Abstract
This paper analyses the theory of entrepreneurial marketing (EM), its evolution, and dimensions which are available to measure the EM. The EM theory was developed as an interface between the two major disciplines’ of marketing and entrepreneurship. Researchers, scholars, and academics have been debating and nourishing the theory of EM for thirty-year period. Initially it was considered as an ideal marketing concept and strategy to enrich marketing activities and business performance of small and medium scaled enterprises (SMEs). Today, as consumers, customers and marketers, we are living in one global village and experiencing different types of buying and selling patterns. This digital era facilitates us to experience the globalization and international marketing. So far, the global market is constituted with different types and sizes of business units and those business units together generate ultimate power to handle the market and its rivalry. At present it is being declared as an enthusiastic business development factor to reach progressive levels of business life cycles without considering the size of the business unit. The purpose of this paper is to analyze development of the theory of entrepreneurial marketing based on the past literature. It consists of three parts and basic information is described by the first part. Discussion of the development of EM theory and its dimensions are considered in the second part and the Conclusions of this study are presented in the third section.
Highlights
To fulfill consumer and customer needs marketers have to produce goods and services and they have to proceed with ongoing value creation process which produce value proportional to their consumers and customers to win and increase the market share which belong to them(Kotler, et al, Second Impression, 2011)
Some of existing literature says that entrepreneurial marketing (EM) was developed as a most suitable marketing concept to apply for small and medium scaled enterprises (SMEs) and new ventures
In contrast to traditional marketing, entrepreneurial marketing is conceptualized as a particular type of marketing and it is based on the behavioural characteristics of innovativeness, risk-taking, and pro activeness of entrepreneur as well as organizational resources and market opportunities
Summary
To fulfill consumer and customer needs marketers have to produce goods and services and they have to proceed with ongoing value creation process which produce value proportional to their consumers and customers to win and increase the market share which belong to them(Kotler, et al, Second Impression, 2011). Marketer’s way of responding to fulfill consumer needs was being changed dramatically in the entire time period of the history. Today the market is highly corrupted and rivalry moves up to the highest levels. Business diversity tends to create unlimited competition in the market place. Infinite market competitions lead to create market disequilibrium and uncertainty concurrently.
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