Define EntrepreneurialMarketingAn organizational function and set of processes forcreating, communicating, and delivering value to customers and formanaging customer relationships in ways that benefit the organizationand its stake holders – American Marketing Assoc.Marketing practices vary on the type of business and the good/service itprovides.
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 multipleaudiences, limitations of time or money
2 Basic Typesof Market Data • What is important toSecondary data customers?– basic info frompublisheddata, moreeconomical It • Buyer willingnessPrimary data – shows..more • Market trendsexpensive, betterinformation. Thinkfocus groups • Location preference
Marketstrategy • Segmentation – defineand customer by commonalitiesframework • 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