Marketing for Entrepreneurs : Concepts and Applications for New Ventures

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  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2012-09-12
  • Publisher: CQ PRESS
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Marketing for Entrepreneurs 2e provides insights, strategies, and tips on how to apply entrepreneurial marketing concepts to increase the chances of venture success. The text focuses on how marketing can be used to find, evaluate, and exploit the right venture opportunity. It then walks students and professionals through the various phases and steps of the marketing process, highlighting specifically what is unique to and effective for entrepreneurial pursuits. Key Features Practical Application: Each chapter is written to allow readers to readily apply the concepts to their individual ventures. Unique Focus: The author looks beyond the ˘4Ps÷ to address forces in the external marketing environment. Comprehensive Coverage: This book provides everything aspiring entrepreneurs need to know about leveraging marketing in the development and promotion of new products and services, including opportunity assessment, research, understanding customers and competitors, branding, pricing, and creating a market plan. Pedagogical Highlights Entrepreneurial Marketing Spotlights illustrate how successful entrepreneurs use contemporary marketing techniques, providing real-life examples for readers. Entrepreneurial Exercises encourage readers to apply what they have learned, promoting deeper understanding and retention. Key Takeaways summarize material covered in the chapter, allowing students time to review before advancing in the text

Table of Contents

Prefacep. xi
Marketing in an Entrepreneurial Contextp. 1
Marketing: Definedp. 2
The Seven Steps in the Marketing Processp. 3
Why Marketing in New Ventures Is Differentp. 4
Using Marketing to Discover and Satisfy Customer Needsp. 5
The 5Ps of Product-Based Venturesp. 6
The 8Ps of Service-Based Venturesp. 7
Market Fulfillment Versus Market Creationp. 8
How Social Media Is Changing the Entrepreneurial Gamep. 9
The External Marketing Environmentp. 11
Five Forces in the Entrepreneurial Marketing Environmentp. 12
Environmental Scanningp. 15
An Environmental Scan of the United Statesp. 17
Key Takeawaysp. 18
Entrepreneurial Exercisep. 18
Key Termsp. 19
Finding and Evaluating the Right Marketing Opportunityp. 21
Opportunities Can Be Recognized, Discovered, or Createdp. 22
Characteristics of a Good Opportunityp. 22
Finding Marketing Opportunities: Where to Lookp. 25
Veiled/Niche Opportunitiesp. 29
Evaluating Marketing Opportunitiesp. 30
Determining the Extent of the Opportunity: Making Some Market Estimates Using Voice of Consumer Feedbackp. 35
Opportunities and the Business Modelp. 37
Key Takeawaysp. 39
Entrepreneurial Exercisep. 40
Key Termsp. 40
Using Marketing Research to Ensure Entrepreneurial Successp. 43
Marketing Research: Definedp. 44
Types and Methods of Marketing Researchp. 44
Secondary Datap. 44
Primary Datap. 45
Other Research Issuesp. 56
Research Designp. 56
Samplingp. 57
Proper Data Collection and Analysisp. 58
Research Conclusions and Taking Actionp. 58
Designing a Marketing Information Systemp. 59
Key Takeawaysp. 59
Entrepreneurial Exercisep. 60
Key Termsp. 60
Understanding Customers and Competitorsp. 61
Understanding the Customerp. 62
Psychological Influencesp. 64
Sociocultural Influencesp. 67
Situational Influencesp. 73
Marketing Mix Influencesp. 74
Business Customersp. 74
Key Differences and Key Similaritiesp. 74
Business Buying Criteriap. 76
They Buying Centerp. 76
Understanding Competitionp. 77
Key Takeawaysp. 80
Entrepreneurial Exercisep. 81
Key Termsp. 81
Segmentation, Targeting, and Positioningp. 83
Market Segmentationp. 84
Questions Any Segmentation Analysis Must Answerp. 84
Additional Requirements for Effective Segmentationp. 85
Ways to Segment Marketsp. 85
Selecting Target Segmentsp. 91
Positioningp. 94
Perceptual Mappingp. 95
Key Takeawaysp. 97
Entrepreneurial Exercisep. 98
Key Termsp. 98
Developing New Products and Servicesp. 101
Types of New Productsp. 101
Types of New Servicesp. 103
Characteristics of Successful New Products and Servicesp. 104
The New Product/Service Processp. 106
Idea Generationp. 107
Screening and Evaluationp. 109
Business Analysisp. 109
Developmentp. 110
Market Testingp. 110
Launchp. 111
Adoption and Diffusion of New Products and Servicesp. 112
Managing Your Products/Services Over Their Life Cyclesp. 116
Consider a Different Approach to New Product/Service Developmentp. 119
Key Takeawaysp. 120
Entrepreneurial Exercisep. 120
Key Termsp. 121
Building and Sustaining the Entrepreneurial Brandp. 123
What Is a Brand?p. 124
Why Is Entrepreneurial Branding Important?p. 124
Characteristics of a Good Brandp. 125
The Entrepreneurial Branding Processp. 126
Entrepreneurial Branding Strategiesp. 128
Corporate Branding-Branded Housep. 128
Individual Product/Service Branding-House of Brandsp. 130
Hybrid Branding-Subbrandingp. 130
Other Branding Optionsp. 131
The Importance of Brand Equityp. 131
Creating Brand Equityp. 132
Valuing Brand Equityp. 133
Key Takeawaysp. 135
Kentrepreneurial Exercisep. 135
Key Termsp. 136
Entrepreneurial Pricingp. 139
The Pricing Parametersp. 140
Cost-Based Pricingp. 141
Competition-Based Pricingp. 143
Customer-Based Pricingp. 144
Some Entrepreneurial Pricing Advicep. 146
Key Takeawaysp. 149
Entrepreneurial Exercisep. 149
Key Termsp. 149
Entrepreneurial Channel Development and Supply Chain Managementp. 151
Understanding Channelsp. 153
Channel Optionsp. 153
Direct Channelp. 153
Indirect Channelp. 155
Multichannelp. 155
Channel Driversp. 157
Choosing a Channel Strategyp. 158
Three Channel Design Imperativesp. 161
Formalized Channel Arrangementsp. 162
Supply Chain Managementp. 163
Key Takeawaysp. 164
Entrepreneurial Exercisep. 165
Key Termsp. 166
Entrepreneurical Promotions: Doing More With Less!p. 167
Promotionp. 169
The Role of Promotionp. 169
The Promotional Mixp. 169
Advertisingp. 170
Public Relationsp. 173
Sales Promotionp. 174
Personal Sellingp. 176
Direct Marketingp. 177
The Integrated Promotion Planp. 179
Target Audiencep. 180
Promotion Objectivesp. 180
Promotion Budgetp. 181
Promotional Theme and Messagep. 182
Promotional Mixp. 183
Executionp. 185
Control and Evaluationp. 186
Key Takeawaysp. 188
Entrepreneurial Exercisep. 188
Key Termsp. 189
The Entrepreneurial Marketing Planp. 191
Difference Between the Venture's Business Plan and the Venture's Marketing Planp. 192
The Critical Questions the Marketing Plan Must Addressp. 192
The Anatomy of the Marketing Planp. 193
The Executive Summaryp. 194
The Marketing Situationp. 195
The Marketing Opportunityp. 196
The Business Modelp. 197
Marketing Objectivesp. 197
Marketing Strategyp. 197
Operationsp. 199
Marketing Budget/Financialsp. 199
Management Teamp. 201
Evaluation and Controlp. 201
Key Takeawaysp. 202
Entrepreneurial Exercisep. 203
Key Termsp. 203
Appendix A-Sample Entrepreneurial Marketing Planp. 205
Indexp. 229
About the Authorp. 245
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