like Austin Fraser to hold their talented employees. This is so because large number
of big organisations provide the best offers in market that attracts the talented employees of other
organisation. This is the main cause that difficult for an organisation to retail the employees also
the less profitability not allows to made some impossible changes in their salary structure
because this resultant into the loss of an organisation in future (Crick, Crick and Chaudhry,
2020).
Why big firms do not face such challenges
The number of challenges are defined above which commonly faces by SME’s while doing
business in open market. These kind of issues are not faces by the medium size organisations and
the reasons behind this are defined below;
Market share: Big organisations have large market share at worldwide level. This is the
reason that they able to earn sufficient amount of profits from their business functions in market.
This further provides an opportunity to an organisation that also attract the new potential
customers and expand the business at bigger levels (Kilenthong, Hultman and Hills, 2016).
Bigger budget: The bigger level of budget allows the organisation to focus over
attainment of all possible resources that are helpful for an organisation in future to grab large
market share along with higher level of profitability. Here, budget allows in attraction of talented
employees of other organisations through which they able to develop the workforce that can
work in all kind of situation towards attainment of desired objectives.
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Branding: The big organisations are good in branding. They always focus over the
branding of an organisation so able to building distinctive and unique name through which they
recognise by consumers. This has the positive impact over the business in the direction of
improving sales along with profitability. This further aids an organisation to use the same brand
name in expansion of business in new regions (Yang, 2018).
Market image: The role of market image is also significant in the direction of improving
the business opportunities. The big organisations having good market image that help in
attraction of the new clients along with retention of the existing one. This aspect has huge
contribution towards the direction of maintaining effective level of position within market along
with level of profitability. This has role towards creating trust among the parties that organisation
never will perform such actions that are against to their interest and leads their loss their loss in
future (Nijssen, 2017).
Innovative and Entrepreneurial consideration in SME’s marketing
The aspect that help the SME’s including Austin Fraser in improvement of business within
the market is marketing. Now, the time came when there is huge impact of marketing on the
business activities. Also, playing the supportive role in direction of building successful. Here,
duty comes over management of all organisations including Austin Fraser that focus over
adoption of new and innovative practices of marketing through which they able to grab the large
markets share and sustain in market for longer period of time. These practices also help the
SME’s in overcoming from all the challenges which were defined above. The different number
of innovative considerations which are presenting in front of all SME’s including Austin Fraser
for improving marketing is defined below;
Video streaming: This is effective method of marketing that includes the digital
presentation of organisational offerings in front of consumers through usage of mediums like
television and some other digital media platforms. This aid an organisation through creating
distinctive image of its products and brand among its consumer segment. This will be the
effective practice for SME’s to use and improve business in market. The further benefit of this
practice will also ascertained in the form of attracting new clients from the global level that
contributes in expansion of business activities in global market (Whalen and et. al., 2016).
Word of mouth: This is the strategy of marketing that includes the promotion of
organisational products and services from the mouth of their consumers to others. In effective
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implementation of this strategy, organisation has to focus over building of its product such
unique that consumers will recommend the consumption of same to others. This is the best in
case of SME’s because this will not only help in marketing but also aid in creating brand image
where consumers and clients have the trust over the offerings of an organisation that they always
get the bets from their side. There is huge contribution of such marketing strategy is successful
growth of an organisation in future along with attainment of long term sustainability in market.
Social media: This is also one of best market practice that uses commonly in current
period of time by large organisations. This includes the advertisement and promotion of business
offerings at different social media platforms such as Facebook, Instagram and Pinterest. This is
the best method of marketing for SME’s because does not involves the huge amount of
investment in implementation and simple to use. In current period of time, the users of are large
on all different social media platforms from the global level. This provides an opportunity to all
SME’s that focus over the effective marketing through which they able to spread awareness
among all users at global level. The benefit of this exercise will be get by an organisation where
they able to get support of other clients in expansion of their business in new markets (Whalen
and Akaka, 2016).
Location marketing: This strategy of marketing that includes the use of AI technology.
This generates the message about offers among the consumers when they near to the stores or
places where stores are situated. This is also the effective marketing strategy regarding
influencing the buying behaviour of consumers and attracting towards the stores for
improvement of their sales. This must help an organisation to build effective coordination with
their consumers where its turns into long term relation in future.
Two best practices
There are two essential practices that will be beneficial and effective for SME i.e. Austin
Fraser in its business expansion. These practices will be explained as below:
Word-of-mouth: It is an effective communication channel that will help SME in boosting
of its brand awareness. It is an essential factor for company in strengthening and eroding brand
affinity (Yang and Gabrielsson, 2017).
Innovative: It is another best practice method that will support Austin Fraser in increasing
customer satisfaction, accomplishing competitive benefits, saving time and money etc. These
are major benefits of using innovation in business for SME. This is more beneficial for Austin
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Fraser because the business model of an organisation depends over same. The use of innovation
marketing not only help to get closer to large but also aid in depicting the level of competency in
technological functions.
CONCLUSION
From the above mentioned information, it has been concluded that marketing is important
part of the success and growth of entrepreneur. Along with this, Innovation Theory, need for
achievement theory and Theory of leadership are essential entrepreneurial theories that supported
SME in its business expansion. Word-of-mouth and innovative are two practices used by
company for increasing customer satisfaction and boosting their brand awareness at global level.
The aspect that hinders the SME capacity in improvement of marketing is finance as well as their
limited reach. In overall, marketing is important for company in its business.
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REFERENCES
Books and Journals
Ahmadi, H. and O'Cass, A., 2016. The role of entrepreneurial marketing in new technology
ventures first product commercialisation. Journal of Strategic Marketing. 24(1).
pp.47-60.
Alqahtani, N. and Uslay, C., 2020. Entrepreneurial marketing and firm performance: Synthesis
and conceptual development. Journal of Business Research. 113. pp.62-71.
Andersson, S., Evers, N. and Gliga, G., 2018. Entrepreneurial marketing and born global
internationalisation in China. Qualitative Market Research: An International Journal.
Anwar, M. N. and Daniel, E., 2016. Entrepreneurial marketing in online businesses. Qualitative
Market Research: An International Journal.
Bhardwaj, B. R., 2018. Can education empower women through entrepreneurial
marketing. Journal of Enterprising Communities: People and Places in the Global
Economy.
Crick, J. M., Crick, D. and Chaudhry, S., 2020. Entrepreneurial marketing decision-making in
rapidly internationalising and de-internationalising start-up firms. Journal of Business
Research. 113. pp.158-167.
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.
Nijssen, E. J., 2017. Entrepreneurial marketing: an effectual approach. Taylor & Francis.
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.
Whalen, P. S. and Akaka, M. A., 2016. A dynamic market conceptualization for entrepreneurial
marketing: the co-creation of opportunities. Journal of Strategic Marketing. 24(1).
pp.61-75.
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.
Yang, M., 2018. International entrepreneurial marketing strategies of MNCs: Bricolage as
practiced by marketing managers. International Business Review. 27(5). pp.1045-
1056.
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