BALANCED SCORECARD FOR ENTREPRENEURIAL STRATEGIC MARKETING IN COLOMBIA

The article formulates a Balanced Scorecard (BSC) based upon research outcomes. It enables knowledge centric entrepreneurships in Colombia to implement strategic Marketing practices. The research project explores entrepreneur’s marketing rationale through fieldwork and data analysis. Marketing rationale was defined within knowledge management and consumer behavior theory based on the three elements of the Wheel of Consumer Analysis framework (WCA): 1.Environment: Knowledge acquired from the outside, 2.Affective and Cognitive: Specialized training and procedures, formal and non-formal education obtained thorough technical instruction, competences implemented and experienced as routines and finally. 3. Behavior: transferring that knowledge across business areas and embed it the final product. Factor analysis helped establish equivalences between hypotheses and strategies by relating latent variables derived from the correlation of WCA elements to unravel underlying assumptions based on local idiosyncrasies to interpret those latent variables. Strategic mapping for technology based entrepreneurships identified customer benefit as the common thread to manage business tensions created by the need to obtain growth and profitability at the same time.