Over the past two decades, entrepreneurial
marketing has emerged as an important
development in marketing theory and practice.
One reason for this is that researchers have
identified a number of commonalities between
entrepreneurship and marketing. In particular,
opportunity recognition and change have been
identified as key areas of overlap between
entrepreneurship and marketing. Omura et al.
(1993) argue that both entrepreneurship and
marketing focus on identifying opportunities in a
changing environment. Similarly, Bjerke and
Hultman (2002) argue that entrepeneurial
marketing is about identifying market
opportunitites and transforming resources of all
types – knowledge, money and technology –
which are acquired both internally and from the
organisation’s networks and alliances, to co-create
products which consumers perceived to be of
value. Reviewing work in this area, Collinson and
Shaw (2001) conclude that entrepreneurship
and marketing share three significant areas of
overlap: both are change-focused, opportunistic
in nature and innovative in their approach to
management.