Entrepreneurial Marketing at Universität Münster | Flashcards & Summaries

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Lernmaterialien für Entrepreneurial Marketing an der Universität Münster

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The Concept of entrepreneurial Orientation

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Innovativeness 

Proactiveness

Risk taking/seeking 

- Growth is the essence of entrepreneurship, and differentiates entrepreneurial ventures from small business ownerships


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Key Elements of Entrepreneurship

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5 conditions:

-an individual (entrepreneur)

-a market opportunity

-adequate resources 

-a business organization

- a favourable environment

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Definition Marketing

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•Is an “organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” [Keefe, 2004, p.17]
•Core of the marketing concept: the ability of the enterprise to solve the problems of its customers
•Traditionally rests on the concept of (responsive) customer orientation (CO)
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Marketing Advantages of Young Innovative Firms

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•New firms/SMEs are often closer to the customer – they orient themselves more on customer demands and the relevant markets (faster information access)
 à faster information access
•New firms/SMEs often have a rather simple marketing style, but on the other hand also do not have limitations due to formal structures or rules
 à higher flexibility and shorter reaction times (higher flexibility)
•Given their smaller size these firms can create advantages by entering smaller market niches (Monopoly, no competition)
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Definition Entrepreneurship

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•Can be found in young/established enterprises, small/large enterprises or even in the public sector  
•Is a process of value generation through the creation of a unique combination of resources aimed at the utilization of opportunities 
 [Stevenson et al., 1989] 
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Top Down Approach (Traditional Marketing)

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1. Market segmentation
2. Determination of target market
3. Positioning (of the product)
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Bottom-up approach

(Entrepreneurial Marketing)

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1.Identification of market opportunities
2.Attraction of a first customer base
3.Extension of the customer base
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Why is there a need for a marketing approach for small (and new) companies?

(TO DOS)

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  • idea first and the customer later

  • there are big differences in resources (budget, knowledge marketing skills) between established brands and startups  

  • startups try to place product in a nische (protective from bigger companies) 

  • Marketing approaches as we know are made for big companies (resources intensive)

    • we need one for small and new companies

  • Jerry Hills: Startup= Baby     large Company= Adult, not the same wants and needs, can't treat a baby like a small version of an adult

  • new companies also have limited or no reputation (you can risk more)

  • startups are closer to customer which means a shorter reaction time and are more flexible

  • There are many differences between startups and big companies which has advantages and also disadvantages

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TESTE DEIN WISSEN

What do the disciplines of marketing and entrepreneurship have in common? What are the differences? (TO DOS)


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TESTE DEIN WISSEN
  • similarities:

    • both want to fulfill market needs, but it's different how the are dealt with

    • long distance communication (skype fulfilled a big need)

    • customer is centric

    • Marketing & Entrepreneurship can be found in all types of companies

    • want to create value

    • both are innovative

    • both can be creative and proactive

tr to increase sales (growth) and (or) to make people aware of it

  • differences: 

    • marketing is a business function, entrepreneurship is a process/mindset/way of thinking and not a business function

Lösung ausblenden
TESTE DEIN WISSEN

What is the concept of entrepreneurial orientation? How can it be used to determine the level of entrepreneurship within a firm? (scale of invention) (TO DOS)


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TESTE DEIN WISSEN
  • Innovativeness (new and fill a market need)

    • new concept/ product, different levels of newness (starbucks, bar, AI-tool), fulfill a market need

  • Proactiveness:

    • without asking anyone, assuming that there is a need, thinking ahead (sell umbrella before the rain starts), close to innovativeness

  • Risk seeking/taking: 

    • put money into sth. without being sure, that people want it (so much uncertainty) investing resources, always a continual


  • Not every startup is entrepreneurial (bar or electric car company)

  • Large established companies could be entrepreneurial (apple with air pods), but many loose their innovativeness

  • Entrepreneurial orientation measurement:

    • the more entrepreneurial a company is, is correlated to the success of a company, can apply to companies of any size and age

    • Indicators - number of ideas

Lösung ausblenden
TESTE DEIN WISSEN

Within entrepreneurial marketing, why is it important to distinguish between new, small and innovative firms? (TO DOS)


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TESTE DEIN WISSEN
  • new, small and innovative - 3 categories are different from each other, in this case all 3 have to be fulfilled 

  • The concept of entrepreneurial orientation: Innovativeness, Proactiveness, Risk-seeking/taking - “growth is the essence of entrepreneurship and differentiates entrepreneurial ventures from small business owners”

  • small firm has not to be a new firm 

    • small have a reputation and a new firm can be large

  • Innovativeness depends on what you do

Lösung ausblenden
TESTE DEIN WISSEN

The Importance of Networks for Entrepreneurs


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TESTE DEIN WISSEN
•To acquire needed resources (resource scarcity!) 
 à EO stimulates networking (Eggers et al. 2013)
•To find customers, to learn from customers (see resource acquisition and opportunity discovery)
•To test products
•To spread the word

. To innovate 

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Q:

The Concept of entrepreneurial Orientation

A:

Innovativeness 

Proactiveness

Risk taking/seeking 

- Growth is the essence of entrepreneurship, and differentiates entrepreneurial ventures from small business ownerships


Q:

Key Elements of Entrepreneurship

A:

5 conditions:

-an individual (entrepreneur)

-a market opportunity

-adequate resources 

-a business organization

- a favourable environment

Q:

Definition Marketing

A:
•Is an “organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” [Keefe, 2004, p.17]
•Core of the marketing concept: the ability of the enterprise to solve the problems of its customers
•Traditionally rests on the concept of (responsive) customer orientation (CO)
Q:

Marketing Advantages of Young Innovative Firms

A:
•New firms/SMEs are often closer to the customer – they orient themselves more on customer demands and the relevant markets (faster information access)
 à faster information access
•New firms/SMEs often have a rather simple marketing style, but on the other hand also do not have limitations due to formal structures or rules
 à higher flexibility and shorter reaction times (higher flexibility)
•Given their smaller size these firms can create advantages by entering smaller market niches (Monopoly, no competition)
Q:

Definition Entrepreneurship

A:
•Can be found in young/established enterprises, small/large enterprises or even in the public sector  
•Is a process of value generation through the creation of a unique combination of resources aimed at the utilization of opportunities 
 [Stevenson et al., 1989] 
Mehr Karteikarten anzeigen
Q:

Top Down Approach (Traditional Marketing)

A:
1. Market segmentation
2. Determination of target market
3. Positioning (of the product)
Q:

Bottom-up approach

(Entrepreneurial Marketing)

A:
1.Identification of market opportunities
2.Attraction of a first customer base
3.Extension of the customer base
Q:

Why is there a need for a marketing approach for small (and new) companies?

(TO DOS)

A:
  • idea first and the customer later

  • there are big differences in resources (budget, knowledge marketing skills) between established brands and startups  

  • startups try to place product in a nische (protective from bigger companies) 

  • Marketing approaches as we know are made for big companies (resources intensive)

    • we need one for small and new companies

  • Jerry Hills: Startup= Baby     large Company= Adult, not the same wants and needs, can't treat a baby like a small version of an adult

  • new companies also have limited or no reputation (you can risk more)

  • startups are closer to customer which means a shorter reaction time and are more flexible

  • There are many differences between startups and big companies which has advantages and also disadvantages

Q:

What do the disciplines of marketing and entrepreneurship have in common? What are the differences? (TO DOS)


A:
  • similarities:

    • both want to fulfill market needs, but it's different how the are dealt with

    • long distance communication (skype fulfilled a big need)

    • customer is centric

    • Marketing & Entrepreneurship can be found in all types of companies

    • want to create value

    • both are innovative

    • both can be creative and proactive

tr to increase sales (growth) and (or) to make people aware of it

  • differences: 

    • marketing is a business function, entrepreneurship is a process/mindset/way of thinking and not a business function

Q:

What is the concept of entrepreneurial orientation? How can it be used to determine the level of entrepreneurship within a firm? (scale of invention) (TO DOS)


A:
  • Innovativeness (new and fill a market need)

    • new concept/ product, different levels of newness (starbucks, bar, AI-tool), fulfill a market need

  • Proactiveness:

    • without asking anyone, assuming that there is a need, thinking ahead (sell umbrella before the rain starts), close to innovativeness

  • Risk seeking/taking: 

    • put money into sth. without being sure, that people want it (so much uncertainty) investing resources, always a continual


  • Not every startup is entrepreneurial (bar or electric car company)

  • Large established companies could be entrepreneurial (apple with air pods), but many loose their innovativeness

  • Entrepreneurial orientation measurement:

    • the more entrepreneurial a company is, is correlated to the success of a company, can apply to companies of any size and age

    • Indicators - number of ideas

Q:

Within entrepreneurial marketing, why is it important to distinguish between new, small and innovative firms? (TO DOS)


A:
  • new, small and innovative - 3 categories are different from each other, in this case all 3 have to be fulfilled 

  • The concept of entrepreneurial orientation: Innovativeness, Proactiveness, Risk-seeking/taking - “growth is the essence of entrepreneurship and differentiates entrepreneurial ventures from small business owners”

  • small firm has not to be a new firm 

    • small have a reputation and a new firm can be large

  • Innovativeness depends on what you do

Q:

The Importance of Networks for Entrepreneurs


A:
•To acquire needed resources (resource scarcity!) 
 à EO stimulates networking (Eggers et al. 2013)
•To find customers, to learn from customers (see resource acquisition and opportunity discovery)
•To test products
•To spread the word

. To innovate 

Entrepreneurial Marketing

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