Entrepreneurial Marketing - SME's

Entrepreneurial
Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Word of mouth is better or not for SME's...................................................................................1
SME's better to adapt customers..................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Innovative marketing can be defined as the set of different types of new and innovative
processes which are used by business entities in order to spread awareness of regarding their
products and services. With the help of it organisations can attain their business objectives such
as customer satisfaction, profit maximisation and increasing market share. In current era, it has
become essential for all the companies to use new and innovative techniques for the purpose of
marketing so that large number of prospect customers can be attracted and existing could be
retained (Fillis, Lehman and Miles, 2017). Continuous innovation is required for all the
enterprises as it help them to meet expectation of their target market. If organisations are not
following the concept of it then it will become difficult for them to reach their market segment
and sales all their products to the patronages. Now a days various mediums are being used by
companies for the purpose of marketing. These are internet, social media etc. which helps to
spread awareness regarding all the items that are sold for the purpose of generating revenues.
Social media marketing helps to reach maximum number of people all around the world which is
beneficial for organisations to accomplish their vision and objectives. The enterprise which is
selected for this report is May Fair Kitchen which is mainly established in United Kingdom.
This assignment covers various topics such as word of mouth is better for organisations or not
for small and medium sized companies. Along with this, discussion regarding adaption of
innovative marketing to customers is also covered under this project. At the end of the report, a
conclusion regarding innovative marketing and its adaption is also provided.
MAIN BODY
Word of mouth is better or not for SME's
Word of mouth can be defined as a tool which is very beneficial for the business entities
as it helps to spread awareness regarding products and services that are sold top the clients for
the purpose of generating revenues. When an organisation sales good quality products to its
customers then they refer them to their colleagues, friends and family. With the help of this type
of marketing attract end number of consumers who helps to increase profits. In other words it
can be defined as the recommendation which is provided by satisfied customers to others orally.
It is considered as the most effective tool that is used to promote all the items sold by
organisations. For restaurants such as May Fair Kitchen word of mouth is very beneficial as it
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helps to reach prospect customers and establish a good image in the minds of them. In order to
make people talk about the products and services it is vital for such types of restaurants to deliver
them good customer service and values. May Fair Kitchen assures that it meet all the
expectations of its clients so that they recommend it to others (Kilenthong, Hultman and Hills,
2016). There are various advantages of it which helps to represent small business marketing
environment. Some of them are as follows:
No cost for marketing: Word of mouth is beneficial for all the small and medium sized
business entities as it do not charge any cost to company and provides good results. With the
help of it May Fair Kitchen will be able to promote its food items with no cost. When clients get
satisfied from services of the restaurant then they recommend it to other without charging any
cost which helps to capture large market share (Benefits of word of mouth, 2017).
Effective recommendations: Word of mouth is beneficial for recommendation of the
services to end number of customers. With the help of it larger market share can be captured by
business entities. May Fair kitchen will be benefited due to word of mouth as it will help it to
deliver its services to clients who are coming to visit the restaurant by considering
recommendation of others.
Increased demand of products: Word of mouth results in increased demand of products
as satisfied customers recommend the items to their known people. It is beneficial for small
restaurants such as May Fair Kitchen because due to this the organisation will be able to sale its
items to large number of customers. When demand of products gets increased then it helps
enterprises to generate higher revenues by providing such eating items to customers that they are
willing to have (Lam and Harker, 2015).
Enhanced market image: Word of mouth also helps to increase market image because
when people start to recommend an organisation to other then it results in good image of that
entity in the mind of clients and other external stakeholders. Word of mouth is also beneficial for
May Fair Kitchen as it helps the restaurant to establish a good market image of it due to highly
satisfied customers.
Continuous process: Marketing through word of mouth is beneficial for all the business
entities as it is a continuous process which doesn't get stopped or interfered by external parties. It
helps May Fair Kitchen to attain long term benefits.
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From all the above described points it has been analysed that word of mouth is beneficial
for all the small and medium sized companies as it helps to spread awareness among clients.
With the help of word of mouth free promotions are conducted by organisations. If enterprises
get failed in fulfilling expectations of customers then it leaves negative impact on profits and
revenues. In order to maintain satisfaction level of clients it is very important for restaurants to
analyse the needs and requirements of them and provide food items according to it so that their
expectations can be met (Miles and et.al., 2015).
SME's better to adapt customers
For small and medium sized organisations it is very important to adapt innovative
marketing as it helps to aware customers regarding all the products and services that are offered
by them. There are various types of issues which are faced by SME's such as May Fair Kitchen
due to low presence on social media and lack of marketing. These issues are as follows:
 Lack of awareness regarding products: It is one of the major issue which is faced by
SME's now a days. Most of the business entities are dealing with the issue of lack of
awareness of products in the market because they are not able to market the products as it
costs very high. It is also faced by May Fair Kitchen because it is a small restaurant and it
is not possible for the organisation to spend monetary resources on marketing activities.
 Lower growth due to decreased sales: If business entities are not able to market their
products then it results in lower growth which also results in decreased sales. In order to
respond this problem effectively it is very important for organisations to market the
products. May Fair Kitchen is also facing this issue because of its size which is small.
Most of the small organisations fails to conduct marketing activities due to lack of
financial resources. Due to this problem various more challenges take place.
In order to deal with all the above described problem restaurants such as May Fair
Kitchen can use innovative marketing. It is a technique in which business entities use social
media to market all the products. It is a cheap and low cost method which helps to spread
awareness regarding all the goods and services (Nijssen, 2017). Innovative marketing is of the
best ways which can help to respond marketing related challenges such as low awareness of
products, decreased demand etc. There are various types of elements which should be focused
while conducting innovative or social media marketing activities. All of them are as follows:
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Organising social media campaign: In order to aware maximum number of clients
regarding all the products which are offered by business entities, social media is the bet tool.
With the help of it all the marketing related problems can be dealt effectively. It will be better for
May Fair Kitchen because it can help to aware clients regarding all the food items on low cost.
Free promotions can be conducted by the organisation which will result positively and help to
reach long term business objectives (Whalen, and et.al., 2016).
Creating page on different websites: While planning to market products on social
media websites such as Facebook, Instagram, twitter etc. it is very important to create page on all
of them. As May Fair Kitchen is a small restaurant so it will be better for it to use social media to
promote all its products and analyse preferences of clients which will help it to meet expectations
of clients. While creating a page on websites it is also vital to focus on attractiveness of the page
so that it can help to attract large number of customers.
Formulating strategy to market products: In order to promote products on social
media it is very important for small business entities to form effective strategies which will help
to make sure that the goods get marketed appropriately. It is also very important for May Fair
Kitchen to formulate effective strategies so that goals related to marketing can be achieved
successfully. For this purpose the organisation is required to assess market situations and trends
so that products could be marketed according to current market situations. It will be better for
restaurant because it will help it to conduct all the marketing activities appropriately (Whalen
and Akaka, 2016).
All the above described elements are required to be focused by small and medium sized
organisation to conduct innovative or social media marketing activities in order to meet
expectations of the clients. If an enterprise is willing that customers should adapt to it then it is
very important for it to provide them attractive deals which can fulfil their requirements (Yang
and Gabrielsson, 2017).
CONCLUSION
From the above project report it has been concluded that innovative marketing is a new
type of marketing which is required to be focused by all the small and medium sized companies
as it can help to identify needs of customers. There are various types of innovations which have
taken place in the market and required to be focused by all the organisations to conduct
marketing activities. One of the major innovation is social media marketing in which companies
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market their products and services on different types of social media websites such as Facebook,
Instagram and Twitter. While planning to market good and services on such types of websites it
is very important for the enterprises to create page on websites and make it attractive which can
grab attention of clients. It is also essential to make sure that the page is providing detailed
information regarding all the products and services that are going to be sold by the organisation.
Word of mouth is also a marketing technique which helps business entities to attract large
number of customers. In this type of marketing people recommend products of an organisation to
their colleagues, friends and family due to higher level of satisfaction from the services of the
enterprise. There are various benefits of it such as no cost, free promotions, good market image,
effective recommendations etc. Both these types of marketing are beneficial for all the business
entities as with the help of them enterprises aware customers regarding all the products that are
sold by them to their customers.
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REFERENCES
Books and Journals:
Fillis, I., Lehman, K. and Miles, M. P., 2017. The museum of old and new art: Leveraging
entrepreneurial marketing to create a unique arts and vacation venture. Journal of
Vacation Marketing. 23(1). pp.85-96.
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. 18(1). pp.127-145.
Lam, W. and Harker, M. J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal. 33(3). pp.321-348.
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.
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.
Online
Benefits of word of mouth, 2017. [Online]. Available through:
<https://bizfluent.com/info-8430120-advantages-wordofmouth-marketing.html>
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