Explain your understanding on the following topics: SMEs, the problems they face and importance of marketing plan.
Entrepreneurial Marketing is an area of marketing dealing with the marketing of SMEs, which is an emerging trend, accounting 99% of business in the UK and known for its innovation and job creating. This branch of marketing deals with sales and marketing of SME operators which is often a small business and have problems, different from mainstream corporates. There are couple of learnings that can be extracted out of Entrepreneurial Marketing. Firstly, we need to dissect the organizational offerings to see what has it innovated, what has been value addition, its economic growth prospects, sustainability and has it created an opportunity to understand its standing in the competition.
Secondly, As Nwankwo and Gbadamosi said that for any SMEs there are couple of problems they are likely to face like problems in how to conduct sales and marketing operations, how to manage human resource turnover, look over general management and maintaining operations and production. So, knowing these as the most common problem, I’ll try to bring in experts as an investor in the company, with some share given to them and try to incorporate their expertise in these given different areas of problems.
Thirdly, let’s discuss on the importance of a marketing plan. According to Adams, we look over the profitable target segment look over triggers that intrigues sales in the segment that contributes top-line sales and rank them and then decide the right option. So most probably, I would prioritize the preparation of a marketing plan and will make sure to determine the triggers by clearly studying the most contributing factor.