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Full Description
How do you sell an innovative product to a market that does not yet exist? Entrepreneurial businesses often create products and services based on radically new technology that have the power to change the marketplace. Existing market research data will be largely irrelevant in these cases, making sales and marketing of innovative new products especially challenging to entrepreneurs.Entrepreneurial Marketing focuses on this challenge. Classic core marketing concepts, such as segmentation, positioning and the marketing mix undergo an 'extreme makeover' in the context of innovative products hitting the market. Edwin J. Nijssen stresses principles of affordable loss, experimentation and adjustment for emerging opportunities, as well as cooperation with first customers.Containing many marketing examples of successful and cutting edge innovations (including links to websites and videos on the Internet), useful lists of key issues and instructions on how to make a one-page marketing plan, Entrepreneurial Marketing: An Effectual Approach provides a vital guide to successfully developing customer demand and a market for innovative new products.This second edition has been thoroughly expanded with:a one-page marketing plan which now focuses on the three entrepreneurial challenges that can be easily adapted;coverage of the customer development process; andupdated references and new examples.This book provides students and entrepreneurs with the fundamental tools to succeed in marketing.
Contents
Table of contentsPreface1. Using marketing to create a new business with radically new product ideas1.1. Entrepreneurship and radically new ideas: The need for effectuation1.2. Developing your business model1.3. Products don't sell, solutions do!1.4. Defining marketing and sales1.5. Beyond stereotypes 2. Identifying an application and market2.1. Entrepreneurship as opportunity seeking2.2. Evaluation criteria of the experienced entrepreneur2.3. The particular role of marketing2.4. Developing your bowling pin model2.5. Managing the development of the first application3. Segmentation and positioning to maximise the value of a new technology and product application3.1. Conceptualising the market3.2. The importance of customer segmentation3.3. Understanding customer value3.4. Targeting using effectuation3.5. Developing a positioning statement3.6. Validation: customer feedback and iteration3.7. Using technology push and market pull4. Adoption, diffusion, and understanding lead customers4.1. The technology adoption life cycle4.2. Penetration and diffusion4.3. Understanding lead customers4.4. A detailed view of how innovators adopt4.5. Anticipating and preventing chasms4.6. Reasons why customers postpone or resist adoption5. Competitive and market considerations5.1. Different levels of competition5.2. Anticipating competitor reactions and avoiding head-on competition5.3. Change from inside or outside the industry5.4. Network products and their particularities5.5. Guidelines for performing market research6. The customer development process6.1. The need for creating customer buy-in6.2. New product development versus customer development6.3. Steps of the customer development process6.4. Different customer roles6.5. The relationship with the business model7. Developing a marketing and sales programme7.1. A one-page marketing and sales plan7.2. Content of the plan7.3. Marketing instruments7.4. Product: Designing a product application and product line 7.5. Price: How to set your price7.6. Promotion: Creating awareness with a limited budget7.7. Place: Obtaining market access8. The role of sales in customer development8.1. The sales learning curve8.2. Sales as knowledge broker for innovation8.3. Sales process and activities: developing customer relationships8.4. Developing the sales message8.5. Managing customer expectations9. Developing the new firm's marketing and sales capabilities9.1. Developing the commercial competencies of the new firm9.2. Marketing and sales capabilities for the survival and growth stages9.3. Marketing capabilities' specific contribution to business processes9.4. Implement, evaluate, and improve the one-page marketing and sales plan9.5. Concluding remarkReferences
