Tuesday, December 24, 2019
Entrepreneurial Marketing Vs. Traditional Marketing
Entrepreneurial Marketing Introduction (what is EP) Entrepreneurial marketing is the proactive identification of opportunities for accruing and retaining profitable customers through: innovative approach, to risk management, to resource leverage value creation. (Morris, 2002) It is the marketing carried out by successful entrepreneurs, therefore it takes key elements of the entrepreneurship process such as: Opportunity Innovation Networking Entrepreneurial Marketing vs Traditional Marketing: Traditional Marketing- The basic philosophy is that every strategy and the activity of the organisations should focus on meeting the customer needs, where as entrepreneurs would not argue with this concept but they tend to adopt a very different strategy and methods while still fulfilling the customer needs. Entrepreneurial Marketing- Entrepreneurs do not tend to follow the traditional marketing principles, when undertaking marketing activities. As a result entrepreneurial marketing is different in many ways to the traditional marketing. Entrepreneurs use time, energy, and creativity of entrepreneurs rather than money. They also tend to use marketing methods which interact on a more personal level with the customers which is used on informal assessment of traditional marketing. (Morris, 2002) Intuitive innovation vs customer needs: Traditional marketing- The key assumption of marketing theory is that the customers should be the centre of the entire business. A detailedShow MoreRelatedEssay On Social Entrepreneur1602 Words à |à 7 PagesIntroduction Entrepreneurs support economic activity and growth entrepreneurial process requires capabilities, such as skills, decision-making and business acumen technology entrepreneurs: the danger is having exclusive focus on the product or service without due consideration to whether it addresses a real market problem with customers who would be willing to pay for it. Schumpeter (1965): ââ¬Å"individuals who exploit market opportunity through technical and/or organization innovationâ⬠Drucker (1985):Read MoreFranchisors Do Not Like to Take on ââ¬ËEntrepreneursââ¬â¢ as Franchisees. Discuss This Statement, Giving Sound Reasoning Why This Statement Might Be True and Countering with Arguments Against the Statement?1981 Words à |à 8 Pagesdifficulty of working with entrepreneurial franchisees will be analysed alongside what a Franchisor looks for in an ideal Franchisee in the context of someone seeking to enterprise a franchise; how these differ, how they are similar and what potential benefits or disadvantages this stance may create. The entrepreneurial process requires a great number of identification and opportunist methods in order to obtain the resources for their business and be deemed ââ¬Å"entrepreneurialâ⬠(Shane, 2003). The use ofRead MoreMarketing 101 Lecture Notes Essay2564 Words à |à 11 PagesLECTURE 1: What is Marketing? 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