Marketing and Entrepreneurship

Introduction

The corresponding comprehensive academic research report would be deliberative of the observations concerning the most effective practices and methods of performing entrepreneurial marketing in the context of a selected business entity. For the purpose of formulating the content of the research report, the London based business enterprise of ThirdWay Group would be selected. The emphasis of the report would be on the demonstration of critical thinking concerning the utilisation of entrepreneurial marketing approaches and associated theoretical constructs to highlight the best possible marketing practices which could be applied by the SME under consideration.

Megatrend

According to Bettiol, Di Maria and Finotto (2012), the strategic megatrends, which, highlight the distinguishing conditions which SMEs have to encounter in the current market scenario, are primarily reflective of the core objectives which any such business entity could have. These are ensuring of organisational survival, optimization of the performance of the SMEs, managing and sustaining growth and maintaining development in the concerned business sector.

According to Devaney and Scofield (2015), the current context of the market is increasingly indicative of the crucial significance of consumer preferences and the critical attention concentrated by consumer communities on primarily intangible factors. Such intangible factors are mostly indicative of the value perceptions which are integral to the designing and development of office interior spaces.

In this context, the research study has selected the SME of the ThirdWay Group, which is currently based at 130 Shaftesbury Avenue, 2nd Floor, London, United Kingdom. The company primarily operates in the development of the architecture and designs of corporate offices with an extensive collaboration based partnering with other corporate entities across the industrial spectrum so that the most effective and facilitative business environment could be developed.

Opportunities

According to Morrish and Gilmore (2011), unlearning of principles of traditional marketing practices becomes necessitated by the entrepreneurs of SMEs, such as the ThirdWay Group, when such traditional practices could become unsuitable for the operational efficacy of such business enterprises. According to Renton et al (2015), entrepreneurial marketing principles have been developed with the purpose of addressing such contingencies in the current market scenario. The initial opportunity, is the judicious utilisation of available resources. According to Resnick et al (2016), this entails the entrepreneurial marketing of the ThirdWay Group to be a particular marketing form which could be utilised in spite of the prevalence of the resource constraints and this could outline unsophisticated yet creative marketing method application opportunity. This further necessitates the ThirdWay Group to build effective alliance with the delivery aggregators. According to Sanderson (2015), this entails forging of business alliances with specific business firms who could collect and provide specific information about available property and office space development scope to the ThirdWay Group. This also pertains the venturing into effective partnerships with such delivery aggregator firms for the SME (Kilenthong, Hills and Hultman, 2015).

The Entrepreneurship

According to Nikfarjam and Zarifi (2015), the Microenvironment provides the entrepreneurship opportunity to the ThirdWay Group and this consists of the elements which compose the organisational ability of the SME to operate in a concerted manner towards achievement of corporate marketing objectives. Such elements are marketing intermediaries, the selected customer bases, the suppliers and the construction regulation perspectives which govern the commercial real estate markets. According to Brouthers, Nakos and Dimitratos (2015), the microenvironment is also noticeable as an intra-firm management perspective which involves the functional areas of the company. These are the management framework, the operational as well as the manufacturing services and the purchasing and financial accounting services. Finally, the necessity of infusing proper cohesiveness and harmony at the intra firm level of marketing management is crucial from the standpoint of achievement of superior value for the served clientele. Amin et al (2016) have outlined this environment to be a controllable one for the ThirdWay Group.

Innovation

According to Sulistyo (2016), the innovative entrepreneurship for the ThirdWay Group entails the capturing of incremental demand in terms of the market scope management which necessitates the most innovative utilisation of comparatively limited real estate amount on which the SME generally has to operate. According to Whalen et al (2016), the utilization of the office spaces as tools of HR management is such an innovative means through which formulation of the most immersive experiences for the involved human capital could be performed so that their motivational measures could be kept at a certain elevated threshold and the probability of high employee turnover could be precluded. Currently, the commercial real estate development market is greater oriented towards the necessity of sustainable development through the application of eco-solutions in the interiors and extended architectural formats of the office spaces. Kilenthong, Hultman and Hills (2016) have stated that the category of macro-environment could be further subcategorized into proximate and wider macro-environmental formats through which attribution of particular scales of value realization in business practices could be performed.

Best practices of the ThirdWay Group

According to Bocconcelli et al (2018), there are two particular practices which are integral to the functionalities of the SME under consideration, namely the direct entrenchment of success achievement processes by the concerned SME and the acting on secondary capacity, in the context of factors such as market conditions and consumer preferences. These aspects influence, to a great extent, the measure of efficiency and performance-related success which could be achieved by small and medium entrepreneurial business ventures.

Miles et al (2015) have outlined that such practices are representative of the factors of incremental consumer empowerment in the current global markets. Furthermore, the ThirdWay Group also emphasises on the transformation of consumption practices from materialistic to social and relational nature and the expansion of consumer awareness where competence of knowledge possession could be expected to be a constant in every category of consumers, including those of the SME products and services.

In this context, the first aspect related to the two best practices of the ThirdWay Group could be explained as tangible operations. According to thirdwayinteriors.com (2019), the organisation strives towards performing the commercial real estate construction and development, in terms of office spaces, in the most customer-centric manner. The organisational approaches are markedly reflective of the defining of the designed and constructed office space in congruence with the changing status of the customer preferences. Such approaches also involve the innovative measures of marketing communication which could be applied even under conditions of an acute dearth of growth finance capital by the SME under consideration.

According to Whalen et al (2016), inducing and then capturing incremental demand in terms of the market scope management which necessitates the most innovative utilisation of comparatively limited real estate amount on which the SME generally has to operate. This challenge also includes the impediments such as regulatory restrictions associated with the zoning procedure fulfillment criteria for the purpose of development of office spaces. This is primarily a complicated and time-consuming process (Altinay et al. 2016). ThirdWay Group has to charge premium prices to address the associated operating costs since these experience significant increment concerning bringing the process of approval of the designs of the company to positively in favour of the company.

According to Whalen and Akaka (2016), in the global context, the most significant marketing challenge for ThirdWay Group could be acknowledged as the prevalence of comparatively higher property tax rates in the UK in comparison to other international office space and corporate real estate development markets. Competitive office markets in other parts of Europe also comparatively cost less in terms of the land prices and registration costs from that of the UK. The cumulative implications of these comparatively high rates contribute to the high gross production cost of the developed office space by the ThirdWay Group. The process of marketing message formulation concerning the communication of such high probability costs to the potential clientele, could be, considered as another significant challenge for the related SME.

In this context, the practice of consumer preference management, on a secondary capacity based functionality, has been one of the tools through which the ThirdWay Group endeavours to attach value to the existing service offerings. The proximate macro-environment management strategies employed by the ThirdWay Group outline the effort to properly manage the consumer preferences.

According to Dimitratos et al (2016), the proximate macro-environmental aspects are crucial for the operations of SME concerning the necessity to add value and unique qualities to the delivered services by the company.

The specifics of such efforts could be outlined in the manner of customer centric operational policy development. According to Oparaocha (2015), this involves the fulfillment of a particular necessity by the SME. The necessity pertains to offering a consistently expanding measure of amenities which could be designed and constructed within the physical precincts of the developed office spaces by the ThirdWay Group. These define the requirements of the office space developers of the ThirdWay Group to restructure the workplace development strategies anew and orient their designing efforts towards meeting of the employee expectations. The challenge remains to be endlessly innovative in their marketing strategies, for the ThirdWay Group marketing personnel, to highlight the developed solutions which could be offered in terms of synchronization of the developed space attributes with those of the expectations of the served clientele.

According to Laukkanen et al (2016), in this context, the factor of proximate macro-environment management gains significance for commercial real estate developers such as the ThirdWay Group. Prior to explanation of this observation, it is necessary to outline the fact that proximity management in office space development by the SME under consideration, is oriented towards transforming the organisational commitment of most unique service delivery to tangible outcomes. According to Altinay et al (2016), this is of prime importance since this denotes the measures such as the nearness or immediacy of access of clearly defined facilities to the developed office space which could be utilised by the organisations to better assist their human capital to adjust to their work environment. One perceptual instance could be outlined in this context, as the trend of formulation of office conference spaces which could resemble, either in partiality or in completion, the logos of the owner business enterprises. In this context, the practice of ThirdWay Group has been that of replacing the conventional conference room furniture with those of special automotive stylized nature. This has been another effort by the SME to project the harmonization of the constructional efforts with those of the innovative service offerings such as silent restrooms, gaming rooms, sporting zones, theme-based conference rooms, and event presentation spaces. Overall, the proximate macro-environmental marketing management factor is projected through the implemented tangible commercial space-related solutions by the ThirdWay Group to effectively assist the clientele to foster multi-tasking abilities within the office employees. Such practices by the ThirdWay Group is deterministic of the organisational policy of entrenchment of productive operations within the overall policy management structure of the company so that effective success achievement could become synchronized with the fulfillment of organisational objectives.

According to Sulistyo (2016), the core concept in this context, the fact that deeper understanding of the marketing environments which, SMEs have to contend with through entrepreneurial marketing processes, could only be attained through application of hands-on learning processes. This could be better explained as utilisation of the market analysis and research methods through an appropriate survey mechanism. The purpose is to achieve the necessary diffusion of knowledge and experience. The emphasis needs to be put on the utilisation of an effective amalgamation of both the market analysis derived and customer feedback based gathered information so that success could be achieved through updated business policy development.

Conclusion

The preceding research report has been formulated on the basis of observations related to the differential aspects of entrepreneurial marketing processes which the selected SME has to employ in the current market scenario. The emphasis of the study has been on the empirical study of the critically significant yet salient points related to the nature of the business sector selected and the associated challenges as well as implications of the utilised solutions to overcome such challenges from the perspective of entrepreneurial marketing concepts.

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Reference List

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