ETEM ii Flashcards
categories of market size
Potential Available Market (PAM)
Total Addressable Market (TAM)
Serviceable Available Market (SAM)
Serviceable Obtainable Market (SOM)
market sizing approaches
Top-down Approach
Bottom-up Approach
target customer group
Consumer or business
Geographic
Demographic
Psychographic
Generation
Cohort
Life stage
Behavioral
Is more about marketing spirit that distinguishes itself from traditional practices.
Entrepreneurial marketing
The emphasis of this is on building a solid connection between the brand and the customer.
Relationship marketing
This involves forming markets and creating innovative products. Here the entrepreneur’s company acts as a leader rather than a follower
Expeditionary marketing
Here customers are marketed to as individuals. All marketing efforts are tailor-fitted.
One to one marketing
This makes use of the power of technology to interrelate with a customer in an actual time.
Real time marketing
This considers leveraging the power of Internet tools like e-mail social networking to back-up marketing efforts.
Digital marketing
It places marketing messages on the Internet like Facebook and Instagram so they can be shared and expanded on by customers.
Viral marketing
In a journal article written
by________________, the concept of entrepreneurial marketing consists of six elements, which are the Customer intensity, Continuous innovation, Strategic flexibility, Calculated risk-taking, Proactiveness, and Resources leverage.
Michael H. Morris
This feature concentrates on the enthusiasm, passion, zeal, and belief in marketing that makes the company successful.
Customer intensity
An entrepreneurial company must constantly create innovative ideas and transform them into new or improved products and/or services or processes
Continuous innovation
An entrepreneurial company must display an enthusiasm to always evaluate and fine-tune its strategies, action plans, techniques of resource allocation, structure, culture, and management systems.
Strategic flexibility
Risk-taking refers to pursuing novel opportunities. Entrepreneurs take ________________, but some can be serious for the future of the company.
Calculated risk-taking
Entrepreneurs are conscious of the significance of the external marketing environment; however, they do not take it as a given. They recognize it as a horizon of possibilities, simply, entrepreneurs try to reassess the elements of the external environment to lessen its ambiguity, moderate reliance and exposure of the company, and/or transform the environment in which the company functions.
Proactiveness
Entrepreneur’s ambitions usually beyond their resources; hence they are obligated to utilize their resources in the best possible way. They control their resources so that they can use them longer than others have used them in the past. They use resources that others do not regard as resources. They use other people’s companies’ resources to accomplish their own goals. They combine one resource with another to produce a greater shared value.
Resource leverage
the one that differentiates an entrepreneur from the rest of his competitors.
Personal Brand
With a personal brand an entrepreneur can build trust with his customers and position himself as an authority and a thought leader in the industry.
Trust and authority
With a personal brand, it easier for an entrepreneur to pitch and be found by media like online publications, magazines, television’ radio, podcasts, and others. The media is in continuous search of experts that can share their visions with the audience.
Get featured in media
With a personal brand it clearly articulates who the entrepreneur is, what he does, and how he helps others. The brand makes it easier for other people and other entrepreneurs to see value in connecting with the owner of the business.
Build a network
Building a personal brand that positions an entrepreneur as the go-to expert in a particular industry or niche helps him to draw a lot of his ideal customers. When an entrepreneur is positioned as an expert, it’s also easier for people to refer customers to him.
Attract more customers
With strong, personal brand charging premium prices for products and services is justifiable. Without a brand, an entrepreneur becomes a commodity that competes on price. Besides, there will always be competitors that can beat his price.
Premium pricing
Over time, a business will surely evolve. An entrepreneur may even jump to multiple businesses in diverse industries over the course of his career. A personal brand stays with him as he moves from one venture to the next
Create last platform
