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Veland Ramadani

Exploiting the latest and appropriate literature on the topic, this chapter discusses entrepreneurship based on the Islamic approach and principles. In order to present the connection between Islam as religion and entrepreneurship, several verses from the Holy Qur’an and teachings and traditions of Muhammad (sallallahu alayhi wa salaam – blessings and peace be upon him, hereafter SAW) are presented. This chapter highlights the importance of Islamic context as a driver of entrepreneurial activity. Here are discussed taqwa (faith), knowledge, innovativeness, risk-taking, resource management, financing, business ethics and social responsibility. Recommendations for further research and suggestions are provided. Islam is a monotheistic religion teaching that there is no God but Allah (Subhanahu Wa Ta’ala, hereafter SWT) and that Muhammad (SAW) is the messenger of Allah. According to the Pew Research Center (2017), Islam is the second-largest religion in the world, with over 1.9 billion adherents. The same research foresees that, if the current trends continue, Islam will grow faster than any other major world religion and, by 2050, the number of Muslims will nearly equal the number of Christians around the world. Mecca (Makkah), a city located in the western Saudi Arabia, is the religious centre of Islam, where Muslims make pilgrimages (haj), as one of the basic obligations and pillars of Islam. The Qur’an, which contains the God’s words, is the holy book of Muslims. It includes all the principles and traditions of the Islamic religion (Kayed and Hassan, 2010; Ramadani et al., 2017).

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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.