Entrepreneurial Orientation and Marketing Orientation Essay

Entrepreneurial Orientation and Marketing Orientation - Essay Example There were so many variations as there was the number of business enterprises. This prompted management scholars to delve deep into the matter to find out how many ways are there to make a business flourish. Their search has not been without success. In fact they have come out with some rare insights into the dynamics of profit generation and maximization. While large organizations could afford to experiment with any or all of these methods, the small and medium enterprises, the SME’s, have to be very choosy in their selection of modus operandi because of resource limitations. However, they also have a fairly wide choice to select from, like the Entrepreneurial Orientation, Marketing Orientation, Operation Reasearch, Brand Boosting and the likes. Right now we would be interested in two of these most significant methods, viz. Entrepreneurial Orientation and Marketing Orientation. What is Entrepreneurial Orientation : The term â€Å"entrepreneurial orientation† has been used to refer to the strategy-making processes and styles of firms that engage in entrepreneurial activities. A popular model of entrepreneurial orientation (EO) suggests that there are five dimensions of EO—autonomy, innovativeness, risk taking, proactiveness, and competitive aggressiveness (Lumpkin and Dess 1996). Autonomy refers to the entrepreneur’s freedom to choose his own line of business, range of products and the market segment he wants to operate in. This reflects his entrepreneurial genius and his analytical ability and his resourcefulness to meet challenges.