Entrepreneurial Marketing in SMEs: Report for MKT3025

This academic report analyzes the nuances of marketing within Small and Medium Enterprises (SMEs), contrasting them with larger organizations. It delves into relevant SME and entrepreneurial theories, such as Innovation Theory and the Need for Achievement Theory, providing critical insights into marketing practices. The report examines the key issues faced by SMEs, including customer acquisition and profit maintenance, and contrasts them with the advantages of larger firms. It highlights innovative marketing considerations like video streaming and social media, while focusing on two best practices: word-of-mouth and innovative marketing strategies. The conclusion emphasizes the critical role of marketing in SME success, supported by entrepreneurial theories, and provides references for further reading.

Entrepreneurial
Marketing

 Introduction
 SME and Entrepreneurial theory findings
 Main issues faced by SME
 Why big firms do not face such challenges
 Innovative and Entrepreneurial consideration in SME’s marketing
 Two best practices
 CONCLUSION
 REFERENCES
Content

Marketing introduces to the set of activity and process of developing,
communicating, offering and exchanging goods or services that have
value for customers. Marketing is important for the entrepreneur
because it will help them in development of its business at
marketplace. Along with this, entrepreneurial marketing is less
regarding a single marketing strategy as well as more about a
marketing sprite that distinguish themselves from traditional
marketing practices
Introduction

Austin Fraser is an example of SME that specialises in
recruiting or hiring technology teams across entire sector.
Company has developed a transparent and open culture,
which is focused from the top down. Along with this,
company is requiring to expand their business which is
only possible with the use of marketing
SME and Entrepreneurial theory
findings

 Innovation Theory: According to this theory, entrepreneur essentially
an innovator and innovator is an individual who introduces new
combinations. This theory will be essential for SME such as Austin
Fraser in development of its business growth and success.
 Need for achievement theory: This is an another theory of
entrepreneurial and in this theory entrepreneur i.e. Austin Fraser try to
analyse internal factors such as human values as well as motives that
lead an individual to exploit chances, to take benefit of favourable
trade conditions.
Entrepreneurial theory

 Restricted ability to attract new customers/candidates:
The medium size organisations like Austin Fraser are not
effective in attraction of new customers due to the intense
level of competition in market.
 Inability to maintain profits: The medium size
organisations are unable to maintain the level of profit in
front of large organisations.
Main issues faced by SME

 Market share: Big organisations have large market share at
worldwide level. This is the reason that they able to earn sufficient
amount of profits from their business functions in market.
 Bigger budget: The bigger level of budget allows the organisation
to focus over attainment of all possible resources that are helpful
for an organisation in future to grab large market share along with
higher level of profitability.
 Branding: The big organisations are good in branding.
Why big firms do not face such
challenges

 Video streaming: This is effective method of marketing that includes the
digital presentation of organisational offerings in front of consumers
through usage of mediums like television and some other digital media
platforms.
 Social media: This is also one of best market practice that uses
commonly in current period of time by large organisations. This includes
the advertisement and promotion of business offerings at different social
media platforms such as Facebook, Instagram and Pinterest
Innovative and Entrepreneurial
consideration in SME’s marketing

 Word-of-mouth: It is an effective communication channel that will help
SME in boosting of its brand awareness. It is an essential factor for company
in strengthening and eroding brand affinity
 Innovative: It is another best practice method that will support Austin Fraser
in increasing customer satisfaction, accomplishing competitive benefits,
saving time and money etc. These are major benefits of using innovation in
business for SME. This is more beneficial for Austin Fraser because the business
model of an organisation depends over same. The use of innovation marketing not
only help to get closer to large but also aid in depicting the level of competency in
technological functions.
Two best practices

From the above mentioned information, it has been concluded
that marketing is important part of the success and growth of
entrepreneur. Along with this, Innovation Theory, need for
achievement theory and Theory of leadership are essential
entrepreneurial theories that supported SME in its business
expansion.
CONCLUSION

Ahmadi, H. and O'Cass, A., 2016. The role of entrepreneurial marketing in
new technology ventures first product commercialisation. Journal of
Strategic Marketing. 24(1). pp.47-60.
Alqahtani, N. and Uslay, C., 2020. Entrepreneurial marketing and firm
performance: Synthesis and conceptual development. Journal of Business
Research. 113. pp.62-71.
Andersson, S., Evers, N. and Gliga, G., 2018. Entrepreneurial marketing and
born global internationalisation in China. Qualitative Market Research: An
International Journal.
References

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