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EMK 3320 Entrepreneurial Marketing


Course Description

Examines the skills and tools needed for start-up marketing. Covers the identification of market segments, product positioning, estimating product demand, setting prices and rapid growth management

Course Objectives

After completing this course, students will be able to

  • Identify and explain the driving philosophies relevant to entrepreneurial marketing
  • Analyze marketing philosophies implemented by key successful entrepreneurs
  • Identify and justify guiding entrepreneurial marketing philosophies that apply to new business ventures
  • Identify the importance of marketing an entrepreneurial venture
  • Analyze entrepreneurial marketing objectives that demonstrate respect for the mission of the entrepreneurial business venture as well as demonstrate a thorough comprehension of available financial resources and relevant responsibilities
  • Identify and evaluate the steps involved in developing a Marketing Plan
  • Prepare a Marketing Plan to launch an entrepreneurial venture, including implementation factors and controls for the first two years of operation

Week 1


Lecture: Introduction to the Course

Outcomes

  • Read the Syllabus
  • Post your bios to the chat forum
  • Meet your classmates
  • Explain the course topics
  • Describe expected course outcomes
Lecture: You and Your New Business: Success Models

Outcomes

  • Explain the difference between vision and mission
  • Articulate a personal mission, vision, or values statement
  • Benchmark a successful entrepreneur
  • Select an appropriate business model
  • Identify and quantify key macroeconomic drivers for the business
  • Discuss social, political, technological, regulatory, and ecological environmental drivers for the new business

Week 2


Lecture: Market Segmentation: Identifying Segments and Value Proposition

Outcomes

  • Determine and evaluate the VALs profile for themselves
  • Segment the potential market, using demographic, psychographic, social, cultural, and other variables as appropriate to the new business
  • Develop a unique value proposition for each of the segments

Week 3


Lecture: Market Segmentation: Quantifying, Prioritizing, and Selecting

 

Outcomes

  • Understand how one is personally motivated to succeed as an entrepreneur
  • Explain how information technology puts powerful tools in the hands of entrepreneurial marketers
  • Use public websites for research on quantifying target market segments
  • Define criteria for prioritizing market segments
  • Choose initial target market segment(s) for their initial market entry

Week 4


Lecture: Industry Structure: Evaluating the Competition

Outcomes

  • Summarize the Five Forces that are determinants of Industry Profitability
  • Identify potential substitutes for their new product or service
  • Identify and analyze the key existing competitors facing the new business
  • Suggest a possible new entrant into their market space
  • Explain the strategic options for market entry that a small company would be likely to use

Week 5


Lecture: Can I Win? Strengths and Weaknesses, Core Competencies, and Financial Requirements

Outcomes

  • Identify the strengths that can enable their firm to succeed
  • Identify key weaknesses that they must neutralize or overcome in order to succeed
  • Determine the financial requirements for their firm for the first two years
  • Understand various alternative sources of financing
  • Explain the concept of core competencies and how they can lead to sustained competitive advantage

Week 6


Lecture: Product, Price, and Place

 

Outcomes

  • Explain the attributes that differentiate the chosen product or service from competitors
  • Articulate alternative pricing strategies
  • Select an initial pricing strategy and defend the choice
  • Explain the alternatives for distribution and sales
  • Choose an initial distribution strategy

Week 7


Lecture: Promotion: Advertising, Public Relations, Leveraging the Web, and Customer Relationship Management

Outcomes

  • Differentiate between Advertising and Public Relations
  • Analyze advertising by competitors: media, message, and budget
  • Identify criteria for good web design
  • Evaluate the effectiveness of a competitor’s website: ease of use, content, and effectiveness
  • Identify the main tools of sales promotion
  • Select a Customer Relationship Management (CRM) model for your new business

Week 8


Lecture: Implementation in Year One: Controls and Continuous Improvement

Outcomes

  • Define the methodology that they will use to monitor critical environmental assumptions underlying their Marketing Plan
  • Identify specific targets and metrics for their business (quantified and with timelines)
  • Explain the philosophy of continuous improvement and illustrate how they might use it in their new business

The course description, objectives and learning outcomes are subject to change without notice based on enhancements made to the course. December 2013