Nigeria's free digital learning hub. Videos, lecture notes, practice questions and leaderboards aligned with CCMAS, NBTE, NCCE, WAEC, NECO, IJMB and JAMB curricula.
Loading
Nigeria's free digital learning hub. Videos, lecture notes, practice questions and leaderboards aligned with CCMAS, NBTE, NCCE, WAEC, NECO, IJMB and JAMB curricula.
This is the complete lecture note for MKT 213 Entrepreneurial Marketing. You can read it online below, open it in the full viewer, or download the PDF for offline study. It pairs with the course's video lectures, so you can read and watch together.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS Series 1: Foundations of Entrepreneurial Marketing 1.1 The Nature and Concept of Entrepreneurial Marketing • 1.1.1 Definition and meaning of entrepreneurial marketing • 1.1.2 Historical and economic role of entrepreneurship in marketing • 1.1.3 Distinction between traditional marketing and entrepreneurial marketing 1.2 Theoretical Foundations and Practices of Entrepreneurship • 1.2.1 Key theories of entrepreneurship relevant to marketing • 1.2.2 Characteristics of marketing entrepreneurs • 1.2.3 Case examples of entrepreneurial practices in marketing 1.3 Identifying and Evaluating New Venture Opportunities • 1.3.1 Opportunity recognition and evaluation • 1.3.2 Resource utilisation in entrepreneurial marketing • 1.3.3 Risk and uncertainty in venture creation 1.4 Marketing Strategy Development for New Ventures • 1.4.1 Designing marketing strategies for innovations • 1.4.2 Customer orientation and value creation • 1.4.3 Competitive positioning for entrepreneurial ventures Introduction Entrepreneurial marketing is increasingly recognised as a vital approach for businesses that seek to thrive in dynamic and competitive environments. Unlike traditional marketing, which often relies on established structures and predictable consumer behaviour, entrepreneurial marketing emphasises creativity, innovation, and adaptability. This Series introduces you to the foundations of entrepreneurial marketing, helping you to appreciate its role in shaping new ventures and in driving economic and social change. The aim of this Series is to equip you with the knowledge and skills needed to define the nature of entrepreneurial marketing, examine its theoretical foundations, identify and evaluate new venture opportunities, and design effective marketing strategies for innovations. We shall commence this Series by exploring the nature and concept of entrepreneurial marketing, including its historical and economic role. Next, we will examine the theoretical foundations and practices of entrepreneurship, paying attention to the characteristics of marketing entrepreneurs. Following that, we will focus on identifying and evaluating new venture opportunities, with emphasis on resource utilisation and risk management. Finally, we
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS will conclude by considering how marketing strategies can be developed for new ventures and innovations, ensuring that learners are prepared to apply these principles in practice. Series Learning Outcomes Upon completing this Series, you should be able to: • 2.1 define the nature and concept of entrepreneurial marketing, • 2.2 explain the historical and economic role of entrepreneurship in marketing, • 2.3 analyse key theories of entrepreneurship relevant to marketing practice, • 2.4 describe the characteristics of marketing entrepreneurs, • 2.5 evaluate new venture opportunities using entrepreneurial marketing principles, • 2.6 apply resource utilisation techniques in the context of entrepreneurial ventures, and • 2.7 design marketing strategies for new ventures and innovations 1.1 The Nature and Concept of Entrepreneurial Marketing 1.1.1 Definition and meaning of entrepreneurial marketing Entrepreneurial marketing refers to the proactive, innovative, and risk-taking approach to marketing that is often adopted by entrepreneurs and small businesses. Unlike traditional marketing, which tends to rely on established methods and predictable consumer behaviour, entrepreneurial marketing thrives on creativity, flexibility, and resourcefulness. It is particularly relevant in environments where resources are limited, competition is intense, and opportunities must be seized quickly. Entrepreneurial marketing is not confined to start-ups alone. Larger organisations also adopt entrepreneurial marketing practices when they wish to innovate or enter new markets. The essence of this concept lies in its ability to combine marketing principles with entrepreneurial thinking, thereby creating strategies that are both customer-focused and opportunity-driven. Fill in the blank: Entrepreneurial marketing combines ______ principles with entrepreneurial thinking to create customer-focused strategies.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.1.2 Historical and economic role of entrepreneurship in marketing The historical development of marketing has always been closely linked with entrepreneurship. From the early days of trade and barter systems to the rise of industrialisation, entrepreneurs have played a central role in shaping markets. They introduced new products, created demand, and established innovative distribution channels. Economically, entrepreneurship drives growth by creating jobs, stimulating competition, and fostering innovation. Marketing serves as the tool through which these entrepreneurial activities are communicated and delivered to customers. For example, the rise of social media platforms
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS has allowed entrepreneurs to reach global audiences with minimal resources, demonstrating the continuing economic relevance of entrepreneurial marketing. Fill in the blank: Entrepreneurship contributes to economic growth by creating jobs, stimulating ______, and fostering innovation. 1.1.3 Distinction between traditional marketing and entrepreneurial marketing Traditional marketing is often characterised by structured planning, large budgets, and reliance on established market research. In contrast, entrepreneurial marketing is more experimental, adaptive, and resource-conscious. Entrepreneurs frequently rely on intuition, creativity, and direct customer feedback rather than extensive formal research.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS A key distinction lies in the orientation of the two approaches. Traditional marketing tends to be company-driven, focusing on maintaining market share, while entrepreneurial marketing is opportunity-driven, seeking to exploit gaps in the market and create new value. Fill in the blank: Traditional marketing is company-driven, while entrepreneurial marketing is ______-driven. Pilot questions 1.1 1. Entrepreneurial marketing is best described as a proactive and ______ approach to marketing.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 2. Which economic contribution of entrepreneurship involves stimulating competition? 3. Traditional marketing is characterised by structured planning, while entrepreneurial marketing is more ______. 4. In entrepreneurial marketing, customer feedback often replaces extensive ______ research. 5. The historical roots of entrepreneurial marketing can be traced back to early systems of ______. 1.2 Theoretical Foundations and Practices of Entrepreneurship 1.2.1 Key theories of entrepreneurship relevant to marketing Entrepreneurship theory refers to the body of knowledge that explains how and why individuals create and manage new ventures. Several theories are particularly relevant to marketing because they highlight the role of innovation, opportunity recognition, and risk-taking. For example, the innovation theory of entrepreneurship suggests that entrepreneurs drive economic development by introducing new products and processes. Similarly, the alertness theory emphasises the entrepreneur’s ability to notice opportunities that others overlook. These theories provide a framework for understanding how marketing entrepreneurs operate. They explain why entrepreneurs often succeed by being proactive, creative, and willing to take calculated risks. Fill in the blank: The innovation theory of entrepreneurship suggests that entrepreneurs drive economic development by introducing ______.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.2.2 Characteristics of marketing entrepreneurs Marketing entrepreneurs are individuals who combine entrepreneurial thinking with marketing skills to create and grow ventures. They are often characterised by traits such as creativity, resilience, adaptability, and customer orientation. Unlike traditional managers, marketing entrepreneurs are more willing to experiment, take risks, and pivot strategies when necessary. A defining characteristic is their ability to build strong relationships with customers. They often rely on direct feedback and informal networks rather than formal research. This allows them to respond quickly to changes in customer preferences and market conditions.
This is the opening of the note. Read the full note or download the PDF to continue.
