Solved Entrepreneurial Marketing Assignment

ENTREPREUNERIAL
MARKETING

EXECUTIVE SUMMARY
This report summarizes as concepts of entrepreneurial marketing such as small business
marketing. With the help of this analysis organisation able understand their strength & weakness
and operational issues faced by the business. In addition to this, two small business companies
Westmorland or Oliver Bonas analyse the marketing theories, marketing practices and marketing
tools such as marketing mix or integrated marketing communication.

Table of Contents
INTRODUCTION...........................................................................................................................1
(a) Distinguish features of small business marketing environment............................................1
(b) Identify key marketing operational issues faced by the small businesses.............................2
(c) Critically compare the contrast standard marketing theory and marketing practices............3
(d) Justify appropriate marketing tools within operational framework......................................5
CONCLUSION ...............................................................................................................................5
REFERENCE ..................................................................................................................................6

INTRODUCTION
Entrepreneurial marketing is different from the traditional marketing practices, it is less
than about single marketing strategies and more than about vital principle. It includes the various
principles in the entrepreneurial marketing which is basically design for the big organisation.
Entrepreneurship include the various business challenges and opportunity which is identify by
the person it self (Jalali, Jaafarand and Ramayah, 2014). Marketing is all about to create their
business value between the consumers. This presentation is all about the small business
marketing environment and it also include the features, key operational issues in marketing.
Along with this, it include marketing theories, practices, marketing tools and operational
framework.
(a) Distinguish features of small business marketing environment
Small businesses such as Westmorland or Oliver Bonas both are retail sector companies.
Westmorland company deals in food business which include the roadside services. They build a
base from their local area and they don't have any franchises. Westmorland focus on make
something unique offers which affect the customers, local communities,producers and
colleagues. This company is not run for the growth but it is looking for the development through
existing opportunity. Oliver Bonas is an online departmental store which deals in fashion,
jewellery, homeware and gifts items. It have 42 stores in the country and it is the first company
who pay living wages to their employees.
Strengths: - Strength of the business is totally depend upon the market competition and
the consumer's demand. Small business required to introduce the new offers, motivate their
employees and identify the competitors. Strength of the Westmorland is to provide unique offers
to their customers which help them to attract new audience and continuously improve their
product quality. Westmorland company promote local people and their skills. They identify the
potential of their local people and then use it according to their ability (Jones, Suorantaand and
Rowley, 2013). Biggest strength of the organisation is to focus on food quality which positively
impact the consumers, colleagues, local community and producers. Oliver Bonas motivate their
employees by giving living wages and other benefits which help them to retain for longer time in
the organisation. Company identify their competitors and than motivate their employees to work
according to it and also identify the individual behaviour towards work. Oliver company have
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track record to double their sale in every three years. Now this organisation expand their stores in
the whole nation and provide various services in term of producing different products.
Weakness: - Because of the small business mostly people don't have any idea about the
company. People are unaware about organisation and it's products so firstly business need to
build those strategies who make it aware between the consumers. Small business target the niche
market and they have difficulties to promote their products. Westmorland have less capital so it
is difficult to promote their products on high level in result it will not able to attract more
customers. Because of that they target the smaller part of market to open their shops due to this
reason company not able to increase their profitability or productivity. Oliver Bonas required
promotions to increase awareness about about their products and it required enough money for
the promotion. Even online promotion is too expensive for the small size organisation.
Opportunities: - Small business have opportunity to grow through it's innovation and
employee motivation. Westmorland focus to improve the community by giving them change to
show their skills or efforts and also by introducing variety in foods. Company have motivated
employees who work hard for the achievement of company's goal and objectives. Oliver Bonas
have opportunity to enter in foreign market if they invest some money to introduce their online
store in other countries too (Kocak, Carsrudand and Oflazoglu, 2017).
Threats: - Mostly business have same line of work which create the competition in the
market. So Westmorland try to innovate something different which attract the customer and also
retain them for long time and also need to focus on product quality. This company already said
that they don't run their business for growth which affect the business very well. This statement
shows that company does not required any growth or profit. Oliver Bonas required huge capital
investment which is difficult for the small business and they have hug completion in the market
so it required promotional strategies to increase their sale.
(b) Identify key marketing operational issues faced by the small businesses
Small business face the various issues because of the lack of time because company
required time for the identification of problem. It also need time to analyse it or it will take time
to solve it. There are some issues faced by the chosen company are as follow:
Lack of resources: - Small business required proper planning to perform in the
effectively in the market. So it include the budget of the company that is very important to
prepare and required enough manpower to perform their duty or responsibility. Company also
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need time for their operational work. So basically Westmorland and Oliver Bonas face the issues
related to the budget, time and workforce. It will affect the retail sector business and become a
barrier for the small organisation to expand in global market. Because expansion of small
business in the global market required lots of capital investment and strong promotional
strategies. Budget help the organisation to perform their task in given resources with in a
specified time period. So these factors affect the business very well and in the small business it
plays very important role to perform their duty.
Small business is not able to perform at global level because firstly it is an small
organisation so they don't have enough capital to expand and resource. They already face the
issues related to resources and it will affect the other retail sector business (Audretsch and Link,
2012).
Keeping up with technology and trends: - In the small business environment, it is
important to be flexible with the market changes and able to adapt the change in technology.
Small business required to work according to the market trends and with the use of technology
they can achieve their targets very well. For example: - Westmorland improve their product
quality by using various technique which help the organisation to produce good quality product
for the consumers. Company use the various methods which save the time as well as cost of the
business and they work according to market trends. Oliver Bonas have online departmental store
that required the continuous change in the website (Dahlqvist and Wiklund, 2012). With the use
of technology make it user friendly so customer can easily find out the what they want. Company
also required to use latest technology which help the organisation to perform well in this area. So
basically this issues faced by the small organisation who is not flexible with the changes
according to market trend and technology. Retail sector companies face these operational issues
which affect the business as well as the whole sector if they are not adaptable with technological
changes.
Westmorland and Oliver Bonas both are not able to perform well in global level because
they are small organisation who already face the various operational issues in the national level.
Firstly they have to overcome with technological issues and perform according to change in the
market.
Recommendations for the small business:
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 Through market research small business can identify the trends and than introduce new
products in the market. For example: Westmorland company have to research about the
consumer's taste & preference in the food items. Same as Oliver Bonas need to analyse
the current fashion trend in the market.
 Use of technology also help the organisation to expand their business or increase their
profit margin (Kraus, 2013). For example: Westmorland should adopt home delivery
option by launching new mobile application for that similarly Oliver Bonas have to
provide other payment modes such as wallet money or link with another gateway options.
 Provide customer service number for their feedback which help the organisation to solve
their issues and queries. For example: with the help of feedback Westmorland improve
their food quality. Oliver Bonas also improve their service regarding their their delivery
or product quality or any issue occur at the time of placing order.
(c) Critically compare the contrast standard marketing theory and marketing practices
Marketing theories help the organisation to how they can increase the sale of their
products in the market. By using appropriate theories business change their marketing strategies
and perform according to it. Marketing practices include those process who help the business to
achieve their organisational goals and targets. It include the product, price, promotion and
distribution which help them to achieve business success (Lingelbach, Patino and Pitta, 2012).
So marketing theory and practices help the small business to build effective strategies and than
apply on business for the achievement.
Marketing theory:
4P's of Marketing mix: - Marketing mix include the four P's such as product, price,
place and promotion. It help the organisation to build strategies for their newly introduced
product. First P of marketing mix is product it can be tangible goods or can be intangible services
which is going to introduce by the company for their customers according to their demand. Next
marketing mix element is price which means set the price of their products according to the
customer how much they willing to pay for particular product. Third P is place, it is about where
to introduce product so people can buy. Basically identify the location where to sell their product
and it is totally depend upon the need of product at particular place. Last element of marketing
mix is promotion, with the help of this company build the promotional strategies to attract the
consumers.
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This promotional part include the AIDA model which identify the process of consumer
when they see the promotion of product. AIDA stand for Attention, Interest, Desire and Action.
First step includes, how to attract consumer and it's attention and than make them interested to
buy products. After building interest, it's important to create desire in the consumer to buy
products. Last step is all about to take action in term of purchase company's products. It is the
ultimate goal of the company to make convince their customer to buy their products.
Ansoff Model: - It is a framework that used for the strategic planning in the organisation
for the identification of future opportunities and way of earning profit as well as new customer.
This model is all about to expand their business it can be done by the four way such as market
development where company introduce their existing product in the new market. Product
development means new product in existing market (Stam, 2015). Market penetration means,
add some new features in the existing product and than launch in existing market. Diversification
is the include the largest risk in the organisation like company introduce new product in the new
market it required lots of investment and it also involve huge risk. Small businesses identify the
need of their business and than make strategies according to it. Westmorland and Oliver Bonas
follow this marketing strategies to increase their business profit and customers.
Marketing Practices:
Word of mouth: - Word of mouth is like a verbal advertisement by any customer to
others and mostly it is recommended by satisfied consumers. So it is most important to for small
business enterprises to satisfy their customer because they have ability to attract more consumers
without any promotion (Strobl and Peters, 2013).
Personalised services: - Customer believes that, if they get the personalised service than
it means business understand the value of their clients. Customer always appreciate the work if
they satisfied with the services. It is very important for the small business to treat their customer
in well manner and try to satisfy them.
(d) Justify appropriate marketing tools within operational framework
Organisation work according to market requirement and the demand of consumers. So it
is important for the small businesses to analyse the market trends make strategies that fulfil the
company's goal in the less budget.
Difference between the companies on the basis of marketing mix and integrated
marketing communication:
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Marketing Mix Westmorland Oliver Bonas
Product Company produce high quality
food products for their consumers.
Company deals in jewellery,
accessories, homeware and fashion
items.
Price Food available at reasonable price
so everybody can afford to buy.
Product of Oliver Bonas available with
high discount. So middle or lower class
people can afford it easily.
Place Company open their stores in the
various places in the UK nation
such as malls or various
franchisee.
Company provide their product on
online stores customer can reach
through it's website or mobile
application.
Promotion Company use big banner on road
sides and provide advertisement
through T.V or social media sites.
Oliver Bonas focus on social media sites
to promote their products online.
Integrated Marketing
Communications
Westmorland Oliver Bonas
Advertising Company use the television,
banner and social media
method for the advertisement.
Use online method for advertisement
such as social median and their
websites.
Public Relation Westmorland maintain their
relation with their customers
with the help of their effective
employee and it will be done
through client feedback.
Oliver Bonas maintain their relation
through CRM. Set a proper customer
service team to solve customer issues
regarding products.
Sales Promotional Company provide timely offer
on their foods such as festival
off 20% on every food item.
Provide 50% off on their seasonal
time and regular offer also available
such as pay by credit card.
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Personal Selling Consumer have to visit store to
purchase their items.
Oliver Bonas provide home delivery
options to their buyers for the
easiness.
Direct Marketing Business timely inform their
customers about their latest
offers through MSG.
Organisation provide product sale to
their customers through email, MSG
or by social media post.
There are some marketing tools follow by the organisation to build better operational
framework:
Audience research: Marketing research is the best tool to identify the customer's taste
and preference. For this business required to contact with their sales teams who directly interact
with the customers and ask them about their expectation related to any specific kind of products
(Taylor, 2013). It is basically survey which help the small business to make strategies which
help the organisation to increase their demand between the consumers.
Social media management: It is the simplest tool but most effective because mostly
people linked with social media. It is also best platform to introduce or promote their product
which help the small size organisation. Because other promotional activities required lots of
investment which is not possible to spend by the small business.
CONCLUSION
It has been concluded that small business need to satisfy their customer in term of quality
and by providing best services which help the business to promote through Word of mouth.
Small organisation face lots of operational issues at the time of performing their task. They need
to follow some marketing theories and adopt some marketing practices which help the
organisation to achieve their business goals and targets by satisfying customers demand.
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REFERENCE
Books & Journal
Jalali, A., Jaafar, M. and Ramayah, T., 2014. Entrepreneurial orientation and performance: the
interaction effect of customer capital. World Journal of Entrepreneurship, Management
and Sustainable Development. 10(1). pp.48-68.
Jones, R., Suoranta, M. and Rowley, J., 2013. Strategic network marketing in technology SMEs.
Journal of Marketing Management. 29(5-6). pp.671-697.
Kocak, A., Carsrud, A. and Oflazoglu, S., 2017. Market, entrepreneurial, and technology
orientations: impact on innovation and firm performance. Management Decision. 55(2).
pp.248-270.
Audretsch, D. B. and Link, A. N., 2012. Valuing an entrepreneurial enterprise. Small Business
Economics. 38(2). pp.139-145.
Dahlqvist, J. and Wiklund, J., 2012. Measuring the market newness of new ventures. Journal of
Business Venturing. 27(2). pp.185-196.
Kraus, S., 2013. The role of entrepreneurial orientation in service firms: empirical evidence from
Austria. The Service Industries Journal. 33(5). pp.427-444.
Lingelbach, D., Patino, A. and Pitta, D. A., 2012. The emergence of marketing in Millennial new
ventures. Journal of Consumer Marketing. 29(2). pp.136-145.
Stam, E., 2015. Entrepreneurial ecosystems and regional policy: a sympathetic critique.
European Planning Studies. 23(9). pp.1759-1769.
Strobl, A. and Peters, M., 2013. Entrepreneurial reputation in destination networks. Annals of
Tourism Research. 40. pp.59-82.
Taylor, P., 2013. The effect of entrepreneurial orientation on the internationalization of SMEs in
developing countries. African Journal of Business Management. 17. pp.19-21.
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