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Summary Venture Marketing (all articles)
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Summary of all articles used in the course Venture Marketing (USE).
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Summary Venture Marketing June 2019Summary Venture Marketing
WEEK ONE
SMEs and Marketing: A Systematic Literature Review – Bocconcelli et al.
This paper presents a systematic review of recent academic literature analyzing the role, organization
and management of marketing activities in small and medium-sized enterprises. It is agreed in the
worldwide business literature that SMEs show some common qualitative features, such as limited
financial, human, material and informational resources. Under these constraints, they tend to be
more creative, innovative and flexible than larger businesses. Two main interconnected streams of
studies can be identified: analysis of SMEs’ marketing behavior and practices and how they impact on
their performance; and the attempt to develop an ad hoc marketing approach for SMEs.
The authors provide a framework that seems to reveal an intention to explore the marketing-SMEs
interface through the lens of traditional marketing conceptualization. It should not be seen as an
attempt to apply large firm models to the small firm context, but rather it denotes recognition of a
marketing definition that can be interpreted in different ways in large and small and medium-sized
firms. Moreover, it helps to discover whether SMEs are introducing specific marketing practices while
dealing with increasingly complex markets.
Market orientation: how SMEs manage their relationships with markets.
Basic marketing processes: focused on main marketing processes, namely:
o Marketing information activities: collecting, classifying, analyzing, evaluating and
distributing relevant, timely and accurate information to market decision-markers
o Strategic marketing: customer segmentation and positioning activities
o Operational marketing: (price, product and brand, communication, distribution and
sales): tactics and methods focused on the use of the marketing mix to establish strong
positioning in the target markets
,Summary Venture Marketing June 2019
Market Orientation
Can be studied from two major perspectives:
A cultural perspective, which defines MO ‘in terms of an organization’s customer orientation,
competitor orientation and its interfunctional coordination’.
A behavioral perspective, which considers MO as a behavioral response of the firm to the
competitive dynamics of the environment.
Marketing orientation reflects the application of the marketing concept that is a philosophical
standpoint emphasizing competitiveness and profit, based on the identification of consumer needs
and the delivery of compatible offerings that are better than those of their competitors.
Entrepreneurial marketing orientation reflects the synergy between MO and entrepreneurial
orientation (EO), considered as typical entrepreneurial abilities such as innovation, risk-taking and
proactiveness. The combination of these two is called EMO. Several articles prove that MO and EMO
have positive effects on the SME’s performance.
Marketing practices and processes
What specific features do SMEs use to act in their markets?
Marketing practices, activities and contexts: key marketing activities are customer engagement,
networking and word of mouth.
Marketing and internationalization processes
Marketing information activities
Analyzing how SMEs perceive market research and market knowledge access. The studies generally
deal with two main topics:
The relationship between marketing information activities and SMEs’ performance: the access to
and utilization of relevant information have a positive effect on SME’s performance.
The main factors influencing the information management process: prior beliefs may influence
the perception of new information, as well as his/her ability to recognize market opportunities.
Strategic marketing activities
International market selection (IMS), segmentation and targeting: adoption of a formalized
decision-making process and objective criteria to both analyze and select export markets.
Factors influencing marketing strategies: the attitude of SMEs towards their customers and the
positive impact of dyadic supplier/customer relationships on customer satisfaction.
The relationship between strategic marketing activities and SME’s performance.
Product and brand management
Innovation processes / product innovation: for example, what is the role of the customer (co-
creation)? What is the role of entrepreneurship?
Brand management
,Summary Venture Marketing June 2019
Distribution and sales
The management of distribution channels
E-commerce
Exporting and international sales activities
Entrepreneurial marketing: a historical perspective on development and practice – Collinson &
Shaw
Marketing has much to offer to the study of entrepreneurship and likewise, entrepreneurship can
look at marketing as the key function within the firm, which can encompass innovation and
creativity. There are both differences and overlap.
The differences are between traditional marketing which operates in a consistent environment,
where market conditions are continuous, and the firm is satisfying clearly perceived customer
needs and pure entrepreneurship which operates in an uncertain environment, where market
conditions are discontinuous, and the needs of the market are as yet unclear.
The overlap exists in two areas; one where market conditions are continuous, and
entrepreneurship aids the process of identifying as yet unperceived needs and secondly in a
discontinuous market where entrepreneurship guides marketing strategy to develop existing
needs in a new environment.
Marketing and entrepreneurship share three key areas:
Both focused on change
Both opportunistic in nature
Innovative in their approach to management
Entrepreneurial culture
Entrepreneurship is important to both small and large firms. One of the key problems facing small
firms is that as they grow it can be increasingly difficult to maintain the same level of entrepreneurial
effort as was expended in the initial stages of the firm's life. In addition to this barrier, it is a natural
tendency to go towards activities that reduce levels of risk and consolidate the firm's position.
Entrepreneurial management
How can entrepreneurial marketing be managed?
- The process of managing entrepreneurial marketing differs from the process of managing
regular approaches to marketing. One key reason for this is that where entrepreneurial
marketing is practiced, it commonly takes place within a fluctuating and changing
environment which restricts opportunities for engaging in the marketing planning process,
typically adopted when planning regular marketing activities. Within such environments, if
time is taken to engage in a rigorous planning process, by the end of that process it is likely
that market conditions will have changed sufficiently to render any decision resulting from
, Summary Venture Marketing June 2019
this process as no longer relevant. Instead, the management of entrepreneurial marketing
involves a shorter decision-making process, which is often preceded by little formal planning.
- A second theme considers the position which marketing holds within the organization.
Within entrepreneurial organizations marketing tends to be adopted as the guiding
organizational philosophy and the organization orientates its activities around the customer
and marketplace.
- In entrepreneurial organizations, an informal rather than formal approach to marketing
management is adopted.
Entrepreneurial competencies
The differences between entrepreneurial and regular marketing suggest a number of implications for
the managerial competencies required. The management of regular marketing can be characterized
by a careful planning process which is informed by market research to guide the selection of target
markets and the composition of a marketing mix. In contrast, the management of entrepreneurial
marketing is characterized by intuition, informality and speed of decision making, all of which require
different competencies.
Carson et al. identify four key competencies associated with entrepreneurial marketing
management:
1. Experience of both the industry and the job
2. Knowledge of product aid market
3. Communication skills in being able to direct the organization
4. Sound judgment in being able to identify good market opportunities or key appointments in
personnel, supported by high levels of perception and intuition
A key challenge for entrepreneurial marketing firms is that of growth. Many small firms find it easy to
harness entrepreneur’s strengths and put them to good use in developing new contracts and
servicing customers. But, firms must ensure that the culture within the organization remains
entrepreneurial as they grow.
Entrepreneurial marketing is characterized by a responsiveness to the marketplace and a seemingly
intuitive ability to anticipate changes in customer demands. Because of this, the ability to collect that
market information which is pertinent to the continued achievement of organizational goals on a
regular, almost daily basis is imperative and is an important competency for the entrepreneurial
marketing manager.
Networking: an entrepreneurial marketing tool
The networks in which entrepreneurs and their organizations are embedded have been found to
provide accurate information and advice, which can be used to take market decisions and evaluate
the validity of these decisions. For example, entrepreneurial organizations have been found to access
information about customers from their networks and use this information to improve their pricing
structures and tailor their communications.
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