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Lecture Entrepreneurship: Chapter 5 - William D. Bygrave, Andrew Zacharakis, Sean Wise

Chapter 5 Entrepreneurial marketing. The topics discussed in this chapter are: Understand important financial performance measures and their users, by life cycle stage; describe how financial ratios are used to monitor a venture’s performance; identify specific cash burn rate measures and liquidity ratios and explain how they are calculated and used by an entrepreneur;. | Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise 1 ENTREPRENEURIAL MARKETING Chapter 5 2 2 3 Learning Objectives Why Marketing Is Critical for Entrepreneurs Learning Objective 5.1 Explain why marketing is critical for entrepreneurs. Entrepreneurs Face Unique Marketing Challenges Learning Objective 5.2 Identify the unique marketing challenges entrepreneurs face. Acquiring Market Information Learning Objective 5.3 Describe how entrepreneurs acquire market information. Marketing Strategy for Entrepreneurs Learning Objective 5.4 Describe the key dimensions and elements of a marketing strategy. Guerrilla Marketing Learning Objective 5.5 Describe guerilla marketing. Marketing Skills for Managing Growth Learning Objective 5.6 Describe two key marketing capabilities necessary for strong growth. 3 4 Today’s Key Concepts Marketing vs Sales Why marketing is hard for startups How customer development feeds marketing The Purchasing Process Guerrilla Marketing Social Media Marketing The 4 Ps 4 Marketing Defined Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. - American Marketing Association Marketing practices vary depending on the type of company and the products and services it sells. 5 5 Marketing Is Critical Establishes a customer market Differentiates product or service to customers Gains customer acceptance, trust and loyalty Incites trial and usage Companies must be able to switch marketing gears quickly to attract new customer segments 6 6 Entrepreneurs Face Unique Marketing Challenges Limited by: Financial and managerial resources Time Market information Muddling decision-making with personal biases and beliefs Establishes poor relations with multiple audiences 7 7 Entrepreneurs must acquire market data and information (Pre-marketing) Four main categories: Product attributes important | Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise 1 ENTREPRENEURIAL MARKETING Chapter 5 2 2 3 Learning Objectives Why Marketing Is Critical for Entrepreneurs Learning Objective 5.1 Explain why marketing is critical for entrepreneurs. Entrepreneurs Face Unique Marketing Challenges Learning Objective 5.2 Identify the unique marketing challenges entrepreneurs face. Acquiring Market Information Learning Objective 5.3 Describe how entrepreneurs acquire market information. Marketing Strategy for Entrepreneurs Learning Objective 5.4 Describe the key dimensions and elements of a marketing strategy. Guerrilla Marketing Learning Objective 5.5 Describe guerilla marketing. Marketing Skills for Managing Growth Learning Objective 5.6 Describe two key marketing capabilities necessary for strong growth. 3 4 Today’s Key Concepts Marketing vs Sales Why marketing is hard for startups How customer development feeds marketing The Purchasing Process Guerrilla Marketing .