Entrepreneurial Marketing Practices in Small and Medium Enterprises in Bangladesh: Prospects and Challenges

Abstract

When conventional marketing strategies are not suitable for small and medium-sized enterprises, entrepreneurs must unlearn existing principles and substitute them with new, innovative concepts and endeavors, such as entrepreneurial marketing (EM). In this paper, the effects of EM dimensions on Bangladeshi SMEs are taken into consideration. Chapter one includes an introductory presentation and definitions of core study materials, such as the definition of small and medium enterprises, the definition of entrepreneurial marketing, the background of the study, the research gap of the study, the purposes of the study, the problem of the study, and finally, the overall structure of the study. The second chapter provides a review of the literature, including various definitions of research experts, operational variables, and previous research on marketing for entrepreneurs. It also examines previous studies that have explored the relationship between entrepreneurial marketing and sustainability in SMEs. Chapter three shows and explains theories of entrepreneurial marketing that include different opinions and findings of other researchers, and some implications for further research. Chapter four includes research questions, objectives, hypotheses, and research methodology. This study aimed to investigate the impact of entrepreneurial marketing aspects on the performance of small and medium-sized businesses. The quantitative research approach was used to collect the necessary data. In particular, 627 SMEs in Bangladesh participated in a structured survey that yielded the primary data. The environmental background of entrepreneurial marketing is explained in Chapter Five. This chapter compiles Micro and Macro environmental forces that affect the entrepreneur and their business. Among many entrepreneurs, there are some case studies of them included in chapter six. A list of some other entrepreneurs is shown in this chapter. Chapter Seven presented the findings of this study. To determine the validity and reliability of the measuring 5 | P a g e items and to confirm the influence of entrepreneurial marketing aspects on business performance, the acquired data were further examined using the SPSS methodology. The findings demonstrated that value creation and client intensity improve business performance. The results also demonstrated a positive correlation between company success, innovativeness, and resource leveraging. Risk-taking's impact on business performance, however, was determined to be negligible. Lastly, it was discovered that opportunity focus and pro-activeness significantly improve business performance. According to the findings summary, respondents are often very opportunity-focused and see the value of resource leveraging. Despite the fact that value creation is regarded as a crucial aspect of entrepreneurial marketing, respondents are reluctant to take chances and are not typically proactive, creative, or customer-focused. By filling up the current research gaps between the chosen aspects of entrepreneurial marketing and company performance, this study advances resource-advantage theory and empirical literature. Lastly, the study's limitations and recommendations for additional research are discussed.