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This chapter begin with discussion of the five CREST forces of the entrepreneurial marketing environment: competitive forces, regulatory factors, economic factors, social trends, and technology, followed by the discussion of the elements of the Opportunity Assessment Plan. Market research benefits and challenges are also explained. The chapter ends with an overview of the Stage-Gate Process.

This type of marketing focuses on an individual buyer’s behavior, which is influenced and shaped by many forces. Some of these forces are psychological – the instinctive need to feel safe and secure – and others are sociological – the pressure exerted by a peer group to conform. To provide a better understanding of why people behave and purchase the way they do, some of the more important influences of behavior will be discussed.

In this chapter, the concept of a market is expanded by developing the notion that a market means different things depending primarily on the product/service. The product/service classification, attributes, and buying characteristics of each of the three major markets – consumer, industrial, and government – will be discussed.

This chapter discusses product/service, the first element of the marketing mix. The types and features of product/service are presented. After explaining the product planning and development process and elements of the product mix, the chapter concludes with a discussion of the benefits and costs of purchasing certain products/services.

In this chapter, pricing is presented as an element of the overall marketing mix. The chapter begins with discussing the fundamental issues of pricing, such as the definition of pricing; internal factors that affect the overall pricing decisions (objectives of the product and other elements of marketing mix); and basic aspects of pricing: costs, competition, and consumer. Methods of price setting are explained in detail. The chapter concludes with a discussion of pricing strategies: market-skimming, market-penetration, and market-competitive pricing.