Entrepreneurial Marketing: Strategies and Analysis Report

This report provides an overview of entrepreneurial marketing strategies, focusing on social media, innovation marketing, word-of-mouth marketing, and location marketing. It examines how these strategies are applied in a business context, using The Furniture Practice Ltd as a case study. The report delves into the advantages and disadvantages of each marketing approach, providing insights into how businesses can leverage these methods to enhance brand awareness, customer engagement, and market position. It discusses the importance of social media for sharing information, building brand awareness, and collecting market trends. Innovation marketing's role in product development and customer relations is also discussed. Word-of-mouth marketing's cost-effectiveness and ability to build trust are highlighted, as well as location marketing's role in reaching specific customer bases. The report concludes with a recommendation for effective marketing strategies.

Entrepreneurial
Marketing

Table of Contents
INTRODUCTION ...............................................................................................................................2
Social Media.........................................................................................................................................3
Innovation Marketing...........................................................................................................................4
Word of mouth- ...................................................................................................................................5
Location Marketing – ..........................................................................................................................6
Recommendations................................................................................................................................7
Conclusion............................................................................................................................................8
REFERENCES...................................................................................................................................10
Books and Journals:.......................................................................................................................10

INTRODUCTION
Organisation needs market for running their business activities, functions and operations. To
make awareness about brand, image, products, goods and services concept of marketing is
important to understand and examine in appropriate manner. Entrepreneurial marketing refers to
process through which firm are able use modern strategies to enhance and grow the business in
effective manner. This is also known as a spirit of marketing because it includes a new methods of
practices to market the product. Ample number of theories, models, applications, frameworks etc.
are used and applied by marketers as well as entrepreneurs to analyse the entrepreneurial marketing
at deep level. The Furniture Practice ltd, headquartered in UK which provide furniture and glasses
across the country. The company is expanding its business with help of marketing and advertising
tools. This report includes word of mouth, location marketing, social media and innovation and
location marketing.
Various types of methods which are used in marketing are mentioned below-
Social Media
Social media is the interaction among the individual persons in order to share the ideas,
information in an effective manner. With the help of social media, it is easy for individual to
transfer their information in quick manner. It is one of the communication tool through which the
sharing if important information can be done easily. In context of Furniture practice Ltd, it is one of
the well established company which provide the superior quality furniture to its customer in order to
satisfy them. They make effective strategy, policies and procedures for identifying the need and
wants of client in better way (Sunstein, 2018). Through the social media, this company collect the
information about the market trends and fashion. Also they focuses on achieving competitive
advantage over rival firm. There are different kinds of social media which is going to be mentioned
below:
Social Network: This is the popular social site through which the business organisation can
easily share the data and information which is beneficial for the success and growth of company. In
reference of Furniture practice Ltd., the manager focuses on collecting information quickly through
social sites in an effective manner. There are some example of this is Twitter, Facebook and many
more (Trottier, 2016).
Media Sharing Network: This network is used by the company for building the brand

awareness among the audience. In addition to this, these network helps in attracting the large
number of customer. In relation to Furniture Practice Ltd, they focuses on building effective brand
in order to attract ampler of customer towards their products and services. Such example can be
taken You tube, Snapchat and many more.
Consumer review network: Consumer review plays an important role for the success ang
growth of business organisation. Positive review brings the good brand image of products in mind
set of consumer. The manager of Furniture Practice Ltd focuses on providing superior quality
furniture to its buyer. Therefore, the consumer gives positive reviews about their products that helps
them in increasing the goodwill and reputation of company. The best example of this network is
Zomato (Lau,, 2017).
Blogging and publishing Network: Content writing is one of the appropriate method that
helps in generating leads as well as boosting sales. The supervisor of Furniture Practice Ltd focuses
on attracting ample of customer towards their furniture by use of effective content given in the
website. One of the best example of this is WordPress.
In addition to this, there are some promotional tool which is used by the Furniture Practice Ltd in
order to promote their products which is going to be mentioned below:
Advertisement: Advertisement is any paid form of non personal presentation of ideas, goods
and services by an identified sponsor. The manager of Furniture Practice Ltd use the advertising
tool to promote their products. It increases the brand image and reputation of company in front of
consumer (Yin, 2019).
Publicity: Through the use of publicity, the company provide the information related to
products and services to its customer. In context of Furniture Practice Ltd, the manager focuses on
bring the awareness about their furniture to its buyer. Also they provides the superior quality
furniture to its user at affordable cost.
Sales Promotion: Sales promotion is one of the well known method that is used for
promoting the sales of company. In addition to this, the company use various promotional tool such
as free sample, coupons and many more.
Innovation Marketing
Innovation Marketing plays an important role in bring the innovation. within marketplace. In
addition to this, they focuses on offering innovative and new products and services to its customer.
Innovation marketing is a combination of two words innovation and marketing. The innovation
means bring the new idea within marketplace. On the other hand, Marketing means communicate

the data and information related to products and services to its consumer. In context of Furniture
Practice Ltd, it is one of the well established company which provide superior quality furniture to
its customer at affordable cost. In assistance of this, they bring the innovative product within
market. Through innovation marketing, the marketer make effective strategy, policies and
procedures to assess the need and wants of consumer in order to satisfy them. They effectively
communicate its marketing strategies to its buyer. There are different method which is used by
innovation marketing helps in promoting the business that is going to be mentioned below:
Improve Sales and Customer relationship: Through the innovative products and services, it
helps in boosting sales. In addition to this, If the company provide innovative products and services
to its customer that helps in building good relationship with its user. In context of Furniture Practice
Ltd, the manager focuses on providing unique and innovative products and service to its user.
Reduce waste and cost: The innovation helps in eliminating wastage as well as extra cost
which is incurred in promoting the products within marketplace. In reference of Furniture practice
Ltd, the management team of the company focuses on reducing wastage and cost (Ahmad, 2017).
Boost your market position: The innovative products helps in boosting the market position
of the company. In addition to this, they focuses on achieving competitive advantage over rival
firm. Innovation can help in predicting changes take place in the market quickly it helps them in
differentiate their products and services in comparison of competitor’s products.
Improve employee relation: Innovation helps in improve the relationship among the
employees at workplace. It helps them in increasing the productivity and reduce the employees
turnover rate. In context of Furniture Practice Ltd, they provide healthy environment to its staff
member that helps them in boosting the productivity and profitability level. In addition to this, it
helps in increasing the performance level of employees in an appropriate manner ( Hall, 2019).
Word of mouth-
Every firm wants to sell its products in the market and wishes to be the customer’s first
choice brand. When it comes to purchasing, it is often believe that people mostly take suggestion
from friends and families regarding the product, specification, quality, service provided by the
company etc. Word mouth refers to promotion of products by spreading the words from mouth by
customers. In marketing, there are many forms of promoting or advertising the goods and services.
Types of methods through which promotion is done are referral marketing, Internet, transactional,
diversity marketing and many more (Wesley, 2016). In context to The Furniture Practice ltd, they
use word of mouth marketing as tool for promoting their product. It is most effective technique
because firm provide furniture and glasses with high quality and satisfy the customer with their free

after sale service; installing or consolidating the equipment’s and parts etc. Strategies and tactics are
crucial in business because it helps the entities to adopt new approaches and to face the challenges
as well as threats. With assist of (WOM) firm brand value has increased and big orders are receive
the company. This approach is cost effective as compared to other form of advertising tools.
Advantages:
Cost effective- Every business promote their product at large level and spend huge amount
of money which leads to high cost of production. Sometimes advertising and promotion goes
beyond the limit and to maintain the process organisation lowers the cost of goods and services. In
relation with The Furniture Practice ltd, they market their product and goods but at affordable rate.
This assists them in investing more in expansion of business (Biemans, 2018).
Trust- A product is only bought by the customers or end users when they have trust on
brand and firm. It is often said that it is essential to maintain and manage customer relationship
management. With help of CRM, a trust is built between both the party; buyer and seller. By use of
word of mouth, customers indirectly create faith and spread that trust amongst their
love/belongings.
Build brand value- In this rising competition, it is difficult for small and medium
enterprises to survive and run their business. Building a brand value is important so that more
customers as well as resources are acquired. With help of word of mouth, value of brand increases
in the market at wider level and remain for longer period of time. In context to The Furniture
Practice ltd, they have strong value in the market due to their business culture and maintaining
customers properly (Wu, 2016).
Disadvantages:
Negative feedback- Each and every business is heterogeneous and dynamic in nature and
culture. It is not possible to provide all the customers with good quality of services and products.
The Furniture Practice ltd, deals with number of customers and due to staff or workers behaviour
customers walk away. This leads to negative word of mouth and which results in negative feedback
and affect the goodwill of the firm.
Inaccurate performance results- No matter what, word of mouth provides benefit to the
firm. But it is difficult to evaluate the progress and performance level of products because only with
help of feedback results cannot be determined in statistical data. Thus, organisation use graph and
charts to know analyse the growth and development of business whereas (WOM) does not provide
results in numbers.

Location Marketing –
Further comes the location marketing in which geographic variables are used to do the
promotion and advertising. This is also known as geo-targeting, geo-location etc. In this,
data/internet is used as source and then displaying or showing the relevant information or place visit
by customers. In location marketing, it become easy for the end users to get what they are looking
for and distance scale is also analysed and identified. There are many type of (LM) such as auto
dealers, seasonal& pop-ups stores etc. It depends upon the firm to select which types of method or
approach.
In context to The Furniture Plastic ltd, they use this location marketing so that people who
are looking for purchasing the furniture are easily tracked. This approach is effective but at some
point because it is not crucial that data speed will be good at every location.
Advantages:
Tracking- When location marketing is used it tracks the data of customers and reach to
them. This form of marketing is essential because it helps the end users to find the place from where
they want to purchase their product. In relation with The Furniture Plastic ltd, they use location
marketing so that customers as well as firm both are able to track each other (Pagani, 2017).
Sharing experiences- Another advantage of using this marketing is that it helps in getting
positive feedback from customers. There are many online software and application which are used
for getting the feedback from end users. This results in experience share by the customers who have
visited the firm location. Also, new businesses are also able to see the competitors in the market.
Disadvantages:
Smart Devices- Location marketing is effective but not for everyone because to access to
the location online one needs to have mobiles or smartphones in their hand. It is not possible that
every customer in market will have smart devices with them. So, it does not have impact on those
people who do not use mobile phones (Sunstein, 2018).
Requirements- In marketing, there are various methods through which customers can get
information about the product. So, location marketing is mostly used when there is urgency, need or
requirement of the customers. In relation with The Furniture Plastic ltd, they use both traditional
and modern marketing methods which help them in acquiring the customers in appropriate manner.
Irrelevant updates- When location is tracked by both firm as well as customers some
amount of credentials get saved online. Organisation uses this data to update customers about their
product as well as services. Sometimes entities use this methods aggressively such as sending the
notifications and messages to customers on daily basis, calling etc. This invites the risk of being

irrelevant and also it has negative impact on firm goodwill.
Recommendations
In relation to Furniture Practice Ltd, the manager focuses on providing discount, free sample
to its customer in order to attract them. In addition to this, they adopt the Customer relationship
technique in order to promote their products and services in the mind set of consumer. In assistance
of this, they offer after sales services to its user for increasing their satisfaction level towards
products and services of company (Trottier, 2016). They offer effective maintenance services to its
buyer. It helps them in increasing productivity as well as profitability level. It also assists in
increasing the future growth and development of business organisation. In addition to this, they
offer specific and unique products as well as services to its customer for increasing their satisfaction
level.

Conclusion
From the above mentioned topics, it has been analysed that there are different promotional
tool helps in promoting the products and services to its consumer. In addition to this, the company
adopt social media in order to collect the information regarding the change in taste and preferences
of consumer. In context of Furniture Practice Ltd, it is one of the well established company which
provide superior quality furniture to its consumer in an effective manner. It helps them in building
brand image and reputation of the business organisation. Beside from this, they offer innovation
products to its buyer in order to satisfy them. It helps in enhancing future success and growth of
business organisation. At last, they bring new ideas within market in order to boost productivity and
profitability level.

REFERENCES
Books and Journals:
Sunstein, C. R., 2018. # Republic: Divided democracy in the age of social media. Princeton
University Press.
Trottier, D., 2016. Social media as surveillance: Rethinking visibility in a converging world.
Routledge.
Lau, W. W., 2017. Effects of social media usage and social media multitasking on the academic
performance of university students. Computers in human behavior, 68, pp.286-291.

Yin, D., Mitra, S. and Zhang, H., 2016. Research note—When do consumers value positive vs.
negative reviews? An empirical investigation of confirmation bias in online word of
mouth. Information Systems Research, 27(1), pp.131-144.
Ahmad, S. N. and Laroche, M., 2017. Analyzing electronic word of mouth: A social commerce
construct. International Journal of Information Management, 37(3), pp.202-213.
Hall, C. M. and Williams, A. M. eds., 2019. Tourism and innovation. Routledge.
Wesley, D. and Barczak, G., 2016. Innovation and marketing in the video game industry: avoiding
the performance trap. CRC Press.
Biemans, W., 2018. Managing innovation within networks (Vol. 7). Routledge.
Wu, L. and Stilwell, M.A., 2018. Exploring the marketing potential
Pagani, M. and Malacarne, G., 2017. Experiential engagement and active vs. passive behavior in
mobile location-based social networks: the moderating role of privacy. Journal of Interactive
Marketing, 37, pp.133-148.