d5 – ready to start entrepreneurial marketing. d5 – entrepreneurial marketing aim: to appreciate...
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D5 – Ready to StartD5 – Ready to Start
Entrepreneurial Marketing
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D5 – Entrepreneurial MarketingD5 – Entrepreneurial Marketing
Aim:
• To appreciate the importance of marketing throughout the business start up process
Learning Outcomes:
• To develop a marketing strategy for an small business
• To identify key market segments for a Focus strategy
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Mike Grandinetti MIT Sloan School of Mgt
Entrepreneurial MarketingEntrepreneurial Marketing
• Defines the business
• Aligns and counterbalances the internal and external requirements and forces
• Creates sustainable business value
• Highly responsive to market (close to customer)
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Mike Grandinetti MIT Sloan School of Mgt
Entrepreneurial Marketing Entrepreneurial Marketing FrameworkFramework
• Market Discovery – (what is the customer’s ‘pain!’)
• Product Development
• Market Strategy
• Product / Company Launch
• Measurement and Refinement
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Mike Grandinetti MIT Sloan School of Mgt
Market Discovery (1)Market Discovery (1)
• Market segmentation
• Identify customer’s pain
• Competitive environment
• Market size / growth
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Mike Grandinetti MIT Sloan School of Mgt
Spin out?Spin out?
“Great devices are invented in the lab, great products are created in the market” Bill Davidow MIT Sloan Management School.
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Mike Grandinetti MIT Sloan School of Mgt
Market Discovery (2)Market Discovery (2)
• Market segmentation– FOCUS IS KEY– Pick 1-3 well defined, accessible markets and
dominate
“Marketing must create complete product offerings and drive them into commanding positions in defensible market segments” – Bill Davidow
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Mike Grandinetti MIT Sloan School of Mgt
Market Discovery (3)Market Discovery (3)
• Markets will support several players
• They are not as homogenous as they appear – define your segments
• ‘Pain’ (need) is best identified through rigorous and systematic primary research
• Articulate the voice of the customer to segment the market
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Mike Grandinetti MIT Sloan School of Mgt
Unique Value PropositionUnique Value Proposition
• Compelling reason to purchase
• Provides profit margin
• Quantify these benefits (money saved; time not wasted; family happier; children well fed)
• Position your product through your USP
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Most attractive marketsMost attractive markets
• Segments with lots of demand
• Accessible segments
• Markets in which you offer USP / able to differentiate from competitors
• Few substitutes
• Markets in which suppliers and distributors do not have power
FOCUS: on markets with lots of demand
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Mike Grandinetti MIT Sloan School of Mgt
Positioning TemplatePositioning Template
• For (target customers)
• Who (has the problem/need/pain)
• Our product ….*(is new)
• Provides… *(results)
• Unlike…*(competitors or substitutes)
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FundamentalsFundamentals
• Significant customer problem/need/desire to develop a sufficiently large market?
• Is the customer ready to buy ?
• Have you differentiated your value proposition?
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Mike Grandinetti MIT Sloan School of Mgt
Distribution ChannelsDistribution Channels
• How does your product/service reach the customer?
– Shops (how /when)– Internet– Mail– Multi- channel?
Remember focused strategy to start with!
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Marketing Planning ProcessMarketing Planning Process
• Mission
• Market Audit
• SWOT analysis
• Marketing Strategy
• Marketing Objectives
• Communication / advertising / P.R
• Monitor and Control