Entrepreneurial Marketing in SMEs: Best Practices and Analysis Report

This report delves into the realm of entrepreneurial marketing, focusing on the application of various strategies within small and medium enterprises (SMEs). Using Unicorn Grocery, a UK-based organic food retailer, as a case study, the report examines best practice methods and techniques, including innovative marketing and word-of-mouth strategies. It provides a comparative analysis of marketing theories and practices, highlighting the advantages and disadvantages of each approach, such as the effectiveness of social media marketing versus the potential limitations of word-of-mouth. The report also offers recommendations for SMEs on how to effectively implement these marketing techniques to achieve desired growth and competitiveness in the market. The conclusion emphasizes the importance of adapting marketing strategies to meet customer demands and maintain a competitive edge in the dynamic business landscape.

Entrepreneurial Marketing

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Best practice methods and techniques of entrepreneurial marketing in SMEs...........................3
Compare and Contrast Critical thinking on marketing theories and practices............................5
Recommendations.......................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurial marketing is a kind of marketing that is concerned with medium
enterprises because it provides supports these organisations in identifying opportunities in
market for acquiring high customer base along with allocation of resources. It includes
combination of traditional market approaches and principles of marketing. This project is
completely based on the concept of entrepreneurial marketing. Taken organisation for this
project is Unicorn Grocery that was established in 1996 and is based at England. It is a small
business organisation that offers a stunning range of organic food products across the market.
This report will discuss about the concept of entrepreneurial marketing along with operational
issues which are related with marketing. Along with it, several theories and concepts regarding
the marketing practices will also covered in this report.
MAIN BODY
Best practice methods and techniques of entrepreneurial marketing in SMEs.
Entrepreneurial ventures are those ventures which are established on the basis of risk
taking capacities of entrepreneurs. These ventures are basically started in a small frame but after
sometime, through acquiring resources and using them in optimal manner they gain growth and
success in marketplace. In addition, for taking growth and success entrepreneurs of these small
and medium sized ventures also take support from several practice methods and techniques so as
to marketing their products and services (Fillis, Lehman and Miles, 2017). Some of these are
given as below:
Innovative Marketing
Innovative marketing is refers to a set of different kind of new and innovative processes
that are used by small and medium organisations so as to spreading awareness about their
offerings in a small time period and a large market area. This kind of marketing includes
significant changes in quality and design of products, product promotion methods etc. which
provides assistance to the organisations in spreading awareness regarding all their offerings
which are sold by them so as to generating revenues. With the help of this kind of marketing,
SMEs can easily achieve their desired goals such as wide customer base, profit maximisation and
large market-share. In modern world, it is more crucial for each organisation to use effective and
innovative techniques in order to market their products so that large number of customers would

be attracted and existing could be retained. Ongoing Innovation is an effective technique that
should be adopted by each organisation as it supports them in meeting with the requirements of
desired customers. If small and medium enterprises will not following these kind of concept then
it will become highly difficult for them due to which desired growth or success wouldn't be
attained by them (Kilenthong, Hultman and Hills, 2016). Now-a-days, social media marketing
is become popular in marketplace due to presence of large number of users. According to a
survey, 280 million individuals are using social media platforms due to which this marketing is
largely adopting by each organisation whether it performs their operations at large or small (THE
LATEST UK SOCIAL MEDIA STATISTICS, 2019). This kind of marketing is beneficial for
each organisation as it not only supports in attracting large number of customers but also assists
the firms in spreading awareness regarding their products and services in marketplace. In context
of Unicorn, this will prove beneficial as they are supplying organic products in market so that
through making modifications in their products on regular basis more customers will be attracted
towards their offerings which is beneficial for customer base and sales figures of firm.
Word Of Mouth
Word of Mouth is also a marketing tool which is used by organisations so as to spreading
awareness regarding their products and services in marketplace. In other words, it is a
recommendation which is provided by satisfied customers of specific products to others. This
practice is highly based on process which is started from selling of quality products to the
customers after it, when customers likes products in terms of its quality and features then they
refers it to their colleagues or family members. It is very beneficial for small-scale organisations
like Unicorn grocery as through adopting it they have no need to make high investment on
marketing their products because when they sales quality products to their customers then
awareness regarding their quality products automatically done without any investments. With the
help of this kind of marketing, small business organisations can easily attract end number of
customers towards their offerings without making high investments on advertising activities
which is beneficial for organisations in gaining growth and success in marketplace. For grocery
stores such as Unicorn can use this marketing practice as it will prove beneficial for them in
meeting with the desired needs of customers. Along with it, through using this marketing method
organisation like Unicorn Grocery can easily increase their market share and customer base
without making high investments on advertising their offerings. For making good image in the

mindset of customers, it is very important for small medium enterprises like Unicorn Grocery to
focusing on quality over price so that customers recommend their relatives and knowns to buy
their products.
Compare and Contrast Critical thinking on marketing theories and practices
Word of mouth is a marketing method that is used by each organisation for expand their
market share or customer base. Whereas, Innovative marketing is a technique in which
organisations making changes in their existing marketing techniques and products so as to
grabbing better attraction of customers towards their offerings. Apart from that, there are several
issues which are faced by Small-Scale organisations some of them are lack of resources, lack of
awareness regarding their products and services, lower growth rate due to decreased sales etc.
due to which these both marketing techniques can prove beneficial as they having good features
like no cost of marketing, large coverage area, regular process etc. These features can provide
effective support to the Small organisation like Unicorn Grocery in removing these kind of issues
as well as helps in maintaining good brand image (Kilenthong, Hultman and Hills, 2016).
Comparison between these theories on the basis of views of authors are described as below:
Word of Mouth- It is a marketing method in which customer's interest is enhances by
the organisation regarding the offerings of organisation through providing them quality product
and services. So that, they will reflect it by their dialogues. This can also consider as a general
method of marketing in which information about the quality of offerings is spread from person to
person in orally manner. It is also a non paid form of marketing in which customers when they
really likes the quality of offering they they automatically encourages to share their views with
their colleagues.
According to Levy and Gvili, This technique is most important and influential because
it assist the organisations in marketing their products and services in marketplace. When there is
word of mouth publicity for the organisation then it automatically improves the brand image of
firm in marketplace which automatically leads the firm towards strong sustainability in
marketplace. This technique also supports the organisation in building good relation with
customers that leads the firm towards growth and success in marketplace. In addition, Word of
mouth marketing method is basically done by the organisations through several kind of
advertising and marketing campaigns which is beneficial for firm in attracting large number of

customers along with making wide customer-base in market. Whereas, there are some issues that
can be faced by the small scale organisation while using this marketing technique
 Spread of Awareness in slow manner – This kind of advertising method is often slow
to spread. It consumes very vast time due to which organisations can't spread their
desired information or awareness regarding their products and services in quick manner.
 Limited Audience – Small organisations like Unicorn Grocery can face this issue
because they are operating their functions in the UK nation within a small area. Due to
which they having small customer base in market that can hinder their desired growth and
success in market.
 High chances of getting negative feedbacks – Most of the customers used to tell bad
experience after using the product that can posses negative impact on the brand image of
firm in marketplace (Lam and Harker, 2015).
Social Media Marketing – This is a form of innovative marketing which is widely used
by organisations for promoting their offerings in market. Social media marketing is refers to a
technique that targets social network and applications for spreading brand awareness or
promoting particular products. This technique is widely used by organisations because it not only
supports the organisation in saving their cost but also assists the firms in spreading awareness
about their offerings in a wide market area within a shorter period of time.
According to Sajid, This marketing technique is very beneficial and cost efficient
because it encourages the small medium organisation like Unicorn Grocery to spread awareness
regarding their offerings in wide market areas within a small period of time. In addition, it is a
powerful way of marketing that supports each organisation in promoting their products and
services in large market. This kind of marketing methods are widely used by organisations
because it takes less time period and provide better outcomes within a small period of time. In
addition, if small medium enterprise like Unicorn Grocery will not use this method then they
have to satisfied with small market areas and lower customer base. Due to which, it is very
important for entrepreneurs or owners of respective organisation to adopt these marketing
techniques so that remarkable success can be gained in marketplace. Apart from that, wide use of
social media marketing can bring some challenges which are described as below:
 Needs Qualified personnels – This is the main challenge that is faced by each
organisation while using social media marketing. In marketplace, most of the

organisations are using social media marketing due to which qualified personnels are
highly required within the workplace so as to managing accounts and controlling traffics
which automatically increases the cost of operations.
 Slow returns on investments – For using these marketing technique higher investments
are needed and any organisation have no capability to recover their each investment
easily within a smaller period of time. Due to this, entrepreneurs or owners of Unicorn
Grocery can face instability in their operations.
 Time consuming – Most of the users uses social media platforms for entertaining
themselves due to this, content or information about specific products of firm can be
ignored that can lead the organisation towards heavy loss of money and time (Miles and
et. al., 2016).
Recommendations
From the above discussion, it has been recommended to the entrepreneurs of small
medium enterprises to make proper focuses on each pros and cons of marketing techniques i.e.
Social media or word of mouth before adopting because if they will not done it then they can
take their ventures towards failure. If they adopting it in their operations then it is very essential
for them to make changes according the demands or needs of customers so that they will achieve
desired growth in marketplace. It has been also recommended to the entrepreneurs of Unicorn
grocery to adopt effective marketing technique through analysing each aspect so that desired
success or growth can be taken in marketplace. By using effective technique of marketing they
will be able in identifying needs and wants of customers which automatically supports them in
enhancing their customer base and sales figures.
CONCLUSION
From the above discussed information it has been concluded that each business
organisation have to use effective marketing techniques and practices during their operations so
that desired growth and competitiveness can be gained in this modern competitive marketplace.
Furthermore, for remaining competitive, organisations should adopt effective marketing
techniques i.e. word of mouth or social media so that large customer base and wide market-share
can be maintained in marketplace. In order to remain competitive in marketplace, It is also very
essential for managerial personnels of organisation to make effective changes in their operations

on regular basis so that challenges of wide external environment can be handled easily. This will
automatically redirected the organisation towards growth and sustainability in market.

REFERENCES
Books and Journals
Fillis, I., Lehman, K. and Miles, M. P., 2017. The museum of old and new art: Leveraging
entrepreneurial marketing to create a unique arts and vacation venture. Journal of
Vacation Marketing. 23(1). pp.85-96.
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.
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.
Lam, W. and Harker, M. J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal. 33(3). pp.321-348.
Miles 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.
Nijssen, E.J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
O'Cass, A. and Morrish, S., 2016. Anatomy of entrepreneurial marketing. Journal of Strategic
Marketing.24(1). pp.2-4.
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.
Online
THE LATEST UK SOCIAL MEDIA STATISTICS, 2019. [Online]. Available Through:
<https://www.avocadosocial.com/latest-social-media-statistics-and-demographics-for-
the-uk-in 2019/>