( Entrepreneurial Marketing ID: 50V101228000228753 Entrepreneurial flair when combined with effective marketing skill is a rare and powerful combination in business . Developing products that customers want, and being bold with marketing investment, are vital factors in achieving long-term success. ) ( Entrepreneurial Marketing ) ( Page 1 ) ( SOURCE ) 2004-2010, 50 Lessons Ltd. ( CATEGORY ) Business and Economics ( SUB-CATEGORY ) Entrepreneurship and Small Business ( SPEAKER ) Michael Jackson ( SPEAKER TITLE ) Chairman ( ORGANIZATION ) PartyGaming ( TAGS ) Consumer Products, Financial, Technology This lesson is about how Sage started, and how this particular case combined someone who had great marketing skills but also was a great entrepreneur: a very rare occurrence, particularly in the technology sector, and something which turned out to be a massive success story. The Sage story - which has been told before but I think is worth telling again - is about David Goldman, a guy who had a printing works in Newcastle and who took on a visiting professor under a DTI scheme to do some technology work for him. In this particular case it was to do a costing and estimating package for the print industry, based on software. As anyone in the printing industry will realize, it’s quite a complex process to cost and estimate a printing job, which could have various different colors and different lengths etc. They produced this product and started to sell it, and then subsequently produced an accounting product, which was OK. I raised venture capital for them, as is my style: I invested my fee back into the company and became involved. In this particular case, Amstrad launched the PCW, which was the first low-cost PC in the UK, at £500: within six weeks, David Goldman had produced a £99 accounts package to go onto the Amstrad. It was the beginning of low-cost software in the UK market, and the business just took off. But where David was outstanding was that he understood marketing. He wasn’t hung up about the product per se. So for example, when people phoned up and said: “How do we buy invoices to work with your accounting product?”, instead of shrugging his shoulders, he said: “We’ll produce them!”, because he was a printer of course. So he produced invoices and payslips, and when people said: “Well, how do we make this thing work?” not just: “How do we turn the computer on?” but: “How do we do the month-end routines? How do we do some of the accounting functions that go with the software package?”, we started to advise them - and, significantly, to charge them for it. In those days back in the early 1980s, it was unusual for software companies to charge for their telephone support. We did. And, of course, it’s become a massively important part of the Sage business, and a massively important reason why people bought, and still continue to buy, the product. Then sales started to take off; so the bold decision to g ...

1. (
Entrepreneurial
Marketing
ID:
50V101228000228753
Entrepreneurial flair when combined with effective marketing
skill is a rare and powerful combination
in
business
. Developing products that customers want, and being bold with
marketing investment,
are vital factors in achieving long-term
success.
)
(
Entrepreneurial
Marketing
) (
Page
1
)

2. (
SOURCE
)
2004-2010, 50 Lessons Ltd.
(
CATEGORY
)
Business and Economics
(
SUB-CATEGORY
)
Entrepreneurship and Small Business
(
SPEAKER
)
Michael Jackson
(
SPEAKER
TITLE
)
Chairman
(
ORGANIZATION
)
PartyGaming
(
TAGS
)

3. Consumer Products, Financial, Technology
This lesson is about how Sage started, and how this particular
case combined someone who had great marketing skills but also
was a great entrepreneur: a very rare occurrence, particularly in
the technology sector, and something which turned out to be a
massive success story.
The Sage story - which has been told before but I think is worth
telling again - is about David Goldman, a guy who had a
printing works in Newcastle and who took on a visiting
professor under a DTI scheme to do some technology work for
him.
In this particular case it was to do a costing and estimating
package for the print industry, based on software. As anyone in
the printing industry will realize, it’s quite a complex process to
cost and estimate a printing job, which could have various
different colors and different lengths etc.
They produced this product and started to sell it, and then
subsequently produced an accounting product, which was OK. I
raised venture capital for them, as is my style: I invested my fee
back into the company and became involved.
In this particular case, Amstrad launched the PCW, which was
the first low-cost PC in the UK, at £500: within six weeks,
David Goldman had produced a £99 accounts package to go
onto the Amstrad. It was the beginning of low-cost software in
the UK market, and the business just took off.
But where David was outstanding was that he understood
marketing. He wasn’t hung up about the product per se. So for
example, when people phoned up and said: “How do we buy
invoices to work with your accounting product?”, instead of
shrugging his shoulders, he said: “We’ll produce them!”,

4. because he was a printer of course.
So he produced invoices and payslips, and when people said:
“Well, how do we make this thing work?” not just: “How do we
turn the computer on?” but: “How do we do the
month-end routines? How do we do some of the accounting
functions that go with the software package?”, we started to
advise them - and, significantly, to charge them for it.
In those days back in the early 1980s, it was unusual for
software companies to charge for their telephone support. We
did. And, of course, it’s become a massively important part of
the Sage business, and a massively important reason why people
bought, and still continue to buy, the product.
Then sales started to take off; so the bold decision to go with
this product at that particular time was just transformational in
terms of the business. The sales had been less than
£30,000 or £40,000 a month, until one day when I remember
going up there. I always used to catch the red-eye, which got me
in at 7.30 in the morning. Of course, the boys didn’t get there
until 8.30 being good software people, so I was there, waiting
outside the office; but I couldn’t get in because there were
masses of mailbags containing £99 checks for this accounting
product. It was an extraordinary story.
The sales took off, but again Goldman - and this is where his
entrepreneurial flair and his marketing skills came in - realized
and was prepared to invest 50 per cent of the sales revenue back
into marketing. In those days, that was something which people
just didn’t do.
So he did some innovative things - charging for support,
investing 50 per cent of the sales revenue of the business back
into marketing – almost from day one, realizing that we had an
opportunity: realizing that if we could establish ourselves as the

5. number one low-cost accounting software vendor in the market,
that would be a massively powerful place to be.
He did that, and those were the entrepreneurial skills that he
possessed. I think it was that combination of marketing and
entrepreneurialism that was unquestionably the reason for
Sage’s success.
(
4/11/2016
)
(
4/11/2016
)
Record: 1
Title: Authors: Source:
Document Type: Subject Terms:
Geographic Terms: NAICS/Industry Codes:
Abstract:
Full Text Word Count:
ISSN:

6. Accession Number:
Database:
MARKETING TO A Multicultural Nation. Lisanti, Linda
Convenience Store News. 10/4/2010, Vol. 46 Issue 13, p66-80.
9p. 6 Color Photographs.
Proceeding
*CONFERENCES & conventions
*HISPANIC American consumers MULTICULTURALISM
SAN Diego (Calif.) CALIFORNIA
561920 Convention and Trade Show Organizers
The article offers information on the 2010 sixth-annual
Hispanic Retail 360 Summit, which was held from August 8-10,
2010, at Hyatt Regency La Jolla at Aventine in San Diego,
California. The conference featured representatives from the
world's largest retailer, the world's largest convenience store
chain and the world's largest consumer electronics superstore.
The summit started with an experiential store tour guided by
experts from XL Edge.
3847
0194-8733
54524440
Business Source Complete
MARKETING TO A Multicultural NationAs the Hispanic
market continues to boom, retailers must invest now to ensure
their future HISPANIC RETAIL 360 SUMMIT
For years, the Hispanic market in the U.S. has been
char-acterized as a niche market by many American retailers
and suppliers. But today that is hardly the case, considering
Latinos comprise one of out every six people living in the
United States; there are more than 50 million steady Hispanic
residents in America; and Hispanics account for 52 percent of
the overall U.S. population growth between 2000 and 2010.

7. What all this adds up to is the reality that the multicultural
market is now the general market.
"The definition of American culture is changing rapidly. There
is no county in the U.S. today that doesn't have at least a few
Hispanics [residing there]," said Cesar M. Melgoza, founder and
CEO of Geoscape, a market intelligence firm based in Miami.
Nevertheless, most companies are still under-investing in
marketing to this booming population, he said.
Melgoza was one of more than 40 presenters at this year's
sixth-annual Hispanic Retail 360 Summit, the only
cross-channel conference providing retailers and suppliers with
a 360-degree view of the Hispanic
shopper. This year's event, held Aug. 8-10, at San Diego's Hyatt
Regency La Jolla at Aventine, featured representatives from the
world's largest retailer, the world's largest convenience store
chain and the world's largest consumer electronics superstore
among the Hispanic marketing experts who addressed the
record crowd of more than 430 attendees.
The speed of change in demographics was cited by summit
co-emcee Armando Martin, principal of cultural marketing firm
XL Edge. "At the last Census, it was projected that minorities
would out-number whites by the year 2050. Now, that timetable
has been moved up to 2040," said Martin, who emceed the event
with Graciela Eleta, senior vice president, brand solutions for
Univision.
Martin also noted diversity is everywhere ("the Denver public
school district is a minority-majority market") and said
audience members need to be agents of change within their
organizations.

8. The summit kicked off with ah experiential store tour guided by
experts from XL Edge, and assisted by Mark Arabo, president of
the southern California-based Neighborhood Market
Association. Three buses packed with executives from around
the country visited three independent grocery stores:
Supermercado Murphy, Appletree Market and Northgate
Market. Each showcased a unique layout, approach and retail
strategy for their predominately Latino customers.
Delivering the conference's opening address, Walmart's Director
of Multicultural Marketing Carla Giovannetti Dodds said
multicultural marketing has never been more complex than it is
now. Yet at the same time, it's never been more critical for
marketers to break the code.
Walmart is focusing on three opportunities to strengthen its
multicultural marketing:
Ensuring it has a total business and market approach;
Fully integrating community affairs into its marketing team;
and, Delivering a 360-degree shopping experience in its stores.
"This is the time to make sure multicultural is at the forefront
of everything we do," Dodds said.
As Walmart is doing, retailers also need to take a more
multidimensional approach and redefine the Hispanic shopper,
said Steven Wolfe Pereira, senior vice president of MediaVest
and managing director of MV42, who joined Dodds in
delivering the opening address. Defining "Hispanic" must go
beyond language, country of origin and designated market area
(DMA), he said. This question of how to segment the Hispanic
market was one touched upon by many of the conference
speakers. Dr. Felipe Korzenny, director of the Center for
Hispanic Marketing Communication at Florida State University,
said many marketers make the mistake of thinking external

9. factors, such as language and acculturation level, are most
important among these consumers. But in fact, the most
important aspects are those that reside inside of Latinos, such
as the feeling many share of not being from America or their
home country, he said.
"If you're going to cross cultures, you need to know a lot more
than you think you need to know," Korzenny advised. "We
[Hispanics] look at the world in a very different way."
Keynote speaker Soledad O'Brien, acclaimed special
investigations correspondent for CNN and host of
the network's "In America" documentaries, knows a lot about
viewing the world through different lenses. She held conference
attendees in rapt attention with her stories of growing up as a
first-generation Latina, along with insights gained from years of
being a journalist.
O'Brien — whose mother is African-American and Cuban, and
whose father is Australian and Irish — said there's a tendency
to want to cast a wide net around a specific group of people,
such as Hispanics. "Where we go wrong is aiming at stereotypes
instead of reality," she said.
One of the things O'Brien loves most about working in
television news is it allows her to not only impact one
individual, but an entire community with the stories she
chronicles. And she noted it's not much different for retailers
and marketers looking to connect with Hispanics — both are
about creating an authentic experience that accurately
represents that community.
"If you're looking for solutions, it's a community question," she
said, stressing authenticity only comes from truly understanding
the community one is trying to reach, which is why she makes it

10. a point to work with a diverse team of staff members at CNN.
"If we're going to do stories on Latinos, I need people who
speak Spanish fluently. If we're going to do stories on the gay
community, I need gay staff members. Only then can we tell the
stories that accurately capture a community," O'Brien
explained.
Connecting at Retail
This year's Hispanic Retail 360 Summit provided attendees with
numerous real-life success stories from retailers and suppliers
of how they are reaching out to Hispanic consumers.
During a panel discussion on serving blue-collar and
budget-conscious Latino shoppers, 7-Eleven Inc.'s Senior
Director of Multicultural Marketing Irene Sibaja said the
convenience chain conducted focus groups last year to
determine how blue-collar Hispanics perceive the 7-Eleven
brand. Based on the findings, the retailer is now doing a
comprehensive pilot program that includes adding bilingual
signage and "authentic products from home" to its stores.
"What we heard from this customer is 'make me feel welcome in
your stores,'" Sibaja said of the focus groups. "If we make our
stores friendlier and more culturally relevant, we'll make
ourselves a better destination for this consumer."
7-Eleven's store-level strategy calls for the following:
Improve product assortment; Community involvement;
Franchise recruiting program (less than 2 percent of its
franchisees are Hispanic); Grassroots marketing (for example, a
brand ambassador van in the Chicago market); and, Cultural
awareness training for sales associates.
The c-store operator also is arranging one-on-one meetings with
vendors to identify which products over- index with Latinos.
"There's a myth that 100 percent of the products that go into a

11. Hispanic's basket are
Hispanic — and we've found that's just not the case," said
Sibaja, who is the first employee at 7-Eleven to be given
multicultural marketing as a full-time job.
Another falsehood, she said, is that Hispanics only want to be
communicated with in Spanish if the speaker is fluent. In fact,
Sibaja said 7-Eleven's research uncovered that Hispanic
customers don't care if associates mispronounce words. "They
appreciate the effort," she said.
Commenting on a partnership between 7-Eleven and
Constru-Guia al Dia, the Spanish-language magazine for the
construction industry, another panelist, publisher Kevin
Kilpatrick, noted the average construction worker shops at a
convenience store five times a week. "We like to say that
7-Eleven is the break room for blue-collar, working Hispanics,"
added Sibaja.
Like 7-Eleven, supermarket chain Food Lion also performed
market surveys and a lot of data analysis to develop a Hispanic
program for its stores. The program, which started as a
five-store pilot in the Raleigh- Durham area, was expanded to
63 stores, according to the grocer's Hispanic Marketing
Manager Daniel Herrera, who also participated in the panel
discussion.
Hispanic-specific programs are a must, he said, because "when
you try to translate general market programs to the Hispanic
market, you are viewed as non-Hispanic." For Food Lion,
loyalty rewards programs tailored specifically to Latinos have
done well. Past programs rewarded customers who reached a set
purchase limit with phone cards or PIN numbers.
Both 7-Eleven and Food Lion cited in-store sampling as an

12. effective tool as well. 7-Eleven conducted a sampling program
with Lala yogurt in the Dallas/Fort-Worth market, and now,
months later, Lala sales in stores that did the sampling continue
to outpace those that didn't, said Sibaja.
No matter the type of marketing, retail speakers at Hispanic 360
said the key is to leverage the people, places and things that are
most meaningful to Latino shoppers.
Soccer continues to be a passion point for Hispanics, while also
influencing mainstream America. Convenience retailer Kum &
Go LC and grocery retailer Jewel-Osco spoke about the ways
they used the recent 2010 FIFA World Cup to score with their
customers.
Kum & Go, which operates more than 435 stores in 11 Midwest
states, partnered with Coca-Cola to bring Mexico soccer star
Alberto García Aspe to two of its stores. His first appearance
brought out 800 people, while the second drew 1,100 people —
about 90 percent of them Hispanic, said Kevin Krause, chief
marketing officer for the retailer.
Meanwhile, the chain's current customer base is 88-percent
Caucasian, he noted.
The company promoted the visits through radio and social
media. "If we knew the response would be so strong, we would
have done that type of event in our other core markets," Krause
said.
Also in conjunction with Coca-Cola, Kum & Go stores ran a
promotion where customers who purchased two 12-packs of
Coca-Cola and two Powerade beverages received a free
Coca-Cola/Kum & Go World Cup soccer ball. During June and
July, Coke sales were up 18 percent and Powerade sales were up
52 percent at Kum & Go's stores, according to Krause.

13. "We were hoping to attract the non-Hispanic consumer with the
special," he explained. "Our thinking was that kids would come
in with their parents and want the soccer ball," leading the
parents to purchase the special. The balls were sold separately
for $11 each.
Along the same lines, Jewel-Osco teamed up with several
manufacturers for its World Cup promotion. The chain, with
180 stores in Chicago, did a direct-mail piece that featured 14
vendors and offered recipients $28 in savings on the featured
products. The direct-mail piece also was available in its stores,
said Tracy Galindo, multicultural marketing consultant for
Jewel-Osco. The grocer did a direct-mail campaign around the
2006 World Cup as well.
"You can take advantage of the passion for soccer at all levels,"
not just the World Cup, Galindo said, pointing out the U.S.
bought the most 2010 World Cup tickets of any country.
Converting Shoppers Into Buyers
Retailers are not the only ones trying to become more relevant
to Hispanic shoppers. Across almost all product categories,
manufacturers are creating targeted campaigns too.
Hispanic 360 presenting sponsor The Coca-Cola Co. said it
views three groups as "key Hispanic shoppers" for its brands:
moms, teens and blue-collar males. To reach these groups —
and ultimately drive traffic to its retail locations — the
beverage company builds its marketing efforts around
"connection points" such as functional/body, emotional/mind
and cultural/spirit.
Convenience retail is an important channel for attracting
Hispanic teens, said Diane Wallace, vice president of shopper
marketing for Coca-Cola North America. Fifty-seven percent of
Hispanic teens visit a convenience store monthly vs. 50 percent

14. of the general market, said Wallace, who co-presented with
Coca-Cola's Reinaldo Padua, assistant vice president, Hispanic
marketing, and Al Rondon, senior brand manager for national
accounts.
Blue-collar Hispanic males are also frequent c-store shoppers.
To appeal to them, Wallace said Coca- Cola focuses on pairing
its drinks with the snacks and other foods this consumer
enjoys.
When it comes to attracting Latina moms, Coca-Cola's
messaging has centered predominantly on pairing its products
with meal occasions. However, this year the company decided
to change things up and instead talk about pairing its products
with home entertainment occasions.
Latina moms love watching telenovelas, so the company created
the "Coca-Cola Telenovela Club," and recruited two popular
telenovela stars to be the club's spokespeople. The program,
which is running for 12 months, incorporates a digital platform
and in-store displays.
Within two months, the Web site generated more than 30
million impressions, and as of August, retail outlets with the
displays were reporting a 22-percent increase in Coca-Cola
sales.
"We believe if we get better at this, we will take advantage of
brand growth," said Wallace.
Latina moms are General Mills' target as well. The company's
"Que Rica Vida" program, which bundles many of its iconic
American brands, strives to establish an emotional connection
with Latinas, in turn making the products more relevant to them
and their families, said Rodolfo Rodriguez, General Mills'
director of multicultural marketing.

15. "Que Rica Vida" launched in 2007 with a direct-mail magazine
printed four times a year and has grown to include grassroots
promotions, a Univision media partnership, digital efforts and
other strategic partnerships. The magazine continues to be a
very successful piece, with households receiving the publication
generating 10-percent higher sales, Rodriguez said.
Rather than segment by gender, MillerCoors focuses its
initiatives on bi-cultural Hispanic consumers, those who "feel
like a Latino, but think and dress like an American," according
to Roger Garcia, brand manager for the Coors Family of Brands,
Hispanic.
The brewer uses the acronym, SLICE, to describe its Hispanic
market approach:
Sponsorships (entertainment venues and New York's Puerto
Rican Day Parade); Local markets;
Innovations (its newest product is aluminum pints); Culturally
relevant advertising and programming; and, Execution.
Garcia said retail activation is vital to bringing all of these
pieces together to reach the consumer. "If we don't have retail
displays that resonate, all of this can get lost," he noted.
This point was also echoed by Maria Rappaport of Kimberly
Clark, who said engaging consumers at retail is a key aim of
her company's Hispanic program for its Scott brand of paper
products. Other key goals are to tap into Latinos' cultural
passion points and foster a grassroots connection, according to
Rappaport, who oversees Hispanic Family Care marketing for
the company.
The Scott program is built around "dichos," folksy phrases used
by Hispanics in their everyday conversations. The U.S.
equivalent of a "dicho" would be "a penny saved is a penny

16. earned." In its recent campaign, Scott asked consumers how
they apply "dichos" in their own lives.
The campaign was called "Buen Rollo," which translated means
"the good roll." The company partnered with retailers such as
Walmart, Kroger, Family Dollar and Shop-Rite, driving
consumers to the stores with in-store demonstrations, sampling,
a free gift with purchase and giveaways. "Buen Rollo"
community events also were held in various markets.
Kimberly Clark was pleased with the results, Rappaport said.
The company saw 9-percent growth in measured markets and
made 141 million impressions, exceeding its goal.
General Mills, MillerCoors and Kimberly Clark all executed
their programs bilingually.
Another major supplier, Kraft, maintains a "laser-like" focus on
the consumer when it tests Hispanic programs. Autumn Dawn
McDonald, director, consumer insight and strategy for Kraft,
and Roberto Ruiz, vice president, brand solutions, Univision,
presented a case study on using in-market testing for growth in
the Hispanic market.
Ruiz said in-market testing allows a company to measure the
impact before investing resources, to
identify ways to improve performance before rollout, and to test
the upside of Hispanic market investments.
McDonald, while pointing out that in-market testing should not
be a replacement for other research tools, added many things
can be tested, including new product launches. "You name it, it
can be tested," she said.

17. The key to success, according to McDonald, is preparing the
test appropriately and then measuring results, taking into
consideration important factors such as clearly defining what
you want to find out, choosing the right test period, and having
both a test and control group of stores.
McDonald and Ruiz showed how a campaign around
Hispanic-specific insights helped increase sales of Kraft Singles
cheese 12 percent to the Hispanic market. "The general market
campaign was geared to bringing back grilled cheese
sandwiches — but that message doesn't resonate with
Hispanics," said Ruiz. Switching to a Hispanic message focused
on "made from milk" spoke more directly to Hispanic moms,
according to Ruiz.
Additional retailer-vendor case studies were presented by Julie
Victor, director and general manager, Out of Home Division,
Telemundo; and Shayne Walters, vice president, business
development, PowerDirect Marketing.
Digital Lation
A whole afternoon of breakout sessions at the conference were
directed to exploring how Hispanics use new media, such as
mobile marketing and social networks.
Joe Kutchera, author and consultant with LatinoLink, moderated
a general session entitled "Targeting Hispanic Shoppers in the
New World of the Internet." Panelists Ana Grace, site manager
for BestBuy.com, and Jose Rivera, digital marketing manager
for American Family Insurance, discussed the best ways of
engaging shoppers in the digital world.
"Currently there are 30 million Hispanics online once a month,"
said Kutchera. "By 2014, there will be 39.2 million. Fifty-four
percent of them are Spanish-dominant speakers or bi-cultural,
61 percent look to the Internet first for product information, and
wireless services have a 78-percent penetration rate among

18. Hispanic teens — over-indexing against the general market."
Both Grace and Rivera answered questions from the audience
about their successful online initiatives. One interesting
finding of Best Buy's research was that Hispanic customers
preferred a parity experience online rather than a
Latino-specific site. "They said: 'We don't feel we can trust
your company if you show me something different than what
you have on your English site,'" said Grace.
Martin provided an emotional close to the conference by
relating a boyhood experience of discrimination. That
humiliating experience in life taught him that "diversity takes
patience and persistence." He reminded the audience that
despite the many divisions in America, "there is more that binds
us together."
He added: "If you don't embrace the Hispanic market today you
are running against conventional wisdom. Be patient and
persevere, and remember it's all about how you are going to win
at retail."
Hispanic Retail 360 Summit was produced by Convenience
Store News, Progressive Grocer and
Stagnito Media, under the direction of Michael Hatherill,
publisher of CSNews, and Don Longo, editorial director, food
division of Stagnito Media. Longo, who is also editor-in-chief
of CSNews, co-founded the Hispanic Retail Summit in 2005.
Coca-Cola was the presenting sponsor. Other sponsors
included:
Supporting Sponsors: Wrigley, John B. Sanfilippo & Sons, and
Unilever Official beer sponsor: Anheuser-Busch
Gift bag sponsor: Geoscape Room key sponsor: Western
Union Breakfast sponsor: Save-A-Lot

19. Lunch sponsor: Telemundo Digital Out of Home Welcome gift
sponsor: Advance Auto Parts Lanyard sponsor: Televisa
Did You Know? The use of English in the home appears to
increase after around 20 years living in the
U.S. Seventy percent of Hispanics living in the U.S. for five
years or less speak only Spanish in the home.
Source: "What It Means to Be Hispanic in America,"
AP/Univision/Nielsen Media Research, June 2010
Did You Know? While most Hispanics recognize the importance
of adapting to U.S. society, they remain attached to their own
culture.
Source: "What It Means to Be Hispanic in America,"
AP/univision/Nielsen Media Research, June 2010
Did You Know? Spanish-dominant Hispanic households
overwhelmingly rely on Spanish language media for information
on current affairs, health, education and politics.
Source: "what It Means to Be Hispanic in America,"
AP/Univision/Nielsen Media Research, June 2010
Did you Know? Spanish-dominant Hispanic households are
significantly less likely to belong to frequent- shopper programs
for groceries. (33 percent for Spanish only compared to 66
percent for English only).
Source: "What It Means to Be Hispanic in America,"
AP/Univision/Nielsen Media Reserach, June 2010
Did You Know? More than one in 10 Spanish-only households
were born in the U.S., meaning 91 percent of Spanish-only
Hispanic households were born outside the U.S.

20. Source: "What It Means to Be Hispanic in America,"
AP/Univision/Nielsen Media Research, June 2010
Did You Know? More than half of all Spanish-only households
now have a checking account — which is a big increase, but
22 percent still use cash only.
Source: "What It Means to Be Hispanic in America,"
AP/univision/Nielsen Media Research, June 2010
Did you know? While all Hispanic households are more likely
to have children than the general market, Spanish-mostly
speaking households have the largest percentage (25 percent)
with three or more
members.
Source: "What It Means to Be Hispanic in America,"
AP/univision/Nielsen Media Research, June 2010
Did You Enow? Mixed-language households are younger than
both groups of single-language households. Source: "What It
Means to Be Hispanic in America," AP/Univision/Nielsen
Media Research, June 2010
Latinum Network Connects Hispanic Marketers
With members from a wide variety of companies, from
7-Eleven, McDonald's and Burger King, to Procter & Gamble,
Kraft, Nestle and Clorox, the Latinum Network was established
to help corporations unlock the potential of the Hispanic
market.
Co-founders Michael Klein, formerly of the Corporate
Executive Board, and David Wellisch, founder of AOL Latino,
spoke about how their 40-company "network model" seeks to
help companies improve return-on-investment on Hispanic
marketing initiatives.

21. The company's shared cost model helps fund networkwide
research initiatives, provides peer-generated insights and
company-specific, customized support.
"If you look at real growth in the U.S. economy from 2005 to
2008, 56 percent of that came from the Hispanic market," said
Klein. "Take out inflation and Hispanics represent 10 times the
spending growth of the rest of the market."
Klein also noted new Hispanic consumption offset 84 percent of
the negative real growth across food, beverage and restaurants
from 2005 to 2008. "There's no disputing that Hispanics are the
primary demographic opportunity," he said.
One of the issues the network is currently researching and
exploring is that of acculturation, "is there a better way than
acculturation?" asked Klein. "Or is acculturation just one of
several constructs impacting Hispanic attributes?"
He listed family structure, economic and educational
achievement, as well as time spent in the U.S., as other factors
that are helpful in explaining Hispanic spending patterns.
PHOTO (COLOR): More than 430 retailers, suppliers and
marketers attended this year's Hispanic Retail 360 Summit, held
in La Jolla, Calif
PHOTO (COLOR): Esteemed speakers included CNN
correspondent soledad O'Brien (top) and (left to right, above)
Cesar Melgoza, Geoscape; Graciela Eleta, univision; Armando
Martin, XL Edge; Carla Dodds, Walmart; and Steven Pereira,
MediaVest.
PHOTO (COLOR): Attendees peruse the Product Showcase at
the Hispanic Retail 360 event, held Aug. 8-10 at San Diego's

22. Hyatt Regency La Jolla at Aventine.
PHOTO (COLOR): "Be authentic" was one of the key messages
of speakers such as Daniel Herrera of Food Lion (top left) on a
panel with Irene Sibaja of 7-Eleven and Kevin Kilpatrick of
Constru-Guia al Dia and others (clockwise from lower right) Al
Rondon and Reinaldo Padua, Coca­Cola; Dr. Felipe Korzenny,
Florida State University; and Joe Kutchera, Latino Link
PHOTO (COLOR): Research and case studies were presented by
(clockwise from top left) Shayne Walters, PowerDirect; Diane
Wallace, Coca­Cola; Art Turock, panel moderator; Doug
Darfield, The Nielsen Co. and Ceril Shagrin, univision; and
Julie Victor, Telemundo Digital Out of Home.
PHOTO (COLOR): Anheuser-Busch Retail Sales Director Chris
Schaffer presents a $5,000 check to Latino grocer Super A
Foods for Hispanic scholarships. Super A's Renée Amen Howell
and Sanora Curier accept the check as Convenience Store News
Editor-in-Chief Don Longo looks on.
~~~~~~~~
By Linda Lisanti
Copyright of Convenience Store News is the property of
Stagnito Media and its content may not be copied or emailed to
multiple sites or posted to a listserv without the copyright
holder's express written permission. However, users may print,
download, or email articles for individual use.

24. 8 FocusRepoRt////Marketing
guest opinion
Three Ways CUs are Reaching Gen Y
(
c
)ompetition is fierce between banks and credit unions for Gen
Y consumers
born between the early 1980s and 2000s and, it is getting more
so as new services, products and tech- nologies seem to change
the mar- ket environment daily.
How can credit unions take advantage of their traditional
strengths to attract Gen Y mem- bers? At least three credit
unions
– the $12 billion BECU in Tukwi-
home mortgages.
“I think younger people find credit union products and servic-
es, as well as the credit union story, more relevant than
other lending institu- tions,” Black said. “We are large enough
to be solid but not too large, and I think the young- er
generation likes the fact that we are a more active part of the
community that really
as being tech savvy is sensitivity to how social media vehicles
are used, Black said. BECU does not to use its Facebook page
for the
hard sell in deference to young people who see Facebook and
other socially orient- ed outlets as commu- nity and friendship
sharing sites.

25. “We use our site for community outreach and in some cases ad-
Jr. Rangers for members 12 years and under and Jr. Partners for
ages 13-17. These accounts offer divi- dends, savings milestone
gifts, fun financial stories and educational activities through
newsletters and access to CUNA’s youth-targeted Googolplex
websites.
Robin McKenzie, Redwood se- nior vice president of marketing
and communications, said about 80% of the credit union’s youth
account members continue to be members of Redwood after they
“Gen Y consumers are extremely important to us because they
rep- resent the future of our member- ship,” said Laura Sterling,
assis- tant vice president of marketing at Georgia’s Own.
Sterling said its Gen Y popula- tion is in the 18-32 age range,
cur- rently has about 32,000 members in that segment and is
also one of the credit union’s fastest growing membership
groups, growing by 19% over the past two years.
A major factor in that growth is
la, Wash., $2.2 billion Redwood Credit Union in Santa Rosa,
Ca- lif., and the $1.7 billion Georgia’s Own Credit Union in
Atlanta – are successfully reaching out to young people with
programs tailored to their needs and lifestyle.
cares for people.”
The credit union is planning to launch a major initiative to es-
tablish what he calls a responsive, multi- channel digital pres-
ence with key ele-
Samantha Paxson
is vice president of marketing at CO-OP Financial Services.
ContaCt800-782-9042, ext. 3450
or [email protected] co-opfs.org
vocacy for the public good, such as donat- ing to charitable or-
ganizations,” he said.

26. Redwood CU
The credit union said it is focusing on at-
turn 18.
The cooperative also reaches out to the younger generation
through a free financial workshop for Sonoma County high
school students, sponsored in partner- ship with the schools.
The four- day, 16-hour Banking & Finance
its “i[x] program,” which was cre- ated to attract members in
the 14-25 age range and is accessed online via a blog-based
website (www.doyouix.com).The website is designed to help
young people with tailored assistance for setting up a checking
or savings account,
BECU
ments to include an
tracting members at
Academy is based on a program
beginning investing or securing a
(
Data and
Analytics
Marketing
Automation
Email Marketing
Social

27. Media
Content
Management
) (
61%
60%
58%
57%
57%
) (
Top
10
Consumer
“Loyalty”
Reasons
) (
.
) (
Digital Banking Era
Here?
Consumer
Perspective
) (
Good number of
branches
Good online banking
services

28. Good branch
service
Low
or reasonable rates/fees
Stability of financial
institution
Trust
FI acts in best interest
Too
much hassle to switch
Good
ATM
network
Personalized
service
Haven’t noticed better
options
)Stephen Black, vice president of marketing, said that younger
members make up their largest segment for new auto loans and
upgrade of BECU’s website expe- rience and mobile
connectivity as well as a more robust social media presence.
But just as important
the very young end of the Gen Y spectrum. Redwood CU
encour- ages money management edu- cation with its Youth
Accounts:
created by the National Endow- ment for Financial Education.
Georgia’s Own Credit Union

29. new car loan. Membership in the program has grown 35%
among the 14-25 year age group since its debut in 2009,
Sterling said. n
(
.
) (
67%
) (
64%
) (
61%
) (
.
.
.
.
) (
38%
) (
expect
to
use
mobile
37%
banking more
often
with branches
coming
) (
a close

30. second
) (
43%
80%
) (
Engagement
Rate
(open,
clicks)
) (
ROI
) (
50%
Increase in
mobile
banking
since
2012
) (
41%
Customers
prefer
to visit
branch
) (
The New Role of
Banking:

31. ) (
Value Aggregators:
distinctive
portfolio
of
products
&
services
within
a
broader
ecosystem of services
providers
Consumers Choose Other Providers than Primary Bank
for:
) (
82%
) (
Advisors:
continuously leveraging analytics engines/algorithms
to
gain
deep customer knowledge to
personalize their

32. advice
) (
6%
) (
30%
) (
8%
)
(
inFographiC
)
(
TRENDS REVEAL MARKETING
PRIORITIES
)
(
Marketing Budget Fine
Tuning
Increased Spending
on:
) (
Financial
Services
Marketing
Stats:
)

33. (
Top
Three Marketing Success
Metrics:
) (
view online
banking
as single most important area
for
bank
investment
)
(
use online banking at least once
per
month
Conversion Rate
(sales directly attributed to
digital marketing
campaigns)
)

34. (
Consumers Purchasing Products
Online:
2012
vs.
2013
) (
Brokerage
accounts
Auto
Loans
)
(
Data
Source:
ExactTarget
2014
State
of
Marketing
Report;

35. Accenture:
Banking
2020
Thought
Leadership
Series
A
Critical
Balancing
Act:
U.S.
Retail
Banking
in
the
Digital
Era
)

36. (
Home
Mortgages
60%
) (
Home
Equity
Loan
Personal
Loan
Mortgage
Auto
Loan
) (
68%
) (
15%
) (
Credit
Cards
) (
53%
) (
11%
) (
24%
25%
21%

37. ) (
Facilitators:
accessing cross-industry products, services through
support
with
“hidden”
partners
and
leveraging
tools
)CUT_2-26-14.indd 82/20/14 2:58 PM
Copyright of Credit Union Times is the property of Summit
Business Media and its content may not be copied or emailed to
multiple sites or posted to a listserv without the copyright
holder's express written permission. However, users may print,
download, or email articles for individual use.

38. (
Abstract.
Entrepreneurial Marketing (EM) is a theoretical construct at the
nexus between marketing and entrepreneurship, with a relatively
long existence – over thirty years - but insufficiently
developed.
Entrepreneurial thinking, which is nonlinear, creative and
avoids predictions, contradicts the traditional marketing model.
Thus a “divorce” appears between marketing theory - which
emphasizes managerial marketing behavior- and marketing
practice in entrepreneurial firms. The purpose of this paper is to
conceptually define EM through integration of different
perspectives of marketing, management and entrepreneurship.
This conceptual paper used a critical review of the most
representative articles from international marketing and
entrepreneurship journals. This paper presents a brief history of
EM evolution and an analysis of the most common definitions.
It clarifies the differences between EM and small business
marketing, based on the differences between entrepreneurs and
small business owners.
Keywords:
effectual logic, Entrepreneurial Marketing (EM),
entrepreneurial marketing competencies, Marketing-
Entrepreneurship Interface (MEI), network.

39. )ENTREPRENEURIAL MARKETING: A NEW APPROACH
FOR CHALLENGING TIMES
Daniela IONIŢĂ
Academy of Economic Studies, Bucharest 6 Romană Square, 1st
district, Bucharest, Romania
Email: [email protected]
Management & Marketing Challenges for the Knowledge
Society (2012) Vol. 7, No. 1, pp. 131-150
1. Introduction
Entrepreneurial Marketing (EM) is a concept that was developed
at the interface between two sciences – marketing and
entrepreneurship – almost thirty years ago. While Marketing-
Entrepreneurship Interface (MEI) has attracted researchers not
only from marketing and entrepreneurship, but also from
economy, psychology and sociology, the evolution of this
construct is still underdeveloped. There are a variety of
definitions, specific principles in this area are missing, practical
tools are inadequate developed and unfortunately there is no
unifying theory. Although it is generally accepted that
entrepreneurs behave differently regarding “traditional”
marketing, however some of them are very successful. Lacking
a unique definition makes research efforts remain fragmented
and misaligned. Consequently, the theoretical development is
limited to the identification of concepts, mostly borrowed from
other social sciences and the development of some conceptual
models. However, there is a strong need to develop tools,

40. principles and theories to help businesses – especially start-ups
and small ones – to survive and thrive in an increasingly hostile
and unpredictable environment.
This article presents a brief history of the evolution of EM
concept, an analysis of the most common definitions, a
comparison with “traditional” marketing, a brief overview of
the most important concepts developed in the MEI and an
inventory of research methodologies.
2. Brief history of EM evolution
EM came out in 1982 at a conference at University of Illinois,
Chicago sponsored by International Council for Small Business
and American Marketing Association, two of the largest
professional and academic associations in these fields (Hills,
Hultman et al., 2010). On this occasion the most important
research topics were established, although at that time the
interest of marketing academics for this area was still limited.
Since 1986 an annual symposium is organized dedicated to MEI
area and legitimated by American Marketing Association
(AMA). Researchers’ interest started to grow and they
organized their efforts in a Marketing and Entrepreneurship
Task Force which became later a permanent Special Interest
Group. EM topics spread out in Europe and in 1995 the
Academy of Marketing organized the first symposium dedicated
to this area.
In 1999 Journal of Research in Marketing and Entrepreneurship
is founded, as a dedicated venue for EM researchers. The
researches on this issue amplified and the results are published
both in its own magazine and special issues of marketing
journals (European Journal of Marketing, Marketing Education
Review, Management Decision, Journal of Marketing: Theory
and Practice) and entrepreneurship journals (Journal of Small
Business Management, International Journal of
Entrepreneurship and Innovation Management). The theme
extended outside the Anglo-American space, by organizing in
2003 the first symposium on marketing, entrepreneurship and

41. (
Management &
Marketing
)
(
Entrepreneurial marketing: a new approach for challenging
times
)
(
134
)
(
133
)
innovation in Karlsruhe, Germany. Later on, researchers from
Australia, New Zealand and Asia joined the Special Interest
Group.
In 2005 International Journal of Entrepreneurship and
Innovation Management was created at the MEI, aimed at
linking technology and marketing issues. Special 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 Charleston, USA it
was obvious that marketing became a secondary component of
MEI that was dominated by entrepreneurship, therefore efforts
are needed to reintegrate it.
In the following table (Table 1) the most important milestones
in the evolution of EM are presented and the impact that these
events had on the development of MEI.

42. Table 1Milestones in the evolution of Entrepreneurial
Marketing
Year
Milestone
Impact
1982
First marketing and entrepreneurship research conference (G.
Hills)
Started the marketing and entrepreneurship movement within
marketing
1985
First empirical study of the MEI in frontiers of entrepreneurship
research (G. Hills)
Started empirical research at MEI 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. “Missing the Boat and Sinking
the Boat: A Conceptual Model of Entrepreneurial Risk”, Journal
of Marketing
First Journal of Marketing article to directly focus on
entrepreneurship
1987
“The relationship between entrepreneurship and marketing in
established firms”, published in the Journal of Business
Venturing (Morris and Paul)
Empirical study of the interrelationship between marketing and
entrepreneurship. Moves EM into higher academic standing with
Journal of Business Venturing acceptance
1989-
1991
AMA Task Force (1989) and later, Special Interest Group is

43. established for the MEI. First Tracks are created in the AMA
summer (1990) and winter (1991) conferences for EM.
This added entrepreneurship legitimacy for marketing
academics
1995
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.
1995
First Academy of Marketing symposium (U.K.) (D. Carson,
Andrew McAuley). Slater and Narver’s market orientation and
learning organization, published in Journal of Marketing.
These two milestones helped move some scholars in mainstream
marketing to look at the similarities between marketing and
entrepreneurship
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 EM which increased
the acceptance of EM scholarship
2000
Special issue of Journal of Marketing: Theory and Practice on
the MEI (M. Miles)
Provided additional credible publication outlet for scholars of
EM.
2001
Lodish, Morgan, and Kallianpur publish a book based on their
pioneering MBA course in EM
This text enhanced the credibility of EM as a result of Wharton

44. Business 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 publish Entrepreneurial
marketing: A construct for integrating an emerging
entrepreneurship and marketing perspective
Increased the visibility and creditability of work in EM and
helped define and bound the EM construct
2003
First conference on marketing, entrepreneurship and innovation
interface in Germania- Karlsruhe
The interest extended outside the Anglo-American area
2004
Buskirk and Lavik publish Entrepreneurial Marketing
EM textbooks move toward the mainstream in the U.S. market
2005
International Journal of Technology Marketing
created
IJTM was another academic journal initiated at MEI which
emphasis on technology intensive products
2006
20th UIC Research Symposium on Marketing and
Entrepreneurship
For the past 20 years, the symposium has been a catalyst for
encouraging high quality scholarly thought and research at MEI
2007
Wharton Publishing published Marketing that Works: How
Entrepreneurial Marketing can Add Sustainable Value to Any
Sized Company, written by Lodish, Morgan, and Archambeau
Marketing tools, tactics, and strategies for marketers in every
kind of company, from startup to global enterprise
2008

45. Special issue of Journal of Small Business Management on the
EM
Reiterated the importance of EM , as the official journal of the
International Council for Small Business
2009
Read, Dew, Sarasvathy, Song, and Wiltbank publish Marketing
Under Uncertainty: The Logic of an Effectual Approach
This article introduced effectuation , an approach specific to
expert entrepreneurs into the marketing field
2010
Special issue of Int. J. Entrepreneurship and Innovation
Management on the EM
More aspects of EM entered the mainstream of the
entrepreneurship literature
2010
Charleston Summit
Redefined MEI 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.
Although EM has a relatively long existence, it seems that only
now it has arrived at a maturity phase, in which future
developments and prospects for MEI are redefined.
3. Analysis of definitions
Initially EM designated marketing activities practiced by start-
ups and small enterprises. Empirical researches have shown that
there is a “divorce” between marketing theory and marketing
practice of these companies.
But not all small business owners are entrepreneurs so the focus
has shifted towards the marketing practiced by entrepreneurs.
Entrepreneurs are those who create something new- according to

46. Schumpeter, or those who are alert to opportunities – according
to Kirzner (Metcalfe, 2006).
There are many differences between entrepreneurs and small
business owners (Carland, Hoy et al., 1984; Runyan, Droge et
al., 2008). An entrepreneur is someone who manages a business
in order to achieve profit and growth while a small business
owner runs a business to achieve personal goals and to provide
an income to his family. If an entrepreneur aims to maximize
the economic performance, a small business owner seeks to
achieve personal goals (non-economic purpose) which turn out
to an acceptable level of business performance. Another
criterion that differentiates entrepreneurs from small business
owners is attitude towards innovation. An entrepreneur strives
to introduce new products and processes, to open new markets,
to seek new sources of supply, while a small business owner
will not engage in new and innovative marketing practices.
Subsequently, the scope has expanded from entrepreneurs
towards companies, even large ones, which have a particular
approach on the market. This approach is determined by a
complex, chaotic environment, characterized by frequent and
sometimes contradictory changes.
The commonly used 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." (Morris, Schindehutte et al., 2002, p. 5). This
definition incorporates elements of entrepreneurship
(proactivity, opportunity, risk taking and innovativeness) and
marketing (customer focus, resource leveraging, guerilla
marketing and value creation). It captures a certain type of
behavior appropriate to a fragmented, dynamic and hostile
business context.
Others consider that marketing process is fully assimilated into
entrepreneurship. This total absorption is due to the fact that the
market is no longer a “given” thing, a place for transactions
according to positivist thinking, but something potential, a

47. socio-relational process by which producers and consumers co-
produce and co-consume not only a product but a lifestyle, an
identity, according to social constructivism thinking. Therefore
EM is a process of co-creating opportunities “Viewing
entrepreneurial marketing with our social constructivist lens has
shown the
significance of social process in understanding what goes on …
we propose marketing to be a fully integrated element of the
entrepreneurial process. From this viewpoint, the image of the
market that entrepreneurs act upon is not a battlefield consisting
of products and services competing on objectively based
differences. Rather it is a dialogue where expectations are being
created and recreated, based on the play of signs, symbols and
images“(Gaddefors and Anderson, 2008, p. 33). Moreover,
service dominant logic, a marketing concept which suggests that
the value proposition of the tangible product is dominated by
the value accruing to the consumer of intangible services, is
fundamentally an EM process informed and driven by co-
creation (Kasouf, Darroch et al., 2008).
A similar definition, which combines marketing definition with
elements of entrepreneurship, is: “EM is an organizational
function and a set of processes for creating, communicating and
delivering value to customers and for managing custo- mer
relationships in ways that benefit the organization and its
stakeholders and that is characterized by innovativeness, risk-
taking, pro-activeness, and may be performed without resources
currently controlled.” (Kraus, Harms et al., 2010, p. 26). The
focus of this definition is not on entrepreneurship side
(identifying opportunities) but on marketing side (creating,
communicating and delivering value). All those definitions are
centred on business processes.
A second type of definitions is more radical because it
considers that EM is a total integration of marketing and
entrepreneurship “the construct of EM is not simply the nexus

48. between the sets of marketing and entrepreneurial processes that
has emerged as the conventional conceptualisation of EM ... but
fully includes all aspects of AM (administrative marketing) and
entrepreneurship” (Morrish, Miles et al., 2010,
p. 305) and thus it becomes a strategic orientation, exceeding
the marketing function (Schindehutte and Morris, 2010).
Instead, the third type of definitions consider EM as an
alternative perspective to traditional marketing and associates it
with innovative marketing techniques “this term (EM) is used as
an integrative conceptualization that reflects such alternative
perspectives as guerilla marketing, radical marketing,
expeditionary marketing, disruptive marketing and others.”
(Morris, Schindehutte et al., 2002, p. 1).
The fourth type of definitions has a different perspective and is
based on company lifecycle. Kotler (2003, pp. 4-5) believes that
in its early stages – when the company is small, flexible and
willing to experience new things – an informal type of
marketing is practiced and this would be EM: “Most companies
are started by individuals who live by their wits. They visualize
an opportunity and knock on every door to gain attention”. As
the company grows and matures, marketing practices are more
rigorous, planning is essential and the company reaches the
second stage, called formalized marketing: “As small companies
achieve success, they inevitably move toward more formulated
marketing”. The third phase is when the formalized approach
becomes excessive and therefore a change is needed, a different
type of marketing called Intrapreneurial Marketing:”These
companies lack the creativity and passion of the guerrilla
marketers in the entrepreneurial stage. Their brand and
product
managers need to get out of the office. Start living with their
customers, and visualize new ways to add value to their
customers’ lives”.
Synthesizing these definitions we find that beyond the common

49. elements – both EM and small business marketing (SME
marketing) belong to MEI – there are differences between EM
and SME marketing. If SME marketing is related only to
marketing practiced by small and medium enterprises, EM is a
concept that is not necessarily related to company size, age or
its resources. EM is a construct that can be understood only by
integrating the entrepreneur or entrepreneurship into marketing
process (Hultman, 1999). Therefore it brings new elements or
strengthens existing elements, such as focus on change,
innovative attitude and alertness to opportunities.
4. EM versus traditional marketing
As we mentioned before, EM cannot exist in the absence of the
entrepreneur. Unlike traditional marketing, which is exclusively
customer-centric focused, in EM the customer and the
entrepreneur are equally important actors that shape the culture,
strategy and firm behavior. EM is influenced by entrepreneur's
personal characteristics and values. But there is no consensus
about the relationship between factors related to personal traits
(experience, education level, propensity to risk, preference for
innovation, tolerance for ambiguity) and firm performance,
results being contradictory (Andersson and Tell, 2009).
A consensus emerged regarding how entrepreneurs think and
make decisions with consequences on marketing practice. There
are five significant differences between the way non-
entrepreneurs think (predictive logic) and how entrepreneurs
think (effectual logic) (Dew, R. et al., 2009):
1) Vision for future: it is predictive for predictive logic and
creative for effectual logic. In the first case, the future is seen
as a causal continuation of the past and therefore can be
predicted. In the second case the future is shaped, at least
partially, by voluntary actions of agents and therefore his
prediction is not possible;
2) Basis for making decisions: in predictive logic, actions are
determined by purposes. In effectual logic, actions are
determined by available means. Purposes “are born” by

50. imagining courses of action based on those available means;
3) Attitude toward risk: in predictive logic, an option is selected
based on maximum gain while in effectual logic an option is
chosen based on how much the entrepreneur can afford to lose
by selecting it;
4) Attitude toward outsiders: competition – in case of predictive
logic and cooperation - in case of effectual logic;
5) Attitude towards unexpected contingencies: avoidance – in
case of predictive logic and fructification – in the effectual
logic. Accurate predictions, careful planning and focus on
objectives – which are specific to predictive logic – make
contingencies to be perceived as obstacles to be avoided.
Avoiding predictions, imaginative thinking, continuous
transformation of objectives – which are specific to effectual
logic – make contingencies to be perceived as opportunities to
create something new and therefore are appreciated.
By modeling the decision-making process according to effectual
logic, we find that entrepreneurs do not believe that the future
can be predicted and therefore they do not consider that setting
objectives should be of great importance. They start with what
they have (tangible and intangible assets), what they can do
(capabilities) and whom they know (networks) and build various
options with different ends. Choosing an option is not base on
maximizing the results but on how much can afford to lose by
choosing that option.
Effectual logic favors building partnerships and attracting
stakeholders before the entrepreneur is clear what markets to
serve or what products to offer. Thus stakeholders are allowed
to express their views and shape the company as a result of
collective efforts. This way of thinking contradicts the causal
marketing models (Sarasvathy, 2003) which provide an upside-
down approach: the entrepreneur starts from dividing the market
based on a rigorous research, analyzes and selects a target
segment based on predicted returns and risks and then develops

51. strategies to attract the target segment. Effectual logic starts
from bottom-up: the entrepreneur identifies – in his personal
network – a partner or a customer. Along the way he adds other
customers/partners, forms an initial customer base which is
extended in a contingent fashion and eventually define the
market for the product/firm.
As mentioned previously, the entrepreneur is together with the
customer 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
coincide with customer orientation if the entrepreneur can
always truly put himself in the position of the customer.
Although many successful entrepreneurs have an intuitive
feeling about what the customer wants, the reality shows that
their intuition is not always reliable. Therefore, the ability to
adapt and change rapidly to offset misjudgements of customer
needs is essential (Stokes and Wilson, 2010). Table 2 illustrates
the major differences between the two concepts (Stokes,
2000b):
Table 2Differences between Traditional Marketing versus EM
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
Methods
Marketing mix (4/7 P’s)
Interactive marketing methods, word-of-mouth, direct selling,

52. 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, 2(1), p. 13.
Summarizing the differences between EM and traditional
marketing – as business orientation, at strategic level, tactical
level and way of gathering market information – we conclude
that (Stokes, 2000a):
1) In terms of business orientation is found that, unlike
traditional marketing that is defined by customer orientation,
EM is defined by entrepreneurial and innovation orientation. If
the classical marketing concept requires an assessment of
market needs before developing a product, entrepreneurs start
with an idea and then try to find a market for it.
2) At strategic level, traditional marketing requires a top-down
approach, a clearly defined sequence of activities such as
segmentation, targeting and after that positioning. Successful
entrepreneurs practice a reverse process from the bottom up:
once identified a possible market opportunity, an entrepreneur
test it through a trial- and-error process. After that, the
company begins to serve the needs of some clients, and then
expands as the entrepreneur, in direct contact with clients, finds
out their preferences and needs. Later, new customers with a
similar profile to those who have purchased the product are
added. Often this process is not deliberately, as new customers
come as a result of initial customers recommendations.
Therefore the target market is formed by a process of
elimination and self-selection.
3) At tactical level, EM does not fit in the 4P’s model because
entrepreneurs are adopting an interactive marketing approach,

53. given their preference for direct and personal contact with
customers. Entrepreneurs interact with customers during
personal selling and relationship marketing activities. Such
interactions are enhanced by word-of mouth marketing and are
essentials for generating referrals.
4) In terms of market information gathering, entrepreneurs are
aware of the importance of monitoring the marketing
environment. But they are using informal methods such as
personal observation or collection of information through their
networks of contacts. Rejecting formal research methods is a
logical consequence of the fact that they do not believe in the
ability to predict the future.
It is surprising that the best practices of successful
entrepreneurs often ignore traditional marketing concepts (Hills,
Hultman et al., 2008). Entrepreneurs declare that they do not
use marketing, as they associate marketing with advertising,
because they cannot afford high costs of communication.
Moreover, entrepreneurs seem to be concerned about current,
operational issues and seem to ignore long-term ones. And also,
their approach does not follow the textbook discipline. But
these appearances are deceptive: entrepreneurs practice a
different marketing, they are flexible in terms of tactics but are
always concerned about how to provide long-term customer
value. Their approach is not necessarily logical and sequential
rather unconventional and organic, because they “live” with
their customers’ needs and preferences.
5. Basic concepts of EM: marketing network and entrepreneurial
marketing competencies
At MEI research is focused around some major themes like:
what are the business orientations employed in an
entrepreneurial setting (Jones and Rowley, 2009; Raju, Lonial
et al., 2011; Schindehutte, Morris et al., 2008), how to deal with
environmental uncertainty (Johnston, Gilmore et al., 2008),
what is the value of information (Schulte and Eggers, 2010),

54. what strategies should be employed to deal with resource
disadvantage (Lee, Lim et al., 1999; Stasch, 2002; Stokes, Syed
et al., 2002), what are the most useful strategies that can add
value to entrepreneurial ventures (Lodish, Morgan et al., 2001),
what principles should guide a strategic focus (Schindehutte and
Morris, 2010), how can the strategic decision making process be
modeled (Mador, 2000) and what is the nature and scope of
brand management within an SME context (Berthon, Ewing et
al., 2008). Two key concepts with uncontested practical value
for EM were developed: marketing network and entrepreneurial
marketing competencies.
5.1. Marketing network
As mentioned earlier, the entrepreneur interacts directly and
frequently with its customers. Thus customers are becoming
part of the entrepreneur's personal contact network, together
with acquaintances and family members (who may be involved
in one form or another in business), business partners and even
competitors. This network of personal contacts is exploited by
the company. Employees begin to use it to establish business
relationships with other companies and on the way, they extend
it so that the company becomes part of a more extensive
organizational network. The concept of network is borrowed
from social anthropology science. To understand it we need to
clarify what it is, what are its attributes and what is its role.
According to Davern (in Rocks, Gilmore et al., 2005, p. 82) the
network consists of nodes and connections. In social sciences,
the nodes are the actors and the connections are the links
between them. Entrepreneurial network focuses on the
entrepreneur/firm as the main actor and the dyads of the firm.
This perspective borrowed both from the social network
perspective (which studies networks of individuals and their
characteristics) and from the business network perspective
(which focuses on understanding inter-organizational
relationships) (Slotte-Kock and Coviello, 2010).
In EM the network is viewed from the entrepreneur's

55. perspective. This means that he is the main actor and the
connections are the relations established to conduct marketing
activities. Thus a new concept emerged - the marketing network
- which is defined by structural and interactional dimensions.
The structural dimensions are related to attributes such as: size,
degree of formality, diversity, density and flexibility (Rocks,
Gilmore et al., 2005).
· Size refers to the number of direct contacts that an
entrepreneur has, who helps him in doing marketing;
· Degree of formality is defined by the ratio between formal
(business) contacts and informal (social) contacts. A network is
considered formal if most contacts are formal sources such as
customers, business partners, and people in the industry. A
network is informal if most contacts are formed by informal
sources such as family, friends, and acquaintances;
· Diversity is related to the variety of contact sources. The need
for heterogeneous contacts – which facilitate access to various
information and assure high flexibility in obtaining the
necessary resources – is offset by entrepreneurs preference to
interact with persons with similar backgrounds and attitudes;
· Density measures the degree of connectivity between
entrepreneurs and marketing environment;
· Flexibility defines the extent to which relationships are
established, maintained, developed or broken. It can be
measured by the number of new contacts made and the number
of contacts broken in a certain period of time.
The interactional dimensions of the marketing network are
related to content, intensity, frequency and stability (Shaw,
1999).
· Content refers to the meanings that people associate to
relationships and the implications they have by involving in
these relations;
· Intensity captures the extent to which individuals are prepared
to honor obligations;

56. · Frequency measures the number of interactions that an
entrepreneur has with its contacts during a defined period of
time;
· Stability refers to time length of the links established with
these contacts. Of the nine dimensions identified, two are
significant for EM: diversity and content. In terms of diversity,
there are two possible options:
· A diversified network which involves a large social variation
between members, a low emotional commitment and a low
frequency of contacts;
· A cohesive network which involves relatively social
homogeneous individuals, powerful emotional relationships and
high frequency of contacts.
Although initially a cohesive marketing network seems most
appropriate because of solidarity and commitment provided by
its members – especially during start-up phase, when the
company lacks the necessary resources – it was proved that it
has two major disadvantages (Martinez and Aldrich, 2011).
First, by their very nature they have a limited coverage. Among
many resources, information and capabilities needed,
entrepreneurs are limited to those provided by network
members, especially when they are also family members. The
second disadvantage is the cost of the cohesive network. Strong
ties require a high degree of reciprocity, which means that
entrepreneurs must make it up by providing additional economic
and/or emotional rewards.
A diversified network instead appears to offer several
advantages. The first one is related to a higher probability of
finding professional help. The second one is related to the fact
that entrepreneurs are exposed to diverse behaviors and
information and are not pressed to comply with strict
requirements, therefore innovation is stimulated. The third one
is that entrepreneurs are no longer limited by strong
relationships with a limited number of members and thus they

57. can expand the network. For example, analyzing customer
relationships it has been found that strong ties may have
negative consequences on firm performance, while weak and
more diversified ties are beneficial. This is because customers
are a valuable source of information in the learning process of
the company. Diversity in this type of relationships can be
translated into a greater degree of innovation. In addition, rules
of reciprocity create obligations for entrepreneurs. They feel
obliged to offer the best combination of quality/price,
additional services and preferential treatment, thus reducing
their profits.
Regarding content, the nature of relationships between network
members – including competitors – has a wide range in EM
ranging from competition to cooperation, collaboration and
strategic alliances (O'Donnell, Carson et al., 2002).
· Basic co-operation means that relations between members are
simple and friendly. There is a generally shared opinion that in
business is better not to make enemies, if possible. Thus,
entrepreneurs are confident that if they showed kindness, when
they need it they will benefit of the same treatment;
· Tangible co-operation requires concrete actions: entrepreneurs
exchange information between them - for example they notify
each others about bad paying customers, or they support
themselves by selling materials if somehow other entrepreneurs,
often competitors, ran out of stock. If another entrepreneur
offers complementary products, cooperation involves pulling
together products to offer customers what they need;
· Collaboration involves two or more occasions in which
competitors are working together on a project that is too large
for one to succeed. In order to work, there must be strong ties,
trust and openness towards the other;
· Strategic alliances require strong, long-lasting and intense ties
and are established between companies and their own
customers. These customers allow access to critical, strategic
information in order to help providers to develop products they
need.

58. Thus the primary role of the marketing network is of vehicle to
deliver value, but is not limited to it. The network supports the
creation of value through the innovational input that it brings,
provides information and critical resources for the company and
shapes the communication of value, because it takes place
between members within it.
Therefore, the marketing network influences EM, enhances its
effectiveness and efficiency by supporting the evolution from a
limited marketing to a selective and finally sophisticated one
(Gilmore, Carson et al., 2006). Unlike large companies, in small
firms the network is a vital space in which they carry out
marketing activities given their chronic lack of resources and
capabilities.
5.2. EM competencies
Competency is defined as “an underlying characteristic of a
person that results in effective or superior performance”
(Armstrong, 2006, p. 159). The core of entrepreneurship can be
defined by a three dimensions competencies framework:
functional, social and general entrepreneurial competencies
(Brinckmann, 2007).
Functional competencies define what people have to know and
be able to do (knowledge and skills) to carry out their roles
effectively, related to specific functional areas (marketing,
finance, technology) or an industry, markets, etc.
Social competencies refer to skills that are needed in the
interaction with others, like teamwork, communication,
leadership and the ability to create networks of investors /
partners / collaborators outside the company.
General entrepreneurial competencies are about conceptual
skills (ability to create business models, set-up objectives,
strategies, priorities and operational plans), innovation skills
(ability to select and follow new ways of action, divergent and
unconventional thinking) and enforcement skills (ability to

59. execute or implement the designed strategies and plans).
Because entrepreneurs must take a wide and diversified range of
decisions, therefore they are more like “generalists” (Carson
and Gilmore, 2000). It is unlikely that they will take a decision
regarding a marketing issue – for instance, the percentage of
discount on the price of a product – in isolation from other
aspects of business, such as the need to generate cash flow.
Therefore, unlike traditional marketing competencies which are
more specific, entrepreneurial marketing competencies consist
of a mix of different competencies.
Entrepreneurs are forced by dynamic and exchanging nature of
the market to improve their entrepreneurial marketing skills.
The process by which they improve their competencies is called
experiential learning (EL), which is different form formal
learning and is based on four components:
· Knowledge (K): refers to specific information about market,
competitors, customers, products;
· Experience (E): is defined by time (number of years) and can
be characterized by depth and width. Depth experience involves
working in the same area for a longer period of time, which
allows entrepreneurs to learn from their mistakes, to realize
what product attributes are more attractive, to understand
properly changes in competitors strategies. Width experience
allows them to transfer what they know in new situations, to try
new ideas, to experiment and thus to develop themselves;
· Communication (C): is concerned by the type of
communication used, which are the most important sources of
information, on what to focus;
· Judgment (J): refers to the ability to integrate all three
components above and decide the best course of action in a
certain situation.
Figure 1 illustrates a progressive development of experiential
knowledge overtime.

60. Source: Carson, D., Gilmore, A. (2000), “SME marketing
management competencies”, International Business Review, 9,
p. 369.
Figure 1. Experiential learning cycle
In time, entrepreneurial marketing competencies are developed
in a spiral shape. Usually at the beginning, entrepreneurs have a
set of technical skills, while entrepreneurial marketing skills are
insignificant. Through experiential learning, entrepreneurs
begin to develop these skills and to diminish the technical skills
- mostly due to involvement in management activities. During
the next phase they update their technical skills and stabilize
their entrepreneurial marketing competencies.
It should be noted however, that this competencies are different
from “classical” marketing-management competencies:
entrepreneurs do not focus on planning, rigor, or statistical
tools but rather on intuition, informality and speed in decision
making (Collinson and Shaw, 2001). Some authors believe that
communication is the most important competence (Martin,
2009) while others consider creativity – as a necessary but not
sufficient competence in EM (Foltean, 2007).
An integration of all these perspectives has led to a three level
framework of EM competencies. The first level – called
foundational level – is about basic competencies with strategic
focus such as experience, knowledge, communication, judgment
and intuition. The second level – called transitional level – is
represented by a set of connecting competencies between
the strategic and operational side of
EM such as vision, opportunity focus, relational communication
and commitment. The third level is composed of operational
competencies required to implement EM and they are more
numerous like people skills, internal communication, trust,
adaptability, empathy, ambition, confidence, listening skills,
achievement and enthusiasm (Hill, 2001).

61. Therefore, to apply a successful EM, firms need to develop such
skills. And this implies that standard marketing training
programmes which have limited effects should be replaced with
a competency-based process model which can bridge the gap
between theory and practice for entrepreneurs.
6. Research methodologies and further research directions
As a scientific approach, MEI research can be positioned
between positivism and postmodernism. Thus, to investigate EM
and other concepts developed at MEI, researchers did not
started from the premise that truth is objective, absolute and
authentic knowledge is based only on mathematical models. Nor
did they consider that reality is a simple social construction,
subjective and relative, depending on how people perceive it.
That is why EM research methods are lying in between and are
extremely varied (Carson, 1999).
During the initial phase, the most commonly used methods were
qualitative. The interest of researchers was focused on
entrepreneurs, their behaviors and how they take decisions. For
an in-depth understanding it was necessary for the researchers
to have an insider perspective, to approach as much as possible
to the phenomenon and observe it over time. This could not be
done using conventional quantitative methods. Rather
qualitative methods were needed, such as focus group
discussions, in- depth interviews, observations, ethnographies,
conversational analysis (Gilmore and Coviello, 1999).
Over time, the focus has shifted from the entrepreneur as unit of
analysis to the company, business unit, specific project,
market, industry or even nation. Therefore it took a combination
of methods – both qualitative and quantitative – to enable a
holistic analysis of this phenomenon: surveys, case studies,
observations studies, content analysis of company materials,
etc. Some of the methods can be considered unconventional, but
are useful in understanding the “inside” of the problem: diaries
kept by entrepreneur to record daily activities, especially when
there is a significant change in the business environment or

62. studies involving a researcher living in a firm for a long period
of time or even action research which is similar to an
experiment in which research is done on a group by team
members aimed primarily at improving the group performance
(Gilmore, 2010).
MEI research main problem is that is individualistic and
fragmented, therefore progress is slow. A synergistic approach
is needed, similar with other social sciences where researchers
work together on a specific research area whilst individually
examining a unique research problem (Carson, Gilmore et al.,
2001).
To drive the research agenda through the use of collective
intelligence, scholars need leadership and guidance to align
their efforts. Therefore during 2007
and 2008 a sustained effort was made to gather and identify
research priorities, in which researchers from five continents
were involved.
A three-tier structure of research priorities was developed to
cover the period till 2013 (Uslay and Teach, 2008):
· Primary level is related to general theory development
(defining conceptual frameworks that capture key constructs of
EM), service dominant logic and its implications for MEI (how
should small businesses with insufficient resources approach
customer acquisition/retention, networking, organizational
learning) company lifecycle and growth issues (what is the role
of effectuation in market creation);
· Secondary level is focused on the differences among entrepre-
neurs/intrapreneurs/managers, marketing strategies for
entrepreneurs and entrepreneurial strategies for marketers,
entrepreneurship for innovation, balancing long-term growth
and survival, role of marketing research in entrepreneurship;
· Tertiary level is concerned with cross-cultural dynamics of
MEI (differences across borders, emerging versus mature
markets), globalization and entrepreneurship (implications for

63. MEI), and teaching entrepreneurial marketing (creation of an
inventory of course materials and a recommended syllabi).
In conclusion, MEI research is wide in scope, innovative in
approach and although remarkable progress has been made in
the last twenty five years, there are still many research
opportunities.
7. Conclusions
As mentioned earlier, in the last thirty years EM did not achieve
to define its own paradigm. The main reason is that there was
no common understanding of this concept. Therefore in 2010, at
“Charleston Summit” held in Charleston, South Carolina, USA a
representative group of researchers met to discuss about the past
and the future of EM. The primary goal of the summit was to
begin to develop a framework, model or paradigm to guide
future research at the marketing and entrepreneurship interface
(Hansen and Eggers, 2010).
It was concluded that over time, four different approaches were
developed. The first approach, one that historically came first,
focused on the commonalities between marketing and
entrepreneurship. The second approach is “entrepreneurship in
marketing” and is based on a marketing framework over which
elements of entrepreneurship are introduced or a specific
context (like SME marketing). The general belief is that
marketing science should be developed also for start-ups,
because all companies were at one time start-ups, and also for
small companies because they represent 95% of all companies.
The third approach is “marketing in entrepreneurship” and is
about marketing issues, like launching a new product, framed
in entrepreneurship field. The fourth approach is the opposite of
the first one, which means that it is not about
commonalities between marketing and
entrepreneurship, but on what is unique. That is, the
combination of marketing and entrepreneurship creates
something distinctive, something new.

64. From our perspective, EM should be defined according to the
fourth approach, which means trying to capture what is unique.
Because thoughts, intentions, motivations, learning and
relationships without action do not create value, EM should be
defined as behaviors, processes which create, communicate and
deliver value.
These behaviors should be guided by an effectual logic, which
is characteristic to expert entrepreneurs and relies on
cooperation (as a general attitude towards outsiders), the belief
that future is “created” (shaped by voluntary actions of agents),
the belief that contingencies represent opportunities (and should
be exploited to create something new) and actions are
determined by available means (controlled or not by the
entrepreneur).
Furthermore, EM is not related to firm size and its life cycle,
but to a particular type of business environment characterized
by high level of uncertainty. There are four levels of uncertainty
and due to the financial and economic crisis companies are
confronting now with level three and level four situations
(Courtney, 2008). Level one offers a reasonably clear single
view of the future: a range of outcomes tight enough to support
a firm decision. At level two, there are a number of identifiable
outcomes for which a company should prepare. At level three,
the possible outcomes are represented not by a set of points but
by a range that can be understood as a probability distribution.
Level four features total ambiguity, where even the distribution
of outcomes is unknown.
Synthesizing, we consider EM as a set of processes of creating,
communicating and delivering value, guided by effectual logic
and used in highly uncertain business environments. Thus EM is
an approach to overcoming an obstacle, a response to a
challenge. EM builds a bridge between critical challenges and
actions.
Concluding, this paper presents a brief history of EM evolution
in the last twenty five years and the milestones which marked
this evolution. Several definitions were analyzed and classified

65. (four types of definitions were identified) based on content
elements. Using effectual logic framework – to explain
entrepreneurial behaviour – EM is compared with traditional
marketing and the main differences are highlighted.
Two key concepts with uncontested practical value for EM are
reviewed: marketing network and entrepreneurial marketing
competencies. Marketing network as the main vehicle to create,
deliver and communicate value is analyzed from a structural and
interactional perspective. EM competencies are grouped into a
three level framework and explained how they evolve through
experiential learning.
MEI research methodologies ranging from positivism to
postmodernism paradigms were investigated with a focus on
research methods and units of analysis.
In the end, research directions till 2013 were identified and
grouped in a three-tier structure: primary level related to
general theory development, secondary level focused on
strategies, innovation, growth and survival and tertiary level
related to teaching entrepreneurial marketing and cross cultural
differences of MEI.
Without minimizing the importance of developing a generally
accepted definition, we must accept the fact that several
definitions will exists. What is more important at this time is
the development of specific principles and practical tools to
guide entrepreneurial companies during difficult times. And
these can be achieved only through a disciplined collective
effort.
References
Andersson, S. and Tell, J. (2009), “The relationship between the
manager and growth in small firms”, Journal of Small Business
and Enterprise Development, Vol. 16, No. 4, pp. 586-598
Armstrong, M. (2006), A Handbook of Human Resource

66. Management Practice, Kogan Page,
London
Berthon, P., Ewing, M.T. and Napoli, J. (2008), “Brand
Management in Small to Medium- Sized
Enterprises” Journal of Small Business Management, Vol. 46,
No. 1, pp. 27-45
Brinckmann, J. (2007), Competence of Top Management Teams
and Success of New Technology-Based Firms,
DeutscherUniversitats-Verlag, Berlin
Carland, J.W., Hoy, F., Boulton, W.R. and Carland, J.A.C.
(1984), “Differentiating Entrepreneurs from Small Business
Owners: A Conceptualization”, The Academy of Management
Review, Vol. 9, No. 2, pp. 354-359
Carson, D. (1999), “An Inaugural Commentary for the Journal
of Research in Marketing and Entrepreneurship”, Journal of
Research in Marketing & Entrepreneurship, Vol. 1, No. 1, pp. 1-
4
Carson, D. and Gilmore, A. (2000), “SME marketing
management competencies”,
International Business Review, Vol. 9, pp. 363-382
Carson, D., Gilmore, A. and O’Donnell, A. (2001), “Organising
Interface Research: The Individual and the Group”, Journal of
Research in Marketing & Entrepreneurship, Vol. 3, No. 2, pp.
107-117
Collinson, E. and Shaw, E. (2001), “Entrepreneurial marketing -
a historical perspective on development and practice”,
Management Decision, Vol. 39, No. 9, pp. 761-766
Courtney, H. (2008), “A fresh look at strategy under
uncertainty: An interview” available at:
https://www.mckinseyquarterly.com/Strategy/Strategic_Thinkin
g/fresh_look_at_strategy_u nder_uncertainty_2256 (accessed
February 3rd, 2012)
Dew, N., Read, S., Sarasvathy, S.D. and Wiltbank, R. (2009),
“Effectual versus predictive logics in entrepreneurial decision-
making: Differences between experts and novices”, Journal of
Business Venturing, Vol. 24, No. 4, pp. 287-309

67. Foltean, F. (2007), “The Entrepreneurial Approach in
Marketing”, Management & Marketing, Vol. 2, No. 1, pp. 71-78
Gaddefors, J. and Anderson, A.R. (2008), “Market creation: the
epitome of entrepreneurial marketing practices”, Journal of
Research in Marketing and Entrepreneurship, Vol. 10, No. 1,
pp. 19-39
Gilmore, A. (2010), “Reflections on methodologies for research
at the marketing/entre- preneurship interface”, Journal of
Research in Marketing and Entrepreneurship, Vol. 12, No. 1,
pp. 11-20
Gilmore, A., Carson, D. and Rocks, S. (2006), “Networking in
SMEs: Evaluating its contribution to marketing activity”,
International Business Review, Vol. 15, No. 3, pp. 278-293
Gilmore, A. and Coviello, N. (1999), “Methodologies for
Research at the Marketing/Entrepreneurship Interface”, Journal
of Research in Marketing and Entrepreneurship, Vol. 1, No. 1,
pp. 41-53
Hansen, D.I., Eggers, F. (2010), “The
marketing/entrepreneurship interface: a report on the Charleston
Summit”, Journal of Research in Marketing and
Entrepreneurship, Vol. 12, No. 1, pp. 42-53
Hill, J. (2001), “A multidimensional study of the key
determinants of effective SME marketing activity: Part 2”,
International Journal of Entrepreneurial Behaviour, Research,
Vol. 7, No. 6, pp. 211-235
Hills, G.E., Hultman, C.M. and Kraus, S. and Schulte, R.
(2010), “History, theory and evidence of entrepreneurial
marketing – an overview”, Int. J. Entrepreneurship and
Innovation Management, Vol. 11, No. 1, pp. 3-18
Hills, G.E., Hultman, C.M., Miles, M.P. (2008), “The Evolution
and Development of Entrepreneurial Marketing”, Journal of
Small Business Management, Vol. 46, No. 1, pp. 99-112
Hultman, C.M. (1999), “Nordic Perspectives on Marketing and
Research in the Marketing/Entrepreneurship Interface”, Journal
of Research in Marketing and Entrepreneurship, Vol. 1, No. 1,

68. pp. 54-71
Johnston, M., Gilmore, A., Carson, D. (2008), “Dealing with
environmental uncertainty: The value of scanario planning for
small to medium sized enterprises (SMEs)”, European Journal
of Marketing, Vol. 42, No. 11/12, pp. 1170-1178
Jones, R. and Rowley, J. (2009), “Presentation of a generic
'EMICO' framework for research exploration of entrepreneurial
marketing in SMEs”, Journal of Research in Marketing and
Entrepreneurship, Vol. 11, No. 1, pp. 5-21
Kasouf, C.J., Darroch, J., Hultman, C.M. and Miles, M.P.
(2008), “Service dominant logic. Implications at the
marketing/entrepreneurship interface”, Journal of Research in
Marketing and Entrepreneurship, Vol. 10, No. 1, pp. 57-69
Kotler, P. (2003), Marketing Management, Pearson Education
Inc, New Jersey
Kraus, S., Harms, R. and Fink, M. (2010), “Entrepreneurial
marketing: moving beyond marketing in new ventures”, Int. J.
Entrepreneurship and Innovation Management, Vol. 11, No. 1,
pp. 19-34
Lee, K.S., Lim, G.H. and Tan, S.J. (1999), “Dealing with
Resource Disadvantage: Generic Strategies for SMEs”, Small
Business Economics, Vol. 12, No. 4, pp. 299-311
Lodish, L.M., Morgan, H.L. and Kallianpur, A. (2001),
Entrepreneurial Marketing. Lessons from Wharton’s Pioneering
MBA Course, John Wiley & Sons, Inc., New York.
Mador, M. (2000), “Strategic decision Making”, Journal of
Research in Marketing & Entrepreneurship, Vol. 2, No. 3, pp
215-234
Martin, D.M. (2009), “The entrepreneurial marketing mix”,
Qualitative Market Research: An International Journal, Vol. 12,
No. 4, pp. 391-403
Martinez, M.A. and Aldrich, H.E. (2011), “Networking
strategies for entrepreneurs: balancing cohesion and diversity”,
International Journal of Entrepreneurial Behaviour & Research,
Vol. 17, No. 1, pp. 7-38
Metcalfe, J.S. (2006), “Entrepreneurship: an evolutionary

69. perspective”, in Casson, M., Yeung, B., Basu, A. and Wadeson
(eds.) The Oxford Handbook of Entrepreneurship, pp. 59-90,
Oxford University Press, Oxford
Morrish, S.C., Miles, M.P. and Deacon, J.H. (2010),
“Entrepreneurial marketing: acknowledging the entrepreneur
and customer-centric interrelationship”, Journal of Strategic
Marketing, Vol. 14, No. 4, pp. 303-316
Morris, M.H., Schindehutte, M. and LaForge, R.W. (2002),
“Entrepreneurial marketing: a construct for integrating
emerging entrepreneurship and marketing perspectives”, Journal
of Marketing Theory and Practice, Vol. 10, No. 4, pp. 1-19
O’Donnell, A., Carson, D., Gilmore, A. (2002), “Competition
and Co-operation between Small Firms and Their Competitors”,
Journal of Research in Marketing and Entrepreneurship, Vol. 4,
No. 1, pp. 7-15
Raju, P.S., Lonial, S.C. and Crum, M.D. (2011), “Market
orientation in the context of SMEs: A conceptual framework”,
Journal of Business Research, Vol. 64, No. 12, pp. 1320-1326
Rocks, S., Gilmore, A., Carson, D. (2005), “Developing
strategic marketing through the use of marketing network”,
Journal of Strategic Marketing, Vol. 13, No. 2, pp. 81-92
Runyan, R., Droge, C., Swinney, J. (2008), “Entrepreneurial
Orientation versus Small Business Orientation: What are Their
Relationships to Firm Performance?”, Journal of Small Business
Management, Vol. 46, No. 4, pp. 567-588
Sarasvathy, S.D. (2003), “Entrepreneurship as a science of the
artificial”, Journal of Economic Psychology, Vol. 24, No. 2, pp.
203-220
Schindehutte, M., Morris, M.H. (2010), “Entrepreneurial
marketing strategy: lessons from the Red Queen”, Int. J.
Entrepreneurship and Innovation Management, Vol. 11, No. 1,
pp. 75-94 Schindehutte, M. and Morris, M.H. and Kocak, A.
(2008), “Understanding Market-Driving
Behavior: The Role of Entrepreneurship”, Journal of Small

70. Business Management, Vol. 46, No. 1, pp. 4-26
Schulte, R. and Eggers, F. (2010), “Entrepreneurial marketing
and the role of information – evidence from young service
ventures”, Int. J. Entrepreneurship and Innovation Management,
Vol. 11, No. 1, pp. 56-74
Shaw, E. (1999), “Networks and Their Relevance to the
Entrepreneurial/Marketing Interface: A Review of the
Evidence”, Journal of Research in Marketing &
Entrepreneurship, Vol. 1, No. 1, pp. 24-40
Slotte-Kock, S. and Coviello, N. (2010), ”Entrepreneurship
Research on Network Processes: A Review and Ways Forward”,
Entrepreneurship: Theory and Practice, Vol. 34, No.1, pp. 31-57
Stasch, S.F. (2002), “Screening for Successful Low-Budget
Marketing Strategies for New Ventures”, Journal of Research in
Marketing & Entrepreneurship, Vol. 4, No. 3, pp. 229-267
Stokes, D. (2000a), “Entrepreneurial marketing: a
conceptualisation from qualitative research”,
Qualitative Market Research: An International Journal, Vol. 3,
No. 1, pp. 47-54
Stokes, D. (2000b), “Putting Entrepreneurship into Marketing:
The Processes of Entrepreneurial Marketing”, Journal of
Research in Marketing & Entrepreneurship, Vol. 2, No. 1, pp. 1-
16
Stokes, D., Syed, S.A. and Lomax, W. (2002), “Word of Mouth
Marketing Strategy: the case of an independent health club”,
Journal of Research in Marketing & Entrepreneurship, Vol. 4,
No. 2, pp. 119-133
Stokes, D. and Wilson, N.C. (2010), “Entrepreneurship and
marketing education: time for the road less travelled?”, Int. J.
Entrepreneurship and Innovation Management, Vol. 11, No. 1,
pp. 95-108
Uslay, C. and Teach, R.D. (2008), “Marketing/entrepreneurship
interface research priorities (2010-2012)”, Journal of Research
in Marketing and Entrepreneurship, Vol. 10, No. 1, pp. 70-75
Reproduced with permission of the copyright owner. Further

71. reproduction prohibited without permission.
4/11/2016
Bookshelf:
Marketing
1
/48
7Understanding and Reaching
Page 160
Global Consumers and Markets
LEARNING OBJECTIVES
After reading this chapter you should be able to:
LO
7-1Describe the nature and scope of world trade from a global
perspective and identify the major trends that have influenced
world trade and global marketing.
LO

72. 7-2Identify the environmental forces that shape global
marketing efforts.
LO
7-3Name and describe the alternative approaches companies use
to enter global markets.
LO
7-4Explain the distinction between standardization and
customization when companies craft worldwide marketing
programs.
BUILDING A BILLION DOLLAR BUSINESS IN INDIA THE
DELL INC. WAY
Why did Dell Inc. embark on a bold global growth initiative in
2007? In the words of Steve Felice, former president of Dell
Asia­Pacific and Japan, “Our success was going to be largely
dependent on our ability to expand globally.”
Dell’s global initiative focused on emerging economies in Asia,
Africa, and Latin America. Compared with mature economies in
North America and Western Europe, emerging economies
offered significant growth potential, according to Michael Dell,
Dell’s founder and chief executive officer. And Dell’s global
strategy has proven successful. India is a major growth market
for Dell Inc. and posts annual sales over $1.5 billion. In 2013,
Dell employed some 25,000 people in India, which represented
about one-fourth of its global workforce.
Dell’s global initiative was bold in its departure from prior
product development practices. Prior to its global initiative,
Dell designed products for global requirements and distributed
the same product globally. The company now routinely designs