The Rewards and Challenges of Entrepreneurial Marketing in SMEs

Abstract:

Marketing is a significant function for every business organization. It is indisputable to assert that Small and Medium Enterprises (SMEs hereinafter) face marketing challenges due to scarce resources when compared to their larger counterparts. Hence, there is a heightened research interest in the marketing activities of SMEs. Thus, the purpose of the study is to investigate the rewards and challenges of entrepreneurial marketing in SMEs. The methodology involved a thorough review of literature on the topic being investigated. The study contributes to the world of knowledge by providing an in-depth understanding of the reward and challenges of entrepreneurial marketing amongst SMEs as well as complementing earlier studies done within the same area of study. The paper finds that entrepreneurial marketing enables entrepreneurs to think strategically and contribute positively to the success of their enterprises, positively impact SMEs' performance, helps SMEs to generate sales, grow and survive in modern-day competition, increase market share, increase revenue, improved efficiency as well as customer relationships. The paper also identified the challenges of entrepreneurial marketing, including inter alia, limited managerial and marketing knowledge and skills, poor marketing and sales efforts, narrow customer base, inadequate marketing activities, lack of expertise, managerial poverty, et al.