They make this pitch using cheap and accessible tools including viral videos, Tweets, Facebook pages, and email marketing. Any and all marketing strategies can be considered as long as they produce results. See also Guerrilla Marketing. Entrepreneurial marketing is best defined by the types of companies that use it.
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The easiest way to identify an entrepreneurial marketing effort is to look at the company doing the marketing. Start ups and emerging companies use entrepreneurial marketing to help establish themselves in emerging industries. It is important to distinguish these businesses from small businesses. While they do start small, their goal is to grow rapidly and to become major players in their industry as quickly as possible.
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This is drastically different from a restaurant or machine shop that may be content to stay small forever. Growth is the primary goal of entrepreneurship, and marketing is the primary means for growth. See also Expeditionary Marketing. The marketing strategies used by emerging business are not unique to them though. In fact, many major companies use some of the same strategies.
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Nike and Burger King have both used viral marketing to great effect. Major businesses use these strategies out of opportunity while entrepreneurs use them out of necessity. By highlighting this innovative service in their marketing, they were able to reassure customers who were unsure about buying shoes they could not try on. They now sell millions of dollars worth of shoes every year. In , a college student named Michael Dell decided to found a computer company.
Today it is one of the largest and best known computer companies in the world. Below are some of the steps that Dell took in its earliest stages to get noticed in the computer market. Marketing plans can only develop after a company determines several aspects about their business model. They must understand the core mission of the company, which customers they will target, and who their competitors are.
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Making a careful self-analysis can help emerging businesses define their place in the market and set realistic goals. The type of business a start-up strives to be will also affect its marketing decisions. The details of the plan will depend largely on the particular marketing strategy that a company chooses. The strategies of relationship marketing are significantly different than viral marketing See also Relationship Marketing.
It is important to define which type of marketing to focus on, and then concentrate all efforts in that area. A comprehensive marketing plan helps companies to maintain this focus as they revise their strategies. Most marketing plans do not cover more than a year's worth of time because start-ups face such uncertain circumstance, requiring businesses to be flexible and open to quick changes.
Entrepreneurial marketing plans are based on input from every aspect of the company -- from production, to finance, to personnel.
In order to succeed, start-ups should work in a coordinated way to use their resources as efficiently as possible. Marketing decisions must reflect the real world circumstances facing the company. Metrics used to evaluate the marketing plan should reflect the goals of the company. These goals can range from maximizing profits, to reaching the broadest customer base, to redefining a particular market. Each goal will require a different marketing strategy and be evaluated on different terms.
Emerging companies have to set quantitative targets for themselves and then revise their strategies if those targets are not met. Otherwise, growth is impossible. Product managers are most common in businesses that offer multiple retail products. They are responsible for developing new and existing products based on market research and the company's goals.
Product managers will work closely with marketing professionals to better align a company's offerings with their market position. While not explicitly a marketing position, product managers are very concerned with what will sell and how best to sell it.
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The education required of a product manager depends largely on the industry they work in. Their role in the business world is difficult to overstate.
Despite this, there is a high failure rate among smaller organizations, which can be explained to a significant degree by a lack of marketing understanding in this sector. Introducing the importance of marketing to entrepreneurial firms this book guides the student through the fundamentals of marketing within the SME context, providing a more value-added learning experience than your standard marketing run-through.
The authors deal directly with "people issues" i. This new and lively textbook provides a fresh and unfettered approach for marketing students who require a more real-world understanding of the impact of their discipline on entrepreneurial firms. The growing student body involved with studying entrepreneurship will also benefit from the customer insight offered by this approach.
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