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Entrepreneurial Marketing Strategies for Value Creation

Explore the role of marketing in entrepreneurship, analyzing a guest speaker's agency model, marketing program evaluation, and strategic planning for competitive advantage in new ventures.

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Entrepreneurial Marketing Strategies for Value Creation

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  1. ENT422: The Role of Entrepreneurship in Value Creation in Large and Small EnterprisesLecture 7

  2. Guest Speaker:Lauren DixonCEO, Dixon Schwabl • What were the motivating factors in Lauren’s decision to start the agency? • What are the agency’s distinct competencies? Are they sustainable over time? • Evaluate the marketing program of the agency. What are its Strengths? Weaknesses? • What is your assessment of Lauren’s plan to increase the billings of the company? What would you suggest?

  3. Developing a Winning Marketing Plan for a New Venture Reading: Baron, Chapter 9 Marketing in a New Firm

  4. Third Step ofEntrepreneurial Process Launching a New Venture

  5. Assume that … • The “IDEA” is an “OPPORTUNITY” adding value to the user; • The “RESOURCES” have been assembled including the TEAM – and Risk/Rewards are in balance. Now – MARKETING becomes an important COMPONENT in developing a successful venture.

  6. Recall the Marketing Promotion Mix Consists of … • Sales Promotion • Advertising • Sales Force – Personal Selling • Public Relations • Direct Marketing

  7. Personal Selling is the Central Component of Entrepreneurial Marketing • Direct personal selling is the entrepreneur’s most important tool • More valuable than advertising and other marketing – mix devices used by established companies • They are developed later

  8. Effective Personal Selling is Developed By Following These Steps: • First, generate interest in a product/service by meeting a need of a customer or prospect; • Second, identify the requirements for purchasing the offering; • Third, overcome objections to a purchase by answering questions; • Fourth, close the sale by asking for the order; • Fifth, service after the sale is completed – a most important step.

  9. ScrubaDub Case is DueClass Discussion of the Following Questions • What type of marketing philosophy has ScrubaDub adopted? Do you think this is the best choice? Why or why not? • What methods of market research were used by ScrubaDub? What additional research could it do to better understand its customers? • Do you think the promotional activities of ScrubaDub could be improved and or extended? Explain. • What kind of forecasting method do you believe would be most appropriate to estimate ScrubaDub’s market potential?

  10. Workshop • Exercise 6 should be handed in. Groups will be asked to report in class on results. • Work on exercises 7 & 8. Exercise 8 should be handed in at the next class.

  11. Assignment for November 9 • Lecture: Planning for a Competitive Advantage in a New Venture Reading: Baron Chap. 10 Strategic Planning for Competitive Advantages • Workshop Exercises 7 & 8 should be completed. Exercise will be due and will be discussed in class.

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