Ebook Innovation in Marketing: Part 2 includes the following content: Chapter 6 identification of innovative marketing strategies; chapter 7 implications for marketing strategists; chapter 8 business strategy, technology adoption, innovation and marketing capabilities; chapter 9 discussion and conclusion. Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
CHAPTER IDENTIFICATION OF INNOVATIVE MARKETING STRATEGIES ENTREPRENEURIAL AND INNOVATIVE MARKETING For more than three decades Entrepreneurial Marketing (EM) is a concept that finds itself in between two marketing domains; Marketing and entrepreneurship Marketing-Entrepreneurship Interface (MEI) is a researcher favorite, both the marketing and entrepreneurship researchers like to study this theory But also from economy, sociology, and psychology, the transformation of this construct is still underdeveloped There are a variety of definitions and specific principles in this area are missing, practical tools are inadequately developed and as such no common theory Although it is generally agreed that entrepreneurs react differently when it comes to normal marketing, however, some of them are quite successful Without a unique definition, this makes research efforts to be divided and misaligned Consequently, the theoretical development has to be limited to show these concepts, mostly it borrows from other social sciences and the development of conceptual models However, there is a need to develop tools, principles, and theories that can assist businesses and small startups that eyed to survive the initial stages and thrive in an increasingly hostile and unpredictable environment 176 Innovation in Marketing This section will present a shorthistory ofthe evolution of the Entrepreneurial Marketing concept and try to analyze its most common definitions, compare it with “traditional” marketing It has a brief introduction of the most important concepts that are developed in the MEI and then look at the history of research methodologies THE EVOLUTION OF ENTREPRENEURIAL MARKETING In 1982 at the University of Illinois, Chicago, a sponsored program hosted by the International Council for Small Business and American Marketing Association, came up with the term EM (Hills, Hultman et al., 2010) In this event, some of the many research topics used today were established This was a period when marketing research had never caught the interest so many researchers An annual conference on MEI has always been held since 1986 The conference is facilitated by the American Marketing Association (AMA) At this point, the interest of researchers in the field was starting to show and organized several events that end with the formation of a special interest group that spread out its wings to Europe The first conference that held and fully dedicated to the study of Entrepreneurial marketing was held in 1995 As four years later courtesy of Research in Marketing and Entrepreneurship was established as a permanent venue for EM researchers In 2005 the International journal of entrepreneurship was initiated under MEI Its primary function was to link technology and marketing issues Dedicate issues of the Journal of Small Business Management in 2008 and International Journal of Entrepreneurship and Innovation Management in 2010 showed that EM entered the mainstream of the entrepreneurship literature In 2010, at the “Charleston Summit” held in the USA it was apparent that marketing was a secondary component of MEI that was largely entrepreneurship, therefore efforts are needed to reinstate it back to marketing In the table below (Table 1) the most significant development in the evolution of EM is shownand how the events impacted to the development of MEI Identification of Innovative Marketing Strategies 177 DEVELOPMENT IN THE EVOLUTION OF ENTREPRENEURIAL MARKETING Table - Evolution of Entrepreneurial Marketing 1982 - 1995 Year Milestone Impact 1982 First marketing and entrepreneurship research conference (G Hills) Started the marketing and entrepreneurship movement withinmarketing 1985 First empirical study of the Mel in frontiers of entrepreneurship research (G Hills) Started empirical research at Mel and documented importance 1986 First research symposium in marketing and entrepreneurship University of Illinois at Chicago!AMA (G Hills) Provided marketing scholars a venue to share research regarding EM 1986 Dickinson, P and Giglierano, J “Miss- First Journal of Marketing ing the Boat and Sinking the Boat: A article to directly focus on Conceptual Model of Entrepreneurial entrepreneurship Risk”, Journal of Marketing 1987 “The relationship between entrepreneurship and marketing in established firms”, published in the Journal of Business Venturing (Morris and Paul) 19891991 1995 Empirical study of the interrelationship between marketing andEntrepreneurship Moves EM into higher academic standing with Journalof Business Venturing acceptance This added entrepreneurship legitiAMA Task Force (1989) and later, Special interest Group is established for macy for marketing academics the MEl First Tracks are created in the AMA summer (1990) and winter(1991) conferences for EM Carson, Cromie, McGowan, and Hill publish first textbook Marketing and Entrepreneurship in SMEs: An Innovative Approach Helps establish the content and structure of EM courses Innovation in Marketing 178 1995 First Academy of Marketing symposium (U.K.) (D Carson, Andrew McAuley) Slater andNarver’s market orientation and learning organization, published in Journal of Marketing These two milestones helped move some scholars in mainstreammarketing to look at the similarities between marketing andentrepreneurship Table - Evolution of Entrepreneurial Marketing 1999 - 2010 Year Milestone Impact 1999 Journal of Research in Marketing and Entrepreneurship created (J Day, P Reynolds, D Carson, G Hills) Journal of Research in Marketing and Entrepreneurship provided an academic journal dedicated to EMwhich increased the acceptance of EM scholarship Special issue of Journal of Marketing: Theory and Provided additional credible publication outlet for scholars of EM 2000 Practice on the MEl (M Miles) 2001 Lodish, Morgan, and Kallianpur publish This text enhanced the credibility of a book based on their pioneering MBA EMas a result of Wharton Business course in EM School’s reputation 2002 Bjerke and Hultman publish Entrepreneurial Marketing: The Growth of Small Firms in the New Economic Era This text provided additional guidance on content and context of EM 2002 Morris, Schindehutte and LaForge publishEntrepreneurial marketing: A construct for integrating an emerging entrepreneurship and marketing perspective lncreased the visibility and creditability of work in EM and helped define andbound the EM construct 2003 First conference on marketing, entrepreneurship and innovation interface in Germania- Karlsruhe The interest extended outside theAngloAmerican area 2004 Buskirk and Lavik publish EntrepreneurialMarketing EM textbooks move toward the mainstream in the U.S market Identification of Innovative Marketing Strategies 179 2005 International Journal of Technology Marketingcreated IJTM was another academic journal initiated at MEl which emphasis ontechnology intensive products 2006 20th UlC Research Symposium on Marketing andEntrepreneurship For the past 20 years, the symposium has been a catalyst for encouraging high quality scholarly thought andresearch at MEl 2007 Wharton Publishing published Marketing that Marketing tools, tactics, and strategies for marketers in every kind of company, from startup to global enterprise Works: How Entrepreneurial Marketing can Add Sustainable Value to Any Sized Company, written by Lodish, Morgan, and Archambeau 2008 Special issue of Journal of Small Business Management on the EM Reiterated the importance of EM , as the official journal of the lnternational Council for Small Business 2009 Read, Dew, Sarasvathy, Song, and Wiltbank publish Marketing Under Uncertainty: The Logic ofan Effectual Approach This article introduced effectuation , an approach specific to expert entrepreneurs into the marketing field 2010 Special issue of Int J Entrepreneurship and More aspects of EM entered the mainstream of the entrepreneurship literature Innovation Management on the EM 2010 Charleston Summit Redefined MEl and offered a conceptual framework for future Researches Source: Adapted from Hills G.E, Hultman C.M, Miles M.P (2008), “The Evolution and Development of Entrepreneurial Marketing”, Journal of Small Business Management, 46 (1), pp 103-104 In as much as EM has been in the market for a time, it still seems that only recently has it reached its maturity stage, where its future developments and possible future success redefined The Definitions Analysis As first entrepreneurial marketing defined marketing activities practiced by small businesses and startups Research studies have indicated that there is a separation between marketing theory and marketing practice of small companies But not every SME owner is an entrepreneurs so 180 Innovation in Marketing the focus has moved in the direction of marketing practiced by many entrepreneurs An entrepreneur is that person who creates something new- according to Schumpeter, or those who are alert to innovations, according to Kinder (Metcalfe, 2006) There are numerous differences between anentrepreneur and a small business owner (Cartland, Hoy et al., 1984; Bunyan, Drogue et al., 2008) While an entrepreneur is in charge of the business to make profit and growth, the small business owner is in charge to make sure that the business to pursue his personal goal and at the same time be able to provide some benefits to his family So an entrepreneur wishes to maximize economic performance, a small business owner wants to achieve personal goals, which may not be for economic purposes, and only needs an acceptable level of business performance Another method that shows the differences between the two is their attitude towards innovation An entrepreneur always wants to introduce new products and processes, establish or open markets, identify or source for new sources of supply, on the same breath a small business owner does not engage in innovations or new ways of selling a buoying to improve the product or service provided On that note, the scope moved from the entrepreneurs to companies, and this includes the big one too Big companies have a specific way in which they behave in the e market Their approach is defined by a complex and disorderly environment that has a lot of changes that are both contradictory and too frequent The most common definition of EM is “proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.” How Entrepreneurial Marketing compares to Traditional Marketing As earlier mentioned before, EM cannot exist without the mention of an entrepreneur In contrast to traditional marketing that is centered exclusively to the customer Entrepreneurial marketing has the customer and the entrepreneur as equally important segments that shape the culture, strategy and firm’s behavior EM is influenced by personal choices, values and characteristics But there is no agreement on the two relationships when it comes to factors related to personal characteristics Identification of Innovative Marketing Strategies 181 such as experience, education level, propensity to risk, preference for innovation, tolerance for ambiguity, and firm performance, the results being contradictory (Anderson and Tell, 2009) Researchers will come to an agreement on how entrepreneurs think and make decisions in line withmarket practice There are five major differences in the way non-entrepreneurs think (they use predictive logic) and how entrepreneurs think (effectual logic) (Dew, R et al., 2009): • Futuristic: we look at both the predictive for predictive logic and creative for effectual logic In predictive logic, the future is portrayed as a causal continuation of the past and can be predicted In creative for effectual logic, the future is already definedshapes by our actions either by our past or by voluntary actions of other factors, therefore, predictions are impossible • Decision Making: for predictive logic, actions is based on reason (purposes) Ineffectual logic, actions are based or aligned to available means Purposes come by as a result of the courses of action taken and reliant upon the available means; • Attitude toward risk: in predictive logic, a decision is made based on the maximum gain it can bring to the business Ineffectual logic an option is chosen based on opportunity cost; • Attitude toward others: competition in the case of predictive While cooperation in the case of effectual logic; • Attitude towards contingency planning: predictive logic will use avoidance tactics while the case of effectual logic Accurate predictions, careful planning and focus on objectives By fashioning the decision-making process according to effectual logic, it shows that entrepreneurswill puttheir trust in the future According to then the future cannot be predicted and so they not see the need to set objectives and therefore not seen as important They operate with what is at hand, i.e both tangible and intangible resources, their capabilities and who they already know as their network and come up with a myriadof options with different possibilities Choosing one option does not necessarily mean maximizing the results, but the opportunity cost Effectual logic is keen on building partnerships and attracting stakeholders before being sure where his target market is or even what Innovation in Marketing 182 products and services to offer Therefore, stakeholdershave room to express their views and shape the company collectively because of a group effort This obviously contradicts the natural marketing dynamics (Sarasvathy, 2003) that give an upside-down approach where the entrepreneur starts from controlling the market based extensive research, makes an analysis, and selects a target market segment based on predictions and trends, and finally develops strategies that attract the target segment Effectual logic is the other way round, it starts from the bottom-up where the entrepreneur identifies the network (which is personal) - usually a partner or a customer As they decide on what and how to do, they tag customers from different market segments, they will eventually define the market for the product/firm The entrepreneur as earlier on to state, is on the side with the customer as a central element of EM If the marketing concept is based on customer orientation, as the fundamental way of doing business, how would this perspective accommodate entrepreneurial orientation? Entrepreneurial orientation may concur with customer orientation if the entrepreneur can at all times, put himself in the position of the customer Many successful entrepreneurs have that innate feeling forthe needs of the customer Sometimes their initiations never accurate when put into reality Therefore, the ability to adapt to align oneself with rapid market movements is quite essential (Stokes and Wilson, 2010) Table illustrates the differences between the two concepts (Stokes, 2000b): Differences between Traditional Marketing versus EM Table - Traditional vs Entrepreneurial Marketing Marketing Principles Traditional Marketing Entrepreneurial Marketing Strategic orientations Customer orientated (market driven) Innovation oriented (idea driven) Strategy Top-down approach: segmentation, targeting, positioning Bottom-up approach: targeting a limited base of customers, further expansion Identification of Innovative Marketing Strategies 183 Methods Marketing mix (4/7 P’s) Interactive marketing methods, word-of-mouth, direct selling, referrals Market intelligence Formalized research and intelligence systems Informal networking and information gathering Source: Adapted from Stokes, D (2000), “Putting Entrepreneurship into Marketing: The Process of Entrepreneurial Marketing”, Journal of Research in Marketing & Entrepreneurship, (1), p 13 To summarize the differences between EM and traditional marketing, business orientation, at strategic level, tactical level and way of collecting and integrating market information - we conclude that (Stokes, 2000a): • In business orientation EM is defined by entrepreneurial and innovation orientation, unlike traditional marketing that is defined by customer orientation, if the classical marketing construct needs an evaluation of market needs before innovation of a product, entrepreneurs will start with an idea and try to find a market for it • At the strategic level, in traditional marketing, there is the top-down approach, which offers a clear definition of path to follow alongside consequent actions after each activity Great entrepreneurs practice the reverse by practicing the bottom up approach: once a market has been identified, the entrepreneur will test it through a trial- and-error Afterwards, the company starts to operate to serve customer needs of some clients, and the entrepreneur thinks of expanding the business Since he is in direct contact with clients, it’seasy to find out their preferences and needs Customers are later added to the business and they are normally from the same profile as the existing lot This is not a deliberate process because new customers come as a result of first customerrecommendations And as such the target market is created by eliminating personal preference • At the tactical level, EM does not have to fit in the 4P’s model for entrepreneurs seem to adopt an interactive approach, because of their direct and personal contact with clients Their interactions with customers when selling Such interactions 184 Innovation in Marketing are enhanced by word-of mouth an s a form of marketing and which is great for generating referrals • The market information gathering, the entrepreneurs already know the significanceof evaluating the marketing environment But they rely on old methods such as personal observation or data collected through their networks of contacts They not lay thief thruston formal research method because of their inability to believe in future predictions • It is not surprising that the best practices in successful entrepreneurship are seen to be ignoring traditional marketing constructs (Hills, Hultman et al., 2008) Entrepreneurs not use marketing, to them that is advertising, which is prohibitive because of the high cost and consequently cannot afford Moreover, entrepreneurs are always concerned with the current, operational issues and are likely to ignore longterm issues And they not follow the “text book rule of marketing” But we cannot depend on these characteristics because entrepreneurs practice a different marketing strategy in which they are able to apply any practical tactic because of their flexibility in the market place They still harbor thoughts on how to handle long term business and customer They not follow a logical pattern or approach Because they serve what the client wants • Basic concepts of EM: marketing network and entrepreneurial marketing competencies Recent research studies on Innovation Marketing Strategies, a lot of focus has been on major themes like: the type of business orientations that are used in an entrepreneurial setup (Jones and Rowley, 2009; 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thegentleartofsmartstealing.wordpress.com/types-of-innovation/ 109 Innovation as a business strategy http://www.scienceadvice.ca/ uploads/eng/assessments%20and%20publications%20and%20 news%20releases/inno/ (2009-06-11)%20innovation%20report.pdf 110 Business models, business strategy and innovation http:// w w w b u s i n e s s m o d e l c o m m u n i t y c o m / f s / r o o t / j i g businessmodelsbusinessstrategy.pdf 111 Gaining competitive advantage through innovation strategies: an application in warehouse management processes http:// themarketmogul.com/role-innovation-firm-competitiveness/ 112 Innovation as a competitive advantage issue http://www.scielo br/scielo.php?pid=s0104-530x2016000200397&script=sci_ arttext&tlng=en 113 The impact of business process management on business performance superiority http://www.eajournals.org/wp-content/ uploads/the-impact-of-business-process-management-on-businessperformance-superiority.pdf 114 Firms’ innovation objectives and knowledge acquisition strategies https://www.enterpriseresearch.ac.uk/wp-content/uploads/2015/03/ erc- espap27_loveroperbonnerzhou.pdf 115 Preparing a budget for a research grant proposal http://www dartmouth.edu/~osp/docs/resources_docs/preparing_a_budget_14_ v1_10-16-13.pdf 116 Creatingshared value https://sharedvalue.org/sites/default/files/ resource-files/shared_value_guide.pdf 117 Market orientation and the new product paradox http://onlinelibrary wiley.com/doi/10.1111/j.1540-5885.2005.00145.x/epdf 118 Marketing for your business http://www.distinction-bdm.co.nz/ services_marketing_sales.htm 119 What motivates marketing innovation and whether marketing innovation varies across industry sectors? https://ruor.uottawa.ca/ bitstream/10393/33008/1/wang_shu_2015_thesis.pdf References 303 120 Learning orientation, innovativeness and financial performance in traditional manufacturing firms 121 http://www.skogoglandskap.no/filearchive/learning_orientation_ innovativeness_and_financial_performance_in_traditional_ manufacturing_firms_2.pdf Index A American Marketing Association (AMA) 176 Appreciate negative comments 253 B business environment 203, 206, 223 Business process management (BCM) 212 C Competitive intensity 259, 260 Conduct Market Research 253 Customer relationship management (CRM) 274 D Department Research Administra- tors (DRAs) 219 dependent variable 263, 264 Dependent variable (DV) 263 Diamantopoulos 265, 267 E Entrepreneurial Marketing (EM) 175 establishment 227, 229 F Funding Opportunity Announcements (FOAs) 218 G GENERAL RECOMMENDATIONS 247 globalization 203, 224 Gross Domestic Product (GDP) 124 Environmental Sustainability 306 I implementation 234, 238, 239, 240, 241, 243, 245 M Marketing development 257, 258, 259, 260 Marketing-Entrepreneurship Interface (MEI) 175 Marketing innovation 257, 258, 259, 260, 267, 268, 269, 270, 271, 272, 273, 274, 275, 276, 277 Market Orientation 249 N new product development (NPD) 194 O Office of Sponsored Projects (OSP) 219 P Product development management (PDM) 274 Proposal Announcements (PAs) 218 R Request for Proposals (RFPs) 218 Research Funding Announcements (RFAs) 218 Research Grant Managers (RGMs) 219 Return on investment (ROI) 199 Return on resources (ROA) 199 S significance sequence 258 Spur innovation 258 Supply chain management (SCM) 274 T technological progress 204