Chapter 5 Entrepreneurial Marketing Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial 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. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Why Marketing is Critical for Entrepreneurs Because no venture can become established and grow without a customer market; Because it is difficult and expensive to bring new products and services to market; To differentiate product or service to customers makes the company distinctive and valuable; Companies must be able to switch marketing gears quickly to attract new customer segments. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Entrepreneurs Face Unique Marketing Challenges limited resources in financial, managerial, and time; limited market information; decision-making inclined to be muddled by personal biases and beliefs; poorly established relations with multiple audiences. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Acquiring Market Information Marketing research could cover information such as: -Product attributes important to customers; -Possibility of customers’ buying willingness by marketing behaviors; -Market trend; -The location of the customers’ preference. Two basic types of market data Secondary data; economical and usually used to collect baseline information; Primary data; and the limitations of such data. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Marketing Strategy for Entrepreneurs A company’s marketing strategy must closely align with its resources and capabilities; Segmentation, targeting, and positioning are key marketing dimensions that set the strategic framework. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Marketing Strategy for Entrepreneurs/the Marketing Mix promotion Product Strategy place Pricing Strategy Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Guerilla Marketing Guerilla marketing acts as non-traditional, grassroots, and captivating – that gain consumers’ attention and build awareness of the company. Word-of-Mouth marketing, Buzz marketing, and Viral Marketing. Other issues in Guerrilla Marketing. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Marketing Skills for Managing Growth Understanding and Listening to the Customer Building brand awareness and building brand equity Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Entrepreneurial Marketing Conclusion Marketing is a delicate balance of art and science. It is necessary for entrepreneurs to scale up or change focus. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©