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Entrepreneurial Marketing versus Traditional Marketing: An Overview
MEA Conference 2017 - April 2017
Adebowale Onatolu, Ph.D.
Assistant Professor, FSBT, Ashford University
.
Andree Swanson, Ed.D.
Associate Professor, FSBT, Ashford University
Paula Zobisch, Ph.D.
Associate Professor, FSBT, Ashford
University
Efiong Akwaowo,Ph.D.Assistant Professor,
FSBT, Ashford University
Background of Study
A principles of marketing course has long since been accepted as the standard
course for business marketing needs.
Researchers recently discussed the unique and specialized needs of the small
business entrepreneur.
Whether or not a traditional marketing course addresses the entrepreneur’s
marketing needs is questionable.
Purpose of Study
Exploratory study is to examine traditional
marketing (TM) versus entrepreneurial
marketing (EM).
Researchers will assess:
whether or not the entrepreneur’s
specific and unique marketing needs are
met within a traditional principles of
marketing course.
Research Questions and Methodology
Does a traditional principles of marketing course meet the unique and specialized needs of the entrepreneur?
The researchers chose an exploratory research approach to this study. Designing a thorough literature review was the first step.
Very little information was found in peer-reviewed literature on this topic, thus, a gap in the literature was established.
Entrepreneurship Defined
As defined by John Freeman, “. . . entrepreneurship is the study of the
emergence of new firms”
Small and medium enterprises are the foundations of any society,
especially the American economy.
Entrepreneurs provide most of the jobs in American economy.
Every means must be explored to support and encourage the growth
of entrepreneurship through entrepreneurial marketing.
Bureau of Labor and Statistics (BLS)
• Last 15 years
• Business have changed
Entrepreneurs:
• See opportunities not seen by others.
• Have unique challenges
Changes and Challenges
• innovative,
• proactive, and
• risk takers.
“Superior performance (i.e., profitability) can arise when a firm has a competitive
advantage over other firms that might result in growth”
Entrepreneurs are…
• …a vehicle in order to establish a relationship with customers
in a short period of time Limited budget
• Guerilla marketing (unconventional, creative, and innovative
marketing tactics), viral marketing, and digital marketing
Marketing Like an Entrepreneur
Entrepreneurial Marketing
“proactive identification and exploitation of
opportunities for acquiring and retaining
profitable customers through innovative
approaches to risk management, resource
leveraging and value creation”
(Morris, Shindehutte, & LaForge, 2002, p. 5).
Competitive Advantage
Biggest Challenge
Entrepreneurs overcome these and other challenges by using innovative and creative
ways to compete that are more likely to be driven by
the entrepreneur’s ideas and intuition rather than
organizational processes and budgets .
ConclusionWhile most marketers agree and utilize the traditional fundamental principles of marketing that entails the
implementation of the marketing mix or the 4 Ps (product, price, place, and promotion) for their
marketing activities, the entrepreneur is more likely to use guerilla marketing strategies such as viral marketing, networking, content marketing, and digital marketing.
Recommendations
• Specialized entrepreneurial
marketing courses designed
around guerrilla marketing
would be more likely to meet
the specific needs of the
entrepreneur.
• Specialized training on ways to
utilize the Internet and social
media marketing would
provide the entrepreneur with
more useful information and
tools.
Guerilla marketing, content marketing, viral marketing,
and digital marketing tactics can be learned without
specialized training and need to be the focus of
entrepreneurial marketing courses in order to meet the
marketing needs of entrepreneurs.
Future Research
• Guerrilla Marketing
• Most Effective Social Media Sites
• Conversion rates
References
Abdul Rahim, H., Ab. Wahab, K., & Saad, A. (2015). The shift from traditional marketing to entrepreneurial marketing practices: A literature review. Business and Management Studies, 1(2). doi: http://dx.doi.org/10.11114/bms.vl82.993
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Day, G. (1994). The capabilities of market-driven organizations. Journal of Marketing, 58(4), 37-52. Retrieved from https://www.ama.org/publications/JournalOfMarketing/Pages/About.aspx
References
Engel, J. S., & Teece, D. J. (2012). John Freeman: Entrepreneurship and innovation defined – a personal remembrance. Industrial and Corporate Change, 21(1), 245-248. doi: 10.1093/icc/dtr078
Hills, G. E., & LaForge, R. W. (1992). Research at the marketing interface to advance entrepreneurship theory. Journal of Marketing Theory and Practice, 16, 33-59. Retrieved from http://dx.doi.org/10.1108/14715201011060876
Kwak, H., Juju, A., Puzakova, J. F., & Rocereto, J. F. (2013). The connubial relationship between market orientation and entrepreneurial orientation. Journal of Marketing Theory and Practice, 21, 141-161. doi: 10.2753/MTP1069-6679210202
References
Matsuno, K., Mentzer, J. T., & Ozsomer, A. (2002). The effects of entrepreneurial proclivity and market orientation on business performance, Journal of Marketing, 66, pp. 18-32. Available at SSRN: http://ssrn.com/abstract=1495521
Morris, M. H., Schindehutte, M., & LaForge, R. W. (2002). Entrepreneurial marketing: A construct for integrating emerging entrepreneurship and marketing perspectives. Journal of Marketing Theory and Practice, 10(4). DOI 10.1108/14715201111176390
Morrish, S. C. (2011). Entrepreneurial marketing: A strategy for the twenty-first century? Journal of Research in Marketing and Entrepreneurship: A strategy for the twenty-first century? 13(2), 110-119. http://dx.doi.org/10.1108/14715201111176390
ReferencesMorrish, S. C., Miles, M. P., & Deacon, J. H. (2010, July). Entrepreneurial marketing: acknowledging the entrepreneur and customer-centric interrelationship. Journal of Strategic Marketing, 18(4), 303-316. doi: 10.1080/09652541003768087
Shane, S. & Venkataraman, S. (2001). The promise of entrepreneurship as a field of research. Academy of Management Review, 26, 8-20. Retrieved from http://amr.aom.org/
Spenner, P. (2012, January 26). The rise of the marketing entrepreneur. Forbes.com. Retrieved from http://www.forbes.com/sites/patrickspenner/2012/01/26/the-rise-of-the-marketing-entrepreneur/#160f10023384