Media and entrepreneurship have a reciprocal impact (Hang & Weezel, 2007) and success in both requires an effective marketing strategy design and implementation. The essential characteristics of the entrepreneurial activities, such as creation, innovation and novel ways of thinking, are critical in building media business success. Media, on the other hand, is a fertile ground for entrepreneurs to pursue the opportunities that arise from low entry barriers, innovativeness, competitiveness, fast changing environments, and creative nature of the media industry. Operating in an industry that is characterized by intensive competition, media organizations need to be equipped with entrepreneurial abilities to invent new combinations of available resources to meet the market needs and to deliver the value proposition in order to survive this highly competitive industry. Using the organizational ecology approach, just as species seek food and safety, media firms are in continuous search for resources, demanding markets with low levels of competition. In an era of rapid technology advances, new markets emerge and pave the way for large media organizations and enterprises.
Emerging Media Markets
Media markets are places where media products including news, entertainment, communication, advertisement, creative talents, ambitions and user information are exchanged. Advances in communication technologies have reduced the production cost, lowered entry barriers, and increased user participation in the production of content. Also through media convergence, consumption of media products including handheld devices, PCs, wearable technologies such as watches and glasses have been made possible. Profitability and the expected expansion of these markets have made them a venue for the competition of small and large companies to exploit the existing opportunities.
Among the different segments of media markets are emerging media markets which by definition are “those that emerge from changes in 1) technology, 2) consumption habits, 3) societal patterns, 4) law and regulations, 5) social demands, and, 6) values” (Khajeheian, 2017). With these changes, some new markets emerge while some existing ones disappear. These untapped market areas contain hot opportunities for small firms to exploit.
Value creation in an emerging market context is multi-dimensional. One reason is that emerging markets commonly do not have the level of market efficiency and rigorous standards in accounting and securities regulation as do advanced economies. These require specific capabilities, resources, and institutions for entrepreneurs and their teams in emerging markets.
In this regard, emerging markets include, but are not limited to ‘emerging economies’. Thus, the focus is on less explored markets of the Middle East and Eastern Europe. It aims to provide new insights about how media entrepreneurs in these countries overcome difficulties and challenges such as legal restrictions (the Internet and social media censorship), undeveloped infrastructures (poor banking services or low-speed internet) or social challenges (lack of experienced and knowledgeable human resources).
Entrepreneurial Marketing and Media entrepreneurship
Entrepreneurial marketing has a meaningful overlap with media entrepreneurship. Firms use entrepreneurial marketing to gain a foothold in the crowded emerging markets. Entrepreneurial marketing is defined as the proactive process of identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation (Morris et al. 2002).
On the other hand, media entrepreneurship is a process in which an entrepreneur takes the risk to exploit opportunities by innovative use of radical, incremental or imitative resources (ownership/control) to transform an idea into activities to offer value in a media form (content/platform/user data) that meets the need of a specific portion of the market segment (Khajeheian, 2017).
In both processes, the initiator seeks to deliver value and gain benefit (money, attention, etc.) from those willing to pay by focusing on meeting the demands of prospective customers.
We expect that contributions to this special issue would be helpful for the media entrepreneurs to understand how to use entrepreneurial marketing insights in their activities.
The emphasis in this special issue is on the theoretical perspectives of the entrepreneurial marketing strategy and implementation, business models, value proposition, entrepreneurial opportunities, advertising in digital platforms, innovation, competitiveness, and consumer research in digital and interactive media within entrepreneurial firms in Eastern Europe and Middle Eastern countries.
In this sense, Eastern Europe includes all former communist European states and Russia. The Middle East includes all countries located in the Central Asia, Caucasia, North Africa and India. Both micro- and macro-level studies are welcome for the special issue. Quantitative, qualitative and mixed approaches are also welcome as long as they are well-grounded in the literature. The following questions would be a good match for this special issue (not exhaustive):
- Do entrepreneurial marketing strategies differ between emerging and established markets in the media industry?
- If yes, why? What specific capabilities, resources, institutions are required for entrepreneurial marketing in media venturing?
- What would be the business model in media entrepreneurship to keep a firm as a viable business for some time?
- What are the characteristics of entrepreneurs who do value creation in media industry?
- What are the external enablers of venture creation in the media entrepreneurship?
- How entrepreneurial marketing shrink environmental uncertainty for media ventures in emerging markets?
In addition, the papers in this special issue can be grouped in the following main topics:
- Advances in communication technologies and the emergence of new media markets
- Exploration and exploitation of entrepreneurial opportunities in emerging markets
- The sources of innovative ideas in media entrepreneurship
- Knowledge/technology/learning/value co-creation in emerging media markets
- New methods of marketing in the media markets
- Organization design in the media enterprises
We encourage authors to submit their contributions in above-mentioned topics, or other pertinent emerging and ground-breaking topics to diversify and widen research in entrepreneurial marketing and media entrepreneurship in emerging markets.
Submission Instructions and Timeline
The guest editors intend to bring out through this Special Issue certain set of academic contribution that is relevant in Eastern Europe and the Middle East context for entrepreneurship and marketing researchers, policy-makers and market practitioners.
Full papers should be submitted via the Journal of Global Marketing's online submission system. The first page must contain the title, author(s) and contact information of the corresponding author. For additional guidelines, please visit the ‘Instructions for Authors’ page. Papers suitable for publication in the Special Issue will be double-blind reviewed, following the Journal of Global Marketing’s review process guidelines.
This Special Issue is scheduled to be published in early 2020. The following dates would be followed:
- Submission of full papers: July 31, 2019
- First feedback from reviewers: September 30, 2019
- Submission of the revised papers: November 15, 2019
- Final Acceptance of full papers: December 30, 2019
Hang, M. & Van Weezel, A. (2007), “Media and entrepreneurship: What do we know and where should we go?”, Journal of Media Business Studies, Vol. 4 Issue 1, pp. 51-70.
Khajeheian, D. (2017), “An Introduction to Entrepreneurship and Innovation in Media Markets”, Global Media Journal, Vol 10, Issue 1, pp 1-8
Morris, M. H. Schindehutte, M, & LaForge, R. W. (2002). “Entrepreneurial Marketing: A construct for integrating emerging entrepreneurship and marketing perspectives”. Journal of Marketing Theory and Practice, 10, 1–19.