An effectual approach
By Ed Nijssen
Routledge – 2014 – 150 pages
How do you sell a totally new kind of product to a market that does not yet exist? Entrepreneurial businesses often create products and services based on radically new technology that has the power to change the marketplace. This means that existing market research will have produced data about market categories and structures that are largely irrelevant to the entrepreneur. This complicates the sales and marketing functions for new products that may be hard for the market to understand in the first place.
Entrepreneurial Marketing focuses on this special challenge: new marketing methods for new products. Classic core marketing concepts, such as segmentation, positioning, and the marketing mix undergo an 'extreme makeover' in the context of innovative products hitting the market. The author stresses effectuation, iterative thinking, principles of affordable loss, adjustment for emerging opportunities, and cooperation with first customers.
This new textbook provides students of entrepreneurial marketing with everything they need to know to succeed in these classes as well as practical tools and techniques that will be useful after the exams have finished.
Preface 1. Using marketing to create new business with radically new product ideas 2. Identifying an application and market 3. Attracting your first customers and developing a customer base 4. Competitive and market considerations 5. Segmentation and positioning for a new technology and product application 6. Understanding the nature and importance of marketing activities 7. Developing a marketing and sales program 8. The sales side of customer development 9. Developing the new firm's marketing and sales capabilities
Edwin J. Nijssen is Professor of Marketing at the Technical University of Eindhoven, Netherlands