Question: Why is marketing required for new, entrepreneurial ventures very different to that required for mature, larger firms? Provide suggestions as to how entrepreneurs can successfully utilise marketing as a tool to gain competitive advantage. 2:1 Grade.
Answer: Large mature corporations with international domination have become commonplace in recent times, with a global market becoming the norm. However, despite the obvious success of these larger firms, is it possible for entrepreneurial new entrants to gain a competitive advantage through marketing to becoming strong competitors for these established firms?
Marketing can be described as the management process through which goods and services move from a concept to the customer. It is “an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.’ (Keefe 2004) Essentially marketing is based on thinking about customer needs and their satisfaction and how this can be provided through the business. In today’s fast-paced multinational market...(short extract)
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- Subject: Business and Management
- Course: Marketing
- Level: Degree
- Year: 2nd/3rd
- Mark: 69%
- Words: 3148
- Date submitted: October 15, 2013
- Date written: March, 2012
- References: Yes
- Document type: Essay*
- Essay ID: 5100
