Lancome proudly carries the ambition of producing the finest products, therefore helping women throughout the globe in becoming more attractive and happier.

1. Marketing for
entrepreneurial ventures

2. Objectives
1. To appreciate the context of entrepreneurial marketing
as distinct to traditional marketing
2. To examine the entrepreneurial marketing concept –
philosophy, segmentation and consumer orientation
3. To explore the communication methods of guerrilla,
buzz, viral and relationship marketing for
entrepreneurship

3. Markets
• A market
is a group of potential customers who have purchasing
power and unsatisfied needs.
• A new venture will survive only if a market exists for its
product or service.
And if it can meet the market’s need at a profit

4. Marketing is critical
• Marketing is as critical to new businesses as it is for
established ones.
• Start-ups must be intimately in touch with their
customers and with their needs.

5. A small business is not
a little big business
• Entrepreneurs are not corporations.
• They are self-maximising, profit-seeking autonomous
individuals leading small teams.
• They suffer from ‘resource poverty’.
• Constraints lead to a different approach to marketing.

6. Entrepreneurial marketing
‘Proactive identification and exploitation of opportunities
for acquiring and retaining profitable customers through
innovative approaches to risk management, resource
leveraging and value creation.’

7. Entrepreneurial marketing
Traditional marketing
• Concentrating on brand
recognition or market share
• ‘Cost driven’
• Marketing as objective,
dispassionate science
• Efficient use of existing
resources
(Ex: TV advertising)
Entrepreneurial marketing
• Concentrating on leveraging
deep customer knowledge
into sales
• ‘Revenue driven’
• Marketing as passion, zeal,
persistence and creativity
• Creative use of the resources
of others
(Ex.: use of FB)

10. Entrepreneurial marketing
Traditional marketing
• Product
• Price
• Promotion
• Place
Entrepreneurial marketing
• Customer solution
• Customer cost
• Customer communication
• Customer convenience
CUSTOMER DRIVEN MINDSET!
NOT CONTROL THE
CUSTOMER MINDSET!

11. Communicating the message
• Non-traditional, low-cost, highly effective marketing
methods:
o Guerrilla marketing: imaginative, creative & innovative
communication strategy, leverage minimal resources
o Buzz marketing: customer hype, excitement, leverage
customer network through recommendation, referrals
o Viral marketing: buzz + Internet spreading across
virtual, web-based communities

12. Marketing as “Civilized Warfare”
Traditional Guerrilla
“Guerrilla”: ….being more creative and doing more with less.
Resource Scarcity drives creativity and invention

13. Guerrilla Marketing:
“Un” Marketing
• Unconventional
o relies on time, energy and
imagination rather than a big
marketing budget
• Unexpected
o potentially interactive,
targeting consumers in
unexpected places.
• Unique/Unusual
o engaging and thought-
provoking concepts to
generate buzz
o Ideally turn viral.

14. Guerrilla Marketing
Examples

16. Guerilla Marketing Example - Cons
Stickers!
But be careful
as you could
get in
trouble…

17. Viral Marketing

18. What are some examples of existing networks where an
entrepreneur can go viral on…?

19. Review of Marketing Principles
• At your tables please write down the main sections of
the Marketing Plan that you wrote for Marketing
Principles.

20. Segmentation, Target Segment,
Positioning
Optional slides

21. Steps in Market Segmentation, Targeting,
and Positioning

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Market Segmentation
• Geographical segmentation
o Marketing mixes are customized geographically
• Demographic segmentation
o Most popular segmentation
o Demographics are closely related to needs, wants and usage
rates
• Psychographic segmentation
o Lifestyle, social class, and personality-based segmentation
• Behavioral segmentation
o Typically done first

23. Density or Climate
City or Metro Size
World Region or Country
Step 1. Market Segmentation
Geographic Segmentation

24. • Dividing the market into
groups based on variables
such as:
o Age
o Life-cycle stage or family size
o Gender
o Income
o Occupation
o Education
o Religion
o Race
Step 1. Market Segmentation
Demographic Segmentation

25. Step 1. Market Segmentation
Psychographic Segmentation
Divides Buyers Into Different Groups Based On:

26. Step 1. Market Segmentation
Behavioral Segmentation
• Dividing the market into groups
based on variables such as:
o Occasions
o Benefits sought
o User status
o Usage rate
o Loyalty status

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Step 2: Selecting Target Market Segments

28. 7-28
Step 3. Choosing a Positioning
Strategy
Step 2. Choosing the Right
Competitive Advantage
Step 3. Communicating and
Delivering the Chosen Position
Step 1. Identifying Possible
Competitive Advantages

29. Services
Differentiation
i.e. Delivery, Installation,
Repair Services, Customer
Training Services
Product
Differentiation
i.e. Features, Performance,
Style & Design, Attributes
Identifying Possible Competitive
Advantages
People
Differentiation
i.e. Hiring, Training Better
People Than Competitors
Do
Image
Differentiation
i.e. Symbols, Characters
Channel
Differentiation

30. Selecting an Overall Positioning Strategy

31. Positioning/Perceptual Map Example
Source: https://ludu-assets.s3.amazonaws.com/lesson-content/W46pHXzJA3uhzUjJsmBI

32. Positioning/Perceptual Map Example #3
Source: http://www.innismaggiore.com/Libraries/Positionist_View_Images/Moisturize_Deodorant_Chart_390x260.sflb.ashx

33. Key lessons of
entrepreneurial marketing
• Price your products to maximise profit
• Create ‘buzz’
• ‘Bundling’ is a perceived plus
• Unique promotional campaigns
• Marketing may affect capital raising more than sales in
the early years