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Summary articles EM 2024/2025
Entrepreneurial Marketing (Rijksuniversiteit Groningen)
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Week 1
Alqahtani, N. & C. Uslay (2020), Entrepreneurial
Marketing and Firm Performance: Synthesis and
Conceptual Development, Journal of Business Research,
113: 62-71.
Key Concept:
This article explores Entrepreneurial Marketing (EM), which combines
marketing with entrepreneurial behavior to help firms stay competitive in
uncertain markets. EM emphasizes innovation, flexibility, and leveraging
networks to maximize resources. It is designed to help companies adapt
quickly, take acceptable risks, and exploit opportunities, particularly in
resource-limited environments.
Key Conclusions:
1. Entrepreneurial Marketing and Performance:
EM positively influences firm performance, especially in turbulent markets.
It encourages firms to be more innovative and proactive, helping them to
adapt quickly to changing conditions and create value for customers.
2. Network Structure as a Moderator:
The effectiveness of EM depends on the structure of the firm's networks.
Larger and more diverse networks provide access to additional resources
and opportunities, but over-reliance on strong ties may limit exposure to
new ideas.
3. Environmental Factors and Firm Size:
- Market and technological turbulence enhance EM’s impact.
- Highly competitive markets require firms to be more proactive and
innovative.
- Both small and large firms benefit from EM, while mid-sized firms may
struggle.
4. Strategic Flexibility:
EM allows firms to remain flexible, balancing customer focus with an
entrepreneurial approach. It encourages ongoing experimentation in
marketing to adjust to market demands.
Application of Insights:
- Businesses can use EM to remain innovative and competitive, leveraging
diverse networks for resource access.
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- Marketers can apply EM to blend marketing and entrepreneurial tactics,
encouraging flexibility and proactivity.
- Strategically, EM helps firms stay agile, allowing them to outmaneuver
competitors and respond to changes quickly.
Morrish,S.C., M.P. Miles &J.H. Deacon (2010),
Entrepreneurial Marketing: Acknowledging the
Entrepreneur and Customer-Centric Interrelationship,
Journal of Strategic Marketing, 18(4): 303-316
Key Concept:
This article explores the concept of Entrepreneurial Marketing (EM), which
integrates entrepreneurship and marketing, emphasizing the
entrepreneur/customer interrelationship. EM focuses on opportunity
creation and leveraging entrepreneurial traits such as innovation,
proactivity, and risk-taking to develop marketing strategies. Unlike
Administrative Marketing (AM), which follows traditional, structured
approaches, EM is highly flexible and adaptive, targeting both market
needs and the entrepreneur’s vision.
Key Conclusions:
1. Entrepreneur-Customer Relationship:
EM places the entrepreneur and customer at the center of marketing
efforts. Entrepreneurs' personal traits, desires, and social networks
influence the firm's marketing strategy, making the entrepreneur's role as
vital as the customer’s needs. This differs from traditional marketing’s
customer-centric approach.
2. Opportunity-Driven Strategy:
EM focuses on discovering and exploiting new opportunities in uncertain
environments. It promotes a dynamic approach to marketing strategy,
where the firm’s innovation, risk acceptance, and market orientation work
together to seize market opportunities, creating a competitive edge.
3. Integration of Entrepreneurial and Marketing Processes:
EM is not a subset of traditional marketing but rather a holistic integration
of entrepreneurial and marketing practices. It extends beyond market
research by leveraging personal networks and intuition for market sensing
and opportunity identification.
4. Cultural Influence:
EM firms exhibit entrepreneurial cultures, often adopting flat
organizational structures that encourage flexibility and opportunity-
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seeking behavior. This is a marked contrast to the hierarchical, budgetconstrained nature of AM firms.
Application of Insights:
- For Businesses: EM offers an adaptable approach for firms in dynamic or
uncertain markets, allowing them to innovate quickly and align their
marketing efforts with entrepreneurial instincts. This is especially relevant
for small and medium enterprises (SMEs) with limited resources, as EM
allows firms to use networking and creative marketing strategies
effectively.
- For Marketers: Marketers in EM-oriented firms can create unique value
propositions by balancing entrepreneurial risk-taking with customer
demands. The focus is on being opportunity-driven and proactive, rather
than relying solely on market research.
- For Strategic Development: EM helps firms redefine their marketing
strategies by fostering innovation and market creation, allowing firms to
drive new market trends rather than just responding to them.
Almquist, E., Senior, J., & Bloch, N. (2016). The elements
of value. Harvard Business Review, 94(9):47-53.
Key Concept:
This article presents a framework called the Elements of Value Pyramid,
which identifies 30 distinct attributes that provide value to consumers.
These elements are divided into four categories: functional, emotional, lifechanging, and social impact. The framework helps companies understand
and measure what consumers truly value in products and services, going
beyond price considerations.
Key Conclusions:
1. Elements of Value Pyramid:
The pyramid expands on Abraham Maslow's hierarchy of needs but applies
specifically to consumers. The functional elements include factors like
quality, reducing cost, and saving time, while emotional elements include
nostalgia and reducing anxiety. Life-changing elements address personal
growth, and social impact elements include self-transcendence and
helping others.
2. Impact on Loyalty and Growth:
Companies that score highly on multiple elements of value achieve higher
customer loyalty (measured by Net Promoter Scores) and greater revenue
growth. For instance, companies like Apple, Amazon, and Samsung rank
highly on more than 10 elements, correlating with their market leadership.
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3. Industry Variability:
The elements of value are not equally important across all industries. For
example, in consumer banking, elements like provides access and reduces
anxiety are critical, whereas, in food and beverages, sensory appeal and
quality dominate.
4. Digital Companies vs. Brick-and-Mortar:
Digital companies such as Amazon and Netflix tend to excel in functional
elements like saves time and avoids hassle, while traditional retail still
holds advantages in emotional elements like badge value and affiliation.
Application of Insights:
- For Businesses: Companies can use the elements of value to improve
customer relationships and drive growth. By focusing on which elements
are most important to their customers, firms can enhance product
development, pricing, and customer segmentation.
- For Marketers: The model provides a clear way to assess customer needs
and optimize value delivery. Marketers can focus on delivering the right
combination of elements to improve customer satisfaction and loyalty.
- For Strategy Development: Firms should regularly assess their
performance on these elements, identifying areas to strengthen, and find
new ways to incorporate more value into their offerings. By doing so, they
can enhance their competitive position and drive sustained growth.
Cooper, R.G.(2019), The Drivers of Success in NewProduct Development, Industrial Marketing
Management, 76: 36-4
Key Concept:
This chapter outlines the key factors that drive success in New-Product
Development (NPD). It emphasizes the importance of structured
processes, clear objectives, and effective execution in achieving successful
outcomes. The Stage-Gate® process is highlighted as a critical tool for
guiding NPD efforts, ensuring that projects are assessed at various stages
to improve decision-making and reduce risk.
Key Conclusions:
1. Critical Success Factors (CSFs):
The chapter identifies several key success factors in NPD, including a
strong market orientation, efficient project management, and effective
cross-functional teams. Projects that excel in understanding customer
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needs and aligning product development with market demands tend to
perform better.
2. Role of Senior Management:
Senior management plays a vital role in providing strategic direction and
support for NPD projects. Active involvement from top management helps
align NPD efforts with company objectives, ensures resource allocation,
and fosters a culture of innovation.
3. Effective Front-End Innovation:
Success often depends on a well-executed front-end innovation process,
where ideation and concept development take place. Methods such as
Voice of Customer (VoC), ethnographic research, and lead user analysis
are effective in generating breakthrough ideas that lead to successful
products.
4. Use of Stage-Gate Process:
The Stage-Gate process helps firms structure their NPD activities by
breaking the development process into stages, each followed by a gate
where decisions are made based on predetermined criteria. This ensures
that resources are only committed to promising projects and that risks are
continuously assessed.
5. Emerging Practices:
Newer practices such as Agile Development, Open Innovation, and
Sustainable NPD are gaining traction in response to the increasingly
dynamic and global business environment. These practices help
companies respond more quickly to market changes and enhance
collaboration with external partners.
Application of Insights:
- For Businesses: NPD success is largely driven by clear objectives,
customer focus, and the disciplined use of processes like Stage-Gate.
Companies can benefit by adopting a structured approach to
development, while also remaining flexible enough to incorporate new
practices like Agile or Open Innovation.
- For Marketers: A strong focus on market orientation is crucial for NPD
success. By deeply understanding customer needs through methods like
VoC, marketers can help shape products that resonate with the market.
- For Strategy Development: Senior management should actively
participate in NPD efforts, ensuring alignment with broader company
strategies and fostering an innovation-friendly culture.
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Week 2
Barsoux, J-L., M. Wade & C. Bouquet (2022), Identifying
Unmet Needs in a Digital Age, Harvard Business Review,
100(4): 64-72
Key Concept:
The article presents a four-part framework for identifying unmet needs in
the digital age. The framework emphasizes diversifying the ways
organizations look for opportunities and problems to solve. It highlights the
importance of using both traditional and digital approaches to better
understand user needs, focusing on mainstream and unconventional
users.
Key Conclusions:
1. Microscope Strategy: This approach zooms in on the lived
experiences of mainstream users. It helps organizations identify
unmet needs that traditional tools like focus groups or surveys may
miss. Personal observations or experiences often lead to identifying
overlooked issues, as shown by innovators like Javier Larragoiti, who
addressed the need for a better-tasting sugar substitute for
diabetics.
2. Panorama Strategy: This method looks at aggregated data from
mainstream users to identify larger trends and patterns. It helps to
spot systemic problems. For example, analyzing trampoline injury
data allowed Keith Alexander to design a safer trampoline by
addressing the root causes of accidents.
3. Telescope Strategy: This strategy zooms in on fringe or
unconventional users, who may reveal unexpected problems or use
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cases. By focusing on extreme users, organizations can uncover
broader pain points that may apply to the general population.
What3words, for example, addressed location-based issues for
musicians, which ultimately had broader applications.
4. Kaleidoscope Strategy: This method involves looking at a wide
range of players, such as regulators and NGOs, to identify
commonalities that point to unmet needs. This broad perspective
can lead to unexpected innovations, as seen with Volvo’s
development of safety features for cyclists and even wildlife.
Application of Insights:

For Businesses: To successfully innovate, businesses need to
diversify their approach by using both close-up and broad strategies
to identify unmet needs. Combining physical observation with digital
data collection can reveal insights that traditional methods might
miss.

For Marketers: Marketers can use these strategies to better
understand consumer behavior, ensuring that products or services
meet real-world needs. Digital tools like machine learning can
enhance the accuracy of these findings.

For Strategy Development: Companies should integrate both
traditional and digital approaches for a more comprehensive view.
Combining close observation and broader trend analysis can help
companies innovate more effectively and uncover hidden
opportunities.
Davidsson, P.(2015), Entrepreneurial Opportunities and
the Entrepreneurship Nexus: A Reconceptualization,
Journal of Business Venturing,30(5): 674-695.
Key Concept:
This article critiques the existing concept of entrepreneurial
opportunities and proposes a re-conceptualization by introducing three
new constructs: External Enablers, New Venture Ideas, and
Opportunity Confidence. It argues that the traditional notion of
“entrepreneurial opportunity” lacks clarity and consistency, making it a
flawed construct for studying entrepreneurial processes.
Key Conclusions:
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1. Problems with the Opportunity Concept: The opportunity
construct has been central to entrepreneurship research, but its
definition remains elusive. Different scholars define “opportunities”
as either external conditions, individual perceptions, or social
constructs, leading to inconsistencies. Moreover, the term’s inherent
favorability makes it problematic to explain failures or inaction, as an
opportunity is presumed to be positive.
2. External Enablers: To improve theoretical precision, the authors
propose replacing the opportunity construct with External
Enablers. These are external circumstances, such as technological
changes or regulatory shifts, which create conditions for multiple
actors to attempt new ventures. However, they do not guarantee
success, allowing for a more nuanced understanding of how external
factors influence entrepreneurship.
3. New Venture Ideas: The second proposed construct, New
Venture Ideas, refers to “imagined future ventures” that combine
potential products, markets, and ways to deliver offerings. This
concept focuses on the actor’s creative processes in designing
ventures, without assuming favorability or success.
4. Opportunity Confidence: The third construct, Opportunity
Confidence, reflects an actor’s subjective evaluation of the
attractiveness of a venture idea or external enabler. This helps
separate the actor’s belief from the inherent characteristics of the
external conditions, allowing for failures or changed perceptions to
be accounted for more easily.
Application of Insights:

For Researchers: The proposed framework of External Enablers,
New Venture Ideas, and Opportunity Confidence allows researchers
to better capture the complexity of entrepreneurial processes
without the ambiguities of the opportunity construct. It provides
clearer distinctions between external conditions and individual
perceptions, facilitating more precise empirical research.

For Entrepreneurs: Entrepreneurs can benefit from understanding
that success is not guaranteed by perceived opportunities alone.
Recognizing how external enablers, venture ideas, and personal
confidence interact can help entrepreneurs make better decisions,
adapt to changes, and navigate uncertainties.

For Policy Makers: Policymakers can use the notion of External
Enablers to create favorable conditions for entrepreneurial activity
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without assuming that all ventures will succeed. This helps design
more realistic support mechanisms for entrepreneurs.
This re-conceptualization brings much-needed clarity to entrepreneurship
theory, providing tools to better analyze entrepreneurial action and
outcomes.
Bettencourt, L.A. &A.W. Ulwick (2008), The CustomerCentered Innovation Map, Harvard Business
Review,86(5):109-114
Key Concept:
The article introduces the Customer-Centered Innovation Map, a
systematic framework for identifying opportunities for innovation by
breaking down the jobs customers are trying to accomplish into discrete
steps. By focusing on how customers get jobs done, companies can find
ways to innovate and improve their products or services.
Key Conclusions:
1. Job Mapping: Job mapping involves deconstructing a customer's
task into eight steps: define, locate, prepare, confirm, execute,
monitor, modify, and conclude. This framework helps companies see
where customers encounter problems and where innovation
opportunities lie. The aim is to focus on what customers need to
accomplish rather than how they currently do it.
2. Universal Structure of Jobs: All customer jobs follow a universal
process with distinct steps that can be improved upon. For example,
mapping the steps involved in washing clothes reveals that checking
for stains often happens too late in the process. By innovating at this
stage—such as having washing machines detect stains early—
companies can provide real value.
3. Opportunities for Innovation: Each step of the job offers an
opportunity for improvement. Companies can innovate by making
tasks easier or faster, eliminating unnecessary steps, automating
parts of the process, or offering new ways to monitor or modify
actions. For example, Nike developed shoes that monitor a runner’s
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performance in real-time, improving both the execution and
monitoring steps.
4. Jobs vs. Solutions: The focus should be on what the customer is
trying to achieve, not just on the product or service they use.
Customers may use different solutions to complete the same job,
and companies that understand the job’s fundamental steps can
innovate more effectively by addressing customer needs holistically.
Application of Insights:

For Businesses: By understanding the discrete steps customers go
through to achieve a goal, businesses can uncover unmet needs and
design products or services that simplify or improve the overall
process.

For Marketers: The job map offers a way to systematically identify
customer pain points, allowing marketers to tailor messages that
highlight how their products address specific challenges at each
step.

For Strategy Development: Companies should focus on customer
jobs when planning new products or services, ensuring that
innovations improve one or more steps in the customer’s process
and create value beyond the immediate solution.
This framework provides a structured approach for companies to innovate
by focusing on the steps customers take to complete jobs, thereby
uncovering opportunities for breakthrough products and services.
Week 3
Girotra,K.,C. Terwiesch &K.T. Ulrich (2010), Idea
Generation and the Quality of the Best Idea,
Management Science, 56(4): 591-605
Key Concept:
This article explores the effectiveness of different organizational structures
for generating high-quality ideas, particularly for innovation processes. It
compares two group structures: the team structure, where individuals
work together, and the hybrid structure, where individuals first generate
ideas independently before collaborating. The focus is on identifying the
best idea, as innovation success often depends on finding a few standout
ideas rather than generating a large number of average ideas.
Key Conclusions:
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1. Hybrid Structure Outperforms Team Structure: The hybrid
structure leads to higher productivity and better-quality ideas
compared to the team structure. In the hybrid approach, individuals
working alone before coming together generate about three times
more ideas, and these ideas tend to be of higher average quality.
2. Better Idea Selection: The hybrid structure is also more effective
at identifying the best ideas from the pool of generated ideas.
However, both structures show weaknesses in accurately discerning
the quality of ideas, although the hybrid approach still outperforms
teams in this aspect.
3. Interactive Build-Up is Counterproductive: Contrary to common
wisdom, ideas that build on each other in team brainstorming do not
necessarily lead to better quality. In fact, the study found that ideas
built upon previous ones tend to be of lower quality. This challenges
the widely-held belief that building on others’ ideas is beneficial in
group settings.
4. Variance in Idea Quality: The variance in the quality of ideas was
not significantly different between the hybrid and team structures.
This suggests that the hybrid structure does not necessarily result in
a wider range of idea quality but does result in higher average
quality overall.
Application of Insights:

For Businesses: The findings suggest that companies aiming for
innovation should adopt hybrid idea generation structures rather
than relying on traditional team brainstorming. This method
produces more ideas and a higher likelihood of discovering
exceptional ones.

For Marketers: Marketers involved in creative campaigns can
benefit from hybrid structures to enhance the quality of ideas,
increasing the chances of developing breakthrough concepts.

For Strategy Development: Hybrid processes are more effective
at selecting the best ideas, making them ideal for strategic decisionmaking in areas requiring creative solutions. Organizations should
also reconsider the emphasis on interactive build-up during
brainstorming.
This study highlights the importance of structuring idea generation
processes to maximize the quality of the best ideas, offering valuable
insights for innovation management.
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Magnusson, P., E. Wästlund & J. Netz (2016), Exploring
Users’ Appropriateness as a Proxy for Experts When
Screening New Product/Service Ideas, Journal of Product
Innovation Management, 33(1): 4-18
Key Concept:
This study explores whether users can act as effective substitutes for
professional experts during the initial screening of new product/service
ideas. Specifically, it examines the conformance of user evaluations with
expert evaluations in terms of originality, user value, and producibility,
across two types of user panels: technically skilled users and
technically naïve users.
Key Conclusions:
1. Crowdvoting: The study highlights that engaging users through
crowdvoting, where users assess new ideas, has become popular.
However, there is little research on how well users perform
compared to experts. While companies often rely on experts to
assess ideas, leveraging users can reduce the workload on
professionals and increase customer engagement.
2. Relative Conformance: Both technically skilled and technically
naïve users were found to show relative conformance with experts
when ranking ideas in terms of originality, user value, and
producibility. This means that while their absolute scores differed,
their rankings of ideas closely matched those of the experts. This
suggests that users can be used to identify the top ideas in a large
pool.
3. Absolute Conformance: On the other hand, users did not conform
to experts in terms of absolute scores. Users, especially the
technically naïve ones, tended to rate ideas higher than experts,
which can be attributed to their lack of experience in evaluating
similar products. As a result, users overestimated the novelty and
feasibility of ideas.
4. Top Idea Selection: When tasked with selecting the top 50% of
ideas for further development, both user groups performed well,
achieving over 80% overlap with experts’ selections. This shows
that users can effectively assist in identifying promising ideas,
despite differences in absolute scoring.
Application of Insights:
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
For Businesses: Companies can leverage technically skilled and
naïve users to help screen ideas, reducing the burden on experts
without significantly compromising the selection of top ideas.
However, users should be used for relative ranking rather than
absolute assessment.

For Innovation Management: The study suggests that combining
both types of users—technically skilled and naïve—can enhance the
screening process, capturing different perspectives on the usability
and feasibility of ideas.

For Strategy Development: Implementing user-based evaluation
in crowdvoting systems can help companies tap into customer
insights, especially when focused on structured criteria such as
originality, user value, and producibility.
This study demonstrates that user panels can serve as reliable proxies for
expert evaluations, particularly for idea ranking, thus supporting their use
in early-stage innovation processes.
Sukhov, A., Sihvonen, A., Netz, J., Magnusson, P., &
Olsson, L. E. (2021). How experts screen ideas: The
complex interplay of intuition, analysis and
sensemaking. Journal of Product Innovation
Management, 38(2):248-270
Key Concept:
This article explores how expert evaluators screen ideas in the front-end
of innovation. It focuses on the interplay between intuition, analysis,
and sensemaking during idea evaluation and highlights how experts
combine these cognitive activities to identify high-quality ideas for further
development.
Key Conclusions:
1. Idea Screening Complexity: Screening new ideas is a challenging
process that requires balancing multiple perspectives, including
subjective judgment (intuition), systematic analysis, and interpretive
sensemaking. These perspectives are not mutually exclusive, and
experts combine them in various ways depending on the context of
the idea being evaluated.
2. Seven Key Activities: The study identifies seven specific activities
experts use during idea screening, which are grouped under the
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broader categories of intuition, analysis, and sensemaking. These
activities include forming holistic judgments, evaluating ideas
against predetermined criteria, and interpreting the meaning of
ideas based on personal experiences and contextual cues.
3. Effortful Interpretation and Development: A key finding is that
screening high-quality ideas often requires effortful interpretation
through sensemaking, where experts elaborate on ideas and explore
how they can be developed further. This process goes beyond simply
selecting ideas and involves improving them during the screening
phase, which adds a generative component to the evaluation
process.
4. Activity Configurations: Experts rely on different configurations
of intuition, analysis, and sensemaking to assess the quality of ideas.
These configurations vary depending on the specific characteristics
of the idea, and there is no single best way to screen ideas. Instead,
multiple pathways lead to the identification of high-quality ideas,
reinforcing the importance of flexible cognitive approaches.
Application of Insights:

For Businesses: Organizations can improve their innovation
processes by encouraging experts to engage in both evaluation and
idea development during screening. Allowing experts to build on
and refine ideas can lead to more effective use of resources at the
front-end of innovation.

For Innovation Management: Companies should recognize the
value of combining intuition, analysis, and sensemaking in their
screening processes. Encouraging diverse cognitive strategies helps
evaluators identify and improve promising ideas that may not
immediately stand out based on standard criteria.

For Strategy Development: The findings suggest that
integrating development activities into the screening process
could lead to more effective innovation outcomes by allowing
experts to refine and build upon raw ideas during evaluation.
This study highlights the dynamic interplay of cognitive processes during
idea screening, offering insights into how experts identify and improve
high-potential ideas for successful innovation.
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Week 4
McDonald, R.M. &K.M. Eisenhardt (2020), Parallel Play:
Startups, Nascent Markets, and Effective Businessmodel Design, Administrative Science Quarterly, 65(2),
483-523
Key Concept:
This article introduces the concept of parallel play to explain how
startups navigate nascent markets and effectively design business models.
Drawing an analogy to how children engage in parallel play, the authors
describe how entrepreneurs interact with peers, test assumptions, and
pause before committing to specific business-model designs.
Key Conclusions:
1. Parallel Play Framework: Startups in nascent markets engage in
parallel play, where they observe and borrow ideas from peers but
avoid direct competition. They also test assumptions about their
business models before making decisions, using insights from
competitors to develop their own unique value propositions. By
doing so, they accelerate their learning without immediately
focusing on differentiation.
2. Borrowing from Peers and Focusing on Substitutes: Successful
entrepreneurs don’t necessarily try to differentiate themselves from
peers right away. Instead, they treat peers as sources of ideas and
resources. For instance, Netflix, in its early stages, borrowed from its
competitors' business models but ultimately focused on
differentiating from established substitutes like Blockbuster.
3. Testing Assumptions and Commitment: Startups that effectively
test their business model assumptions (e.g., customer behavior or
regulatory approvals) are more likely to commit to viable business
models. This testing phase helps reduce uncertainty, allowing them
to adapt their strategies. For example, Netflix tested assumptions
about consumer interest in mail-order rentals before committing to
its subscription-based model.
4. Pausing Before Elaborating the Business Model: Before
building out a full business model, successful startups pause to learn
from early-stage experiments and peer activity. This deliberate delay
helps them optimize their business model without rushing into
decisions, leading to more sustainable success.
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Application of Insights:

For Entrepreneurs: The parallel play framework encourages
entrepreneurs to observe and borrow from peers in nascent markets
without rushing into differentiation. Testing key assumptions about
their business models early on helps reduce uncertainty and leads to
more robust designs.

For Investors: Investors should look for startups that are engaging
in this kind of strategic borrowing and testing. Startups that pause to
experiment and learn before fully committing tend to develop more
sustainable business models.

For Strategy Development: Businesses should not rush to
differentiate themselves too early. In nascent markets, parallel play
allows firms to gather insights, test hypotheses, and gradually refine
their business models for long-term success.
This study contributes to the understanding of how startups in emerging
markets navigate uncertainty, showing the importance of testing,
borrowing, and gradual differentiation in business model design.
Teece, D.J.(2018), Business Models and Dynamic
Capabilities, Long Range Planning, 51:40-49
Key Conclusions:
1. Interdependence of Business Models and Dynamic
Capabilities: A firm's success in designing business models
depends heavily on its dynamic capabilities. Strong dynamic
capabilities allow firms to sense changes in the market, design
appropriate business models to seize opportunities, and adjust or
transform their operations as needed.
2. Dynamic Capabilities Framework: The dynamic capabilities
framework consists of three main components:
o
Sensing: Identifying opportunities in the market by
recognizing unmet customer needs or technological
advancements.
o
Seizing: Designing and refining business models to capture
value from these opportunities. This involves deploying
resources effectively and making strategic decisions.
o
Transforming: Reconfiguring the firm’s assets and operations
to adapt to new business models or environmental changes.
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3. Business Model Innovation: Innovation in business models is
critical for maintaining competitive advantage. Firms with strong
dynamic capabilities are better equipped to innovate, refine, and
transform their business models over time. This includes addressing
unmet customer needs, leveraging technological advances, and
creating unique value propositions.
4. Organizational Design and Business Models: The article
emphasizes that business models and organizational structures must
be aligned. Organizational flexibility is crucial for dynamic
capabilities, enabling firms to rapidly implement and modify
business models. Rigid structures can hinder the ability to adapt to
changes, while decentralized, agile organizations can respond more
effectively to dynamic market conditions.
Application of Insights:

For Businesses: Firms need to invest in building strong dynamic
capabilities to remain competitive. This includes fostering
organizational flexibility, encouraging innovation, and ensuring
alignment between business models and strategic objectives.

For Strategy Development: Business models should be seen as
dynamic constructs that require continuous refinement. Companies
should design models that allow for adaptability, focusing on sensing
market shifts and transforming their operations accordingly.

For Entrepreneurs: Entrepreneurs can use the dynamic
capabilities framework to design and refine business models,
enabling them to respond swiftly to new opportunities and ensure
long-term success.
This article highlights the importance of integrating dynamic capabilities
with business model design to achieve sustained competitive advantage.
Girotra, K. &S.Netessine (2014), Four Paths to Business
Model Innovation, Harvard Business Review, 92(7/8):96103
Key Concept:
This article presents a framework for business model innovation,
focusing on four key decisions that companies can change to improve
profitability and productivity. The framework is built around the idea that
any business model consists of decisions on what, when, who, and why
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in relation to offerings, operational processes, and customer interaction.
Business model innovation does not require new technology or the
creation of new markets but rather innovating within existing products and
markets.
Key Conclusions:
1. What Mix of Products or Services Should You Offer?
Businesses can innovate by altering their product or service mix.
Strategies include focusing narrowly, like Diapers.com, which
profited from highly predictable demand for diapers, or searching
for commonalities across products, as Volkswagen does by sharing
components across its car models. Another approach is creating a
hedged portfolio, where product offerings mitigate each other's
risks. For example, LAN Airlines reduces risk by transporting both
cargo and passengers on the same flights.
2. When Should You Make Key Decisions?
Timing of decisions is critical. Companies can either postpone
decisions until more information is available (e.g., dynamic pricing
like American Airlines' SABRE system) or reorder decisions to
delay commitment until necessary (e.g., LiveOps call center hires
agents on-demand). Another strategy involves splitting up
decisions into smaller steps, allowing for flexibility and
adjustments, much like the lean start-up approach.
3. Who Should Make Key Decisions?
Shifting decision-making to the best-informed party or the one
with the most to gain can improve outcomes. For example, Google
gives its engineers decision-making power over development
projects. In other cases, passing decision risks to suppliers or
customers can be effective. Amazon's early drop-shipping model
placed the inventory risk on publishers, allowing Amazon to grow
quickly without carrying large stock.
4. Why Do Key Decision Makers Choose As They Do?
Decision-making incentives can be aligned through changing
revenue streams, synchronizing time horizons, or integrating
incentives to ensure all parties share the same goals. Walmart, for
instance, aligned incentives with suppliers like Procter & Gamble to
keep shelves stocked efficiently.
Application of Insights:

For Businesses: Firms can systematically improve their business
models by evaluating and innovating the what, when, who, and why
of decision-making, leading to increased profitability.
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
For Strategy Development: Entrepreneurs and managers can
create adaptable business models by splitting decisions, postponing
commitments, and aligning incentives with all stakeholders to better
manage risks.
This framework provides a structured approach to business model
innovation, highlighting practical strategies for achieving sustained
profitability and competitive advantage.
Week 5
Anderson,J.C.,J.A. Narus &W. van Rossum (2006),
Customer Value Propositions in Business Markets,
Harvard Business Review, 84(3): 90-99
Key Concept:
This article explains how companies can craft effective customer value
propositions to convince business customers of the superior value of
their offerings. It emphasizes that a well-designed value proposition,
backed by data, helps suppliers differentiate their offerings and justify
premium prices.
Key Conclusions:
1. Types of Value Propositions: The article categorizes value
propositions into three types:
o
All Benefits: This approach lists all possible benefits the
supplier believes its product offers. However, it may include
irrelevant benefits, leading to benefit assertion—when
customers don’t perceive value in certain features.
o
Favorable Points of Difference: This approach identifies
advantages that differentiate the supplier's offering from
competitors. However, it can fall into the trap of value
presumption, where suppliers assume customers will value
the same points of difference.
o
Resonating Focus: This is the most effective type of value
proposition, focusing on one or two key points of difference
that deliver the greatest value to the customer. Suppliers
should prioritize these elements, backed by evidence, while
also addressing points of parity.
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2. Understanding Customers: Successful value propositions require
a deep understanding of customer needs and preferences. Suppliers
must research how their offerings can improve customer
performance, reduce costs, or increase revenue. This requires
extensive customer engagement and sometimes even industryspecific research.
3. Substantiating Value Propositions: Claims made in value
propositions need to be backed by data. Suppliers should provide
evidence of cost savings, improved productivity, or other
measurable outcomes from past customers. Tools like value
calculators and case histories help in demonstrating the financial
impact of the offering compared to competitors.
4. Resonating Focus in Action: The article provides examples of
companies that successfully used the resonating focus approach. For
instance, Sonoco, a packaging supplier, focused on the two points
that mattered most to its customer—manufacturing efficiency and
consumer appeal—while maintaining price parity.
Application of Insights:

For Businesses: To stand out in competitive markets, companies
should focus on developing resonating focus value propositions.
These propositions should be backed by data and emphasize the few
elements that truly matter to customers.

For Strategy Development: Firms should invest in customer value
research to identify which aspects of their offerings create the most
value. This can help guide resource allocation and strategic decisionmaking.
This article provides a framework for creating compelling value
propositions that are customer-focused, data-driven, and strategically
aligned with market needs.
Payne, A., P. Frow, L. Steinhoff & A. Eggert (2020),
Towards a Comprehensive Framework of Value
Proposition Development: From Strategy to
Implementation, Industrial Marketing Management, 87:
244-255
Key Concept:
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The article proposes a comprehensive framework for developing and
implementing value propositions (VPs) in business-to-business (B2B)
markets. It emphasizes the importance of aligning VPs with both business
strategy and customer needs. The framework addresses gaps in previous
VP research, offering a structured approach to enhance VP effectiveness.
Key Conclusions:
1. Five Phases of VP Development: The authors present a fivephase process for value proposition development and
implementation:
o
Value Design and Assessment: Firms must assess customer
needs, market competition, and their own resources to craft a
VP that answers the question, "Why should customers buy
from us?".
o
Value Quantification: Quantifying the benefits, both
qualitative and quantitative, is essential. Tools like value
calculators and simulations help firms communicate the value
proposition's impact to customers.
o
Value Communication: Effective communication, both
internally and externally, ensures that customers understand
and trust the value being offered. This phase involves ongoing
dialogue and collaboration with customers.
o
Value Documentation: Firms must rigorously document the
value delivered, using formal templates and quantifiable data
to demonstrate the benefits provided.
o
Value Verification and Review: Value must be continuously
verified through customer feedback, independent
assessments, and adjustments to the VP as necessary. This
feedback loop helps maintain relevance over time.
2. Strategic Focus: The framework highlights the strategic role of
VPs, linking them to a company’s business model, customer core
value dimensions, and the value creation system. The value
proposition should be co-created with customers through a dynamic,
iterative process, considering functional, economic, emotional, and
social value dimensions.
3. Co-Creation and Learning: Successful VP development requires
ongoing learning and co-creation between the firm and its
customers. Customer interactions provide insights that inform the VP
design and help adjust the offering to changing needs.
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Application of Insights:

For Firms: Companies should adopt this comprehensive framework
to improve the alignment of their VPs with customer needs and
business strategy. Firms must integrate customer feedback and
continuously review their VPs to remain competitive.

For Strategy Development: Managers can use this framework to
design tailored VPs for different customer segments and ensure that
the offering resonates with the target audience.
This article provides a detailed approach to value proposition
development, focusing on strategy, co-creation, and continuous feedback
to ensure long-term customer engagement and competitiveness.
Week 6
Blank, S.(2013), Why the Lean Start-Up Changes
Everything, Harvard Business Review,91(5):65-72
Key Concept:
The article introduces the Lean Start-Up methodology, a faster, more
adaptable approach to launching businesses that replaces traditional
business planning. Instead of spending months crafting detailed business
plans, lean start-ups focus on experimentation, customer feedback, and
iterative development to create products that meet actual market needs.
Key Conclusions:
1. Shift from Business Plans to Hypotheses: Traditional start-ups
rely heavily on pre-launch business plans, assuming they can predict
customer needs. In contrast, lean start-ups operate with the
understanding that initial assumptions are hypotheses that need to
be tested. They summarize their ideas in a business model
canvas, which outlines how the company creates value for itself and
its customers.
2. Customer Development: Lean start-ups prioritize customer
feedback throughout product development. Instead of waiting until
after product launch to get feedback, lean start-ups gather customer
insights early through iterations of minimum viable products
(MVPs). This enables them to pivot quickly if assumptions are
proven wrong, allowing for rapid adaptation.
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3. Agile Development: Agile development goes hand-in-hand with
customer development. Products are developed incrementally and
iteratively, enabling companies to make adjustments based on realworld customer use. This reduces wasted resources and ensures that
the product evolves in line with customer needs.
4. Pivoting and Learning: Lean start-ups embrace failure as a
learning opportunity, pivoting when necessary to revise their
business model or product features. By testing hypotheses quickly
and gathering constant feedback, they avoid costly mistakes later
on.
Application of Insights:

For Start-Ups: Entrepreneurs should abandon traditional lengthy
business plans and instead focus on building MVPs, collecting
customer feedback, and iterating on their products. This allows them
to adjust quickly to market realities and improve their chances of
success.

For Corporations: Large companies can also benefit from lean
start-up methods, using them to foster innovation and explore new
business models. Companies like GE and Intuit have already
integrated lean principles to stay competitive and adapt to
disruptive market forces.

For Strategy Development: The lean start-up approach is ideal for
navigating uncertainty. By focusing on experimentation, customer
learning, and adaptability, companies can minimize risk and increase
the likelihood of success in rapidly changing markets.
This article outlines how the lean start-up methodology can transform both
new ventures and established businesses, driving faster innovation and
reducing the risk of failure.
Eisenmann, T.(2021), Why Start-ups Fail, Harvard
Business Review, 99(3):77-85
Key Concept:
This article identifies common reasons why start-ups fail and presents two
dominant failure patterns. The insights are based on extensive research,
including interviews with founders, investors, and the analysis of failed
ventures. The article aims to help entrepreneurs avoid these pitfalls and
increase their chances of success.
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Key Conclusions:
1. Good Idea, Bad Bedfellows: Start-ups can fail even when they
have a good idea if they have the wrong partners or stakeholders.
These failures occur when co-founders, employees, investors, or
partners don’t contribute effectively to the venture’s success. For
example, Quincy Apparel, which aimed to revolutionize women’s
workwear, had a promising value proposition but failed due to
production problems, slow manufacturing, and lack of sufficient
capital. Inexperience in the fashion industry and misalignment with
investors also contributed to the downfall. A lack of expertise in
critical areas can undermine a start-up’s ability to scale and
succeed, regardless of the initial idea’s potential.
2. False Starts: Another common pattern is launching a product too
soon without sufficient customer research or validation. Many
entrepreneurs rush to develop and release a minimum viable
product (MVP), skipping the crucial step of customer discovery.
This approach leads to “false starts,” where the product misses the
mark because it does not solve a real customer problem. For
example, Triangulate, a dating start-up, failed because it
developed its product without validating whether users wanted or
needed its features. The company burned through resources building
and pivoting, but the lack of initial customer insight led to its failure.
Application of Insights:

For Entrepreneurs: To avoid the “bad bedfellows” trap, founders
should ensure that their co-founders, investors, and employees have
the necessary expertise and alignment with the venture’s vision.
Start-ups also need to invest time in building partnerships and
selecting investors who offer more than just financial backing.

For Strategy Development: Entrepreneurs should conduct
thorough customer research before launching an MVP.
Understanding real customer pain points is critical to ensuring that
the product addresses actual needs. By following structured
customer discovery processes, entrepreneurs can avoid false starts
and build products that resonate with the market.
This article sheds light on why start-ups fail and offers practical advice to
help entrepreneurs navigate the challenges of launching and growing a
successful venture.
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Camuffo, A., A. Cordova, A. Gambardella&C.Spina
(2020),A Scientific Approach to Entrepreneurial Decision
Making: Evidence from a Randomized Control
Trial,Management Science,66(2):564-586
Key Concept:
The article investigates whether applying a scientific approach to
entrepreneurial decision-making improves the performance of start-ups.
The scientific approach is characterized by hypothesis testing,
experimentation, and decision-making based on empirical evidence rather
than intuition. The research is based on a randomized control trial (RCT)
involving 116 Italian startups.
Key Conclusions:
1. Scientific Decision-Making: Start-ups that applied the scientific
method, which includes hypothesis testing and running experiments
to validate assumptions, were found to make better decisions. These
firms were more likely to pivot away from failing business ideas
earlier and had a better chance of identifying opportunities with
higher growth potential.
2. Training Methodology: Both the treatment and control groups
participated in a 10-session training program, but the treatment
group was taught to follow a scientific method. This involved
defining clear hypotheses, designing experiments, and setting
metrics to make objective decisions. The control group used
traditional entrepreneurial methods, such as trial-and-error and
intuition.
3. Performance Outcomes: Startups in the treatment group that
adopted the scientific approach performed better over time
compared to the control group. They avoided common pitfalls, such
as continuing to invest in ideas that showed early signs of failure.
This approach reduced the occurrence of false positives, where
entrepreneurs pursue ideas that initially seem promising but fail to
succeed.
4. Pivots and Persistence: Startups using the scientific approach
were more likely to pivot when data indicated that their original
ideas were not viable. Despite being more likely to abandon failing
ideas, they were not more likely to quit entirely. Instead, they
adjusted their strategies and pursued better opportunities, leading
to better long-term outcomes.
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Application of Insights:

For Entrepreneurs: Applying a scientific methodology to
entrepreneurship can improve decision-making. By conducting
experiments and using data to validate or reject hypotheses,
entrepreneurs can avoid the costly mistakes of pursuing unpromising
ventures.

For Business Strategy: Firms should adopt evidence-based
approaches to decision-making. Startups can benefit from treating
business ideas like hypotheses and adjusting strategies based on
real-world data.
This study provides empirical evidence that the scientific approach can
enhance the decision-making process for entrepreneurs, leading to
improved startup performance and reducing the risk of failure.
Week 7
Read,S.,N. Dew, S. Sarasvathy, M. Song &R. Wiltbank
(2009), Marketing Under Uncertainty: The Logic of an
Effectual Approach, Journal of Marketing, 73(3): 1-18.
Key Concept:
The article explores how entrepreneurs manage marketing decisions
under uncertainty, comparing expert entrepreneurs with managers. It
introduces the concept of effectuation, a decision-making approach that
focuses on controlling the future through available means rather than
predicting it. The study contrasts effectual logic with traditional, predictive
marketing strategies.
Key Conclusions:
1. Effectual Logic: Entrepreneurs rely on a non-predictive
approach to handle uncertainty. Instead of forecasting market
conditions, they use their resources, networks, and stakeholder
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relationships to co-create markets. This effectual approach is
characterized by five principles:
o
Creative Future: Entrepreneurs believe the future can be
shaped by their actions and partnerships.
o
Means-Oriented: Rather than setting fixed goals, they act
based on available resources and assets.
o
Affordable Loss: Entrepreneurs make decisions based on
what they can afford to lose, minimizing risk.
o
Partnerships: They prioritize building partnerships and
leveraging shared resources over competition.
o
Embracing Surprises: Unexpected changes are seen as
opportunities to be exploited rather than risks to avoid.
2. Comparison with Managers: Managers, especially those with less
entrepreneurial experience, tend to use traditional predictive
strategies, relying heavily on market research and competitive
analysis. This can lead to over-dependence on data, which may not
always be valid in uncertain environments. Managers are less likely
to embrace uncertainty and are more risk-averse, focusing on
competitive advantage rather than collaboration.
3. Entrepreneurial Decision-Making: Entrepreneurs, on the other
hand, tend to take small, incremental risks and focus on cocreating opportunities with committed stakeholders. By controlling
the present and building partnerships, they manage to succeed even
in unpredictable market conditions. This effectual logic emphasizes
adaptability, flexibility, and a focus on controlling outcomes rather
than predicting them.
Application of Insights:

For Entrepreneurs: This effectual approach can help entrepreneurs
navigate uncertain environments by leveraging their existing means,
building partnerships, and focusing on affordable loss. Rather than
trying to predict future markets, entrepreneurs should co-create
opportunities with stakeholders.

For Strategy Development: Managers and entrepreneurs can
benefit from adopting an effectual logic in volatile environments.
This involves embracing uncertainty, reducing reliance on market
predictions, and focusing on co-creating the market with partners
and customers.
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This article highlights the effectiveness of an effectual approach for
decision-making in uncertain marketing environments, contrasting it with
more traditional, predictive strategies. Entrepreneurs benefit from focusing
on controlling what they can, co-creating opportunities, and embracing
flexibility.
Kraus,S.,R. Harms &M. Fink (2009), Entrepreneurial
Marketing: Moving beyond Marketing in New Ventures,
International Journal of Entrepreneurship and Innovation
Management, 11(1): 19-34.
Key Concept:
The article explores Entrepreneurial Marketing (EM) as a blend of
entrepreneurial practices and marketing techniques. EM goes beyond
traditional marketing by integrating entrepreneurial traits like innovation,
risk-taking, and proactivity, which are particularly suited to new ventures
but can also benefit established firms.
Key Conclusions:
1. Entrepreneurial Marketing Defined: EM combines marketing
with entrepreneurial behavior, focusing on seizing opportunities,
acting quickly, and being resourceful. Unlike traditional marketing,
which is often formalized and structured, EM is more opportunistic
and adaptive, allowing firms to respond flexibly to market changes
and customer needs.
2. Innovative Marketing Tactics: EM emphasizes creative and
unconventional marketing strategies, including:
o
Guerrilla Marketing: This approach aims for maximum
impact with minimal resources by using surprise, creativity,
and unconventional methods.
o
Buzz and Viral Marketing: These tactics rely on word-ofmouth and customer engagement to spread marketing
messages quickly, often through digital and social media
channels.
3. Liabilities of Newness and Smallness: New ventures face
resource constraints and lack formal marketing structures,
which makes EM particularly valuable for startups. EM helps
overcome these challenges by encouraging flexibility, informal
marketing practices, and a proactive attitude. Instead of following
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rigid plans, firms use trial and error, experimentation, and customer
feedback to refine their strategies.
4. Application Beyond New Ventures: While EM is often associated
with small and new firms, the article argues that larger companies
can also adopt entrepreneurial marketing techniques. Larger firms
can benefit from integrating the flexibility and creativity of EM into
their existing marketing frameworks, allowing them to stay agile and
innovative in rapidly changing markets.
Application of Insights:

For Entrepreneurs: Entrepreneurs should adopt EM as it enables
them to leverage limited resources effectively and respond to
market opportunities with agility. Using unconventional marketing
tactics can help startups stand out without requiring large budgets.

For Established Firms: Large firms can benefit from integrating
entrepreneurial marketing strategies to maintain innovation and
flexibility in competitive environments. EM can be used to drive
customer engagement and enhance brand visibility through
creative marketing approaches.
This article highlights the importance of adopting an entrepreneurial
mindset in marketing to create adaptable, innovative strategies that help
firms of all sizes succeed in uncertain and competitive markets.
Resnick,S.M.,R. Cheng, M. Simpson &F. Lourenço (2016),
Marketing in SMEs: A “4 Ps” Self-Branding Model,
International Journal of Entrepreneurial Behavior &
Research, 22(1): 1-20.
Key Concept:
The article explores Entrepreneurial Marketing (EM) as a strategic
approach that combines entrepreneurial thinking with marketing practices.
EM emphasizes innovation, risk-taking, and proactiveness in marketing
activities. While often associated with small or new ventures due to their
resource constraints and need for flexibility, EM is presented as a valuable
approach for firms of all sizes seeking to enhance their marketing
effectiveness by adopting an entrepreneurial mindset.
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Key Conclusions:
1. Definition of EM: EM is defined as the organizational function of
marketing that incorporates entrepreneurial traits—innovativeness,
risk-taking, proactiveness—and involves pursuing opportunities
without regard to currently controlled resources. This approach shifts
the focus from traditional, resource-intensive marketing to more
creative and opportunity-driven strategies.
2. Not Limited to New Ventures: The article challenges the notion
that EM is exclusive to small or new firms. It argues that larger
organizations can also benefit from adopting EM principles to stay
competitive and innovative, suggesting that EM is about a strategic
orientation rather than company size or age.
3. Overcoming Resource Constraints: EM helps address the
liabilities of newness and smallness faced by startups, such as
limited financial and human resources. By leveraging creativity and
innovation, firms can implement effective marketing strategies
without significant resource investments.
4. Innovative Marketing Tactics: EM includes unconventional
marketing methods like:
o
Guerrilla Marketing: Achieving high impact with low-cost,
creative tactics that surprise and engage the audience.
o
Buzz Marketing: Generating excitement and word-of-mouth
through sensational events or actions that encourage people
to talk about the brand.
o
Viral Marketing: Using social networks and online platforms
to spread marketing messages rapidly, often relying on user
participation and sharing.
5. Application Across Marketing Mix: EM is not confined to
promotional activities but extends to product development,
distribution (place), and pricing strategies. It encourages firms to be
innovative in all aspects of marketing, from creating unique products
to exploring new channels and flexible pricing models.
Application of Insights:

For Entrepreneurs: Adopting EM enables entrepreneurs to
maximize the impact of their marketing efforts despite resource
limitations. By being innovative and proactive, they can differentiate
themselves in the market and build strong customer relationships.
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
For Established Firms: Larger companies can integrate EM
principles to foster a culture of innovation within their marketing
departments. This can lead to more dynamic marketing strategies
that resonate with modern consumers and adapt to changing market
conditions.

Strategic Orientation: Businesses should view EM as a strategic
orientation that promotes flexibility, opportunity recognition, and a
willingness to take calculated risks in marketing. This mindset can
lead to more effective marketing outcomes and sustained
competitive advantage.
The article concludes by advocating for further research into EM and its
applications across different organizational contexts. It suggests
developing EM toolkits to help marketers implement these strategies
effectively, emphasizing that EM's entrepreneurial spirit can drive
marketing success beyond traditional methods.
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