Entrepreneurial Marketing

This document discusses entrepreneurial marketing and its strategies, focusing on creating a social media marketing plan for a bakery. It includes an internal and external analysis, marketing objectives, market segmentation, social media zones, experience strategies, and budget management.

Entrepreneurial Marketing

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Executive summary.....................................................................................................................3
Internal and External Analysis of the Bakery..............................................................................4
Marketing objectives...................................................................................................................5
Market segmentation...................................................................................................................5
Social media zones to generate publicity.....................................................................................6
Experience strategies...................................................................................................................7
Activation plan.............................................................................................................................8
Budget management, measurement and control..........................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurial marketing refers to the adoption of various unorthodox marketing
strategies instead of a traditional one and focusses upon proactive orientation, risk management,
utilisation of opportunities, innovation, long term value creation and direct contact with
customers. It helps emerging companies especially SMEs to get a foothold in competitive market
(Yang and Gabrielsson, 2017). Social media marketing is a primary example of this which aims
to effectively use the internet and various social media platforms to market products or services
(Felix, Rauschnabel, and Hinsch, 2017). The report aims to create a social media marketing plan
for a span of four months for a medium level enterprise of UK- Marshfield Bakery Pvt. Limited
which is a bakery incorporated in 2005 in Gloucestershire, south-west England. The report will
evaluate the marketing audit of the bakery in context to internal and external environment and a
SWOT analysis. Marketing objectives will be identified along with marketing segmentation to
gain insights into target audience. Social media zones have been selected to create experience
strategies and an activation plan accounting budgets and controls.
MAIN BODY
Executive summary
The marketing plan contains the internal and external analysis of the bakery using Swot
and Pest analysis. The marketing objectives are determined and the target market is identified.
Various social media zones are selected for the social media advertisements and promotions and
an experience strategy are devised. Activation plan of the strategies for the span of four months
is evaluated and budget for the plan is estimated along with measurement and control.
Marshfield Bakery Limited is a baking company incorporated on 13 January 2005 with the
office located in Chippenham, Gloucestershire in South-west England. Marshfield Bakery
Limited has been running for 15 years. It is a family-founded bakery distributing handmade
goods like biscuits, rusks, sandwiches, cakes, desserts and pastries etc. throughout the UK. They
currently have around 6 branches in the area.
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Internal and External Analysis of the Bakery
SWOT Analysis: The internal and external analysis of the bakery would help in devising
appropriate social media strategies. In terms of sustainability, the threats can help in future-
proofing social media campaigns and business. SWOT can help in identification of campaign
and marketing goals and determine any major obstacles which can hinder the process. Strength: The strength of the bakery lies in the fact that they have a large product portfolio
that can meet the demands of customers. There is a well-established facility and equipment
which positions the bakery to counter the demand of products even if the demand increases
rapidly or to deliver a massive order in case of rapid increase in the demand of baked items
and hectic deadlines. Another advantage are the bakers who are highly skilled in creating
and baking distinguished items and specialities. Weakness: The stores are not expanded throughout the city and this can be a problem for
the bakery. There has to be a better online system to sell the products online by getting
more involved into social media marketing. Gathering customers is very important as the
company will be not well known in the new markets where expansion is happening. Opportunities: The opportunities available are unlimited. Loads of people consume breads,
cakes and snacks on a daily basis, and the company can push its products more effectively.
Due to a growing concern for healthy food items, the bakery can expand in the area by
introducing healthy variants like diabetic friendly cookies and snacks etc. Expansion to
new areas where there is requirement of a bakery. Threat: There are multiple bakeries like Wafer enterprises, Honey rose Bakery, V&H ltd,
Sun Fung Food products ltd etc. that are operating in the south west England and provide a
tough competition by pricing wars, product innovations and services offered. Also, the cost
of raw materials can vary depending upon the production and economic situation, and
suppliers can be a major threat (Phadermrod, Crowder and Wills, 2019).
PEST Analysis: For social media marketing, PESTLE analysis can help in evaluation of external
factors and targets which have to be considered before devising marketing pans. It helps in
understanding the dynamics of business environment of the bakery.
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 Political impact: Brexit has led to the imposing of tariff duties, import/export duties.
Custom duties can impact the profit margin of the bakery by increased cost of raw material
and other products and impact the supply chain within the food industry.
 Economic Impact: The marketing is affected by macro factors like economic slowdown,
unemployment, higher interest rates and inflation. This can impact resource and budget
allocation of marketing. Various tax policies can impact the bakery like the introduction of
‘Sugar Tax’ by the UK government which can increase cost of baking (Perera, 2017).
 Socio-cultural Impact: Socio-cultural factors can change the consumer behaviour. These
include changing tastes and preferences of consumers, focus upon healthy foods,
preference of vegan food items etc. which can impact the sales of the bakery. Bakery can
include Vegan baked items to deal with changing needs and maintain a culture of flexibility
and continuous upgradation.
 Technological impact: The social media industry is growing rapidly, and is there is an
urgent need to shift to social media marketing and promotions to increase the reach.
Consumers might prefer an online delivery rather than physically going to the bakery. The
bakery has to increase its online presence and improve the interface of its website (Cereser,
2018).
Marketing objectives
 To develop brand equity in areas of expansion within four months
 Increase social media presence by 25% and accurately target audience
 Creating strategies to increase customer loyalty of more than 50% customers through
engagement and customer feedback.
Market segmentation
The target market segment for the bakery on the basis of demographic, lifestyle and geography is
determined as follows:
Demographic: Demographic segmentation criteria includes age, gender, ethnicity, family
situation and income level. Marshfield bakery can include pastries and snacks for younger
customers while a healthy bread range for regular needs can be included for families. The bakery
can include custom designed and tiered cakes for weddings and birthdays for households with
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high income level. If the bakery targets a working-class neighbourhood, the marketing strategies
should include advertisements of low end and affordable daily baked items (Dietrich, Rundle-
Thiele and Kubacki, 2017).
Lifestyle: Lifestyle segmentation criteria includes consumer attitudes, tastes, preferences and
perceptions. Marshfield bakery can emphasize on the customers’ need of a gluten-free diet,
vegan food diet by including meat free and eggless baked items. At certain times people want
designer or presentable cupcakes or comfort foods. The bakery should target such customers who
look for particular items might be willing to purchase the items at a premium price.
Geographic: Geographic segmentation includes city, country, regions, radius of a
neighbourhood, climate, urban or sub-urban areas and population density. If Marshfield bakery
targets a suburban community, it means that they have to serve to the local residents. Using the
latest information of census, the competitive structure and population density from the local
chamber of commerce, the bakery can determine the approximate number of potential customers
and devise the marketing plan accordingly. By establishing an online order system and using a
part-time delivery system on contractual basis, the bakery can supply customised cakes and other
items to locations outside its normal operational area.
Social media zones to generate publicity
Social communities: Social communities refer to channels which focus on building relationships
and perform activities through social networking sites. These include online hosts such as
Facebook groups, LinkedIn, online forums and community groups, channels and message
boards. These websites and applications can be targeted by using analytical tools on the basis of
location demographic, behaviours and lifestyles to generate advertisements. An effective use of
search engine optimization is necessary for example, if someone tries to find out the nearest
bakery, Marshfield can pop up on the Google.
Social publishing: Social publishing might help in distributing information to various segments
of audiences and includes channels like Food blogs, Quora, Tumbler which are updated regularly
and media sharing sites which features photos in an artistic way like Instagram, videos on
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YouTube. These sites can be used to post regular photos and videos and describing food options,
offers, baking methods that Marshfield can post on these channels.
Marshfield Bakery can outsource the work by paying for product reviews or by promoting
baking contests and free training to bake for lucky customers. The company can also endorse
ghost-writers or recipe bloggers to publish articles, food bloggers to promote their brand in order
to generate word of mouth. Many companies are also posting their own commercials and other
content on YouTube.
Social commerce zone: Social commerce provides a platform for interactive shopping which
includes ratings, reviews etc. For feedback purposes, the company site from which orders are
placed and web sites like Trustpilot, Justdial, Facebook ratings and reviews and google reviews
are used by the customers to rate the shop. Effective customer engagement is necessary and the
bakery has to focus upon it by addressing each review individually on Facebook comments or
google reviews or even take suggestions from the customers. This would create a major impact
on the brand equity (Tuten and Mintu-Wimsatt, 2018).
Experience strategies
To enhance the customer experience, following areas should be considered while using the
selected social zones:
Reachability: Among social media zones of social communities, publishing and commerce,
channels have to be selected which are reachable to a wide range of people and has most active
users. For this purpose, Facebook, Twitter, Instagram, YouTube, Food Blogs and Online forums
can be selected. Every platform should be focused individually to reach the target market. The
channels should promote a healthy image of the company, by continuously describing its product
line, offers, discounts, meal of the day and ingredients used and can be used to gain competitive
advantage by consistent service.
Purchase convenience: Marshfield bakery should aim reducing friction in placing orders by
making it easier to place orders on their websites. This can be done by creating a user- friendly
website or a dedicated company application with a convenient interface. Purchases should also
be enabled through telephones, Emails, Facebook messaging apart from website to ease the
procedure for the customers.
Personalization: The bakery should aim at catering individual needs to retain customers. The
bakery can collect information through the customer relationships, past preferences, orders,
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occasion of order, individual needs, tastes etc. which can be used to provide relevant suggestions
to the customers or more informed support in the future. Another effective strategy would be an
option to talk directly to the chef or baker for improved suggestion. The bakery’s application or
website can have features to customize the cake according to needs.
Service convenience: There should be an effective interaction method to solve their service
queries. The online support should be available at all times to address to the queries of the
customers who want to change or update their orders. The customers should not have to wait. A
dedicated customer service employee can be assigned for managing order-entry and handling
queries (Schanz and De Lille, 2017).
Activation plan
Following activities should be conducted in a timescale of four months to effectively implement
the social media marketing strategies:
Timeline Activities
Week 1 - 6  Driving website traffic to all the channels selected for advertisement and
promotions.
 Database marketing using third party services
 Determining the content to post such as newly launched product lines,
exciting offers and discounts on first time purchase etc.
 Build a community around the Bakery
 Raise brand awareness by informing the people about the bakery and its
uniqueness and expertise in baking industry. All the products offered should
be put up on the sites.
Week 6- 10  Measuring the right social media analytical tools and metrics: Twitter
analytics can be used to for twitter, Facebook Analytics, Google analytics to
estimate the user reach of the sites.
 Likes, Comments, shares, number of subscribers, Retweets should be
evaluated by using Individual engagement metrics. The number of
engagements to the profile, its reach and impressions should be evaluated to
know if the post is interesting. Account and organic mentions like @ show
positive brand awareness.
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Week 10-13  Researching industry trends and topics to make sure the strategies are at par
with current industry trends. Newsletters can provide insights on state of the
industry. Social fresh can be used to find future trends and social
campaigns. Forums like Quora can help in discovering topics of interest,
frequently asked questions etc.
 Brainstorming new ideas for creating social media content and adding
keywords to boost Search Engine Optimisation
 Auditing the content posted on the basis of reach and metrics results.
Week 13-16  Partnering up with food bloggers to use the bakeries items for their recipes
to promote the bakery, coming up with various contests or promotional
offers. Engaging with customers aby announcing lucky winners etc.
 Engaging with the customers who have started buying the baked items via
social media and responding to their needs. Monitoring audience comments
and feedbacks and addressing them on an individual level on Facebook
comments or Google. Aiming at getting more positive ratings.
Budget management, measurement and control
The financial statements of the company which consists of the total assets, total
liabilities, net assets, cash in bank and overall annual turnover can help in determining the
available resources for disposal and expenditure that will be incurred in expansion. It can help in
estimating the budget for social media marketing campaign for the Marshfield bakery. The
financial position of Marshfield bakery as on year ended 2019 is described as follows:
 Total Assets: £2.23m
 Total Liabilities: £-707.52k
 Net Assets: £1.52m
 Cash in Bank: £277.68k
 Turnover: £6.83m
The financial profile of Marshfield Bakery Pvt. Ltd.
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Figure 1: Financial statement of Marshfield Bakery Ltd
Source: Global database, 2020
Month 1 Month 2 Month 3 Month 4
Website and Online Marketing £4500 £2000 £1500 £1000
Partnerships with Food Bloggers - - - £400
Promoted trends and tweets £100 £200 £350
Database marketing £700 £700 - -
Subscription to analytical tools £100 £100 £100 £100
------------ ------------ ------------ ------------
£5300 £2900 £1800 £1850
Total expense £11,850
Estimated Marketing Expense Budget
The estimated total expenses that are incurred by the bakery in social media marketing campaign
is approximately £11,850. Hence it is suitable for the bakery to go ahead with the above plan as
its available cash and cash equivalents of £277.68k support the funding requirements.
Measurement and control
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KPI: The key performance indicators can be used for business analytics of the company (Equey
and Bregnard, 2018). These could be: Number of viewers attained in the span of four months
with allocated budget, total percentage increase in the value of Sales recorded by the bakery by
using social media sites, Number of orders posted on the official websites in four months,
Number of Likes on Facebook page, Followers growth on Instagram, Percentage of Traffic
conversions, Social interactions and engagement growth, conversion rates etc.
Benchmarking: The evaluation of quantity, time and cost involved in the marketing process,
performance of competitors, actual figure of the total revenue earned in the span of four months,
the increase in the value of customer interaction, evaluation of the highest yielding practices
(John and Eeckhout, 2018).
Standard Costing: It involves the costs incurred by the bakery for direct labour, raw materials
and manufacturing overheads to determine the expenditure of the bakery with aim to reduce
unnecessary expenses and judicious allocation of budget for marketing purposes. It can help the
bakery in measuring the differences between variances, identifying non-value added costs and
activities that improve the organisational performance.
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CONCLUSION
From the above report, it was concluded that social media marketing is significant for
small and medium enterprises due to its wider reach, less investment, and direct contact and
relationship building with the customers. The internal and external analysis of the Marshfield
Bakery Ltd results in areas of opportunities that can be explored by integrating its resources. The
marketing objectives were set for the social media marketing plan and target market was
analysed on the basis of demographics, lifestyle and geography. Various social media zones like
Facebook, Twitter, Instagram, Social media forums were identified and experience strategies
were created accordingly. The activation plan was devised for the four months and the estimated
budget plan was evaluated.
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REFERENCES
Books and Journals
Cereser, E., 2018. Social Media in B2B: evidence from the pastry and bakery sector (Bachelor's
thesis, Università Ca'Foscari Venezia).
Dietrich, T., Rundle-Thiele, S. and Kubacki, K., 2017. Segmentation in social marketing (Vol.
1). Berlin, Germany: springer.
Equey, C. and Bregnard, T., 2018. Management accounting and control practices.
In Proceedings of ACE 2018 IMA's Annual Conference and Expo (No. CONFERENCE).
16-20 June 2018.
Felix, R., Rauschnabel, P.A. and Hinsch, C., 2017. Elements of strategic social media marketing:
A holistic framework. Journal of Business Research. 70. pp.118-126.
John, L.K. and Eeckhout, L. eds., 2018. Performance evaluation and benchmarking. CRC Press.
Perera, R., 2017. The PESTLE analysis. Nerdynaut.
Phadermrod, B., Crowder, R.M. and Wills, G.B., 2019. Importance-performance analysis based
SWOT analysis. International Journal of Information Management, 44, pp.194-203.
Schanz, J. and De Lille, C., 2017. Customer Experience Strategy Turned into Hands‐On Actions
Through a Design Approach. Design Management Journal. 12(1). pp.28-39.
Tuten, T. and Mintu-Wimsatt, A., 2018. Advancing our understanding of the theory and practice
of social media marketing: Introduction to the special issue.
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
Globaldatabase, 2020 Available through :< https://uk.globaldatabase.com/company/marshfield-
bakery-limited>
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