1. Entrepreneurship Canadian Edition William D
Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise

2. ENTREPRENEURIAL MARKETING
Chapter 5

3. Learning Objectives Why Marketing Is Critical for Entrepreneurs
Learning Objective 5.1 Explain why marketing is critical for entrepreneurs.
Entrepreneurs Face Unique Marketing Challenges
Learning Objective 5.2 Identify the unique marketing challenges entrepreneurs face.
Acquiring Market Information
Learning Objective 5.3 Describe how entrepreneurs acquire market information.
Marketing Strategy for Entrepreneurs
Learning Objective 5.4 Describe the key dimensions and elements of a marketing strategy.
Guerrilla Marketing
Learning Objective 5.5 Describe guerilla marketing.
Marketing Skills for Managing Growth
Learning Objective 5.6 Describe two key marketing capabilities necessary for strong growth.

4. Today’s Key Concepts Marketing vs Sales
Why marketing is hard for startups
How customer development feeds marketing
The Purchasing Process
Guerrilla Marketing
Social Media Marketing
The 4 Ps

5. - American Marketing Association
Marketing Defined…
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large.
- American Marketing Association
Marketing practices vary depending on the type of company and the products and services it sells.

6. Establishes a customer market
Marketing Is Critical
Establishes a customer market
Differentiates product or service to customers
Gains customer acceptance, trust and loyalty
Incites trial and usage
Companies must be able to switch marketing gears quickly to attract new customer segments

7. Entrepreneurs Face Unique Marketing Challenges
Limited by:
Financial and managerial resources
Time
Market information
Muddling decision-making with personal biases and beliefs
Establishes poor relations with multiple audiences

8. Entrepreneurs must acquire market data and information (Pre-marketing)
Four main categories:
Product attributes important to customers
Customer behavior indicating a willingness to pay
Trends
Customer preference locations
Two main types:
Secondary – economical, already published
Primary – collected directly for specific purposes
Groups, survey’s, & experiments

9. Customer Development
Steve Blank

10. Customer Development Questions
Do you have problem x?
Have you tried to solved it? how? what was the result?
How much does problem x cost you?
What does the perfect solution look like?
Does this new product / feature solve your problem x?
How does it solve problem x?
How much would you pay to solve it?
Does this create any new problems?
How does purchasing work in your
What are you currently paying to solve this problem?
What does this product do for you that you cannot live without?
What is your main problem/ pain in this area?
What doesn't this product do for you that you must have?
What part of the problem, if solved, will make the rest of it more bearable?
What is your greatest problem/pain that this product should solve?
What does our product do for you?
How much time/$ do you waste on it?

11. Understand the Customer Choice Process
***new slide

12. Understand the Purchasing Process

13. Marketing strategy means aligning ends, ways, & means
Marketing Strategy Gap or Risk
Strategic Variables
An entrepreneurs’ resources & capabilities (means), and objectives (ends) differ from those of established companies, therefore they must employ different strategies (ways)

14. Consumer Adoption Behaviour
***new slide
Particularly applies to innovative products
Adoption rate can vary (i.e. slower for complex products)

15. Segmentation, Targeting, and Positioning Frame Strategic ‘Ends’
Detect customer segments in your market
Decide which profitable segments to target
Position your offering in the minds of your target segments

16. Segmentation, Targeting, and Positioning Frame Strategic ‘Ends’
Detect customer segments in your market
Decide which profitable segments to target
Position your offering in the minds of your target segments

17. Segmentation, Targeting, and Positioning Frame Strategic ‘Ends’
Detect customer segments in your market
Decide which profitable segments to target
Position your offering in the minds of your target segments

18. The 4 Ps of Marketing

19. Marketing mix = Ways you employ Means to achieve Ends
The 4-P’s are derived from your choice of target segment & positioning
All 4 variables are interdependent…a change to one, may require a change to the others.

20. Guerilla Marketing Is Often Used by Entrepreneurs
It is non-traditional, grassroots, captivating, and viral
It creates word-of mouth and buzz
Why? - Fewer resources require each effort to yield out-sized impact.

21. Types of Guerrilla Marketing
Word-of-mouth marketing: Giving people a reason to talk about your products and services and making it easier for that conversation to take place.
Buzz marketing: Using high-profile entertainment or news to get people to talk about your brand.
Viral marketing: Creating entertaining or informative messages that are designed to be passed along in an exponential fashion, often electronically or by .

22. Social Media Marketing

23. Social Media Plan
Listen – locate customers, assess their social activities, look for small focused audiences
Plan – define business objectives, decide how your brand’s strength’s be extended online
Strategy – identify how and where you will do it, how relationships with customers will change, and who will be leading it
Tools – decide what social tools you will use and how you will monitor activities and measure success

24. Case: Eu Yan Sang International, Ltd.
Which Way Forward for Eu Yan Sang?
As a high-quality producer with a solid distribution base and brand recognition in its home territories, Eu Yan Sang is in a position that many product companies must surely envy. But it cannot rest on its past accomplishments. Management finds itself facing many strategic questions:
Can it successfully leverage its current strengths to the untested markets of China and the United States?
Given its limited resources, how should EYS prioritize its growth initiatives?
What product, branding, pricing, and promotional strategies will make it successful in these very different markets?

25. Recap: Marketing Is A Delicate Balance of Art and Science.
Have a solid, consistent strategy
Adapt your tactics as conditions change (scale)
Focus on the fundamentals
Startups must go guerilla or social due to resource constraints

26. COPYRIGHT
Copyright © 2015 John Wiley & Sons Canada, Ltd. All rights reserved. Reproduction or translation of this work beyond that permitted by Access Copyright (The Canadian Copyright Licensing Agency) is unlawful. Requests for further information should be addressed to the Permissions Department, John Wiley & Sons Canada, Ltd. The purchaser may make back-up copies for his or her own use only and not for distribution or resale. The author and the publisher assume no responsibility for errors, omissions, or damages caused by the use of these programs or from the use of the information contained herein.