Entrepreneurial Marketing Report: MKT3025, Northampton Uni

This report provides a comprehensive analysis of entrepreneurial marketing, focusing on the distinctions between marketing strategies employed by Small and Medium Enterprises (SMEs) and large businesses. It begins with an introduction outlining the significance of SMEs in the global market and selects Marshfield Bakery as a case study to illustrate key concepts. The report's main body delves into the marketing environment of SMEs, exploring factors such as competitive rivalries, customer power, supplier dynamics, new industry entrants, and the threat of substitutes. It then examines the key operational challenges faced by new ventures and small businesses, including resource scarcity, social media platform selection, technology adoption, cash flow management, and time constraints. Furthermore, the report compares standard marketing theory and practice, defining the key differences in their application and evaluation. Employability and change-maker skills are also addressed, highlighting the importance of autonomous learning, problem-solving, effective communication, and self-management. The report concludes by summarizing core ideas and concepts, emphasizing the role of marketing in driving business growth and development, and the importance of adapting to competitive pressures. The report also references the provided assignment brief which outlines the assessment task, including the requirement for a comprehensive academic report on how marketing in an SME differs from a medium or large sized business, critical discussion of SME and entrepreneurial theory, and critical thinking regarding marketing practice, along with the requirement to demonstrate a good understanding of the literature and compare/contrast academic viewpoints.

Entrepreneurial
Marketing

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
Subject- Specific Knowledge, Understanding & Application................................................3
(A). Identifying the different features of small business marketing environment.................3
(B). Analyse key marketing operational issues challenged by new ventures and small
business...................................................................................................................................5
(C). Compare “standard” marketing theory and practice.......................................................5
Employability and Change-marker skills...............................................................................6
(E). Develop autonomous learning skills...............................................................................6
(F). Elucidate core ideas and concept.....................................................................................7
CONCLUSION..........................................................................................................................8
REFERENCES...........................................................................................................................9

INTRODUCTION
The SME have varied sectors of enterprises which consists of micro, small, medium-
sized and large business that plays their major role in global market by competing with
rivalries to remain steady. It further adopts various strategies to develop their aggressive
advantages that creates prospect for company to minimise controllable and uncontrollable
risk (Davies and Torrents, 2017). In this project, Marshfield Bakery has been selected as
private limited company with its premier bakery and cake shop headquartered in South
Gloucestershire, England. This project identifies different features of small business with its
key marketing challenges in order to compare with standard marketing theory and practice.
Additionally, it develops autonomous learning skills for elucidating core ideas and concept of
an enterprise.
MAIN BODY
Subject- Specific Knowledge, Understanding & Application
(A). Identifying the different features of small business marketing environment
Marketing Environment:- This is defined as the process through which an
entrepreneur aims to develop varied strategies for analysing the tactics being involved by its
competitors that might create threats in future. It is most important for managers of
Marshfield Bakery to execute protective measures for restricting the negative impact imposed
by rivalries that affects its stability.
The managers of Marshfield Bakery implement this marketing environment for
analysing the behaviour of international marketplace in order to examine opportunities and
threats.
 Competitive rivalries:- The managers of Marshfield Bakery focus on their
competitors business strategy that might create threats for being instable at global
marketplace (Farooq and Vij, 2018). It is essential for organisation to manufacture

qualitative merchandise and services for fulfilling the requirements of customers at
low pricing strategy.
 Customers power:- Marshfield Bakery managers aim to identify change in taste and
preference of their customers and further develops products in according to their
desires. There is large number of buyers which have the right to consume the superior
commodity at least prices in order to gain high pleasure.
 Power of suppliers:- The managers of Marshfield Bakery analyse that there are large
number of supplier accessible in perfect competition market which are ready to sell
their products at low price for maximising sales. The Company further develops
strategy to sell its commodities at competitive pricing for supplying superior products
at which customers are ready to pay premium (Khan, 2018).
 New entrants to industry:- Marshfield Bakery managers emphasize on new entrants
within universal market by generating distinctive plans and tactics to compete from
others. The Company also examines their products, marketing strategy, technology
adopted and capacity to attract customers for distinguishing with their internal and
external capabilities for attaining success.
 Coercion of substitutes:- The managers of Marshfield Bakery face challenge from
substitute industries as they generate similar goods and services and only varies in
quality and time management. It is essential for company to take necessary steps by
building good morale of workforce that result in completing target and goal
efficiently.
Small Business:- This is defined as the privately owned business which does not
involve the policies and procedures imposed by government of United Kingdom. It majorly
consists of two or more than two entrepreneurs managing and running enterprise for gaining
growth and development to remain stable in competitive marketplace. The managers of
Marshfield Bakery further emphasize on generating high revenue and profit-margin through
enlarging customers by meeting their needs and wants for analysing change in demands.
Features of Small business marketing environment:-
 Sole or partnership ownership:- The managers of small business are further
classified on basis of sole trader, partnership, co-operation, franchising, etc. The sole
trader refers as the enterprise run by single or one successful entrepreneur whereas
partnership is referred as two or more business owner within enterprise (Li, 2018).
Managers of Marshfield Bakery focus on producing goods and services which are
capable in high satisfaction for customers that result in maximisation of market share.
 Lower revenue and profitability:- The mangers of Marshfield furthermore develops
strategy to maintain the cost of their products at competitive or skimming price
strategy which result in low sales at high profitability ratios.
 Corporate social responsibility (CSR):- It is most important for managers of
Marshfield Bakery to generate good interpersonal relations with its customers for
analysing the change in their demands that has to be fulfilled efficiently. This further
focus on encouraging workers to give high level of efforts for achieving personal and
organisational objectives.

(B). Analyse key marketing operational issues challenged by new ventures and small
business
The key issues which are mostly faced by new ventures and small business are
described with reference to managers of Marshfield Bakery as:-
 Scarcity of resources:- The managers of Marshfield Bakery are adversely affected by
scarcity of available resource that has to be properly and effectively in order to sustain
at global marketplace (Ngongoni and Grobbelaar, 2017).
 Selecting right social media platform:- Managers of Marshfield Bakery mostly
lacks in selecting the best social media platform which includes Google, Facebook,
WhatsApp, Instagram, WeChat, Twitter, etc. It is most important for an enterprise to
select best alternative from the above specified to enlarge its customers.
 Updated technology:- Marshfield Bakery managers auxiliary face challenge in
adoption of technology as its competitor used to implement varied equipments that
improve their efficiency in goal accomplishment.
 Cash Flow management:- The managers of Marshfield Bakery lacks in cash flow
management by expensing or investing more of its cash on advertisements and sales
promotional activity that also don’t result in high profit-margins.
 Insufficient time:- The main reason for being delay in goal accomplishment by
managers of Marshfield Bakery are less time to perform their task which results in
high errors and delays.
(C). Compare “standard” marketing theory and practice
Standard marketing theory:- This theory refers as ability of managers to
manufacture new differentiated product with specialised features for enlarging customers
with the motive to increase sales. Managers of Marshfield Bakery adopt this marketing
approach for analysing the needs and wants of customers that have to be fulfilled with
production of specialised commodity. It is most important for managers to implement variety
of content and process theories for motivation as well as generic strategies for achieving their
organisational goals efficiently (NOUSKALI, 2019).
Standard marketing practice:- It is usually described as principle executed by
managers of an enterprise for analysing research and development, promotion, advertisement
and channel of distribution for delivering its commodities. This is very essential for managers
of Marshfield Bakery to supply their products at broad and wide area of global market in
order to meet the desire of target market. The Company implement these practices of
marketing for delivering goods and services at geographical regions for removing the
hindrance of place in order to satisfy their demands.
The comparison between standard marketing theory and practice are as
follows:-
Basis of Difference Standard Marketing Theory Standard Marketing Practices
Definition This theory refers as ability of
managers to manufacture new
differentiated product with
It is described as principle
executed by managers of an
enterprise for analysing research

specialised features for enlarging
customers with the motive to
increase sales.
and development, promotion,
advertisement and channel of
distribution for delivering its
commodities.
Application The managers of Marshfield
Bakery apply this theory within
their organisation for analysing
the change in demands of target
market in order to manufacture
specialised product that is
capable in meeting their goals.
Marshfield Bakery managers
further implement these
marketing practices for
identifying the actual procedure
to promote products in market
with the motive to increase sales
and profits (Petraite and
Dlugoborskyte, 2017).
Evaluation It is evaluated by managers
through monitoring and
controlling the business
performance of employees that
leads to achieve target at same
time period.
The managers of Marshfield
Bakery evaluate this standard
marketing practice with
performance management for
identifying the social media
platform being adopted by
company results in goal
achievement or not.
Result The result generated from
standard marketing theory is that
it develops engagement and
involvement among workers for
completing their task with
collaboration as they are highly
motivated.
The managers of Marshfield
Bakery ascertain growth and
development of business by
enriching the needs for customers
through delivering qualitative
services. It maximise revenue
and income for company to
growth and expand at large level.
Employability and Change-marker skills
(E). Develop autonomous learning skills
Autonomous learning skills:- The autonomous learning skill refers as ability of an
individual for engaging itself in improving knowledge, skills and behaviour that creates
opportunity for business to complete target at specified time (Racheal and Muogbo Uju,
2017). It further involves the process of general learning, researching and making choices and
decisions for building its capabilities that enhance in growth of company. Managers of
Marshfield Bakery highly focus on these capabilities of workers to learn by themselves
through engaging in varied activities with the motive to experience and discover more. The
Company furthermore hire those employees that are highly conscious about their activities
and serious about their responsibilities to play it in significant manner.
 Abilities of learning to learn:- The managers of Marshfield Bakery focus on those
individuals who are highly energetic and wants to learn more from their previous
experience. It is the process through which workers are able to improve their errors
and leads to restrict in future that creates opportunity for business to remain stable in
competitive market.

 Problem-Solving:- Marshfield Bakery managers are highly profitable as their
workforce focus on their errors and analyse the gap and further emphasize on their
mistakes to solve it by themselves. This results in omission of same faults repeatedly
and restricts more time consumption which leads company to achieve success with
efficacy (Sekliuckiene, Jarosiński and Kozma, 2019) (.
 Effective communication:- The managers of Marshfield Bakery further focus on
building good communication skills by training its workforce to speak their languages
politely by understanding values. It furthermore enhances the workers to perform their
task collectively with co-ordination that result in goal accomplishment efficiently.
 Self-management:- Marshfield Bakery managers emphasize on self-management by
developing good management and leadership style for its workforce that enrich in
building pure relations. The Company also focus on customer relationship
management that results in analysing the changing desires that has to be accomplished
with efficacy by meeting their requirements.
(F). Elucidate core ideas and concept
From the above mentioned project it have be clarified that marketing plays major role
in maximising the growth and development of enterprise for being stable at competitive
marketplace. It is essential for an organisation to analyse its strength and capabilities that has
to be maximised in order to minimise the risk that might create threat for company instability.
The organisation focus on marketing environment for generating low revenue and
profitability ratios with the motive to develop corporate social responsibility. Marshfield
Bakery manager further face challenges as prescribed in project that includes scarcity of
resources, selecting right choice of social media platform, etc. This results in great marketing
operational issues for company as they face insufficient time, lack in cash flow management
and updating technologies.
The project also covers the difference between standard marketing theory and
practices which are discussed on the basis of definition, application, evaluation and result
Thanos, Dimitratos and Sapouna, 2017). It also focuses on automatic learning skills of
workers through problem-solving, effective communication skills and self-management
practices to improve errors for restricting delay.
The managers of Marshfield Bakery focus on developing core and innovative ideas
that creates opportunity for business to compete with rivalries that are Londis, Central Shops,
etc. The Company analyse various strategies and tactics being adopted by its competitors that
creates challenge for being stable at international marketplace.
CONCLUSION
From the above discussion it have been concluded that small enterprise majorly affects the
Gross Domestic Product rate of an economy. The main purpose for entrepreneurs is to hire and select
more candidates within business for motivating them to complete task at particular duration which
improve efficiency. This project identifies different features of small business with its key
marketing challenges in order to compare with standard marketing theory and practice.

Apartly, it develops autonomous learning skills for elucidating core ideas and concept of an
enterprise.

REFERENCES
Books and journal
Davies, I. A. and Torrents, A., 2017. Overcoming institutional voids in subsistence
marketplaces: A Zimbabwean entrepreneurial case. Journal of
Macromarketing. 37(3). pp. 255-267.
Farooq, R. and Vij, S., 2018. Linking entrepreneurial orientation and business performance:
Mediating role of knowledge management orientation. Pacific Business Review
International. 10(8). pp. 174-183.
Khan, Y., 2018. The Effectiveness of Entrepreneurial Activities for Economic Development:
A Route to Innovation and Job Generation.
Li, N., 2018, June. Research on the Entrepreneurial Education Model of Applied Private
Colleges and Universities. In 2018 2nd International Conference on Management,
Education and Social Science. (ICMESS 2018). Atlantis Press.
Ngongoni, C. N. and Grobbelaar, S. S. S., 2017, September. Value co-creation in
entrepreneurial ecosystems: Learnings from a Norwegian perspective. In 2017 IEEE
AFRICON. (pp. 707-713). IEEE.
NOUSKALI, K., 2019. Entrepreneurial Cognition & Opportunity Scanning In Digital
Entrepreneurship.
Petraite, M. and Dlugoborskyte, V., 2017. Hidden Champions from Small Catching-Up
Country: Leveraging Entrepreneurial Orientation, Organizational Capabilities and
Global Networks. In Global Opportunities for Entrepreneurial Growth: Coopetition
and Knowledge Dynamics within and across Firms. Emerald Publishing Limited.
Racheal, J. A. C. and Muogbo Uju, S., 2017. Effect of entrepreneurial skills on the
productivity of small and medium scale enterprises in Anambra (a study of selected
SMES in Anambra state Nigeria). European Journal of Management and Marketing
Studies.
Sekliuckiene, J., Jarosiński, M. and Kozma, M., 2019. Entrepreneurial level factors of early
internationalization: A cross country comparison. Engineering Economics. 30(2). pp.
223-235.
Thanos, I. C., Dimitratos, P. and Sapouna, P., 2017. The implications of international
entrepreneurial orientation, politicization, and hostility upon SME international
performance. International small business journal. 35(4). pp. 495-514.