Strategic marketing planning for opportunity exploitation in young entrepreneurial companies

Abstract

Both entrepreneurship and marketing theory and practice are opportunity driven. To exploit opportunities, entrepreneurial companies need to apply so-called professional management instruments, such as strategic marketing planning (SMP). SMP seems to be especially important for young companies in growth industries market. However, research has not addressed whether entrepreneurial companies use SMP, under what conditions and with what effect on performance. In this study we identified and tested antecedents of SMP in young companies in Germany. In our model, we developed a multidimensional model of SMP and tested a series of hypotheses using data gathered from 157 entrepreneurial companies. We found out that environmental uncertainty, external capital and managerial experience and, to some extent, top management team size and intentions to change are linked positively to the use of SMP in such firms.

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