Entrepreneurial Marketing and the Concept of Entrepreneurship - Assignment Example

Entrepreneurial Marketing Table of Contents Table of Contents 2 Question 3 Introduction 3 Entrepreneurial Marketing (EM) 4 A. David & Co. Limited 7Critical Analysis 9 Conclusion and Recommendations 10 Question 2 12 Introduction 12 Entrepreneurial Marketing and the Concept of Intrapreneurship 13 Tesco Plc 16 Critical Analysis 17 17 Conclusion 19 References 20 Question 1 Introduction The present market scenario has intensified with competition owing to different factors that include increased globalisation and contemporary advanced technologies. In this regard, small and medium-sized enterprises (SMEs) are required to conduct their business operations in a competitive manner. Subsequently, the business environment has been witnessed to be driven by increased risks and decreased forecasting ability. Additionally, the complexity of business operations has adversely affected organisational networks as well as operational networks largely. In this respect, the concept of marketing research has been used as an effective measure of identifying business opportunities as well as treats. Accordingly, the management of business organisations is able to conduct their business operations efficiently with better marketing knowledge. Presently, the concept of Entrepreneurial Marketing (EM) has gained considerable importance in the current business world in terms of research in marketing. The growing importance of the SME sector has led to the adaptation of the practices along with processes of EM largely for better business performances (Stokes, 2000). The concept of EM is based on different factors which comprise calculated risk-taking and opportunity focus among others with the assistance of which business operations are conducted in a skilled and decisive manner. Contextually, EM is adopted by SMEs with the aim of conducting their business operations through better market opportunities (Volkmann & Berg, 2011). Entrepreneurial Marketing (EM) In the present competitive business scenario, SMEs face challenges in identifying the needs of customers as well as future demands in the market segments owing to a lack of adequate resources which include human and financial aspects. Entrepreneurs of SMEs with the intention of performing business operations in an innovative as well as creative manner use EM concept. Traditionally, entrepreneurs were based on the characteristics of resource constraints, sales and size but currently the changing market scenario has shifted the marketing research techniques. Entrepreneurs are ascertained to focus on the preferences of customers and correspondingly they are changing their business operations accordingly (Marjanova & Stojanovski, 2011). Entrepreneurs in order to build as well as maintain a competitive position in the global market segments have conducted different marketing research techniques with the aim of identifying market opportunities. Respectively, SMEs that develop their business strategies in accordance with the prevailing market opportunities are facilitated with the prospect of performing their business operations competitively in their functional market segments. SMEs are identified to possess certain limitations in terms of low customer base, limited resources and a lack of formal communication system along with organisational structure. In this respect, entrepreneurs of SMEs are required to adopt the concept of EM with the objective of ensuring that business operations are conducted in an effective manner. EM facilitates entrepreneurs in obtaining adequate information in relation to various aspects which include market opportunities, business threats and strategic formulation. Entrepreneurs with the assistance of EM are able to formulate as well as implement effective marketing plans on the basis of which entrepreneurs conduct their operations with better competitiveness. In this regard, EM assists SMEs in performing their operations with strategic planning (Kraus & et. al., 2009). EM is an important tool used by SMEs with the intention of developing an efficient process of communicating with customers. Additionally, EM also aids in building an effective relationship with customers so that business operations are managed as well as conducted in accordance with the business’ objectives and stakeholders’ requirements. EM is based on certain different dimensions which include pro-activeness, risk-taking, opportunities, innovativeness, customer intensity, value creation and resource leveraging. Pro-activeness is identified as a process of determining the capabilities along with the attitude of the top management in relation to the production of innovative services, products as well as processes. In this context, entrepreneurs developing effective marketing plans are facilitated with the opportunity of performing their operations competitively as compared to other competitors in a timely manner. In this context, entrepreneurs of SMEs possess a better forward-looking approach with the aim of providing innovative products and/or services in order to compete successfully in their operational market segments (Hacioglu & et. al., 2012). Entrepreneurs of SMEs with the assistance of opportunities are able to identify the appropriate sources based on which business operations might be conducted profitably. Subsequently, EM assists entrepreneurs to have a better understanding of the marketing knowledge and marketing conditions so that opportunities are exploited in an appropriate manner. Accordingly, SMEs change their business operations in order to meet the needs of the customers in different market segments (Hacioglu & et. al., 2012). The operations of SMEs are to be managed in an efficient manner so that risks are managed suitably. In this regard, entrepreneurs of SMEs are required to calculate risks based on decisions made in the field of resource allocation, products and services developed. Subsequently, efforts are to be made by entrepreneurs with the aim of ascertaining that risk factors identified are distributed efficiently amid business operations in order to maintain an appropriate risk profile (Hacioglu & et. al., 2012). Innovativeness is another important factor associated with EM which implies that innovative as well as unique products and services are to be offered in the business markets segments so that the business operations are conducted competitively. Additionally, innovativeness assists businesses in conducting their operations sustainably. SMEs with the availability of limited resources are required to provide better competitive products and/or services with the aim of improving their customer base and profit margin. Contextually, the management team of SMEs are required to adopt innovative strategies as well as policies with the aim of managing market changes in relation to products, prices and preferences of customers among others. Moreover, suitable decisions and strategies are to be formulated for better pricing policy, market segmentation, packaging, communication process, relationship management and brand management (Hacioglu & et. al., 2012). Besides, the concept of EM plays an effective role in building creative approaches of retaining as well as acquisition of potential customers. Moreover, EM also aids SMEs in performing their operations based on specific business values and equity of customers so that business objectives are accomplished efficiently. Additionally, EM is also helpful with regard to resource leveraging. Resource leveraging is a process of ensuring that resources are used in an optimal manner. Subsequently, the management of SMEs are able to determine the ways on the basis of which resources should be utilised effectively with minimum wastages (Hacioglu & et. al., 2012). In this regard, it can be recognised that SMEs in order to conduct their operations effectively in the present competitively business scenario are required to adopt EM with the intention of performing their operations competitively and in accordance with changes that are identified in the global market segments. It can be comprehended that EM differs from traditional marketing aspects on different grounds in terms of the procedure of gathering information and assessment. In this respect, SMEs with the assistance of EM are facilitated with the opportunity of making important decisions on the basis of which business operations can be conducted profitably and competitively. Respectively, the present marketing plans are determined to be based on the concept of innovation with the intention of meeting the changing needs of customers in different market segments for sustained business performances (Hills & Hultman, 2006). A. David & Co. Limited A. David & Co. Limited has been developed by entrepreneurs namely Diana David and Arthur David. The company is a leading SME in Bristol, United Kingdom providing fresh food products. The company ensures that customers are offered with quality and different ranges of products on the basis of their preferences. The employees of the company comprise family numbers working as a team in order to build the reputation of the organisation in the area. The company has been conducting operations with the intention of developing its brand image in its operational market segments. Responsively, the company has adopted different approaches in order to retain its competitive position in the competitive UK market segment (A David & Co Ltd, 2011). The growth as well as development of the company is based on different factors that include innovative along with quality products. Additionally, the company has been providing products and services in accordance with the preferences of the customers. Subsequently, the company has adopted EM, as a procedure of marketing it products and/or services for performing business operations sustainably. In this regard, it can be ascertained that the entrepreneurs with the assistance of their behaviours as well as attitudes are able to develop appropriate strategies in accordance with the market demands (A David & Co Ltd, 2011). The company regarded products and/or services as the prime consideration for conducting their operations in an effective manner in the market segment of the UK. In this concern, the management of the company has ensured that the needs of the customers are fulfilled with adequate supply. Moreover, the company in order to meet the expectations of the customers has adopted the procedure of providing fresh and hand-made products. The fresh and hand-made products have assisted the company in building its reputation in the UK market segment (A David & Co Ltd, 2011). Presently, the market conditions have changed due to different factors which encompass preferences of customers and increased number of competitors. Consequently, the management of the company has conducted an intensive research of its functional market segment and has accordingly adopted the policy of increasing the range of products. The product range of the company comprises Fine Foods, Butchery products, Fresh Products and Dairy products in order to meet the preferences of customers. Likewise, the company has developed an effective supply network with caterer based on appropriate price and demand (A David & Co Ltd, 2011). Contextually, it can be determined that the management of the company has adopted the measures of innovativeness, value creation, customer intensity and resource leveraging in order to improve business performance and build a better competitive position in the UK market segment. Therefore, the company has been identified to adopt EM strategies with the aim of building better competitive advantages as compared to its key competitors. Critical Analysis It can be comprehended that the company i.e. A David & Co Ltd is conducting family business based on fresh food products. The company has been providing home-made quality products in order to meet the expectations of the customers. In the present changing market scenario, the company has conducted a market research with the aim of understanding the prevailing market demand. In this regard, the company has planned to increase its product ranges and supply chain network in order to ensure that the requirements of customers are met based on their demand (A David & Co Ltd, 2011). In this respect, it can be ascertained that the company has adopted the policies of EM as compared to traditional marketing plans which is basically based on two important aspects that include organisational maturity and market size. According to the traditional approaches, the business operations are based on the different concepts that include product, promotional and pricing strategy. The traditional marketing approaches are seemed to be ineffective in assisting the company to conduct its business operations with better competitive advantages. However, the present market scenario is changing and in this regard, the company’s focus on analysing the market conditions has facilitated it to reveal the prevailing opportunities and in accordance with which the policy of expanding product ranges has been adopted along with an efficient supply network. Subsequently, it can be determined that the company has changed its business strategies on the basis of changing market condition in order to improve its competitive position. EM has also aided the company to perform its business operations effectively with the assistance of better value creation along with offering innovative products and services (Westerlund & Leminen, 2012; A David & Co Ltd, 2011). Conclusion and Recommendations From the foregoing discussion, it can be identified that in the present market scenario, EM is used as an effective way of developing appropriate marketing strategies based on market opportunities so that business operations can be conducted competitively. EM is based on different aspects, which include value creation, innovativeness, resource leveraging and customer intensity among others. In this respect, A David & Co Ltd has adopted EM with the aim of performing its business operations sustainably with better competitive advantages. Respectively, the company with the assistance of the concept of EM has developed its marketing strategies based on the opportunities recognised after the conduction of market research. It has been acknowledged that the company has adopted innovativeness, value creation, customer intensity and resource leveraging with the aim of meeting the needs of customers successfully. Moreover, the management is required to adopt EM strategies of risk taking and pro-activeness so that the company is able to conduct its business operations with better competitiveness. In this regard, the risk-taking approach will aid the company in developing the business operations and diversifying risks in different areas for better mitigation. Additionally, the management of the company is required to be proactive in their approach so that products and/or services are offered in a timely manner as compared to competitors (Hills & Hultman, 2006). Question 2 Introduction The present market scenario is dependent on various factors that include the preferences of customers, the number of competitors and the availability of products and/or services. These factors are determined to affect the prevailing market condition to a large extent and they are also accountable for changing business scenario. Larger companies are recognised to face intense competition in different market segments. In this regard, larger companies are required to adopt effective policies in order retain their competitive position in the worldwide market segments. Subsequently, larger companies with the assistance of ‘Entrepreneurial Marketing’ (EM) are facilitated in developing effective strategies based on which business performances can be enhanced (Jones & Wadhwani, 2006). Large companies are observed to possess adequate resources as compared to smaller entrepreneurial businesses, which might assist them in developing new products with better risk management approaches. In this context, the management of larger companies with the assistance of different concepts of EM are facilitated with the opportunity of identifying the market demands and the changing preferences of customers so that products and/or services can be offered based on the altering preferences of customers. Correspondingly, larger firms are able to develop their business in different market segments appropriately for profitable and sustainable business performances. Larger firms generally possess adequate resources i.e. human and financial resources to change their business operations in accordance with the shift in the market condition. Additionally, larger firms are able to conduct their operations competently owing to flexibility in their business operations. The management of large companies are identified to adopt the concept of EM, which has aided in obtaining information in relation to market opportunities and changing needs of customers (Jones & Wadhwani, 2006). Entrepreneurial Marketing and the Concept of Intrapreneurship The global market condition has intensified with competition due to several factors which include increased globalisation and proliferation of unique competitive technological developments. The factors have changed the market condition in relation to products and/or services that are offered along with shifting preferences of customers. In this regard, management of large companies are identified to adopt effective marketing research techniques in order to recognise marketing opportunities along with issues. Subsequently, the management of large companies is able to develop appropriate strategies on the basis of which products and/or services might be offered in accordance with changing preferences of customers (Snepenger, 2007). The changing market conditions and the level of competition have adversely affected the business environment due to unsuitability of the traditional approach of marketing research in identifying the needs as well as the requirements of customers. The marketing research techniques used traditionally have been insignificant due to inadequacy in identifying the changes and market innovations that take place. Respectively, the management of large companies with inadequate market information are seemed to perform their operations in a stagnant manner (Ferreira, 2002). In this competitive business scenario, it has been identified that the management of large companies adopts different approaches of managing business operations which include intrapreneurship in the present changing market scenario. The concept of intrapreneurship is followed with the aim of enhancing their business processes with proper amalgamation of resources, which assists in developing a suitable relationship between business operations of companies and business environment. Additionally, the management with the assistance of different marketing approach of entrepreneurship is able to conduct their operations with better competitive position as well as profitability (Antoncic & Hisrich, 2001). Contextually, the management of large companies are adopting the concept of intrapreneurship with the aim of revitalising business performances in the present changing and competitive business environment. The concept of intrapreneurship is based on four specific dimensions that include new-business-venturing, self-renewal, innovativeness and pro-activeness. New-business-venturing implies to the process of adopting innovative procedure on the basis of which improved products and/or services might be offered to the customers in accordance with their preferences. In this context, the dimension of new-business-venturing aids large companies in conducting their operations with better competitive advantages through the development of products and/or services of companies or by entering into new market segments (Antoncic & Hisrich, 2001). Innovativeness dimension signifies that large companies are required of adopting advanced technologies with the aim of developing better innovative products and/or services. The management of large companies following intrapreneurship concept is facilitated with the opportunity of developing new products and enhancing existing products. Additionally, innovation is also determined in the product development procedures. In this regard, intrapreneurship has assisted in acquiring innovativeness in product development processes in order to provide innovative products and/or services. In this respect, management of large companies are facilitated with the opportunity of developing an effective relationship with customers, which in return has assisted in retaining a large number of customers (Antoncic & Hisrich, 2001). The concept of intrapreneurship is also based on the dimension of self-renewal. The management of large companies with the assistance of self-renewal dimension is able to transform their business operations in accordance with the changing needs of current business environment. Additionally, the managements of the large companies are obtaining adequate information relating to the changes in market environment and accordingly they are formulating effective strategies on the basis of which business operations and structure can be reorganised. In this respect, intrapreneurship is based on different factors that include flexibility along with adaptability for large companies to perform their operations in a competitive manner (Antoncic & Hisrich, 2001). Similarly, the concept of intrapreneurship is based on the dimension of pro-activeness. Pro-activeness is a procedure of adopting appropriate measures in an aggressive manner with the aim of performing business operations competitively as compared to its competitors. In this respect, management of large companies following intrapreneurship is able of conduct their operations in accordance with market opportunities. In this regard, the management of large companies adopt risks in initiating different marketing strategies in order to perform with better competitive advantages in comparison with its competitors (Antoncic & Hisrich, 2001). Respectively, it can be recognised that the dimensions upon which intrapreneurship is prepared are significantly derived based on EM. EM is a process assisting entrepreneurs along with management of large companies in determining the changes that prevail in the operational market segments. EM comprises different dimensions that include pro-activeness, risk taking, value creation, resource leveraging, innovativeness and customer intensity among others (Rezvani & Khazaei, 2013). In this regard, it can be comprehended that the concept of intrapreneurship is based on the dimensions of EM. Tesco Plc Tesco PLC is a UK based multinational retailing company operating on a global context. The company comprises nearly 530,000 employees, entrusted with the responsibility of serving customers in an effective manner. The company operates in around 12 countries and possesses huge number of customers globally. The prime focus of the company is to meet the needs along with the expectations of the worldwide customers successfully by providing them with superior quality of products and/or services. The vision of the company assists in conducting operations in accordance with desired directions along with decisions that are vital for its success in the present competitive business scenario. The company emphasizes different factors that include employees, customers, market opportunities and innovation. The business operations of the company are based on values of the customers and society. In this respect, the objectives of the company are to develop its business effectively in the worldwide market segments and to develop a significant brand image (Tesco, 2014). Tesco is a leading retailing company and the company is developing its brand image in the worldwide market segments owing to the visions that are adopted. The visions have aided the company in performing its business operations in accordance with the needs of customers, market opportunities and innovativeness. In this regard, the company operates its business activities with the aim of recognising the needs of the customers and the communities. Additionally, the company also emphasizes the requirements of the stakeholders to a large extent. In this respect, the company is able to conduct its business operations with better competiveness by offering products and/or services on the basis of the altering market demands (Tesco, 2013). Tesco has been able to offer a diverse range of products and/or services which include general merchandise, food, banking services, books and digital entertainment among others to customers in order to meet their needs successfully. Moreover, the company provides products and/or services in accordance with market opportunities. Subsequently, the company’s focus on providing different ranges of products and/or services has facilitated it with the opportunity of sustainable business performances. The success of Tesco in the worldwide sector has materialised primarily owing to the fact that it functions by valuing the needs of the customers. The company is also identified to adopt different advanced technologies with the assistance of which the customers are offered with products and/or services in an efficient manner. The company with the endeavour of adopting contemporary technologies has incorporated the approach of online grocery shopping and information technology (IT) system. Correspondingly, the company with the assistance of advanced technologies is able to provide better shopping experiences to customers on a global context (Tesco, 2013). Critical Analysis It can comprehended that large companies in the present competitive business scenario are required to adopt a different marketing approach such as EM with the aim of ensuring that business operations are conducted with better competitive advantages. In this regard, the management of large companies is recognised to be following the concept intrapreneurship with the intention of acquiring competitive advantages and performing their operations sustainably. The concept of intrapreneurship is based on the dimensions of EM which include innovativeness, new-business-venturing, pro-activeness and self-renewal. The dimensions of EM have assisted large companies in conducting their business operations with better competitiveness and sustainability (Antoncic & Hisrich, 2001). Tesco is a leading retailing company operating in a global context with innovative ideas as well as technologies. The prime objective of the company is to provide innovative products and/or services to global customers on the basis of their needs and preferences. The company is identified to adopt EM with the intention of conducting business operations in a sustainable and competitive manner. The company has over the years operated with the aim of meeting customers’ requirements as its utmost objective. Additionally, the vision of the company is to conduct its operations in accordance with market demands along with market opportunities. Subsequently, the company with the assistance of its visions as well as strategies are able to execute its business functionality with better innovativeness. In this respect, it can be ascertained that Tesco has adopted the dimensions of EM with the objective of retaining its competitive position and performing sustainably in the worldwide market segments (Tesco, 2013; Antoncic & Hisrich, 2001). Conclusion In the present competitive business scenario, EM plays a significant role in assisting large companies in their performing business operations with better competitive advantages. Additionally, the management of large companies adopts the concept of intrapreneurship with the aim of performing their operations in a profitable manner. Intrapreneurship comprises new-business-venturing, innovativeness, self-renewal and pro-activeness, which aid large companies in performing their operations sustainably. In this respect, Tesco with the assistance of innovative ideas as well as technologies will be able to conduct its business operations in accordance with the preferences of customers. Moreover, innovative technologies will aid the customers in obtaining the products and/or services of the company with better convenience. Additionally, Tesco with the assistance of the dimensions of the EM that include pro-activeness, value creation, customer intensity and innovativeness among others will be facilitated in conducting business operations in accordance with the market demands. The company operating on the basis of its determined visions as well as strategies is seemed to adopt EM, which has assisted it in performing its business operations with better competitiveness. References A David & Co Ltd, 2011. Our History. About Us. [Online] Available at: http://www.adavid.co.uk/about.html [Accessed April 20, 2014]. Antoncic, B. & Hisrich, R. D., 2001. Intrapreneurship: Construct Refinement and Cross-Cultural Validation. Journal of Business Venturing, Vol. 16, pp. 495-527. Ferreira, J., 2002. Corporate Entrepreneurship: A Strategic and Structural Perspective. International Council for Small Business. [Online] Available at: http://hadjarian.com/esterategic/tarjomeh/kermanshah5.pdf [Accessed April 20, 2014]. 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