Entrepreneurial Marketing Strategies and Sustainability of Hospitality Event Management Ventures in Eldoret Town, Kenya

Abstract

Marketing assist entrepreneurs achieve their business goals and objectives hence, choosing and adopting the right strategies is crucial in determining the sustainability of an Event Management Venture (EMV) in terms of profitability, increase in market share and attracting new customers. Strategies employed by competitors can negatively affect sustainability of EMVs. This paper explored the relationship between entrepreneurial marketing strategies adopted and sustainability of hospitality event management ventures within Eldoret Town. It specifically determined the relationship between unethical marketing strategies, growth strategies, pricing strategies promoted by the ventures and sustainability of event ventures. The study used a correlation research design and a target population of 43 entrepreneurs. Data was collected by use of structured questionnaires. Descriptive statistics was used to analyze the data. Additionally, Pearson Moment Correlation Coefficient was used to test the following hypotheses: Ho1- there is no significant relationship between unethical marketing strategies and sustainability of EMVs; Ho2- there is no significant relationship between growth strategies and sustainability of EMVs and Ho3- there is no significant relationship between pricing strategies and sustainability of EMVs. Findings from the study revealed that the entrepreneurial marketing strategies such as lowering prices for products and services and discrediting competitors were detrimental to the growth and survival of the ventures despite the fact that they were beneficial to the entrepreneur on a short-term basis. Consequently, as entrepreneurs engaged in cut-throat competition and played undercutting tactics, they failed to maximize profits which could affect the sustainability of ventures. The results of the hypotheses tested showed an insignificantly weak relationship between the strategies and sustainability of ventures. All three hypothesis tested recorded an r>0.5 and p>0.005 indicating that the coefficient is insignificantly different from 0. The study concludes that entrepreneurial marketing strategies are unrelated to sustainability of EMVs.