Some Definitions of EM

Bäckbrö and Nyström (2006), p. 13

“Entrepreneurial marketing is the overlapping aspects between entrepreneurship and marketing; therefore it is the behavior shown by any individual and/or organization that attempts to establish and promote market ideas, while developing new ones in order to create value.”

Bjerke and Hultman (2002), p. 15

“EM is the “marketing of small firms growing through entrepreneurship.”” Duus (1997), “The distinguishing feature of this new interpretation, which is essentially a market-oriented inside-out perspective, could be the development of the specific competencies of the firm by entrepreneurial action with a view to serving future customers' latent demand for products that do not yet exist. […] this can be called "the entrepreneurial marketing concept.””

Hill and Wright (2000), p. 25

“A new stream of research describes the marketing orientation of small firms as ‘entrepreneurial marketing’. This means a style of marketing behavior that is driven and shaped by the owner manager’s personality.”

Miles and Darroch (2006), p. 488

“[…] firms adopting EMPs [entrepreneurial marketing processes, the authors] will engage in marketing processes emphasizing opportunity creation and/or discovery, evaluation and exploitation.”

Morris et al. (2000)

“the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.” (p. 5)

“EM synthesizes critical aspects of marketing and entrepreneurship into a comprehensive conceptualization where marketing becomes a process that firms use to act entrepreneurially.” (p. 2) “the unplanned, non-linear, visionary marketing actions of the entrepreneur.” (p. 4).

Shaw (2004), p. 197

“[…] four themes relevant to understanding entrepreneurial marketing within a social enterprise context emerged: opportunity recognition (OR); entrepreneurial effort (EE); an entrepreneurial organizational culture (EOC); and networks and networking (N&N).”

Stokes (2000a), p. 2

“marketing carried out by entrepreneurs or owner-managers of entrepreneurial ventures” Stokes (2000a), p. 13

“The entrepreneurial marketing concept is focused on innovations and the development of ideas in line with an intuitive understanding of market needs; […].”

Source: S. Kraus, R. Harms and M. Fink; Entrepreneurial Marketing: Moving beyond Marketing in New Ventures Int. J. Entrepreneurship and Innovation Management , Special Issue, 2009. 

101: Consumer Innovation Decision Process

Innovations steer growth and development of companies. Most innovations however, fail at different stages of consumer adoption. Such failures are costly in general, more so for a start up company in particular. Lack of complete knowledge about how consumers process innovations could be a reason for failure. To manage innovations effectively, several scholars studied diffusion of innovations. Everett M Rogers, one of the prominent scholars of diffusion of innovations in his pioneering work suggested a framework to understand Consumer Innovation Decision Process. According to this model, “individual’s decision about an innovation is not an instantaneous act; rather it is a process that occurs over time and consists of a series of different actions”. In this process an individual or a decision making unit passes from gaining initial knowledge of an innovation, to forming an attitude toward the innovation, to making a decision to adopt or reject (Roger, 1960). As propounded in the Roger’s model, this process consists of five stages:

Knowledge when the individual is exposed to the innovation’s existence and gains an understanding of how it functions; Persuasion when the individual forms a favorable or unfavorable attitude toward the innovation; Decision when the individual engages in activities that lead to a choice to adopt or reject the innovation; Implementation when the individual puts an innovation into use; and Confirmation when the individual seeks reinforcement for an innovation-decision already made but may reverse the decision if exposed to conflicting messages  (Everett M Rogers, Diffusion of Innovations, 5^th Edition)

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Many new products fail to pass through all the phases of Product Life Cycle. Some find it difficult to "cross the chasm" others even did not get adopted by so called "innovators".

Managing products in a mature firm in some sense is easy. No resource crunch. There are buyers who are already sold to the value proposition. While an entrepreneurial launch bootstrapping on all available resources should succeed at any cost. No scope for experimentation. Which is where we as "partners of your obsession" ensure that you get the new age success....