MKTG-350 Entrepreneurial Marketing Lecture 2

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Questions and Answers

What is a key characteristic of calculated risk taking in entrepreneurship?

Entrepreneurs rely solely on intuition for making decisions.

Entrepreneurs avoid risks to ensure company stability.

Entrepreneurs always think about new opportunities and assess risks. (correct)

Entrepreneurs only take significant risks when profitability is guaranteed.

How do entrepreneurs perceive the external environment in relation to their ventures?

As a fixed element that offers little room for change.

As a source of definite risks that must be avoided.

As a horizon of possibilities that can be redefined. (correct)

As a competitive barrier that limits their operations.

What does resource leverage in entrepreneurial marketing refer to?

Leveraging resources to maximize potential beyond traditional uses. (correct)

Hiring more employees than necessary to manage resources.

Using excessive personal funding to start a business.

Avoiding the use of external resources to maintain independence.

What might be a consequence of poor calculated risk taking for an entrepreneur?

Potential fatal risks that jeopardize the company's future. Signup and view all the answers

Which of the following is NOT a focus of entrepreneurial proactiveness?

Assuming that current market conditions will remain static. Signup and view all the answers

What is a key initial step in market research?

Defining objectives or purpose Signup and view all the answers

Which of the following describes secondary data?

Facts and figures recorded before the research project Signup and view all the answers

Which method is NOT typically used to gather primary data?

Sales data analysis Signup and view all the answers

What is the main focus of research design in primary data collection?

Simulating real-world marketing situations Signup and view all the answers

In sample design, what is the purpose of identifying non-overlapping elements of the population?

To ensure accurate representation of users and nonusers Signup and view all the answers

Which type of question provides the easiest response for participants in a survey?

Multiple choice questions Signup and view all the answers

Which type of research focuses on gathering data through personal interactions?

Observational research Signup and view all the answers

What critical aspect must entrepreneurs balance during the marketing research process?

The cost of information and its decision-making value Signup and view all the answers

What is the primary goal of data analysis in a marketing context?

To provide information for solving problems and making decisions Signup and view all the answers

Which factor influences consumer buying decisions based on their self-concept?

Culture and aspirations Signup and view all the answers

Which of the following is NOT a component of the buying process?

Product Competition Signup and view all the answers

What is an important aspect that entrepreneurs need to consider in cultural changes?

Cultural views acquired through environmental relationships Signup and view all the answers

Which subculture does NOT generally influence consumer behavior?

Seasonal trends Signup and view all the answers

Which group serves as a reference group that can influence consumer behavior?

Parents and community groups Signup and view all the answers

In the context of market identification, which characteristic is NOT typically associated with social class?

Age Group Signup and view all the answers

Which statement best describes the conclusions and recommendations from data analysis?

They need to be clear, concise, and supported by material. Signup and view all the answers

What is a primary benefit of using ethnographic research?

It gathers data about customer behavior in their natural environment. Signup and view all the answers

Which survey method is considered to have the best speed of collection?

Online Surveys Signup and view all the answers

What major limitation is associated with mail surveys?

They are often slow in collecting information. Signup and view all the answers

Which statement best describes the purpose of lead users in research?

They are early adopters who influence product development. Signup and view all the answers

How can social media be most effectively used in marketing research?

To monitor customer sentiment and engagement. Signup and view all the answers

What is the primary focus of entrepreneurial marketing?

Creating new markets through customer influence Signup and view all the answers

How does traditional marketing typically view risk?

As a factor to be managed with precision Signup and view all the answers

What do entrepreneurial marketers emphasize in their approach compared to traditional marketers?

Passion and commitment in marketing efforts Signup and view all the answers

Which statement best describes the resource strategy in entrepreneurial marketing?

Opportunity is pursued regardless of available resources Signup and view all the answers

What role does marketing play in the context of the entrepreneurial process within an organization?

Marketing is viewed as a cross-disciplinary pursuit Signup and view all the answers

Which of the following is NOT one of the six elements of entrepreneurial marketing?

Continuous efficiency Signup and view all the answers

What approach do entrepreneurial marketers typically take with market research?

Skeptical use of conventional survey research Signup and view all the answers

What is a characteristic of the marketing approach in traditional marketing?

Marketing supports innovation efforts from other areas Signup and view all the answers

Which statement best describes the attitude entrepreneurial marketers have towards customer relationships?

The firm should build strong relationships for new value creation Signup and view all the answers

Which best describes a main objective of traditional marketing?

To minimize risk and focus on existing customers Signup and view all the answers

Study Notes

Housekeeping

First case due on September 19, profile Brad Neff's Rolling Thunder Power Washing.
Prepare questions related to business and marketing tactics for the class interview.
Team project starting November 14 involves researching an entrepreneur or small business, ideally through interviews, and integrating class concepts.

Traditional vs. Entrepreneurial Marketing

Traditional marketing reacts to the market, while entrepreneurial marketing aims to shape and lead it.
Focus of traditional marketing is on efficient management of existing markets; entrepreneurial seeks to create new market opportunities.
Risk is minimized in traditional marketing; entrepreneurial marketing embraces risk as a pathway for innovation and opportunity management.
Traditional marketing relies on established metrics and accepted formulas; entrepreneurial welcomes unconventional methods and creativity.
In traditional settings, marketing supports other functional areas; in entrepreneurial contexts, it drives innovation across disciplines.

Six Elements of Entrepreneurial Marketing

Customer Intensity: Emphasizes passion and enthusiasm in marketing efforts.
Continuous Innovation: Involves generating and adapting new ideas for products and processes.
Strategic Flexibility: Firms should continuously adapt strategies and resource allocations.
Calculated Risk-Taking: Entrepreneurs assess opportunities while managing potential risks.
Proactiveness: Entrepreneurs actively reshape market perceptions instead of merely responding to them.
Resource Leverage: Entrepreneurs maximize limited resources, creatively utilizing them to achieve goals.

Market Research

Secondary Data: Includes internal and external data already available, such as sales data and census information.
Primary Data: Involves gathering new data through observations, surveys, and experiments, designed to fit specific research purposes.
Goal of Data Analysis: To provide actionable insights leading to data-driven decisions and recommendations.

Entrepreneurial Market Identification (B2C)

Self-Concept: Understanding how consumers perceive themselves affects their purchasing behavior.
Cultural Sensitivity: Entrepreneurs must adapt to cultural shifts and variations among consumer groups.
Subcultures and Social Classes: Market identification considers various demographic factors like religion, race, and socio-economic status.
Reference Groups: Influencers and peer groups can significantly impact consumer purchasing decisions.

Buying Process Stages

Need Arousal: Recognizing a need or desire.
Information Search: Gathering information about options.
Evaluation: Assessing choices based on criteria.
Purchase Decision: Final choice results in transaction.
Post-Purchase Behavior: Consumer experience and satisfaction post-purchase.

Other Research Techniques

Focus Groups: Insights via voice of the customer (VOC).
Lead Users: Early adopters provide perspective on product reception.
Observation Techniques: Controlled and ethnographic observations reveal customer interactions in different environments.

Survey Methods

Mail Surveys: Cost-effective but low response rates and slow collection.
Telephone Surveys: Moderate costs, offers follow-up but lower response rates.
Personal Interviews: High costs, effective direct communication but less anonymity.
Online Surveys: Fastest and good response rates but can be expensive.

Effective Survey Strategies

Engage the right customers with clear questions.
Ensure respondents understand and can truthfully answer questions for meaningful insights.
Entrepreneurs must analyze provided data effectively.

Serves as a platform for customer engagement, trend tracking, and competitor analysis.
Provides real-time insights and cost-effective research opportunities.

Application to Rolling Suds Project

Identify relevant data sources and types needed for effective research.
Consider employing various methods for gathering consumer insights and market understanding.

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Description

This quiz covers the content from MKTG-350 Lecture Deck 2, focusing on entrepreneurial marketing strategies and team assignments. Students will prepare questions about real-life entrepreneurial cases and discuss marketing tactics. Engage with your classmates and explore the entrepreneurial landscape.