Marketing Doing It The Entrepreneurs Way!

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This presentation is offered to all professionals, managers, executives and leaders on linkedin.com, by EllenBliss Consulting

This presentation is offered to all professionals, managers, executives and leaders on linkedin.com, by EllenBliss Consulting

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  • 1. Marketing: Doing it the entrepreneur’s way! A. H. Umwagarwa (2010)
  • 2. This presentation: ”Marketing – Doing it the entrepreneur’s way! is protected by copyright ©2010 EllenBliss . All rights reserved . No part of this publication may be reproduced, stored or transmitted in any form or by any means without the prior permission in writing from the copyright holder. However, users may print, download, or email articles for individual use. Copyright
  • 3. We develop We train We consult We connect EllenBliss is a management consulting company with expertise in a wide range of management focus areas. We work with different companies all over the world mostly in Europe and Africa. We consult We connect We train We consult We connect We develop We train We consult We connect
  • 4. Defend Develop Devise Define Support, maintain, react to changes Unfolding, expanding, changing for growing Combination of ideas, new applications of principles, new scheme Problem analysis, cause-effect analysis, 5Ws Our style EllenBliss 4Ds Combination of ideas, new applications of principles, new scheme Problem analysis, cause-effect analysis, 5Ws Unfolding, expanding, changing for growing Combination of ideas, new applications of principles, new scheme Problem analysis, cause-effect analysis, 5Ws Support, maintain, react to changes Unfolding, expanding, changing for growing Combination of ideas, new applications of principles, new scheme Problem analysis, cause-effect analysis, 5Ws
  • 5. Marketing: Doing it the entrepreneur’s way! Defend Develop Devise Define
  • 6. 1. Write down five words that describe what you understand by the word ”marketing” 2. Write down five words that describe what you understand by the word ”entrepreneurship” 3. Link every word on the marketing list to a word on entrepreneurship list that is close to it in terms of meaning. 3. Discuss Session opener
  • 7. The 1 st D Define The 1 st D Define
  • 8. Define What’s Marketing? ” Marketing is about ensuring we provide fit for purpose products and services, to our customers, at a profit better than the competition.” (Harry Hellyer Associates) Products Customers Profit Competitors
  • 9. Define What’s Marketing? ” Marketing means solving customers’problems profitably”. (Randall G. Chapman) ? Customers Problems Profitably ” Marketing means solving customers’problems profitably”. (Randall G. Chapman) Customers Problems Profitably
  • 10. Define What’s Marketing? ” The aim of marketing is to know & understand the customer so well that the product or service fits…. And sells itself”. (Philip Kotler) Customers Products Fit sell
  • 11. Define What’s Entrepreneurship ” Entrepreneurship results in the creation, enhancement, realisation and renewal of value not just for the owners but for all participants & stakeholders.” (Timmons & Spinelli) Creation Value Stakeholders What’s Entrepreneurship ” Entrepreneurship results in the creation, enhancement, realisation and renewal of value not just for the owners but for all participants & stakeholders.” (Timmons & Spinelli) Creation Value Stakeholders What’s Entrepreneurship ” Entrepreneurship results in the creation, enhancement, realisation and renewal of value not just for the owners but for all participants & stakeholders.” (Timmons & Spinelli)
  • 12. Define Pursue Opportunities Without Resources What’s Entrepreneurship ” Entrepreneurship is the process by which individuals – either on their own or inside the organizations – pursue opportunities without regard to the resources they currently control.” (Stevenson & Jarillo) NO
  • 13. Define Marketing – The entrepreneur’s way! Customers Profit resources Opportunities Creation value Products Fit Sell Problems Competitors Pursue Stakeholders
  • 14. Stop & Think Form at least three sentences that define entrepreneurial marketing using the words in the previous slide. N.B.: You can add some words as connectors
  • 15. Define ” Pursuing opportunities to create and sell value adding products ; fit for customers ’ problems ; with a purpose to earn more profit than competitors , without regard to resources available.” Products Customers Profits Opportunities Opportunities Opportunities Competitors Marketing – The entrepreneur’s way!
  • 16. Define Points to consider Know your customers’ needs, wants and demands Develop products & services with a purpose to satisy your customers Know your competitors Make profits Keep adding value Grab opportunites
  • 17. The 2 nd D Devise
  • 18. Customers Devise
  • 19. Devise Customers Attracting customers Keeping & growing customers Understanding customer needs Market segmentation Value proposition Promotion & Advertising Customer relationship management Capturing value from customers ?
  • 20. Devise Attracting customers The entrepreneur’s way Remember the objective is to grab opportunities without regard to resources available Market research – can be done online! Understand your customers’ needs, wants and demands Master the market segments – Choose your target Attracting customers The entrepreneur’s way Attracting customers Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers Market research – can be done online! Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers Market research – can be done online! Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers
  • 21. Devise For what customers? What do they value? What are you offering? What benefits? Do customers have an alternative? How are you going to prove that you do what you promise? Choosing a value proposition Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers The entrepreneur’s way Attracting customers The entrepreneur’s way Attracting customers Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers Choosing a value proposition Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers Choosing a value proposition Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers
  • 22. Devise Advertising Personal selling Sales promotion Public relations Direct marketing Promotion – Different ways Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers The entrepreneur’s way Attracting customers Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Attracting customers
  • 23. Devise Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Keeping customers Customer relationship management The entrepreneur’s way Keeping customers Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Keeping customers Customer relationship management Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Keeping customers Customer relationship management Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Keeping customers Decide levels: Basic relationships vs full partnership Right relationships for the right customers – Pareto analysis Customer relationship management Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Keeping customers
  • 24. Devise Customer lifetime value Share of customer Customer equity Right relationships for the right customers Capturing customer value Remember the objective is to grab opportunities without regard to resources available The entrepreneur’s way Keeping customers
  • 25. Stop & Think 1. List who your customers are. If you don’t have customers for the moment, come up with a fictional company and think about who would be your potential customers. 2. Identify at least three concrete ways you can take to attract your customers? 3. List them from the cheapest to the most expensive 4. Prepare scripts of your marketing communications 5. Discuss with others
  • 26. Products Devise
  • 27. Product development The process Idea generation Idea screening Product concept development Marketing strategy development Business analysis Product development Test marketing Devise
  • 28. Product lifecycle The cycle Devise Introduce the product Grow its market Maintain the market Harvest the product
  • 29. Stop & Think
    • Identify five uses of an air freshner. E.g. for toilet
    • For each use, decide different five scents. E.g. Lemon aroma
    • Now you have 25 product ideas
    • 3. For each air freshner (e.g, Toilet air freshner with lemon aroma), decide the shape of the container. E.g. cube
    • Now you have 125 product ideas
    • 4. Merge your list with five other people to start a company producing air freshners – You have a pool of 625 product ideas
    • 5. Screen your ideas, decide how you are going to earn money, decide production and marketing strategies.
    • 6. Discuss
  • 30. Devise Competitors
  • 31. Devise Competitor analysis Identifying competitors Assessing competitors Selecting competitors to attack and avoid Designing a competitive intelligence system Competitors
  • 32. Devise Competitive strategy Porter classification: Treacy and Wiersema classification: Overall cost leadership Differentiation Focus Operational excellence Customer intimacy Product leadership No one strategy fits for all companies Competitors
  • 33. Devise Competitive position Market leader? Market challenger? Market follower? Market nicher? Competitors
  • 34. Stop & Think
    • Take an industry of your choice
    • Write down three competitors in that industry
    • Critically discuss their strategies
    • Share with your team
  • 35. The 3 rd D Develop
  • 36. Develop The aim is to make profits!
  • 37. Develop The aim is to make profits! Effectiveness Profitable customers Profitable products Profitable businesses The aim is to make profits! Effectiveness Profitable customers Profitable products Profitable businesses The aim is to make profits! Effectiveness Profitable customers Profitable products Profitable businesses The aim is to make profits! Effectiveness Profitable customers Profitable products Profitable businesses The aim is to make profits! Effectiveness Develop The aim is to make profits! Develop Profitable customers Profitable products Profitable businesses The aim is to make profits! Develop Effectiveness Profitable customers Profitable products Profitable businesses The aim is to make profits! Develop
  • 38. Efficiency Cost-benefit analysis Minimize overheads Maximize standards The aim is to make profits! Develop
  • 39. Unfold, expand, learn, change Develop Master the trends today: It is all about that!!! Do-it-yourself business, Online business, Home-based business, Outsourcing, Mobile business
  • 40. What is particular about the following companies: Stop & Think
  • 41. The 4 th D Defend
  • 42. Defend Apply the rules of entrepreneurship:
    • Master your market, find a niche.
    • Know everything about your business
    • Offer high quality products and superior service
    • Be creative & innovative
    • Listen to your customers
    6. Know your competition and work to win 7. Plan for profits 8. Keep your overheads low and your standards high 9. Use technology as a tool for building your business 10. Ensure constant improvement
  • 43. Stop & Think Case study: EasyJet
  • 44. Summary Marketing the entrepreneur’s way! ” Pursuing opportunities to create and sell value adding products; fit for customers’ problems; with a purpose to earn more profit than competitors, without regard to resources available.” Points to consider: How to attract and keep customers?, how to develop value adding products and manage their life cycle?, how to manage competition? Grabing opportunities offered by the trends in markets Keeping overheads low with high standards and maximizing profits
  • 45. For more insights about ”Marketing – Doing it the entrepreneurial way!” You can order our full article and/or our training video from EllenBliss Online Shop at www.ellenbliss.com
  • 46. Email: [email_address] or [email_address]
  • 47.