Entrepreneurship 1013

• Marketing


  The promotion of business products or services to a target audience
• Marketing concepts


  A philosophy that determines what type of marketing tools are used by a company
• Opportunity seizing


  • Entrepreneurs need to have an innovation mindset to stand out
  • They need to identify their target market and formulate a compelling message
  • Supported by a marketing mix that matches the desired customer bonding strategy
• Opportunity


  Anything that provides you with a chance to change your circumstances for the better
• Qualities that separate a successful person

  • Curiosity
  • Generosity
  • Perseverance
  • Confidence
  • Optimism
  • Playfulness
  • Responsibility
  • Hindsight
  • Gratitude
• Target market


  A defined group most likely to buy a company's products or services
• Identifying target markets


  1. Conduct a marketing opportunity analysis

  2. Choose a basic target market strategy

  3. Pursue entire markets with one marketing mix

  4. Concentrate on one segment

  5. Pursue multiple market segments with multiple marketing mixes
• Positioning


  Communicating to overall positive impression of a brand, relative to competition
• 3 points to remember in product and service positioning

  • It must be relevant
  • It must be unique
  • It must be communicated
• 9 ways to create value

  • Better
  • Faster
  • Cheaper
  • Customized
  • Convenient
  • Comprehensive
  • Complementary
  • Consolidated
  • Cutting-edge
• Positioning


  Communicating to overall positive impression of a brand, relative to completion
• Being relevant


  Identifying and solving pain points
• Being unique


  Creating distinctive value compelling enough to attract customers to buy continuously
• 9 Ways to Create Value

  • Better (superior products or services)
  • Faster (speed or capacity to move quickly)
  • Cheaper (lower prices with the same or better value)
  • Closer (good relationship with customers, including localization)
  • Larger (or smaller) (wider choices, including bundled choices with alliance partners, if smaller, more convenient)
  • Easier (flexible service or total solution provider)
  • Rarer (exclusivity, or being the only choice in the area)
  • Prestige (reputation from favorable and aspirational perception)
  • Different (new category or innovation, including targeting underserved or unserved market, the innovation need not be superior and can be even inferior compared to what is available)
• Marketing Mix


  A set of controllable and inter-related variables composed of product, place, price and promotions that the company assembles to satisfy a target group
• Additional Ps for service industry

  • Physical environment
  • People
  • Process
• 4 Ps of Marketing Mix

  • Product
  • Place
  • Price
  • Promotion
• Product Strategies


  Includes packaging, warranty, after-sales follow-up, brand name and company name
• Place Strategies


  Where can you get the product or service, how the product gets to the consumer through storing, transporting, and delivering
• Promotion Strategies


  Personal selling, advertising, public relations, and sales promotion
• Pricing Strategies


  Price is the cost a consumer must pay for the product or service, it is the most flexible of the Ps
• Reasons why a marketing plan can fail

  • Unrealistic marketing objectives
  • Inappropriate marketing strategies
  • Poor implementation
  • Major environmental changes that a company did not plan to happen
• Additional Ps for Service

  • Physical Environment - To create the tangible expression of the brand engaging the senses through the layout and images of the services cape
  • People - To show a living representation of the brand promise
  • Process - To experience how the brand delivers value
• The heart of the marketing mix is of course the product or service.
• Product Strategies are the beginning point of the entire mix and strategy.
• Place strategies are all about making the product or service available to theconsumers when they want and need them. A
• Promotion's central purpose is to inform, educate, persuade and remindconsumers about products or services.
• Implementation and Control is the final part of a marketing mix is the implementation and encompasses how the plan can be translated into actionable activities. The activities must be achievable and very detailed. The parts included must be an assignment of tasks, activities, timelines, budgets, and communication between all of the corporate departments.
• Control is a method of evaluating the plan to see if it was successful.
• There are four main reasons why a marketing plan can fail: unrealistic marketing objectives, inappropriate marketing strategies, poor implementation, and major environmental changes that a company did not plan to happen.
• Lesson 11