Clío América / Vol. 18 No. 35 – 2024 / 87 - 105 https://doi.org/10.21676/23897848.5683

REVIEW ARTICLE

Entrepreneurial marketing in action: multidimensional impact and sectoral applications Marketing emprendedor en acción: impacto multidimensional y aplicaciones sectoriales

Luis Fernando Quintero-Arango1, Juan Diego Betancur-Arias2, Cristiano Machado3 & Guillermo Rojas-Quiceno4

Para citar este artículo: Quintero, A. L., Betancur, A. J., Machado, C. & Rojas, Q. G. (2024). Entrepreneurial marketing in action: multidimensional impact and sectorial applications. Clío América, 18(35), 87 – 105. https://doi.org/10.21676/23897848.5683

Recibido: enero 31 de 2024.

Aceptado: abril 30 de 2024. Publicado en línea: mayo 31 de 2024.

ABSTRACT

This article aims to identify the dynamics of scientific production on Entrepreneurial Marketing (EM) and its influence on organizational performance; researchers conducted two consultations for this objective, one in Scopus and another in Web of Science. The results showed that in the last seven years, there has been a 52 % growth in scientific production, highlighting its importance in the academic and business worlds. Researchers identified three major trends; the first concerns the various metrics used to measure the dimensions of EM, the second pertains to applications of EM in different contexts, and the third involves the theoretical foundations of EM. This study benefits researchers seeking a better understanding of EM, entrepreneurs who desire a straightforward introduction to the subject from a scientific perspective, and educators wishing to integrate the topic of EM into their courses.

Keywords: Entrepreneurial Marketing; Organizational Performance; Scientometric Analysis; Market Adaptation; Tree of Science.

RESUMEN

El propósito de este artículo es identificar la dinámica de la producción científica sobre el Marketing Emprendedor (ME) y su influencia en el desempeño de las organizaciones. Para alcanzar este objetivo, se realizaron dos consultas, una en Scopus y otra en Web of Science. Los resultados mostraron que en los últimos 7 años ha tenido un crecimiento de la producción científica del 52 % mostrando la importancia en el mundo académico y empresarial. Se identificaron tres grandes tendencias; la primera sobre las diferentes métricas que se han utilizado para medir las dimensiones del ME. La segunda son las aplicaciones en diferentes contextos del ME y, la tercera, son los fundamentos teóricos sobre ME. Este estudio es útil para los investigadores que quieran entender mejor el ME y para los emprendedores que quieran una introducción sencilla y desde una perspectiva científica sobre el tema. También es útil para los profesores que deseen integrar en sus asignaturas el tema de ME.

Palabras clave: marketing emprendedor; rendimiento organizacional, análisis cienciométrico, adaptación al mercado; árbol de la ciencia.

JEL: L26; M31; M13

‌1PhD. Universidad Católica Luis Amigó, Colombia. Email: luis.quinterora@amigo.edu.co ORCID: https://orcid.org/0000-0002- 6268-065X

‌2PhD. Universidad Católica Luis Amigó, Colombia. Email: juan.betancurri@amigo.edu.co ORCID: https://orcid.org/0000-0003- 3340-8670

‌3Mag. Instituto Superior de Administración y Economía - ISAE, Brasil. Email: cristiano@amplifique.me ORCID:

https://orcid.org/0009-0008-3868-4010

‌4PhD. Core of Science, Colombia. Email: guillermo@coreofscience.org ORCID: https://orcid.org/0000-0001-6948-3870

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INTRODUCTION

In international contexts, markets have paved the way for Entrepreneurial Marketing (EM) as a means, tool, and effective communication medium.

According to Kraus et al. (2012), entrepreneurial marketing (EM) has three fundamental aspects: the epistemological aspects related to management, entrepreneurship, and the link between both dimensions of marketing; over the years and across various countries, both academic and business researchers have focused on the growth of companies and their effectiveness in identifying opportunities, attracting customers, maintaining growth, and creating databases (Anokhin & Eggers, 2023).

Likewise, Yadav & Bansal's (2021) findings examine the elements and theories used in current literature and propose that theories such as human capital, innovation, causality, and trust are essential for studying entrepreneurial marketing, considered an opening of markets amidst a changing world and the drive for innovation that stems from the markets themselves.

According to studies, EM aims to enhance the opportunities for entrepreneurs, consolidate business ideas, acquire future customers, and provide a holistic approach primarily consolidating a business idea (Worthington & Eggers, 2023).

The goal of EM research is to integrate the emerging entrepreneurial spirit and attain new marketing perspectives; in other words, EM is the means to reach commercial standards or economic profits and achieve goodwill for companies as a competitive advantage (Niemand & Eggers, 2023).

It is necessary to highlight that this tool achieves the projection of a relevant task: adaptation and integration into other markets.

For Toghraee et al. (2017), the discussion about entrepreneurial orientation (EO) through an analysis of the main conversational landmarks and the studies that have provided its primary theoretical framework.

Through a bibliometric analysis of 62,499 citations from all 822 publications on EO existing to date, researchers developed a comprehensive overview of EO studies collected to date, allowing them to identify which studies, journals, and disciplines have offered critical landmarks within the conversation.

The proposal aims to highlight the scope of EM as a marketing tool and dimension, establishing links and strategies with other companies (Jones et al., 2023; Guerola-Navarro et al., 2022; Amjad et al., 2020); this process involves perspectives from various authors on the awareness of limitations in the decision-making field and the stance of market leaders towards change.

However, theoretically and practically, the evolution and development of marketing are analyzed as a means to transform companies, industries, and commerce with principles of innovation and idea generation (Cockrell et al., 2024); EM transforms the practices of companies operating under uncertainty, emerging as an alternative (Heyworth-Thomas et al., 2022) and are considered as the emergence of a global market.

Meanwhile, the methodology employed to establish the benefits of EM is qualitative and quantitative, exploring a domain of marketing that leads to a school of thought with key strategies, opportunity creation, and innovative production (Morgan et al., 2023).

The research achievements in EM identify two strategic pillars: innovation and adaptation.

This methodology relies on searching for the most outstanding production in the academic world in the last 23 years regarding EM in Web of Science (WoS) and Scopus, analyzed using algorithms on the Tree of Science

(ToS) platform, ultimately forming the "science tree," leading to an exciting development: an updated knowledge and strategy base.

The crucial aim is to interpret, through the articles found on EM, aspects of entrepreneurship, orientation, and innovation and to project these onto managers as a marketing tool, thereby enhancing organizational performance; this study offers benefits such as marketing insights and mental openness facilitating growth objectives.

In this analysis of the importance of EM, there is an added value not generally aimed for in the market: the impact of company valuation, which refers to the tangible value achieved by a company's corporate name, among the great benefits of business marketing, which some measure with goodwill or market achievements.

In the analysis conducted, researchers explored international research with high-quality publications and consultations, reflecting the interest in the advancement and application of EM in marketing sectors with the conviction of structuring models and patterns into the growth of outlined objectives.

METHODOLOGY

Sciencemetry is the quantitative analysis of scientific output. Researchers employed this technique to identify the scientific dynamics and the main theoretical contributions regarding ME and performance in organizations. Table 1 displays the parameters used in Scopus and WoS. This methodological strategy is innovative because merging these two databases is a complex process (Ariza-Colpas et al., 2023a; Ariza Colpas et al., 2023b; Grisales et al., 2023).

Table 1. Scientometric Data Harvesting: Merging Web of Science and Scopus for Enhanced Research Insights (2000-2023).

Source: own elaboration based on data from the WoS and Scopus.

The analysis is divided into two parts; the first part is a scientometric study of scientific production by countries, journals, and scientific collaboration, which provides new researchers with a broader overview of EM and offers deeper insights into the networking strategies of researchers in this field (Robledo et al., 2022). The second aspect involves the application of the ToS algorithm, which categorizes articles into root, trunk, and branches (Zuluaga et al., 2022) and has been extensively used in various areas (Botero et al., 2023; Díez et al., 2022; Duque et al., 2024; Robledo et al., 2023; Robledo-Giraldo et al., 2023; Ruiz et al., 2023).

RESULTS

Scientometric Analysis

Scientific production

To provide a statistical explanation of the ME topic, with a chronological starting point from the year 2000, it is evident that scientific production has experienced exponential growth year by year in scientific articles. This

reveals behavioral patterns in the publications from the WoS and Scopus databases and a higher number of publications in the first database compared to the second.

Similarly, from the ME perspective, it is noted that authors strive to complete publications that meet market needs. In the last 23 years, there has been a growth of 12.10 %, demonstrating a wide possibility for producing such manuscripts that contribute to scientific knowledge.

Figure 1. Annual Evolution of Scientific Production.

Source: own elaboration based on data from the WoS and Scopus.

Initial Period (2000–2016)

From 2000 to 2016, the evolution of (EM) in this timeframe shows a significant advancement in the production and updating of this topic; this growth represents a 5.81 % increase over those 16 years, indicating the interest of scientific journals and authors in writing on this thematic axis, including a peak in citations in 2002, related to the study that demonstrated the influence of product innovation on (OM) and (OE) (Atuahene-Gima & Ko, 2001).

Growth Period (2017-2023)

An analysis of these six years shows a 52 % growth compared to the previous 16-year period, highlighting the importance of research on EM and the increased interest of researchers and journals in these thematic axes. Notably, between 2017 and 2018, there was a turning point with a downward trend in publications; however, subsequent years, such as 2020, saw the publication of 615 articles focused on developing EM constructs, providing a conceptual synthesis of these topics.

The analysis also indicated that models of EM emerged from within companies and their evolution in organizational performance.

Country Analysis

Table 2 presents the scientific production regarding EM from 10 countries; the variables that globally analyze this production include new knowledge production by country, citation index, impact, and quality of publications according to the Scimago quartiles.

Indonesia and the USA have the highest new knowledge production; however, the United Kingdom, Australia,

and the USA have the following percentages in citation index respectively: 15.28, 12.02, and 11.47; the United Kingdom is three points below the average in production (19), and Australia is five points below.

Interestingly, the United Kingdom leads in the impact of its new knowledge publications despite being the third country in the production index, followed by Australia and the USA, generating more impact with their publications, even above some countries with higher productivity indices.

It is important to mention the USA's production in the first Scimago quartile (Q1), establishing a line of quality in its publications through scientific peer review.

Table 2. Countries

Figure 2 depicts three leading countries in the three largest groups; the first is the USA, highlighted for its collaboration with Saudi Arabia; the second is Canada, noted for its active participation with New Zealand; and the third is the United Kingdom, characterized by its dispersed collaboration among various countries.

Figure 2: Global Collaboration Network and Community Dynamics.2a. Total Number of Communities by Size 2b. Nodes and Links Over Time. 2c. Scientific Collaboration Network of Countries.

Source: own elaboration based on data from the WoS and Scopus.

Journal Analysis

The top 10 journals publishing empirical studies on ME are presented in Table 3, considering the following variables: databases, impact factor, H-index, and Quartile.

The journal with the highest ranking is the "Journal of Research in Marketing and Entrepreneurship," which, according to its indicators, is a leading publication in this field; in second place is the "Journal of Business Research," noted for its significant indicators, making it a prominent journal in ME publications.

Several articles published in 2023 in the "Journal of Research in Marketing and Entrepreneurship" have received notable recognition; for instance, Moro et al. (2022) investigated ME and market research to enhance understanding of market and customer realities; similarly, Rudeloff & Damms (2022) argued that effective communication with the market and customers is crucial for building trust and establishing a two-way interaction, contributing to the well-being of both parties.

Lastly, a study by Sawy & Bögenhold (2022) explained how to leverage social media to transform ME for better outcomes; this involves managing and utilizing social networks, which are vital in contemporary customer and stakeholder communication while being mindful of potential hidden risks that could negatively impact businesses.

Table 3. Journals

Source: own elaboration based on data from the WoS and Scopus.

Figure 3 illustrates a strategic cluster that, when graphed, shows a connection to the construct of ME, including sustainability, techno-innovation, market development, and new business ventures.

The expansion of concepts added to the cluster reveals a proliferation of themes that enhance the scientific study of ME.

Figure 3: Global Network of Collaboration and Dynamics. 3a. Total Number of Communities by Size. 3b. Nodes and Connections Over Time. 3c. Scientific Collaboration Network among Journals.

Source: own elaboration based on data from the WoS and Scopus.

Author Collaboration Network

Regarding publications on organizational performance in EM, professors James M. Crick and David Crick are authors with the highest production and h-indexes, and professor Can Uslay has four publications and an h- index of 14.

Generally, authors with the highest production work across universities in the United Kingdom, Canada, Poland, Saudi Arabia, Nigeria, Brunei Darussalam, and the United States, which demonstrates the interdisciplinary nature of the subject and the need for scientific collaboration to continue expanding the knowledge frontier in EM. (Table 4)

Table 4. Production By Author

Source: own elaboration based on data from the WoS and Scopus.

Scientific collaboration networks show the connections generated among researchers when they engage in collaborative work.

Figure 4 illustrates four components, the first led by Professor Can Uslay and Nasser Alqahtani, proposing a conceptual model for EM associated with performance (Alqahtani et al., 2022, 2023a, 2023b; Alqahtani & Uslay, 2020); the second is led by Professors Crick, focusing on studies related to EM's influence on

internationalization processes and dynamic capabilities (Crick et al., 2023; Felzensztein et al., 2022; Hamzah et al., 2023).

Figure 4: Global Network of Collaboration and Dynamics of Authors.4a. Total Number of Communities by Size. 4b. Nodes and Connections Over Time. 4c. Scientific Collaboration Network by Authors.

Source: own elaboration based on data from the WoS and Scopus.

Tree of Science Root

When creating a chronology on the topic of (EM), it is necessary to consider retrospectively the foundational bases of this subject, drawing from articles written by notable authors in the field.

The initial manuscript on EM elucidates the construct of Entrepreneurial Orientation (EO), focusing on creating productive units within a company to achieve business diversification, ultimately consolidating an innovative idea (Lumpkin & Dess, 1996); this study considers specific aspects of an entrepreneurial model, such as opportunity detection, new customer acquisition, potential customer attraction, and the creation of a database for information gathered from identified opportunities.

Subsequently, Stokes (2000) argued that EM should be leveraged by entrepreneurs to solidify their business ideas, despite new business owners sometimes distrusting marketing due to the need for an extensive and informative database to begin market segmentation; marketing broadly focuses on general aspects of the product or service offered to the market, where the entrepreneur must identify needs to focus their efforts on attracting future clients.

On the other hand, Morris et al. (2002) explain that entrepreneurs should have a holistic approach, meaning they should think about the concept of innovation, driven by generating creative ideas that allow for the organic development of their business.

Meanwhile, Miles & Darroch (2006) detail that EM is also useful for large companies with an established

trajectory in their business idea; however, they can undergo a process of deconstruction to think of new innovative strategies to adapt to current market needs.

According to Ebenfelt et al. (2020), EM is a tool to achieve better adaptability to the environment by transforming market opportunities and shifting from traditional marketing to one focused on innovation.

Concurrently, Whalen et al. (2016) conclude that entrepreneurial marketing is a powerful tool that transforms a company internally and deviates from traditional marketing, which does not meet the current market needs.

Trunk

The structural (core) articles showcase research related to the impact of EM strategies on the performance of companies entering international markets.

For instance, Kocak & Abimbola (2009) describe the effect of EM on globally-born companies aspiring to superior performance in various emerging economies; they conclude through a multiple case study using a qualitative methodology that internationalization processes must be adopted by companies newly entering global markets, and it is crucial to recognize the marketing strategies that most influence the performance of these types of companies.

Khasmafkan-Nezam (2023) selected nine global companies from Australia, identifying four key EM strategies: opportunity creation, innovative products based on customer intimacy, resource improvement, and legitimacy. Hallbäck & Gabrielsson (2013) present new insights into developing marketing strategies in companies with early internationalization prospects; an interpretative analysis using a qualitative approach describes the criteria that can constitute EM in these companies, namely, innovation and adaptation, as the fundamental pillars and they conclude that as the company progresses and achieves levels of positioning in international markets, the criteria constituting EM evolve according to this growth.

Another line of the core research is the theoretical contributions to EM that consolidated findings around the construct; one such contribution was the concept of Entrepreneurial Marketing Orientation (EMO), encompassing the following components: Market Orientation (MO), Customer Orientation (CO), Entrepreneurial Orientation (EO), and Innovation Orientation (IO) (Jones & Rowley, 2011).

On the other hand, Solé (2013) conducts a theoretical exploration of EM and its link to performance; his research establishes a strong relationship between entrepreneurship and marketing strategies, which are in complete synchrony according to the study's propositions. From these two distinct paths, better marketing outcomes with entrepreneurial marketing and improved entrepreneurial outcomes with marketable entrepreneurship are observed.

Branch 1 - Diverse Dimensions of Entrepreneurial Marketing: Impact on Performance, Technology Integration, and Ethical Considerations

In the scientific literature, it has been established that EM generally positively influences venture performance; however, various studies have demonstrated that not all dimensions of EM have equal influence.

For instance, Putri & Putri (2023) identified that resource leveraging significantly influences performance, but customer intensity did not affect this relationship; other dimensions such as proactiveness, opportunity focus, calculated risk-taking, innovation, and value creation did not show as high values as resource leveraging concerning performance.

Additionally, Hanaysha (2023) conducted a similar study but added the variable of brand value among the dimensions of EM and company growth; the study found that dimensions such as customer intensity, value

creation, innovation, resource leveraging, proactiveness, and opportunity focus have a positive effect on brand value but the dimension of risk-taking was insignificant in influencing brand value.

In this sense, the studies show that depending on the context or the interaction of other variables, the influence of EM on performance can vary.

This tendency in EM and performance highlights technological and ethical aspects as axes for positive influence on performance.

Hong et al. (2024) studied the influence of e-retailers exploring business opportunities through digital platforms and found that EM can be visualized as follows: innovation-oriented, data-oriented, customer stimulation through innovation, and proactiveness-oriented; this is another approach to EM where the impact of technology is highlighted.

Additionally, the ethical climate of the organization and EM is partially mediated by work commitment, meaning the ethical climate of the organization fosters EM by enabling employees with absorption, vigor, and dedication (Khasmafkan-Nezam, 2023)

Various marketing strategies for ventures were identified according to the studies found in this branch.

For example, entrepreneurs improve their marketing strategies through networking (Gliga & Evers, 2023); with this tool, they can access information and relational, reputation, and knowledge resources that are fundamental for the growth and competitiveness of ventures.

EM strategies serve entrepreneurs entering a market late; for instance, Ariza-Colpas et al. (2023a) support this argument by showing that customer-centric marketing strategies increase market share even when entering late.

Kowalik et al. (2020) propose that specialized marketing skills such as interactive promotions, direct sales, and participation in trade fairs contribute to the early international expansion of international ventures.

Indeed, López et al. (2021) found 378 articles related to EM within the period (2010 - 2020) in their bibliometric study, which aligns with the findings presented in this manuscript, where 471 articles were published within the period (2000-2023) using the term EM.

Branch 2 - Entrepreneurial Marketing Across Diverse Sectors: Impact on Performance in Varied Contexts

The second trend highlights the importance of EM in different contexts like the food sector, community enterprises, the hospitality industry, the tuna fillet industry, and pandemic scenarios.

A recent study on small food businesses in Ghana identified that innovation has a positive influence on performance (Deku et al., 2022).

Additionally, in community enterprises like the villages in Indonesia, Becherer et al. 2012 proved that EM has a positive effect on financial and non-financial returns.

Other studies on the tuna fillet industry and the hospitality sector identified that EM is related to marketing performance when it focuses on the customer (Manishimwe et al., 2022; Zaid, 2022). Moreover, studies also show that in scenarios like the pandemic, EM has a positive effect on the performance of small businesses (Sari et al., 2023).

In conclusion, the branch two shows different contexts where EM positively influences venture performance. On the other hand, the article by Shahmohammadi (2021) which aims to improve measurements of entrepreneurship in SMEs from categorical aspects of EM, also identifies a determinant relationship between EM and OP.

Branch 3 - Theoretical Foundations and Conceptual Models of Entrepreneurial Marketing: From Market Orientation to Industry 5.0

Branch three showcases the most common theories and practices of EM. Solé (2013) offers an integral vision of how ventures can take advantage of the technological context of Industry 5.0.

EM originates from the concepts of MO and EO; however, this construct already has its own theoretical and empirical development to identify the level of EM of a company (Alqahtani et al., 2022, 2023a). To understand EO, Wales et al. (2021) conducted a scientometric review, highlighting four clusters; the first is related to defining pieces or foundational studies, the second relates to methods and measurement, and the third links to contingencies or conditions that influence how EO affects organizations. The fourth is related to the impact on business performance.

In this sense, this branch defines some theoretical bases of EM or proposes conceptual models to understand the construct better.

Hills & Hultman (2013) present an interesting perspective on the growing importance of entrepreneurship and its relationship with marketing. According to these authors, entrepreneurship has achieved significant growth within the economic and business environment, and the area of entrepreneurial marketing (EM) has evolved the most; they emphasize that the future challenge is to achieve adequate integration and interaction between entrepreneurial marketing (EM) and traditional marketing, which implies that companies and enterprises must be able to combine and take advantage of the strengths and approaches of both disciplines.

DISCUSSION

Based on the theoretical contributions identified through scientometric analysis, researchers can determine that EM positively influences the performance of organizations; this performance has been measured in various ways, confirming the multidimensionality of the effectiveness of the EM scale.

It is essential to highlight the value EM generates in developed countries where the main businesses are small and medium-sized; in this sense, the EM community has made a commendable effort to position this theory in the academic and business world.

By integrating entrepreneurial principles into marketing strategies, EM enables organizations, especially small and medium enterprises (SMEs), to adapt to dynamic market environments and seize opportunities for growth and innovation. Through a comprehensive review of the literature, our manuscript contributes to advancing the understanding of EM's influence on organizational performance (OP).

CONCLUSION

This study applies scientometric techniques to review EM and its influence on organizational performance; for this purpose, the article was divided into two sections: the first is a study of scientific production, an analysis of countries, journals, and networks of scientific collaboration and the second section applies the ToS algorithm for identifying articles at the root, trunk, and trends.

The results showed an exponential growth of published articles by 52 % in the last seven years, highlighting the quality of production from the United States and the United Kingdom.

The "Journal of Research in Marketing and Entrepreneurship" has positioned itself as the leading journal on the topic.

Three trends were found: the first is related to the different dimensions proposed by academics to measure EM; the second is an application of EM across different sectors and contexts; and the third includes foundational and conceptual contributions to EM.

Conflict of Interest Statement

The authors of this article state that the information in the document does not affect any of the companies that collaborated with the information.

Each explanation was given as a result of hermeneutic synthesis, therefore each assertion is the responsibility of the researchers.

Authors' Contribution

The author of this document reports they were solely responsible for conducting the research, from its design to the writing and structuring of the current article.

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