Module 5: Entrepreneurial training

Lesson Title

Marketing

 

Introduction

Entrepreneurship, marketing and innovation are increasingly interrelated concepts, especially in the so-called digital economy . The digital revolution, which characterises our present, impacts, in fact, overwhelmingly on the strategic and organizational structure of businesses and, above all, on one of the main business functions: the marketing function. Lesson contents:
• What is the strategic marketing?
• What is the effective marketing?
• What is the Customer Relationship Management (CRM)?

 

Lesson time foreseen

1 hour for reading the lesson
10 minutes for watching the videos

 

Lesson Content

First of all, the classic distribution of marketing is examined:
• Strategic Marketing
• Operational marketing
 
Strategic marketing is given by all the techniques available to define a realistic planning of the actions to be undertaken and to make the most of the tools available. It is therefore a matter of planning what the start-up will have to do with the various future marketing activities, taking into account the financial budget available.

Operational marketing instead translates the suggestions proposed by the strategy. It is therefore composed of all the operating techniques available to start-ups to implement the corporate marketing strategy. For example, operating marketing techniques are as follows:
• Advertising on traditional mass media (e.g. newspaper and magazine listings).
• Advertising on the internet and social media (e.g. Google AdWords)
• Corporate website and social media.
• Promotional brochures and catalogues.

Analysing the classic distinction between strategic marketing and the most well-established operating marketing techniques, it is now necessary to address concepts such as value creation process for customers and relational capital as a strategic asset for the success of an entrepreneurial initiative.
 
Creating Value for Customers
The process of value creation for customers is related to the so-called strategic management of corporate relational capital (not casually speaking in recent years of a transition from traditional marketing to so-called "relational marketing"). In summary, innovative entrepreneurship means knowing how to create value for customers; It is precisely in this perspective that it is necessary to properly calibrate the marketing mix levers at the service of the entrepreneur in the era of digital economy.
 
Relational capital
Treating relational capital as a strategic asset for the success of an entrepreneurial initiative means analysing the so-called Customer Relationship Management (CRM).
The acronym CRM literally means Customer Relationship Management and, in its simplest sense, encloses the tools that enable business relationship management and all related data and information. Through a CRM, you can store a large amount of customer and prospect information, from master data to contact tools, from communications to sales targets, and, if placed in the cloud, it provides real-time access to all those who need those information. Often, small companies use alternative tools to reach some of these results, perhaps using spreadsheets and electronic agendas, mail clients, and social networks, but these methods show their limits as the number of information that needs to be processed increases.

In a "market-oriented" market, the market is no longer only represented by the customer but by the surrounding environment, with which the firm has to establish long-term and long-lasting relationships, taking into account the individual / customer values, society and the environment. So customer attention is crucial and decisive. For this reason, marketing management must plan and implement appropriate strategies to manage such an important resource
 
 

Sources:

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