(PDF) Entrepreneurial marketing strategy

Entrepreneurial marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Social media marketing...............................................................................................................1
Innovative marketing..................................................................................................................2
CONCLUSION................................................................................................................................5
References........................................................................................................................................6

INTRODUCTION
Entrepreneurial is person who is always ready to take financial risk with positive hope of
profit. Marketing is the business process to build relationship with customers by promoting
products and services at marketplace (Ghods, 2019). Entrepreneurial marketing is the single
strategy of marketing and its is different form traditional marketing practices. Entrepreneurial
marketing utilize new toolkit which is help to gain crowed market. The present study is based on
the SMEs – small & medium-sized company of United Kingdom. This report will include social
media and innovation marketing. This will shows importance of both marketing for continuous
innovation at marketplace.
MAIN BODY
Social media marketing.
Social media marketing is the best platforms to promote product and services at market
place. With the help of these businesses are able to lunch their new product and services by
observing market needs. Social media marketing is covers all factor of internet marketing like
Facebook, Instagram, twitter, Linkedin, YouTube and so on. Small and medium-sized companies
are non-subsidiary and independent firm. There have fewer employee for work. This business
have vast majority in most of the country. That types of businesses are highly contributed in
country economy and growth. That businesses are start with new and innovative idea.
Social media marketing is best and effective way to promote product and services at
marketplace with great result of customers attraction. Social media marketing is best and
effective for small and medium-sized business because present days peoples are run more social
platform for update their information and get idea what is new happens in market place
(Hartsfield, Johansen and Knight, 2017). Great marketing on social media is brought positive
success to the business by creating brand and leads sales of products. This marketing is help to
achieve goals and objectives of company by including activities like posting image and video of
products and its policies.
Social media marketing for small businesses are popular topic in present days. Small
business is requires media and network marketing for there business promotion. Without this
strategy business time and efforts are waste in can of product failure as well as business face
various problems in the absence of this. There are various platforms which are includes in social
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media which can help to small business. Facebook is one of the biggest platform for promote
their business by posting images and videos. Most of the companies are use this platform. For
example: Captify is data driven display company and it takes decision for social media and
intelligences (Hisrich and Ramadani, 2018). Other hand, YouTube is other platform of
marketing. There business manager make video or update on this sides by using their official
channel. On this side, peoples are only upload videos, but on Facebook owner can upload video
as well as image and more details of product. Google is also platform of marketing it is the
competitor of Facebook. At these sides business owner can upload image, video, link and prices
details.
Mostly public is run Facebook rather than YouTube as well as google. Facebook channel
is best for SMEs company. Meanwhile, YouTube us better for large business as well as google.
Small and medium-sized company should use Facebook channels of marketing of their products
and services. Social media marketing is one of most effective because this help to small business
by improving brand awareness, cost-effectiveness and build good relation with customers.
After all discussion, concluded that the Facebook is casual and friendly marketing
environment and active social media strategy. Start with create business fan page and here, they
have to pay careful attention to peoples. So, here is recommanded for all SMEs of UK to use
social media marketing by Facebook for promote their business and products because here is
peoples are gone for relax and chat with friends as well as check all new updates.
Innovative marketing.
Innovative marketing is bundle of process and activity of new product and services by
targeting specific group of peoples. Both are separate term which have to understand by each
business and small and medium-sized business (Kilenthong, Hills and Hultman, 2015).
Innovation is best marketing activity which includes new ideas of business. That give positive
impact on new product and services. Other hand marketing is process where marketer is
communicated about innovative product and services to customers. This is the research of
customer needs and wants, behaviour, new trends, development of new prototypes, adding new
feature in product and services, unique place and design of product. Innovation is includes all
those think and those are very important or better for small business to achieve goals at
marketplace. In UK have various small business that have need to think about innovation in their
existing product and services.
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There are types and models of innovation which are help to think about innovative idea.
This also support for implement innovation at marketplace with the help of models. There are
three types of innovation such as process, product and business model innovation. Other hand,
four models of innovation such as frugal innovation, 4P's of innovation, linear innovation and
BCG innovation model. This model and types are support to SMEs for select which innovation is
betters for business and which help to achieve goals and objectives of business. Those are
models are effective and valuable for growth of business (Kilenthong, Hultman and Hills, 2016).
Here is firstly discussion on types of innovation. Product innovation is the think which is
involved development of new products such as Digitavia is developed new product and services
to attract customers of google, snap chat. Improve performance of existing product like digital
camera adding in phones. Other hand, add new feature in existing product and services. Product
innovation is way of technology advancement, new product design and changes in customers
requirements.
Process innovation is the combination of facilities, skill and technologies which are used
for produces new product and services at marketplace. This includes changes in technology and
techniques which are used by company. For example: Crawford healthcare company is make
some changes in equipments which are generally used in healthcare sector. With the help of
these changes they get high success in market place. With the help of new technology doctors
easily get idea of patients problems (Miles and et.al., 2015). Business model innovation is
effective and challenging innovation with major requirements for the changes at marketplace.
This types of innovation process is generally used by big companies for get success and profits.
Whereas, both product and process innovation are incremental, it is risky and
transformative types of innovation. Here is recommanded for Small and medium-sized company
should use product and process innovation for promote their product and services. Both are best
for in uses for example: Txo system is SMEs company is suffers from loss and decrease in sales
of product. In that manager of business can lunch product is new mobile phone with their brand
name because this company is provide the best telecommunication services at marketplace. With
the help of this product development Txo system company get high growth. In terms of process
innovation manager use technology which are help to reduce network errors. So, SMEs
companies can use product innovation for promote their sales by innovative marketing. Other
hand, models of innovation are also helped to SMEs company which are as follows:
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Frugal innovation is making things and product better. It is the process of decrease
complexity and cost of goods or this production. It is the process of remove non-essential
features from there existing products and services. This innovation is created ability of product in
more effective with fewer resources. This innovation have 6 principles which are help to find
opportunity in adversity (Frugal innovation model, 2017). Principles of frugal innovation such as
find the opportunity, do more with less, think and act about flexibility, keep it simple, includes
margin and most important follow there idea of work in effective manner. For example: connect
catering is privately owned small and medium-sized business. This business is provided the
catering services to their customers. This small company can use frugal innovation for increase
profits. With the help of this innovation model company is able to address and find their
opportunity at marketplace. Other biggest example of frugal innovation is Nano car which is the
best innovation of Tata Motors. So, this frugal innovation is the best for small and medium-sized
company because by this they are able to promote their new product.
Other hand, Liners innovation is also helped to innovative marketing at marketplace.
Linear model of innovation is best model of innovation which is suggests technological changes
in fashion and other place. Technological changes are includes in process type of innovation.
This model has the scientific advancement is contributed with various players who are existing in
marketplace. This types of model owner firstly analysis the available statistics and get idea of
about needs of market. Statistics analysis is help to lunch new product and services at
marketplace (Nijssen, 2017). Innovation model is give the conceptual framework for search
advantage and opportunity changes in idea which are create values and growth. For example:
Harvey water softeners company is the water softener company substantial limescale around his
home. Owner is face various problems in this they are analysis the market and observes that
water softeners is needed in market.
With this they are able to make effective and valuable for company and its effectiveness
at marketplace. After, they decide to lunch water softener for peoples and also for growth. After
developing water softener product company able to increase profit and productivity at
marketplace. Small and medium-sized business can adopt this innovative marketing process for
promote their product and services at marketplace (Renton and et.al., 2015). This is the best way
of marketing with new product to attract more customers towards business. Innovation mix
marketing is another marketing strategy of innovative marketing. This also best for small and
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medium-sized business because this help to analysis the various factors like product, price, place
and promotion of product. This guide to owner of business to promote their product and services
by observing place and location like as per the place peoples needs are different and then set
prices of product as per peoples required.
Here is select the simple idea for example: connect catering is decided to open small
bakery is lunched product and services at marketplace. In bakery, they serve various products to
customers but in this manager have to open this in crowd marketplace with new bakery product
is like vegan pastry. Firstly need to analysis market and then decide to set prices of product as
per promotion. Process is very important part of innovative marketing because preparation and
presentation of product is help to attract more customers towards business (Resnick and et.al.,
2016). As per this, innovation mix marketing is also good and best for lunch new product by
small and medium-sized company.
From the above discussion of innovation model and marketing are all best and effectuive
for small business. Here is recommanded for SMEs company to use innovation mix marketing
model because of this help to observe market place, prices and promotion needs. Innovation
marketing is best for company for growth.
CONCLUSION
From the above essay it had been concluded that the marketing has important process of
each small and medium-sized company. Social media marketing has the best way of promote
product and services at market place with the best growth. It had been concluded that the
Facebook, google and YouTube has platform of social media but recommanded for small
business has Facebook. Facebook has the best ways of social marketing for small business.
Innovative marketing has also important for small business. With the help of this, small
businesses had able to promote product and services by lunching new product. Process, product
and business model has three types of innovation but recommanded for SMEs company both
process and product. It had been also concluded that each model of innovation has best for
promote product and services at marketplace. For SMEs company innovation mix marketing is
best and effective.
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References
Books and Journals
Ghods, M. A., 2019. Entrepreneurial marketing: the missing link in social enterprise
studies. Journal of Global Entrepreneurship Research. 9(1). p.39.
Hartsfield, S., Johansen, D. and Knight, G., 2017. Entrepreneurial orientation, strategy, and
marketing capabilities in the performance of born global firms. International Business:
Research, Teaching, and Practice. 2(1). pp.12-38.
Hisrich, R. D. and Ramadani, V., 2018. Entrepreneurial Marketing: A Practical Managerial
Approach. Edward Elgar Publishing.
Kilenthong, P., Hills, G. E. and Hultman, C. M., 2015. An empirical investigation of
entrepreneurial marketing dimensions. Journal of International Marketing Strategy. 3(1).
pp.1-18.
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.
Miles 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.
Renton and et.al., 2015. Small but sophisticated: Entrepreneurial marketing and sme approaches
to brand management. Journal of Research in Marketing and Entrepreneurship. 17(2).
pp.149-164.
Resnick and et.al., 2016. Marketing in SMEs: a “4Ps” self-branding model. International
Journal of Entrepreneurial Behavior & Research. 22(1). pp.155-174.
Online
Frugal innovation model. 2017. [Online]. Available through:
<https://open-ecosystem.org/articles/frugal-innovation-sustainable-growth-and-
development>
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