The emergence of marketing in Millennial new ventures

Abstract

Purpose ‐ The purpose of this paper is to develop a conceptual framework, based in entrepreneurship theory, which explains how marketing emerges in startups founded by members of the Millennial generation. Design/methodology/approach ‐ Following a literature review, from which propositions are derived, an earlier process model of organizational speciation is adapted to marketing by Millennial entrepreneurs. Findings ‐ A four-stage cycle model of entrepreneurial marketing by Millennials is developed, consisting of enabling through resource scarcity, bonding through social media, new product introduction through incremental stealth, and replicating through variation, selection, and retention. Research limitations/implications ‐ Model development would be enhanced through empirical data. Practical implications ‐ Marketers in entrepreneurial firms founded by Millennials can follow a few simple rules to enhance market penetration. Resource scarcity is something to be sought, not avoided. A thoughtful social media strategy can accelerate new product introduction: stealthiness and its close relation small size should be embraced; avoid getting too big too quickly; use furtiveness to drive social media-based bonding. Originality/value ‐ Previous theoretical models at the marketing/entrepreneurship interface have not focused on the unique characteristics of Millennial-led new ventures. This study develops the most comprehensive model of entrepreneurial marketing by Millennials to date.