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Entrepreneurial Marketing

A Practical Managerial Approach

Robert D. Hisrich and Veland Ramadani

One key for success for the entrepreneur is to obtain sales (revenue) and profits as quickly as possible upon launching the venture. Entrepreneurial Marketing, focuses on all the essential elements to successfully achieve these needed sales and revenues: identifying and selecting the market, determining the consumer needs cost effectively, executing the basic elements of the marketing mix (product, price, distribution, and promotion) and competing successfully in the domestic and global markets by implementing a sound marketing plan. The content is enhanced by numerous examples throughout.
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Robert D. Hisrich and Veland Ramadani

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Robert D. Hisrich and Veland Ramadani

This chapter discusses the importance of entrepreneurial marketing for a new or growing company. In this chapter, the concepts of entrepreneurship and marketing are explained, followed by a discussion of their interface. Then the concept of entrepreneurial marketing and the differences and similarities of traditional and entrepreneurial marketing are presented. The chapter concludes with an introduction to the 4Ps (product, price, place [distribution], and promotion); 4Cs (consumer needs, consumer cost, convenience, and communication); 4Vs (validity, value, venue, and vogue); 4As (acceptability, affordability, accessibility, and awareness); and 4Os (objects, objectives, organization, and operations) of the marketing mix.

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Robert D. Hisrich and Veland Ramadani

This chapter begin with discussion of the five CREST forces of the entrepreneurial marketing environment: competitive forces, regulatory factors, economic factors, social trends, and technology, followed by the discussion of the elements of the Opportunity Assessment Plan. Market research benefits and challenges are also explained. The chapter ends with an overview of the Stage-Gate Process.

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Robert D. Hisrich and Veland Ramadani

This type of marketing focuses on an individual buyer’s behavior, which is influenced and shaped by many forces. Some of these forces are psychological – the instinctive need to feel safe and secure – and others are sociological – the pressure exerted by a peer group to conform. To provide a better understanding of why people behave and purchase the way they do, some of the more important influences of behavior will be discussed.

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Robert D. Hisrich and Veland Ramadani

In this chapter, the concept of a market is expanded by developing the notion that a market means different things depending primarily on the product/service. The product/service classification, attributes, and buying characteristics of each of the three major markets – consumer, industrial, and government – will be discussed.

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Robert D. Hisrich and Veland Ramadani

This chapter discusses product/service, the first element of the marketing mix. The types and features of product/service are presented. After explaining the product planning and development process and elements of the product mix, the chapter concludes with a discussion of the benefits and costs of purchasing certain products/services.

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Robert D. Hisrich and Veland Ramadani

In this chapter, pricing is presented as an element of the overall marketing mix. The chapter begins with discussing the fundamental issues of pricing, such as the definition of pricing; internal factors that affect the overall pricing decisions (objectives of the product and other elements of marketing mix); and basic aspects of pricing: costs, competition, and consumer. Methods of price setting are explained in detail. The chapter concludes with a discussion of pricing strategies: market-skimming, market-penetration, and market-competitive pricing.

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Robert D. Hisrich and Veland Ramadani

This chapter focuses on distribution and distribution channels. It looks at the types of distribution channels, and distribution channel structure. The chapter discusses the selection of the type of intermediary; distribution channel intensity; the conditions and responsibilities of distribution channel members; and conflicts. After presenting physical distribution (transportation, warehousing, inventory management, and order processing), the chapter concludes with discussion of online and e-commerce and franchising as a distribution option.

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Robert D. Hisrich and Veland Ramadani

This chapter focuses on promotion as an element in the entrepreneurial marketing mix. Promotion provides the tools for communication between the company and its consumers. Promotion is first defined and promotion mix elements identified. Several areas such as advertising, personal selling, sales promotions, direct marketing, public relations, publicity, events and experiences are then explained. Social media as a contemporary promotion method will be discussed before the chapter concludes with entrepreneurial marketing campaigns and methods used to determine the promotional budget.