INTRODUCTION:

Market has changed due to environment changes. Now the marketers, consumers and general public are accepting new ways of working for marketing, banking and other areas. They are using both offline and online options of working. Students and youngsters who are looking for career have also mainly two options, employment and entrepreneurship. Those who are interested in entrepreneurship are moving to grab the opportunity of working with offline as well as online working. Today the market is taking the benefits of digital marketing. Entrepreneurs are accepting the option of working with digital marketing.

It has spread from developed areas to rural areas. Customers are known to using the online shopping. In the VUCA world there is demand of digital marketing. VUCA refers to four aspects of market which are volatility, uncertainty, complexity and ambiguity. In marketing the word VUCA presents the following:

· Volatility - refers rapid and regular changes in market.

· Uncertainty - refers to expected changes in future in market.

· Complexity – refers to consideration of many factors or issues before decision making for market.

· Ambiguity – refers to lack of clarity about the present issues and events of the market.

Today market has all types of features of VUCA concept. In the VUCA world the importance of digital marketing is increasing day to day. Before covid-19 period market, marketers and consumers were focused on offline working and transactions. During covid-19 period consumers accepted the online shopping and marketing. After the effect of covid-19 period or the new normal era of working, now consumers become habitual to use digital marketing and transactions by online mode. Consumers are accepting the online marketing and prefer online payment even for routine life products, frequently use products. People are enjoying the cashless transactions not even in marketing but other fields of work. According to Margono, H (2022) in the era of digital world entrepreneurship has been changed into digital entrepreneurship by use of digital marketing. Covid-19 period created the scope of online working due to avoid personal interaction and maintaining a gap as social distancing by the public. After the effect of covid-19 period in the new normal era online transactions, cashless transactions and digital marketing have great effect and high rate of acceptance of the public. With the VUCA concept in markets and in new normal era the entrepreneurs are bind to use online or digital marketing. Working with digital marketing is essential in VUCA world and new normal era (after covid-19 effect). In VUCA world and new situation of working after covid-19 has increased the scope for Entrepreneurship. New entrepreneurs are taking and using digital marketing to increase their work areas. According to John, A (2011) providing and using e- services by information technology is for development of new business and growth of entrepreneurship. It is like opportunity to new entrepreneurs to stay in market for long period and to smooth their marketing activities by using digital marketing concept. The paper is an attempt to discuss the importance of knowledge of digital marketing, related issues of digital marketing and entrepreneurship and success factors for its proper use with digital marketing in new normal era with VUCA concept for markets.

Adoption of Digital Marketing:

Marketing is about doing activities and transactions to deliver right goods in the hands of consumers at right time, right place and on right price. Digital marketing is about to perform marketing activities, transactions and handling consumers online or by using internet. According to Nivetha, P & Prasanth, S (2021) internet marketing is about to attract and hold consumers also apply the updated technologies and internet for transactions and promotion of products. Marketing by electronic devices is digital marketing, like display of goods, digital payment and order processing etc. It is also called online marketing and internet marketing. Taherdoost, H & Jalaliyoon, N (2014) explained the differences between traditional and internet marketing also benefits and drawbacks of both types of marketing. Digital marketing is based on digital media. Digital transactions were used by educated and working consumers before covid-19 period. But in new normal situation after covid-19 period general public have accepted to do the online transactions. All types of consumers at high rate than before covid-19 period are using online option of shopping to purchase their products. Thus to satisfy consumers and to spread market digital marketing is being adopted by entrepreneurs.

Digital Marketing and Entrepreneurship:

Entrepreneurs are the risk bearing persons who manage and arrange all the things required to convert a business idea into reality. Entrepreneurs have to accept the new way of marketing which is digital marketing. Consumers have become habitual to use online systems for payment and shopping. They are taking interest in cashless transactions. Markets have digital environment. People like to pay online, searching of goods online and to do transactions online for products. In the digital environment for entrepreneurs it has become easier to perform and start working. Even after starting of business it is easy to continue through digital transactions in markets for entrepreneurs. Like offline transactions in old marketing concept, in digital marketing there is no need of personal transactions or dealing with consumers. Without direct interaction between marketers and consumers their relationship can be build with digital marketing. Working with digital market is demand of market. Thus new entrepreneurs must have knowledge of work with the use of digital marketing and maintain the relations with their consumers. According to Djordjevic, A (2019) business models based on web orientation are for potential growth and development in entrepreneurship. Working and success without digital marketing is not possible after covid-19.

Digital Marketing Aspects to Entrepreneurship:

Entrepreneurship is a concept which varies for different entrepreneurs some are taking it as adventure to start new business and for growth of business they are willing to adopt new things like digital work in their marketing area while others take it as complicated work to start and grow in the market. Digital marketing is a new way of marketing by use of it entrepreneurs can excel in their field. According to Nivetha, P & Prasanth, S (2021) there is lots of difference in traditional and digital marketing like information providing level, customers contact and satisfaction level of customers, advertising level and frequency, use of internet and technology, level of distribution channel and prices of products negotiated or pre-decided for all. Digital marketing is helpful to successfully spread a business at high speed by sharing information with digital tools. Digital marketing is a way to enhance the entrepreneurship, a scope to build new entrepreneurs. It is a promoter to entrepreneurship by solving the problems of management of resources and consumers retention. In VUCA world to perform marketing activities is not so easy for marketers and entrepreneurs. Digital marketing helps them to continue their marketing activities and to run business by managing their consumers and activities by digital media. Digital marketing provides facilities to both entrepreneurs to expand their business and consumers to choose products, availability of products, better prices comparison, saving of time etc. This has following aspects:

Cross Cultural Effect:

Digital marketing is a new way in VUCA world which can be helpful for entrepreneurs. In India people have different liking for products and there is cultural differences. Some big cities are advanced while some are village areas. In advanced cities digital marketing is a tool to grow the market area by the entrepreneurs as they have all types of facilities and resources to use digital marketing and work digitally. There is strong effect of digitalisation in cities. Consumers use frequently online shopping and they deal online for their products. In under developed areas or small cities and in villages thinking of consumers is different, they prefer offline transactions. They prefer to go to market, check physically the products and then purchase the products. They do not use frequently online transactions and online shopping. Culture to use frequently online shopping has been developed in big cities and it is moving to other places. Educated people have accepted the culture of digitalisation. Thus, digital marketing is being used in cities and in starting phase for villages and small entrepreneurs. In cities entrepreneurs cannot work without digital marketing. In comparison of foreign countries the acceptance rate of digital work is not such in India due to cultural effect.

Growth of Rural Entrepreneurship:

Today entrepreneurship is spreading to rural areas also. Success of entrepreneurship depends on qualities of the entrepreneurs like their confidence, hard work, mental ability, communication and so on. Individual capabilities can be improved and learned by entrepreneurs. One of the major qualities of the entrepreneur is communication with their business persons and consumers. Digital marketing is helpful to enhance and start an enterprise with digital media. The entrepreneurial activities and such type initiatives can be taken in village areas as digital marketing can help in smooth sharing of information among consumers, also digitalization of transactions increase the level and rate of success of entrepreneurship in rural areas. In the VUCA world with the use of digital marketing entrepreneurial initiatives can be possible in village areas and backward areas also. New entrepreneurs just have to learn and improve their knowledge and application of digital marketing and with their personal abilities they can work better in rural areas also. Working in rural areas with smart active steps, starting of business and growth of business are possible with good success rate by application of digital marketing. Entrepreneurial activities and marketing activities can be smooth in village areas by digital marketing. By use of digital tools, media and technology entrepreneurship has bright future in rural areas also.

Gender Perception and Entrepreneurship:

Entrepreneurship initiatives are generally taken by men. Thinking, qualities and opportunities availabilities are different for men and women. Entrepreneurs have some problems for starting of business like funds availability, knowledge; use of information technology, lack of entrepreneurial education, communication, risk capacity etc. But the ratio of these hindrances is different for men and women entrepreneurs. Problems for entrepreneurship are for all entrepreneurs but numbers of women entrepreneurs are behind in competition to become successful entrepreneurs. Women entrepreneurs have more problems than men entrepreneurs like their privacy level, freedom from family, family background, risk taking capacity, fund availability and desire to start a business. These problems are high in village areas among women entrepreneurs. Digital marketing is now a new way for marketing of goods and to remove the problem of entrepreneurs. Not only men but also women entrepreneurs can work and manage their marketing activities. In digital marketing with digital media and technology the problems of women and men all type entrepreneurs can be removed and they can lead in the markets. Just they have to retain positive attitude, hard working, and learning capabilities to become successful entrepreneurs. Mazrouei, M. A & Krotov, V (2016) discussed major barriers like lack of technology knowledge, privacy, communication, funding problem which are cause of low participation of women entrepreneurs in entrepreneurship. Digital marketing has removed the problems to start and to continue a business for men and women entrepreneurs. According to Srividhya, K. M & Paramasivam (2022) to promote women entrepreneurs for their development it is require to make them understand about working with digital marketing. Digital marketing creates chances of success for all types of entrepreneurs in business whether men or women.

Awareness of Students and Entrepreneurship Education:

Social welfare and economic development depend on the increasing level of industries, facilities to general public and employment. In economic development new entrepreneurs play important role. Thus, their knowledge level about new marketing way digital marketing must be increased. Education about entrepreneurship of students and their awareness about use of digital marketing must be increased. With increase in awareness about use of digital marketing among students economic development is possible. Indrawan, M. I et al. (2022) explained a model about the relations between three concepts: entrepreneurship education, digital marketing and welfare of community and found positive and direct effect of entrepreneurship education on welfare of the community by the application of digital marketing. Education about entrepreneurship increases awareness of students and create their interest for marketing and business activities and they can be better performer with the knowledge of digital marketing. They can be mentally prepared to use and to handle the problems of today’s market having the VUCA concept. In VUCA world marketing work of entrepreneurs should be continued with digital marketing to fulfil the demands of markets and consumers.

Small Entrepreneurs Orientation:

Digital marketing is beneficial for entrepreneurs like spreading of information and attraction of consumers. It has some drawbacks for them like cyber crime; maintain technology advancement and internet connections. They have to work on this side to apply and take the benefits of digital marketing. Small entrepreneurs face problem while use of digital marketing due to their knowledge how to apply this new way of working, lack of availability of funds on time, lack of better technology and internet connections. Inclusion of digital marketing in their business is not possible without technology and knowledge of digital marketing. They are not aware of benefits of digital marketing. While digital marketing application can be possible for small entrepreneurs but their awareness and knowledge is required to take this opportunity. They have to recognise the demand of VUCA world and fulfilment of market demands by digital marketing. Omoga, C O (2019) found internet safety issues, cost of application of e-marketing as problem to adopt the e-marketing by small organizations. According to Kasimova, F (2022) digital marketing tools like mobile marketing, e-mail marketing and related programs are useful for large as well as small scale entrepreneurs.

Entrepreneurship and Digital Payment:

Availability of finance is an important issue for entrepreneurs. Dealing in financial instruments and financial services electronically is e-finance. Availability of finance electronically is helpful for new entrepreneurs to start their business like e-banking, mobile banking etc. Digital payment system is essential part of the business. Nowdays, this is issue for consumers also. Consumers are preferring cash less transactions. Even consumers use cashless transactions for routine purchases of goods. Thus, digital transactions and digital payment system using by entrepreneurs for their dealing with consumers are important concerns for entrepreneurs. Digital payment with safety issues is required for successful application of digital marketing. Entrepreneurs have to develop their working with digital payment management. Different ways are using by entrepreneurs for smooth and easy payment from consumers. Work with digital payment system is now using by even small entrepreneurs in rural areas also. Ratten, V (2012) discussed the benefits of mobile banking and its use as e-finance service which is helpful in entrepreneurship. Nowdays marketing of goods without digital marketing is not possible and digital marketing without digital payment systems is also not possible. Entrepreneurs must have strong digital payment system.

Figure 1: Digital Marketing Aspects to Entrepreneurship

The figure shows contribution of all the aspects related to digital marketing for increasing the level of entrepreneurship. The issues should be considered for economic development for entrepreneurship via digital marketing.

Success Factors for Entrepreneurship and Digital Marketing:

Success for entrepreneurs depends on many factors: individual/ personal factors, opportunities/ internal organisational factors and external factors and these are as under:

· Personal Factors: in such factors the qualities of an individual entrepreneur can be included like their risk bearing capacity, entrepreneurial education, innovative mental ability, courage, self confidence, hard working, leadership quality, learning attitude, communication skills, control, analytical mind, positive attitude, coordination etc. These are basic need to become a successful entrepreneur.

· Organisational Factors: these are under control of the entrepreneurs but related with the organisation. These factors are like good and peaceful environment of working and resources like material, efficient employees, funds availability of the organisation, customers relations, better service qualities.

· Outward Factors: these are out of control of entrepreneurs. These are due to effect of VUCA world like change in business environment, competition level, Govt. norms and consumer behaviour.

Figure 2: Success Factors for Entrepreneurship and Digital Marketing

These factors are in order to be accomplished by the entrepreneurs. First they have to develop personal factors and qualities, then mange their organisation and respond to outside factors. Personal factors are basic factors while organisational factors and outward factors can be handled in efficient manner with digital marketing by using technology and digital tools. Ramanujam, V & Parthiban, P (2019) discussed the quality factors for online marketing and suggested to improve the service quality by the marketers. Suharto & Hidayati, U (2020) described two types of factors for interest of entrepreneurs in e-marketing one is self efficacy and other is developed by education of e-marketing.

CONCLUSION:

Marketing environment has changed after covid-19 period. Covid-19 pandemic created a scope of new entrepreneurs to use digital marketing for smooth functioning of their marketing activities. It is the demand of market like supply chain members and consumers to use traditional as well as the new way digital marketing by the entrepreneurs. They will have to focus on digital marketing to compete in VUCA world. After suffering of marketers and consumers, during covid-19 period the digital entrepreneurship originated. Now focus of entrepreneurs is to do digital work in entrepreneurship and to use new technology with digital marketing. Without adoption of digital marketing growth of entrepreneurs is not possible in VUCA world. Digital marketing leads entrepreneurship. Different aspects related with digital marketing like cultural effect, gender perception of women and men entrepreneurs, system of digital payment, entrepreneurship in rural areas, small entrepreneurs orientation and entrepreneurs education about digital marketing must be understand by entrepreneurs. Education institutions should provide education of entrepreneurship to prepare students to become successful entrepreneurs. Thus, courses on entrepreneurship and digital or internet marketing, digitalisation and computer applications, use of internet and related subjects should be part of education to students to make them good entrepreneurs and it will develop the economy. Digital marketing is easy to use by existing big entrepreneurs as they have resources and for new and small entrepreneurs it can be made easy with entrepreneurship education, awareness and knowledge to use digital marketing. Thus entrepreneurship education is priority for all entrepreneurs. New entrepreneurs have to learn and understand working with digital marketing. Entrepreneurs have to build their capabilities and positive thinking about the benefits can be driven from digital marketing. Thus, Entrepreneurship through digital marketing is like a light to be better market performers for entrepreneurs in VUCA world after covid-19 period. Through the knowledge, awareness and entrepreneurship education about digital marketing, level of entrepreneurship can be increased in all the fields of business by entrepreneurs.

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Received on 06.11.2023 Modified on 24.11.2023

Asian Journal of Management. 2023;14(4):309-313.

DOI: 10.52711/2321-5763.2023.00050