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Entrepreneurial Marketing

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This discusses theoritcal and practical aspects of marketing for an entrepreneur

This discusses theoritcal and practical aspects of marketing for an entrepreneur

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  • 1. ENTREPRENEURIAL MARKETING Rajeev Roy
  • 2. Relationship marketing
    • Identifying, establishing, maintaining and enhancing relationships with customers and other stakeholders, for profit
    • Achieving objectives of both parties
    • Driver – sophisticated customers want individualised attention
  • 3. Expeditionary marketing
    • Creating markets before competitors
    • Continuous search for innovative product concepts
    • Leading rather than following consumers
    • Tolerance of failure
  • 4. One-to-one marketing
    • Individualised marketing mix
    • Marketing based on knowing the customer through collaborative interactions
  • 5. Real-time marketing
    • Technology-facilitated, real-time dialogues with interactive services
  • 6. Disruptive marketing
    • Shattering culturally embedded biases and conventions
    • Forging a radical new vision of a product
  • 7. Viral marketing
    • Self-replicating promotion
    • Multiplies as like-minded people market to each other
    • One has to be careful of mutation
  • 8. Digital marketing
    • IT-enabled interactivity
    • New forms of interaction lead to deeper relationships
    • Greater personalisation
  • 9. Permission marketing
    • an approach to selling goods and services where a prospect explicitly agrees to receive marketing information
  • 10. Radical marketing
    • With limited financial resources
    • Maximum exploitation of limited budget
    • Redefine competitive rules
    • Focus on growth and expansion rather than short term gains
  • 11. Buzz marketing
    • Consumer-generated information dispersed through individual networks by creating excitement
    • Word of mouth
  • 12. Customer-centric marketing
    • Marketing seeks to fulfill needs of individual consumer
    • Needs of consumer is the starting point of planning process
    • Driven by increased market diversity
  • 13. Convergence marketing
    • Fusion of technologies or combination of channels
  • 14. Dimensions of entrepreneurial marketing
    • Proactive orientation
    • Opportunity-driven
    • Customer focus
    • Innovation focus
    • Risk / vulnerability management
    • Resource leveraging
  • 15. Leveraging resources
    • Stretching resources further than others have done in the past
    • Getting uses others have been unable to realise
    • Using other’s resources for one’s own purposes
    • Complementing one resource with another to create greater value
    • Using some resources to obtain others
  • 16. Brand building
    • Let your brand strategy drive your business
    • do not outsource branding
      • Creates distance between brand and top management
      • Agencies will focus on media, not brand
    • Clarify your brand identity
  • 17. Brand building
    • Identity-building brand exposure
    • Involve the customer in the brand building experience
    • Borrow practices from across industries
    • Pilot test novel ideas
    • Have a ‘brand manager’
    • Monitor results
  • 18. Pricing
    • Assess what value customers place on the product
    • Look for variations in the way customers value the product
      • Heavy users
      • Criticality of use
      • Different uses
  • 19. Price sensitivity
    • Less if 3 rd party bears cost
    • Cost of item is significant to total expenditure
    • If buyer is not end user (B2B)
    • Easy to compare products in category
    • Easy access to competing products
    • Low cost of switching
    • Long term relationship is not important
  • 20. Pricing
    • Identify a pricing structure
    • Consider competitor’s reactions
    • Monitor realised prices
    • Assess customer’s emotional response to prices
    • Analyse if returns are worth it
  • 21. Skimming
    • a policy of relatively high prices
    • Demand will be comparatively inelastic with respect to prices
    • consumers may be ignorant of real value
    • Segments the market
    • systematic price reduction to tap other segments
  • 22. Skimming
    • Safer – it may be easier to reduce prices than to raise them
    • High prices can finance high initial costs
    • Can absorb future rise in component costs
  • 23. Penetration pricing
    • High price elasticity of demand
    • High fixed costs – low variable costs
    • Strong threat of potential competition
    • Cost compression curve is steep
    • Provides greater visibility to company early
  • 24. Pricing precepts
    • Pricing of a product should work towards maximising present worth
    • The unit for making decisions and for measuring return is the entire economic life of the product
    • Pricing begins before production commences and repricing continues for the entire life cycle
  • 25. Pricing precepts
    • Producers costs indicate a floor price
    • Customers cost indicates price sensitivity
    • Competitor’s costs indicate their strength
    • Different pricing strategies can be used in different segments
  • 26. Channel strategy
    • Go directly to the consumer: bypass all
    • Go directly to the retailer: bypass distributor
    • Use sales agents
    • Set up your own intermediaries
    • Participate in establisher channel structure
  • 27. Promotions: Objectives
    • SALES
    • Increased distribution outlets
    • Increased shelf space
    • Increased in-store presence
    • Expanded selling season
    • Increased purchase frequency
    • Increased usage occasions
    • Increased transaction size
    • Trial
  • 28. Planning a promo campaign
    • Establish objectives
    • Plan on strategies and tactics
    • Establish criteria for success
    • Create back-up plan
    • Review and test
    • Put controls in place
    • Roll out
  • 29. Contests
    • Call attention to a product when there is nothing new
    • The product should tie in with the contest
    • Can be used to build data on customers
    • Instant win enjoys greater participation
    • Lots of prizes vs one big prize
  • 30. Coupons
    • Coupons entitle bearers to an immediate discount when presented to a participating business
    • Greatest influencer among promos
    • P&G vs the people
    • Manufacturer / retailer or both
    • On product / off site
  • 31. Discounts
    • Can result in:
      • Increased consumption
      • New type of consumption eg gifting
      • Stockpiling
    • EDLP vs High Low
    • Builds traffic
    • Price reductions are simplistic
  • 32. Types of discounts
    • Cash discounts
    • Trade-ins
    • Membership discounts
    • First few customers
    • Twofers / BOGO etc
    • Future purchase
    • Bundling
    • Added value (0% finance)
  • 33. Continuity
    • Basis: it costs more to get a new customer than to retain an old one
    • Collect and get
    • Loyalty
    • Collector series
    • Close-ended vs open-ended
  • 34. POP
    • Also known as POS
    • It is a display tactic
    • Display must convey message in 3 secs
    • More the better
    • Give benefit to retailer
    • Announce some other promotion
    • Self-shipper (easy set-up)
  • 35. Sampling
    • In store
    • On pack / in pack / near pack
    • Coupon
    • Delivered
    • Direct mail
    • Media delivery (incl. downloads)
    • Demos
    • Trial offers (short-term)
    • Venues (clubs, community halls)
    • Events
  • 36. Sampling
    • Kits
    • Booths
    • Literature
    • Hiring &Training
    • Follow up
    • measurement
  • 37. Event
    • Make / rent an event
    • Product placement
    • Product affiliation
    • Licensed premium offer (spidey toys)
    • Event tickets
    • Event extension (Merc-sit in F1 car)
  • 38. What can you do at an event?
    • Sponsorships
    • Signage
    • Sampling booths
    • Celebrity appearances
    • Hospitality tents
    • Premiums, souvenirs
    • Exhibit items
  • 39. Free gifts
    • Along with sale
    • The container itself
    • Charge cost
    • Free with commitment (subscription)
    • Collectibles
    • Collect and get
  • 40. Tie-ins
    • Product compatibility –pizza and cola
    • Market match
    • Distribution match
    • Seasonality
    • Regionality
    • Cross-merchandising
  • 41. Trade promotions
    • Get new distribution
    • Optimise product mix
    • Exploit seasonality
    • Get shelf space
    • Secure services (co-op)
    • Performance
  • 42. VIRAL MARKETING
    • Buzz, word-of-mouth, network marketing
    • Hotmail – “get your private, free email at www.Hotmail.com ”
    • Give away valuable products or services
    • Provides effortless transfer to others
    • Scalable
    • Utilize existing communication networks
    • Take advantage of others’ resources
  • 43. Myths
    • Only outrageous or edgy products are buzz-worthy
      • Unique in some respect
      • Highly visible
    • Buzz just happens
      • identify opinion leaders
      • Ration supply
      • Celebrities
      • Use lists (IIPM)
      • Build community
  • 44. Myths
    • The best buzz-starters are your best customers
    • To profit from buzz, act first and fast (coloured nailpolish)
    • Media and advertising are needed to create buzz
  • 45. Drivers of buzz
    • word-of-mouth is 10 times more effective than other media
    • Ad clutter is rising
    • Traditional forms of media are rising in cost
    • Trust in ads is coming down
    • Technology is acceleration buzz
  • 46. 6 buttons of buzz
    • Give people a story to tell
    • Taboo
    • Unusual
    • Outrageous
    • Hilarious
    • Remarkable
    • secrets