UW MKTG 555 Session 1

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  • Managers frequently need to estimate the size of their markets, both for existing products, so that sales forecasts can be developed, and for new products, so that market opportunities can be assessed.
  • UW MKTG 555 Session 1

    1. 1. A brian teaser for while you settle in
    2. 2. Marketing 555 Entrepreneurial Marketing Session 1 January 4, 2012University of WashingtonWinter 2012 | Mktg 555
    3. 3. Today’s Schedule • Section 1 – Introduction to Class • Resources, Blog, Highlighter, etc… – Brainstorming – Entrepreneur “Hackathon” – Voting / Team Set up process • Break • Section 2 – Class Topic: Market Analysis, Segmentation and Audience Identification – Assignment – Group Formation University of Washington 3 Winter 2012 | Mktg 555
    4. 4. • Class Intro• Idea “Hackathon”• Group Voting• Class Lecture• Group Set up 4
    5. 5. Introductions • Contact Info – aboyer@gmail.com | arboyer@myuw.net – Will be on campus 1-2 hours before each class • My Resume – UW MBA 2006 – Have worked for/with RealNetworks, Microsoft, Spring Creek Group, GotVoice, Imagekind, other startups – Currently manage small agency called Social3i, and co-founder of new software company called Relaborate University of Washington 5 Winter 2012 | Mktg 555
    6. 6. Grading Individual Semi-Weekly Assignments (20%) • 5-6 blog posts to MKTG 555 blog. Individual Entrepreneur Project (20%) • 2-3 page report, solving a problem for an entrepreneur Participation / Individual Personal Branding (10%) • As an entrepreneur, how are you perceived when an investor, employer, or partner looks you up online Group Entrepreneur Interview (20%) • Q+A with weekly guest speaker Group Final Marketing Plan (30%) • 5 minute presentation • 2 Page Executive Summary University of Washington 6 Winter 2012 | Mktg 555
    7. 7. A Typical Class Session • Discussion of the topic studied during the week. 6:00 – 6:45* • Group and individual presentations will be the base of conversations. • One or more guest speakers who are expert in the topic studied during the 6:45 – 7:45 week will come to class. • One group will be responsible for a Q+A session/ moderated discussion. 7:45 – 8:05 • Break • Topic Begins. We will discuss the next topic of study for the upcoming 8:05 – 9:15 week. 9:15 – 9:30 • Wrap Up / Q+A University of Washington * All times “-ish” Winter 2012 | Mktg 555
    8. 8. Assignments University of Washington Winter 2012 | Mktg 555
    9. 9. Individual Entrepreneur Project • 2-3 page paper solving a specific marketing problem for a entrepreneurial company • Opportunity for you to reach out to an entrepreneur of your choice or have me help connect you University of Washington 9 Winter 2012 | Mktg 555
    10. 10. Guest Speakers (sample) • Richard • Rob Tait, Cranium/Golazo Newton, Ontela/Googl e • Kelly Smith, Curious • Marty Office/Zapd Roberts, thePlatform/C • Wil Merritt, Zoopa omcast • Elizabeth • Paul Owen, Owen Media Bowman, iOrganize • Geekwire • Kristen Knight, Filter • SeoMoz Talent • Adam • RealNetworks Schoenfled, Simply Measured University of Washington Winter 2012 | Mktg 555 • More…. 10
    11. 11. Resources • Blackboard – http://foster.blackboard.com • Highlighter – http://highlighter.com • Blog – http://marketing555.wordpress.com/ • Twitter Feed – @Mktg555 – PW: Paccar291 • LinkedIn – UW MKTG 555: Email to come with invite University of Washington 11 Winter 2012 | Mktg 555
    12. 12. What the Quarter Will Look Like MODULE 1 Identifying Market Opportunities • Assessment of market potential | How large is the market | Evaluating Market Attractiveness • Targeting Markets and Customer • Low-budget or no-budget market research. Who are you? -- Mission/Values/Positioning/Branding • Mission / Values / Positioning • Pricing: Because pricing will affect who adopts your product • Branding: Establishing and Managing the Brand: • Partner evaluation matrix • Creation of successful distribution relationships University of Washington 12 Winter 2012 | Mktg 555
    13. 13. What the Quarter Will Look LikeMODULE 2How do you raise initial awareness• Entrepreneurial Communication Strategy• How do you reach out to the community through PR• PR / Community outreach / 1st BuzzHow do you apply sales/-marketing tools effectively in an entrepreneurialenvironment?• Outbound marketing tactics: Advertising, public relations, trade shows, viral marketing, internet marketing, etc…• Executing a web / seo / sem /social / email strategy• Blending in Social Media• Building Customer RelationshipsTeam building• Roles in a marketing org University of Washington 13 Winter 2012 | Mktg 555
    14. 14. What the Quarter Will Look Like MODULE 3 Crossing the chasm • From early adopters to mainstream • Entrepreneurial Distribution Strategy Retention and Referral • Turning a large number of rabid fans into a volunteer sales force on behalf of your company, product, or cause. • How do you retain customers • Building tribes and followers Customer feedback into development • How do you get customer feedback into product dev? • Managing Market Evolution and Change: University of Washington 14 Winter 2012 | Mktg 555
    15. 15. • Class Intro• Idea “Hackathon”• Group Voting• Class Lecture• Group Set up 15
    16. 16. Group Project: The Marketing Plan • Split into teams of 2. You will have 15 minutes to come up with an idea for a startup. Your task is simple. If you were given $1000 dollars today, how could you make the most money by March 9. – The only rules: No gambling. It must be legal. It must adhere to the laws of physics (ie no time machines.) • Each group will propose their idea off the top of their head (you can use one you are already working on.) • After all presentations you will have 15 minutes to mingle with each other and talk to the people about their ideas. Every student will then place one of their 5 poker chips into 5 of the boxes. (Or we will set up a survey monkey.) The 12 companies with the most chips will be the projects we work on for our final group project. • At the end of class we’ll announce the 12 ideas, and the students will be left to form into groups. University of Washington 16 Winter 2012 | Mktg 555
    17. 17. • Class Intro• Idea “Hackathon”• Group Voting• Class Lecture• Group Set up 17
    18. 18. • Class Intro• Idea “Hackathon”• Group Voting• Class Lecture• Group Set up 18
    19. 19. MARKET ANALYSIS, SEGMENTATION, IDENTIF ICATIONUniversity of Washington 19Winter 2012 | Mktg 555
    20. 20. Before we build a bettermousetrap, we need to figure out if there are any mice – Yogi Berra 20
    21. 21. University of Washington 21Winter 2012 | Mktg 555
    22. 22. University of Washington 22Winter 2012 | Mktg 555
    23. 23. Sample Market Planning Task List University of Washington 23 Winter 2012 | Mktg 555
    24. 24. Measuring a Market • Potential Market – Set of consumers who possess some interest in a product or to whom the product is potentially relevant • Available Market – Set of consumers who have interest in, income for and market access to a particular product • Target Market – Part of the available market that the company decides to pursue with marketing budget University of Washington 24 Winter 2012 | Mktg 555
    25. 25. Measuring a Market Economic Possibility Potential Market Available Market Target Market University of Washington 25 Winter 2012 | Mktg 555
    26. 26. Market Size Market Size = # of # of Transactions X per X Avg Size of Potential customer Transaction Customers per year University of Washington 26 Winter 2012 | Mktg 555
    27. 27. Sources of Info • Trade, professional, and social associations and groups: • Government sources: – Census Bureau – FedStats Web site.) • University professors: In addition to your library, dont dismiss the possibility that the exact data you need is sitting in a research report on an academic shelf. Talk to professors who have an academic interest in your e-business industry • Market analysis firms: – Jupiter Research – International Data Corporation – eMarketer • Direct data collection: If feasible, go directly to representatives of the target market. • The Internet: – Nua Internet Surveys – Yahoos Internet Statistics and Demographics Surveys page. University of Washington 27 Winter 2012 | Mktg 555
    28. 28. Market Analysis Discussion • Apple • Facebook • Google Plus • Dove Skin Care for Men • Others? University of Washington Winter 2012 | Mktg 555
    29. 29. Estimating Market Demand • Market demand: Total volume that – would be bought by a particular customer group – in a particular time period – in a particular marketing environment – under a particular marketing program. • When estimating market demand, qualify estimation as appropriate given a certain level of marketing investment. – If you slash your marketing budget, you have to adjust demand opportunity appropriately – The market demand corresponding to a certain level of marketing expenditures is called the market forecast. University of Washington 29 Winter 2012 | Mktg 555
    30. 30. Estimating Market Demand • When we estimate market demand, assume that marketing expenditures will increase market demand. • 3 constraints: – There is a certain level of demand for the product that would occur without any marketing spending, which we call the market minimum – At some point, marketing expenditures become ineffective at generating incremental demand because we have tapped out the market; this point is called the market potential – The market potential is dependent on a given external market environment. University of Washington 30 Winter 2012 | Mktg 555
    31. 31. Market Identification Identify Your Target Market & Assess Market Conditions • Size, growth rate and maturity • Niche market or large market • What segment exists • What are their basic needs • What channels do they consider University of Washington 31 Winter 2012 | Mktg 555
    32. 32. Assessing Market Opportunity Compelling Unmet Need Uniqueness Revenue Opportunity Market Size and Growth Competition University of Washington 32 Winter 2012 | Mktg 555
    33. 33. Market Validation • Conduct 20-30 interviews with representative customers. – Would they buy? – What would they expect to pay? – Who in their org would buy? – What are they buying like this already? University of Washington 33 Winter 2012 | Mktg 555
    34. 34. PEST vs SWOT Analysis • PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market • Completing a PEST analysis is helpful prior to completing a SWOT analysis (a SWOT analysis - Strengths, Weaknesses, Opportunities, Threats - is based broadly on half internal and half external factors). • PEST analysis most commonly measures a market; a SWOT analysis measures a business unit, a proposition or idea. University of Washington 34 Winter 2012 | Mktg 555
    35. 35. University of Washington 35Winter 2012 | Mktg 555
    36. 36. University of Washington 36Winter 2012 | Mktg 555
    37. 37. Estimating Market Share University of Washington 37 Winter 2012 | Mktg 555
    38. 38. Market Share Product Unit Sales Unit Share = Market Unit Sales Product Demand in Dollars Dollar Share = Market Demand in Dollars University of Washington 38 Winter 2012 | Mktg 555
    39. 39. Choosing where to compete Current Markets New Markets Current Market Penetration Market Development Products New Product Development Diversification Products University of Washington 39 Winter 2012 | Mktg 555
    40. 40. AppleUniversity of Washington http://radar.oreilly.com/2010/09/apple-segmentation-strategy-an.htmlWinter 2012 | Mktg 555
    41. 41. AppleUniversity of Washington http://radar.oreilly.com/2010/09/apple-segmentation-strategy-an.htmlWinter 2012 | Mktg 555
    42. 42. University of Washington http://radar.oreilly.com/2010/09/apple-segmentation-strategy-an.htmlWinter 2012 | Mktg 555
    43. 43. Improvised User Behavior Twitter Tumblr Dodgeball Foursquare Hipstamatic Instagram University of Washington 43 Winter 2012 | Mktg 555
    44. 44. Market Segmentation • Dividing People into groups based on similar characteristics • Can segment on age, income, education, etc…. • Once target is chosen, analyze needs/wants and purchase motivations University of Washington 44 Winter 2012 | Mktg 555
    45. 45. http://www.slideshare.net/colleencar/increasing-social-media-roi-using-gladwells-tipping-point-framework-4539106 University of Washington 45 Winter 2012 | Mktg 555
    46. 46. KorrioUniversity of Washington 46Winter 2012 | Mktg 555
    47. 47. Competitive Analysis • Direct vs Indirect Competitors • What do they do well/poorly • How/Where do we compete • How will they react to what we do University of Washington 47 Winter 2012 | Mktg 555
    48. 48. Example:GoogleforresearchUniversity of Washington 48Winter 2012 | Mktg 555
    49. 49. Getting into the Pet Business University of Washington 49 Winter 2012 | Mktg 555
    50. 50. Getting into the Pet Business University of Washington 50 Winter 2012 | Mktg 555
    51. 51. Getting into the Pet Business University of Washington 51 Winter 2012 | Mktg 555
    52. 52. Tools for Market Analysis University of Washington 52 Winter 2012 | Mktg 555
    53. 53. University of Washington 53Winter 2012 | Mktg 555
    54. 54. • Class Intro• Idea “Hackathon”• Group Voting• Class Lecture• Group Set up 54

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