Entrepreneurial Marketing: Conceptualization and Challenges Faced by SMEs

This article explores the concept of entrepreneurial marketing and the challenges faced by small and medium-sized enterprises (SMEs) in implementing it. It discusses the unique marketing environment of SMEs and the key issues they face, such as unique selling position, competitive advantage, strategic competence, and risk assessment. The article also examines the application of standard marketing theory in SMEs and the importance of innovative marketing strategies. The case study of Infinity Food is used as an example throughout the article.

Entrepreneurial Marketing

INTRODUCTION
Entrepreneurial marketing is aggregation of two essential and separate administration
regions, namely, entrepreneurship and merchandising. Currently two different subject area such
as merchandising and entrepreneurship have come forth to show the several aspects of
mercantilism that are basically not interpreted in to consideration by the conventional marketing
conceptions and theories (Al-Lawati, 2017). So entrepreneurial commercialism can be explained
as the retroactive analysis and use of growth options that help in aiding and retaining profitable
and effective consumers by the way of assets investing, quantity generation and acceptance of
creation and effective conceptualisations for risk administration. This written report is
concentrated on determining the entrepreneurial marketing conceptualisation and method that
accepted by SMEs to get attention of consumers and preserve in marketplace taking an example
of Infinity Food. Moreover, it finds out the key problems that are suffered by a new venture or
small businesses. Finally, the analysis of standard marketing theory is explained in opposition
with the utilization within SMEs.
MAIN BODY
The distinguishing features of the small business marketing environment
Marketing involves of identification of target consumer and market, getting information
about their needs and demands, satisfaction of customers needs better than competitors,
improvement of goods and service that are offered by the enterprise as per consumer's taste &
preferences and development of profit or productivity. Marketing make focus is on the manner in
which companies fulfils the necessity of consumers and provide them satisfaction. Consumer
orientation is the main need for all small business company in current competitive marketing
atmosphere. For this, main function is of an entrepreneur who form the base of venture and carry
out the operation to be interpreted by the firm in reference to survive in market till long term.
Small & medium companies do not have accession to origin as large firms. Therefore, SMEs like
Infinity Food basically believe on unique and creative manners to maintain consumers involved
and retained with the company for forthcoming time (Crick, Crick and Chaudhry, 2018). The
four pillars of development and growth are business concern enterprise, individuality, creation
and business maturation. Each of these has a crucial role in the dynamics of small business
organization and their mercantilism administration activities.
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Small business organization like Infinity Food do not have accession to more resources as
ample scale companies. Therefore, they use marketing plan of actions and tools as per
efficacious use of accessible origins in reference to keep their sustainability in market. In order to
it, the areas of merchandising for them in forms of commodity, price, place and publicity incline
to have diverse discourse meaning and utilisation in comparison to large scale companies. The
components of external surroundings influence SMEs in ways that are differ than large
enterprises (Hisrich and Ramadani, 2018). In context of it, PEST analysis can be conducted to
gain information of the identifying characteristics of small business organization in marketing
atmosphere:
Political factor- It consist different components like taxation policies, stability,
government policy, laws and regulations etc. This factor describes the level of action with
localised authorities and connected government agency, small business concern firms processes a
large scope of keeping an efficacious working relation with city council individuals in reference
to impact the codes and laws that influence SMEs like Infinity Food. Moreover, when the
interaction and relation with local authorities are effective, the accession to tax subsidiaries and
localised financing becomes easy that reflects the chance to invest more in marketing.
Economical factor- This component include elements like inflation, deflation, currency
rate, exchange rate, interest rate, employment and unemployment rate, economic growth and
many more. It presents the shifty in the localised economical system that may alleviate or hinder
the activities of small business firms like Infinity food. Regarding a business organization sells
low-level cost commodities, the purchasing activity will percipient an increase when the
economical situations are low and unemployment in nation is on emergence as individual have
monetary fund restraints in such positions. In context of it, service business concern and luxury
products endeavor to earn more when economical system is powerful and employment is
stabilised. When SMEs gain more, they have the large scope to invest a large cost and finance in
marketing plan of actions.
Social factor- This consider different factors like change in consumers needs and
demands, culture, lifestyle, living standard, income, occupation, social movement, changes in
demographic values and many more. Small scale business companies have less fiscal resource to
get attention of consumers regarding their commodities and services (Hoque and Awang, 2019).
Though, they stand an option to create an effective impression on the customers by recognising
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the latest tends currently available in the people and taking initiative to form them achievable to
public. By providing offerings that are as per needs, demands and preferences of consumers,
SMEs such as Infinity Food strive to get a important goodwill and stake in market and apart form
it make concentration on marketing approaches to make sure the similar execution till long term.
Technological factor- It consist different components like technological innovation,
Research and development, advance technology, artificial intelligence and others. This explains
the organisation of companies with the latest tools and techniques currently within the same
business industry and all marketplace (Nijssen, 2017). Small business companies have
comparatively get down finances than ample firms to be capable to make investment in effective
techniques. Though, the scope of SMEs like Infinity Food . In context of this, it is accept unique
and creative styles of making differentiation among the goods and commodities in reference to
earn competitive benefits form rivals in marketplace.
Strategic marketing
The main concentration of a company carrying out marketing administration is to make
and create a effectively described and communicated marketing plan of action. The development
of entrepreneurial merchandising plan of action based on the company's apprehension of it
rivalry marketplace, structure of the firm and adaptability of organisation in coalition with
modifications taking place in commercialism environment. In context of it, new venture and
small business company like Infinity Food suffer numerous issues in the sector in which they run
their business.
Key marketing operational issues faced by new ventures and small businesses(for example:
Retail industry)
In current quick changing world, new enterprise and small business companies suffer
various problems related to marketing that tend to affect their execution and survivals till long
term in that business industry in which they operate. In context of it, the description of some
complexities and issues that are faced by them as under:
Unique selling position- Another main marketing issues that is majorly faced by new
enterprise and small business firms fail to take in to consideration is to processes knowledge
about the organisation's unique selling position and analysing marketing operations and activities
in respect to provide information about it to its target audiences (Qureshi, Aziz and Mian, 2017).
This lack of transfer of data about company's USP directs to the ruination or failure of few firms
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in market. In reference to it, USP of Infinity food is good attribute commodities at low prices that
they unsuccessful to pass in retail industry and due to which the standard of operation of
company is not making expansion.
Competitive benefits- The growth, development and sustainability of new business
venters and small business enterprises like Infinity Food majorly based on the quality of their
food items and services in respect to earn rivalry benefits towards competitors. In context of it,
entrepreneurial merchandising objective that agonistical edge can be earned by specific
positioning of products and services that sold out at low cost and USP (Sadiku-Dushi, Dana and
Ramadani, 2019). It is what SMEs such as Infinity Food and new enterprise are not succeeded to
identifies and therefore, they face marketing operational problems to get attention of consumers
in a fast expanding industry such as retail sector. In context of Small business companies, there
are number of competitors in the market who create competition form small firms in form of
offering substitute products with effective prices and providing it different locations.
Strategic competence- If the company want to survives and sustain till long term in
marketplace then it is required to effectively analyse and determine the macro environment to
find out existing growth options and use enterprises abilities to make expansion and development
in market size and share (Crick, Crick and Chaudhry, 2018). In reference to it, Infinity Food was
not succeeded to adopt digital transformation and missed the opportunities that are defined as
below:
 The firm was not utilised technologies in its business to earn benefits regarding other by
value chain.
 The company was not devised improvement and distribution of goods and services with
the help of online websites like Amazon, Marks & Spencer, ASDA, ALDI, Pret A
Merger etc.
Risk Assessment- New business enterprises and SMEs are not succeeded to measure the
risk appropriately in the era of internet. These companies should perpetually and effectively
review their merchandising plan of actions to make sure effectivity in consistency with changing
atmosphere. This could consist identifying activities and effective plan of action to assure long
term sustainability in market (Yang and Gabrielsson, 2017). By using different technology in the
business like internet and artificial intelligence the risk can be determined by the companies in
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effective manner but lack of these resources, small companies are not able to measure the risk
and threat to business accessible in external market.
Standard marketing theory and practice
Standard marketing theory process keeping effective and healthy relation with consumers
with the help of efficacious activities of marketing like social media and digital marketing. In
contrast of this, SMEs have constricted origin cause of which they are not able to make
involvement in pricey marketing program. Therefore, they are exclusively dependent upon
progressive marketing to earn competitive benefits from marketplace towards their competitors
(Yang, 2018). The conception of innovative marketing is all about organising market
investigation regarding consumers need, demands, behaviours and trends, develop a prototype or
modifications within product designing, launching a new commodity in a unique place, set
unique price and publicity of commodities of the company by using effective and
unconventional way etc. In context of Infinity Food, the management of the company can
conduct research to find out consumers needs and demands so that the enterprise can offer
product as per their need. The firm can use social media and digital marketing to create
awareness and publicity about its manufacturing goods and service to its potential clients.
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Figure 1: Innovative Marketing
The major factors of these kind of marketing in SMEs like Infinity Food are consumer
focus, marketing variables, changes, unique selling position, market focus, incorporated
marketing and many more. All these together comprise the foundations of merchandising plan of
action of small-medium size company that provide them a competitive benefit upon competitors
in marketplace (Al-Lawati, 2017). Therefore, by effective bringing creations within goods and
services, SMEs endeavor to earn a high share in marketplace and make sure their development
and development as well as sustainability and survivals till long term duration.
CONCLUSION
This has been analysed from the above mentioned content that marketing is an activity of
selling and purchasing goods and service and play an important role for small-medium
companies in term of development. Apart form this, it can be concluded that SMEs suffer several
issues that affect and hamper the position, image and stake of them in market. Moreover, it has
been understood that owing to restricted availability of resource, these business firm lack the
initiatory to displace large merchandising. Therefore, they can accept creative mercantilism with
the assistance of it they can get attention of their target audiences and retain them till long term.
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It will also help in small business companies to gain competitive benefit, improve profit, revenue
and market share,
REFERENCES
Books and Journals
Al-Lawati, E.H., 2017. Exploration of entrepreneurial marketing orientation model among SMEs
in Oman. International Journal of Economics & Management Sciences. 6(3). pp.1-6.
Crick, J.M., Crick, D. and Chaudhry, S., 2018. Entrepreneurial marketing decision-making in
rapidly internationalising and de-internationalising start-up firms. Journal of Business
Research.
Hisrich, R.D. and Ramadani, V., 2018. Entrepreneurial Marketing: A Practical Managerial
Approach. Edward Elgar Publishing.
Hoque, A.S.M.M. and Awang, Z., 2019. Does gender difference play moderating role in the
relationship between entrepreneurial marketing and Bangladeshi SME
performance?. Accounting. 5(1). pp.35-52.
Nijssen, E.J., 2017. Entrepreneurial marketing: an effectual approach. Taylor & Francis.
Qureshi, M.S., Aziz, N. and Mian, S.A., 2017. How marketing capabilities shape entrepreneurial
firm’s performance? Evidence from new technology based firms in turkey. Journal of
Global Entrepreneurship Research. 7(1). p.15.
Sadiku-Dushi, N., Dana, L.P. and Ramadani, V., 2019. Entrepreneurial marketing dimensions
and SMEs performance. Journal of Business Research. 100. pp.86-99.
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.
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Yang, M., 2018. International entrepreneurial marketing strategies of MNCs: Bricolage as
practiced by marketing managers. International Business Review. 27(5). pp.1045-1056.
Online
The Top 5 Reasons Small Businesses Fail. 2018. [Online]. Available Through:
<https://www.inc.com/travis-thorpe/the-top-5-reasons-small-businesses-fail.html>.
The Effects of Environmental Factors on Small-Scale Business. 2018. [Online]. Available
Through: <https://smallbusiness.chron.com/effects-environmental-factors-smallscale-
business-66109.html>.
Infinity Food. 2020. [Online]. Available Through: <https://www.zoominfo.com/c/infinity-
foods/60003060>.
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