Market Ent Report

8/3/2019 Market Ent Report

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Entrepreneurial MarketingBB30903 1

Table of Content

Particular Page

1.0 Introduction 2

2.0 Why we need entrepreneurs in our society 5

3.0 How entrepreneurial marketing strategy improve the 8

Firm performance

4.0 Conclusion 14

5.0 Reference 15


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1.0 Introduction

1.1 Definition of Entrepreneur

The concept of an entrepreneur is a further refined when principles and terms from

business, managerial and personal perspective are considered. The origin of the word

entrepreneur has evolved over the past year, just as the economic activities and society have

become complex too. During the industrial revolution, entrepreneurs were sort of intermediaries

or middleman. They were characterized as a moderate risk taker and predict the future event

.Then, they become the cornerstone of economic development, starting to produce and

innovate, while still talking the risk. During middle ages, entrepreneur comes from the world

French which mean designated a person who perform a task and also refereed as a bold

individual keep on talking economic risk. Entrepreneurship is the process of creating something

new with value by devoting the necessary time and effort, assuming the accompanying

financial, and psychic and social visit, receiving the resulting reward of monetary and personal

satisfaction and independence.

Ted turner a CNN founder says my son is now entrepreneur. That is what you are

called when you dont have a job.When we mention the word entrepreneur, most of the people

will equate it with businesspeople. A sundry shop owner to an independent commission broker

to corporate CEO may claim that they are entrepreneurs. This is especially true when they are

dealing with in business transactions in their daily work. In actual fact, an entrepreneur is more

than just doing business .Niccolo Machiavelli is an Italian historian during the Renaissance

revolution and also the founder of political science says Entrepreneurs are simply those who

understand that there is little difference between obstacles and opportunity and are able to turn

both to their advantages.


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1.2 Why Become an Entrepreneurs

Basically there are five reasons why people choose to be entrepreneurs. It is because

they want to start their own firms as they become the boss, pursue their own ideas, escape

from bad situation, enjoy the satisfaction life and received financial reward from the business.

1.2.1 Become the Boss

The first reason is to be they own boss. Everyone wants to be a big boss either in small,

medium and big companies. Mostly, those entrepreneurs have difficulties to work with or they

have trouble accepting authority from the organization. Instead many entrepreneurs want to be

their own boss because either they had a long time ambition own their own firm or because

they have become boring and frustrated working in traditional jobs.

1.2.2 Pursue Their Own Idea

The second reason is to pursue they own ideas. Some people are naturally alert of an

opportunity around them, and when they recognize ideas for new products or services, they

have a desire to see those ideas are realized. When this happen ,employees are left with good

ideas that go unsatisfied .Because of their passion and commitment on pursuing the ideas

,some employees choose to leave the firm employing them in order to start their own business

as the business set up by developing their own ideas. For example, Tony Fernandez have been

working with Virgin Group low budget airlines in London, he resigned from the company and

start the idea of low budget airfares and set up a company called Airasia. It is the first low

budget airlines in Malaysia.


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1.2.3 Financial Reward

Pursue financial reward is the final reason. When people start their own firms to pursue

financial reward .This motivation, however is a typical secondary to first two and often fail to

live up. The average entrepreneur does not make more money than some with a similar

amount of responsibility in traditional jobs. For example, the founder of Google Company Larry

Page and Sergey Brin made a fortune and millions of dollar by building their firms.

1.2.4 Escape a Bad Situation (Freedom)

People are sometime use entrepreneurship as an starting point or escapes tools, to free

themselves from an undesirable situation .Some may wish to leave an unpleasant job situation,

while others may seek change out the necessity .After layoffs, for example, unemployed

personnel with experience in professional, managerial, and technical often consider the

possibility of venturing out on their own. For example, Chef Wan become the famous celebrity

chef in Malaysia. Before he became a celebrity chef, he was an accountant. He pursues his

dream to become a chef and quit his jobs as an accountant.

1.2.5 Enjoy a Satisfying Life

Entrepreneurs always speak of satisfaction they experience in their own businesses,

some refer their work is fun. Part of their enjoyment may drive from their independence, but

some of it reflects an owner personal fulfillment from working with firm products and services.

An entrepreneurs may also enjoy becomes boss and most small business owners report

satisfaction in their career.


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Entrepreneurial MarketingBB30903

2.0 Why Needs Entrepreneurs in Society

2.1 The Importance of Entrepreneurships

According to Joseph Schumpeter an Austrian economist entrepreneurship is important to

the economy and the society on his first articulated in 1934. In his book The Theory of

economic development, argued that entrepreneurs develop new product and technologies that

over time make current product and technologies. Schumpeter called this process a creative

destruction. Because new product and technologies are usually better than those they replace

and the availability of improved products and technologies increases consumer demand,

creative destruction stimulates the economy activity. The new product and technologies may

also increase the productivity of all elements in society.

2.2 Job creation

In the past two decades, economic activity has moved increases in direction of smaller

entrepreneurial firms, possibly because of their unique ability to innovate and creative that

focuses on specialized tasks or jobs. The small businesses provide the first job for most new

entrants to the labor force. In addition, Entrepreneur needs more employees to do run the daily

business activity. For example, if a big entrepreneurial firm established a power plant to an

urban area. Of course, it will open the jobs opportunity to the people around those areas.

Another example, Google Company is the most successful company in the world, their created

job opportunity to the public, hiring people with a great talent and creative to join the Google

team management.


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2.3 Economic Value

In the entrepreneurship term, economic value refers to economic benefits obtained from

operating a new business. Whether to craftsmen entrepreneurs or opportunistic entrepreneurs

commercialize the products or services for profits of a new venture are an important factor to

the decision of entrepreneur. For instant, profit will bring them money to live on for the long

term period, the higher the profits, the more worth seizing the entrepreneurial opportunity. For

example ,like Airasia company ,their generated a lot of revenue from selling value pricing ticket

or low cost air ticket to customer and it also increase the fly aviation business in Malaysia and

contributed to country growth.

2.4 Innovation Product and Service

The innovation of entrepreneurs firms have a dramatic impact on the society .Think of

all the new products and services that make our live easier ,enhance our productivity at work

,improve our live health and entertain us. The creation of the product and services is based

consumer needs and demand. In addition, entrepreneurs create the innovation of product and

services to solve our daily life problem and make us easy to enjoy our life. For example, Apple

Company had created Ipad 2 a portable computer and very light weight device. So, consumer

can surf internet anyway, anytime and easy to carry around rather than bringing ordinary

laptop which is heavy. Ogawa is the massage machine; this machine helps us to released stress

and tension and also maintains healthy life. Herbalife a healthy and nutrient supplements that

help us live a healthy life by reducing body weight and release all the toxic in the human body.


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2.5 Giving Entrepreneurial Education

Entrepreneurs are important to society because successful entrepreneurs will give

entrepreneurship education to young entrepreneur to open their businesses. Entrepreneurship

education is significant important to economic growth in develop and developing countries

across the world .Given the high probability of failure ,universities around the world have been

challenged to sparkle the entrepreneurial spirit of their graduates ,training ,giving them the skill

sets and abilities needed for dealing with risky and uncertain real business environment .

Because entrepreneur are perceived to have a heightened readiness for change ,possess a high

level of self confidence and creativity ,and utilize innovative approaches to decision making and

problem solving entrepreneurship education programs provide practical platform for economic

growth and should be of highest priority in curriculum development. In Malaysia, the

government giving education and training in entrepreneurship to young graduate to harvest the

experience and practices to be successful entrepreneurs in the real world.

2.6 Entrepreneurs Giving Social responsibility and moral values to Society

Social responsibility and moral value are important for entrepreneurs in society .Because

their running the business ventures ethically and morally. Wealthy entrepreneurs with high

successful companies will launch a Welfare programs .Most businessman or woman financially

contributes to various welfare programs, like helping the blind, orphans, and hunger program.

In times of crisis, they help by donating items such as blankets, clothes, medicines and foods.

Even they generated more revenue from the society but their also giving back benefit and solve

society problem as a social responsibility and moral values.


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3.0 How Entrepreneurial Marketing Strategy Improve the Firm Performance

3.1 Introduction of Entrepreneurs Marketing Strategy

Marketing means different things to different people. For entrepreneur view, marketing

mean selling a product or service. Other people see marketing as those activities directing the

flow or transaction of goods and services from producer to consumer or user. Entrepreneurial

marketing had its share of difficult during the early stages of its development. It is a tribute to

the dedicated by the scholars that entrepreneurs marketing are now widely accepted as a

legitimate field of inquiry. Entrepreneurial marketing is a strategy to gain competitive

advantage. The perception of firm primary objective is to generated profit at the same time

fulfilling the needs and wants of consumers in the market place.

From many year ,there are research in entrepreneurship has focused on the firm most

notably successful firms ,as both scholars and practitioners attempt to understand what makes

firm successful. In marketing view, the focus has been on the customer and how firms can

satisfy and meet their needs of their potential customers .Indeed for many decades ago

customers orientation is regarded as the key point of successful organization. Customer

orientation is not applies on business itself but also applies into non-profit organizations and

even government agencies. It needs customer to maintain the business. There is a wider

recognition of the role entrepreneurs play a major player in the marketing field. For large

corporation with resources that smaller businesses can only dream of, entrepreneurs often

relies in creativity and innovative ways to successfully compete in the marketplace.

Entrepreneurial marketing gives the entrepreneurs a opportunity to highlight the importance of

the entrepreneurial process in the creation of markets. After all, it is the entrepreneurs that

recognizes, explores and exploits opportunity.


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3.2 Applying Marketing Strategy

A well prepared market analysis and competition analysis are important for the formal

marketing plan. But the information on the marketing strategy form is the most detail parts of

the marketing plan. It is for potential investor view to evaluate either the product or services

are success in the market. Such strategy plan is the course of the marketing actions that will

make or break the entrepreneur vision. The marketing strategy is important for firm planning.

To increase the performance of the firm, their area four areas of marketing strategy should be

address. The first one is the product decision that will transform the basic product or services

idea in the bundle of satisfaction. Second, distribution activities regarding the delivery cost of

the product to customer. Third , pricing activities that will set an acceptable exchange value on

the total product or service. Finally , promotion activities that will communicate the necessary

information to target market.

3.3 Adapting Standard Textbook Frameworks

Entrepreneurial marketing is developed by the individual person, who will applying

traditional marketing frameworks to suit the specific situation of the firm .They will have a

product or services to offer to the market place, a standard price and they will promote and

deliver the product of services using an affordable method and medium .This will be done in a

practical way that suits the firm situation and will be structured around the existing function and

activities of the firm itself. Below are the outlines of a typical ways for standard marketing

frameworks are adapted by entrepreneurs to increase the performance of the firms.


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3.3.1 Pricing

To determine the price of the product, entrepreneurs should have costing the budget to cover

and need to maintain cash flow. In addition, the firm should focus on value of the product,

because of the customers spend their money for the product and may try to balance price with

other aspect such as the quality of the product and the customer service connected with the

offering.

3.3.2 Distribution and Promotion

For the firms in handling the delivery problems can arise where operational plans are over

operate or where there is a poor production of control. Delivery or distribution is an area where

a firm reputation can be substantially enhanced and develop. Firm with small budget have the

limited resources to spend on promotion, so, they need to promote their business by word of

mouth and other alternative line activity.

3.3.3 E-technology

The E- technology can be very useful for firms to expand their marketing activities .It can be

cost effective option and allowing the firms to research a wider or specific target market. It can

be used in combination with other business activities. Using the latest E-marketing activities

allow the firms to advertise their products and services more efficiency ,more widely with less

expense ,answering customer queries in several languages, sending email marketing as a tool

to give the firm products and services to customers awareness.


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3.5 Innovative marketing

Most successful firms are usually focused on trying to be innovative and creative,

especially in relation to offering something in the market place and differentiating their

company and products or service from the other competitor. Innovative marketing is driven by

several factors surrounding the firm. Entrepreneurial in small business characteristic and

limitations means that they cannot paid higher price in marketing programs so they need to be

innovative in how they do the marketing with lower cost. For example, recently, Mc Donald fast

food restaurant established an innovative marketing by publishing coupons discount through

Facebook; then, consumers can print the coupons and get a discount when they visit the

restaurant.

3.6 Establishing a Brand

Marketing entrepreneurial also helps firm to increase its performance by creating or

establishing a brand. Brand is a set of attributes either in positive or negative ways. It is based

on people perceptive to determine the brand itself that representing the firms. Some firms

supervise the integrity of their brands through brand management, which is a program used to

protect the image and value of an organization brand in consumers minds. Brand on other the

hand, allow a firms to charge a price for its products that is consistent with its image. A

successful brand can also increase the market value of a company. The increasing of the

valuation can be very important to a firms if it is required, mergers with other firm to generate

revenue and increasing the brand name that keep in consumers mind. Brand equity is the term

that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a

firm valuation. Example of brand is the Mc Donald fast food restaurant with the capital letter M

in yellow color. When consumers see the sign, they know it is Mc Donald.


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3.7 Selecting a Market and Establishing a Position

3.7.1 Segmentation of the Market

The first step in selecting a target market is to study the industries in which the firm

intends to compete and determine the different potential target markets in that industry. The

process is called market segmentation which is important because a firm typical has limited

resources to target one market segment. The market can be segmented in many ways such as

product type, price point, distribution channel and customers served. A firm needs to selects the

segment that represents the best prospects for entry and which is the most compatible with its

core competencies. For example, Apple Company products sell handled computer, laptop,

minicomputer, personal computer, Ipad, and Iphone.

3.7.2 Selecting a Target Market

When a firm segmented the market, the next step is to select the target market. The

market must be sufficiently attractive, and the firm must be able to serve it well. A niche market

is place within the market segment that represents a narrows group of customers with similar

interest. The task for firm is selecting a target market that can attract consumers to buy the

products or services .For example, restaurant business can target people who are vegetarian,

so that their can product vegetarian food.

3.7.3 Establishing a Unique Position

After selecting the market, the next step is to establish a position within it that

differentiates it from other competitor. Position is part of a market or a segment of the market

that the firm claims. A firms market position can be understood by studying the features of its

goods or services. For example, BMW position is luxury in automobile market.


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3.8 Marketing Management Competencies

Using and develop a management competencies for marketing are important for

entrepreneurs through the firms life. Marketing decisions are often inseparable from any

decision relating to the firms. Management skill and competence is an ability that can be

harvest and developed. There are many lists of managerial competencies including vision,

innovation, being creative, lateral thinking, leadership, communication, motivation, knowledge

and judgment. Using these managerial competencies, it can improve the firm performance. The

most relevant competencies for entrepreneurs are running and operate the business industry

context, including knowledge, experience, communication and judgment. The main point is to

learn quickly as possible and with a less mistake as possible. The firms can demonstrate their

experiential knowledge by providing a better or different product and services, good promotion

and selling techniques and taking a focused approach to use limited resources.


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4.0 Conclusion

As a conclusion, entrepreneurs play an important role in our society. Without them, we

cannot live in our currently life. They create products and services for our basic needs, wants

and demand. They see the problem that we facing in everyday life as an opportunity for them

to do business by create the products and services. Entrepreneur firms also help the nation to

economic growth. They also contribute in our society by giving donation to poor and other

welfare program. If the entrepreneurs is very successful in their business just like Datuk Tony

Fernandez the Airasia owners ,other potential young entrepreneurs will thinks them as a roles

model for them to create new entrepreneurial firms. So, more entrepreneurial firms will emerge

in future. Marketing entrepreneurial can helps the firm performance thought the marketing

strategy. Giving the advantages for the firm to analysis what is the products and services that

consumer needs and wants in the market. In addition, it helps the firm to promote, distribute

and channeling the products and services to consumers hand.


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Reference

Barringer B.R and Ireland R.D. (2010) Entrepreneurship, Successfully Launching New Ventures,

3 Edition, New Jersey: Pearson Hall

Gilmore A, (2011) Entrepreneurial and SME marketing, Journal of research in marketing and

Entrepreneurship, Volume 13, No. 2, Page 137-145

Hisrich R.D, Peters M.P, and Shepherd D.A .(2005) Entrepreneurship ,Sixth Edition ,New Yok,

McGraw-Hill

Longenecker J.G, Moore C.W, Petty J.W and Palich L.E. (2006) Small Business Management: An

Entrepreneurial Emphasis, International Edition: South Western

Peltier J.W and Scovotti .C ,(2010) Enhancing entrepreneurial marketing education :

The student perspective, Journal of small business and enterprise development

Volume 17, No.4, page 514-536

Morrish S.C ,(2011) Entrepreneurial marketing a strategy for the twenty-first century,

Journal of research in marketing and entrepreneurship, Volume 13, No. 2, Page 110-119

Miles M.P, Crispin S, and Kasouf C.J. (2011) Entrepreneurship relevance to marketing,

Journal of research in marketing and entrepreneurship, Volume 13, No.2, Page 126-136

Nurul A.K ,(2009)

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