Startups face certain challenges like;
Newness of the company
Newness of the Product
Lack of resources such as finances
These challenges make it difficult for them to attract customers and sell their solutions easily. Startups, therefore, need to be creative to promote and sell their solutions. Some of the Entrepreneurial marketing techniques are:
Guerrilla Marketing
Ambush Marketing
Viral Marekting
Growth Hacking
Examples of the different techniques been given to make it easy for students to learn the concepts.
Video Lecture for the slides can be found at:
https://youtu.be/SkXuLgEA4AQ
2. PART B
Marketing as a strategy to create
demand:
-Develop a unique VP
-Develop Marketing Objectives
-Build Go-To-Market strategies i.e;
Pricing, Promotion, Distribution etc
PART A
Opportunity Recognition & Market
Analysis:
-Identify a market need
-Examine competitive dynamics
-Determine size and growth
potential of market
4. Getting first 1,000 customers?
Getting first 1,000 awareness?
Getting first partner for supply
chain?
Marketing Objectives
5. Objectives should be S.M.A.R.T.
S - Specific (simple, significant)
M - Measurable (meaningful)
A - Attaianable (agreed)
R - Relevant (realistic, result-based)
T - Time Bound (time limited)
Marketing Objectives
7. – Newness of the company
– Newness of the products and
services
– Low level of familiarity, zero brand
awareness
– Scarcity of resource, especially,
financial
Challenges for a young
company’s marekting
8. How can new startups do good with
marketing function?