Dindin Kitchen in London - Entrepreneurial Marketing in Start-Up Ventures - Assignment Example

In the year 2011, 261,000 businesses were started, of which 31,000 managed survivals (Rhodes, 2013).  Day and Reynolds, (2011) put these statics as in a way that such small firms have considerable innovative ideas; however, are faced with considerable challenges. These challenges include constraints such as financial, marketing, management, customer services, and so on. Furthermore, Day and Reynolds, (2011) make recommendations that in order to increase the survival rate of new and other small businesses, these businesses shall give considerable attention to Entrepreneurial Marketing.

ENTREPRENEURIAL MARKETING – LITERATURE REVIEW AND CRITICAL ANALYSIS:
Entrepreneurial Marketing as a system has evolved to reduce the gap between the resources and capabilities required for employing traditional marketing tactics and the constrained resources of the new venture (Collinson & Shaw, 2001). According to Morris et al. (2002), Entrepreneurial Marketing is a system through which the new business ventures attempt to exploit the opportunities proactively, that enables the business to serve the new customers and retain profitable ones with ideas that have not been presented yet to the market. This proactive system of value creation also allows the small ventures for risk management by effectively and efficiently managing limited resources accordingly.

Therefore, with the EM the entrepreneurs do not only rely on basic marketing of four Ps but also at the same time give consideration to the innovative ideas that rejuvenate the concept to the target customers. In addition to this, it also implies that small business shall have considered all perspective that reduces the risk of doing business (Hills, Hultman, & Miles, 2008).

For example, Dindin Kitchen is among the recently opened restaurants in London. The food industry in London is highly mature and competitive; therefore, small businesses with the idea to enter the restaurant industry differentiated their business offering with Persian cuisine. With a limited budget, the business not only offered the differentiated idea but also limited offerings in order to explore the market response. Additionally, the one-pager website, as well as the social media account, have been used which is as follows:

(Dindin, n.d.)
Hills (2012), in an article, has implied that entrepreneurs in small ventures with entrepreneurial marketing orientation have a higher degree of customer orientation as compared to well-established businesses. For example, EM allows businesses to collect day-to-day learning from customers, networking, and personal relationships in order to consistently evolve and improve services. This proves to be the competitive edge of such a business as compared to the standardized process of big businesses. For example, Dindin Kitchen has been using social media for interacting directly with each customer.

The definition of Day and Reynolds, (2011) has a greater orientation towards the understanding of the marketing activities. Also, Metcalfe, (2006) has stated that all the small ventures are considered entrepreneurs and so there has been a greater shift in the perspective of EM towards marketing. However, there has been debate on the difference between small business ventures entrepreneurs. Ioniţǎ (2012) has referred that there is a considerable difference between an entrepreneur and small business ventures. An entrepreneur gives consideration to profitability and growth plans for the business for generating economic benefit; while the small business owner may have a greater part of the consideration personal or noneconomic benefits.

Also, an entrepreneur seeks innovation in every business activity to improve financial performance while a small business owner seeks innovation in marketing tactics to attract customers. This requires that an entrepreneur assess different dimensions such as risks and hurdles that can hamper the management and performance of the business. Entrepreneur conducts investment in an innovative idea that has long term prospects. For example, Dindin with a business idea to enter the restaurant industry screened out Persian cuisine among different options. This screening refers that the market is in the maturity stage with the influx of coffee shops, French, Italian, Cocktail bars, and others; therefore, an innovative idea shall have something different to offer.

In the case of Dindin Restaurant, the company has developed its basic business ventures with a virtual presence on the internet. These initial marketing activities are often adopted by almost all businesses. However, in case of the absence of a plan that can sustain the business such as meeting working capital requirements, paying company debt (if acquired), controlling the cost of raw material, maintaining profitability margins, etc., the business will eventually fail. For example, in case Din Din kitchen have started ventures as a small business with an innovative idea and have managed to attract the customer. However, in the case of the absence of a plan for long-term sustainability, the business cannot survive irrespective of the strength of the marketing orientation.

CONCLUSION:
Entrepreneurial marketing is critical for the business. The importance of integrating entrepreneurial marketing not only lies for small-scale businesses but also at large-scale businesses as the innovation in the process across all activities is critical for large businesses, as well (Schindehutte & Morris, 2010; Cristina, 2011). Also, the innovation with respect to the 4Ps of marketing is not only required but also with respect to operational expertise in order to ensure survival with limited constraint. Therefore, small businesses in the UK can increase their survival rate by expanding the scope with equal marketing and entrepreneurial abilities. Read More