Entrepreneurial Marketing: Innovation, Strategy, and Small Business

This presentation delves into the core of entrepreneurial marketing, emphasizing the crucial role of innovation in developing effective strategies. It begins by defining entrepreneurial marketing as a spirit-driven approach distinct from traditional methods, focusing on customer attraction and revenue generation. The presentation then outlines the features of the small business marketing environment, highlighting customer focus and objective orientation as key elements. It addresses operational issues like responding to competition and managing uncertainty, alongside comparisons between standard marketing theories and practices, including the Ansoff matrix and best practices like word-of-mouth and innovative marketing. The presentation also examines autonomous learning skills essential for entrepreneurial marketing, such as problem-solving, effective communication, and self-management. Ultimately, the presentation concludes that entrepreneurial marketing, particularly through word-of-mouth, is highly beneficial for small and medium-sized organizations, enabling customer base expansion with limited financial resources. The presentation is based on the topic "To identify the importance of innovation in development of entrepreneurial marketing strategy"

Entrepreneurial
marketing group
presentation

Table of Content
 Introduction
 Features of small business marketing environment
 Key marketing operational issues
 Compare and contrast standard marketing theory and practices
 Autonomous learning skills which shows abilities
 Conclusion
 References

Introduction
Topic: “To identify the importance of innovation in development of entrepreneurial
marketing strategy”
Entrepreneurial marketing is not about single marketing strategy but it is more
related to marketing spirit which differentiates it from other traditional marketing
practices. It involve several fundamental principles of marketing because they are
designed with motive of customer attraction and generating revenue.

Features of small business marketing
environment
Small and medium size companies are which operate their business at small scale by
employing few staff members. Such corporations have approx. 50 employees or less
than that as well as small business marketing environment consider both external and
internal factors. For successful operations of business within market area it is
necessary to focus on factors that are related with business marketing environment.

Cont.…
Few essential marketing features are as follows :-
 Customer focus: Here the business of Steven Madden Ltd. will follow the
marketing strategy focusing on their customers exact needs and wants . In order
to do so they will identify what exactly the need, wants and desire of their
customers is so that they can choose the activity of marketing a product can be
performed significantly within SMEs.

Cont.…
 Objective oriented - This features of business marketing environment is the core
for every type of corporation as in this the main concentration is on full fill
objectives of both customers and company so that both of these can be served in a
effective manner. In this the marketing activity which will be taken into the
consideration will be only after the identification of the weakness of the firm on
which the business of Steven Madden Ltd. will work and adopt the most suitable
marketing activity for their products.

Key marketing operational issues
Marketing operations is broad term which simply explain functions of marketing
organisation including process, technology and people. All these enables marketing
to operate in efficiently and to scale with quality as well as consistency. There are
several marketing operational issues facing by Steven Madden Ltd.

Cont.…
Explanation of these are as follows :-
 Responding to competition – There is high level of competition in Textiles,
Apparel and luxury goods industry because of large number organisation. Thus,
one of the major operational challenge Steven Madden Ltd. Facing is high level
of competition. As their competitors are also offering same products and services
so to come out of this respective small company have to bring something
innovative.

Cont.…
 Uncertainty – Business environment is dynamic and no one knows what exactly
going to be happen in future. Such as fluctuation in market trends give wide
impact on operations of Steven Madden Ltd. And they have to offer products or
services as per present trends.

Compare and contrast standard marketing
theory and practices
There are several marketing theory which Steven Madden Ltd. Can implement
within their working but they have several similarities as well as differences.
Explanation of these are as follows :-
 Ansoff matrix – As per this theory organisation divide its products and
market on the basis of existing or new.

Cont.…
Depending on characteristics of product and market Company will decide its
marketing strategy which are as follows :-
 Market Penetration
 Market development
 Product development
 Diversification strategy

Cont.…
There are several best practices which help in conducting marketing such as word of
mouth, innovative, opportunistic and many more. Out of these word of mouth and
innovative will be implement by Steven Madden Ltd.