Thursday, November 21, 2019

The Development of Entrepreneurial Marketing Assignment

The Development of Entrepreneurial Marketing - Assignment Example It is proved that the increase of popularity of entrepreneurial marketing is continuous even if its use, as compared to that of traditional marketing, is still limited; the lack of managers’ awareness of the benefits of entrepreneurial marketing seems to be the key reason for this phenomenon...... f certain gaps in regard to entrepreneurial marketing has been also verified, a problem that can be resolved through the recommendations provided in the last section of this study. 2. Entrepreneurial Marketing – Literature Review 2.1 Entrepreneurial Marketing – overview and key theories The introduction of entrepreneurial marketing, as a critical part of the marketing process, has been related to the following phenomenon: the increased intervention of entrepreneurs in the marketing plans of their businesses (Sharman 2011). Moreover, it has been proved that entrepreneurial marketing focuses on the increase of a firm’s existing customer database ‘through innovative approaches to risk management, resource leveraging and value creation’ (Morris et al. 2002, p.5, cited in Sharman 2011, p.153). From another point of view, entrepreneurial marketing has been characterized as a term reflecting the ‘development of marketing in the context of information intensity and ongoing change in the organizational environment’ (Welsh 2004, p.97). According to the above definition, entrepreneurial marketing needs to be related not only to the development of a firm’s communication with its stakeholders but also to the identification of markets in which a firm could have important prospects for long term growth (Welsh 2004). In addition, entrepreneurial marketing should focus on the increase of customer value, either in the short or the long term (Welsh 2004). According to Leadley and Forsyth (2004) entrepreneurial marketing policies would be identified in all organizations. The above researchers explain that in order to keep their competitiveness in the modern market all businesses need to focus on ‘marketing and innovation’ (Leadley and Forsyth 2004, p.8). These two

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