Marketing for Entrepreneurship - Case Study Example

Name Course University Lecturer Date Abstract This paper aims to look at activities that this privately owned small organisation is engaged in entrepreneurial marketing and the manner in which it does so. The primary data used in this paper was gathered as a result of an interview conducted with the manager of this business. The entrepreneurial marketing mix is the main issue to be discussed in this paper with special reference to Odek Supercross event. This will be done on the basis of theories that have been learnt within the module while at the same time analyzing the firm in question which is Odek Supercross event, and ensuring that the concepts learnt within the module have been applied and fully addressed. A literature review on some academic journals will be done which will be aimed at discussing the contentious issues within the entrepreneurial marketing mix and the theories and concepts involved in it. This will be aimed at ensuring that the researched data on the specific firm is accurate as related to literature that has been previously published, or if it is in contrast to the literature due to a number of factors which will be mentioned in any case. The paper will finally conclude by stating why the specific organisation was chosen and if the activities that it is engaged in are either entrepreneurial marketing or not in its day to day business activities. In a nutshell, the purpose of this paper will be to analyze the divergence that is exhibited in the practice and the philosophies that traditional marketing offer from those that entrepreneurial marketing offer. The manager of the firm also possesses an in depth understanding of the corporate traditional marketing strategies and practices, thus this will be examined in depth. This paper found out that such entrepreneurs as the one discussed who exhibit knowledge in corporate traditional marketing are privileged when it comes to entrepreneurial marketing. They not only rely on the traditional notion of price, place, promotion and product, but also they tend to reminisce on the process, practices, people and purpose. The paper also found out that communication is a key factor in the success of entrepreneurial marketing. Thus, the paper aims at implicating that managers should aim at assessing the situations in which they are in with a bid to improving their communication skills and the network processes that they use in their contact processes. Introduction The periodic examination that scholars do in the field of marketing theory more so in the traditional aspect of it enables them to continue remaining relevant to the trends and changes that take place in the business world. Scholars have acknowledged that entrepreneurship and marketing theories both aid in the creation of value, which means that the elements that are involved in the business process are combined in a manner that is supposed to be valuable to the user (Morris et al., 2002). There are even scholars who have combined the foundation of both these theories into a discipline of research that is mainly concerned with the business practices that small and medium sized enterprises used which is also called the entrepreneurship – marketing interface. Scholars have also recognized and at the same time acknowledged that there are differences in the ventures that both the small and the large businesses engage in and are encouraging the inclusion of entrepreneurial elements in the education of the theory of marketing (Gilmore and Coviello, 1999; Hoy, 2008). This paper will also eventually challenge some of the assumptions of the theories of marketing, while examining and identifying the practical differences in terms of philosophy between entrepreneurial marketing and corporate traditional marketing. Some of the criticisms of the traditional marketing theory and its education include the over reliance that is based on the rules of thumb that relate to this theory, which involves the encouraging of thinking based on formula, poor accountability of the expenditures of marketing, the emphasis that is laid on the promotion of mixing the elements of marketing, focusing on the transitory capricious notions of customers which at times tend to be more of superficial, the tendency of most to imitate instead of innovating and finding new methods or approaches or even serving markets that are already in existence instead of creating new markets, concentrating on the short term as opposed to the long term, engaging in risks that are low and thus their pay-offs are also equally low, and marketing with static approaches (Carson, 1993; Stokes, 2000). Most of the scholars with these views aim at finding a solution to this lack of focus within the entrepreneurs in the discipline of marketing. A shift made in paradigms is one way that would allow for the expression of the marketing activities and strategies, as well as the personality of management in most of the small and medium sized enterprises (Kotler, 2001). They argue that if entrepreneurship and marketing are infused, it could lead to the creation of a new paradigm that involves both these disciplines in a much more comprehensive manner. It is a well known fact that most if not all entrepreneurs specialize in other fields which are not related to marketing. To examine the role that marketing mix has to the potential of a business, an examination will be done of an entrepreneur who is an expert in marketing and is equally successful as an event manager in the motor sport industry. Marketing practice and theory will be examined by the review of literature in the context of the organisational size. The primacy that is involved in the personal contact networks that entrepreneurs get involved in as well as the interpersonal communication will be uncovered. There will also be suggestions for training, theory, practice and development. The four P’s (product, price, promotion and placement) There are some basic elements that can define success and these are what some of the marketing scholars have been depending on for a long time. These elements that define successful marketing in the corporate world have been reduced to four traditional and familiar P’s which are product, price, promotion and placement. Companies have been known to organize these P’s into patterns that are proven, and marked in a number of steps that are logical. The plans which are involved in the structuring of these patterns are highly disciplined (Hills et al. 2008). It would naturally seem appropriate to just adopt the system of the four P’s, but doing so without much consideration would prove to blind the importance of the differences that exist at the centre of the experience associated with entrepreneurship. There are scholars who argue that strict adherence to these P’s could make one miss out on the main importance of marketing which includes responsiveness, flexibility and the ability to be able to adapt (Chaston, 1997). They also view the over reliance on these P’s as inappropriate and also wasteful, thus could lead to ineffectiveness in its functionality. This however, does not imply that the convectional methods of marketing can not be applied to small and medium sized enterprises. It is however important to also note that these small and medium sized enterprises equally face challenges and opportunities that other large organisations do not, and thus, they are able to benefit from marketing theories which considers the context in which these small and medium sized enterprises face in the context of their particularities (Hills and LaForge, 1992). The investigation of marketing with relation to the concepts of entrepreneurship is one of the ways in which these scholars have taken up to address these needs. The investigation of the development and the evolution of this concept by some scholars have found that as a matter of fact, that the marketing that most entrepreneurs engage in deviates from the main tenets of marketing (Dodge et al. 1994). Corporate traditional marketing theory is viewed in three dimensions which are viewed as distinct by scholarly works. This includes culture which includes the beliefs and the values that view the customer as the most central and important factor in guiding the organisation into success, strategy which involves the achieving of an advantage over other competitors within the same industry and the context in which the market is operating in, and finally, tactics which involves the methods of leveraging in terms of the resources used, as well as the variety of techniques that businesses use in the management of risks. The examination of these three dimensions through the eyes of an entrepreneur provides knowledge into the philosophical differences that are present (Capaldo et al., 2001). The entrepreneur Some of the components that define entrepreneurial organisation are the behaviours that the manager or the entrepreneur exhibits, as well as the styles and traits that define his or her competencies. The active role that the entrepreneur tends to play forms the distinction that is found between entrepreneurial marketing and formal marketing, while the networks that they form tend to be the link that is fond between the phenomena. It is thus safe to say that the characteristics of a small enterprise are likely to influence the marketing practices of that particular organisation (Achrol and Kotler, 1999). Thus the overall behaviour that is exhibited by the entrepreneurs and their competencies tend to affect the success of their respective organisations. While there might be slight differences in the job of the entrepreneur and the marketing manager in terms of the foundations, their functions in relation to networks and relationships can be viewed to be similar. Networks and relationships The importance that relationships and networking has on marketing is of major importance to the practices of the entrepreneur, and has embedded deeply into the marketing theory (Barley, 1986). Entrepreneurs that practice both the corporate traditional marketing and the entrepreneurial marketing are involved in activities that are fundamental in the establishment of networks that are personal. Such networks provide a very crucial relationship between the relationship marketing and the theories of entrepreneurship. The characterization of a marketing oriented small and medium sized enterprise is a crucial role that such personal networks play (Lofland, 1971). Marketing entrepreneurs Not all entrepreneurs are necessarily experts in marketing. Thus, some of the terms and foundations that are used in theories of formal marketing might be unfamiliar to most of them. Lack of knowledge about the market place and lack or poor planning are some of the problems that are most prevalent in most small and medium sized enterprises. Most managers are unable to define their marketing mix in terms of the four P’s; product, price, promotion and placement, while preferring to go for marketing that is more interactive. Most of the entrepreneurs may not know the concepts of these marketing strategies, but they are fully aware of the value that comes with the good results of a perfectly planned marketing strategy (Gibb, 1990; Hill and Wright, 2000). The need to understand alliances, relationships that are strategic and networks in a much more comprehensive way has been identified by marketing scholars as a need that needs to be achieved. Small and medium sized enterprises have a small advantage over these larger corporations in terms of the close relationships and networks that the customers have with the entrepreneur. It is thus paramount for entrepreneurs to be excellent in communication, both in the conveyance and the interpretation of messages and also skilful in persuasion and influencing of the customers. An entrepreneur who has specialized in marketing is deemed to have an advantage as he or she is considered to have both feet in both the worlds (Curran et al., 1994). Review of literature The sense making process, as argued by some theorists, is used in the construction and negotiation of social reality (Anderson, 1987; Lindlof, 1995). The consistency in the evidence that is portrayed in the theories is what bounds the assumptions of the accuracy rather than by the search for the truth. Qualitative analysis is one of the methods that are used to look into the sensitivity in terms of contextual dynamics, since they focus more on defining and explaining the characteristics of the variations and forms of the phenomena which is under consideration. This study further continues with the tradition of establishing a relationship between the testing and development of entrepreneurial marketing theory and the qualitative methods of research (Gibb, 1990; Hill and Wright, 2000). There have also been calls for entrepreneurial research programs by Hill and Wright (2000) that are more in depth, within the ethnographical traditions. Cope also further shows the importance and value of an in depth entrepreneurial structure that is also equally phenomenological. Odek and the Magazine The Odek Supercross event and the magazine are a representation of the convergence in the passions of Zeph Odek which are marketing and motorcycles. With support from both his wife and business associate, Zeph managed to carve a new frontier in the in terms of market segment in the motorsport industry which is very competitive. The business that Zeph is engaged in combines both competition and the publishing of magazines, while at the same time ensuring that creativity and innovation are demonstrated, alongside growth and uniqueness. These are some of the qualities of a successful enterprise in the entrepreneurial sense. At the age of eight, Zeph had already started riding motorcycles and by the age of 15 faked papers to enable him to ‘legally’ race in off road dirt bike races. As years went by, Zeph started directing projects for several multinational corporations. Throughout his career as a marketer, he continued being close to the motorcycle world. Identification in a new market segment came about through his constant attention to aftermarket products and new innovations and designs. This new market segment was the competition of adults on mini-bikes in motocross. This particular firm was nurtured in a culture that included creativity and innovation. Zeph first got involved in the creation of the magazine, then the development of the race and finally he looked for markets. The Odek Magazine initially started out as an insert to a magazine that was already established. Interest in the mini market segment grew and Zeph had to respond to the requests that were made by the suppliers, enthusiasts and advertisers. The strategy that he used worked and the customers knew that their plight was being heard. He further said that his customers do what he wants them to do based on the fact that they give them all that they ask for. The overarching tactic in the business venture practiced by Zeph is the building of personal relationships. The importance of personal contact relationships in the success of Zeph’s enterprise has been acknowledged by his business associate. Each and every person who is important in the motocross world is known by him, and if not, then his business associate does. Entrepreneurs normally develop networks to gather information and also for the adaptation of marketing practices that are useful. Conclusion The paper has looked into the practices of a marketing entrepreneur, who is an individual who has vast knowledge in promotional services and marketing. This paper has looked at the activities that this privately owned small organisation is engaged in with reference to entrepreneurial marketing and the manner in which it does so. The entrepreneurial marketing mix was the main issue discussed in this paper with special reference to Odek Supercross event. This has been done on the basis of theories that have been learnt within the module while at the same time analyzing the firm in question which is Odek Supercross event, and ensuring that the concepts learnt within the module have been applied and fully addressed. A literature review on some academic journals has been done which has discussed the contentious issues within the entrepreneurial marketing mix and the theories and concepts involved in it. This was aimed at ensuring that the researched data on the specific firm was accurate as related to literature that has been previously published, or if it is in contrast to the literature due to a number of factors which have been mentioned. This paper has analyzed the divergence that is exhibited in the practice and the philosophies that traditional marketing offer from those that entrepreneurial marketing offer. The manager of the firm also possesses an in depth understanding of the corporate traditional marketing strategies and practices, and this has been examined. This paper found out that such entrepreneurs as the one discussed who exhibit knowledge in corporate traditional marketing are privileged when it comes to entrepreneurial marketing. They not only rely on the traditional notion of price, place, promotion and product, but also they tend to reminisce on the process, practices, people and purpose. The paper also found out that communication is a key factor in the success of entrepreneurial marketing. Thus, the paper implicates that managers should aim at assessing the situations in which they find themselves in, and attempt to improve their communication skills and the network processes that they use in their contact processes. 2829 Words References Achrol, R.S. and Kotler, P. (1999), “Marketing in the network economy”, Journal of Marketing, Vol. 55 No. 4, pp. 77-93. Anderson, J.A. (1987), Communication Research: Issues and Methods, McGraw-Hill, New York, NY. Barley, S.R. (1986), “Technology as an occasion for structuring: evidence from observations of CT scanners and the social order of radiology departments”, Administrative Science Quarterly, Vol. 31, pp. 78-108. Capaldo, G., Inadoli, L., Raffa, M. and Zollo, G. (2001), “Managing the marketing / entrepreneurship interface in small knowledge-based firms: a methodological approach”, Journal of Research in Marketing and Entrepreneurship, Vol. 3 No. 1, pp. 18-38. Carson, D. (1993), “A philosophy for marketing education in small firms”, Journal of Marketing Management, Vol. 9, pp. 189-204. Carson, D., Cromie, S., McGowan, P. and Hill, J. (1995), Marketing and Entrepreneurship in SMEs, Prentice-Hall, London. Chaston, I. (1997), “How interaction between relationship and entrepreneurial marketing may affect organizational competencies in small UK manufacturing firms”, Marketing Education Review, Vol. 7 No. 3, pp. 55-65. Cope, J. (2005), “Researching entrepreneurship through phenomenological inquiry”, International Small Business Journal, Vol. 23 No. 2, pp. 163-89. Corsaro, W.D. (1980), “Something old and something new: the importance of prior ethnography in the collection and analysis of audio-visual data”, unpublished manuscript, Indiana University, Bloomington, IN. Curran, J., Jarvis, R., Blackburn, R.A. and Black, S. (1994), “Networks and small firms: constructs, methodological strategies and some findings”, International Small Business Journal, Vol. 11 No. 2, pp. 13-25. Dodge, H., Fullerton, S. and Robbins, J. (1994), “Stage of the organizational life cycle and competition as mediators of problem perception for small businesses”, Strategic Management Journal, Vol. 15 No. 2, pp. 121-34. Gibb, A. (1990), “Organising small firms research to meet the needs of customers of the 21st century”, in Robertson, M., Chell, E. and Mason, C. (Eds), Towards the Twenty-first Century: The Challenge for Small Business, Nadamal Books, Macclesfield. Gilmore, A. and Coviello, N. (1999), “Methodologies for research at the marketing/entrepreneurship interface”, Journal of Research in Marketing and Entrepreneurship, Vol. 1 No. 1, pp. 41-53. Gilmore, A., Carson, D., Cummins, D., O’Donnell, A. and Gallagher, D. (2001), “Networking as an entrepreneurial aid to export marketing”, Journal of Research in Marketing and Entrepreneurship, Vol. 3 No. 3, pp. 139-42. Glaser, B.G. and Strauss, A.L. (1967), The Discovery of Grounded Theory: Strategies for Qualitative Research, Aldine, Chicago, IL. Gronroos, C. (1994), “From marketing mix to relationship marketing”, Journal of the Academy of Marketing Science, Vol. 23 No. 4, pp. 252-4. Hill, J. and Wright, L. (2000), “Defining the scope of entrepreneurial marketing: a qualitative approach”, Journal of Enterprising Culture, Vol. 8 No. 1, pp. 23-46. Hills, G.E. and LaForge, R.W. (1992), “Research at the marketing interface to advance entrepreneurship theory”, Entrepreneurship Theory & Practice, Vol. 16, Spring, pp. 33-60. Hills, G.E.,Hultman, C.M. and Miles, M.P. (2008), “The evolution and development of entrepreneurial marketing”, Journal of Small Business Management, Vol. 46 No. 1, pp. 99-113. Hoy, F. (2008), “Organizational learning at the marketing/entrepreneurship interface”, Journal of Small Business Management, Vol. 46 No. 1, pp. 152-9. Kotler, P. (2001), A Framework for Marketing Management, Prentice-Hall, Englewood Cliffs, NJ. Lincoln, Y.S. and Guba, E.G. (1985), Naturalistic Inquiry, Sage, Beverly Hills, CA. Lindlof, T.R. (1995), Qualitative Communication Research Methods, Sage, Thousand Oaks, CA. Lofland, J. (1971), Analyzing Social Settings, Wadsworth, Belmont, CA. McKenna, R. (1991), Relationship Marketing: Successful Strategies for the Age of the Customer, Addison-Wesley, Reading, MA. Martin, D.M. (2004), “Humor in middle management: women negotiating the paradoxes of organizational life”, Journal of Applied Communication Research, Vol. 32 No. 4, pp. 147-70. Merrilees, B. and Frazer, L. (2006), “Entrepreneurial franchisees have hidden superior marketing systems”, Qualitative Market Research, Vol. 9 No. 1, pp. 73-86. Morris, M., Schindehutte, M. and LaForge, R. (2002), “The emergence of entrepreneurial marketing: nature and meaning”, Journal of Marketing Theory and Practice, Vol. 10 No. 4, pp. 1-19. Read More