Entrepreneurial Marketing: Checkout.com Small Business Analysis

This report provides an in-depth analysis of entrepreneurial marketing, focusing on the case of Checkout.com, a small proprietary technology company specializing in payment processing. The report begins with an executive summary and introduction, defining entrepreneurial marketing and its importance for small businesses. It then explores the distinguishing features of the small business marketing environment, including strategic marketing, competitive advantages, USP, target customers, and sustaining strategies. A SWOT analysis of Checkout.com is presented, followed by a discussion of key marketing operational issues faced by new ventures. The report compares and contrasts standard marketing theory and practices, incorporating the viewpoints of various authors on 'word of mouth' and 'innovation'. Finally, the report concludes with recommendations for Checkout.com, emphasizing the significance of innovative marketing approaches in the competitive landscape.

Entrepreneurial
Marketing ES1

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................1
Distinguishing features of the small business marketing environment.......................................1
SWOT analysis of Checkout. com ..............................................................................................2
Key marketing operational issues faced by new ventures and small businesses and new
venture .........................................................................................................................................3
Compare and contrast “Standard” marketing theory and practices.............................................4
Recommendation ........................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................7

EXECUTIVE SUMMARY
Entrepreneurial marketing is important activity in which a person think differently, taking
risk and develop their business by running all activities. It is important for organisation to have
good knowledge and thinking that can help to increase the productivity by increasing business
activities. This report summarises about how entrepreneurial marketing which helps to increase
the brand image and sustainability in market. This report is about Checkout. Com that is small
size organisation and running its business by accepting challenges and risk. This uses marketing
campaign for informing people and increasing brand effectiveness. The management of such
organisation conduct a SWOT analysis to know the internal activities and improve their
organisational performance.

INTRODUCTION
Entrepreneurship is the activity which is used by a person by using their innovative
knowledge and ideas that helps to run a business successful. Marketing is the main activities
uses to inform people and encourage them to buy products and services. Entrepreneurial
marketing is the different term that encompasses innovative thinking and risk taking activity for
carrying operations of small business effectively (Almeida, 2017). If a entrepreneur grab the
opportunity then it plans to run marketing campaign that highlights on organisational values and
firm by focusing on competitor that helps to increase productivity and brand image efficaciously.
For understanding in a better way Checkout. com has been taken that is small proprietary
technology company, handle every part of payment process for their customers. This report
covers different topics such as entrepreneurial theory and marketing practices that support
evidence, distinguish features of small business marketing, operation issue that are faced by new
ventures and small businesses in specified sector. A part from this compare and contrast about
standard marketing theory and practices, seen in small business.
Overview:
Marketing is the process of attracting, informing, developing and running a business
organisation. This is important for organisation to focus on different types of activities so venture
can run independently. There are different methods which uses by organisation for running a
business and increasing profitability. In context to Checkout. Com is using various marketing
activities while introducing its instant payment services which helps to increase the business
performance (Klein, 2017). The idea of this process has bring out from payment process where
owner of such organisation found that people are facing different types of problems at the time of
making payment. So by using new technology and innovative idea this organisation has
increased the business activities that have attracted people and encourage them to buy such
payment services. This organisation is following Fabulous and technological entrepreneurial
method which helps to attain the business goals and objectives efficiently. The management of
Checkout. com are focusing on various important features that are as:
Distinguishing features of the small business marketing environment
Strategic marketing – This means a strong marketing plan which is prepared by
management in order to manage the marketing process and formalised marketing strategies. This
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is important for all organisation develop strategic plans so new goals can be accomplished in
certain period of time. The aim of marketing strategy is to attain the aims and objectives in
relation to organisation that helps to take competitive benefits. Such as management of
Checkout. Com knows that their success is depends on firm's understanding for competitive
environment, so plans get prepare accordingly and helps to take technological changes (Burns,
2017).
Competitive Advantages - The primary aim of firm is to maximise profit by fulfilling
needs and wants of their customers and provide them satisfaction. The management of Checkout.
Com has found strategic marketing by interacting with people and customers which helps to
know needs and wants of customers in order to provide them products at competitive prices
(Crane, 2012).
Knowing Unique Selling Proposition (USP) - This is another important feature of a
successful business where organisation need to understand and highlights their products and
services by showing unique benefits to their targeted customers. In other words, management
should provide benefits and advantages of products which they are going to produce. This
method is adopted by Checkout. Com in which marketing manager are playing a significant role
by providing benefits of their services as customer can make payment securely and instantly
without facing any problems that attracted customers and make it success.
Target customer – The primary decision of any marketing strategy is to defined their
target market and get information about their needs and wants, that helps to understand what
need to do. Moreover, with the help of this management execute marketing tactics and plans
effectively. Such as entrepreneur of Checkout. Com. Has identified their customers and bring
innovation for them so payment can be done easily (Syaglova, 2017).
Sustaining strategy – This strategy influences private and public sector that helps to
sustain in competitive environment by implementing all strategies and activities. This strategy is
used by Checkout. Com by preserving existing strategy and utilises the internet for the purpose
of improving current operations. They used new technology and ideas to improving speed,
reliability, conversion and data transparency (Foxall, 2014).
SWOT analysis of Checkout. com
Strength Weakness
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 Checkout. Com is having strong free
cash flow that provides resources to
company and expand the business
activities.
 Use of new technology that helps to
bring something new for people.
 Entrepreneurs of such organisation has
made a superb performance in market
and helped it to build new revenues
stream.
 The structure of Checkout. Com is not
compatible with present business
model.
 It is needed more investment for
researching and in new technology.
 Lack of financial planning that can
reduce the productivity.
 The business is at small level which can
reduce the number of customers.
Opportunities Threats
 It has strong and reliable distribution
network where it can reach majority of
its potential market.
 Automation of activities and functions
bring consistency which helps company
to scale up.
 Strong brand portfolio which is
extremely useful in expanding new
product categories.
 Highly skilled and technical workforce.
 Many competitor are situation in
market who are also proving payment
services to customers.
 New environment regulations that can
limits the business and its process.
 High cost of internet that may also limit
the customers to use online payment
system.
Key marketing operational issues faced by new ventures and small businesses and new venture
To start and running a business different types of issues are faced by Checkout. Com that
are as explained:
Lack of resource – This is important for every organisation to have resources and capital
so business activities can be run effectively. If there is lack of resources then a business
cannotchanges are marked in red be run and profit margin can be reduced. In context to,
Checkout. Com this problem faced by business owner as it needed financial resources, technical
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employees and technology to improve the payment system and make it reliable (Marketing
operational issues faced small businesses, 2020).
Choosing the right social media platforms – If a person is going to start new or wants
to increase their sale then it should select marketing process that can help to inform people and
increase the business activities. This problem faced by Checkout. Com that which social media
and online method should be use in order to inform people and increase business profitability.
With the help of this owner can inform and promote their products and services that can helps to
make a business success ( Mcmullan and Kenworthy, 2016).
Consistent execution of marketing activities – This is another challenge which faced by
Checkout. Com as how marketing activities are consistent while executing plans. Herein,
managers become responsible for executing all plans and taking risk that considered a serious
issue (Sethna, Jones and Harrigan, eds., 2013).
Keeping up with trend and technology – It is much harder challenge for new and small
business owners where changing rate in marketing tools and technology is staggering. When a
organisation is going to produce and introduce something then it need to use new technology that
attracts target audience providing a message to accept challenges. The business owner of
Checkout. Com has faced this challenge in their organisation while they planed to make payment
for global businesses by simplifying unified platform. This has created a problem for managers
how to introduce new technology and can make payment easily.
Compare and contrast “Standard” marketing theory and practices
Viewpoint of various authors in “word of mouth”
As per Jonah Berger, Word of mouth of considered as important factor that is consider
as powerful in marketing products and services. Sometime people get attracted by word of mouth
and make decision to buy the product and services. This involves six principles that stimulate
people for sharing their experience and moment. The description about following principles are
as defined:
Social currency: This means social and good informations should be shared for making
an individual look good. Such as Checkout. Com share its updated information in social media
like Facebook, twitter, Link din, Tumblr etc. that are beneficial for company to sale its new
technology payment services (Pererva, Nagy and Maslak, 2018).
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Triggers: This means something important which reminds people regarding a brand,
product and services that influences people to buy them. This involves, logs, blogs, slogans and
mottos which helps to sell differently. The management of Checkout. Com are uses some tag line
to get attention of customers and increase their sale.
Emotions: This involves emotions like, excitement, curiosity, feeling, amusement and
many more. Emotions affect the attitude of people and encourage them to buy products and
services efficiently (Standing and Mattsson, 2018).
Observability: This is another principle which is used by people to run their business
and increase the productivity. Sometime, people attracted by observing others that helps to
increase their awareness and initiate them to run their business effectively. Checkout. Com is
small size business who used this principle by observing other business in which it got
information why people are not satisfying from payment services. And bring improvement in
their payment services that helped to run a business.
According to Stephen Shapiro,, word of mouth means, if a person focuses on
observability and social currency, but it has to be supported by customer's happiness. So, an
organisation should focuses on product's quality and services such as faster, timely and proper
application of plans that can help to increase the productivity by remaining customers satisfied
and maintaining positive image about company. Moreover, issues in relation to customer should
be solve out by addressing them properly that can help to attain the business goals (Word of
Mouth Quotes and What You Can Learn from Them, 2016).
From the above it has defined that Jonah Berger's explanation is highly relevant and
appropriate that can be see in small businesses. According to them various methods can be used
by organisation to stimulate the interest of people that involves observability, Trigger, social
currency and emotions in word of mouth process. This tool is used by Checkout. Com to inform
people and promote its new payment services that become easy and transparent way of making
payment for customers. This process is used to attract people and increase the productivity and
profitability.
Viewpoints of various authors in “Innovative”
According to Nick Skillicorn, Innovative is consider as an ides and innovative thought
which is develop by a company in order to introduce something new and add value of
perspective customers. Organisation make mistakes like lack of support and resources in
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implementing ideas that can affect productivity and profitability negatively. Moreover,
organisations consider the changes from internal viewpoint such as up gradation in quality of
product and services that can increase the productivity and profitability. In contrary, if customers
do not find any changes which are suitable and valuable for customers then buying process can
be increased effectively (What is innovation? 15 experts share their innovation definition, 2019).
As per Stephen Shapiro, Innovation is all about adopting changes and relevant
information in existing process that supports their business and increase the profitability.
Companies operate their businesses in dynamic environment by accepting changes and
challenges which is important for them and helps to run their business successfully.
Recommendation
Checkout. Com is using FABULUS entrepreneurial method to identify its existing as
well as current position in market. It used new technology for the purpose of making a simplest
and instant payment system. With the help of SWOT analysis it expand its opportunities and
strength by removing weakness. Therefore, Checkout. Com can invent idea to change small
scale in to large organisation.
CONCLUSION
From the report it can be concluded that entrepreneurs are consider as those person who thinks
differently and bring innovation in their organisation. Differ problems are faced by owner while
running a business that can challenge business activities. SWOT analysis is used to know the
opportunities and strength of a business and get idea how weakness can be change in strength.
Small and other business get benefits from government regulations and they get ready to accept
challenges which helps to make it large organisation.
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REFERENCES
Books and Journals:
Almeida, F., 2017. Learning entrepreneurship with serious games-a classroom approach. arXiv
preprint arXiv:1710.04118.
Klein, K., 2017. Entrepreneurship, identity, and the transformation of marketing systems:
Medical Cannabis in California. Journal of Macromarketing. 37(1). pp.85-101.
Burns, P., 2017. New venture creation: a framework for entrepreneurial start-ups. Palgrave.
Crane, F. G., 2012. Marketing for entrepreneurs. Sage.
Syaglova, Y. V., 2017. Influence of the Marketing Paradigm’s Cycles Patterns on the Global
Entrepreneurship. Ekonomicko-manazerske spektrum. 11(1). pp.48-61
Foxall, G., 2014. Corporate Innovation (RLE Marketing): Marketing and Strategy. Routledge.
Mcmullan, R.W.E. and Kenworthy, T.P., 2016. Creativity and entrepreneurial performance.
Springer International Pu.
Sethna, Z., Jones, R. and Harrigan, P. eds., 2013. Entrepreneurial marketing: Global
perspectives. Emerald Group Publishing.
Pererva, P., Nagy, S. and Maslak, M., 2018. Organization of marketing activities on the
intrapreneurship. MIND Journal. (5). pp.1-10.
Standing, C. and Mattsson, J., 2018. “Fake it until you make it”: business model
conceptualization in digital entrepreneurship. Journal of Strategic Marketing. 26(5).
pp.385-399.
Online
Marketing operational issues faced small businesses. 2020. [Online]. Available through:
<https://firstbeaconadvisors.com/7-small-business-marketing-challenges/>
What is innovation? 15 experts share their innovation definition, 2019. (Online). Available
through<https://www.ideatovalue.com/inno/nickskillicorn/2016/03/innovation-15-
experts-share-innovation-definition/>
Word of Mouth Quotes and What You Can Learn from Them, 2016. (Online). Available
through<https://www.livechatinc.com/blog/word-of-mouth-quotes/>
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