Entrepreneurial Marketing: Concepts and Strategies

This presentation provides an overview of entrepreneurial marketing, including small business marketing, and discusses key operational issues faced by small businesses. It also compares and contrasts standard marketing theory with marketing practices and justifies the use of appropriate marketing tools within an operational framework.

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.

Table of Content
 Introduction
 Distinguish features of small business marketing environment
 Identify key marketing operational issues faced by the small businesses
 Critically compare the contrast standard marketing theory and
marketing practices
 Justify appropriate marketing tools within operational framework
 Conclusion
 References

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.

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.

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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.
Weakness: - Because of the small business mostly people don't have
any idea about the company. People are unaware about company and
it's products so firstly business need to build those strategies who make
it aware between the consumers.

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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.
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.

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.

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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.

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.
Marketing practices include those process who help the business to
achieve their organisational goals and targets it.

Recommendations for the small
business
 Through market research small business can identify the trends and
than introduce new products in the market.
 Use of technology also help the organisation to expand their
business or increase their profit margin.
 Provide customer service number for their feedback which help the
organisation to solve their issues and queries.

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.

Ansoff’s 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.

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.
Personalised services: - Customer believes that, if they get the
personalised service than it means business understand the value of
their clients.

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. 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.

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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.

Marketing Mix
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.

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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.
Promotio
n
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 Mix
Integrated
Marketing
Communicatio
ns
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.

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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.
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.

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.

References
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.

Thank You