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Entrepreneurial Marketing

by: Noelle Wiggins

Entrepreneurial Marketing ENTP 102

Marketplace > Drexel University > Entrepreneurship > ENTP 102 > Entrepreneurial Marketing
Noelle Wiggins
GPA 3.8

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About this Document

These notes show why marketing is an important skill for entrepreneurs and introduces the concept of positioning.
Life Strategies 2
Zahed Subhan
Class Notes
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This 3 page Class Notes was uploaded by Noelle Wiggins on Friday February 26, 2016. The Class Notes belongs to ENTP 102 at Drexel University taught by Zahed Subhan in Winter 2016. Since its upload, it has received 18 views. For similar materials see Life Strategies 2 in Entrepreneurship at Drexel University.

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Date Created: 02/26/16
Thursday, January 14, 2016 Entrepreneurial Marketing Risks associated with innovation - Market associated risks - Technology associated risks - Both can lead to failure - Long odds for success What is Entrepreneurship? - “The pursuit of opportunity without regard to initial resources.” -Stevenson - “Entrepreneurship is the process by which one or more people undertake economic risk to create a new organization that will exploit a new technology or innovative process that generates value to others.” -Schramm - “The entrepreneur is the bold and imaginative deviator from established business patterns and practices who constantly seeks the opportunity to introduce new products and new procedures, to invade new markets and to create new organizational forms.” -Baumol - “An organization dedicated to creating something new in conditions of extreme uncertainty.” -Dr. Z Marketing Project - Select an existing product or service from an existing organization. - Identify the existing target market or markets for the selected product or service . - Present how the selected product or service is positioned against its competition • Choosing a service is significantly harder and not recommended - Draft a positioning statement for the product or service. - Select and show “artifacts” that demonstrate the targeting/positioning • Artifacts are generally examples of past students work 1 Thursday, January 14, 2016 • Tend to be video material Market Positioning - 50% of startups fail because there is no market for the product - Issues Investors Identify with Startups: - Entrepreneurs don’t know how to segment market and position solution in a compelling way - Major focus of entrepreneurial marketing is selecting target market and positioning product in customer’s minds - Positioning is about finding a niche in the prospects mind and filling it with one thing that sticks - Marketing is about creating an experience that exceeds expectations - Marketing is the flawless delivery of a product/service to the customer. - It’s about creating an experience that exceeds expectations. Orientation Towards Marketing - Production Concept pre-1930: demand > supply - Selling concept 1930-1950: supply > demand Mass marketing era - Marketing concept post-1960: Analyze consumers needs before producing and selling, market orientation, competition in an effort for supply = demand - Digital Marketing concept post-2000: Consumer driven marketing - “The purpose of a business is to create a customer.” -Drucker - Marketing is what a company does to create value for customers - Successful marketing requires a deep knowledge of customers, competitors, and collaborators, and great skill in serving customers profitably. Function of Marketers - Analyze the needs of people 2 Thursday, January 14, 2016 - Try to guess what types of products customers want - Estimate how much of a product someone might buy - Predict when a customer will buy - Determine where they go to buy the stuff - Figure out the best price to sell it at- and can you still make a profit selling it at that price - Decide on promotional things to create awareness - Understand who the competitors are and what they’re doing with pricing, features, etc. - Serving the needs of the customer is what the business should be about - Marketing the business function that interprets customer needs to the rest of the organization - Marketing should begin with the customer needs, NOT with the production process. - Marketing anticipates needs - Marketing as a Firm Wide Process - Marketing Orientation puts marketing at the heart of the organization - Reaches far back to new product or service development - Toyota Celica and MR2 (mid 1980s) 3


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