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   |  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): â€Å"individuals who exploit market opportunity through technical and/or organization innovation† Drucker (1985):Read MoreFranchisors Do Not Like to Take on ‘Entrepreneurs’ as Franchisees. Discuss This Statement, Giving Sound Reasoning Why This Statement Might Be True and Countering with Arguments Against the Statement?1981 Words   |  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 â€Å"entrepreneurial† (Shane, 2003). The use ofRead MoreMarketing 101 Lecture Notes Essay2564 Words   |  11 PagesLECTURE 1: What is Marketing? Evolution of Marketing: Product OrientationSalesConsumerCompetitorCRMValue (brand equity) 5 C’s (Strategic) * Company * Customers * Competitors * Collaborators * Context 4 P’s (Tactical- â€Å"marketing mix†) * Product * Promotion * Price * Place LECTURE 2: Customer Behavior Consumer Decision Making Process: Adoption Process (of new concepts that do not rely on previous purchases) (textbook): AwarenessInterestEvaluationTrialDecisionRead MoreRural Marketing Strategies of Micro Finance Institutions- a View3302 Words   |  14 PagesRURAL MARKETING STRATEGIES OF MICRO FINANCE INSTITUTIONS- A VIEW By. Mrs.A.Pankajam, Associate Professor, Avinashilingam School of Management Technology, Avinashilingam Deemed University for Women, Coimbatore-43 ABSTRACT Rural India was once considered a mere painter’s muse and not a uberous ground for business. The reason being – around 42% Indians are below poverty line earning around $1.25 a day. Addressing poverty-based issues, NGOs, Microfinance Institutions (MFIs) and social entrepreneurialRead MoreStrategic Marketing Plan for Ear-Manage Otoscope3223 Words   |  13 Pageswe present a detailed marketing plan for an device, Ear-Manage Otoscope used for the detailed examination of the ear canal in order to help in the easy identification of a potentially dangerous situation plan document outlines the steps that would be used in the marketing the document as well as the marketing objectives. A conclusion is also provided on the need for adopting marketing mix strategies coupled with the implementation of a CRM system. Strategic Marketing Plan:Ear-Manage Otoscope Read MoreSmall Scale Industry10786 Words   |  44 Pages The traditional small-scale industries clearly differ from their modern counterparts in many respects. The traditional units are highly labor consuming with their age-old machineries and conventional techniques of production resulting in poor productivity rate whereas the modern small-scale units are much more productive with less manpower and more sophisticated equipments. Khadi and handloom, sericulture, handicrafts, village industries, coir, Bell metal are some of the traditional small-scaleRead MoreEntrepreneurship4409 Words   |  18 PagesEconomic Development 1.4.2Entrepreneurship and Education 1.5 Functions of an Entrepreneur 1.6 Innovation 1.7 Risk and Uncertainty Bearing 1.8 Organization 1.9 Functions Performed by an Imitator Entrepreneur 1.10Entrepreneur vs. Manager Relationship 1.11 Summary 1.12 Glossary 1.13 Self-Assessment Questions 1.14 Further Readings 1.0 INTRODUCTION Do you know that there are millions of unemployed youth in the country and by theRead MoreCase Study : Appex Corporation, Provided Management Services And Network2009 Words   |  9 PagesAppex was very responsive and effective at getting things done relatively quickly and cheaply. The investors felt that the company was spending cash too haphazardly. Shikkar Ghosh, then appointed CEO realized that the company was changing from entrepreneurial to chaotic. There was only fire fighting and no development of an underlying planning structure. The company started to fall and there was no financial planning. The company needs to address both long term planning issues as well as immediateRead Morepractice case old pharma2056 Words   |  9 Pagesblood-pressure or cholesterol medications. OldPharma is interested in entering a new, rapidly growing segment of drugs called â€Å"biologicals†. These are often proteins or other large, complex molecules that can treat conditions not addressable by traditional drugs. Biological RD is vastly different from small molecule RD. To gain these capabilities, pharmacos can build them from scratch, partner with existing startups, or acquire them. Since its competitors are already several years ahead of OldPharmaRead MoreDescription Of The Business Model3289 Words   |  14 Pagesbe a difficult one. Many factors have to be considered in order make the best sound decision for that individual. Thankfully, many resources have been established so that research can be found easier. â€Å"There are also many options as far as entrepreneurial ventures are concerned. One of the most common decisions entrepreneurs face is whether they should start up their own business or invest in a franchise. While both opportunities involve various amounts and types of risk they also hold the potential