Marketing plan and its steps. Selecting a Market and Establishing a Position in the Market. The Process of Selecting a Target Market and Positioning Strategy. branding. marketing mix. launch of product
Entrepreneurship and small
(Unique Marketing Issues)
• Entrepreneurship by Bruce R. Barringer
•Entrepreneurship by Hisrich
WEEK 1: Wear only what sparks joy
I hired a stylist, who came up with more perfect outfits that looked amazing and felt like me in two hours than I ever found in two years - all within my
If you're confident enough in your style to not want a stylist, though, then this is the main principle to follow: Wear only what sparks joy.
There are 3 main reasons for this:
The slightest bit of discomfort (whether the physical or emotional) will kill your charisma. You'll feel uncomfortable, which gets in the way of charisma.
Also, if your clothes make you fidget, feel itchy, etc., people will notice your discomfort - but think that you're uncomfortable with THEM.
Wearing only what's comfortable AND makes you feel AMAZING will, well, make you exhibit amazingness. It's also a great confidence booster and
can help kickstart your inner confidence.
Making an incredible first impression starts in part with style.
email news list at http://www.jennifer-
WEEK 2: Hold eye contact longer
Everywhere you go, practice holding eye contact with people walking around half a second longer than you
normally would. For a real challenge, let yourself be the last person to look away. In conversations, try to
maintain steady eye contact as much as possible.
There's an art to eye gaze - you don't want to stare so intently that you seem weird, or stare at people in a
creepy way. So you may need to play with it.
Always remember: This is an experiment. Whatever happens, we're just playing, seeing what happens.
Before, I very rarely got compliments from random people. When I did this in combination with improving
my style, people started asking if I was a model and complimenting my hair a LOT more. One person even
asked to take a picture of my hair to show her stylist.
WEEK 3: Get people to move out of your way without saying a word
This is my favorite exercise, which I got from reading The Charisma Myth.
Imagine a big gorilla charging down a street. Now imagine that YOU are the gorilla.
When you walk around down a street or a hallway, or whenever you're around people, imagine that you're
that gorilla. Don't beat your chest or swing your fists - but just imagine that you are the gorilla.
Over time, you'll naturally find yourself taking up more space and people will be moving out of your way.
What this does is improve your presence and power. This is one of the best ways I've found to learn to take
up more space and use more powerful body language without having to be constantly conscious of it. We're
creating a sense of power within, at a more subconscious level.
WEEK 4: Develop your boundaries
Personally, I was an approval-seeking push-over that was constantly worried that no one liked
me, and that I had to do everything anyone asked for them to like me.
What started to help with this was reading a book about boundaries. I read Where to Draw the
Line: How to Set Healthy Boundaries Every Day, but there are plenty of books out there that
address this topic.
What changed: I started being very clear about what I was and wasn't willing to put up with. I
stopped being such a push-over who wouldn't defend myself. I brought closer good people
who supported me and made me better. I called out shady people who made weird comments
about me, or stopped talking to them. I wasn't afraid to let them go, or need their approval.
As a result, I started developing a stronger inner sense of confidence that yes, I can speak up,
and yes, I'm worth it. And the people around me now supported this.
YMMV with this one. If this isn't an issue for you, I would dedicate Week 4 to something that
is. You mentioned wanting to become a better speaker. I would look for a public speaking
class or coach. The best public speaking training I know of is Own The Room, and I believe
they teach out in LA. (Sidetone: I used to coach for them, so I may be biased.) Taking improv
classes for a year increased my belief in my competence and comfort with being on stage, but
it didn't increase my charisma noticeably
Understanding the Marketing Plan
Marketing plan - A written statement of marketing
objectives, strategies, and activities to be followed
in business plan.
Ask yourself these five critical questions:
1. What is unique about your business idea? What is the general need that your
product or service aims to meet?
2. Who is your target buyer? Who buys your product or service now, and who do you
really want to sell to?
3. Who are your competitors? How can your small business effectively compete in
your chosen market?
4. What positioning message do you want to communicate to your target buyers?
How can you position your business or product to let people know about your
5. What is your sales strategy? How will you get your product or service in the hands
of your customers?
Steps in Preparing the Marketing Plan
Defining the Business Situation
Situation analysis - Describes past and present
business achievements of new venture.
In case of a new venture, information should relate to
how and why the product or service was developed.
After a new venture has started up information should
Present market conditions.
Performance of the company’s goods and services.
Future opportunities or prospects.
Selecting a Market and Establishing a
Position in the Market
Important Questions That All Start-ups Must Ask
In order to succeed, a new firm must address this important
issue: Who are our customers and how will we appeal to
A well-managed start-up approaches this query by
following a three-step process:
Segmenting the market
Selecting a target market
Establishing a unique position
The Process of Selecting a Target
Market and Positioning Strategy
Lifestyle (AIO)- VALS Model
Occasions (daily, weekly, monthly, events
Ex-user, 1st time user, regular user
Usage rate (low, medium, high)
Attitude toward product( -ve, +ve etc.)
Establishing a Unique Position
A helpful technique is to develop
a product attribute map, which
illustrates a firm’s positioning
strategy relative to its major
The way by which the marketers
attempt to create a distinct
impression in the customer's
The positioning concepts focus
on the rational or emotional
benefits that buyer will receive or
feel by using the product/service.
Establishing a Unique Position
Firms often develop a “tagline” to reinforce the
position they have staked out in their market, or a
phrase that is used consistently in a company’s
literature and thus becomes associated with the
An example is Nike’s familiar tagline, “Just do it.”
The beauty of this simple three-word expression is that it
applies equally to a 21-year-old triathlete and a 65-year-
old mall walker.
Establishing a Brand
A brand is the set of attributes—positive or
negative—that people associate with a company.
These attributes can be positive, such as trustworthy,
dependable, or easy to deal with.
Or they can be negative, such as cheap, unreliable, or
difficult to deal with.
The customer loyalty a company creates through
its brand is one of its most valuable assets.
Some companies monitor the integrity of their
brands through a program called “brand
Establishing a Brand
So how does a firm establish a brand?
On a philosophical level, a firm must have meaning in
its customers’ lives. It must create value—something
for which customers are willing to pay.
On a more practical level, brands are built through a
number of techniques, including advertising, public
relations, sponsorships, support of social causes, and
A firm’s name, logo, Web site design, Facebook page,
and even its letterhead are part of its brand.
Power of a Strong Brand
Ultimately, a strong brand can be a very powerful asset
for a firm.
Over 50% of consumers say that a known and trusted
brand is a reason to buy a product.
A brand allows a company to charge a price for its
products or services that is consistent with its image.
A successful brand can increase the market value of a
company by 50% to 75%.
Brand equity is the term that denotes the set of
assets and liabilities that are linked to a brand and
enable it to raise a firm’s valuation.15
• Most experts warn against placing an overreliance on
advertising to build a firm’s brand.
• A more affordable approach is to rely on word of mouth, the
media, and ingenuity to create positive buzz about a
• Creating buzz means creating awareness and a sense of
anticipation about a company and its offerings, it hopes that
people start talking about it and its exciting new product or
• In addition, newspapers, magazines, blogs, and trade
journals are always looking for stories about interesting
companies. Focusing too much on the features and benefits
of their products is a common mistake entrepreneurs make
when trying to gain attention from the media. 17
The Four Ps of Marketing for New Ventures
Set of marketing
tools used by a
firm to pursue its
in a target market.
Combination of a
number of policies
to realize profit
May consider more than the physical
Involves packaging, brand name, price, warranty,
image, service, delivery time, features, style, and
even the Web site.
Determining the product or products to be sold is
central to the firm’s entire marketing effort. The
most important attribute of a product is that it adds
value in the minds of its target customers. Let’s
think about this by comparing vitamins with pain
i. Core benefit- The fundamental
benefit or services that the
customer is really buying.
The CORE product is NOT the
tangible, physical product. You
can't touch it. That's because the
core product is the BENEFIT of
the product that makes it
valuable to you. So with the car
ii. Basic Product- Marketer turns
benefit into basic product.
iii. Expected product- A set of
attributes & conditions buyers
normally expect when they
purchase product according to
their purchasing power.
Augmented product- Products that exceeds
consumers expectations. Competition usually takes
place in this level, for which you may or may not
pay a premium. So when you buy a car, part of the
augmented product would be the warranty, the
customer service support offered by the car's
manufacture, and any after-sales service.
v. Potential product- All possible augmentations
& transformations the product might undergo in
The amount of money consumers pay to buy a
product. It is the only element in the marketing mix
that produces revenue; all other elements represent
costs. Price is an extremely important element of the
marketing mix because it ultimately determines how
much money a company can earn.
Costs based/markup pricing
Target Return pricing
Competition based (going-rate) Pricing
Auction based pricing 24
Strategies 1,5 & 9 (diagonal) show prices according
to quality offered
Strategies 2,3 & 6 to attack the diagonal position
Strategy 4,7 & 8 show overpriced products
Nine Price-Quality Strategies
Refers to providing the product at a place which is
convenient for consumers to access.
Various strategies such as intensive distribution,
selective distribution, exclusive distribution,
conventional marketing system, vertical
marketing system, and franchising can be used by
the marketer to complement the other aspects of
the marketing mix..
Level of Marketing Channels
Channels for Consumer Products
Conventional marketing System- comprises
of independent producers, wholesalers or
retailers who business just to maximize their
own profit even if it reduces profit for a system
as a whole. In this there is no control upon any
member of channel
Vertical Marketing Channel/system (VMS)
by contrast, comprises the producer, wholesaler, or
retailers acting as a unified/coordinated way. The high
degree of control and coordination in VMS is achieved
through one of the three means:
Corporate VMS: common ownership of successive level
of a channel.
Contractual VMS: contracts between independent
channel members to increase the efficiency and
effectiveness of distribution (franchises etc)
Administrative VMS: Coordination in distribution
through market/economic power of one of channel
General Definition- activity that supports
or encourages a cause, venture, or aim.
Promotion refers to the activities the firm
takes to communicate the merits of its
product to its target market.
Marketing activities to communicate
positive, persuasive information about an
organization, its products and its activities
to a target audience to increase sales &
profit of organization.
Any Paid Form of Non-personal
Presentation by an Identified
Sales Promotion Short-term Incentives to
Building Good Relations with
Various Publics by Obtaining
Favorable Unpaid Publicity.
Direct Communications With
Individuals to Obtain an
Personal Presentations by a Firm’s
There are five main aspects of a Promotional Mix
Type of Advertisement
Google AdWords and AdSense Program
Allows advertisers to buy
keywords on the Google home
Text-based ads to the side of (and
sometimes above) search results
when the keyword is used.
The program includes local,
national, and international
Advertisers pay a certain amount
AdWords has evolved into Google's
main source of revenue.
Google's total advertising revenues
were USD $42.5 billion in 2012.
Allows advertisers to buy ads that
will be shown on other Web sites
instead of Google’s home page.
Google selects sites of interest to
the advertiser’s customers.
Advertisers are charged on a pay-
per-click or a per-thousand
Advertisers benefit because the
content of the ad is often relevant
to the Web site.
Web site owners benefit by using
the service to monetize their Web
In Q1 2011, Google earned US
$2.43 billion ($9.71 billion
annualized), or 28% of total
revenue, through Google AdSense
Other Promotions Techniques
encourages people to
pass along a marketing
message about a
particular product or
service. . (through
social media and emails
usually by including
jokes, games, video
An approach to
marketing that relies on
cleverness, and surprise
rather than traditional
One of the most cost effective
ways to increase the awareness of
the products of a company is
through public relations.
Public relations refer to efforts to
establish and maintain a
company’s image with the public.
The major difference between
public relations and advertising is
that public relations is not paid
Public Relations Techniques
Civic, social, and community
Articles in industry
press and periodicals
Consists primarily of blogging and connecting with
customers and others through social networking sites like
Facebook and Twitter.
The idea behind blogs is that they familiarize people with a
business and help build an emotional bond between a
business and its customers.
Facebook and Twitter
Businesses establish a presence on Facebook and Twitter to
build a community around their products and services.
Marketing Strategy: Consumer
Business-to-business markets involves selling of
products or services to another business.
Usually aims at selling a large volume in one transaction.
Involves a more direct channel of distribution.
Use trade magazine advertising, direct sales, and trade
Consumer markets involve sales to households for
Monitoring the Progress of Marketing
Involves tracking results of the marketing effort.
Entrepreneur should prepare for contingencies.
Minor adjustments in the plan are normal;
significant changes indicate a poorly prepared plan.
Weaknesses in market planning may be due to:
Poor analysis of the market and competitive strategy.
Unrealistic goals and objectives.
Poor implementation of the outlined plan actions.
Unforeseen hazards like weather or war.
Mian Zeeshan Akhtar, CEO, Chairman and mastermind
behind the success of Q Mobile. After completing his
education from the United States in 2003, he work for LG &
Samsung distribution in Pakistan. In 2009, Akhtar took
charge of a company that soon became a corporate giant.
Today, Q Mobile is the biggest player in Pakistan’s mobile
Along with sound strategy, quality emphasis and effective
distribution, a heavy marketing campaign has also helped
the company build a strong brand name. Qmobile’s
advertising budget is higher than even that of multinational
brands. The company uses product placement, celebrity
endorsements as an advertising technique to promote its
Company operates with a different business model as
compared to companies like Samsung and Microsoft:
although it calls itself a mobile phone company, QMobile
does not manufacture its own devices; instead, it imports
them from vendors in China, and sells them under its own
brand. The same phones are sold in India under the
Qmobile provides fairly high-end features at prices
affordable for most Pakistanis: you can now buy a branded
Android smartphone for as low as Rs 4,500, complete with
a warranty, thanks to QMobile. This may well be the
primary driver behind QMobile’s growth. 46