Examine the view that marketing theory and concepts portrayed in the traditional marketing literature have only limited application in guiding small business marketing practice.

Every business wither it?s small or big, experience to meet the needs of their actual and potential customers. In establish for them to do this, they need to follow some sort of surmisal and concept. This assignment will be looking at the market place theory and merchandise concepts which argon portrayed in the tralatitious marketing literature, and how they have limited application in direct small business marketing practice.

Marketing plays a lively role not only in developing, producing, and selling products or services, but withal in guiding recruiting labors and raising capital. Although it drive out be said that successful entrepreneurs undertake marketing in unusual ways. They mainly rely on interactive marketing methods, which is often communicated through word-of-mouth rather than a much than than conventional marketing mix. Entrepreneurs monitor the marketplace through free networks rather than formalised market research, and generally adopt more entrepreneurial approaches to marketing activities. However, depending on the business model, a confused and formalised initial market research can be crucial for a successful market entry.

There are many marketing theories that are used in traditional marketing literature such as Schumpeter (1934) who said that entrepreneurs proactively ?created? opportunity, apply ?innovative combinations? which often included ?creative destruction? of peaceful or lethargic economic markets .

According to Schumpeter the role of an entrepreneur is to innovate, and by doing this, you move the economy from one equilibrium to another. This attractive of innovation could come about from one or more introduction of a parvenu-fangled product; a new method of production; the development of a new market; the use of new sources of raw material, and the reorganisation of a new industry or its processes. He also distinguished amid the entrepreneur and the capitalist. Schumpeter agreed with the fact, that in practice an innovator could also actually be a capitalist.

Another well-known...

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