ENT 526 Chapter 5: Chapter 5 - Entrepreneurial Marketing

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 526
• Professor: Sean Wise

Document Summary

Marketing is important because no venture can become established and grow without a customer market. The four p"s of marketing: product, price, place (distribution) and promotion the entire marketing system is the process of designing from product and price to distribution and communication. An important part of gaining the markets acceptance is building brand awareness, which, depending on the stage of the venture, may be weak or even nonexistent. Entrepreneurial companies has limited resources, financial as well as managerial. Don"t have the option of hiring experienced marketing managers. The companies have little or no share and a confined geographic market presence: entrepreneurs usually are restricted in their access to distributors both wholesalers and retailers. On the customer side, entrepreneurs struggle with low brand awareness and customer loyalty, both of which must be carefully cultivated. Companies frequently assume that their products will be embraced by enthusiastic consumers when, in reality, consumer inertia prevents most new products from being accepted at all.