Report on Entrepreneurial Marketing Strategies and Methods

This report provides an overview of entrepreneurial marketing, focusing on strategies and methods used to enhance business growth. It explores various marketing techniques such as social media marketing, emphasizing the importance of social networks and media sharing. The report also delves into innovation marketing, highlighting how innovative products and services can boost sales, improve customer relationships, and reduce costs. Furthermore, it examines word-of-mouth marketing, discussing its advantages like cost-effectiveness and building trust, and its disadvantages such as negative feedback. Location marketing is also analyzed, considering its advantages like tracking and sharing experiences, along with disadvantages like the need for smart devices and specific requirements. The report provides recommendations for effective implementation and concludes by emphasizing the role of these promotional tools in building a strong brand image. The analysis uses the case study of The Furniture Practice Ltd to illustrate the application of these concepts.

ENTREPRENEURIAL MARKETING
ENTREPRENEURIAL MARKETING
ENTREPRENEURIAL MARKETING

INTRODUCTION
 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.

Marketing Methods
 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 (Sunstein, 2018).

 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 (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 (Lau,
2017).

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.
There are different method which is used
by innovation marketing helps in
promoting the business (to be continu…)

 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 (Yin, 2016).

 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).

Word of mouth
 Word mouth refers to promotion of products
by spreading the words from mouth by
customers.
 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. (Hall, 2019).

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.
(Wesley, 2016).

 Trust- A product is only bought by the
customers or end users when they have trust
on brand and firm. 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. With help of
word of mouth, value of brand increases in the
market at wider level and remain for longer
period of time. (Biemans, 2018).

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.

Location Marketing
 location marketing is one 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( Wu, 2018).

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.
 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. (Pagani, 2017).

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.
 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 (Sunstein,
2018).

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. They
offer effective maintenance services to its buyer. It
helps them in increasing productivity as well as
profitability level (Trottier, 2016).

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.

REFERENCES
 Sunstein, 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, 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, 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, 2017. Analyzing electronic word of mouth: A social commerce
construct. International Journal of Information Management, 37(3),
pp.202-213.

 Hall, 2019. Tourism and innovation. Routledge.
 Wesley, 2016. Innovation and marketing in the video game
industry: avoiding the performance trap. CRC Press.
 Biemans, 2018. Managing innovation within networks (Vol. 7).
Routledge.
 Wu, L. and Stilwell, M.A., 2018. Exploring the marketing potential
 Pagani, 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.

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