Entrepreneurial MarketingBy: Jill Hankemeier

Define Entrepreneurial MarketingAn organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders – American Marketing Assoc.

Marketing practices vary on the type of business and the good/service it provides.

Why marketing?• Establishes a

customer market• Differentiates the

product/service • Gains customer

approval – brand loyalty

Must be able to adjust marketing gears to

attract new customers.

Marketing challengesBiased decision-making, poor relationships with multiple audiences, limitations of time or money

It shows..

• What is important to customers?

• Buyer willingness

• Market trends

• Location preference

2 Basic Types

of Market DataSecondary data – basic info from published data, more economicalPrimary data – more expensive, better information. Think focus groups

Market strategy and framework

• Segmentation – define customer by commonalities

• Targeting – compare customer segmentation to choose most attractive target audience

• Positioning – position brand to be a positive perception in customer’s mind

Must align with business capability

and resources.

The marketing mix: the 4 P’s

• Product strategy • Pricing strategy • Promotion strategy • Place strategy

Communicate value

• Advertising• Sales• PR• Guerilla marketing

Understand and influence customer’s decision making process:Awareness Perceptions Preference Choice Satisfaction Loyalty

Guerilla marketing

• Non-traditional, grassroot• Word-of-mouth, ‘buzz’ marketing• Gain customer attention• Build brand awareness

etsy.com

References

• http://www.amctv.com/wp-content/uploads/2011/03/mm-season-1-key-art-590.jpg

• http://4.bp.blogspot.com/-Kae7Rmc6bo0/T5lsDe1oNTI/AAAAAAAAKns/9FWNXoST0YE/s1600/madmen.jpg

• http://fc04.deviantart.net/fs46/f/2009/218/3/6/Madmen_Silhouette_2_by_dot_te.jpg

• Elenemigocomun.net• http://blogs.artinfo.com/artintheair/files/2012/02/20

1201_madmen2.jpg

• http://3.bp.blogspot.com/-c3ZwEp6NVfI/Ty9DNoSTaDI/AAAAAAAABB0/ZPs-ndO-CfE/s640/MadMenWhale.jpg.CROP.article568-large.jpg

• http://farm8.staticflickr.com/7117/6863036942_94341c9941.jpg

• http://2.bp.blogspot.com/-1GB9nQrk4fQ/T4GEWhaIrmI/AAAAAAAAA58/nx1bNZUN12k/s400/image.jpg