Chapter 6 - Entrepreneurial marketing. Even if you are launching a small business, you’ll quickly find that your potential to grow beyond a self-employment business requires a team, whether it’s your spouse for moral support or a trusted advisor who mentors you through the growing pains you’ll inevitably encounter. This chapter will look at the issues entrepreneurs face as they build their initial team and lead this group through the challenging launch process. | ENTREPRENEURIAL MARKETING Chapter 6 Marketing Defined An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. - American Marketing Association Marketing practices vary depending on the type of company and the products and services it sells. Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 2 Marketing is Critical Establishes a customer market Differentiates product or service to customers Gains customer acceptance Cultivates loyalty Incites trial and usage Entrepreneurial companies must be able to switch marketing gears quickly to attract new customer segments. Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 3 Entrepreneurs Face Unique Marketing Challenges Limited by: Financial and managerial resources Time Market information Muddling decision-making with personal biases Marketing at an early stage, to multiple audiences Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Marketing allows entrepreneurs to leverage scarce resources through innovative business approaches. 4 Improve Decision Making through Marketing Research Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Four key questions: Which product attributes are important to customers? How do product design, pricing and communication influence customer willingness to buy? Where do customers buy this kind of product? Which market trends are likely to prevail in the future? Two main types: Secondary – from already published sources More economical in terms of time & money Primary – collected directly for specific purposes Focus groups, surveys, & experiments 5 Understand the Customer Choice Process Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 6 ***new slide 6 Marketing Strategy: Aligning Ends, Ways & Means ENDS MEANS WAYS Marketing . | ENTREPRENEURIAL MARKETING Chapter 6 Marketing Defined An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. - American Marketing Association Marketing practices vary depending on the type of company and the products and services it sells. Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 2 Marketing is Critical Establishes a customer market Differentiates product or service to customers Gains customer acceptance Cultivates loyalty Incites trial and usage Entrepreneurial companies must be able to switch marketing gears quickly to attract new customer segments. Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 3 Entrepreneurs Face Unique Marketing Challenges Limited by: Financial and managerial resources Time Market information Muddling decision-making with personal biases Marketing
