Analyzing the Impact of Entrepreneurial Marl

9th Internation a l Conference 16 April 2015, I sfahan, Iran

on e -Commerce with focus on e-Busin ess

Analyzing the Impact of Entrepreneurial Marl<eting on Sustainable Competitive

Advantage in SMEs

Belghis Bavarsad Assistant Professor of Management Department,

Shahid Chamran University Ahvaz, Iran [email protected]

Sajjad lafari Master of Management, Faculty of Administrative

Sciences and Economics, University ofTsfahan Iran [email protected]

Abstract- The term entrepreneurial marketing

is being used in marketing and entrepreneurship literature widely. Businesses that have successfully pursued and carried out through non-traditional marketing activities, their successes are attributed to activities associated with entrepreneurial marketing. The purpose of this paper is to analyze the impact of entrepreneurial marketing on sustainable competitive advantage, and organizational innovation capabilities. This research is of a correlative type. Statistical population of this research includes managers and employees in the precious metals, gold, diamonds and precious stones industry. 179

active members were selected randomly. Research tools include entrepreneurial marketing, sustainable competitive advantage,

and organizational innovation capability. A standard questionnaire was used for the purpose of data collection. To examine the reliability of the questionnaire, 50

questionnaires were distributed among the statistical population. Content validity and confirmatory factor analysis was used to test the validity of the questionnaire. To investigate the relationships between research variables the structural equation model was used. The results showed that there is a significant and positive relationship between research variables; whereas the impact of

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Sayed Ahmad Hosseini Assistant Professor of Management Department,

Shahid Cham ran University Ahvaz, Iran a. hosseinil3 [email protected]

Ali Akbar Hozhabri PhD student, Faculty of Management, Universiti

Teknologi Malaysia (UTM) [email protected]

Entrepreneurial marketing on sustainable

competitive advantage was not confirmed.

Keywords: entrepreneurial marketing,

organizational innovation capabilities,

sustainable competitive advantage,

entrepreneurship orientation, market orientation

I. INTRODUCTION With the advent of the globalization phenomenon the business environment has become more complex and less secure. This environment is changing constantly and customer and market needs are highly variable (Prajogo and Ahmed, 2006). In such an environment, organizations are forced to learn new know ledges to develop new products in order to satisfY customers and new markets. Therefore, organizations should seek innovation in their marketing and entrepreneurship activities that can create competitive advantage (Barsh, 2007; Davari et ai, 2014; Vesal et ai, 2013; Khaksar et ai, 2011; Chapman and Hyland, 2004). In the source-based view, entrepreneurial and market orientation activities are two separate spheres but complementary strategic orientations (Miles and Arnold, 1991). Marketing is an organizational function including a set of processes for creating, communicating and delivering value to customers and managing relationships with customers in which organizations and stockholders will benefit as well, (the latest definition provided



by the Marketing Association of America, reported by Keefe, 2004: 17). Marketing strategy is defmed as segmentation, targeting and posItIOning processes. This definition is usually accepted by marketing and business consultants and academic experts. The reality is that some businesses that do not follow this perspective follow a perspective as entrepreneurial marketing. Researchers point out that the theories of marketing and entrepreneurship give superiority to the concept of "value creation", so this concept, includes the components connected to each other, thereby the result is to provide value for customers (Morris et aI, 2002). Some people have combined both of them in theoretical perspective, in small to medium enterprises in marketing research, economic and business activities. This combination is called the mutual relationship between marketing/entrepreneurship (Gilmore and Coviello, 1999; Hoy, 2008; Jahanashahi et a\., 20 I I a). Arnold and Miles (1991) have concluded that entrepreneurship orientation is significantly and positively associated with market orientation. They have expressed the hypothesis that entrepreneurship orientation is a strategic response for companies that operate in a chaotic environment in which this orientation creates superior value in the market, through innovation in products, processes and strategies in order to satisfY customer needs (Covin and Miles, 1999). Now a trend is emerging that examines this mutual relationship. Hence the promotion and development of entrepreneurial marketing is intended as a supplement or alternative to traditional marketing approaches. Recently, entrepreneurial orientation is intended as a strategic perspective in decision-making process and as a means to describe the company's performance (Chaston et ai, 1999). The role of economic enterprises, especially in small industries, is rising in Tran like industrialized and developing countries. Tn the past two decades with the advent of modem technologies in production and communication, progresses have been made in the capabilities of industrial companies, manufacturing and distribution methods and in organizational structure of firms, increasing the importance of small firms in economy (Werts et aI, 1974; Jahanshahi et aI, 201I a). Many countries have recently noted that these small units can play a major role in national economy and it seems that in some countries the national economy is based on small enterprises. Taking into account this important role that SME can play in development and employment in any country, and also the advantages it has compared to

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large industries, it is essential to strengthen and develop the competitiveness of these firms. Tn this paper, we define entrepreneurial marketing and then introduce the entrepreneurial marketing relationships with other variables that are factors for increasing the competitiveness of small enterprises. We will also present the conceptual model, research methodology, case study and ultimately discuss the findings.

IT. LITERA TURE Entrepreneurial marketing,

innovation, organizational innovation, Sustainable competitive advantage and firm performance Tn an open market economy, customers choose through a variety of goods available in the market, and organizations are seeking to exploit market opportunities, which results is creation of lucrative transactions with customers (Miles et ai, 2004). With the emergence of two distinct streams, market orientation and entrepreneurship orientation, entrepreneurial marketing term, has been used to refer to the marketing processes of companies seeking opportunities in unstable environments, while facing resource constraints (Collinson & Shaw, 2001). The output of this mutual relationship between marketing and entrepreneurship is creation and distribution of value in market (Schindehutte et ai, 2008; Jahanshahi et ai, 201I d). The first definition of entrepreneurial marketing was presented by Morris et al (2002, p.2): identifying opportunities to attract and retain profitable customers, through innovative approaches to risk management, leverage resources and create value actively. The latest definition of marketing offered by America Marketing Association, Hills, and Hultman (2008) has offered entrepreneurial marketing as a kind spirit and orientation and pursue opportunities and exploitation of risks that creates value through building relationships with customers, by applying innovation, creativity, sale, networking and flexibility actively. The aspects of entrepreneurial marketing are:

1. Reactiveness: reactiveness is explained as influencing company's environment (Bateman & Crant, 1993).

2. Opportunity focus: identifying opportunities for the success of marketing activities (Hamel, 2000).

3. Calculated risk taking: as an opportunity may be beneficial, pursuit of that profit with the possibility of losing the benefits with doing not calculated activities (Forlani, & Mullins, 2005).



4. lnnovativeness: marketing activities that focus on innovation and allow companies to focus on new ideas to create new products, new processes and consequently new markets.

5. Customer intensity: customer-focused orientation uses innovative approaches to creating, building and maintaining relationships with customers.

6. Resource leveraging: in small firms, leverage resources contain activities that use innovative marketing strategies rather than with limited resources, resulting companies faced the problem.

7. Value creation: The value creation is the center of entrepreneurial activity definitions and is well integrated with activities of market orientation of a company.

Nowadays, the number of academic studies related to entrepreneurial marketing, that examine the role of marketing in small firms (Bjerke and Hultman, 2005; Grunhagen and Mishra, 2008) and large firms (Darroch et aI, 2005) is rising and numerous new risks associated with entrepreneurial marketing are published in newspapers and journals related to business. Hills, Hultman and Miles (2008) have recently studied the evolution of entrepreneurial marketing over a period of 25 years. They have the following expressions: activities related to entrepreneurial marketing (compared to traditional marketing) are uncommon, tend to accept changes due to adaptive behavior and are more successful in identifying market opportunities. American Marketing Association's defmition of marketing confirms that the key issues related to entrepreneurship -the innovation, risk taking and proactiveness- have been ignored in this definition (Morris et aI, 2002; Jahanshahi et aI, 20 11 b). Tn order to create and enhance customer choice, a company must be constantly seeking opportunities to create additional value for customers through innovation in products, processes and strategies (Miles et aI, 2003, Hunt, 2000). The process of creating competitive advantage is being discussed through the level of entrepreneurship in large corporations by people like Miles et al (2003), Darroch et al (2005) and Miles (2005). Thus, entrepreneurial marketing and competitive advantage are related to each other. Competitive advantage as a process is cycles that includes the creation, review and analysis of competitors and renew market position, which is as follows: -Discovering or creating a fundamental innovation.

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-Evaluating opportunitles to establish or renew a competitive advantage. -To create a competitive advantage by leveraging innovation to exploit the attractive opportunities. (Nawaser et ai, 2011) -analyzing competitive advantage of competitors and changes in environment (Miles et aI, 2003; Miles, 2005; Darroch et aI, 2005). Market oriented companies are those that collect information from customers and competitors, provide this information to organizational decision makers to use appropriate action in order to fulfill the needs and demands of customers and stockholders (Kreiser et aI, 2002). Companies through the use of market intelligence, have the ability to understand the needs and demands of the market in a better way and thus provide higher value to customers. It increases the perfonnance of the organization in market oriented companies. Entrepreneurship has equal importance with market orientation to enhance performance (AtuaheneGima & Ko, 2001). In such cases, when the market and entrepreneurial orientation of companies align to each other, may have positive influence on organizational performance (Karami et aI, 2014; Jahanshahi et aI, 2011c; Real, et aI, 2014). There are many evidences that the economic perfonnance of small and medium enterprises is important for the owners, managers, policymakers, and the community. But a little knowledge is about the entrepreneurial factors that affect the perfonnance of these companies (Awang et aI, 2009). Different dimensions of entrepreneurship orientation affect the performance of organizations differently (Kreiser et aI, 2002; Lumpkin & Dess, 2001). Other studies have shown that innovation and sales growth are positively and significantly associated to each other whereas proactiveness is associated with sales, sales growth and profit positively (Kreiser et aI, 2002). Tn other studies, proactiveness is connected to organizational performance in different circumstances differently (Kreiser et ai, 2002; Khosravi et aI, 2011; Lumpkin & Dess, 2001). Pulendran et al (2000) studied Malaysian small and medium enterprises and found that entrepreneurial orientation dimensions are independently involved in explaining firm performance. Slater and Narver (2000) have stated that the market orientation and company perfonnance are positively related to each other. Pulendran et al (2000), and Tay and Morgan (2002) have shown a significant and positive relationship between market orientation and overall perfonnance of the company. Hence:



HI: There is a positive direct relationship between entrepreneurial marketing dimensions and innovative capabilities of small firms. H2: There is a positive direct relationship between entrepreneurial marketing dimensions and sustainable competitive advantage of small firms.

I Entrepreneurial

HI .. marketing

H3: There is a positive direct relationship between entrepreneurial marketing dimensions and sustainable competitive advantage of small firms.

Regarding the existing theoretical literature and the mentioned assumptions, the conceptual model can ,

en in Figure 1. H3

H2 Innovative

Capabilities

� Sustainable competitive

advantage

Figure.l Conceptual model

111. Methodology 1.3. Statistical sample

The objectives of this study are functional, and data collection is descriptive and survey. The unit of analysis in this study is organization. In order to collect data, library studies and also a field study were used. Statistical population of the research is active companies in precious metals, gold, diamonds and precious stones industry. Total number of samples was estimated 164 ones. To access the active firms in this industry, the Isfahan international exhibition was used which was specific to this industry. In this study, sustainable competitive advantage is dependent variable, innovative capabilities is mediator variable, and entrepreneurial marketing is independent variable. A standard questionnaire was used for data collection. 200 questionnaires were distributed among companies' employees randomly. After eliminating incomplete questionnaires, 179 questionnaires were collected. The questionnaire used in this study had two parts. The first part of

17.3 - «Diploma

16.2 29 technician

29.6 53 BA

10.6 19 Master

1.1 2 PHD

25.1 45 Missing

100% 179 total

2.3. Measurement of Variables The content validity of the questionnaire was approved by experts and professors in the University of Isfahan. Cronbach's alpha was

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the questionnaire contained demographic variables such as sex, education and career. You can see information related to demographic variables in table l. The second part of this study was allocated for measuring the research variables. All items used to measure constructs were gauged on five point Likert scales. Sustainable competitive advantage, irmovative capabilities and entrepreneurial marketing dimensions were measured using following statements: "Strongly disagree" (1) to "Strongly agree" (5). Descriptive statistics related to other variables are presented in table 2.

22.9

56.4

20.7 37

37.4 67

40.2 72

21.2 38 Missing

100% 179 total

used to determine the reliability of the questionnaire. For this purpose, an initial sample that consisted of 50 questionnaires was distributed in these companies. Cronbach's



alpha was calculated. Cronbach's alpha for all questions related to the variables in the analytical framework, which included entrepreneurial marketing, innovative capabilities and sustainable competitive advantage, was 90 percent, which was an acceptable level.

1.2.3. Entrepreneurial marketing measurement In this study, previous studies were used to measure the dimensions of entrepreneurial marketing. Morris et al (2002) have introduced seven key dimensions of entrepreneurial marketing which include: proactiveness, opportunity focus, calculated risk taking, innovativeness, customer intensity, resource leveraging, and creation value (Hills et aI, 2008). Based on Likert scale with five options (I =strongly disagree to 5=strongly agree), 14 questions were considered to measure entrepreneurial marketing. There are several indicators that show the results of confirmatory factor analysis. Indicators used in this study show that the model applied to measure entrepreneurial marketing is suitable. Ratio of the chi-square on the degrees of freedom (1.14) was in the desired range of 1 and 3, the RMSEA value equaled 0.02, amount of the GFI and the AGFI respectively were 0.95 and 0.90, and the NFL and CFI indices were 0.84 and 0.89; which all had desirable values.

2.2.3. Innovative capabilities measurement Few studies have been done to assess the capabilities of innovative firms and most of them have focused on technical innovation such as Karami et al (2013). In this study three dimensions of Tasi et al (2001) have been used: innovation in product, process and management. Based on Likert scale with five options (I =strongly disagree to 5=strongly agree), 12 questions were considered to measure the above statement. There are several indicators that show the results of confirmatory factor analysis. Indicators used in this study show that the model applied to measure performance is suitable. Ratio of the chi-square on the degrees of freedom (1.38) is in the desired range of 1 and 3, the RMSEA value equals 0.06, amount of the GFI and the AGFI respectively are 0.95 and 0.90, and also the NFL and the CFI indices are 0.93 and 0.96, which all have desirable values.

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3.2.3. Sustainable competitive advantage measurement For measuring sustainable competitive advantage 5 dimensions of Day and Wensley (1988) studies and Bastic et al (2000) were used that measure difficult to imitate the company's output*********** and use innovation in product, process, organizational systems, management capabilities and marketing capabilities. There are some researchers that they used Likert scale in their studies such as Karami et al (2012). Based on Likert scale with five options (1 =strongly disagree to 5=strongly agree), 12 questions were considered to measure sustainable competitive advantage. There are several indicators that show the results of confirmatory factor analysis. Indicators used in this study show that the model applied to measure performance is suitable. Ratio of the chi-square on the degrees of freedom (0.015) isn't in the desired range of 1 and 3, the RMSEA value equals 0.00, amount of the GFI and the AGFI respectively are 1.00 and 0.99, and the NFl and the CFI indices are 1.00 and 1.00, that means all values except chi-square on the degrees of freedom are desirable.

IV- CASE STUDY Although the gold industry in Iran has a history of several thousand years, gold mines of this land are not worthy, and this old and money maker industry hasn't achieved its original and proper position in Iran's economy, so Iran's share of world's export and production is very low and almost negligible. According to statistics, Iran is among the five first countries in terms of gold and jewelry use in the world, but it has a very small role in the profitable gold and jewelry industry. World trade in gold has the largest volume of international markets after oil and drug. The importance of this trade is to the extent that in India, almost 52 million people are working in gold, diamonds and precious stones industry and this country is known as the world's second largest exporter of gold. But in Iran, less than 400 thousand gold producers are in attempt to waterbroken gold to their country in situation that face with challenges such as modern machinery and raw materials imports, take a slightly higher from hundredth of one percent of global export position, while its neighbors such as Turkey, Saudi Arabia, UAE



and Pakistan, are moving steadily in gold and jewelry world market. With regard to the aforementioned facts, this industry was considered appropriate for this study.

v- THE CONCEPTUAL MODEL OF RESEARCH FINDINGS

After confirming the measurement models of variables, the conceptual model was investigated through the structural equation modeling. The reason for using this model is its capability of analyzing the relationships of all variables simultaneously instead of surveying them two by two separately. SME approach is a comprehensive method for

EM

IC

-0.22

testing hypotheses about the relationships between observed variables and latent variables. The conceptual model of this study sought to investigate the causal relationships between the four latent variables, in order to provide simultaneous analysis of possible relations between variables, methods used in the analysis of structural equation modeling software used Amos software in implementation of structural equations.

1.5. The results of path analysis and causal relationships between the main variables Results of path analysis and causal relationships between the main variables are shown in Figure 2.

SCA

Figure 2 Coefficients obtained from the structural equation

Amos output results in the standard model estimates show that the path analysis model is appropriate. The RMSEA value is 0.03 which is suitable. The GFI and AGFI values are nearly 90 percent, both IFI and CFI indices are more than 90%. And finally RMR values are near zero. To compare between latent variables in path analysis model, the estimated model was surveyed in a standard way. Also significant numbers of calculations show that causal relations of entrepreneurial marketing

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on organizational innovation capabilities and organizational innovation capabilities on sustainable competitive advantage are significant. (Significant numbers in the model should be more than 2 and less than -2). Since this study sought to determine the effects of variables on each other, by using coefficients obtained from causal path analysis model, the results of calculation of the total direct and indirect effect and the impact of all variables on each other is presented in Table 4.



Entrepreneurial marketing on organizational

innovation capabilities Organizational innovation capabilities on sustainable

competitive advantage Entrepreneurial marketing

on sustainable competitive

advantage

1.07

0.S7

0.39

Entrepreneurial marketing on organizational innovation capabilities

Organizational innovation capabilities on sustainable competitive advantage

Entrepreneurial marketing on sustainable competitive advantage

VI- CONCLUSION The purpose of this study was to demonstrate the impact of entrepreneurial marketing on sustainable competitive advantage in precious metals, gold, diamonds and precious stones industry, with regard to organizational innovation capabilities as a mediator variable. The results showed that the impact of entrepreneurial marketing on innovation capability in enterprises active in the precious metals, gold, diamonds and precious stones industry is about 1.07 (p=00.0). This result confirms the defmition of Marketing Association of America (2008), in which one of the factors causing innovation is considering entrepreneurship In the definitions of marketing. Another result of this study is lack of a significant relationship between entrepreneurial marketing and sustainable competitive advantage in precious metals, gold, diamonds and precious stones industry, with an approximate value of -0.22 (p=0.30). The research is in contrast with fmdings of people like Miles et al (2003), Darroch et al (200S), where they have considered entrepreneurship as a lever in order to create competitive advantage. The final result of this study is confirming the impact of innovation capabilities of firms on sustainable competitive advantage with an approximate value of 0.S7 (p=0.01). This

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1.07

0.S7

-0.22 0.61

1.07 0.00 179 Accept

0.S7 0.01 179 Accept

-0.22 0.30 179 Reject

study's findings are consistent with the results of Macevily et al (2004), where they have expressed innovation as one of the basic tools of an organization to achieve sustainable growth and stated that sustainable competitive advantage is an advantage that will remain for a long time (Jacobson, 1988) and Macevily (2004). Also Shoham and Fieganbaum (2002) have stressed the importance of innovation as a driver of competitive advantage.

Vll- SUGGESTIONS Focus on researches related to entrepreneurial marketing is growing for development of researches associated with this area, international attention to the importance of entrepreneurs is growing considerably as well. Theoretical and conceptual foundations of the entrepreneurial marketing require better clarification and further experimental evidence for resolving the complexity of entrepreneurial marketing behavior. To achieve a deep understanding of how to improve the performance of organizations and clarify the relationships between entrepreneurial marketing, organizational innovation capability and sustainable competitive advantage, it is recommended that this research be implemented on other companies or other industries with similar research models. According to the results of this study, the following suggestions are offered to improve



entrepreneurship orientation in firms and companies in precious metals, gold, diamonds and precious stones industry: 1. Delegate tasks to creative and innovative people 2. Engage staff in decisions 3. Apply ethics, integrity, trust and credibility in the organization 4. Try to increase member loyalty and commitment 5. Encourage managers to embrace change and opportunity 6. Give more authority to employees 7. Encourage individuals to provide new and creative ideas 8. Create a competitive environment with a sense of trust in the organization 9. Give people opportunities to express different opinions 10. Tolerate constructive conflict. The results may be useful for managers of small and medium enterprises who desire to formulate and implement strategies for improving business performance. The firms need to improve regularly their processes, products and services, because with increasing innovation, their chances of survival and growth will increase. Managers of small to medium enterprises, ensure that all aspects of entrepreneurial marketing in their firms are practical. Managers of these firms need to Improve their innovation capabilities, competItIve advantages, entrepreneurial marketing, and strategic planning and involve these variables in their corporate culture. These companies should also seek to exploit new opportunities and take calculated risks in their business strategies, to improve the performance of their businesses.

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