Date of Award
Dr. J. David Royer
In an increasingly turbulent market, marketers are having difficulty predicting consumer demands, and academics are finding that traditional marketing theory is no longer highly effective in making educated marketing decisions. With the growth of Entrepreneurial Marketing (EM) research over the past several decades, researchers have found these practices to be effective not only for SME’s but also for larger firms. Because of this, researchers are offering Entrepreneurial Marketing theory as a solution for all firms seeking a competitive advantage in a volatile market. Entrepreneurial Marketing, which is the innovative, opportunity seeking approach most entrepreneurs and small and medium enterprises (SMEs) utilize when marketing their businesses, is characterized by innovative value creation, and external focus and a willingness to take risks.
The majority of the research conducted has used primarily qualitative methods to uncover typical entrepreneurial practices. This study found that while sufficient research has been conducted on the history and defining characteristics of EM, the literature lacks practical implementation strategies for firms wishing to apply these practices. This paper presents a review of the current literature on EM, highlights the history and defining characteristics, and then offers a model that firms, both small and large, can utilize to implement EM. The model offered in this research applies the defining characteristics of EM––opportunity creation, innovation, personal networking, and resource leveraging––to each element of the Four P Model. This model requires an innovative management strategy and a keen external focus on the market. Based on the existing literature, this paper concludes that applying these principles to either SMEs or to larger firms should significantly proliferate the success of a firm, increase competition among firms, and better meet the needs of the market through nichemanship.
Ramos, Sofia Victoria, "Entrepreneurial Marketing: A Historical Exploration and Implications for Practice" (2016). Selected Honors Theses. 46.