THE PRACTICES OF RISK MANAGEMENT DIMENSION OF ENTREPRENEURIAL MARKETING

Abstract

This paper aims to study the real practices of small and medium enterprises (SMEs) according to entrepreneurial marketing in the dimension of risk management and to use the practices as empirical evidence to connote the risk management meaning. The research is qualitative approach. Population is SMEs in Thailand. Purposive sampling is used. Entrepreneurs who perform risk management practices are selected. Data collection is conducted with in-depth interview. Data is analyzed with content analysis. The result shows that there are several ways to perform risk management. Expanding to new markets with present products and offering more product varieties to present market help increase revenue inflow channels. Trying not to depend on uncontrollable factors helps decrease uncertainty. Starting with high potential customers helps making right decision. Starting with small market area, low product varieties and some marketing mix helps setting strategies cautiously. Investing at the low level of resources helps increase flexibility. These practices connote the meaning of risk management as cautiousness instead of risk taking. This paper has practical implementation as the examples for SMEs to apply and manage risk with cautiousness and has academic contribution as the knowledge closing the gap for entrepreneurial marketing that the real practices are lacked.