|Characteristic|Challenge|Authors|h
|''Newness of the firm''|* unknown entity to potential customers and other parties <br>* lack of trust in the abilities and offerings of the new firm <br>* reliance on social interactions among strangers <br>* lack of exchange relationships <br>* lack of internal structures, processes/ routines in marketing <br>* lack of experience in marketing <br>* lack of historical data|Stinchcombe (1965) <br> Hannan/Freeman (1984) <br> Robertson/ Gatignon (1986) <br> Schoonhoven/ Eisenhardt/ Lyman (1990)<br>  Becherer (1993)|
|''Small size of the firm''|* very limited financial resources available for marketing <br>* few human resources <br>* lack of critical skills in marketing <br>* limited market presence <br>* limited market power, disadvantage in negotiations|Carson (1985) <br> Aldrich/Auster (1986) <br> Pleitner (1995) <br> McGrath (1996) <br>Mugler (1998)  <br>Lee/Lim/Tan (1999a/b)|
|''Uncertainty and turbulence''|* very low predictability of market and other data <br>* only limited information available for marketing planning and for marketing decisions <br>* best practices in marketing have yet to be determined for the specific industry <br>* dominant design of an offering is unknown <br>* competitive structure of the industry is changing, relationships with suppliers, distributors etc. are unstable <br>* high risk of wrong decisions, which may have fatal consequences for small firm with limited resources|Knight (1921) <br> Kirzner (1973) <br> Macdonald (1985) <br> Anderson/ Zeithaml (1984) <br> Tushman/ Anderson (1986)|

Part of [[M6-S1 - Reading - Gruber, M. 2004. Marketing in new ventures: theory & empirical evidence]]
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Fri, 04 Jun 2010 11:18:28 GMT
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Fri, 04 Jun 2010 11:18:28 GMT
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dirkjan
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dirkjan