Marketing for Entrepreneurs and SMEs

Marketing for Entrepreneurs and SMEs

A Global Perspective

Maja Konečnik Ruzzier, Mitja Ruzzier and Robert D. Hisrich

In recent years, entrepreneurs and SMEs have been forced to adapt to a rapidly changing, increasingly globalized world, an evolution that has had a profound impact on marketing strategies. This timely volume identifies the many new opportunities available to entrepreneurs and SMEs in the global marketplace, and offers tactical and strategic marketing approaches to help them succeed in the modern business world.

Chapter 1: An understanding of marketing for entrepreneurs and SMEs

Maja Konečnik Ruzzier, Mitja Ruzzier and Robert D. Hisrich

Subjects: business and management, entrepreneurship, international business, marketing

Extract

When I started my own business 20 years ago, I remember the entrepreneurial endeavor was much less complex than it is today. There were few producers in the region and the competition was relatively low. Customers came to us seeking new products. We calculated our costs accordingly, added a margin and typically asked for an advance payment. Once the products would be displayed in shops, they would sell immediately. We operated with a small two-month stock and had a limited product range. We developed the products on our own and did not put much emphasis on the design or advertising. Today, I live in a completely different reality . . . shops are full of competitors’ products, made in countries I was oblivious to. The pressure to pursue customers whose response is that my products are too expensive or not good enough was surprising to me. To remain competitive I had to hire a marketing agency that provided my company with recommendations to invest my time, capital and effort into developing social media platforms, writing blogs and building an online shop that offers a 24/7 service in order to make my products more accessible and flexible to our customers.