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Nov 24, 2024

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Required : Compare the 4P’s in Entrepreneurial Marketing, to the 4P’s in Traditional Marketing. How can transforming the marketing plan aid entrepreneurial venture to create a competitive edge? You have to provide relevant examples for each point to support the answer. -**you have to depend the course material** The course material : Traditional marketing is often associated with the original 4 Ps – product, price, place, promotion. Product refers to tangible or intangible offerings such as goods, services, or ideas that provide benefits and satisfaction to fulfill a customer’s need. Price is the value placed on the product exchanged between the buyer and seller and can be changed according to demand. Place refers to the availability of the product to the customer by using suitable distribution channels, retailers, and other intermediaries. Promotion, which includes advertising, sales, and personal selling, is a form of communication that influences groups to accept the product. However, Entrepreneurial marketing 4 Ps focuses on people, purposes, practices and process. Entrepreneurial marketing is used to describe the marketing undertaken by small entrepreneurial ventures, often at start-up or early growth phase. Entrepreneurial marketing also seeks to meet the desires, needs and motives of both the entrepreneur as well as the customer, based on the resources available at that moment. Interacting with the customer in a close and direct way is also a big component. The 4Ps of Entrepreneurial Marketing in more detail: People This relates to the people in the entrepreneurial team – or to an individual entrepreneur. Given the central role of individuals in entrepreneurial marketing – the traits, styles and competencies of individuals are much more important than in the structured approach of administrative marketing.

Purpose The entrepreneurial venture will often have arisen from a customer need identified by the entrepreneur – and which they feel strongly about. The venture is also strongly influenced by the values and motivations of the founders and key members of staff. Entrepreneurial marketing seeks to meet Practice Entrepreneurial marketing tends to be informal, dynamic, responsive to customer needs and often simple in its design and execution. Some entrepreneurs may not recognize they are engaging in entrepreneurial marketing, rather they are just doing what is needed to engage with customers and other stakeholders. However, it is this very informality and contingency that characterizes entrepreneurial marketing. Process Networking and developing a web of relationships have been identified as key to entrepreneurial marketing. Through these networks entrepreneurs and entrepreneurial teams can access vital, timely and inexpensive market information that they can use to shape their products and services. Required: What is meant by “Entrepreneurial Marketing”? Mention its key features and provide professional examples You have to provide relevant examples for each point to support the answer. -**you have to depend the course material** The course material : Entrepreneurial marketing (EM) is used to describe the marketing undertaken by small entrepreneurial ventures, often at start-up or early growth phase . It should be noted that entrepreneurial approaches to marketing are not the sole preserve of small firms, and the term can be applied to larger or established firms that adopt innovative marketing approaches. Although difficult to characterize precisely, entrepreneurial marketing has been described as informal, dynamic, responsive to customer needs and often simple in its design and execution . Marketing is

often undertaken by the owner of the business, who is likely to be a generalist, rather than a marketing expert and will typically be undertaken part-time alongside other activities. However, it is the lack of long-term and fixed plans that allows entrepreneurial marketing to be responsive and flexible. One key characteristic of entrepreneurial marketing is that the entrepreneur or the entrepreneurial team are often very close to their customers, interacting with them directly. They are therefore able to understand customer needs and, given the increased flexibility associated with small businesses can often respond rapidly to these needs. It is this closeness to the customer that removes the need for formal market research. A key process for interacting with customers or other stakeholders is networking. Hence networking has been identified as a key process in entrepreneurial marketing. Although access to resources is important for all types of marketing, entrepreneurial m The acquisition of certain resources may be difficult. Entrepreneurs will shape their marketing strategies according to the resources they have at hand or can readily acquire, rather than base their business and marketing strategy solely on customer needs. Entrepreneurial marketing in particular is seen as “based on the resources available at the moment”. It also seeks to meet the desires, needs and motives of both the entrepreneur as well as the customer. The difference between traditional marketing vs. entrepreneurial marketing is clear in today’s world. Discuss marketing tools and mediums that can be adopted in today’s entrepreneurial marketing? You have to provide relevant examples for each point to support the answer. -**you have to depend the course material** The course material :

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Entrepreneurial marketing (EM) is used to describe the marketing undertaken by small entrepreneurial ventures, often at start-up or early growth phase (Carson et al., 2001; Collinson and Shaw, 2001; Morris et al., 2002; Martin, 2009). It should be noted that entrepreneurial approaches to marketing are not the sole preserve of small firms, and the term can be applied to larger or established firms that adopt innovative marketing approaches (Foxall and Minkes, 1996; Jones and Rowley, 2011) . Traditional marketing is often associated with the ‘4 Ps’ – product, price, place, promotion (Kotler and Keller, 2006). Whilst these all play a role in entrepreneurial ventures, four different Ps have been identified as most important. These are: people, purposes, practices and process . There are many marketing tools entrepreneurs can use : Lead Generation Tools, Search Engine Optimization SEO, Email Marketing, Marketing Automation Tools, Ecommerce, Online Advertising, Social Media Marketing Student can discuss how these tools can be utilized be entrepreneurs for their marketing activities .

Required: Describe the ten motivational types of values within the theory of value content and structure. You have to provide relevant examples for each point to support the answer. -**you have to depend the course material** The course material : The 10 Motivational Types of Values: (1) Self-direction Defining goal: independent thought and action--choosing, creating, exploring. Self-direction derives from organismic needs for control and mastery and interactional requirements of autonomy and independence. Creativity, freedom, choosing own goals, curious, independent, self-respect, intelligent, privacy. (2) Stimulation Defining goal: excitement, novelty, and challenge in life. Stimulation values derive from the organismic need for variety and stimulation in order to maintain an optimal, positive, rather than threatening, level of activation. This need probably relates to the needs underlying self-direction values with an exciting and daring life. (3) Hedonism Defining goal: pleasure or sensuous gratification for oneself. Hedonism values derive from organismic needs and the pleasure associated with satisfying them. Theorists from many disciplines mention

hedonism (pleasure, enjoying life, self-indulgent). (4) Achievement Defining goal: personal success through demonstrating competence according to social standards. Competent performance that generates resources is necessary for individuals to survive and for groups and institutions to reach their objectives. As defined here, achievement values emphasize demonstrating competence in terms of prevailing cultural standards, thereby obtaining social approval (ambitious, successful, capable, influential, intelligent, self-respect, social recognition). (5) Power Defining goal: social status and prestige, control or dominance over people and resources. The functioning of social institutions apparently requires some degree of status differentiation. A dominance/submission dimension emerges in most empirical analyses of interpersonal relations both within and across cultures. To justify this fact of social life and to motivate group members to accept it, groups must treat power as a value. Power values may also be transformations of individual needs for dominance and control. Value analysts have mentioned power values also: authority, wealth, social power, preserving my public image, social recognition. Both power and achievement values focus on social esteem. However, achievement values (e.g., ambitious) emphasize the active demonstration of successful performance in concrete interaction, Whereas power values (e.g., authority, wealth) emphasize the attainment or preservation of a dominant position within the more general social system. (6) Security

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Defining goal: safety, harmony, and stability of society, of relationships, and of self. Security values derive from basic individual and group requirements. Some security values serve primarily individual interests (e.g., clean), others wider group interests (e.g., national security). Even the latter expresses the goal of security for self or those with whom one identifies, (social order, family security, national security, clean, reciprocation of favors, healthy, moderate, sense of belonging). (7) Conformity Defining goal: restraint of actions, inclinations, and impulses likely to upset or harm others and violate social expectations or norms. Conformity values derive from the requirement that individuals prevent inclinations that might disrupt and undermine smooth interaction and group functioning. Conformity values emphasize self-restraint in everyday interaction, usually with close others, (obedient, self-discipline, politeness, honoring parents and elders, loyal, responsible). (8) Tradition Defining goal: respect, commitment, and acceptance of the customs and ideas that one's culture or religion provides. Groups everywhere develop practices, symbols, ideas, and beliefs that represent their shared experience and fate. These become sanctioned as valued group customs and traditions. They symbolize the group's solidarity, express its unique worth, and contribute to its survival. They often take the form of religious rites, beliefs, and norms of behavior, (respect for tradition, humble, devout, accepting my portion in life, moderate, spiritual life. Tradition and conformity values are especially close motivationally; they share the goal of subordinating the self to socially imposed expectations.

They differ primarily in the objects to which one subordinates the self. 1- Conformity entails subordination to persons with whom one frequently interacts—parents, teachers, and bosses. 2- Tradition entails subordination to more abstract objects—religious and cultural customs and ideas. As a corollary, conformity values exhort responsiveness to current, possibly changing expectations. Tradition values demand responsiveness to immutable expectations from the past. (9) Benevolence Defining goal: preserving and enhancing the welfare of those with whom one is in frequent personal contact (the ‘in-group’). Benevolence values derive from the basic requirement for smooth group functioning, and from the organismic need for affiliation. Most critical are relations within the family and other primary groups. Benevolence values emphasize voluntary concern for others’ welfare. Individual Traits: helpful, honest, forgiving, responsible, loyal, true friendship, mature love, sense of belonging, meaning in life, a spiritual life. Benevolence and conformity values both promote cooperative and supportive social relations. However, benevolence values provide an internalized motivational base for such behavior. In contrast, conformity values promote cooperation in order to avoid negative outcomes for self. Both values may motivate the same helpful act, separately or together. (10) Universalism Defining goal: understanding, appreciation, tolerance, and protection for the welfare of all people and for nature. This contrasts with the in-group focus of benevolence values. Universalism values derive from survival needs of individuals and groups. But people do not recognize these needs until they encounter others beyond the extended primary group and until

they become aware of the scarcity of natural resources. People may then realize that failure to accept others who are different and treat them justly will lead to life-threatening strife. People may also realize that failure to protect the natural environment will lead to the destruction of the resources on which life depends. Universalism combines two subtypes of concern—for the welfare of those in the larger society and world and for nature (broadminded, social justice, equality, world at peace, world of beauty, unity with nature, wisdom, protecting the environment, inner harmony, a spiritual life). An early version of the value theory raised the possibility that spirituality might constitute another near-universal value. The defining goal of spiritual values is meaning, coherence, and inner harmony through transcending everyday reality. If finding ultimate meaning is a basic human need, then spirituality might be a distinct value found in all societies. The value survey therefore included possible markers for spirituality, gleaned from widely varied sources (a spiritual life, meaning in life, inner harmony, detachment, unity with nature, accepting my portion in life, devout). However, spirituality did not demonstrate a consistent meaning across cultures. In the absence of a consistent cross-cultural meaning, spirituality was dropped from the theory despite its potential importance in many societies .

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