Entrepreneurial Marketing: Innovation and Word-of-Mouth Strategies

This report provides an in-depth analysis of entrepreneurial marketing, specifically focusing on its application within Small and Medium Enterprises (SMEs). It begins with an executive summary that outlines the core objectives, which include investigating marketing practices and alterations within SMEs to introduce new ideas and plans. The report then delves into the features of the small business marketing environment, key marketing operational issues faced by new ventures, and a comparison of standard marketing theories and practices. It highlights the importance of customer focus, objective orientation, and continuous marketing activities. The report emphasizes the impact of word-of-mouth and innovation as crucial elements for SME success, examining challenges like staffing, competition, and cash flow. It contrasts traditional marketing theories like the 7Ps with entrepreneurial marketing practices, particularly focusing on the effectiveness of word-of-mouth and innovation strategies for resource-constrained businesses. The report concludes by defining entrepreneurial marketing and differentiating it from traditional marketing approaches, emphasizing the proactive and innovative nature of the former.

ENTREPRENEURIAL
MARKETING
Individual Assignment

Executive Summary
In this respective file there will be detail explanation about the entrepreneurial marketing
where main aim is to try and investigate about the marketing practices and any of the alteration
within the SME for the purpose of introducing new ideas and plans. The main target will be on
marketing with including its main features which have a direct impact upon business
environment. Also how different types of problem and issues can be resolved by using the
appropriate methods and practices for example: innovative marketing. Also, Ansoff Matrix will
guide that how company can expand its business at different platform.

Table of Contents
Topic- “Word of mouth and innovative are the best practices.” .....................................................1
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
a) Features of the small business marketing environment :...................................................1
b) Key marketing operational issues faced by new ventures................................................2
c) Compare and contrast standard marketing theories and practices.....................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

Topic- “Word of mouth and innovative are the best practices.”
INTRODUCTION
Entrepreneurial marketing is the one which is proactive process considering innovation
and new ideas to do the business. This concept is utilised in order to determine the business
greatest competitive strengths focusing on their value to the customers. Entrepreneurial
marketing is the one which focuses little on the single marketing procedure but fosters more
emphasis on the marketing spirits which contradict itself from the traditional marketing. This
current report has been written on the organisation that operates their business on a small scale
such as Rowlinson Knitwear. This report will also cover the study of different features of small
scale firm's environment along with considering the key issues and different marketing theories
and practices. This study also focuses on the various autonomous skills and ideas so that the
execution of the business activities can be performed in the most effective manner(Bettiol and et.
al., 2012).
MAIN BODY
a) Features of the small business marketing environment :
Small and medium sized enterprises are those which operates their business on a small
scale employing fewer number of employees. These enterprises are run employing 50 or less
than 50 workers within the organisation. Small business marketing environment is the one which
considers all the external and internal factors which are influencing the business environment. As
the business of Rowlinson Knitwear is operating their business operation in a small market
segment the business focus on the distinguish features of the that particular market. Rowlinson
Knitwear is leading the market by supplying personalised corporate and school wear garments in
the retail market(Yang and Gabrielsson, 2017). In order to successfully operates within the
market the business will focus on all the factors and features associated with that particular
business marketing environment. Some of the essential marketing features are :
Customers focus: Here the business of Rowlinson Knitwear 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.
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Objective oriented : This features of business marketing environment is the core for any
business as in this the main concentration is on the fulfilling the firms as well as the customers
objective is given 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 Rowlinson will work and adopt the ,most suitable
marketing activity for their products(Miles and et. al., 2015).
Continuous and regular activity: Marketing a products is a regular activity which is to
be performed within the business. As SMEs are operating a business on a small scale so the
number of employees to perform this activity within the Rowlinson is limited so the business
will follow the continuous and regular marketing strategy which are already in existence.
Impact of word of mouth and innovation: It is very essential for small business
organisation that they must try that how they can be more communicative. It will give them the
idea that how they are required to perform within the market and even it will enable to develop
the relationship between customers and organisation which will help to accomplish the goals of
an organisation. Also, if company can be able to become innovative in their idea then it will be
one of the best things for SMEs because it will give them the power to compete with other
business organisation.
b) Key marketing operational issues faced by new ventures.
Each firm within this competitive era has to undergo these challenges and issues as
coping up with this challenge will enable the business to stand out in the competitive era beating
their competitors. As the business of Rowlinson Knitwear is the retail business sector deals in
providing personalised garments on a very small scale so it is impossible for the business to
expand their firm by implementing all the changes which are prevailing in the market. With this
view below mentioned are the operational challenges faced by the business of Rowlinson
Knitwear:
Finding the staff: This is the big issue in front of the Rowlinson Knitwear to find the
staff who has the right knowledge and skills to perform the business activity of marketing as the
business has limited number of employees who may be capable or may not be to understand how
to market the product within the environment so this is the key operational issues in front of
business as this has lowered the business performance and productivity level.
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Responding to competition: There are infinite numbers of competitor available who
deals in the same field of manufacturing of the personalised garments so this is not easy for the
business of Rowlinson Knitwear to cope up with all these competitors due to its small size of the
firm and fewer number of employees . For this reason this is a challenge for the business to
respond to the competition prevailing in the market(Ionita, 2012).
Cash flow: This is the most important factor on which the business depend as managing
cash within the business can lead a business towards a higher position. But for the business of
Rowlinson Knitwear it is a challenge to manage the flow of cash within and outside the firm as
due to the dynamic environment and changing technology the business is not able to decide the
budget in a appropriate manner about how much to be spent on what so that the firm can lead in
the small and medium sized enterprise market.
Impact of word of mouth and innovation: It is very important for organisation like
Rowlinson Knitwear because it will be one of the source through which they can easily attract
the new staff for company in best possible manner (Yang and Gabrielsson, 2017). It is never easy
for company to compete in the market but in this situation word of mouth and innovation can be
one of the way through which company can be able to respond to the competition which they are
getting in the early days of business activity.
c) Compare and contrast standard marketing theories and practices.
Standard marketing theory is the one which is used by all the business firms in order to
sustain their business within the market for long lasting duration of time. These theories are same
as the theories of marketing such as :
7p's of Marketing:
7P's of marketing enables the business in their easy identification of the products, place its
promotion, process, prices etc.
Product: This factor of the marketing mix is mainly concerned with the product which
the company offers to its customers so that their need and desire for that particular product can
be satisfied(Kraus and et. al., 2012).
Price: This step involves consideration about the level of the prices which has been fix
by the association for the products so that the customer pay that amount and consumes the
product in order to have full satisfaction.
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Place: In order to market the product this factor is a major that where the business is
operating their operation and at what areas they are serving to the customers. This also considers
the distribution channels and the location of the distribution.
Promotion: Promotion includes promoting a products in the market through the different
promotional tools such as online marketing, social media marketing, advertisement through
television, banners etc.
Process: This is mainly considered with the flow of the product from the manufacturer to
the final consumers. This involves actual delivering of the products through a proper mechanism
and channels.
Physical evidence: This involves the tangible component regarding the products and
services such as its attractiveness its packaging colour. This also focus on the services delivered
and how the customers interact(Jones, Suoranta and Rowley, 2013).
People: This factor is mainly concerned with the employees who are involved in the
process of delivering of products and marketing of the products and services.
In contradict to these theory the business of Small and medium sized enterprise will focus on the
marketing of the product through different different practices which are as mentioned beneath:
 Word of mouth: This is considered as the most reliable strategy of the business in order
to market their products and services in front of the customers. As through this
promotional strategy the business can easily attract large number of customers towards
their product as customers always seek to buy the products which are of best quality so
publicity through the mouth of the people who has already used and experienced the
products will help the business of Rowlinson Knitwear in capturing large customer base
and relationship with their potential customers. As the budget to promote the product
within the small scale business is also less so this will be the better marketing strategy for
the firm to adopt(Hacioglu and et. al., 2012).
 Innovation: Innovation within the business is the prime components which leads the
business in gaining a competitive advantage so in order to sustain within the market the
business need to focus on the innovation of their marketing strategy so that mass of
customers get attracted easily and purchases the product by increasing firm profitability.
The business of Rowlinson is required to focus on the creation of the new ways to market
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the product in the environment so that the business can maintain the sustainability within
the competitive market by maintaining the stability of its products and services.
Thus, business of small and medium sized enterprise will adopt the marketing strategy of
these innovation and mouth publicity as the business operating does not have sufficient amount
of cash available to them so that they can spend on the different different promotional activities
such as billboard advertisement,banners, holding etc. so from the above mentioned theory and
practices the business will use practices in their business(Hills and Hultman, 2013).
Define entrepreneurship marketing
It is defined as the marketing strategy in which entrepreneur brings on the different
approaches to explore the opportunities which is available in front of them. It helps to attract the
customers in because different idea are brought in to enhance the sell of a company for the
purpose of earning profit in future period of time (Ionita, 2012).
Difference between marketing and entrepreneurship marketing
Marketing Entrepreneurship marketing
It is the traditional approach of selling any of
the product within the market.
It is the way of where entrepreneur brings on
the new and innovative idea to sell any of the
product within the market.
Top-down approach is used as a strategic level. In entrepreneurship marketing, entrepreneur
mainly thinks about down to up style of
marketing as a strategic level.
In this information are collected by doing
monitoring the marketing strategies.
Here, informal method is used for collecting
information.
Reflection/ self evaluation
It was one of the opportunity which was given to me which helps me to understand that
how any of the marketing practices helps to the business organisation which performs business at
smaller ground. Entrepreneurial marketing helps to collect the various information about the
environment of a market. Also, I came to know that any of the company can overcome from the
problem by implementing the effective strategies and approaches.
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As I know about the entrepreneurial marketing and its features
that should be required to study as they helps in knowing the environment
of market. Also, I determine the several issues that are faced by the
company in order to starts business that can be solved by formulating
effective strategies and approaches. In addition, I have suffered from
lack of knowledge which are needed to formulate strategies and methods
that helps Thirdway Group in order to reduce issues related to the
uncertain marketing conditions.
CONCLUSION
As per the reports it can be concluded that entrepreneurial marketing is a vital concept as this is a
blend of all marketing strategy which helps in achieving the expected objective of the business.
Apart from this the major consideration has been given on the operating of the small and medium
sized enterprises through different skills, tools and various theories. As implementation of these
theories and practices will leads the business in the competitive market.
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REFERENCES
Books and journals
Bettiol, M. and et. al., 2012. Marketing in SMEs: the role of entrepreneurial sensemaking.
International Entrepreneurship and Management Journal. 8(2). pp.223-248.
Miles, M. and et. al., 2015. Exploring entrepreneurial marketing. Journal of Strategic Marketing.
23(2). pp.94-111.
Ionita, D., 2012. Entrepreneurial marketing: a new approach for challenging times. Management
& Marketing. 7(1). p.131.
Kraus, S. and et. al., 2012. The entrepreneurial marketing domain: a citation and co-citation
analysis. Journal of Research in Marketing and Entrepreneurship. 14(1). pp.6-26.
Jones, R., Suoranta, M. and Rowley, J., 2013. Entrepreneurial marketing: a comparative study.
The Service Industries Journal. 33(7-8). pp.705-719.
Hacioglu, G. and et. al., 2012. The effect of entrepreneurial marketing on firms’ innovative
performance in Turkish SMEs. Procedia-Social and Behavioral Sciences. 58. pp.871-
878.
Hills, G. E. and Hultman, C., 2013. Entrepreneurial marketing: Conceptual and empirical
research opportunities. Entrepreneurship Research Journal. 3(4). pp.437-448.
Thomas, L. C., Painbéni, S. and Barton, H., 2013. Entrepreneurial marketing within the French
wine industry. International Journal of Entrepreneurial Behavior & Research. 19(2).
pp.238-260.
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Harrigan, P., Ramsey, E. and Ibbotson, P., 2012. Entrepreneurial marketing in SMEs: the key
capabilities of e-CRM. Journal of Research in Marketing and Entrepreneurship. 14(1).
pp.40-64.
Yang, M. and Gabrielsson, P., 2017. Entrepreneurial marketing of international high-tech
business-to-business new ventures: A decision-making process perspective. Industrial
Marketing Management. 64. pp.147-160.
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