Entrepreneurial Mindset L1, L2 Viewing marketing through entrepreneurial mindset: a systematic review/ Upload summary 1 to its Learning
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Entrepreneurial MindsetL1, L2Viewing marketing through entrepreneurial mindset: a systematic review/ Upload summary 1 to its Learning
Entrepreneurial Mindset L1, L2 Viewing marketing through entrepreneurial mindset: a systematic review/ Upload summary 1 to its Learning
Viewing marketing through entrepreneurial mindset: a systematic review Anshita Yadav and Sanchita Bansal University School of Management Studies, Guru Gobind Singh Indraprastha University, New Delhi, India Abstract Purpose–The present paper explores and analyses various aspects of entrepreneurial marketing in the different regions (developed or developing) and attempts to consolidate the extant literature in the field of entrepreneurial marketing and suggests future directions for research. Design/methodology/approach–The research questions developed by the paper deal with (1) comparison of entrepreneurial marketing in the developed and developing world; (2) methodological approaches used in entrepreneurial marketing; (3) the constructs or theories used in literature; (4) the existing research gaps and potential future directions in research of entrepreneurial marketing. To answer the same, we conduct a systematic literature review of the 82 research papers extracted from the Web of Science (WoS) and ScienceDirect databases. Findings–The findings are presented in the form of descriptive and results. The descriptive findings show that more studies are needed in developing nations, introducing or developing entrepreneurial marketing conceptually, using mixed research designs, having objective measurements of constructs and contributing to comparative studies. The results discuss the constructs and theories employed in the extant literature and suggest that theories like human capital, creation, causation or trust are fundamental to study entrepreneurial marketing. Originality/value–The paper adopts the existing entrepreneurial, marketing, innovation, and customer orientation (EMICO) framework and further develops an organizing framework to discover several gaps in the existing literature that can further be explored and promote the development of research in entrepreneurial marketing. KeywordsEntrepreneurial marketing, EMICO, Marketing entrepreneurship interface, SME marketing, Start-ups, Systematic review Paper typeLiterature review Introduction The marketing practices of entrepreneurs are different from conventional marketing (Stokes, 2000b). The marketing and entrepreneurship interface (MEI) encompasses the way in which marketing concepts and principles are applicable in entrepreneurial contexts (Ionita, 2012). We approach the extant literature from the fields of entrepreneurship, marketing, technology, strategic management, psychology and sociology to understand marketing from the entrepreneurial mindset through the systematic reviewing methodology. Our purpose is to contribute for the further development of literature studying the MEI, for guiding the practitioners in the field of entrepreneurial marketing (EM). Bjerke and Hultman (2002)view entrepreneurial marketing as“the marketing of small businesses which grows through entrepreneurship.”Entrepreneurial marketing entails the marketing practices of small and medium-sized enterprises (SMEs) which may take the form of new ventures, start-ups or at nascent stages (Collinson and Shaw, 2001;Morriset al., 2002; Martin, 2009), as well as their decision-making within the constraints of limited expertise, resources and size (Gilmore, 1999). Entrepreneurial marketing demonstrates different patterns of market behaviors with large firms and traditional marketing. Due to the“small size”of business, marketing in SMEs has a unique style of unplanned, informal, simple and random approach (Jones and Rowley, 2011).Morriset al.(2002)maintain Marketing through entrepreneurial mindset 133 The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1746-8809.htm Received 1 March 2019 Revised 31 July 2019 21 December 2019 Accepted 23 December 2019 International Journal of Emerging Markets Vol. 16 No. 2, 2021 pp. 133-153 © Emerald Publishing Limited 1746-8809 DOI10.1108/IJOEM-03-2019-0163 the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation. Marketing copiously offers to entrepreneurship, and likewise, entrepreneurship can treat it as a critical function which submerges innovation and creativity (Collinson and Shaw, 2001). The theory of entrepreneurial marketing defines marketing in the changing era as complex, dynamic and with limited resources inclining to correspond business’age and growth (Morris et al., 2002). There has been a continuous splurge of interest in entrepreneurship among academicians and marketers (Mileset al.,2011), which has witnessed two distinct sets of voices emerging from them. The marketer begins with the process of product development having a market-driven approach, whereas entrepreneurs operate by shaping the market and hence requires entrepreneurial marketing orientation (MO). The extant literature mainly provides four perspectives about entrepreneurial marketing–the first perspective finds commonalities between entrepreneurship and marketing (Kocak and Abimbola, 2009); the second perspective views entrepreneurship in marketing, solving entrepreneurial challenges through marketing theories (Miles and Darroch, 2006); the third perspective probes marketing issues through the lens of entrepreneurship theory (Carson, 1985;Bjerke and Hultman, 2002) and the fourth perspective focuses on the distinctive arguments arising from the intersection of entrepreneurship and marketing and therefore defining entrepreneurial marketing as a different concept (Morriset al., 2002;Hallb€ ack and Gabrielsson, 2013). Jones and Rowley (2009)propose a qualitative research framework (EMICO) to aid the exploration of entrepreneurial marketing in SMEs, which we adopt and extemporize to our resulting framework (seeFigure 1), contributing toward the development of a theoretical idea on the intersection of entrepreneurship with the constructs, leading to an improved set of entrepreneurial capabilities. The paper proceeds as follows: the next section identifies the research questions and outlines the methodology applied for this review; the third section gives descriptive findings of the reviewed literature; the fourth section discusses the results; the fifth section concludes and offers future directions to the researchers in the field of entrepreneurial marketing. Research questions and methodology Entrepreneurs use entrepreneurial marketing practices proactively and innovatively to enhance top-line and bottom-line, thereby creating value for customers (Hills and Hultman, 2013). The potential or nascent entrepreneurs need to have a holistic understanding of entrepreneurial marketing to succeed in their upcoming or existing venture (Styles and Seymour, 2006). To get an overview of the current research work on entrepreneurial marketing, the following research questions (RQ) are framed, which further guides the review process of this paper: RQ1.How is entrepreneurial marketing examined in the developed vis- a-vis developing world? RQ2.What are the methodological approaches being used in different studies related to entrepreneurial marketing? RQ3.What are the constructs and theories identified and discussed in the literature, and to what extent do those contribute to the concept of entrepreneurial marketing? RQ4.What are the existing research gaps in the extant literature, and what are the potential focus areas for future research in the field studying entrepreneurial marketing? IJOEM 16,2 134 The adaptation and introduction of systematic reviewing in the management literature can be credited toTranfieldet al.(2003). The systematic reviews provide useful insights on the topic by analyzing the results on emerging issues and are an appropriate approach for examining research on entrepreneurship (Pittaway and Cope, 2007). Similar to the reviews conducted byBocconcelliet al.(2018);Mostet al.(2018)andToghraee (2017), the literature is analyzed both qualitatively and quantitatively. The evolving concept of entrepreneurial marketing needs to be discussed thoroughly, and thereby we conduct a systematic literature review which is useful in providing a complete and exhaustive summary of numerous research papers published over a long period, by further adapting from the EMICO framework (Jones and Rowley, 2009). Search and selection criteria The papers were searched using the following keywords: entrepreneurial marketing, small business marketing, startup marketing, start-up marketing, entrepreneurship marketing, marketing entrepreneurship or new venture marketing in the title, abstract and keywords fields of the search engine in the databases of WoS and Science-Direct (indexed in SSCI or Scopus) ensuring that all the credible work is explored. We use WoS Core Collection database as it provides comprehensive citation search and gives access to multiple databases that reference cross-disciplinary research, which allows for in-depth exploration of specialized sub-fields within an academic or scientific discipline (Liet al., 2010). The papers available as editorials, book or book chapters in non-English language are not retrieved for accurate interpretation (Haasis and Liefner, 2019). The papers are retrieved only if they match the query as mentioned, while the rest of the papers are rejected (Pohlet al., 2010). Source(s): Authors’ contribution ENTREPRENEURIAL MARKETING Constructs Entrepreneurial Orientation (12) Marketing Orientation (10) Innovation Orientation (8) Customer Orientation (14) Business performance (13) Theoretical Foundations Theories from Management (6 theories, 18 studies) Psychology related Theories (4 theories, 14 studies) Sociology related Theories (4 theories, 7 studies) Figure 1. Organizing framework Marketing through entrepreneurial mindset 135 The query search initially yielded 179 papers from both the databases out of which the following papers were deleted—42 duplicate articles, 40 articles which did not match the search string based on abstracts and keywords and 15 articles which were not considered as they were not related to our field of research, religion, art, water resources etc. Finally, a list of 82 research papers is considered for review, as shown inFigure 2. Reporting the review The review of these papers is conducted as per the protocols suggested byBansalet al.(2019); Jainet al.(2019)andTalan and Sharma (2019). Following most downloaded review articles (Alonet al., 2018;Paul and Benito, 2018;Paul and Rosado-Serrano, 2019), we review the widely used methods, theories and constructs and develop directions for future research. Table Iprovides an overview of the widely used methods of data collection in prior research. Also, the constructs and theories, which are the vital components in research for gaining theoretical insights to understand how studies have measured and analyzed the models, are synthesized and informed inFigure 4andTable II. Descriptive findings This section presents the overall characteristics of the studies under reference and attempts to answer the research questions framed. Year-wise publications and citations The period for the relevant papers reviewed is 1976–2019. Entrepreneurial marketing emerged as a concept in 1982 and gradually gained momentum, as seen inFigure 3. The highest number of year-wise publications and year-wise citations occurred in 2018 at 19 and 215, respectively. The 82 papers under reference are published in 45 journals out of which Figure 2. Generation and shortlisting of records IJOEM 16,2 136 Type of papers Number of articles References Conceptual papers 19Lee (1976),Duus (1997),Collinson and Shaw (2001),Morris et al.(2002),Hillset al.(2008),Morrishet al.(2010),Morrish (2011),Rajuet al.(2011),Jones and Rowley (2011),Hills and Hultman (2013),Sol e (2014),Mileset al.(2015,2016),Anwar and Daniel (2016),Whalen and Akaka (2016),Whalenet al. (2016),Alqahtani and Uslay (2018),Gilmore and Carson (2018),Gilmoreet al.(2018),Hansenet al.(2019) Review papers 4Toghraee (2017),Bocconcelliet al.(2018),Matthewset al. (2018),Mostet al.(2018) Empirical papers 59 (1) Quantitative approachSurvey through questionnaires (25)Weinrauchet al.(1991),Ko and Atuahene-Gima (2001), Teachet al.(2007),Maatoofi and Tajeddini (2011),Merrilees et al.(2011),Bechereret al.(2012) ,Eggerset al.(2012), Haciogluet al.(2012),Yousaf and Altaf (2013),Muthee and Ngugi (2014),Rezvani and Khazaei (2014),Nikfarjam and Zarifi (2015),Ahmadi and O’Cass (2016),Pugnaet al.(2016), Suardhika and Suryani (2016),John and Kabiru (2016), Kilenthonget al.(2016),Mugambi and Karugu (2017), Peterson (2018),Astutiet al.(2018),Westerlund and Leminen (2018),Hendijani Fard and Seyyed Amiri (2018), Kim and Kim (2018),Aggarwal and Singh (2019),Sadiku- Dushiet al.(2019) (2) Qualitative approachInterview methods (16)Carson and Gilmore (2000),Jones and Rowley (2009), Kurgunet al. (2011),Walln€ ofer and Hacklin (2013),Jones et al.(2013),Joneset al.(2014),Rentonet al.(2015),Anwar and Daniel (2016),Efratet al.(2017),Anderssonet al.(2018), Krisjanous and Carruthers (2018),Nouriet al.(2018),Crick (2018),Cricket al.(2018),Finket al.(2018),Morrish and Jones (2019) Case analysis (16)Lucas Jr. (1994),Miles and Darroch (2006),Kocak and Abimbola (2009),Martin (2009),Kolabiet al.(2011),Mort et al.(2012),Hallb€ ack and Gabrielsson (2013),Thomaset al. (2013),Fillis (2015),Rentonet al.(2015),Runtulalo (2015), Kumar and Yakhlef (2015),Pane Hadenet al.(2016), Izvercianet al.(2016),Yang and Gabrielsson (2017),Yang (2018) (3) Mixed approach Surveys and interviews (2)Mwangi and Bwisa (2013),Kavandi and Westerlund (2015) Source(s): Authors’ computations 1111 12 1113 17 37 5811 319 5 02056416 263132536995133 114140185 191215 90 0 50 100 150 200 250 No. of publications/citations Yearwise publications/citations Years Publications Citations Table I. Widely used methods in EM research Figure 3. Year-wise publications and citations of the reviewed papers Marketing through entrepreneurial mindset 137 nearly 50 percent of the studies are in six journals namely–Journal of Business Research (having maximum publications of 12 articles), Industrial Marketing Management, Journal of Research in Marketing and Entrepreneurship, Journal of Strategic Marketing, Qualitative Market Research and International Business Review. Geographical coverage Start-ups in the emerging market not only contribute to the national economy in the form of GDP and employment, but also help in addressing the local challenges through innovations like solving issues of regional disparities, gender inequality, etc. In this context, emerging Source(s): Authors’ contribution Ahmadi & O’Cass (2016); Astuti, Afiff, & Balqiah (2018); Becherer, Helms, & Mcdonald (2012); Eggers et al. (2018); Kavandi & Westerlund (2015); Kilenthong, Hultman, & Hills (2016); Ko & Atuahene-Gima (2001); Kocak & Abimbola (2009); Kumar & Yakhlef, (2015); Kurgun, Bagiran, Ozeren, & Maral (2011); Maatoofi & Tajeddini (2011 ); Rezvani & Khazaei (2014 ) Entrepreneurial Orientation Proactiveness Innovativeness Risk taking Marketing Orientation Resource leveraging Efrat et al. (2017); Eggers et al. (2018); Mugambi & Karugu (2017) Responsiveness towards competitors Maatoofi & Tajeddini (2011); Raju, Lonial, & Crum (2011); Suardhika & Suryani (2016); Westerlund & Leminen (2018) P’s of marketing Kolabi, Hosseini, Mehrabi, & Salamzadeh (2011); Muthee & Ngugi (2014) Networking Alqahtani & Uslay (2018) Innovation Orientation Knowledge infrastructure Efrat et al. (2017); Maatoofi & Tajeddini (2011); Merrilees et al. (2011) Propensity to innovate Hacioglu et al. (2012); Hendijani Fard & Seyyed Amiri (2018); Kim & Kim (2018); Raju et al. (2011); Suardhika & Suryani (2016) Customer Orientation Brand value Fink et al. (2018); Merrilees et al.(2011) Customer relationship management Aggarwal & Singh (2019); John & Kabiru (2016); Suardhika & Suryani (2016); Westerlund & Leminen (2018) Communication Carson & Gilmore (2000); Raju et al. (2011) Customer intensity Kavandi & Westerlund (2015); Kim & Kim (2018); Kumar & Yakhlef (2015); Merrilees et al. (2011); Suardhika & Suryani (2016); Westerlund & Leminen (2018) Performance Marketing Hendijani Fard & Seyyed Amiri (2018); Ko & Atuahene-Gima (2001); Merrilees et al. (2011) Innovation Hacioglu, Eren, Eren, & Celikkan (2012); Hendijani Fard & Seyyed Amiri (2018) Financial Hacioglu et al. (2012); Hendijani Fard & Seyyed Amiri (2018); Merrilees et al. (2011); Mugambi & Karugu (2017); Raju, Lonial, & Crum (2011); Sadiku-Dushi, Dana, & Ramadani (2019) Organisational Alqahtani & Uslay (2018); Crick (2018) Figure 4. Constructs of the reviewed research papers IJOEM 16,2 138 economies are introducing developments or policies, which encourage setting-up of more entrepreneurial firms and tend to provide an environment conducive for born-global firms to expand or internationalize. The marketing managers practicing EM in their start-ups or multinational corporations (MNCs) have paved their way to becoming born-global firms or international new ventures (Aspelundet al., 2007;Yang, 2018). Thus, it is important to study EM from the context of emerging economies. Most of the studies concentrate in the developed regions (59 percent), whereas only 26 percent of studies occurred in developing regions. The concept of entrepreneurial marketing emerged initially in the developed region such as the USA (Lucas Jr., 1994;Kim and Kim, 2018) and EU regions, due to the setting of the start-ups (Hapenciucet al., 2015). The developing region, majorly consists of Asian and African countries where the geographical impression of these papers are scattered in countries like India (Kumar and Yakhlef, 2015; Aggarwal and Singh, 2019), China (Anderssonet al., 2018;Matthewset al., 2018), Pakistan (Anwar and Daniel, 2016), and Indonesia (Astutiet al., 2018); Nigeria (John and Kabiru, 2016) Theoretical foundations Theories underlyingNo. of papers Study references Theories from management (6)Resource-based view (RBV)8Anwar and Daniel (2016),Hendijani Fard and Seyyed Amiri (2018),John and Kabiru (2016),Ko and Atuahene-Gima (2001),Kocak and Abimbola (2009),Merrileeset al.(2011), Mugambi and Karugu (2017),Muthee and Ngugi (2014) Dynamic-capabilities view1Mileset al.(2015) Resource-advantage theory3Astutiet al.(2018),John and Kabiru (2016), Mwangi and Bwisa (2013) Contingency theory 3Alqahtani and Uslay (2018),Mostet al.(2018), Whalenet al.(2016) Competitive- advantage theory1Miles and Darroch (2006) S-D logic 2Alqahtani and Uslay (2018),Whalen and Akaka (2016) Psychology-related theories (4)Effectuation theory 9Alqahtani and Uslay (2018),Anwar and Daniel (2016),Cricket al.(2018),Gilmoreet al.(2018), Hills and Hultman (2013),Mileset al.(2015), Morrish (2011),Rezvani and Khazaei (2014), Yang and Gabrielsson (2017) Cognitive theory 1Walln€ ofer and Hacklin (2013) Decision theory 3Cricket al.(2018),Nouriet al. (2018),Yang and Gabrielsson (2017) Information integration theory1Finket al.(2018) Sociology related theories (4)Network theory 2Anderssonet al.(2018),Jones and Rowley (2009) Experiential learning theory2Carson and Gilmore (2000),Gilmoreet al.(2018) Narrative/normative theory2Walln€ ofer and Hacklin (2013),Whalen and Akaka (2016) Vulnerability resilience theory (VRT)1Mileset al.(2016) Source(s): Authors’contributionTable II. Underlying theories of the reviewed papers Marketing through entrepreneurial mindset 139 and Kenya (Muthee and Ngugi, 2014). These are the major emerging countries that have enterprises as the significant contributor to the GDP of the nation (Iyer and Shapiro, 1999) but still lack substantial research in the field of entrepreneurial marketing. The literature on EM is primarily focused in developed region (Kilenthonget al., 2016;Pane Hadenet al., 2016;Kim and Kim, 2018), while there is a lack of research exploring emerging markets (Izvercianet al., 2016;Krisjanous and Carruthers, 2018). Methodology Table Isignifies that 19 papers (23 percent of total papers) under reference are conceptual; four papers (4 percent) are literature reviews and 59 (72 percent) use empirical methods. Out of 59 empirical papers, 25 used quantitative approach, while 32 of them used a qualitative approach and two follow mixed research. The studies with qualitative approach use either semi-structured interviews (Knight, 2000;Hambyet al., 2017;Crick, 2018) or case studies (Grunhagen and Mishra, 2008;Amine and Staub, 2009;Bettiolet al., 2012) and mostly analyze the data through NVivo software. The quantitative approach includes surveys through a questionnaire measured on a Likert scale (Nikfarjam and Zarifi, 2015;Hendijani Fard and Seyyed Amiri, 2018) and is investigated through regression analysis (Yousaf and Altaf, 2013;John and Kabiru, 2016;Pugnaet al., 2016;Spais and Beheshti, 2016;Soket al., 2017) and structural equation modeling (SEM) (Mirzaeiet al., 2016;Finket al., 2018;Hendijani Fard and Seyyed Amiri, 2018;Kim and Kim, 2018;Peterson, 2018). The extant literature lacks the use of a mix of both quantitative and qualitative methods of analysis in empirical studies (Jones and Rowley, 2009;Kanibir et al., 2014). Industry analyzed The empirical studies are conducted on the samples of entrepreneurial firms in different industry sectors. Most of the papers undertook technology industry (12 percent) involving electronics and information and technology, majorly based in Silicon Valley, USA (Lucas Jr., 1994;Kavandi and Westerlund, 2015;Ahmadi and O’Cass, 2016). Manufacturing, agriculture and business services (mainly marketing) showed an equal share of 10 percent. Other sectors include pharmaceutical, tourism, textiles, music, sports, etc. Results Entrepreneurial marketing emanated in the 1980s in the USA at a conference, under the sponsorship of the International Council for Small Business and the American Marketing Association (AMA), two of the most significant professional and academic associations in these fields (Hillset al., 2008). Since then, the annual symposium is held specifically for the area of MEI as legitimated by AMA. The early works on entrepreneurial marketing focus on the intersection of marketing and entrepreneurship (Hills and Hultman, 2013) and gradually researchers attempt to show a clear difference between the traditional marketing and entrepreneurial marketing on the basis of marketing principles (Stokes, 2000a;Morriset al., 2002;Kurgunet al., 2011), school of thoughts (Mileset al., 2015), process research (Webbet al., 2011) and attributes (Whalen et al., 2016). The reviewed papers discuss perspectives on the emerging nature of marketing concepts which hold impactful relation with entrepreneurial marketing such as brand management (Rentonet al., 2015;Renton and Richard, 2019), relationship marketing (Dayet al., 1998; Addisonet al., 2017), content marketing (Mansour and Barandas, 2017), cause-related marketing (Aggarwal and Singh, 2019) and digital marketing (Joneset al., 2014). IJOEM 16,2 140 The findings are based on the organizing framework (as mentioned in the“Introduction” section) followed for this paper; hence, the constructs and theories used in the reviewed literature are discussed in this section: Constructs Morriset al.(2002)highlight seven dimensions of entrepreneurial marketing–calculated risk-taking, customer intensity, innovativeness, opportunity focus, pro-activeness, resource leveraging and value creation–which provide the basis for comparing traditional marketing with entrepreneurial marketing. All these dimensions lead to the four constructs of entrepreneurial, marketing, innovation and customer orientation (EMICO) as proposed by Jones and Rowley (2009). Most of studies considered these dimensions to investigate the role of EM on the firm performance (Kurgunet al., 2011;Bechereret al., 2012;Rezvani and Khazaei, 2014;Kilenthonget al., 2016;Hendijani Fard and Seyyed Amiri, 2018) and found significant impact of all these dimensions on the performance of a firm. Out of 59 empirical papers, only 36 papers (involving surveys through questionnaire and interviews) formed the base for extracting constructs used in the studies. For this purpose, each paper is analyzed thoroughly and checked for the constructs used in them while making their models or questionnaires. These are summed in five constructs, as shown inFigure 4. Out of these, 11 follow qualitative approach, 23 apply quantitative research and only two use mixed designs. The most operationalized constructs relate to performance and customer orientation. Entrepreneurial orientation (EO).EO has its roots in the strategic management literature which conducts a firms’behavior to implement its mission, vision and competitive advantage. It mainly includes three dimensions: pro-activeness, innovativeness and risk-taking (Miller, 1983) where pro-activeness reflects an approach in anticipating future demands for business as well as having a first-mover advantage (Zahra and Garvis, 2000). Innovativeness refers to firms’engagement in creative processes or experimenting with new ideas or opening a new outlet (Muthusamy, 2009). Risk-taking is rational and calculated in the case of entrepreneurial firms where the firms commit substantial resources for uncertain results (Miller and Friesen, 1982). The higher degree of EO leads to more intense entrepreneurial marketing practices (Kilenthong, 2011) which further leads to a positive effect on the firms’performance (Ko and Atuahene-Gima, 2001;Maatoofi and Tajeddini, 2011). Marketing orientation (MO).MO is a conceptual approach where the behavior of a firm revolves around its external environment–market.Jaworski and Kohli (1993)present three sets of activities under MO; generating organization-wide market intelligence (Efratet al., 2017) pertaining to current and future needs of customers, disseminating market intelligence of information across the departments and organizational responsiveness (Hallb€ ack and Gabrielsson, 2013;Kumar and Yakhlef, 2015 ) to the information. The marketing effectiveness of the entrepreneurial firm is enhanced by the tools of networking capabilities (Carson, 1985; Reagans and McEvily, 2003). The characteristics of the SMEs use network approach efficiently, and it refers to the individuals with whom an entrepreneur is in contact for the business-related purpose (Sullivan and Marvel, 2011). The networking activity helps a firm to introduce it to new clients, have an active supplier source and expand its business by widening resources (Cromie and Birley, 1992;Shaw, 2004). MO is a reactive approach aimed at current market demands and hence increases the firm performance (Jaworski and Kohli, 1993;Slater and Narver, 2000). Innovation orientation (IO).Innovativeness refers to firms’engagement in creating new ideas, products, processes or opening a new outlet (Muthusamy, 2009).Schumpeter (1942) held innovation as the primary function of the entrepreneur, which is necessary to deal with dynamic changes in the business environment. IO involves the knowledge to innovate as well as the propensity of a firm to creativity.Maatoofi and Tajeddini (2011)show the relation of Marketing through entrepreneurial mindset 141 expertise in offering new product and amount of management support for innovation with the EO and MO of the firm.Rajuet al.(2011)study the mediating role of innovation and quality practices between organizational structure and climate, MO and firm performance. Customer orientation (CO).The CO emphasizes primarily on the customers as the entrepreneurs understand them as the means to exist and run the business. It involves the dimension of responsiveness toward the needs and expectations of customers (Suardhika and Suryani, 2016). Customer relationship management (CRM) is a systemized method used by a firm for managing its current and potential customers. This leads to long-term relationships (Westerlund and Leminen, 2018), customer loyalty (Rajuet al., 2011), brand value (Merrilees et al., 2011;Finket al., 2018) and increased sales and promotional activities (John and Kabiru, 2016) of the firm. The small firms tend to have a close relationship between the entrepreneur and its customers, and they both are considered as equally important factors for the organization (Morrishet al., 2010). Performance.Existing literature identifies the role of EM in influencing the firm performance. The seven dimensions of EM have a significant impact on the marketing, innovative, production and the financial performance of the SMEs.Mugambi and Karugu (2017)study the impact on the performance of real estate firms measured by quality improvement, staff turnover, and profitability.Rajuet al.(2011)in their conceptual framework listed product development, market development, customer loyalty and retention and financial performance under the performance variable.Weinrauchet al.(1991)study the small manufacturers’attitudes, perceptions and actual experiences of success while selecting the marketing strategies.Sadiku-Dushiet al.(2019)measure performance by efficiency, growth, profit, reputation and owners’personal goal. Theoretical foundations The underlying theories are routed across the fields of management, psychology and sociology as shown inTable II.Table IIexhibits that there are 35 studies using theoretical approach (out of which 11 are conceptual papers, 13 use qualitative method, 9 apply quantitative method and 2 papers use mixed method). The effectuation theory and the resource-based view theory are the most used theories in the reviewed literature. Management-related theories.The entrepreneurial marketing is very much consistent with the resource-based view theory and the resource-advantage theory. The SMEs due to their size limitations have limited resources and hence apply EM by developing and leveraging their resources (Kocak and Abimbola, 2009;Ahmadi and O’Cass, 2016), ultimately enhancing the firm performance. The dynamic-capabilities theory encourages combining the resources and has flexibility in their usage (Mileset al., 2015). Knowing the dynamic environment of the entrepreneurial firms, contingency theory is applied to create conceptual frameworks (Whalenet al., 2016; Mostet al., 2018). The service-dominant logic has evolved in context of marketing which has given a paradigm shift from goods to services (Vargo and Lusch, 2011) and is the basis for the studies ofAlqahtani and Uslay (2018)andWhalen and Akaka (2016)which are both conceptual papers giving an integrated framework having impact on the firm performance. The Schumpeter theory of innovation, Porter’s competitive- advantage theory and Kirzner’s alertness theory of entrepreneurship are named only once. Psychology-related theories.The EO, traits and mindset have its origin from the literature of psychology. EM researchers have taken effectuation as an underlying theory (Sarasvathy, 2003;Morrishet al., 2010;Bechereret al., 2012;Hills and Hultman, 2013;Joneset al., 2014;Miles et al., 2016;Whalen and Akaka, 2016) to explain that it is entrepreneurs’key responsibility to recognize and exploit the latent opportunities in the adaptive entrepreneurial firms. This effectuation helps entrepreneurs in their decision-making process about the strategies, practices, growth, expansion or internationalize depending on the size, scope and IJOEM 16,2 142 performance of the business at start-up level, and they focus more on affordable or minimizing losses rather than potential gains (Cricket al., 2018).Finket al.(2018)use the information integration theory to explain the role of celebrity endorser credibility and brand image on consumer purchase intentions.Walln€ ofer and Hacklin (2013)choose cognitive theory to see how the venture capitalists interpret the various investment opportunities. Sociology related theories.The EM literature reviewed displays the presence of four fundamental theories from sociology, which were named once or twice only in corresponding studies.Anderssonet al.(2018)andJones and Rowley (2009)use network theory to elucidate that the SMEs not only develop long-term customer relationships but also internationalize due to their entry and expanding processes through their networking skills. EM education is much needed to enhance the potential of a person to develop competencies and skills to start a business and become an entrepreneur in varied settings. The theory of experiential learning offers an opportunity to the student to work under an entrepreneur or self-setup the enterprise (Gilmoreet al., 2018) or let the existing knowledge, communication, experience and judgment shape the learning of the SME owner/ manager (Carson and Gilmore, 2000). Avenues for future research The review of 82 research papers selected through transparent, objectives and systematic process reveals various aspects of MEI. Based on this interface, we identified gaps in the extant literature which provide directions to future researchers for promoting and developing the body of knowledge in the field of EM (as presented inTable III). The future avenues are connected to the empirical investigations required, methodological challenges resolved and the theoretical perspectives applied. The articles reviewed in this study are included in the discussion and form the basis of identifying research gaps (column 2); the articles with strong arguments related to these research gaps are mentioned in column 4 which may provide a base to prospective researchers in planning and carrying out their studies. The descriptive findings and results help answer the research questions (identified in the“Research questions and methodology”section) and provide avenues for future research. Empirical investigations The findings suggest that most of the existing literature focuses on developed regions (mainly the USA and the UK), and future researchers may focus on developing regions across the globe (Hillset al., 2008;Crick and Crick, 2016). Also, researches in emerging economies are heterogeneous, and the findings are confined to a single country. Besides, the industrial sectors examined by the studies are widespread and limited hence focus must be on capturing industry differences (Kehet al., 2007;Foster and Brindley, 2018). The significant parameters identified for the thematic analysis majorly relate to the small firms or SMEs. It is recommended that the research activities can also be extended to large firms testing their applicability of entrepreneurial marketing to gain and renew competitive advantage (Jones and Rowley, 2009;Haciogluet al., 2012). Moreover, impending studies may compare nascent firms, successful start-ups, profit and non-profit firms and businesses across nationalities (Bettiolet al., 2012). Methodological challenges It is also suggested that future researchers in the field may carry out empirical studies employing mixed or experimental design to measure entrepreneurial marketing (Jones and Rowley, 2009). Further research efforts may engage empirical investigation conducting longitudinal studies facilitating marketing performance relationship over the years (Knight, Marketing through entrepreneurial mindset 143 2000). Most of the sample studies used the Likert scale to measure business performance, hence the forthcoming studies may find an objective measurement to investigate the impact of entrepreneurial marketing on the firm’s performance (Haciogluet al., 2012;Ko and Atuahene-Gima, 2001;Kolabiet al., 2011). Theoretical perspectives Our review provides evidence of different underlying theories from multidiscipline, but we suggest that the theories of human capital (from management), causation, discovery theory Research gapsSuggested future research agenda Relevant studies Empirical investigationsLimited practice of entrepreneurial marketing in a particular industryIdentify or Captureindustry differencesin practicing entrepreneurial marketingBettiolet al.(2012),Crick (2018),Foster and Brindley (2018),Jones and Rowley (2009),Kehet al. (2007),Knight (2000), Maatoofi and Tajeddini (2011) Scope for further work on entrepreneurial marketing in context of large and established firmsExplore the impact of firms’ sizeand firms’ageon entrepreneurial marketingHaciogluet al.(2012), Jones and Rowley (2009), Kehet al.(2007), Kilenthonget al.(2016), Miles and Darroch (2006), Pearce and Michael (1997) Less studies on EM, found in developing or emerging regionsSuggest ways and means to increase the scope of entrepreneurial marketing in emerging marketsBettiolet al.(2012),Crick (2018),Haciogluet al. (2012),Iyer and Shapiro (1999),Jinet al.(2018) Methodological challengesAmbiguity in measurement of impact of entrepreneurial marketing on firms’ performanceNeed forobjective measurementof firms’ performance caused by entrepreneurial marketingHaciogluet al.(2012),Ko and Atuahene-Gima (2001),Kolabiet al.(2011), Maatoofi and Tajeddini (2011),Mugambi and Karugu (2017),Muthee and Ngugi (2014) Not enough literature employing longitudinal analysis or experimental designMore emphasis onmixedor experimentalresearch designs orcomparative studiesHambyet al.(2017),Jones and Rowley (2009), Knight (2000),Steffens et al.(2014) Theoretical perspectivesAbsence of clarity on difference between conventional marketing and entrepreneurial marketingDevelopment ofclear and significant differences between conventional marketing and entrepreneurial marketingHillset al.(2008),Miles et al.(2015),Peterson (2018),Stokes (2000b), Webbet al.(2011) Lack of studies on marketing mix constructsUse more constructs measuringproduct, price, place, promotionstrategies with respect to firm performanceKolabiet al.(2011), Muthee and Ngugi (2014) Absence of few theoretical lenses in EM researchTheories likehuman capital, creation, causation or trust may be fundamental to study EMBettiolet al.(2012), Walln€ ofer and Hacklin (2013) Source(s): Authors’contribution Table III. Research gaps and suggested future research agendas IJOEM 16,2 144 (from psychology) and creation, trust theory from sociology are some more notions which shall be touched by the researchers in future works. New studies may link various constructs of entrepreneurial marketing (for instance, how decision-making influences customer relations in the developing regions). Also, to conduct the overall building of entrepreneurial marketing, some concepts are left unexplored by the previous research. The previous studies have not yet explored marketing capabilities and entrepreneurial networking together. Similarly, entrepreneurial education and marketing capabilities are understood to be a prerequisite for implementing entrepreneurial marketing practices to make use of the available opportunities and gain a first-mover advantage (Anderssonet al., 2018). Conclusion Entrepreneurs use entrepreneurial marketing practices proactively and innovatively to enhance top-line and bottom-line, thereby creating value for customers. The nascent or potential entrepreneurs seek a holistic understanding of entrepreneurial marketing to achieve their targets or succeed in their respective markets or industries. There exists much literature on entrepreneurial marketing, but the paper on the hand is arguably the first attempt to conduct a systematic review of the extant literature in the field of entrepreneurial marketing by analyzing the research papers extracted from WoS and Science-Direct attempting to consolidate the findings of extant literature in the field of entrepreneurial marketing. The paper contributes to the body of knowledge in the field of entrepreneurship and marketing by offering new trends and exposing new research directions (as shown in Table III) based on the findings and gaps in the extant literature on entrepreneurial marketing. 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Corresponding author Sanchita Bansal can be contacted at:[email protected] For instructions on how to order reprints of this article, please visit our website: www.emeraldgrouppublishing.com/licensing/reprints.htm Or contact us for further details:[email protected] Marketing through entrepreneurial mindset 153 Reproduced with permission of copyright owner. Furtherreproduction prohibited without permission.
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