Fostering Entrepreneurial Marketing

Fostering Entrepreneurial Marketing
Fostering Entrepreneurial Marketing

Contributo selezionato da Filodiritto tra quelli pubblicati nei Proceedings “Insights and Potential Sources of New Entrepreneurial Growth, 2016”

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Contribution selected by Filodiritto among those published in the Proceedings “Insights and Potential Sources of New Entrepreneurial Growth, 2016”

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Nikitovic Zorana[43], Vujicic Sladjana[44], Stevanovic Mirjana[45]



Global competition, intense turbulence, high level of uncertainty and   risk in businesses, quick technological progress and high quality in customer satisfaction are the characteristics of businesses in today’s conditions.

The process of entrepreneurial marketing is a dynamic category, it is constantly changing and realizing itself in the real world. Hence, modern enterprises are adjusting to new business conditions and directing their business and resources so as to enable a long-term survival on the market and achieve competitive advantage.

Development of entrepreneurship imposes the need and obligation to all market participants to accept new behaviour regulations in order to conduct business and survive in such market conditions which are subject to constant changes. Entrepreneurs, as very important and unavoidable market entities, are mostly striving to proactively react and use changed conditions of market business as their opportunities.

Objective of this paper is to point out to the significance of recognizing opportunities that are coming from inside of the environment and to define marketing strategies that entrepreneurs can apply. This paper gives  an  insight into different approaches in entrepreneurial businesses that start from recognizing opportunities on the market to developing appropriate marketing strategies.


Theoretical background

Entrepreneurial marketing implies a combination of marketing strategies and entrepreneurial spirit that help entrepreneurs and enterprises in their striving to find their way on the market. Unlike big enterprises, micro, small and medium enterprises and entrepreneurs are often not in the possibility to, inside the organization, have a sector for marketing, development and research…rather they are trying to use limited resources to achieve business endeavours.

In such conditions, companies are often not able to apply traditional marketing strategies. Through entrepreneurial marketing, innovations and creativity, they are trying to be different, to single themselves out from the competition by creating specific values for consumers.

Concept of entrepreneurial marketing demands integration, synchronization and coordination of all activities that refer to business operations of a market- oriented enterprise. Marketing activities should contribute to the efficiency of enterprising, i.e. to meeting the needs of customers, employees, economy and society. In time, marketing function has been established as the most important function in companies and as such it deserves special attention (Ravic et al., 2016). What stems from this fact is that entrepreneurial marketing is such a concept that should enable adequate assessment and integration of market, economic and broader social interests. The essence of entrepreneurial marketing lies in timely ability to adjust to the present changes and demands of society and market.

Table 1. Definitions of Entrepreneurial Marketing

“The entrepreneurial marketing concept is focused on innovations and the development of ideas in line with an intuitive understanding of market needs; […].”


(Stokes, 2000,

  1. 13).

“Entrepreneurial marketing is characterised by responsiveness to the marketplace and a seemingly intuitive ability to anticipate changes in customer demands.”


(Collinson, Shaw, 2001)

“Entrepreneurial marketing is the “marketing of small firms growing through entrepreneurship.”

(Bjerke, Hultman, 2002, p.15).

“Entrepreneurial marketing represents an opportunistic perspective wherein the marketer proactively seeks novel ways to create value for desired customers and build customer equity”


(Morris et al.


“Entrepreneurial marketing synthesizes critical aspects of marketing and entrepreneurship into a comprehensive conceptualization where marketing becomes a process that firms use to act entrepreneurially.”


(Morris et al., 2002, p. 2).

“Themes relevant to understanding entrepreneurial marketing within    a social enterprise context emerged are opportunity recognition (OR), entrepreneurial effort (EE), an entrepreneurial organizational culture (EOC) and networks and networking (N&N).”


(Shaw, 2004, p.197).

“Entrepreneurial marketing is the overlapping aspects between entrepreneurship and marketing; therefore it is the behaviour shown   by any individual and/or organization that attempts to establish and promote market ideas, while developing new ones in order to create value.”


(Bäckbrö, Nyström, 2006, p.13).


Miles and Darroch suggest that large firms can, and must, effectively leverage entrepreneurial marketing processes (EMPs) and by doing so they will achieve more opportunities, create and/or discover new ways to be innovative, they will evaluate and exploit the market and all this in order to gain competitive advantage. “A firm adopting EMPs must strategically trade off investment in the profitable business of better meeting current customer needs with costly and risky investments in developing future marketing mixes and strategies to meet anticipated and latent needs”.




(Miles, Darroch, 2006, pp.488-


“Entrepreneurial SMEs may use marketing as a path to create competitive advantage, based on differentiating their marketing program by leveraging their superior knowledge of customers, markets and technologies.”


(Hills et al., 2008, p.100).

“Entrepreneurial marketing is a spirit, an orientation as well as a process of pursuing opportunities and launching and growing ventures that create perceived customer value through relationships, especially by employing innovativeness, creativity, selling, market immersion, networking or flexibility”



(Hills et al., 2010, p.6).

“Entrepreneurial marketing is an  organizational  function  and  a  set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that  benefit the organization and its stakeholders, and that is characterized by innovativeness, risk-taking, proactiveness, and may be performed without resources currently controlled.”



(Kraus et al., 2010, p.9).

Source: Mar Solé, 2013. Modified

Entrepreneurial marketing can be defined as a process used to direct marketing activities towards consumers with the aim to meet their needs, by which it contributes to achieving efficient and effective functioning of a company, to taking the best strategic position on the market, to gaining competitive advantage, achieving maximum profitability as the basic business objective. It is a dynamic process because market conditions and those in an enterprise are changing very quickly; hence what is necessary is constant adjustment of marketing activities to changed environment conditions and new business objectives.


Role of entrepreneurial marketing

Role and significance of entrepreneurial marketing is reflected in company’s permanent contact with the environment, wherein an enterprise, through activities by which it constantly affects the market, foresees changes so as  to be able to adjust to them and it also uses customer satisfaction to ensure market survival and achieve competitive advantage.

Customer needs should primarily be identified and studied, then, based on that, market goals should be established and what should be planned also based on these needs are production and sales program, marketing and other activities. Besides that, what needs to be found are ways and methods which will ensure effective use of available resources in order to gain competitive advantage on the market (Nikitovic, Novakovic, 2015, p. 81).

The objective of entrepreneurial marketing activities is to achieve planned results and to make an exchange on the target market. In order to achieve such an objective it is necessary to undertake appropriate marketing actions which are used to provoke desired demand in comparison with the offer. Marketing service, interested in the realization of a potential transaction with the target market, analyses what target customers want and expect, makes a list of desires of potential customers which represents the initial basis when making the system of offer.

Aside from the information on customer demands and desires, in order to structure entrepreneurial marketing activities it is also necessary to ensure additional information on how customers react to different marketing incentives which are often an integral part of the offer. The offer should be formed in such a way to motivate buyers to buy a certain product, but also as a basis for structuring managerial activities of entrepreneurial marketing which should enable continuity in regards to demand. When structuring managerial activities of entrepreneurial marketing we have to bear in mind the objectives and tasks that a company has in regards to certain target segments.

Responsibility of entrepreneurial marketing refers to creating such conditions and such environment in which all company’s activities will be directed towards the target market, and also to ensuring value chain for customers, which results in meeting the needs, as well as creating a loyal customer. Due to that, an entrepreneur has a task to use all favourable possibilities in the environment and in such a way remove all barriers and obstacles so as to reach an exchange.

In his first book, “Marketing management” Kotler defines a group of key concepts which consists of: (Kotler, 1997).

  • Needs, wants and demand – Need is a sense of lacking something and by getting that we establish a biological and psychological balance. Want is a conscious or unconscious aspiration which strives to be fulfilled in a real or imaginative way. Demand represents desires for certain products followed by financial solvency.
  • Target market,  positioning  and  segmentation  –  Target  market  is a homogenous group of buyers for whom an enterprise creates and develops marketing program adjusted to their needs and preferences. Market segmentation is a planned and strategic stratification – division of an overall market to smaller segments – parts. Positioning is an activity used to adjust products or services to buyers in such a way that from the moment they start to think about their needs, a specific brand is one of the first to cross their mind.
  • Offer and brands – Offer is a quantity of certain goods that is offered to buyers in a certain time, on a certain place and at a certain price. Brand is the sum of all data about products or groups of products in order to reach improvement of credibility and reputation of the organization or individual.
  • Value and satisfaction – Value expresses perceived material and non- material benefits and expenses for the buyer. Satisfaction expresses a comparative evaluation made by an individual which is a result of perceived characteristics of a certain product and in accordance with customer’s expectations.
  • Marketing channels – marketing channels are used to send and receive messages from target buyers in order to show, sell or deliver a physical product or service to the buyer and to realize transactions with potential buyers. Marketing channels link the seller with target buyers.
  • Supply chain – Supply chain represents a longer chain that starts from raw materials, it includes components and ends in final product which is delivered to final buyers.
  • Competition – Competition is a contest between at least two  individuals, groups, organization and such, for territory, space or resources.
  • Marketing environment - Marketing environment is a complex of external factors which affects the marketing system and determines its course and form of existence.
  • Marketing planning – Marketing planning is one of the parts of marketing management process and an overall planning process in a business system. Economic systems often change the way of their business activities due to numerous significant trends and factors from the environment, especially in today’s time which is characterized by global competition, intense turbulence, high level of uncertainty and risk in business, quick technological improvement and high level of buyer and customer satisfaction. Business systems that will be successful are those that will be able to constantly adjust their marketing and business to changes in environment and on the market.

Marketing experts have to constantly look for ways to improve their performances. Enterprises cannot be successful if they are stagnating. It is necessary for them to invest in their offer and in discovering new ideas. Hence, marketing experts have to be in close relationship and to timely cooperate with all sectors inside an enterprise and with research-development sector, production, sale and other sectors so as to develop the enterprise, to sell goods and to enter the market with products which completely satisfy needs, desires and demands of customers.

According to Kotler (Kotler et al, 2014, pp. 623 – 629) traditional marketing experts played the role of a mediator whose duty was to understand customer needs and to pass on their demands to different functional areas, sectors inside the company. When talking about entrepreneurial marketing, the emphasis is put on networking inside the company, where each functional area can be in communication with customers. Marketing is no longer the sole communicator with customers. It has to integrate all processes directed to customers so that the customers see one face and hear one voice when communicating with    the company. Good entrepreneurial marketing includes that each and every person in the company accepts the concepts and objectives of marketing and to participate in choosing, creating and providing values to the customers.

The main characteristic of modern social and economic life in its every aspect are changes (Kastratovic et al., 2016). Entrepreneurs have to keep up with trends and be ready to take advantage of them. There are situations when keeping up with trends brings great risk. Then, companies more often opt for protecting the existing markets and personal resources than for innovations.

Innovating, implementing innovations is not easy, especially if we know the fact that 90% of innovations don’t live up to our expectations. For that reason, entrepreneurs don’t only rely on creative inspiration, but are also guided by their knowledge and information on customers and what is happening around them. In that way, they can create an image of the future needs on the market and create products and services which they would use to fulfil identified needs and desires. Every market-oriented organization puts customers’ needs and their adequate satisfaction in the centre of their business because that’s the key to achieving goals and company’s development (Nikitovic, Novakovic, 2015, pp. 80-100).

By applying entrepreneurial marketing concept an enterprise is seeking to avoid negative consequences that dynamic environment and modern business conditions are imposing (Kotler et al, 2014, p. 647)

  • Insufficient focus on market and consumers
  • Not recognizing needs of the target market
  • Inadequate monitoring and analysis of the market
  • Not keeping good business connections with interest-influential groups
  • Inability to find new opportunities
  • Inadequate marketing planning
  • Insufficiently harsh product and service policy
  • Bad communication skills and skills of creating a brand
  • Disorganization of the company in regards to a successful and fruitful marketing
  • Insufficient usability of modern technologies.

On this basis we can summarize that the global processes taking place are not only social, political and economic changes, but also changes in the business environment in which the organisational unit as such must be addressed with a new philosophical vision and the new challenges facing it must be taken into account (Markovic et al., 2014, p. 12).

Precondition for a company to survive on the global market is to offer superior offer in comparison with the competition, i.e. to achieve sustainable competitive advantage. That can be accomplished by an appropriate market orientation of the business system that presupposes that it is directed not only to consumers, but also to the competition.

To achieve competitive advantage it is not enough only to have advantages concerning costs and differentiation. There are often competitive situations   in which more competitive advantages have to be followed simultaneously in order to maintain position on the market (Figure 1).

 Immagine rimossa.

Figure 1. Dimensions for combining competitive advantage strategies (Ðurišis et al. 2010, p. 98)

An entrepreneur has to continually search for new ways to achieve competitive advantage through incremental changes in methods of production, sales and distribution. Entrepreneurial marketing does not consider the external environment as given. Proactive behaviour is a dispositional construct that differentiate people in the extent to which they take action to influence their environment.

  Immagine rimossa.

Figure 2. Entrepreneurial marketing process compared to traditional marketing concept Source: Stokes, 2000


Entrepreneurial marketing concept is focused on innovations and development of ideas in accordance with intuitive understanding of the market.

Traditional marketing starts from the assumption that a thorough estimate of customer needs precedes the creation of products or services. When it comes to entrepreneurial marketing, the emphasis is placed on retaining the existing buyers and extending the market through loyal, satisfied buyers and through word-of-mouth marketing, hence it relies more on the collection of information through networking, personal contacts.

Entrepreneurial marketing approach demands changes not only in the behaviour of entrepreneurs, but also in emphasising the importance of those who are in charge of making marketing decisions.

Table 2. Contrasting Conventional marketing and Entrepreneurial marketing


Convencional marketing

Entrepreneurial Marketing

Basic premise

Facilitation of transactions and market control

Sustainable competitive advantage trough value creating innovation


Marketing as objective, dispassionate science

Central role of passion, zeal, persistence and creativity in marketing


Established, relatively stable


Envisioned, emerging and fragmented markets with high level of turbulence

Marketer’s role

Cooridantor of marketing mix; builder of brand

Internal and external change agent; creator with dynamic innovation


Market approach

Reactive and adaptiv approach to current market situation with incremental innovation

 Proactive approach; leading the customer with dynamic innovation


Customer needs

Articulate, assumed, expressed by customer trough survey research

 Unarticulated, discovered, identified trough lead users


Risk perspective

Risk minimization in

marketing actions

Marketing as vehicle for calculated risk-taking, emphasis on finding ways to migrate, stage or share risks


Resource management


Effcient use of exiting resources scarcity mantality

Leveraging, creative use of the resource of others, doing more with less; actions are not contrained by resources currently contolled


New product/ service development

Marketing supports new product/service

developement activities of research and developement and other technical departments



Marketing is the home of innovation, customer is co-active produces


Customer’s role


External source of intelligence and feedback

Active participation in firms’ marketing decision process, defining product, price, distribution and communication approach

Source: Morris et al. 2002, pp. 1-19.

As defined, entrepreneurial marketing captures the interface between entrepreneurship and marketing, and serves as an umbrella for many of the emergent perspectives on marketing. It has seven underlying dimensions.

Four of the dimensions are derived from the work on the entrepreneurial orientation of the firm: proactiveness, calculated risk taking, innovativeness and opportunity focus. The fifth dimension is resource leveraging. The last two dimensions are costumer intencity and values creating that are consistent with market orientation of the firm. (Mayasari et al., 2009, pp. 5-8).

Any management system should always bear in mind that satisfying customer’s needs, i.e. consumer’s needs should be the main task and purpose of all businesses in the company. Management basis of every successful company is realizing what customers’ needs are. Every organization should have an adequate strategy in all stages of establishing relationship with the customers, for the sake of their satisfaction and loyalty. The organization observes, studies and adjusts a great number of factors which affect the customer’s motivation and perception; it strives to reach the most effective presentation of products and services, i.e. it is making every effort to persuade potential customers that what their company presents is exactly what they need (Nikitovic, Novakovic, 2015, p. 82).

On the other hand, consumers themselves strive to satisfy their needs.

A buyer (customer) is satisfied not only when the product or service live  up to their expectations, but also when they surpass them. Satisfaction, i.e. customer satisfaction (z) is a function of two variables: realized (perceived/ experienced) benefit (x) and the anticipated benefits (y) of use/utilization of the purchased product. If x = y, the consumer will be satisfied. If x<y, the customer will be dissatisfied (if x is substantially less than y, the customer will be very dissatisfied or disappointed). If x>y, the consumer will be more than happy (if x is much greater than y, the consumer will be more than pleased and excited/ thrilled) (Hanic, 2010, Dimitrijevic, Cogoljevic 2016, p.30).

Figure 4. The Technological Entrepreneurial Marketing Performance (TEMP) model Source: Tian, 2016.

 Immagine rimossa.

Entrepreneurial marketing strategies

On today’s market, if entrepreneurs don’t have a clear objective ahead of them, they can very easily blend with the mass or get lost in a large number of companies on the market and become invisible. This is why one of the greatest challenges for entrepreneurs is differentiation, or being different from the competition. In the following passages, what is listed are some of marketing strategies than can be applied individually or simultaneously in order to achieve business objectives.

Relationship marketing or marketing of relations, being a segment of holistic marketing hasforits purpose to build mutually good relationship between business systems and all other crucial partners of the company, consumers, suppliers, distributers and all other stakeholders. It is a marketing concept that is primarily focused on the orientation towards target groups. Relationship marketing is different from the existing marketing management approaches because it indirectly introduces consumers into the company, through a certain value chain. The line where the purview of organization stops and of the market begins is shifted. By adopting the concept of relationship marketing, business systems are striving to get closer to their buyers. Of course, maximum results are achieved not only when informal considerations of relations with buyers are adopted, but also the formal objectives and strategies of relationship marketing. Relationship marketing is focused on strong connections between brands and consumers (Filipovis, Kostis-Stankovis, 2009, p. 109).

Expeditionary Marketing implies the creation of market and development of innovative products. Objective of this strategy is extending the company   to new markets in order to create new values for the entire company. Unlike entrepreneurial marketing, it is not limited to start-up, some of the greatest and well-established companies in the world are using expeditions of marketing strategies. This strategy starts from the analysis of physical, financial and intellectual potentials of the company, and then it seeks to find new markets where those resources could be applied. This is at the same time the essence of this strategy. Creating new products and extending to new markets is a process that includes many risks, but companies, by applying these strategies, believe that they will make profit and successfully develop their operations.

The process of analysing possibilities, product projection and their introduction to new buyers is all part of the expeditionary marketing tactics.

One to One Marketing is a strategy that is based on getting to know the buyers, their wishes, needs and demands, wherein buyer is observed as an individual whose needs company is striving to recognize and completely fulfil. This strategy is not used only to attract the attention of buyers, but also to create a loyal and faithful consumer. Two basic types of 1:1 marketing are personalization and customization. Talking about personalization, the company is trying to observe their consumers and their needs and wishes, as well as their previous purchases and to adjust their offer to each buyer based on that. Within the strategy of adjusting, the company is offering their consumers the possibility to adjust the products to their own personal tastes, wishes and needs.

Real time marketing uses the power of technology in the interaction with the client in real time. By using this strategy the company is trying to determine the optimum approach to a certain buyer, in a certain place, in real time. Real time marketing is creating a strategy focused on current, relevant trends and immediate feedback from customers instead of creating a marketing plan in advance and executing it according to a fixed schedule. The goal of real time marketing is to connect consumers with the product or service that they need now, in the moment. This strategy can be applied because buyers want to part of the trend. Real-time marketing now makes use of all kinds of customer data to help companies understand exactly how customers behave.

It is important to note that real-time marketing is both a technology and a marketing tool. Companies gather customer intelligence data such as online searches, demographics, shopping history, and what topics or products the customer clicks on while surfing the net. Once gathered, this information is used to create ads that appear nearly instantly to the customer and are directly related to the customer’s interests and preferences. Thanks to real-time marketing via customer behaviour analytics, companies are better positioned to interact with customers in timely, relevant ways throughout their journey and ensure they are making the most relevant offers.

Viral marketing is a technique in marketing in which the advertisement is willingly passed on by the customers of a certain product or service. In an ideal case, each customer advertises the product to a larger number of new customers in great speed, i.e. in the speed viruses are spread. The viral effect can spread through many different networks, such as Word-of-mouth, Email, Social networking sites (Facebook, Twitter, LinkedIn etc), Video sharing sites (Youtube, Vimeo etc), Web forums. This type of marketing is a lot cheaper than other conventional advertising methods.

Digital marketing is an umbrella term for the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium to support marketing efforts. Digital media is so pervasive that consumers have access to information any time and any place they want it. Gone are the days when the messages people got about products or services came from the company and consisted of only what company wanted them to know. Digital media is an ever-growing source of entertainment, news, shopping and social interaction, and consumers are now exposed not just to what company says about brand, but what the media, friends, relatives, peers etc., are saying as well. And they are more likely to believe them than company. People want brands they can trust, companies that know them, communications that are personalized and relevant, and offers tailored to their needs and preferences.

The fact is that successful marketing strategies have to be based on promoting and sustaining stable relationships with their clients, and that implies having the knowledge on both the consumers and products. What is also important are the concept and nature of the cooperation with suppliers as well as the ability to differentiate and adjust one’s products to consumers.


Environment in which companies are doing business is being characterized by changes both in the area of competitiveness and in the procurement, itself, production, sales and consumption. Characteristic of modern environment is “change”. Each of them brings new demands that the participants on the market have to accept if they want to remain on the market. Whether somebody will see problems in those changes or favourable opportunities for success, depends primarily on personal traits of the individual dealing with them, and mostly on how they perceive the world around them and how ready they are to respond to the changes in the shortest possible time interval. In such conditions it is necessary to apply and adjust in different areas of one company’s functioning. Companies often change the methods of their business due to numerous important trends and factors from environment, especially in today’s time which is characterized by global competition, intense turbulence, high level of uncertainty and risk in business, quick technological progress and high quality in buyer and customer satisfaction. Business systems that will be successful are those that will be able to constantly adjust their business and marketing to changes occurring in environment and on the market.

Entrepreneurial response to market conditions has to be proactive and efficient, and as such it should enable market-sustainable business. Establishing efficient entrepreneurial marketing can be a successful entrepreneurial response to such market conditions because it not only reacts to newly occurred market conditions, but it also places the entire business into the concept of electronic era and like that ensures the proactive approach. Application of entrepreneurial marketing opens up many possibilities for market participants and makes their business more efficient, hence more successful. Development of entrepreneurship demands from its participants the establishment of new rules of market behaviour and business activities in all fields. Entrepreneurial marketing has to represent an imperative to each and every entrepreneur who is serious when it comes to achieving sustainable market success.

Entrepreneurial marketing concept is the concept defined from the point  of needs and interests of the consumers and simultaneously a concept that exists for the sake of company’s needs. Companies find and assess market successfulness in the highest possible level of meeting and fulfilling customer needs and requests.

When a company is having satisfied customers it results in the increase of customer loyalty and positive verbal propaganda about a certain product/ service or the company. Increase in loyalty practically means a lot more repeated purchases of the same product/service bought by the existing consumers. Positive verbal propaganda leads to an increase in the number of new consumers.

Precondition for achieving long-term concept of company’s growth and development is to acquire customer trust, foresee customer behaviour and create sustainable competitive advantage. This is simultaneously the leading objective of the entrepreneurial marketing concept because only if permanent preference of consumers for certain company’s products exists will there be continuity in business. Entrepreneurial marketing is of crucial importance for the success or failure of an enterprise, as its success is ultimately decided in the market, competing for the target customers.

Modern consumer has increased expectation. If companies want to meet these expectations they will have to take customer requests very seriously, which means they will have to make certain re-organizations inside their companies and to think of other ways to approach products, advertisement and customers. Companies that succeed in adjusting to new conditions and trends will most definitely acquire not only new, but also loyal and grateful customers.

In order to be ahead of their customers’ and clients’ expectations, many companies have marketing teams that deal with creating marketing content in real time exclusively. That enables them to keep track, to keep pace with new trends and to quickly and efficiently meet the needs and wishes of consumers for new information. Social networks are of great need, hence companies are trying to use their full potential.

When it comes to domestic marketing practice, it is necessary for companies to break loose from that way of thinking which is limited by domestic market, local understanding of business and business experience. Entrepreneurial marketing has to be treated as a strategic function that has an integrative character in comparison with other business functions. General prepositions for promoting entrepreneurial marketing activities of domestic companies are: necessity for permanent innovation of knowledge of all employees, primarily experts who deal with marketing, necessity for a planned approach to managing marketing function inside a company and marketing management has to be based on high tech achievements, especially in the domain of information technologies, as well as using budget surplus in Internet marketing and Social media at the expense of classical media. Use of digital media for communicating with consumers and release of advertisement message is slowly, but safely gaining trust of marketing experts and managers in Serbia, too.

[43] Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[44]  Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia,

[45] Higher business school of vocational studies “Radomir Bojkovis PhD”, Krusevac, Serbia, mira.stev@



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