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Fundamentals of Economic Development:
In terms of location marketing and services to prospects the practice
requires ...
 a community ... a location
an economy with
vitality ... a market
an ally
network
an infrastructure
for growth
a best
practices approach taken in a place seeking economic
development
factual,
reliable readily available for prospects ... economic
development data
location
marketability and unencumbered
access to a location
data supplier
an enterprise
in a expansion mode or entrepreneur with
the wherewithal to act
an infusion
of capital with an ability to keep it working for
area
development
political
maneuvering that accommodates change and accomplishes
true growth businesses
and industries that create wealth as opposed to drawing
it down
environmental
impact that
that isn't destructive. doesn't produce brownfields
quality
of life improvements for the community ... sustainable improvements
social
development that
gives the total community
economic development ownership
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Economic Development Marketing
As indicated in the opening paragraph for this page, networking
is extremely important for achieving success with an economic
development program. Building and maintaining a network of
allies as well as working to gain audience with prospects
to promote are efforts of direct communications. A well rounded
program has a marketing component that handles the indirect,
for example, advertising and publicity.
Economic development advertising that promotes a
location and/or real estate breaks down into the following
segiments:
(1) Advertising can be defined as paid-for communications
wherein (2) there is sponsor recognition. (3) A specific
advertisement or campaign either strives for product recognition
or seeks to motivate a potential prospect to make contact.
In the latter case, the objective is to generate leads (see
the definition of suspect). (4) Various economic development
advertising media exists, for example, see the list of niche
publications published in Site Location Assistance.com. The
publications typically focus their editorial sections on
enterprise and economic development reporting in support
of location and real estate advertising. (5) Some advertising
media enable economic development organizations to reach
audiences with a so called shotgun approach whle other media
allow them to take a target audience approach. (6) All advertising
is considered to be non-personal whereas networking, for
example, is personal.
Economic development salesmanship deals with building
and/or maintaining working relationships by taking a personnel
approach. Where sales is seen a separate from marketing the latter
deals with creating prospects by letting people know about what
a locations have to offer in advance (see the definitions of location
data and location profile; also see the page in About Economic
Development that describes various types of contacts that supply
information about places seeking economic development). Reading
this paragraph keep in mind that economic development has been
defined as a specialized form of marketing. In that case, marketing
includes sales.
Publicity is a part of economic development marketing
because of the universal need for economic developers to continuously
seek support from the places they represent. There is a subtle
tip for economic developers in the definition of publicity that
recognizes it as ... the quality or state
of being public (source: www.wordnik.com/words/publicity).
In some cases, publicity is used to keep a community interested
so that it doesn't fight
the process in the name of preservation of the status quo or
the environment.
In many cases, publicity touts the achievement
of
politicians or community leaders as volunteers. Ultimately,
however, the best economic developers deserve accolades for
serving the
wants and needs of the citizenry of a community.
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Various writers focused on economic development:
 Hollis
Chenery, b: Richmond, Va
example: Foreign
Assistance and Economic Development (AER)
John
Blair, Wright State University, Dayton, OH / (publications)
example: Local
Economic Development: Analysis and Practice
Ed
Blakely, University of California, Riverside, CA
example: The
Practice of Sustainable Development for the Urban
Land Institute
Joseph
Cortright, The Brookings Institution, Washington, DC
example: Socioeconomic
Data for Understanding Your Regional Economy
Susan
Giles, Alain Pinel Realtors, San Mateo, CA
example: Fundamentals
of Economic Development Finance
Robert
E. Glover, Economic Development Services Inc., Big Canoe, GA
example: Tourism
as Economic Development (more
about the subject)
Ned
Hill or Edward
Hill, Cleveland State University, Cleveland, OH
example: Innovation
and Economic Development
example: Fundamentals
of Economic Development
Randall
Jackson, West Virginia University, Morgantown, WV
example: The
Web Book of Regional Science (List
of Books)
Emil
Malizia, UNC / University of North Carolina, Chapel Hill, NC
example: Understanding
Local Economic Development
Debraj
Ray, New York University, New York, NY
example: Development
Economics
Jeffrey
Sachs, Columbian University in the City of New York, New York,
NY
example: The
End of Poverty: Economic Possibilities for Our Time
Joseph
Schumpeter, Harvard University, Cambridge, MA
example: The
Theory of Economic Development
T
N Srinivasan, Yale University, New Haven, CT
example: Handbook
of Development Economics / H. Chenery
Michael
Todaro, New York University, New York, NY
example: Reflections
On Economic Development
Stephen
Smith, George Washington University, Washington, DC
example: Economic
Development
Mary
McLean, MLM Associates, Lyon Mountain, NY
example: Understanding
Your Economy
Kenneth
Voytek, National Institute of Standards and Technology, MD
example: Is
Industry Targeting a Viable Economic Development Strategy?
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What is the relationship between enterprise and economic development? answer
What
is the relationship between site selection and economic
development? answer
What
is the relationship between economic and industrial development? answer
What
is the relationship between economic and community development? answer
What
is the relationship between economic development and locations? answer
Where
is information about locations seeking economic development
found? answer
Where is information about location contacts found? answer
Are location contacts and economic development contacts
the same? answer
Where is information about a chamber of commerce found? answer
Are contact directories available online? answer
Does
The Network publish an economic development directory of
contacts? answer
Can
an economic developer also be an area developer? answer
Where
is information about places wanting economic development
found? answer
How
does an enterprise and economic development directory get
online? answer
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