244 ENTREPRENEURSHIP
DISCUSSION QUESTIONS
- In what two ways does marketing contribute to new venture success?
- Discuss the marketing-entrepreneurship interface. What are the points of similarity, the dif-
ferences, and the potential pitfalls? - What questions can market research help the entrepreneur answer?
- What are the steps in conducting market research?
- Compare and contrast concept testing, product testing, and market testing.
- Describe the diffusion process. How can the entrepreneur use this knowledge to design
effective marketing campaigns? - What are the bases for market segmentation?
- What are the pluses and minuses of the following pricing tactics?
a. Skimming the market
b. Exploiting the experience curve
c. Meeting the market
d. Achieving maximum penetration
e. Establishing pre-emptive pricing - How do product and service configurations influence marketing strategy?
- What are the key elements of promotional activities?
- What are the essential characteristics of Internet marketing from the Resource-Based View
framework? - What lessons have we learned about marketing on the Internet?
- Describe the MP/SR forecasting method. What are its costs and benefits?
EXERCISES
- Develop a list of questions regarding the marketing of your product or service as described
in your business plan. Prioritize the questions from “required to know” to “would be nice
to know.” Using the six-step process described in the chapter, conduct market research to
answer these questions, starting with your highest priority and working down. - Develop the marketing section for your business plan. Discuss customer orientation, mar-
keting strategy, and tactical decisions such as price, product/service offered, distribution, and
promotion. - Develop an Internet marketing strategy for your proposed business. Do a mock-up of a Web
page and links. - Develop a sales forecast for your business covering three scenarios: pessimistic, optimistic,
and most likely. What level of sales is required to break even? Review your marketing strat-
egy for consistency with your sales forecast.