Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Lecture Notes
Chapter 16: Marketing and Pitching Your Idea
Learning Objectives
• Describe the role of marketing and pitching in entrepreneurship.
• Explain the principles of marketing and how they apply to new ventures.
Notable Quote
Pitch and Marketing
• Pitch—The act of presenting a product to an audience. It is brief, enticing, and well
developed.
• Marketing—The method of placing the right product at the right place and the right
time.
Notes:
Marketing for entrepreneurs involves showing how a product meets customer needs, pricing
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Basic Principles of Marketing
• The 4 P’s of marketing include:
Elements of the Marketing Mix
Questions to Ask
• What are the benefits and features of my product? (Product)
• What is the value of my offering and what are customers willing to pay? (Price)
• How will they know my business exists? (Promotion)
• How will the customer be reached? Where will they buy my product or service? (Place)
Notes:
The marketing mix is constantly changing; you don’t simply develop it and move on. By
Addressing Branding Questions
• What is the primary goal of your company?
• What are the features and benefits of your products or services?
• What are your customers saying?
• What sorts of qualities do you want them to associate with your company?
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
SMILE or SCRATCH Test
• SMILE
• Simple
All in a Name
• Starbucks—unique, unrelated
S.A.V.E. = 4 P’s
• Solution—Products
• Access—Place
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
• Education—Promotion
Notes:
According to this research, the 4 Ps model overemphasizes product technology and quality,
understates the necessity of explaining the value of the product and why customers need it,
and distracts businesses from promoting themselves as important sources of information and
Traditional Marketing vs. Entrepreneurial Marketing
• Traditional Marketing
• Big cash investment
Traditional Marketing vs. Entrepreneurial Marketing
• Entrepreneurial Marketing
• Investment of time, energy, creativity
Notes:
Innovation, risk taking, resourcefulness, value creation, and proactivity are some of the main
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
with the opportunity to highlight the company’s strengths while showcasing the different ways
the product adds value.
Entrepreneurial marketing involves the creative use of affordable, innovative, and easy–to-use
marketing tools such as viral videos, social media (Twitter, Facebook, etc.) and mass emailing to
Guerilla Marketing
• Very popular in social media
• Low budget
• Spreads quickly
• Surprises audience
• Spread by technology
Notes:
While guerrilla marketing can be a creative and affordable way to reach your desired target
market, it has its limitations. In order to conduct a successful guerilla campaign, you need to
have a good understanding of your target market and where the high traffic exists; for example,
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Popular Social Media Marketing Sites
• Facebook
• Instagram
How to Succeed with Social Media
• Research the platform
• Research your customer
• Update often
10 Website Mistakes
• Inaccessibility
• Difficult to find
Notes:
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Marketing Yourself
• 93% of our communication is nonverbal:
• 55% of the message is conveyed through facial expression
• 35% of the message is conveyed through expression voice tone
• 7% of the message is conveyed through words.
Notes:
Another factor in nonverbal communication is the nonvisual dimension. We all see the world
differently, so it pays to be aware of the different sensory learning styles of your audience in
Critical Thinking Question
• Give some reasons why trustworthiness is so important to potential investors.
Tips for a Good First Impression
• Be aware of body language.
• Learn from others.
• Be open and confident.
Notes:
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
While meeting people in person is one of the best ways to market yourself, marketing yourself
Pitch Approaches
• The elevator pitch (less than one minute)
Critical Thinking Questions
• Explain the relationship between trustworthiness and coachability. How can an