Lecture 3

Question 1

Of what consists a market?

Answer 1

customers and potential customers

Question 2

Of what consists an industry?

Answer 2

competitors who are offering products or services

Question 3

What do you lack with ‘liability of newness’?

Answer 3

• track record
• resources
  -legitimacy

Question 4

How do you gain legitimacy?

Answer 4

• historical
• locational (meubel boulevard)
• external (influencers)
• quality control
• certification
• accreditation

Question 5

What is the difference between regular marketing and entrepreneurial marketing?

Answer 5

regular marketing= well thought out, with plan
entrepreneurial marketing= intuitive

Question 6

What is the difference between the mainstream marketing approach and the new marketing approach?

Answer 6

mainstream marketing= market research, attractive images
new marketing= active engagement with customers, very personal and informal

Question 7

What caused the change from the mainstream marketing approach to the new marketing approach?

Answer 7

developments in technology caused customers to do more research so just a pretty picture won’t sell

Question 8

What are the four P’s? And the extra three?

Answer 8

• product, place, price, promotion
• people, process, physical evidence