The mode of marketing policies used in each firm cannot be standardized. Of course, there is a framework in which most marketing strategies are incorporated: marketing in its traditional context. Through the decades the need for covering special needs of firms has led to the development of another form of marketing, which has been quite popular among entrepreneurial/ small businesses: the entrepreneurial marketing…
It is proved that the increase of popularity of entrepreneurial marketing is continuous even if its use, as compared to that of traditional marketing, is still limited; the lack of managers’ awareness of the benefits of entrepreneurial marketing seems to be the key reason for this phenomenon......
f certain gaps in regard to entrepreneurial marketing has been also verified, a problem that can be resolved through the recommendations provided in the last section of this study. 2. Entrepreneurial Marketing – Literature Review 2.1 Entrepreneurial Marketing – overview and key theories The introduction of entrepreneurial marketing, as a critical part of the marketing process, has been related to the following phenomenon: the increased intervention of entrepreneurs in the marketing plans of their businesses (Sharman 2011). Moreover, it has been proved that entrepreneurial marketing focuses on the increase of a firm’s existing customer database ‘through innovative approaches to risk management, resource leveraging and value creation’ (Morris et al. 2002, p.5, cited in Sharman 2011, p.153). From another point of view, entrepreneurial marketing has been characterized as a term reflecting the ‘development of marketing in the context of information intensity and ongoing change in the organizational environment’ (Welsh 2004, p.97). According to the above definition, entrepreneurial marketing needs to be related not only to the development of a firm’s communication with its stakeholders but also to the identification of markets in which a firm could have important prospects for long term growth (Welsh 2004). In addition, entrepreneurial marketing should focus on the increase of customer value, either in the short or the long term (Welsh 2004). According to Leadley and Forsyth (2004) entrepreneurial marketing policies would be identified in all organizations. The above researchers explain that in order to keep their competitiveness in the modern market all businesses need to focus on ‘marketing and innovation’ (Leadley and Forsyth 2004, p.8). These two ...
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From this paper, it is clear that one of the prime requisites for formulating a business plan is to generate an idea. Based on the idea, certain guidelines are formulated. Sometimes, the idea generation itself may be flawed. Before we venture to critically evaluate this concept, let us find out the difference between creativity and innovation.
The business plan is needed as it helps top executives working in the organization to think about the way the business should be run and accordingly develop objectives. Moreover, formulating a business plan helps the management to convey the objectives to the employees and accordingly operate to fulfill goals.
A business plan is a formal written statement clearly documenting the objectives and goals of an organization, the steps to attain goals and the reason why the goals are achievable. This document contains details about the type of business conducted, the strategies adopted for marketing and sales, the financial background of the organization and a projection of the profit and loss statement.
In fact, the act of planning in itself is an exercise of foresight and exemplifies the planner’s recognition of the uncertain future and inevitable change. In business, this procedure with its significant incorporation of time is referred to as the business planning process.
It consists in formulating future goals and plans, resource allocation, prepare for opportunities and problems and emphasize on key aspects. To put it together, business planning is a process which is set out systematically and logically by the management of an organization, clearly directing the path which the firm must follow, identifies the ways to attain goals and coherently emphasizes in operating tasks which are of pivotal importance (Gibb & Scott 1985).
However, he failed in some of the roles of a manager identified by Henry Mintzberg. The roles of manager as described by Mintzberg could be categorized into three categories. These categories include Interpersonal roles, information roles, and decision roles (Lussier & Achua 2009).
Our media advertisement business chose to perform a survey on various hotels and institutions on the need for advertising. This report will mainly focus on the feasibility study of the business, the marketing techniques, the human resources as well as the funding and other financial plans.
For instance, 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
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