Entrepreneurial Marketing Report: Small Business Strategies and Issues

This report delves into the realm of entrepreneurial marketing, focusing on the unique characteristics and challenges faced by small businesses, particularly within the retail sector. It begins by outlining the key features of the small business marketing environment, such as revenue limitations, human resource management, technological adaptation, and financial constraints. The report then identifies and discusses operational issues encountered by new ventures in the global retail industry, including transportation costs, cultural differences, and legal regulations. Furthermore, it explores standard marketing theories and practices, specifically highlighting the application of the marketing mix (product, place, price, promotion, people, processes, and physical evidence) through a case study of The ThirdWay group. The report also emphasizes the importance of autonomous learning skills for effective problem-solving and stresses the need for clear articulation of core ideas and concepts. The report concludes by underscoring the importance of strategic marketing in ensuring the long-term success of small businesses and new ventures.

ENTREPRENEURIAL
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
A). Features of small business marketing environment..............................................................1
B). Marketing operational issues faced by the new venture in retail industry in the global
context.........................................................................................................................................2
C). Standard marketing theory and practice seen in the small business organisations..............3
D). Autonomous learning skills for the problem solving............................................................4
E). Articulate core ideas and concepts on the literature..............................................................5
CONCLUSION................................................................................................................................5
REFERENCES ...............................................................................................................................6

INTRODUCTION
Entrepreneurial marketing is defined as a combination of various marketing practices and
procedures which are used by small business owners and entrepreneurs. Entrepreneurial
marketing is very much different from traditional marketing. As in this type of marketing
requires innovation, high risk taking and problem solving capacity. The major focus of
entrepreneurial marketing is to enter in the market after planning and analysing. So that the small
business is able to build image in the market for longer period of time(Bahadir, Bharadwaj and
Srivastava, 2015). This report will consist of the features of small business marketing, the
problems faced by the small business and the standard marketing theory. The opportunities and
problems faced by the small business will be discussed in this report.
TASK 1
A). Features of small business marketing environment
The small business contains a different set of characteristics which make it different from
the large scale organisations. The environment in which small business operates is very much
different as compared to large and medium scale business organisations. As the environment of
the small scale business contains high chances of risk and uncertainty. The features of small
business market environment are discussed below-
 Inadequate revenue and profitability- The profit and revenue of the small business is
generally low. As these types of organisations are not able to attract more customers at
the initial stage. Small business takes longer period of time to establish in the market.
Due to this the revenue of these are generally low. The rate of profits in such type of
business environment is also not at the growth stage(Bridge and O'Neill, 2012).
 Human resource- The number of employees in this type of organisation is generally
low. So the entrepreneurs or business owners needs to put more emphasis on managing
those employees. As these human resources will directly help the business organisations
in sustaining in the market for longer period of time. And the competitive advantage can
also be gained in the effective and efficient manner.
 Changing technology- Technology is one of the most important feature of the small
business marketing environment. As this will only help the organisation in promoting the
product in the market. If latest technology is used than the small scale enterprise will be
1

able to compete with its competitors in a better manner. And the business will also be
able to reach to its potential and ready customers.
 Managing cash and capital- As the small scale enterprise runs on a low capital budget.
So the task and activities needs to be managed in a sequential manner. This must be done
so that the problems and situations of the market can be handled in the best possible
manner. If this is done than the goals and objectives of the small scale business can be
achieved(Burns, 2016).
The above mentioned features of small scale business helps the management in the proper
functioning of the task. All these features are inter related with each other. Any change in one
feature will result in change in the working of the small scale business.
B). Marketing operational issues faced by the new venture in retail industry in the global context.
There are many problems faced by the small business and new ventures in the global
market. As in this type of market the market conditions is very much different from the domestic
market. The small scale business in the retail industries faces a lot of competition and
uncertainty. As in such type of industry the level of competition is very high and also involves
high degree of risk. The some of the major issues faced by the small business in the retail
industry are mentioned below:
Transportation cost- If the new venture or small business wants to expand its business
in the global market. Than the organisation might have to pay high transportation cost to make
their product available in the market at the right time. It is not a easy task for the new ventures
and small business to invest a high amount of money in the transporting their product from one
place to another. Due to this the organisations might also suffer loss.
Cultural differences- The culture in the domestic market is very much different as
compared to the global market. Small business needs to plan the future course of action
according to the culture of the operating market. If the products and services are not designed
according to the culture of the global market than it would be hard for the new venture to carry
on the operations of the market at the global level(Hunt, 2014).
Legal rules and regulations- Change in the laws and regulations of the international
market directly affects the working of the small business. As it will be difficult for the new
2

venture to adapt such changes in the short period of time. And due to this the marketing plans of
the organisation will be disturbed and the company may also suffer loss of customers.
All these factors may lead to dis functioning of the business operations of the small enterprise.
So the management must try to make the plans and strategies will help them in achieving the
long term goals and objectives(Ionita, 2012). These issues needs to be solved in the best possible
manner because if the entrepreneur fails to do so than the customers will shift from one brand to
another.
C). Standard marketing theory and practice seen in the small business organisations.
There are various marketing theory used by the small business to establish and run their
business in the effective manner. As these theories and practices will guide them in conducting
the task and activities in the planned manner(Vasilchenko and Morrish, 2011). With the help of
the marketing theories the manager of the small business will be able to plan better things for the
future. And the resources of the business will also be optimally used. The marketing theory
which can be used by the small business is the Marketing Mix theory. This theory can be used by
the small business to identify the demand of the product in the market. For example a small scale
business enterprise The ThirdWay group is a London based company which deals in furniture
and architecture development. The company used the marketing mix theory before introducing
their products and services in the market. The marketing mix theory used by ThirdWay group is
discussed below-
Product- The products introduced by Third Way group were according to the needs and
demands of their customers(About The ThirdWay Group. 2019). The company first analysed the
market conditions and than introduced the products. Due to this the sale and profitability of the
organisation increased and the customers of the company were satisfied with the products and
services.
Place- The company was able to make the products available to its customers at the right
time and also at the right place. The company introduced a new marketing plan to attract more
and more customers. The main focus of such plan was to make the designs of the furniture
products available to the customers at their door step.
Price- The products offered by the organisation were available at the affordable price.
The price of the products were decided by the company keeping in mind the paying capacity of
its customers.
3

Promotion- The company used new and innovative promotional techniques to make the
customers aware about their products. For example promotions were done on the social
networking sites, discount coupons were given to the new customers, furniture products were
available on the exchange offer. In this promotional activity the old furniture were replaced by
the new furniture.
People- ThirdWay group hired the right people for the right job. Skilled and talented
candidates were hired by the manager of the company. As they help the organisation in giving
new and innovative ideas to increase and enhance their business.
Processes- The company made some necessary changes in the delivery and
manufacturing process of the products. This helped company in attracting more and more
customers and the sale of the company was also increased.
Physical evidence- The company made the products available according to the demand
of the customers. Brochure are given to the customers so that they can have the detail knowledge
about the product they are interested in buying.
D). Autonomous learning skills for the problem solving
If the entrepreneur wants to run its business in the proper manner than analysis of the
marketing conditions must be done in the proper and sequential manner. This can be done by
using the problem solving skills in the efficient manner. The entrepreneur can develop such skills
by facing challenges in the market and also by gaining the experiences. This type of skill can be
enhanced by taking risk in the business. This is because if it is done than the business will grow
and the skills and knowledge of the business owner will be increased(Jussila and et. al., 2015).
The problem solving skill will also lead to effective communication in the organisation.
The employees of the small business will know what is to be done in case of any problem. The
chances of misunderstanding and miscommunication will be decreased. As the right information
will be transferred to the right employee at the right time. The small business goes through many
problems at the time of conducting the business activities. So the management needs to maintain
effective communication in the organisation. Due to this the employees will get motivate to
perform better(Roper and Davies, 2010). The activities will also be managed in the proper
manner. Duplication of work needs to avoided in the activities of small business. This is because
it will directly lead to decrease in the sale of the organisation. And the goals and objectives might
not be able to achieved in the planned manner. The skills and talent of the superior and
4

subordinate can be increased and learnt with taking trainings. As these trainings will help them in
handling the problems. The employees in the small business will also be able to adapt them in
the changing working conditions of the business.
E). Articulate core ideas and concepts on the literature
The small business organisations needs to make proper plans and policies before
implementing any new idea. As the improper analysis of the market conditions will lead to
decrease in the market share of the enterprise. The analysis must be done keeping in mind the
present and current scenario of the market. The small business organisation can use innovate
ideas to attract more and more customers(Kotler and Armstrong, 2015). These ideas can be
taken from the employees of the organisation and also directly from the customers.
Competitors action plan can also be known by the small business if the organisation wants to get
good returns in the long run. This will also help in the proper positioning of the product and
services offered by the small business organisation. This can be done by gathering right and
accurate information from the market. The company can make use of various marketing channels
to promote the product or service. Small business must also decide the price of the product after
knowing the needs and demands of the customers. This is because the availability of resources is
very less in the small scale business enterprise(Neneh, 2014).
CONCLUSION
From the above given report it has been concluded that activities of small business and
new venture must be conducted after the proper analysis of the market situation. These type of
business requires different policy formulation. The small business can make use of various
marketing theories to run their business in the desired manner. As it was done by one of the
small scale enterprise of UK. These marketing theories will give the brief idea in handling the
future problems and situations.
5

REFERENCES
Books and Journals
Bahadir, S.C., Bharadwaj, S.G. and Srivastava, R.K., 2015. Marketing mix and brand sales in
global markets: Examining the contingent role of country-market characteristics.
Journal of International Business Studies. 46(5). pp.596-619.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Hunt, S.D., 2014. Marketing Theory: Foundations, Controversy, Strategy, and Resource-
advantage Theory: Foundations, Controversy, Strategy, and Resource-advantage
Theory. Routledge.
Ionita, D., 2012. Entrepreneurial marketing: a new approach for challenging times. Management
& Marketing. 7(1). p.131.
Jussila, I., and et. al., 2015. Individual psychological ownership: Concepts, evidence, and
implications for research in marketing. Journal of Marketing Theory and Practice.
23(2). pp.121-139.
Kotler, P. and Armstrong, G., 2015. Principles of Marketing-Global Edition. Pearson.
Neneh, B.N., 2014. An assessment of entrepreneurial intention among university students in
Cameroon. Mediterranean Journal of Social Sciences. 5(20). p.542.
Roper, S. and Davies, G., 2010. Business to business branding: external and internal satisfiers
and the role of training quality. European Journal of Marketing. 44(5). pp.567-590.
Vasilchenko, E. and Morrish, S., 2011. The role of entrepreneurial networks in the exploration
and exploitation of internationalization opportunities by information and
communication technology firms. Journal of International Marketing. 19(4). pp.88-
105.
Online
About The ThirdWay Group. 2019. [Available through]: <https://www.b.co.uk/company-profile/?
thirdway-group-103480>
6