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

• Facebook

• Twitter

• LinkedIn

• 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

Becheerer, R. C., & Maurer, J. G. (1997). The moderating effect of environmental variables on the entrepreneurial and marketing orientation of entrepreneur-led firm. Entrepreneurship Theory and Practice, 22, 47-58. Retrieved from http://www.baylor.edu/business/etp/

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