Marketing for Entrepreneurs: Concepts and Applications for New Ventures

Books

Frederick G. Crane

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  • Front Matter
  • Back Matter
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  • Dedication

    To my wife, Doreen, and to my daughters, Erinn, Jacquelyn, and Brenna and To Ceilidh and Dex

    Copyright

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    Preface

    Experts cite many reasons for the high failure rates of entrepreneurial businesses, including management incompetence, lack of experience, under-capitalization, lack of strategic focus, poor cash management, and uncontrolled growth. But, in my view, the primary reasons for business failure are the entrepreneur's inability to recognize, discover, or create the right marketing opportunity and/or an incapability to exploit that opportunity effectively. You may have great management skills, excellent industry experience, and plenty of cash. But this will not help you if you are pursuing the wrong opportunity or if you fail at market execution.

    This book is intended to help you understand and apply entrepreneurial marketing concepts that should increase your likelihood of venture success. In Chapter 1, you will learn why marketing is different in an entrepreneurial context. Chapter 2 discusses how you can find and evaluate the right marketing opportunity. Using marketing research to ensure entrepreneurial success is discussed in Chapter 3. In Chapter 4, you will gain a deep understanding of customers and competition. Chapter 5 details three very important concepts for the entrepreneur wishing to achieve business success: segmentation, targeting, and positioning. In Chapter 6, you will learn about the new product and service development process. How to build and sustain a strong entrepreneurial brand is discussed in Chapter 7, while how to effectively price your offering is detailed in Chapter 8. Chapter 9 provides insight into entrepreneurial channel development and supply chain management. The importance of entrepreneurial promotion and how to do it cost-effectively is outlined in Chapter 10. Finally, Chapter 11 discusses the entrepreneurial marketing plan and provides the basic anatomy of such a plan.

    This book is based on my experience growing up in a family business, as a founder of several successful startups, as an investor in entrepreneurial businesses, as an advisory board member for several entrepreneurial firms, and as a consultant to entrepreneurs and to those who fund and support entrepreneurial enterprises. It is intended to help you better understand marketing and its application in an entrepreneurial context. My hope is that the concepts, methods, tools, and approaches outlined in this book will help you identify, create, and grow a successful new venture. Your success will be vital to the continued health of our new entrepreneurial-based economy. Therefore, this book is dedicated to all the aspiring entrepreneurs who wish to take the risk to start a new venture. It is hoped that the insight provided in this book will ensure that the risk taken will be amply rewarded.

    I would like to thank my family for their love and patience while I crafted this book. I also want to thank my friend and colleague, Marc H. Meyer, for his support of this project. I would also like to thank Al Bruckner of Sage Publications for having the vision to recognize the need for this book and for asking me to write it. Finally, my thanks goes to my sponsoring editor, Lisa Shaw, as well as the other members of the Sage team who contributed to the development and completion of the book.

    FrederickG.Crane
  • About the Author

    Frederick G. Crane is an Executive Professor of Entrepreneurship & Innovation at the College of Business at Northeastern University, Editor of the Journal of the Academy of Business Education, and a Research Fellow at the Institute for Enterprise Growth. He was formerly a professor of marketing and entrepreneurship at the University of New Hampshire and a chair and full professor at Dalhousie University. He currently teaches courses in entrepreneurship, innovation, and entrepreneurial marketing.

    Dr. Crane grew up in a family business and also founded and operated several of his own businesses. In addition to being a serial entrepreneur, he has also been an investor in several startups, served on the advisory boards of entrepreneurial firms, and worked as a consultant for angel investors, venture capitalists, and government agencies on venture funding projects. In addition, he has developed and delivered numerous training programs and workshops for entrepreneurs and small-business owners.

    His academic research activities have resulted in more than 100 publications, including eleven books, and he currently sits on the editorial boards of several academic journals. His current research stream intersects the domains of marketing, entrepreneurship, corporate venturing, and innovation, and he is conducting ongoing research on the psychology of entrepreneurship, entrepreneurial education, entrepreneurial branding, and innovation readiness. Dr. Crane is also an award-winning educator who has received numerous honors for teaching excellence over the past twenty years.


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