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Complete summary Market- and Knowledge-based Entrepreneurship
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Summary Market- andKnowledge-based
Entrepreneurship
Lecture 1 – Basic Marketing Concepts
Marketing
Official definition by the American Marketing Association (2004)
´the activity, set of institutions, and processes for creating, communicating, and delivering
value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders´
Two dimensions of market attractiveness: market potential and competitive situation.
Entrepreneurial marketing
- Driven by Entrepreneurial opportunities // Focusing on relationships Mouth to
mouth, networking etc.
- Marketing (creatin customer value) + Innovation (rethinking) + entrepreneurship (taking
action)
By means of innovation one should
be able to move more from C to B
and continuously form B to A.
Thus, minimizing the
(valuable)difference of competitors
to points of parity, and increase your
points of difference.
‘If entrepreneurship is the soul of a business, marketing is the flesh’
Entrepreneurial marketing was born out of the process of developing different types of
marketing. Trying to cope with uncertainties and limited resources.
Entrepreneurial marketing is relevant in all parts of a product lifecycle and both B2C and B2B
– creating value through networks and innovation.
People with a larger entrepreneurial background tend to question traditional marketing
techniques and excel at using their creativity to maximize resources. Including partners (and
customers) in the innovation by communicating with them during the innovative process. By
,networking entrepreneurial marketing exploits all its opportunities and resources creating
more value for more stakeholders.
Not all customers are the same – differentiate customer segments
Customer values differ per customer(segment) – different customers have different values.
Marketing segmentation - How to differentiate customers?
- Creating customer categories/segments
- Make clear distinctions, select same characteristics – wants/needs
- E.g. age, gender, education, ‘social class’
Targeting – Who is your customer?
- Evaluate attractiveness of segment/category. Prioritize and select (one or multiple
segments
- E.g. variables: size, growth, competition, fit,
Positioning – What do you communicate to your customer?
- Explain your product in terms that your customer cares about, creates value
- Choose and develop your marketing instruments
4P’s – Promoting (communication), Product, Place and Price
Service VS Product
Service Product
Going to the cinema Buying a DVD
Use good (Swapfiets) Own good (buy bike)
Intangible Tangible
Services – often heterogenous, customer is present: production and consumption at the
same time, perishable (non-stockable)
There is no clear distinction between products and services. Some are things can be more
clearly categorised as one or the other, while others reside in a grey/middle area (e.g. fast
food)
Customer Value
, - The perceived benefits minus the costs that the customer receives in return for the
purchase price.
o As perceived by customer, your own opinion does not matter.
- It is about perception; one customer can perceive value different then the other or
change its perception over time.
- Links to Value Propositions
Customers always compares benefits to costs. Value to Price.
To gain customer: Value > Price
- Benefits: functional, emotional, social
- Costs: time, money, learning about the product
ValueYou – PriceYou > ValueAlternative – PriceAlternative
Be better than the next best alternative! – There always is one
It can be hard to pin down the exact
value of a product for a customer.
Emotions such as anxiety can be
impossible to measure but have
large impact. This relates to four
elements of value:
- Functional
- Emotional
- Life changing
- Social impact
When optimally combined you
increase customer loyalty and
growth. The elements of value work
better when the company’s leaders
recognize their ability to spark
growth.
Importance of innovation – if you don’t do it someone else will!
Innovation is the process by which an idea or invention is translated into. Good or service for
which customers are willing to pay.
- Innovation = invention + commercialization.
Innovation is essential in all parts of society. Not only on commercial level but also on non-
commercial. E.g. countries can also benefit from economic growth by being innovative. Small
firms also need to innovate to not be overtaken by larger firms.
Innovation process:
Identifying customer need Identifying (business)opportunity create significant value.
Innovation is not all about creativity, it’s about systematic (business) process that can be
managed to success.
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