Teaching strategies emphasise the content of the field through the use of conceptual and analytical frameworks. This unit is a continuation of GSN416 and culminates in the writing and presentation of a formal Business Plan. The business plan is the first of a three-part communication strategy between new venture management and the potential investor. As part of the assessment, candidates will complete a formal Business Plan for a new venture of their choosing, and present their plan to the class. 6 GSN429 New Venture Marketing New Venture Marketing is concerned with the special marketing needs of new and entrepreneurial businesses in international markets.
New ventures face market ignorance much greater than that faced by new products of existing firms.
Needs of potential customers must analysed, and product offerings modified accordingly. Product design and prototypes must be developed in close contact with marketing research results. New marketing channels must be created or access to existing channels must be secured. Potential customers must be identified, informed and persuaded to try the new product. Pricing is a major problem area, since there is a conflict between relatively low prices to encourage trial, and premium pricing because the new product better serves customer needs.