Abstract
Purpose: This paper focuses on inspecting the relationship between entrepreneurial competencies and innovative marketing strategy in the context of small-and-medium-sized enterprises (SMEs). Entrepreneurial competencies are the set of divergent skills consisting of attitudes and related knowledge that entrepreneurs need to achieve their full potential and lead the firm to adopt innovative marketing strategies. Design/Methodology/Approach: A conceptual model was drawn to show the relationship in quantitative nature using self-administered questionnaire between the relationship of the factors of entrepreneurial competencies and innovative marketing strategies based on previous literature. This study tried to find out whether the entrepreneurial competencies can be helpful for the adoption of innovative marketing strategy rather than the factors comprising entrepreneurial competencies with the help of regression analysis. Findings: This study found that innovative marketing could be fostered if the entrepreneurial competencies are developed. Regression analysis in this study shows that four out of six hypotheses developed in this study is statistically significant. This study also generalizes that entrepreneurial competencies have a moderate positive relationship with the innovative use of marketing strategy. Implications: Findings of this paper implicates an emerging view of marketing with respect to entrepreneurial competencies from the perspective of SMEs. This finding also relevant to the entrepreneurs in order to develop entrepreneurial competencies which will lead them to adopt innovative marketing strategies. Originality/Value: Previous literature on strategic management and entrepreneurship focused on finding the linkage between entrepreneurship competencies and innovative marketing but very few of them gave any attention on the SMEs. In addition, very few scholars focused on the emerging countries like Bangladesh to find the relationship between entrepreneurial competencies and innovative marketing strategies. This study is directed towards studying the impact on SMEs in emerging economy which added distinct value to this paper.
Highlights
The marketing activities in small and medium enterprises (SMEs) is often hindered by constraints such as inadequate cash flow, business size, tactical customer-related problems, lack of marketing expertise and strategic customer-related problems (Doole et al, 2006; Chaston, 1998; Weinrauch et al, 1991; Carson, 1985)
As the data was collected from thehomogenous sample, this paper used ordinary least square (OLS) method to measure the relationship between the variables
The model summary shows that R2 is 0.151 or 15.1% which means 15.1% of the variation in SME innovative marketing strategy is accounted for by the independent variables entrepreneur competencies consists of relationship competencies, commitment competencies, conceptual competencies, organizing competencies, strategic competencies and opportunity competencies
Summary
The marketing activities in SMEs is often hindered by constraints such as inadequate cash flow, business size, tactical customer-related problems, lack of marketing expertise and strategic customer-related problems (Doole et al, 2006; Chaston, 1998; Weinrauch et al, 1991; Carson, 1985). Martins and Terblanche, 2003; McEvily et al, 2004; Mosey et al, 2002; Mostafa, 2005; Nieto, 2004; Prahalad and Ramaswamy, 2003; Salavou, 2004; Senge and Carstedt, 2001; Sexton and Arbaugh, 1992). Researchers found that this innovative use of product, process or marketing stems from the entrepreneurial competence (O'Dwyer et al, 2009c) which entrepreneurs to seize the opportunity (Hulbert and Brown, 1998), try new approaches (Stokes, 1998) and competitive advantage (Knight et al, 1995)
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