Marketing for Entrepreneurs : Concepts and Applications for New Ventures

by Frederick G. Crane

• ISBN13: 9781452230047
• ISBN10: 1452230048
• Edition: 2nd
• Format: Paperback
• Copyright: 2012-09-12
• Publisher: CQ PRESS

Summary

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 ô4Psö 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

Preface	p. xi
Marketing in an Entrepreneurial Context	p. 1
Marketing: Defined	p. 2
The Seven Steps in the Marketing Process	p. 3
Why Marketing in New Ventures Is Different	p. 4
Using Marketing to Discover and Satisfy Customer Needs	p. 5
The 5Ps of Product-Based Ventures	p. 6
The 8Ps of Service-Based Ventures	p. 7
Market Fulfillment Versus Market Creation	p. 8
How Social Media Is Changing the Entrepreneurial Game	p. 9
The External Marketing Environment	p. 11
Five Forces in the Entrepreneurial Marketing Environment	p. 12
Environmental Scanning	p. 15
An Environmental Scan of the United States	p. 17
Key Takeaways	p. 18
Entrepreneurial Exercise	p. 18
Key Terms	p. 19
Finding and Evaluating the Right Marketing Opportunity	p. 21
Opportunities Can Be Recognized, Discovered, or Created	p. 22
Characteristics of a Good Opportunity	p. 22
Finding Marketing Opportunities: Where to Look	p. 25
Veiled/Niche Opportunities	p. 29
Evaluating Marketing Opportunities	p. 30
Determining the Extent of the Opportunity: Making Some Market Estimates Using Voice of Consumer Feedback	p. 35
Opportunities and the Business Model	p. 37
Key Takeaways	p. 39
Entrepreneurial Exercise	p. 40
Key Terms	p. 40
Using Marketing Research to Ensure Entrepreneurial Success	p. 43
Marketing Research: Defined	p. 44
Types and Methods of Marketing Research	p. 44
Secondary Data	p. 44
Primary Data	p. 45
Other Research Issues	p. 56
Research Design	p. 56
Sampling	p. 57
Proper Data Collection and Analysis	p. 58
Research Conclusions and Taking Action	p. 58
Designing a Marketing Information System	p. 59
Key Takeaways	p. 59
Entrepreneurial Exercise	p. 60
Key Terms	p. 60
Understanding Customers and Competitors	p. 61
Understanding the Customer	p. 62
Psychological Influences	p. 64
Sociocultural Influences	p. 67
Situational Influences	p. 73
Marketing Mix Influences	p. 74
Business Customers	p. 74
Key Differences and Key Similarities	p. 74
Business Buying Criteria	p. 76
They Buying Center	p. 76
Understanding Competition	p. 77
Key Takeaways	p. 80
Entrepreneurial Exercise	p. 81
Key Terms	p. 81
Segmentation, Targeting, and Positioning	p. 83
Market Segmentation	p. 84
Questions Any Segmentation Analysis Must Answer	p. 84
Additional Requirements for Effective Segmentation	p. 85
Ways to Segment Markets	p. 85
Selecting Target Segments	p. 91
Positioning	p. 94
Perceptual Mapping	p. 95
Key Takeaways	p. 97
Entrepreneurial Exercise	p. 98
Key Terms	p. 98
Developing New Products and Services	p. 101
Types of New Products	p. 101
Types of New Services	p. 103
Characteristics of Successful New Products and Services	p. 104
The New Product/Service Process	p. 106
Idea Generation	p. 107
Screening and Evaluation	p. 109
Business Analysis	p. 109
Development	p. 110
Market Testing	p. 110
Launch	p. 111
Adoption and Diffusion of New Products and Services	p. 112
Managing Your Products/Services Over Their Life Cycles	p. 116
Consider a Different Approach to New Product/Service Development	p. 119
Key Takeaways	p. 120
Entrepreneurial Exercise	p. 120
Key Terms	p. 121
Building and Sustaining the Entrepreneurial Brand	p. 123
What Is a Brand?	p. 124
Why Is Entrepreneurial Branding Important?	p. 124
Characteristics of a Good Brand	p. 125
The Entrepreneurial Branding Process	p. 126
Entrepreneurial Branding Strategies	p. 128
Corporate Branding-Branded House	p. 128
Individual Product/Service Branding-House of Brands	p. 130
Hybrid Branding-Subbranding	p. 130
Other Branding Options	p. 131
The Importance of Brand Equity	p. 131
Creating Brand Equity	p. 132
Valuing Brand Equity	p. 133
Key Takeaways	p. 135
Kentrepreneurial Exercise	p. 135
Key Terms	p. 136
Entrepreneurial Pricing	p. 139
The Pricing Parameters	p. 140
Cost-Based Pricing	p. 141
Competition-Based Pricing	p. 143
Customer-Based Pricing	p. 144
Some Entrepreneurial Pricing Advice	p. 146
Key Takeaways	p. 149
Entrepreneurial Exercise	p. 149
Key Terms	p. 149
Entrepreneurial Channel Development and Supply Chain Management	p. 151
Understanding Channels	p. 153
Channel Options	p. 153
Direct Channel	p. 153
Indirect Channel	p. 155
Multichannel	p. 155
Channel Drivers	p. 157
Choosing a Channel Strategy	p. 158
Three Channel Design Imperatives	p. 161
Formalized Channel Arrangements	p. 162
Supply Chain Management	p. 163
Key Takeaways	p. 164
Entrepreneurial Exercise	p. 165
Key Terms	p. 166
Entrepreneurical Promotions: Doing More With Less!	p. 167
Promotion	p. 169
The Role of Promotion	p. 169
The Promotional Mix	p. 169
Advertising	p. 170
Public Relations	p. 173
Sales Promotion	p. 174
Personal Selling	p. 176
Direct Marketing	p. 177
The Integrated Promotion Plan	p. 179
Target Audience	p. 180
Promotion Objectives	p. 180
Promotion Budget	p. 181
Promotional Theme and Message	p. 182
Promotional Mix	p. 183
Execution	p. 185
Control and Evaluation	p. 186
Key Takeaways	p. 188
Entrepreneurial Exercise	p. 188
Key Terms	p. 189
The Entrepreneurial Marketing Plan	p. 191
Difference Between the Venture's Business Plan and the Venture's Marketing Plan	p. 192
The Critical Questions the Marketing Plan Must Address	p. 192
The Anatomy of the Marketing Plan	p. 193
The Executive Summary	p. 194
The Marketing Situation	p. 195
The Marketing Opportunity	p. 196
The Business Model	p. 197
Marketing Objectives	p. 197
Marketing Strategy	p. 197
Operations	p. 199
Marketing Budget/Financials	p. 199
Management Team	p. 201
Evaluation and Control	p. 201
Key Takeaways	p. 202
Entrepreneurial Exercise	p. 203
Key Terms	p. 203
Appendix A-Sample Entrepreneurial Marketing Plan	p. 205
Index	p. 229
About the Author	p. 245
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