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Week 3: Marketing and Entrepreneurship


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Week 3: Marketing and Entrepreneurship

  1. 1. <ul><li>WEEK 3 </li></ul>Business Strategy Decisions
  2. 2. Last Week’s Learnings <ul><li>Competition </li></ul><ul><ul><li>Direct & Indirect </li></ul></ul><ul><ul><li>Factors Affecting Competitiveness </li></ul></ul><ul><li>Other Industry Factors </li></ul><ul><li>SWOT Analysis </li></ul><ul><li>Brand & Positioning </li></ul>
  3. 3. What energizes you?
  4. 4. Purpose, Vision & Values <ul><li>Purpose/Mission: Main reason for being, other than profit; main objectives of the organization. </li></ul><ul><li>Vision: Communicated direction; end-state </li></ul><ul><li>Values: shared beliefs; drive culture, brand, and strategy </li></ul>This is your fuel and your destination .
  5. 5. To make quality products for a healthier world.
  6. 6. To invoke the imagination , provoke the senses , and evoke the emotions of people around the world.
  7. 7. Corporate Alignment Corporate Purpose, Vision, Values Business Problems & Objectives Marketing Challenges and Objectives Marketing Strategy and Planning Marketing Activities and Campaigns Long Term Mid-Term Short Term This is your map .
  8. 8. Business Objectives <ul><li>How will you measure business success? </li></ul><ul><ul><li>Scale </li></ul></ul><ul><ul><li>Market Share </li></ul></ul><ul><ul><li>Profit </li></ul></ul><ul><ul><li># of Customers </li></ul></ul>
  9. 9. Branding <ul><li>A brand exists in the minds of your consumers </li></ul><ul><ul><li>It is the way they feel about you or your offering </li></ul></ul><ul><ul><li>It is a result of every single interaction they’ve had with your organization, your communications, and your products, as well shared stories and experiences with other customers </li></ul></ul><ul><ul><li>It is like a bank account – you can make deposits and withdrawals </li></ul></ul><ul><li>Branding is the process of trying to manage your brand in the minds and hearts of your audience </li></ul>
  10. 10. Example <ul><li>Suppose you are starting a shortbread business called Sunnydale Shortbread. </li></ul><ul><li>What would be your website address? </li></ul>
  11. 11. Branding Myths <ul><li>It’s just for big companies with big budgets </li></ul><ul><ul><li>Everything can be a brand, including yourself </li></ul></ul><ul><ul><li>It takes commitment and consistency – not cash </li></ul></ul><ul><li>It’s a fad </li></ul><ul><ul><li>People have always used it to build strong reputations </li></ul></ul><ul><li>It’s just a logo and tagline </li></ul><ul><ul><li>It’s a company’s most valuable asset </li></ul></ul><ul><ul><li>It’s the sum of all actions, communications, and offerings </li></ul></ul><ul><li>It’s about creating an image </li></ul><ul><ul><li>Successful brands must deliver on their promise of value </li></ul></ul>
  12. 12. Brand Building <ul><li>Be authentic – discover your core values and mission, along with your competitive advantages before defining your brand </li></ul><ul><li>Brand from the inside out – yourself, your employees, your processes, and every business decision should reinforce your brand </li></ul><ul><li>Be consistent across all mediums and in each instance </li></ul>
  13. 13. It’s about Culture
  14. 14. Brand Statement <ul><li>One possible format: </li></ul><ul><li>We [ name of company ] promise [ customer group ] </li></ul><ul><li>That they can count on us for [ unique attribute or </li></ul><ul><li>benefit ] delivered with [ character, tone, mood ]. </li></ul>
  15. 15. Branding Benefits <ul><li>The Result: </li></ul><ul><ul><li>Charge a premium for your products and services </li></ul></ul><ul><ul><li>Increased market valuation </li></ul></ul><ul><ul><li>Easily extend your service lines </li></ul></ul><ul><ul><li>Sustainability </li></ul></ul><ul><ul><li>Attract quality partners and employees </li></ul></ul>It is a decision making tool.
  16. 16. Positioning <ul><li>Brand Positioning Strategy: </li></ul><ul><ul><li>The intended image of a brand within a market space relative to competition and by specified characteristics </li></ul></ul><ul><li>What will set the company apart within the market segment? </li></ul><ul><li>Develop a Positioning Statement </li></ul><ul><li>Identify existing gaps and saturation – use a Positioning Map </li></ul>
  17. 17. Elevator Pitches <ul><li>A concise overview of an idea or prospect delivered within a short time frame (such as the span of an elevator ride) </li></ul><ul><li>Answer who, what & why </li></ul><ul><ul><li>Who you are </li></ul></ul><ul><ul><li>What problem your business solves </li></ul></ul><ul><ul><li>What value your business offers </li></ul></ul><ul><ul><li>Why your business will be a success </li></ul></ul><ul><li>Keep it under 1 minute </li></ul><ul><li>Relate to the person/audience </li></ul><ul><li>Easy to understand </li></ul>
  18. 18. Audience Segmentation
  19. 19. The Marketing System convince cultivate connect GAP AUDIENCE need PROVIDER value
  20. 20. Audience Segmentation <ul><li>Audience Segmentation: a process by which you determine your target market </li></ul><ul><li>Target Market: the subset of the consumer market that you wish to sell your product or service to </li></ul>
  21. 21. Why Segment? <ul><li>You perform segmentation all of the time! Who would you invite to a birthday party? </li></ul><ul><li>Focus Relevance & Efficiency </li></ul>
  22. 22. Segmentation Process
  23. 23. Segmentation Factors <ul><li>Demographics (age, education, income) </li></ul><ul><li>Geographics </li></ul><ul><li>Psychographics </li></ul><ul><ul><li>Lifestyles (Activities, Interests, Opinions) </li></ul></ul><ul><li>Behavioural/Usage </li></ul><ul><ul><li>Benefit sought, Usage Rate, Product Loyalty, Stage in Sales Cycle </li></ul></ul>
  24. 25. Tribes Concept <ul><li>Group your consumer based on a common passion or identity </li></ul><ul><ul><li>“ Hipsters” </li></ul></ul><ul><ul><li>“ Geeks” </li></ul></ul><ul><ul><li>“ Artists” </li></ul></ul><ul><ul><li>“ Soccer Moms” </li></ul></ul><ul><ul><li>“ Foodies” </li></ul></ul><ul><li>Heightened word-of-mouth, loyalty, participation </li></ul>
  25. 26. Assessing a Market Segment <ul><li>Ties into the Marketing Objectives </li></ul><ul><li>Can have Primary and Secondary, etc. </li></ul><ul><li>Look at </li></ul><ul><ul><li>Market Size </li></ul></ul><ul><ul><li>Competition </li></ul></ul><ul><ul><li>Sales/Profit Potential </li></ul></ul><ul><ul><li>Compatibility </li></ul></ul><ul><ul><li>Growth Potential </li></ul></ul><ul><ul><li>Risks </li></ul></ul><ul><ul><li>Costs </li></ul></ul>
  26. 27. <ul><li>Brand Positioning </li></ul><ul><li>Choosing your Market </li></ul><ul><li>Hit ‘em where they ain’t </li></ul><ul><li>Find a parade, and get in front of it </li></ul>What it comes down to: From “Zag” by Marty Neumeier
  27. 28. Exercise <ul><li>You are starting a wedding-focused online publication </li></ul><ul><li>Each table uses a different method of segmentation </li></ul><ul><ul><li>Demographic </li></ul></ul><ul><ul><li>Behavioural </li></ul></ul><ul><ul><li>Psychographic </li></ul></ul><ul><ul><li>Tribe </li></ul></ul><ul><li>Explain how you will market to this audience: </li></ul><ul><ul><li>What are their unique needs? </li></ul></ul><ul><ul><li>How will you connect with them? </li></ul></ul>