chapter 9 v2 - Entrepreneurship 9 Marketing in a New...

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9 Entrepreneurship Marketing in a New Venture
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9-2 “Advertisers are the interpreters of our dreams - Cont’d as: - Joseph interpreting for Pharoah. Like the movies, they infect the routine futility of our days with purposeful adventure. Their weapons are our weaknesses: fear, ambition, illness, pride, selfishness, desire, ignorance. And these weapons must be kept as bright as a sword." E(lwyn) B(rooks) White (1936), Note: E.B. White wrote Charlotte’s Web, Stuart Little, and co-authored Elements of Style, the widely used English writing guide.
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9-3 Agenda How entrepreneurs assess markets and customers needs How markets grow and change over time, i.e., market dynamics How entrepreneurs achieve market acceptance Adoption patterns Guerrilla marketing
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9-4 Foundation of Marketing Make sure there is a real need Assess customer preferences Identify key dimensions of customer needs that the product or service will meet
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9-5 Real Need Successful products and services are based on real customer needs. A real need exists when customers have a problem that needs to be solved and no existing products or services can do this. Q: State of the Art Business Challenge
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9-6 Determining Need Identify problem (successful entrepreneur s identify real customer needs) Formulate solution (what’s our creative solution to the problem?) Evaluate feasibility ( Can it be offered at a price acceptable to customers?) Identify alternatives (How are/could the customers solve their problems? Is our solution better?
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Assessing Customer Preferences Evaluate target market. Determine the type of new product or service you’re developing. Is your solution to customer needs
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chapter 9 v2 - Entrepreneurship 9 Marketing in a New...

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