Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. Entrepreneurial marketing is the unique set of marketing practices and methods used by entrepreneurs, start-ups, and small businesses to market and build sustainable businesses. The process includes the set of activities necessary to identify an opportunity, define a business concept, assess the needed resources, acquire those resources, and manage and harvest the venture. No 1 Assignment Help deals with Entrepreneurial Marketing Assignment Help for students at college and university level.
Two key factors necessary for accomplishing these activities are an entrepreneurial event and an entrepreneurial agent. Entrepreneurial event is the event involves the development and implementation of a new concept and entrepreneurial agent is an agent is a person or group that takes responsibility for bringing the event to fruition.
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Entrepreneurial marketing is an integrative concept for conceptualizing marketing in an era of information intensity and ongoing change in the environmental context within which firms operate. It can be defined as a proactive, innovative, risk-taking approach to the identification and exploitation of opportunities for attracting and retaining profitable customers. Entrepreneurial marketing (EM) represents an opportunistic perspective along with the marketer which is not simply responsible for communication activities but It is also for continually discovering new sources of value for customers and new markets for the firm obviously. Value is created through new approaches to the elements of the marketing mix that challenge prevailing industry assumptions. Entrepreneurial the marketing has sis characteristics. They are as follows,
Pro-activeness might be characterized as environmental conditions where firms operate and thus take into consideration action that might influence firms’ environment. This means that firms will achieve competitive advantages through internal changes by improving and evaluating health and safety practices (Andersen et al., 2010), as one of the part internal changes also can be the changes in methods of production, sales and distribution. Reactivates explores the firm’s actions, which are directed on introducing new products or services ahead of competitors and thus succeed on a market and create bigger demand on the provided actions.
2. RISK TAKING
Risk taking is the predisposition of the firm to engage an abundant amount of resources in some uncertainly successful activities. Within the entrepreneurial framework, risk-taking it is not just actions which firms undertake in order to prevent breaking down, it is either to take into consideration possible risk that might bring failures for the company. Micro and small entrepreneurs have a lower level of risk perception rather than big companies. There are various levels of the risk-taking. It can be range from depositing money in a bank to developing a new product and present it on a completely new market. According to this, the risk that can be taken by the companies could be measured by their effective level of performance and reputation.
3. INNOVATION ORIENTATION
Innovativeness is a “firms’ tendency to employ and support new ideas, experimentations, creative processes and novelty that may create new services, products or advanced technological processes. Innovation as a marketing action involves the ability to bring a new level of quality to the products, services, processes and opportunities to lead a company to new markets. Day to day changes in market tendencies demands on already existing products and successfully performs on a market companies have to bring innovation in a process of doing business. There are different degrees of the successful innovation actions of companies on a market; it can range from the highly innovative new market creator or incremental market maker. The difference between these two dimensions is that market creator has to produce completely new solutions for the customer since market maker can just follow already existing customer relations and use market knowledge. A small business may choose Focus on innovation since they might do not have the resources to meet industry standards.
4. OPPORTUNITY FOCUS
Comparing traditional marketing with entrepreneurial marketing, the latter is more opportunity-driven. There are two crucial marketing actions, as acknowledges and occupation that can bring success for small enterprises. There is a need to choose the “right” opportunity that determines success for firms. Take a right action at the right time might bring successfulness for firms. Being forward-looking as a key point of opportunity focus for entrepreneurs means serve unsatisfied needs and capture new opportunities before their competitors. In this case, innovation and creativeness might help to move forward companies in two steps forward than competitors.
5. RESOURCE LEVERAGING
There is still a lack of resources for companies, where owners have to mitigate it and for gathering resources have to add extra financial resources. In this situation, EM develops a creative capacity for resource leveraging. The ability to recognize a resource, which was not used optimally, allows seeing how the resource could be used in a non-standard way. The most critical form of leveraging involves the ability to use other people’s resources to accomplish the marketer’s purpose. There are several ways to get it as bartering, borrowing, renting, leasing, sharing, recycling, contracting, outsourcing.
6. CUSTOMER INTENSITY
Wide scientific attention has identified that successful companies emphasize on customer intensity. Enterprises have to be aware of their image since it influences the customer’s perception of the company. The dimension of customer intensity can be viewed as a central driving force of marketing, which drives companies to create, build and sustain customer relationship. Customer orientation emphasizes and guarantees customer equity, the strong relationship between enterprises and customers, and an emotional dimension, to the firm’s marketing efforts. EM consolidates the need for creative approaches to customer procurement and loyal.EM focuses on innovative approaches either to create new relationships or using existing relationships to create new markets. The relationship between company and customers is dyadic, where the company identifies with the customers at the fundamental level, and identification of customers with the company.
7. VALUE CREATION
The central definition of EM is innovative value creation, the task of that is to discover new sources of customer value and create unique combinations of resources to produce value. Firms can create new value by using existing technology to serve customers in an unconventional manner either use emerging technology better satisfy customer’s needs.
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Segmentation, targeting and positioning are the marketing dimensions that set the entrepreneur marketing framework. A segment is a group of customers defined by certain common characteristics. Segmentation variables can be geographic, demographic, psycho graphic and behavioral. Segments must be measurable, Accessible, substantial, differentiable and actionable.
Target Market consists of a set of buyers who share common needs or characteristics that the company decides to serve. Targeting compares the defined segments and selects the most attractive one. Target is very important because it guides the company customer selection strategy. Positioning relates to customers and competitor’s perception of your product. It is placed by consumers on the basis of important attributes.
The marketing mix is a set of tools that the entrepreneur can use to achieve the marketing goals. There are that make up a typical marketing mix. They are Price, Product, Promotion and Place.
- Product Strategy: Products manufactured by the enterprise for the end-users are called products it can be divided into core product and augmented product. The core product is the essential product and augmented product is the set of attributes. This framework has the product life cycle. Introduction, growth, maturity and decline are the stages of the product life cycle.
- Pricing Strategy: Price covers the actual amount the end user is expected to pay for a product. Pricing has fixed cost and variable cost. There are two strategies in pricing. They are Price Skimming and Penetration Pricing.
- Promotion Strategy: Promotion includes advertising, sales promotions, special offers and public relations. They have push and pull strategy for communications. Public relation (PR) gives the value for the entrepreneur. It is the strategic communication tool.
- Place Strategy: Placement where the product is provided to the customer. Intensive, Selective and exclusive are the strategies of the place.
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