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EDS411 - Entrepreneurial Marketing777777777777777
EDS411 - Entrepreneurial Marketing777777777777777
1.1) Introduction
Answer:
c) Not true. The vast majority of entrepreneurs
only vhae a vague idea of how things will work out.
Reasons:
Rapid change, high uncertainty
Reluctance to commit to one single plan
Implicit planning emerges over time
(muddling through)
Implications:
Strategic planning is a process.
Plan as much as you can, adapt as you proceed.
Definitions: Entrepreneurship
Organisational level:
Individual level:
Creative
human
capital
Ability to
recognize
opportunities
Willingness
to take risks
enthusiastic
committed
professional
visionary
'hungry
open minded
Global
Dimension
...
Marketing
Definition of marketing by the American Marketing
Association:
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 stake
holders.
Marketing practices vary depending on the type of
company and the products and services it sells.
Entrepreneurial Marketing
Defines the business
Aligns and counterbalances the internal and external
requirements and forces
Creates sustainable business value
Highly responsive to market (close to customer)
Entrepreneurial Marketing
Why Marketing is Critical for Entrepreneurs
Entrepreneurial Marketing
The Marketer
is creative, innovative,
open for the
unconventional
Marketing is equivalent to
advertising/selling.
Marketing is
manipulation.
Entrepreneurial
Challenge:
Marketing
Challenge:
How to find
a profitable and
sustainable
market position?
Strategic Balance
Entrepreneurial Marketing
Relationship Marketing
Getting close to your customer/markets
Leading customers- co-creation- incremental/ radical innovations
Networks- business, innovation, marketing, industry, personal
contact networks (PCNs)
Opportunity seeking- new markets, extended product/service
lines, shared opportunities, partnering, alliances
Reputation effects- branding for small business
Customers
Internal
manage processes
show leadership
achieved with Ansoff
matrix
Competitors
seize opportunities
change the rules
balance attack,
defence and evasion
Acquire market
information via SWOT
analysis
Markets
existing
existing Penetration
Products
new
Market
Development
Product
new Development Diversification
Product
Price
Promotion Place
Entrepreneurial Marketing
Marketing Strategy for Entrepreneurs/the Marketing Mix
promotion
Product
Strategy
Pricing Strategy
position
place
Entrepreneurial Marketing
favourable unfavourable
Strengths
Weaknesses
Opportunities
Threats
Political
Economic
Social
Technological
Legal
Ecological
Influence on
Business Idea ?
Relationship Marketing
make-and-sell
sense-and-respond
branding, advertising,
distribution partners
packaged goods
individual services
one-time customer
lifetime customer
stable relationships
Relational Marketing:
Who is
your typical customer?
How does
your typical customer
interact with you?
Enough for
today. . .
Thanks for
listening