Companies like these enjoy greater resources such as substantial financial support and large numbers of marketing professionals to steer their efforts.

Traditional marketing for large businesses such as Coca-Cola, Disney, and Dell tends to focus on managing and growing existing programs and brands. As you might expect, the way entrepreneurs market their new product is somewhat different from how a large company markets an established brand. Whether it’s a global brand such as PepsiCo or Apple, a small- to mid-size company such as Birchbox, or a small restaurant or local gym, marketing refers to the core strategies companies use to reach and sell to customers. No matter the size of the enterprise, marketing lays the foundation for how a company reaches and serves its target customers. 2 Marketing is an umbrella term given to those activities that companies use to identify consumers and convert them into buyers for the purposes of achieving a profit. After all, if no one hears about the new product, how can it be successful? According to marketing research company CB Insights, in a survey of 101 companies that failed, 14 percent of them failed due to poor marketing. One of the most important of those aspects is marketing.

Describe the seven elements of the marketing mixīeing a successful entrepreneur often means being able to balance the many different aspects of a business, such as financing, accounting, and management.

Distinguish between traditional marketing and entrepreneurial marketing.By the end of this section, you will be able to:

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