Examines the skills and tools entrepreneurs need for bootstrap marketing in their start-up firms. Students learn to identify target market segments, position their products, estimate demand, set prices, gain access to channels, and manage the issues of rapid growth. Prerequisite: MKTG 301; may not be repeated. Offered: jointly with ENTRE 455; AWSp.
This course is designed to expose students to the unique challenges of marketing in start-up organizations. You are expected to understand the basic principles of marketing as taught in the introductory marketing class, though we will touch on them throughout the course. We will apply those marketing principles to various entrepreneurial marketing situations and build upon them with recent marketing theory and through application to specific cases.
This course will familiarize students with some of the key characteristics of new ventures: 1. Operating in rapidly changing and growing environments 2. Innovating new products, services or processes 3. Creating new markets 4. Extensively customer-centric and opportunity-driven
Students will consider the marketing issues and challenges in an entrepreneurial environment and will examine the important role that entrepreneurial marketing can play. The course will be useful for students planning to work in an entrepreneurial setting and will teach frameworks, skills and tools that can be applied toward marketing in such a setting.
Course readings are a mix of marketing theory, practical advice and case study analysis and include samples from a broad range of product and service industries. Class discussions will focus first on gaining an understanding of the key points from the readings and why they are important and secondly on applying those points to specific situations in case examples. Through participation in class discussions, you are expected to gain an understanding of the dynamics of an entrepreneurial organization and to develop insights about how to apply marketing principles in such an environment.
Student learning goals
1. For students studying marketing, understand how to apply marketing principles to entrepreneurial situations
2. For entrepreneurship students, understand the basics of marketing and creating a brand and gaining awareness
3. Understand the unique opportunities and challenges of entrepreneurships in bringing products and services to market
4. Get hands on experience developing marketing plan recommendations for actual local entrepreneurs
General method of instruction
Instructor lectures, numerous guest speakers, in-class exercises, individual assignments, team project work.
Please note that this class is cross listed as MKTG 455A and ENTRE 455A. Class capacity shown on either of these course numbers will not represent the total enrollment. Total combined class enrollment is capped at 50 students.
Read the materials! You have 3 required texts for this course which are listed below. Course Packs are available only from the UW Bookstore. Feel free to acquire used books.
Likeable Social Media by Dave Kerpen, McGraw Hill © 2011 ISBN 978-0-07-176234-2
Marketing for Entrepreneurs by Frederick G. Crane, SECOND EDITION, Sage Publications © 2012 ISBN-10 1452230048
Word of Mouth Marketing by Andy Sernovitz, 2009, Kaplan Publishing
Radical Marketing by Sam Hill & Glenn Rifkin, 1999 Harper Perennial
University of Washington MKTG 455A/ENTRE 455A Course Pack available only at UW Book Store
I also recommend reading the media to understand the realities of the business environment in which local new ventures are doing business
Class assignments and grading
There are daily reading assignments drawn from business books and case studies and scheduled quizzes on these readings. There are 2 case study write-ups, 2 team papers providing background research and then recommendations to help local entrepreneurships develop marketing plans, and a final team presentation summarizing the team's recommendations to the "client" entrepreneur. All project team members also submit peer evaluations to help ensure equal contribution toward the project. Students also are graded on both attendance and class participation.