Entrepreneurial Marketing is a combination of two discrete management areas entrepreneurship and marketing. this combination is used to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. It eschews many of the fundamental principles of marketing because they are typically designed for large, well-established firms.
Dimensions of Entrepreneurial Marketing
Opportunity Driven it emphasizes pursuing opportunities regardless of the available resource. Recognition and pursuit of opportunity are marketing activities critical to firm success. Market potential is evaluated by the degree of fit that relates to the capabilities and resources of the firm. It is the tendency of the firm to identify the right opportunity that determines success.
Proactiveness it has been characterized as taking action to influence a firm’s environment. it involves two related marketing actions; proactiveness consists first of practices by which the firm anticipates challenging situations and second, of the actions are taken to manage those events. Entrepreneurial proactiveness has a significant effect on competitive advantage.
Innovation focused it allow the entrepreneurial firm to focus on ideas that result to new markets, products or processes. The degree to which a successful organization emphasizes innovation in its marketing actions can range from the highly innovative new market creator to the incremental market builder.
Risk management it is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Resource leveraging it refers to systematically assessing the use of existing resources, identifying the need for additional resources, or creating new resources in community and State systems to address identified needs leveraging existing funding streams or newly identified funding from agencies or organizations.
Customer intensity it uses data from a sensory perception experiment, often in the form of a blind taste test, to compare brands or products.
Value creation is the essence of business. But sometimes we lose sight of what value really is. We turn it into an abstract concept a kind of business-speak and when we do, we lose that tangible sense of what it actually means to create value in the business. Through that service, the value is created. it is used to create and deliver value in an efficient enough way that it will generate profit after cost. Because value creation is the starting point for all businesses, successful or not, it’s a fundamental concept to understand.
Product development in Entrepreneurial Marketing
The best way to a great product is starting with a good product and iterating based on what you learn from the market
- Identify unmet needs in the market.
- Think of how to meet it.
- Ask a lot of people their thoughts about the idea.
- Improve the idea.
- Introduce it to the market.
- Iterate steps 3–5 as often and quickly as you can.