Dr. Sikder Md. Anowarul Islam
Entrepreneurship development is a process of empowering human potentials and increasing standard of living through enhancing economic growth and productivity. Human creativity is honored by this entrepreneurial, SME development. But may society in the industrialized countries empower their human resources throughentrapreneurial process with the integration of large scale industrial development. However, this process increased income inequality in their society in long run and accordingly increased unemployment in marginal level. Optimizing investment to the Small and Medium Sized Enterprise (SME), and Large Scale Industry (LSI), through the economic development process may reach the optimal stage of investment opportunity and according increase standard of living and stable society in a country.
Topically, entrepreneurs are facing lots of difficulties for their policy making stage of investment. Producing goods and services is a formulated process but the dimension of marketing is not same for the all products, it may differ according to the characteristics of products. There are several tasks of marketing that may help the entrepreneurs to penetrate their products in the competitive market. Marketing is typically seen as the task of creating, promoting, and delivering goods and services to consumers and business through customer’s satisfaction. The effective marketing takes are many forms, but some are important as marketing theory prescribed. These are:
1. Entrepreneurial Marketing:
Most companies started by individuals who live by their wits. They visualized an opportunity and knock on every door to gain attention for their proposed or manufactured products. By this process, they make a demand of their product and accordingly enter into a large market. This process is effective those who have small capital and want to enter into the market competition gradually as per their investment ability and opportunity. The gradual importance of economic growth and productivity-that lead employment generation and accordingly increasing standard of living in both developing and industrialized countries through SME sector development are getting more importance by the policy makers. Entrepreneurial marketing is important for them, those who believe to go slow into the market place and accordingly follow the market potentials to optimize their investment and profit. In the topical developing country market places, where distribution of goods and services are mostly lead by the so called whole selling process by credit management, an entrepreneur may substitute their promotion cost by lending their production initially in their prospective customer through wholesale investment. This process is observing in the Indian Subcontinent over the 2,500 years. In case of marketing industrial raw materials, this process is found effective even a company grow by their wits.
2. Formulated Marketing:
As small companies achieve success, they inevitably move toward more formulated marketing. By this process, a company can provides a considerable some of TV advertising, employs dozes of sales people, and carries on sophisticated marketing research. It has required that continued success requires setting up and managing a capable marketing department. In this stage, a small company can grow more sales and accordingly increase their production into their competitive market. They maximize revenue and accordingly face adverse situation of their over full demand of their produced goods and services in short run.
3. Customized Marketing:
Many large companies get stuck in formulated marketing. These companies lack the creativity and product managers need to get passion of the guerrilla marketers in the entrepreneurial stage. Their brand product managers need to get out of the office, start living with their customers, and visualize new ways to add value of their customers` lives. In this stage, new product development and change of technology may get more importance if the company can’t get accustom to the environment of competitive market. Many suppliers of industrial raw materials are following customized marketing process through providing huge market credit of their products to keep their customer boned by them and avoid their future competitive products in the potential market. In this stage, a manufacturer have to leave their old supplier by adjusting their huge outstanding to add a new supply chain.[ Blog Published: LinkedIn, February 25, 2015 ]