ENTREP | WEEK 8

Marketing

This has always been and will continue to be an important aspect of any entrepreneurial venture.

Entrepreneurial Marketing

This is the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management,

Market

This is a group of consumers with purchasing power and unmet needs.

Fundamental rethinking

Researches Minet Schindehutte, Michael Morris, and Leyland Pitt describe how the new marketing logic requires a ____ of the old rules that are applied in a world of stability and control.

Marketing Research

This involves gathering information about a particular market, followed by analysis of that information.

Quantitative Research

This involves empirical assessment

Qualitative Research

This needs for a less sample size

Social Media Marketing

The goal of this is to create a conversation among customers in your market space

Marketing Mix

The four Ps are considered as a __

Jerome McCarthy

He formally conceptualized the four Ps in 1960s. His novel approach was influenced by the still-new "marketing mix" concept developed by Harvard Business School professor Neil. H. Borden popularized it in the 1950s.

• Product

• Price

• Place

• Promotion

What are the four Ps?

Product

This is the item or service being advertised to the intended audience

Price

This refers to the cost of a product or a service

Place

This refers to the location where you sell your product and the distribution channels

Promotion

This is the process by which you advertise your product or service

• Products

• Price

• Placement

• Promotion

• People

What are the 5Ps?

• Product

• Price

• Place

• Promotion

• People

• Processes

• Physical Evidence

What are the 7Ps?

• Customer

• Company

• Competition

• Collaborators

• Climate

What are the 5Cs?

Social Media Marketing Plan

This details an organization’s social media goals and the actions necessary to achieve them.

Mobile Computing

This is the use of portable wireless devices to connect to the Internet.

Mobile Social Media Marketing

This is a fast-paced and high-impact marketing tool that many companies have started to use very successfully as part of their overall marketing strategy.

Andreas Kaplan

He recommends the Four I’s to help grasp the overall strategy.

• Integrate

• Individualize

• Involve

• Initiate

What are the four I’s?

Integrate

A mobile marketing in where you offer incentives, prizes, or discounts to the user of the application.

Individualize

This is directing customized messages to different users based on location taste preferences, and shopping habits

Involve

This involves the user interactively, often involving prizes for the winners in the form of discounts, coupons and gift cards.

Initiate

This is meaningful dialogue between different consumers

• Marketing Philosophy

• Market Segmentation

• Consumer Behavior

Effective marketing is based on these key elements. What are these 3?

Production Driven

This is based on the belief you must produce efficiently and worry about sales later, production is the main emphasis. An example of this is apple.

Sales Driven

This focuses on personal selling and advertising to persuade customers to buy the company’s output, like auto dealers, financial services, pharmacies, and media.

Consumer Driven

This relies on research to discover consumer preferences, desires, and needs before production begins. An example of this is amazon.

Competitive Pressure

This is the intensity of the competition will many times dictate a new venture’s

philosophy.

Entrepreneur’s Background

This is the range of skills and abilities entrepreneurs possess varies greatly entrep’s strengths will influence the choice of market philosophy

Short-term focus

Sometimes a sales-driven philosophy may be preferred due to a __ on moving the merchandise and generating sales.

Marketing Segmentation

This is the process of identifying a specific set of characteristics that differentiates one group of consumers from the rest.

Consumer Behavior

This is defined by the many types and patterns of consumer characteristics

• Innovators

• Early Adopters

• Early Majority

• Late Majority

• Laggards

Name the 5 types of consumers

Marketing Plan

This is the process of determining a clear, comprehensive approach to the creation of customers.