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Products/services As the needs, wants, and demands are identified in the market, then the entrepreneur needs to decide what to offer (product/service) to meet them and accomplish the objectives of the organization. If the offered products/services do not satisfy any consumer’s need or desire, this organization is not appropriately marketing. As the table shows, entrepreneurial marketing emphasizes flexibility and innovation as a way to stake a claim within competitive markets. For example, consider how Drybar founder Alli Webb used her understanding of market needs to create a niche within the traditional hairstyling industry. A hairstylist by trade, Webb spent five years as a stay-at-home parent, drying hair for friends and family members at their homes to make extra cash. During this time, she realized there was a market need for “just” blowouts, or professional hair drying and styling. Even though each of these descriptions views entrepreneurs from a different perspective, they contain similar notions such as newness, organizing, creating, wealth, and risk-taking. Generally, entrepreneurship is the process of “creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks, and receiving the resulting rewards of monetary, personal satisfaction and independence” (Hisrich and Ramadani, 2017, p.5). This definition stresses four basic aspects of entrepreneurship. First, entrepreneurship involves creating – creating something new of value. The creation must have value to the entrepreneur and to the customer. Second, entrepreneurship requires time and effort. Only those going through the entrepreneurial process truly appreciate the significant amount of time and effort it takes to create something new and make it operational. Assuming the necessary risks is the third aspect of entrepreneurship. These risks take a variety of specific forms but are in financial, psychological, and social areas. The final part of the definition involves the rewards of being an entrepreneur. The most important of these rewards is independence, followed by personal satisfaction and profit in for-profit organizations. 1.6 IMPORTANCE OF THE ENTREPRENEURSHIP AND MARKETING INTERFACEThe single easiest way to add a five-figure sum to your net profit this year (seriously, it only takes a few minutes to implement!) Once the entrepreneur manages to identify a market, they would test the product through trial and error. Then, they would serve the customers by satisfying their needs.

Proactive. It’s proactive because it doesn’t assume existing circumstances are static, instead, it actively seeks out opportunities to disrupt the status quo. 6 Kraus 2010 One to One Marketing – Customers are marketed to as individuals. All marketing efforts are personalized. I found the venue to be ok, but the main section was cold. This was raised a few times but didn't seem to change unfortunately. It would be great to better regulate the Aircon. Diana Blass. “Drybar’s Rise to Success with NetSuite Has a Hidden Message for Partners.” CRN. October 4, 2019. https://www.crn.com/news/cloud/video/drybar-s-rise-to-success-with-netsuite-has-a-hidden-message-for-partnersEnvironment The environment includes all the factors, external and internal, that directly and indirectly influence the activity of a company. The environment is both macro and micro in nature. The macro-environment includes demographic, economic, political, technological, legal, and sociocultural factors; the micro-environment includes the company, suppliers, intermediaries, consumers, and competition. 1.5 ENTREPRENEURSHIP DEFINITIONS Andrew Carnegie is a good example of this period and this definition. He adapted and developed new technology in the creation of products for economic vitality. From a poor Scottish family, Carnegie made the American steel industry one of the wonders of the industrial world, primarily through his unremitting competitiveness rather than his inventiveness or creativity. An entrepreneurial opportunity is a situation wherein new goods and services are introduced by analyzing customers’ needs. Only when you understand the market will you be able to find an opportunity that you can utilize. Being a successful entrepreneur often means being able to balance the many different aspects of a business, such as financing, accounting, and management. One of the most important of those aspects is marketing. After all, if no one hears about the new product, how can it be successful? According to marketing research company CB Insights, in a survey of 101 companies that failed, 14 percent of them failed due to poor marketing. 2 Marketing is an umbrella term given to those activities that companies use to identify consumers and convert them into buyers for the purposes of achieving a profit. No matter the size of the enterprise, marketing lays the foundation for how a company reaches and serves its target customers. Whether it’s a global brand such as PepsiCo or Apple, a small- to mid-size company such as Birchbox, or a small restaurant or local gym, marketing refers to the core strategies companies use to reach and sell to customers. As you might expect, the way entrepreneurs market their new product is somewhat different from how a large company markets an established brand. Traditional Marketing

In 1984, a college student named Michael Dell decided to found a computer company. Today it is one of the largest and best known computer companies in the world. Below are some of the steps that Dell took in its earliest stages to get noticed in the computer market. There are many different definitions of entrepreneurial marketing. I believe that the fundamental features that separate this entrepreneurial approach from conventional marketing are best captured by what I call the TROPIC framework:Entrepreneurial marketing is not the same as traditional marketing. It follows a bottom-up approach. This means that ideas are developed first before finding a target audience or segment, unlike traditional marketing which focuses on finding a target audience first. The catch is we're going to upsell you, cross sell you, and promote everything that we know will help you. An opportunity that does establish a competitive advantage will ultimately be exploited by other companies as well. This reduces its impact and necessitates the continuous pursuit of new opportunities to get an edge over the competition. 30 Miles, M. P., & Darroch, J. (2006). Large firms, entrepreneurial marketing processes, and the cycle of competitive advantage. European Journal of Marketing, 40(5/6), 485–501. doi:10.1108/03090560610657804