A Theoretical Analysis of Entrepreneurial Marketing and Implications for Economic Development in Modern Society

Abstract

Entrepreneurship brings along marketing, meanwhile, marketing offers powerful support for it. Invariably, marketing and entrepreneurship are interdependent. This is shown from the examination of the role of one in the other, presented in the paper, and then characteristics of one as necessary requirements for the practice of the other. Evidently, each needs the other to be effective and successful. It is shown that they serve a common function to society; they have the same goal/objective and use a common method or tool for creativity and innovation to offer value to society. Marketing is required for the survival of entrepreneurship and without entrepreneurship; marketing cannot match the needs and wants of consumers. This more so in an increasingly more sophisticated society of today in which consumer needs and wants are constantly and rapidly changing, and competition of market (customers) is becoming a global warfare. Based on their inherent characteristics, this article explored the dependencies between them and gave an interactive approach model for effective marketing and entrepreneurship, a win-win proposal of involving one in the other is given as the option for effectiveness and success. In sum, the paper recommends that the option for success for either of them is to hold tightly to its partner and accord it its pride of place in thinking, behavior, actions and activities.