The progress in the marketing field leads to the appearance of some terms like ” Entrepreneurial Marketing” and “Formulated Marketing”. each term of these terms we will discuss here and we will make comparison among them.
Entrepreneurial Marketing single marketing strategy and marketing spirit that differentiates itself from traditional marketing practices. It prevents many of the fundamental principles of marketing because they are typically designed for large, well-established firms.
Formulated Marketing involves the creation of a customized marketing strategy that matches the needs of your small business precisely. it is developed over years of learning the market and your place in it. It relies on research, self-analysis and consumer monitoring to find the right formula.
Business Orientation used to describe something that relates to business or is suitable for the needs of a business. While traditional marketing is customer orientation, entrepreneurial marketing is entrepreneurial and innovation orientation. The former typically requires an assessment of market needs before developing a product, but the latter often starts with an idea and then trying to find a market for it.
Strategic Level traditional marketing uses A top-down approach, where a clearly defined sequence of activities, such as segmenting, targeting and positioning, takes place. Formulated marketing takes time to develop correctly. It takes into account the habits and trends of your past customers, the performance of every marketing initiative you’ve ever put in place, and the future growth projections you have made for the year to come.
Tactical Level: Entrepreneurial marketing doesn’t match with 4Ps of traditional marketing because entrepreneurs adopt an interactive marketing approach that’s driven by their preference for direct and personal contact with customers. Entrepreneurs interact with customers with activities like personal selling and relationship marketing activities. marketing to online audience engagement methods, entrepreneurs are trying to connect with customers in a personal way.
Market Information Gathering Entrepreneurs understand the importance of monitoring the marketing environment, but they use informal methods like personal observation or collecting information through their networks of contacts. Entrepreneurs declare that they do not use marketing, as they associate marketing with advertising, because they cannot afford high costs of communication. they are flexible in terms of tactics but are always concerned about how to provide long-term customer value.
Strategies Marketing strategies can be broken into categories:
- product… inventing a product and then finding a market.
- sales… selling as much as possible as long as the product is viable.
- profitability… placing profit over value.
- customer focusing… on what a customer wants and needs and then developing a product or service.
The formula comes into play once a company has chosen a marketing strategy and carefully researched and crafted a detailed marketing formula to follow to achieve wanted results. A marketing formula also referred to as a marketing model, is a combination of marketing tactics and channels that are proven to reach the audience. Formulated marketing might include a well-crafted message sent through a particular combination and repetition of ads delivered by television, radio, the Internet and direct mail.
Options Formulated marketing takes advantage of proven marketing channels, which are gleaned from statistics provided by marketing research companies. A business can purchase shared data collected by the researcher for standard marketing segments and typical consumer products or it may hire a research company to conduct proprietary research designed for its markets and products.