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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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Index

Robert D. Hisrich and Veland Ramadani

3Cs (costs, competition, and consumers) 111
4As (acceptability, affordability, accessibility, and awareness) 3, 15, 16
4Cs (consumer needs, consumer cost, convenience, and communication) 2, 14, 1516
4Os (objects, objectives, organization, and operations) 3, 15, 16
4Ps (product, price, place (distribution), and promotion) 2, 14, 15
4Vs (validity, value, venue, and vogue) 2, 15, 16
accessibility criterion 67
adoption process 534
advertising 1368
advocacy 138
competitive and comparative 138
institutional 137
objectives of 137
pioneering 137
product 137
advocacy advertising 138
affordable method 1545
agents 119
Ambush marketing 1445
American Marketing Association 3, 10
anticipated conditions 51
Apple Inc. 12
Armstrong, G. 3
aspirational group 489
augmented product level 81
Avon products 11415
awareness, heightened state of 50
B2B (business-to-business) marketing 579
buyer organizational structure 589
channels of distribution 578
industrial sale 59
personal selling 58
pricing 58
B2B e-commerce 126
B2C (business-to-consumer) marketing 459
culture 467
reference group 489
self-concept 456
social class 478
subcultures 47
B2C e-commerce 126
B2E e-commerce 1267
B2G (business-to-government) marketing 557
government as customer 56
government marketing 567
B2G e-commerce 127
bag mentality 9
behavioral costs 96
benefits 94
Berry, Leonard L. 148
Bettencourt, Liliane 7980
Big D Custom Screen Printing 612
The Blair Witch Project 146
Blank, Arthur 268
border tax adjustment 164
brand 913
awareness 91
equity 91
identity 91
loyalty 91
loyalty segmentation 70
quality 91
Branson, Richard 1778
break-even point (BEP) method 1067
bundle pricing strategy 110
bureaucracy 59
Bureau of Transportation Statistics 122
business environment 3
business orientation 10
business plan aspects 179
marketing plan versus 180
buying process, stages 4952
evaluation 51
information search 50
need arousal 4950
post-purchase behavior 512
purchase decision 51
Buzz marketing 1458
C2B e-commerce 126
C2C e-commerce 126
Cantillon, Richard 6
capital requirements 128
captive pricing strategy 110
Carnegie, Andrew 7, 8
case studies
Big D Custom Screen Printing marketing dilemma 612
Computers For The Blind 978
consumer insight 42
funrent.com–success or failure 77
Gentli Shoes 131
Himalayan Java Coffee Shop 1913
Jamie Lloyd and West End Ticket Prices 11112
new business 175
Shoney’s 1567
Versare Inc. 1723
catalog 60
category retailers 119
cents-off coupons 141, 190
Charleston Summit 10
cognitive dissonance 51
Collins, Shelly 1012
commercial sources 50
commodity sampling 67
communication 15, 1714
company mission 183
company’s behavior, customizing 1523
company’s consumers
differentiating 152
identifying 152
interacting with 152
compensation 128
competition 5, 104
competition-based method 155
competition-based pricing 107
competitive forces 289
competitive forces, regulatory factors, economic factors, social trends, and technology (CREST) forces 2830, 41
competitor marketing strategies 73
Computers For The Blind 978
conditions of sale 121
conjoint analysis 108
consumer-based pricing 1078
consumer loyalty 150
potential effects of 150
consumers 104
games 141
insight 42
needs 14
products 82
continuous innovation 12
convenience 14
convenience products 82
conventional stores 118
converted franchise 130
Cooper, Robert G. 40
core benefit level 81
cost advantages 128
cost-based pricing 1047
break-even point method 1067
markup method 1056
“cost of goods sold” (COGS) 104
costs 96, 103
coupon certificates 141
cultural iceberg 167
cultural/social environment 30
culture 467
customer intensity 12
data analysis 40
data collection 3740
data-gathering questioning technique 35
“deal” mentality 10
DeJoria, John Paul (story of rags to riches) 445
demands 4, 29
demographic segmentation 70
department stores 118
description, transaction 67
Deshpande, R. 151
desire 4
“Deutscher Nachhaltigkeitspreis” (German Sustainability Award) 151
development process 40
differential pricing strategy 109
diffusion process 523
communication of innovation 53
innovation 52
newness 52, 53
social system 53
time 53
digital technology 1434
direct marketing 142
disassociate group 49
distribution channel
conditions and responsibilities, defining 121
conflicts 1212
essentials 11617
intensity, defining 12021
distribution channel structure 11821
distribution channel intensity, defining 12021
intermediary type selection 11820
distribution, defined 130
distribution option, franchising 12730
Dorf, B. 152
dynamic pricing strategy 110
e-commerce 1247
B2B 126
B2C 126
B2E 1267
C2B 126
C2C 126
G2B 127
M-commerce 127
types of 1267
economic factors 2930
economic value to consumer 108
economy growth rate 30
Edison, Thomas 7
eMarketer 125, 127
embargo 163
entrepreneurial distribution policy 11432
distribution channel conflicts 1212
distribution channel essentials 11617
distribution channel structure 11821
distribution option, franchising 12730
online selling and e-commerce 1247
physical distribution 1224
entrepreneurial heffalump 6
entrepreneurial market identification 4463
adoption process 534
B2B marketing 579
B2C marketing 459
B2G marketing 557
buying process, stages 4952
diffusion process 523
industrial advertising 60
industrial promotion 6061
key decision-maker 59
product life cycle 55
entrepreneurial market segmentation
consumer market 658
government market 658
industrial market 658
industry and competitive analysis 726
techniques 6872
entrepreneurial marketer 46
entrepreneurial marketing plan 17793
aspects of 18081
versus business plan 180
characteristics of 1813
information needed for 182
outline for 181
entrepreneurial pricing policy 10112
fundamental aspects of 1024
general pricing strategies 10810
methods and factors 1048
entrepreneurial product/service policy 7999
branding 913
labeling 94
new products/services 8991
packaging 934
product definition 8085
product mix 91
product planning and development process 859
purchasing products/services, benefits and costs 946
entrepreneurial promotion policy 13457
entrepreneurs 5, 79, 14, 80, 87, 102, 107, 108
entrepreneurship
aspects of 9
definitions 59
importance of 910
environment 5
environmental turbulence 10
Essaie sur la Nature du Commerce en Général 6
evaluation stage, buying process 51
evaluative group 49
events marketing 1423
exchange process 4
exclusive distribution strategy 121
expansion risk 128
expected product level 81
experiential benefits 956
experimentation 35, 108
export and import 166
export market 163
export purchasing firm 164
external marketing 85
feeling of gratitude 151
finance problems 9
financial environment 170
financial resources 183
fixed costs 1034
fixed-sum-per-unit method 155
flat forecast 1845
focus group 39
Ford Edsel 46
forecasting sales 1839
analogous firm analysis 188
available data nature 187
econometric methodology 188
extrapolation 188
flat forecast 1845
judgment 188
linear trends 1856
models and methodologies 1878
multiple regression 188
multivariate analysis 188
projecting expenses 1889
statistical methodologies 188
time horizon 187
trended forecasts 185
untrended forecast 185
foreign purchaser 164
franchisee 128
franchiser 128
free samples 141
Frontiers of Entrepreneurship Research 10
full-service wholesalers 118
functional benefits 95
funrent.com–success or failure 77
future shock 46
G2B e-commerce 127
general pricing strategies 10810
generation gap 46
generic product level 81
genetically modified organism (GMO) 94
Gentli Shoes 131
geographic segmentation 689
gifts 141
global cultures 168
gratitude 151
Guerrilla marketing 148
examples 149
Harriman, Edward 8
Hills, Gerald 10
Hisrich, R.D. 3, 10
Home Depot 268
horizontal conflict 122
host countries 163
Hughes, J.R. 3
hypermarkets 119
industrial advertising 60
industrial products 83
industrial promotion 6061
industry and competitive analysis 726
assistance 734
competitive company 75
general information 74
government sources 756
industry and market information 75
product/service information 75
search engines 76
trade associations 76
trade publications 76
information 4
active search for 50
collecting 12
search 50
innovation 8, 52
communication of 53
innovators 54
input–output method 189
inspection 66
institutional advertising 60, 137
intensive distribution strategy 120
interactive marketing 85
inter-industry competition 289
intermediaries 116
internal marketing 85
international competition 29
International Council for Small Business 10
international entrepreneurial marketing 16175
communication 1714
culture and 1669
definition of 162
international trade aspects 1649
market entry modes 171
marketing program 16971
terminology 1634
international trade aspects 1649
Internet surveys 40
interviewing or surveying approach 34
intra-industry competition 28
inventory management 123
Jaffe, David 151
Jobs, Steve 12
joint venture 164
Journal of Business Venturing 10
Journal of Consumer Marketing 10
Journal of Research in Marketing and Entrepreneurship 10
just-noticeable difference segmentation 7071
Kapoor, R.J. 3
key buying influencer (KBI) 59, 60
key decision-maker (KDM) 59
key element segmentation 71
Kilby, Peter 6
Kimberly-Clark 93
knowledge of market 128
Kotler, P. 3
labeling 94
laggards 54
Lauterborn, R. 14
legal environment 169
Levinson, Jay Conrad 3, 148
licenses 163
limited-service wholesalers 118
L’Oréal 7980
macro-environment 5
mail survey 39
management contract 164
management expertise 128
management team 183
Marcus, Bernie 268
market 5, 668
characteristics 169
demand 86
entry modes 171
institutions 169
segmentation 5
market-competitive pricing strategy 109
market-penetration pricing strategy 109
market research 3240
data analysis and results interpretation 40
primary data 3440
secondary data 33
market segmentation techniques 6872
brand loyalty segmentation 70
demographic segmentation 70
geographic segmentation 689
just-noticeable difference segmentation 7071
key element segmentation 71
product/service segmentation 71
psychographic segmentation 72
market-skimming pricing strategy 108
marketing
budget 18990
campaigns 14454
definitions 35
interface, importance of 910
marketing decision-making
CREST forces 2830
foundations 2642
market research 3240
Opportunity Assessment Plan 3032
Stage-Gate Process 4041
marketing financial projection 1839
forecasting sales 1839
marketing mix 3, 183
elements of 1415
markup method 1056
master franchise 130
Mateschitz, Dietrich 1345
McConnell, David H. 11415
M-commerce 127
measurability criterion 67
Meenaghan, T. 145
mental energy 96
Milne, A.A. 6
modified Stage-Gate Process 41
monetary costs 96
money refunds 141
Montmartre, Galerie 1012
Moorman, C. 151
Morgan, John Pierpont 8
Morris, H.M. 10, 12
Morrissey, B. 146
multi-channel conflict 122
multinational firm 163
multiple-unit pricing strategy 110
multi-unit franchise 130
Musk, Elon 645
mutual services and duties 121
National Aeronautics and Space Administration (NASA) 57
needs 4, 4950
networking 34
new products/services 8991
company’s viewpoint 9091
consumer’s viewpoint 8990
newness 52, 53
normative group 49
objective-and-task method 155
observation 34, 35
one-level channel 117
The One to One Future 152
one-to-one marketing 1523
online selling 1247
operating and structural controls 130
Opportunity Assessment Plan 3032, 42
order processing 124
organizational innovations 8
packaging 934
partial e-commerce 1245
Paul, Gordon 10
Peppers, D. 152
percentage-of-sales method 155
personal benefits 95
personal interviews 37
personal selling 13940
approaching 140
closing the deal 140
following up 140
pre-approach 140
presenting 140
prospecting 13940
treating objections 140
personal sources 50
physical distribution activities 1224
piggyback franchise 130
pioneering advertising 137
political environment 170
political stability 67
post-purchase behavior 512
predatory pricing strategy 110
premium pricing strategy 110
price, defined 102
pricing policy 121
Pride, M.W. 3
primary data 3440
data collection 3740
gathering data, primary sources 34
questionnaire design 357
research design 345
sample design 35
primary reference group 48
pro forma method 189
proactiveness 1314
product planning and development process 859
concept stage 889
evaluation criteria, establishing 857
idea stage 878
product development stage 89
test marketing stage 89
products
acceptance 128
advertising 137
life cycle 55
planning 40
types 823
products/services 4
components and levels 812
segmentation 71
profitability criterion 67
promotion budget 1546
affordable method 1545
competition-based method 155
fixed-sum-per-unit method 155
objective-and-task method 155
percentage-of-sales method 155
promotion, defined 135
promotion mix elements 13543
advertising 1368
direct marketing 142
events marketing 1423
personal selling 13940
public relations and publicity 1412
sales promotion 14041
promotional pricing strategy 110
psychographic segmentation 72
psychological costs 96
psychological pricing strategy 110
public relations 1412
publicity 142
industrial sales 61
purchase decision 51
pure e-commerce 124
quota 163
rebates 141
Red Bull 1345
regulatory factors 29
relationship marketing 14852
resource leverage 14
retailers 118
Ries, A. 3
risk-taking 13
Rogers, M. 152
royalty 128
sales promotion 14041
sampling 66
satisfaction 151
Schmitt, B. 92
Schumpeter, Joseph Alois 8
secondary data 33
secondary reference groups 48
selective distribution strategy 120
self-concept 456
service heterogeneity 845
service inseparability 84
service intangibility 84
service marketing 835
service perishability 85
Shoney’s 1567
shopping products 83
single-unit franchise 130
social benefits 95
social factors 51
social media 1434
social system 53
social trends 30
socialization 46
specialty products 83
specialty stores 118
Spekman, R.E. 151
Stage-Gate Process 4042
Stewart, Gordon Butch 161
strategic flexibility 12
strategic perspective 12
supermarkets 118
superstores 119
suppliers 183
supply 29
survey 35
tactical perspective 12
tariffs 163
technology 30
telephone interviews 39
temporal costs 96
territorial rights 121
Tesla Motors 645
three-level channel 117
time 53
time line 32
top company advertising budgets 137
trade shows 61
trading company 164
traditional marketing 11, 12
transportation 122
trended forecasts 185
Trout, J. 3
trust 150
turnkey project 163
two-level channel 117
umbrella pricing strategy 110
unique selling propositions (USPs) 31, 88
unsought products 83
untrended forecast 185
US franchisers 129
valuable brands 93
value-added tax 164
value of information 33
variable costs 104
Versare Inc. 1723
vertical conflict 122
viral marketing 146, 1478
Virgin Atlantic Airways 1778
wants 4
warehousing 123
Welsh, Jerry 144
Whitney, Eli 7
wholesalers 118
Wolfe, Robert 151
wow factor 148
Zaltman, G. 151
Zeithaml, V. 85
zero-level channel 116
Zhang, S. 92