Midterm 1 Study Guide GOOD

Midterm 1 Study Guide GOOD - Introduction to Marketing in...

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Introduction to Marketing in New Ventures Challenges of the Entrepreneurial Environment 1. Liability of newness 2. Low financial resources 3. Demand for creativity/novelty 4. Unique levels of uncertainty/ambiguity 5. Unexpectedness 6. New ventures as vehicle of personal values, dreams, ideas Entrepreneurship – a process by which individuals pursue opportunities without regard to resources they currently control A way of thinking and acting that is opportunity obsessed, holistic approach, and leadership balanced for the purpose of value creation A person who creates a new venture in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them Anyone, regardless of age, race, gender, color, national origin, or any other characteristics can become an entrepreneur, although not everyone should be one New Venture – start-up, small enterprise, business, organization, company, firm A. “Old” Venture – resources availability, luxury of waiting for long-term , many decision makers, “get done” mentality, goal is to lead or dominate in the industry, inflexibility, impersonal customer contact, the rates of change and annual growth are normally small, less impacted by external forces B. “New” Venture – resource poverty, worry about short-term, one person makes decisions, “do it yourself” mentality, flourish by gaining a slice of an industry, flexibility/speed, personal customer contact, the rates of change and growth are substantial, more impacted by external forces An undertaking that is dangerous, daring, or of uncertain outcome A business enterprise involving some risk in expectation of gain Successful entrepreneurs learn to fail intelligently Entrepreneurs are not paralyzed by the prospect of failure Failure is a natural part of the creative process Marketing in New Ventures 1. Product – helps develop products that market wants 2. Price – helps ensure that the customers perceive the incremental and superior value and that customers will pay for the product 3. Place – helps get products to customers 4. Promotion – helps target and communicate the product to the right customers and to potential investors
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5. People – helps recruit and retain best talent and helps network successfully with different stakeholders Marketing and sales creates value to help entrepreneur bring product to customers Survival Rate is Low - ¼ businesses only survive => 25% in the next 10 years Experimental Marketing Traditional Marketing – focus on functional features and benefits, product category and competition are narrowly defined, customers are viewed as rational decision makers, methods and tolls are analytical/quantitative/verbal Brand as Identifiers (Brand = ID) o Brand names, logos, and slogans o Awareness and image Experimental Marketing – focus on customer experiences, consumption as a holistic experience of
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Midterm 1 Study Guide GOOD - Introduction to Marketing in...

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