ENTREPRENEURIAL

MARKETING
 Who is an Entrepreneur?
• An entrepreneur is a person who has possession
of a new enterprise, venture or idea and assumes
significant accountability for the inherent risks and
the outcome.
• Person who undertakes the ‘risk’ of a new venture
• An Entrepreneur is a person who organizes and
manages a business undertaking, assuming the risk
for the sake of profit. Any person (any age) who
starts and operates a business is an entrepreneur.
 Definitions/explanations of
Entrepreneurial Marketing

• The entrepreneurial marketing concept is focused on

innovations and the development of ideas in line with an
intuitive understanding of market needs. ~Stokes (2000)
• Entrepreneurial marketing is proactive identification and
exploitation of opportunities for acquiring and retaining
profitable customers through innovative approaches to
risk management, resource leveraging, and value
creation ~Morris et al (2002)
• Firms adopting entrepreneurial marketing processes
(EMPs) will engage in marketing processes that
emphasize opportunity creation and/or discovery,
evaluation, and exploitation ~ Miles and Darroch (2006)
• Source of good ideas, products or services
• Marketing refers to all activities a company
does to promote and sell products or services
to consumers.
• Marketing is the process of making people
interested in your company’s product or
service.
• How you can make people interested in your
product or service is that you have to be
innovative,
• You have to understand the market needs
• You have to understand what customers want
• And accordingly convert your idea into a
product.
 Marketing
• Marketing is the activity, set of institutions,
and process of creating, communicating,
delivering, and exchanging offerings that
have value for customers, clients, partners,
and society at large.
• American marketing association.
• Foundational elements of marketing do not
necessarily change when you are an
entrepreneur
• The way you devise your strategies and
tactics would be different coz you are bearing
risks and innovating something.
• The world is constantly changing. Businesses
need to be unique to succeed. The secret to
every business idea is effective marketing.
Without marketing, it is impossible to attract
customers. One of the ways through which
you can market your products is
entrepreneurial marketing.
• Entrepreneurial Marketing is a marketing
process that includes business planning,
identifying the needs and wants of consumers,
building brand awareness, designing a
compelling message to promote the product,
and maintaining customer relationships.
• The most common features of entrepreneurial
marketing include innovation, risk taking, and
being proactive.
 examples of entrepreneurial marketing?
• Some examples of entrepreneurial marketing include word-of-mouth
advertising, email campaigns, social media, direct marketing, and public
relations.
• Word-of-mouth advertising is when a customer tells their friends or family
about the product or service they bought or experienced.
• An email campaign is when an entrepreneur sends out emails with
information on their product to potential customers.
• Social media involves using different social media networks to share
information about the company and its products.
• Direct marketing involves utilizing different forms of messaging like
banners, television ads, postcards, magazines ads, etc.
• Public relations includes getting featured in newspapers or magazines or
setting up interviews with news agencies via the internet, so people will
learn more about the company and what it does.
• What are some entrepreneurial marketing practices?
• Entrepreneurial marketing practices can be broken down into three categories: low-cost marketing,
direct marketing, and viral marketing.
• Low-cost marketing is when businesses create campaigns to promote their product or service that
cost little money and time to make. Since this type of campaign does not require a lot of work on the
business owner, they are more likely to get a large number of sales from this tactic.
• Strategy #1: Use social media as a brand awareness tool
• Social media allows you to reach out to a large audience and get your name out there. You can use
sites like Facebook, Twitter, and LinkedIn to grow your startup’s presence online.
• About 90% of marketers vouch for the effectiveness of social media as a marketing tool for small
businesses.
• However, it is important that startups not view social media as a place to simply tweet or post about
their brand. You need to use these platforms strategically in order to get the most out of them.
• For example, you can create Facebook contests where users submit photos for a chance to win
something related to your product or service. This allows you to promote engagement and grow
your page’s following simultaneously.
• You can also use social media to run a contest where you give away your product at the end of it,
creating some buzz for your brand in the process.
•
• Direct marketing is when businesses target specific individuals
with ads that have been customized for them. They will then use
these one-on-one ads to get people interested in their product or
service.
• Direct mail is when you send promotional materials directly to the
target customer via mail. This may include brochures, coupons, or
a package containing products or samples. For example, a fitness
centre sends water bottles to its most loyal customers.
• Telemarketing involves calling potential customers over the phone
to convince them to buy your product or service. Businesses that
run telemarketing campaigns either have their sales
representatives reach out to customers or outsource call centres.
• Viral marketing is a way for a business to
harness the power of social media and other
similar channels to market its product or
service. This type of marketing is more
effective than different types because when it
reaches many people, the product becomes
popular very quickly.
• creation of emotional, surprising, funny, or
unique videos on YouTube, which are then
shared on Facebook, Twitter, and other
channels.
• What is the difference between traditional and
entrepreneurial marketing?
• Traditional marketing practices include ads,
slogans, billboards, television commercials, etc.,
that an entrepreneur pays for to get their product
noticed by potential business customers.
• Entrepreneurial marketing does not always need to
include money because it can be achieved through
word-of-mouth advertising or online blogging.