Technology Ventures: From Idea to EnterpriseChapter 11: Summary
What is the best way to attract, serve,
and retain custome...
Chapter 11: Marketing
Marketing is a set of activities with the objective
of securing, serving, and retaining customers fo...
Chapter 11: Table 11.1
The Six Elements of the Marketing Plan
•Marketing Objectives
•Customer Target Segments
•Product Off...
Chapter 11: Figure 11.2
Building A Marketing
Plan and a Sales Plan
The Marketing and Sales PlanThe Marketing and Sales Pla...
Chapter 11: Market segment
A market segment consists of a group with
similar needs or wants and may include
geographical l...
Chapter 11: Table 11.2 – Crucial questions to ask about target markets
The Marketing and Sales PlanThe Marketing and Sales...
Chapter 11: Positioning
Positioning is the act of designing the product
offering and image to occupy a distinctive place i...
A positioning map
for personal
computers
showing the
position of a new
product, EasyPC.
Chapter 11: Figure 11.3 - Position...
Chapter 11: Unique selling proposition
The unique selling proposition is a statement
of the key customer benefit of a prod...
Chapter 11: Exercise
Create a positioning map for the airline industry
and describe the position of a new product that
pro...
Chapter 11: Positioning statement
The positioning statement describes the
customer, the need, the product, the key benefit...
Chapter 11: Figure 11.4 (a)
Positioning Statement
• For (target customer)
• who (statement of need or opportunity)
• that ...
Chapter 11: Figure 11.4 (b)
Positioning Statement for Tesla Motors
• For wealthy individuals and car aficionados
• Who wan...
Chapter 11: Market Research
Market research is the process of gathering the
information that serves as the basis for a sou...
Chapter 11: Table 11.3 – Market research process
The Market Research Process
1. Define the product and its unique selling ...
Chapter 11: Figure 11.5 – customer development process
Customer development process
The Marketing and Sales PlanThe Market...
Chapter 11: Table 11.4
The Four Elements of the Marketing Mix
Product Price
Product Variety
Quality
Design
Features
Brand ...
Chapter 11: Customer Relationship Mgmt.
Customer relationship management (CRM)
consists of a set of conversations with the...
Chapter 11: Figure 11.7
Conversations
Design Build Sell Service
Search Acquire Use Maintain Dispose
The Firm
The Customer
...
Chapter 11: Table 11.8
Five Characteristics of an Innovation
Relative Advantage represents the perceived
superiority of an...
Chapter 11: Table 11.8
Five Characteristics of an Innovation (cont.)
Trialability represents the extent to which a potenti...
Chapter 11: Figure 11.10
The Chasm Model
CHASM
The Marketing and Sales PlanThe Marketing and Sales Plan
1111
Technology Ve...
Chapter 11: Selling
Selling is the transfer of products from one person
or entity to another through an exchange
mechanism...
Chapter 11: Principle
A sound marketing plan enables a new firm to
identify the target customer, set its marketing
objecti...
Chapter 11: Exercise
Describe a marketing mix for the regional jet
airline designed earlier.
The Marketing and Sales PlanT...
Chapter 11: Venture Challenge
VENTURE CHALLENGE
1) Describe the customer and the target segment you have identified.
2) De...
Chapter 11: DVD Videos
DVD Video
“Passion and the Customer”
Vic Verma (Savi Technology)
“Seed the Clouds and Watch the Sal...
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Chap11

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Chapter 11- Entrepreneurship lecture International University- HCMcity

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Chap11

  1. 1. Technology Ventures: From Idea to EnterpriseChapter 11: Summary What is the best way to attract, serve, and retain customers? Any new firm needs to build a marketing plan that describes how it will attract, serve, and retain the customers targeted for its products. Summary Successful salesmanship is 90 percent preparation and 10 percent presentation. Bertrand R. Canfield The Marketing and Sales PlanThe Marketing and Sales Plan 1111
  2. 2. Chapter 11: Marketing Marketing is a set of activities with the objective of securing, serving, and retaining customers for the firm’s product offerings. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  3. 3. Chapter 11: Table 11.1 The Six Elements of the Marketing Plan •Marketing Objectives •Customer Target Segments •Product Offering Description •Marketing Research and Strategy •Marketing Mix •Customer Relationship Management The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  4. 4. Chapter 11: Figure 11.2 Building A Marketing Plan and a Sales Plan The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  5. 5. Chapter 11: Market segment A market segment consists of a group with similar needs or wants and may include geographical location, purchasing power, and buying attitudes. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  6. 6. Chapter 11: Table 11.2 – Crucial questions to ask about target markets The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Four crucial questions to ask about target markets (Mullins, 2006) Technology Ventures: From Idea to Enterprise
  7. 7. Chapter 11: Positioning Positioning is the act of designing the product offering and image to occupy a distinctive place in the target customer’s mind. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  8. 8. A positioning map for personal computers showing the position of a new product, EasyPC. Chapter 11: Figure 11.3 - Positioning Map Low Medium High Ease of Use High Medium Low X EasyPC X Apple Mac X HP X Dell X Gateway Performance Price The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  9. 9. Chapter 11: Unique selling proposition The unique selling proposition is a statement of the key customer benefit of a product that differentiates it from its competition. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  10. 10. Chapter 11: Exercise Create a positioning map for the airline industry and describe the position of a new product that provides regional service using a jet with 72 seats. Describe its unique selling proposition. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  11. 11. Chapter 11: Positioning statement The positioning statement describes the customer, the need, the product, the key benefit and the product differentiation. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  12. 12. Chapter 11: Figure 11.4 (a) Positioning Statement • For (target customer) • who (statement of need or opportunity) • that (statement of benefit) Differentiation • Unlike (primary competitive alternative) • our product (statement of primary differentiation The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  13. 13. Chapter 11: Figure 11.4 (b) Positioning Statement for Tesla Motors • For wealthy individuals and car aficionados • Who want an environmentally friendly, high-end sports car • The Tesla Roadster is an electric automobile that delivers unprecedented performance without damaging the environment. Differentiation • Unlike Ferraris and Porsches, • Our product has fantastic mileage, unparalleled performance, and no direct carbon emissions. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  14. 14. Chapter 11: Market Research Market research is the process of gathering the information that serves as the basis for a sound marketing plan. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  15. 15. Chapter 11: Table 11.3 – Market research process The Market Research Process 1. Define the product and its unique selling proposition. Identify the customer segment. Develop a set of questions that will provide the necessary data on customer preferences and behavior. 2. Collect the data using surveys, published sources, focus groups, interviews, and other means to secure it. 3. Analyze and interpret the data to determine if the product meets the needs or wants of the customers and determine whether they will pay the price you seek. 4. Draw conclusions on the customer and their needs, preferences and behavior. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  16. 16. Chapter 11: Figure 11.5 – customer development process Customer development process The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  17. 17. Chapter 11: Table 11.4 The Four Elements of the Marketing Mix Product Price Product Variety Quality Design Features Brand Name Packaging Warranties Returns Policy List Price Discounts Credit Terms Payment Period Promotion Place Public Relations Advertising Sales Force Direct Messages Channels Locations Inventory Fulfillment The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  18. 18. Chapter 11: Customer Relationship Mgmt. Customer relationship management (CRM) consists of a set of conversations with the customer. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  19. 19. Chapter 11: Figure 11.7 Conversations Design Build Sell Service Search Acquire Use Maintain Dispose The Firm The Customer The Customer-Firm Relationship as Conversation The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  20. 20. Chapter 11: Table 11.8 Five Characteristics of an Innovation Relative Advantage represents the perceived superiority of an innovation over the current product or solution it would replace. This advantage can take the form of economic benefits to the adopter or better performance. Compatibility represents the perceived fit of an innovation with a potential adopter's existing values, know how, experiences, and practices. Complexity describes the extent to which an innovation is perceived to be difficult to understand or use. The higher the degree of perceived complexity, the slower the rate of adoption. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  21. 21. Chapter 11: Table 11.8 Five Characteristics of an Innovation (cont.) Trialability represents the extent to which a potential adopter can experience or experiment with the innovation before adopting it. The greater the trialability, the higher the rate of adoption. Observability represents the extent to which the adoption and benefits of an innovation are visible to others within the population of potential adopters. The greater the visibility, the higher the rate of adoption by those that follow. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  22. 22. Chapter 11: Figure 11.10 The Chasm Model CHASM The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  23. 23. Chapter 11: Selling Selling is the transfer of products from one person or entity to another through an exchange mechanism. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  24. 24. Chapter 11: Principle A sound marketing plan enables a new firm to identify the target customer, set its marketing objectives, and implement the steps necessary to sell the product and build solid customer relationships. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  25. 25. Chapter 11: Exercise Describe a marketing mix for the regional jet airline designed earlier. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  26. 26. Chapter 11: Venture Challenge VENTURE CHALLENGE 1) Describe the customer and the target segment you have identified. 2) Develop a positioning statement using the template in Figure 11.4. 3) Using the format of Table 11.3, describe the market research plan. 4) Briefly describe the marketing mix for your product. 5) How will your venture sell its product and develop customer relationships? 6) Research an industry and determine the length of the sales cycle in that industry. The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
  27. 27. Chapter 11: DVD Videos DVD Video “Passion and the Customer” Vic Verma (Savi Technology) “Seed the Clouds and Watch the Sales Grow” Guy Kawasaki (Garage Technology Ventures) The Marketing and Sales PlanThe Marketing and Sales Plan 1111 Technology Ventures: From Idea to Enterprise
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