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Entrepreneurial
Marketing
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50V101228000228753
Entrepreneurial flair when combined with effective marketing skill is a rare and powerful combination
in
business
. Developing products that customers want, and being bold with marketing investment,
are vital factors in achieving long-term
success.
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Entrepreneurial
Marketing
) (
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2004-2010, 50 Lessons Ltd.
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Business and Economics
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Entrepreneurship and Small Business
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SPEAKER
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Michael Jackson
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SPEAKER
TITLE
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Chairman
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PartyGaming
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Consumer Products, Financial, Technology
This lesson is about how Sage started, and how this particular case combined someone who had great marketing skills but also was a great entrepreneur: a very rare occurrence, particularly in the technology sector, and something which turned out to be a massive success story.
The Sage story - which has been told before but I think is worth telling again - is about David Goldman, a guy who had a printing works in Newcastle and who took on a visiting professor under a DTI scheme to do some technology work for him.
In this particular case it was to do a costing and estimating package for the print industry, based on software. As anyone in the printing industry will realize, it’s quite a complex process to cost and estimate a printing job, which could have various different colors and different lengths etc.
They produced this product and started to sell it, and then subsequently produced an accounting product, which was OK. I raised venture capital for them, as is my style: I invested my fee back into the company and became involved.
In this particular case, Amstrad launched the PCW, which was the first low-cost PC in the UK, at £500: within six weeks, David Goldman had produced a £99 accounts package to go onto the Amstrad. It was the beginning of low-cost software in the UK market, and the business just took off.
But where David was outstanding was that he understood marketing. He wasn’t hung up about the product per se. So for example, when people phoned up and said: “How do we buy invoices to work with your accounting product?”, instead of shrugging his shoulders, he said: “We’ll produce them!”, because he was a printer of course.
So he produced invoices and payslips, and when people said: “Well, how do we make this thing work?” not just: “How do we turn the computer on?” but: “How do we do the
month-end routines? How do we do some of the accounting functions that go with the software package?”, we started to advise them - and, significantly, to charge them for it.
In those days back in the early 1980s, it was unusual for software companies to charge for their telephone support. We did. And, of course, it’s become a massively important part of the Sage business, and a massively important reason why people bought, and still continue to buy, the product.
Then sales started to take off; so the bold decision to g ...
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1. Management of Information Systems Industry - Retail Group Members: Dinakar Bhatia – N 20 Manish Kr Gupta – N 38 Manish Singhal – N 39 Pankaj Sharma – N 49 Rajesh Kr Gupta – N 53 RavindraMahansaria – N 56
2. Etymology Retail comes from the French word retaillier which refers to "cutting off, clip and divide" in terms of tailoring (1365). It first was recorded as a noun with the meaning of a "sale in small quantities" in 1433 (French). Its literal meaning for retail was to "cut off, shred, paring". In both Dutch and German also refer to sale of small quantities or items.
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6. Biggest retail Sales countries of the world U.S $ 4 tn E.U $ 2 tn JAPAN $ 1 tn CHINA $ 750 bn U.K $ 444 bn INDIA $ 350 bn RUSSIA $ 200 bn Source : The retailer, Ernst & Young, Jan 2009
9. Classifying Retail Modern Format retailers (Organized retailing) Supermarkets (Subhiksha) Hypermarkets (Big Bazaar) Departmental Stores (Shoppers Stop) Cash & carry (Metro) Company Owned Company Operated (Bata) Traditional Format Retailers (Unorganized Retailing) Traditional Mom and Pop Stores: (KIRANA) Kiosks Street Markets Exclusive /Multiple Brand Outlets
