Entrepreneurship, Second Edition

5.6. Marketing Skills for Managing Growth

It is beyond the scope of this chapter to offer a comprehensive discussion of the next step: the marketing processes and capabilities a young company needs in order to pursue strong growth. However, two key areas for you to focus on are understanding and listening to customers and building a visible and enduring brand.

5.6.1. Understanding and Listening to the Customer

Although intuition-based decision making can work well initially for some entrepreneurs, intuition has its limitations. Entrepreneurs must be in constant touch with their customers as they grow their companies. When a company decides to introduce its second product or open a new location, for example, it needs to be able to determine whether that product or location will be welcomed in the marketplace. Entrepreneurs with a successful first product or location often overestimate demand for the second, sometimes because their confidence encourages them to overrely on their own intuition.

Entrepreneurs must obtain information that will allow them to understand consumer buying behavior and customer expectations related to product design, pricing, and distribution. They also need information about the best way to communicate with customers and influence their actions. Finally, they need information about the effectiveness of their own marketing activities so they can continue to refine them. Marketers build relationships in part by using information to customize the marketing ...