University of Northampton: Entrepreneurial Marketing Report (MKT3025)

This report delves into the realm of entrepreneurial marketing, specifically focusing on the distinctions between marketing practices in Small and Medium Enterprises (SMEs) compared to larger businesses. The report begins with an introduction to entrepreneurial marketing, emphasizing its risk-taking, innovative, and creative aspects. It then analyzes the features of the small business marketing environment, including the challenges and limitations faced by SMEs. The main body of the report explores the key marketing operational issues encountered by new ventures and small businesses within a global context. It contrasts standard marketing theory with innovative approaches, highlighting the need for SMEs to adopt unique strategies. The report further provides recommendations to strengthen marketing skills, such as utilizing the USP marketing and the AIDA model. The report concludes by affirming the critical role of marketing in determining the success of small and new entrepreneurial ventures. This report aims to provide a detailed overview of the core dimensions of marketing in entrepreneurship, offering insights into the strategies and challenges involved.

Entrepreneurial
Marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Analysing features of the small business marketing environment.........................................3
Identify the key marketing operational issues faced by the new ventures and small businesses
in specified sectors and industries within a global context....................................................4
The standard marketing theory and with its contrast comparison.........................................6
CONCLUSION................................................................................................................................8
RECOMMENDATIONS.................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
The term entrepreneurial marketing is regarded as the development of sales and
advertisement of the entrepreneurial ventures. The entrepreneurial marketing encompasses huge
level of risk, innovative as well as creative approach and tactful leadership. There are certain

characteristics which are remarked as the proactive orientation, advertisements, encountering
opportunities, managing the risks and enhancing the value of all the actions that are taken by the
entrepreneurs. The report paper here evaluates the functions of small and medium business
marketing. The common and distinctive errors that occurs in the marketing are also discussed in
this report. Identification of marketing operational issues that are widely faced by new firms and
stating the comparison of standard market theory, and practising it. Further more the descriptive
summary of autonomous learning skills , abilities to learn , solution for problems etc. is given.
The discussion of curating the core ideas of business is also performed in order to achieve te high
targets and objective of the firms. This whole project will be formulate on the core dimensions of
marketing in entrepreneurship.
MAIN BODY
Small & Medium Enterprises (SMEs) statistics
The development and evolution of small and medium enterprises is completely dependent on the
entrepreneurs who are the ultimate owners and in top management as well as on their
characteristics of performing business. In the sub set of entrepreneurial characteristics the major
elements are innovation, propensity and creativity to face the certain risks of competition as well
as to grow the business (Miles, and et. al., 2016.). It has been identified by many professional
and entrepreneurial specialists that the small and medium businesses are mostly dependent on
their customer share. The customer segment of a respective firm plays a crucial role in
determining the sales and purchase of the products and services. Thus it is necessary for the
entrepreneur that they consider the demand, taste, need and trend of the consumers so their
offerings should not be lag behind the competition in the market.
Analysing features of the small business marketing environment
The marketing of small business is quite complicated where it faces numerous barriers
that cause bad impacts on the effectiveness of marketing. The small and medium business
ventures are not able to incur more funds on the marketing alone as it have too many other tasks
and operations to perform on and the budget for each and every function is low and limited.

Along with the high rates of competitiveness in the market the success of each and every venture
can be accomplished by identifying right strategies to market their goods and services, the only
way to increase the positioning in the market is making the products more distinctive,
approachable and cost efficient these elements are necessary for the sustainability of the brand in
market for long time as well as to gain more effective proportion of consumer base. Thus it is the
job and duty of the respective level of marketing of these venture to introduce such
characteristics of the product in the market and to bring out the maximum qualitative
differentiation of the offerings (Gilmore, and et. al., 2018.). The integral tool of entrepreneurship
is the use of innovative approaches in maximum possible offerings due to this the new and
change demanding consumers of market will be shifted towards the respective venture. As it is
the strategy behind this scenario that “the more a company will be innovative, the more it will be
revenue generative”.
The small scale companies uses another strategy of differentiation in they marketing of
its products and services, because the differentiation policy is the only tool that can distinguish
the goods and services of small and medium enterprise from the huge number of alternatives
that are positioned in the markets produced by giant companies. The small and medium
entrepreneurship business identifies and analyses the need and demands of the consumer by the
help of effective marketing. The marketing enforces on to certain marketing surveys, that are
carried out by the companies on a specific interval of time to know the actual condition of
market. This enforces the firms to work in the same flow of demand and supply and applying all
the changes that can significant attracts the huge level of customers. The small companies can
increase their sales and profits and also can expand the workings and operation of the by
implementing the right set of public interaction. This is the most useful and beneficial strategy of
the business and can be practised through marketing on the various social media platforms,
online or offline media etc. these all feature of marketing can assure the attainment of firms and
their growth in the market for long term.
The environment in which the small and medium enterprises attain their prosperous
success and faces failures sometimes is highly dependent on the certain factor that impacts on the
business either directly or indirectly. These factors can be evaluated by performing certain
measures thus the analysis of PESTLE can help to SMEs for their sustainability and effective
growth in the respective boundaries of the market. Every nation or particular region shares

different aspects of external environment. These factors mostly comprise of political, economic,
social, technological, environmental and legal factors.
Political The political factors emphasise of all the elements that are present in the
environment of a particular region or a country. That covers certain aspects of the ruling powers
in the nation. The rules, regulations and acts that are curated in a form to set the guidelines and
limitation for the business firms to grow an execute their tasks.
Economical the elements that are based on the financial criteria of the external
environment other than the business are termed as the economical factors. The economy of a
particular region or a nation affects the operations of SMEs in certain ways by creating the plan
of budgeting and determining the overall costs and market prising of their offerings.
Social All those particular elements which are formed out of culture, beliefs and social
perception towards any thing or any products of the company that the firm is distributing or
planning to introduce in the market. The social factors of any nation determine the values and
working structure of the SMEs.
Technological the advancements and introduction of new techniques that helps the business to
gain the efficiency is interrelated with the technological factors of a region. These technological
factors emphasise on the working styles of the small firms. The ventures can adapt suitable new
techniques to enhance the efficiency in their operation and process.
Environmental The certain changes that are taking place in the climate and natural habitat of a
particular region impacts everyone including the small firms. The current position of
environmental factors of the planet is not in so good condition. In regards to this it is an essential
duty of the SMEs to work in a direction that doesn’t harm the climate as well as to contribute in
its well conditioning.
Legal The legal factors are the legislations and laws which are responsible for the determination
of business operation in an SME impacts on the overall success and failure of any enterprises.
Identify the key marketing operational issues faced by the new ventures and small businesses in
specified sectors and industries within a global context
In an entrepreneurial organisation there are various issues that arises time to time while
operating functions in the company. The major issue that can be considered as a barrier in the
effective growth and sustainable of the company is the myriad operational issue. In context to

this the other problems of new business are fluctuation in the capacity to production, lack of
knowledge and ineffectiveness etc. New business ventures can substantially solve each problems
and related issue in order to get the effective result and optima outcomes. The issue of lack of
knowledge can be resolved by implementing the effective training and development program in
the process of human resources of the organisation. This measure will help the venture to
minimise the errors that arise due to the incomplete information about any task or operation.
While the most appropriate approach to implement this training and development will be
considered as when the training will be given on the departmental level, each step of training
should be based on the real time job experience and should cover all the essential elements that
are required to perform that particular operation (Kilenthong, Hultman, and Hills, 2016).
In other words the marketing is a resourceful process of operating all the tasks and action
that inter connects the consumers and firm, and the issues that arises in the marketing process of
the respective companies are needed to be evaluated for the effective operation of it. These issues
of marketing can be resolved by the practices of competitive advantage unique selling
proposition, strategic competence and most importantly is risk assessment:
The standard marketing theory and with its contrast comparison
The standard marketing theory emphasises on the good and effective relationships with
the existing customer. This can be accomplished by engaging the consumers in certain mediums
of interaction. The use of digital media and social media is the most popular and widely adapted
practice of maintaining the healthful relationship with the consumers segment of venture.
Contrasting to this theory small businesses and new entrepreneurial ventures works on a very
low and limited resources as these tools and practices of standard market theory encompasses an
average investment of funds and time to operate and practice in future. Thus the small businesses
avoid this theory to be safe from incurring the huge amount of costs and time. Instead of that
theory they focuses solely on the innovative marketing techniques.

Figure 1: Innovative Marketing
(Source: Innovative Marketing, 2019)
The major element in the innovation based marketing are the component that focuses on
the variables of the market and focusses of customer and needs, modification in the product,
effective means to advertising, USP of the product etc. Thus all the function and tools are
collaborated in such a way to establish the effective and efficient marketing strategy. The certain
element of the integrated innovative approach of marketing combines together to make the
venture strong enough to beat the extent of competition and along with that to achieve the aims
and objective of the business in terms of sales and probability.

CONCLUSION
According to the above research and study in the assignment, it can be affirmed that the
marketing plays a crucial role in determining the success of small and new entrepreneurial
ventures. Along with tha6t the conditions in which SMEs faces a number multiple issues in the
operations of marketing are considered as the barrier of business success. There for the certain
measures and tools are given to resolve these issues of business.. The standard theory of the
marketing is analysed for the effective and most efficient outcomes. The need to take essential
initiative in a way to attain the effective innovative approaches in the working of small company
it is also necessaries to make its business grow. Thus the company here can adapt a number
solutions and recommendation to influence its marketing.
RECOMMENDATIONS
From the above finding in this report it brought a lot of outcomes that determine the
certain recommendation which can be advised to the small firms, in relation to strengthen their
marketing skills as well as to grow their potential in the respective share of market. The firms
should undertake the procedure and tactics of USP marketing to gain the wide attention of
potential audience. Along with that it can be suggested to the entrepreneurial firms that they
should use the genuine modal of Awareness, Interest, Desire and Action (AIDA) to identify the
actual response and feedback of the consumers.

REFERENCES
Books and Journals
Miles, M. 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.
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.
Miles, M. P. and et. al., 2016. The influence of entrepreneurial marketing processes and
entrepreneurial self-efficacy on community vulnerability, risk, and resilience. Journal of
Strategic Marketing. 24(1). pp.34-46.
Gilmore, A. and et. al., 2018. Four questions of entrepreneurial marketing education:
Perspectives of university educators. Journal of Business Research.
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.
Whalen, P. S. and Akaka, M. A., 2016. A dynamic market conceptualization for entrepreneurial
marketing: the co-creation of opportunities. Journal of Strategic Marketing. 24(1).
pp.61-75.
Renton, M., Daellenbach, U., Davenport, S. and Richard, J., 2015. Small but sophisticated:
Entrepreneurial marketing and sme approaches to brand management. Journal of
Research in Marketing and Entrepreneurship. 17(2). pp.149-164.