Summary: Marketing For Entrepreneurs : Concepts And Applications For New Ventures | 9781452230047 | Frederick G Crane, et al

Read the summary and the most important questions on Marketing for entrepreneurs : concepts and applications for new ventures | 9781452230047 | Frederick G. Crane, Northeastern University.

• 1 Marketing in an entrepeneurial context

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• What is the purpose of an enterprise?

  The creation and retention of satisfied customers.

• What is marketing's role in creating and retaining satisfied customers?

  It is marketing that enables you to discover, create, arouse, and satisfy customer needs and wants.

• 1.1 Marketing: defined

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• What are the seven steps in the marketing process to create and sustain a successful venture?

  1) Identify and understand customer needs

  2) Develop products, services, or experiences to meet those needs

  3) Price the products, services, or experiences effectively

  4) Inform customers that these products, services, or experiences exist

  5) Deliver the products, services, or experiences efficiently and conveniently for the customer

  6) Ensure customer satisfaction during and after the exchange process

  7) Build long-term relatoinships with the customers

• 1.2 Using marketing to discorver and satisfy customer needs

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• What is your marketing mix?

  What gets integrated into a tangible marketing program that your business will use to gain and keep customers. For product-based ventures, your marketing mix consists of 5 p's, for a service-based venture, the marketing mix consists of 8 p's

• 1.2.4 How social media is changing the entrepeneurial game

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• According to Crane, what are the components of social media?

  1) Social platforms: the social networks/communities created by individuals and/or organizationssuch as Facebook.

  2) Social content: the blogs, photo, audio, and video sharing offered on these platforms

  3) The overall social interactions taking place among members on these platforms

• 1.3 The external marketing environment

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• A host of factors or forces in the marketing environment are largely beyond the control of the entrepeneur. These forces can be placed into five groups. Name them!

  Social, economic, technological, competitive, and regulatory forces.

• 1.3.2 Environmental scanning

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• Why do enterpreneurs engage in environmental scanning?

  To uncover opportunities that others may miss or ignore.

• 2 Finding and evaluating the right marketing opportunity

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• 2.1 Opportunities can be recognized , discovered, or created

• What is opportunity recognition?

  With opportunity recognition, the entrepeneur recognized (deduces) that supply and demand are known to exist. The entrepeneur simply matches up supply and demand through an existing firm or a new firm.

• How does opportunity discovery work?

  With opportunity discovery, the entrepeneur inductively determines that either supply or demand exists (not both) and the other side has to be discovered.

• How does opportunity creation work?

  With opportunity creation, the process used by the entrepeneur is abductive (inference), and neither supply nor demand exists in any obvious manner and one or both may have to be created.