Entrepreneural Marketing Flashcards
- Name 5 top reasons why startups fail according to the lecture.
- No market need
- Got outcompeted
- Pricing/cost issues
- Poor marketing
- Ignore customers
- Give a definition of market, the actors who determine the market according to Homburg
(2017).
A market is the place where a supply of products meets the demand for those products, which creates a price.
Actors; Buyers and Providers
- Give a definition of marketing according to the American Marketing Association (2017).
Marketing is the activity, set by institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
- Name the 4 P’s of the Marketing Mix according to Hisrich & Ramadani (2017). List at least
three examples, according to the Lecture.
- Product; quality, brand, design
- Price; list price, discount, payment terms
- Promotion; advertising, sales promotion, direct marketing
- Place; locations, distribution channels, coverage
- Name the three Key Challenges of New Ventures and the explanation for each.
- Liability of Newness
Stinchcombe (1965) argues liabilities of newness lead to higher failure rates
of new firms compared to older ones. New firms have to create new
processes, new relationships, and have a lack of reputation and experience.
Clear empirical support (Freeman et al. 1983). - Liability of Smallness
New ventures usually start off with few employees and limited financial
resources. Their ability to sustain economic downtrends is limited. They
encounter critical gaps in required skills. Smallness is negatively correlated
with survival rates. (Aldrich & Auster 1986) - Uncertainty and Turbulence
Uncertainty is directly connected to a valuable opportunity.
- What is market segmentation according to Wendell Smith (1956)?
Market segmentation involves:
- heterogeneous markets as a number of smaller homogeneous markets
- in response to differing preferences
- to the desires of consumers, for more precise satisfaction of their varying wants.
- Name the different categories of customers and list the three mentioned characteristics.
High Level Categories
▪ B2C: Business to Consumer
▪ B2B: Business to Business
▪ B2G: Business to Government
▪ B2H: Business to Healthcare
Characteristics
▪ Customer facing processes are completely
different
▪ Product definition, delivery, pricing is
different
▪ Sales processes are different
- How is Value and the Value proposition defined in the lecture (inspired by Byers et al. 2011)
- Value is the worth, importance, or usefulness to the customer.
- A value proposition is a promise of value to be delivered,
communicated, and acknowledged.
- What are the five dimensions of value of an offering according to Byers et al. (2011)? Name an
example each.
- Product; performance
- Price; fair
- Access; convenient
- Service; ordering
- Experience; intimacy
- Give the definition of a ‘job’ and its three characteristics according to the Job to be done
theory (Ulwick 2016).
A job is the progress a customer seeks in particular context.
3 characteristics;
- A job is stable; it doesn’t change over time.
- A job has no geographical boundaries.
- A job is solution agnostic (a solution that’s able to interact with any system or product in the same category).
- What is a desired outcome according to Ulwick (2016)? Rephrase the three listed
descriptions of the lecture.
Desired Outcome Statements measure the success when getting a job done.
- What are the three approaches to determine the price of an offering?
- Cost-based
- Competition-based
- Value-based
- What are the three steps of the Strategic Marketing Process?
- What are the five stages of innovation diffusion according to Roger (1983) & Moore (1991)?
- What are the four questions asked in the method described by van Westendorp (1976)? What
are the key statements of those?
- At what price would you consider the produce so expensive that you would not consider buying it? (Too expensive)
- At what price would you consider the produce to be priced so low that you would feel the quality could not be very good? (Too cheap)
- At what price would you consider the produce starting to get expensive, so that it is not out the question, but you would have to give some thought to buying it? (Expensive/High Side)
