Entrepreneurial Marketing: SME Strategies - Regent College London

This report provides a comprehensive analysis of entrepreneurial marketing strategies employed by Small and Medium Enterprises (SMEs), contrasting them with those of larger businesses. It emphasizes the significance of innovation, market differentiation, and effective marketing practices, particularly word-of-mouth and social media marketing, in enhancing SME performance. The report also addresses operational issues and challenges faced by SMEs, such as limited market awareness and the need for cost-effective marketing solutions. By examining Rowlinson Knitwear as a case study, the report highlights the practical application of entrepreneurial marketing principles and the importance of adapting marketing strategies to the unique constraints and opportunities of SMEs. Access more solved assignments and study resources on Desklib.

Entrepreneurial
Marketing
Presentation

Content
 Introduction
 Word of mouth is better or not for SME
 Social Media
 Market Innovation
 Market Differentiation Strategy
 Conclusion
 References

Introduction
Entrepreneurial marketing can be defined as the process that work like
orientation and process of pursuing opportunistic by establishing and
launching new products in market. Entrepreneurship is more concerned
to launch new venture in market for increasing value in products and
services that are offered by organisation. Innovativeness, unique,
creative, market promotion are some of the key aspects of
entrepreneurial marketing.

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Entrepreneur are also concern about
selling products in a large market.
This report is written from
perspective of Rowlinson Knitwear
which is a small organisation.

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Moreover, these report highlights on features of small business marketing
environment and operational issue faced by new ventures and small
business. Marketing theory and practices in small business is also
included in this report. In the last, learning skills to deal with problems
will also be included in this report. Innovation is one of the most
appropriate methods that leads organisation to perform work with
continue innovation that is required by enterprise.

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The main motive to implement entrepreneurship is to complete all task
with innovation perspective for manufacturing products according to
customer expectations. Similarly, innovation also helps company to
perform their work in target specific segment to sale their products as per
patronages. On the other side, there are various medium such as social
media, market innovation and marketing strategy will also be included in
this report. Social methods and techniques helps company to aware about
items that are sold with motive of earning profits.

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Strategy is also providing various benefits to company like to approach
large number of persons by performing work in a global market area.
Moreover, the main work of strategy is to accomplish company goals
within minimum time period for achieving vision and mission of
company.

Word of mouth is better or not for SME's
Word of mouth is defined as an effective tool that is more beneficial
for the business organisation because it spread awareness related
with company products and services through words and mouth
publicity. There are various products sold by organisation to its
clients so it is essential for company to promote all products Words
of mouth is one of the best approach for promotion of products and
services as it leads company to increase profits by generating more
customers base.

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Example- by offering good quality products it is easy for customers to
refer them to its colleagues, family, friends and many more. Along with
this it is defined as the recommendation to satisfy customers with oral
basis. It is also considered as most effective method which is used for
promoting all items that are sell by organisation. In the context of
Rowlinson knitwear word of mouth is more beneficial as it help
customers to convert prospect customers into a promotional tool.

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The management of Rowlinson knitwear utilise word of mouth
technique to generate positive perception about products in the society
due to which more customers purchase company products and services.
Business environment analysis is used to identify potential aspects that
impacts on asset, decision-making and perspective of organisations.
Economic, political, cultural etc. are major aspects of an marketing
environment that are beyond the control of company.

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So to understand all this aspect marketing
plays a crucial role in organisation as it
leads management in understanding
overall market trends and conditions.
Further, by understand of marketing it is
easy to implement word of mouth, social
media and other promotional strategy in
effective manner.

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Low cost for marketing- Word of mouth provides benefits to all
organisation whether they are small, medium and large in size. This
determines that medium size companies and SME both will not
generate expense to market their products. So profits of organisation
are directly increased as no cost is invest to promote products. In
context of Rowlinson Knitwear it is a positive point for company
because management utilise surplus money in expanding business size
of organisation.