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ENTREPRENEURIAL MARKETING

ENTREPRENEURIAL MARKETING. Marketing in the 21 st Century By Guru Tom Lopez. VALUE CREATION. Why buyers buy? e.g. Paco Underhill 1.Buyer buy because of a need! 2.Hierarchy of needs – A. Maslow. NEEDS. WANTS. MUST HAVE. NICE TO HAVE. KAPAMPANGAN CUISINE BICOLANO CUISINE.

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ENTREPRENEURIAL MARKETING

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  1. ENTREPRENEURIAL MARKETING Marketing in the 21stCenturyBy Guru Tom Lopez

  2. VALUE CREATION Why buyers buy? e.g. Paco Underhill 1.Buyer buy because of a need! 2.Hierarchy of needs – A. Maslow

  3. NEEDS WANTS MUST HAVE NICE TO HAVE KAPAMPANGAN CUISINE BICOLANO CUISINE NEED TO EAT FOOD

  4. NEEDS WANTS MUST HAVE NICE TO HAVE RUSTY LOPEZ ( 1,500 @ PAIR) PRADA ( 15,000 @ PAIR) SHOES TO PROTECT FEET

  5. NEEDS WANTS MUST HAVE NICE TO HAVE SOAP TO CLEAN OUR BODIES SAFEGUARD CAMAY

  6. Needs vs. Wants

  7. ALSO SMOOTHENS AND BEAUTIFIES THE SKIN! ALSO WIPES OUT ALL THE GERMS IN THE BODY! ALL SOAPS CLEAN! ALSO MOISTURIZES THE SKIN!

  8. AT THE HEART OF VALUE CREATION DIFFERENT CUSTOMERS HAVE DIFFERENT NEEDS AND WANTS

  9. AT THE HEART OF VALUE CREATION TREAT DIFFERENT CUSTOMERS DIFFERENTLY

  10. FIT DEFINES VALUE The SPECIAL-NESS of a product or service to the wants of a SPECIAL GROUP of buyers

  11. FIT DEFINES VALUE The greater the fit, the greater the value!

  12. VALUE ARCHITECTURE WANTS • ( nice to have)Area of differentation wants segment the market constantly changing CORE NEED (CONSTANT)

  13. NEW DEFINITION OF MARKETING – VALUE CREATION Customer survey Segmentation Competitive research Marketing Communication logistics • Brand management • CSS • CRM • Repeat Sales

  14. SEGMENTING, TARGETING ANDPOSITIONING • ENTREPRENEURIAL MARKETING • Somebody owns the market position in the mind of the customer. • 1.POSITIONING • -Place occupied by product in • customers mind (Al Ries Jack • Trout) • - Defined by specific product • attributes.

  15. 2. a .ER – BewareBetter ≠ Success Bigger / Faster CONCORDE - Faster plane are gone because according to customers, it ain’t worth it! b .ING – Is the operant wordEXCELLING SATISFYING DELIGHTING SUPRISING SELLING

  16. 3. EXAMPLE -Fighting Colgate Steps: a. Value must be defined b. Go to the 4Ps Product – Brand name, packaging features Promotions – What to say, how to say, who says it Logical Message – from left brain Magical Message – from right brain

  17. THE TOOTHPASTE WARS

  18. The DOMINANT Toothpaste 95% of all toothpaste users used colgate!

  19. ANALYSIS: a. Colgate has 95% of market b. 60 % of toothpaste users also use mouthwash 60 % of toothpaste users also use mouthwash

  20. VALUE MUST BE DELIVERED • PRODUCT Brand name, packaging, features • PROMOTIONS What to say, how to say, how often • PRICE Higher or lower than competition • PLACE where to sell Logical Message – from left brain Magical Message – from right brain The Marketing Mix

  21. VALUE MUST BE DELIVERED New product Toothpaste – mouthwash in ONE Product– name “Close-up” why? - because you use mouthwash in “Close-up moments (not white because you become common with Colgate) Promotion – “toothpaste & mouthwash in one: courtship (magic) moment Price – more expensive than Colgate why? Because its 2 in 1 Placement – whenever or where ever there is toothpaste and mouthwash sold.

  22. SEGMENTING THE MARKET Cutting the market creates new markets where there are no competitors, no rules. 1. WHY HOW USE BOUGHT WHERE Not just mere Demographic / Sociographic

  23. WHO ARE OUR CUSTOMERS? Demographics-only segmentation is NOT ACTIONABLE AGE INCOME LEVELS GENDER GEOGRAPHY DEMOGRAPHICS

  24. WHEN MARKETING MAGIC HAPPENS Toothpaste users Who also use mouthwash Toothpaste and Mouthwash in one SEGMENT PRODUCT EQUALS POSITION DEFINITION

  25. e.g. Jolibee – “Langhap Sarap” is magical message Sweeter vs. the bland taste of McDonalds is logical message Safeguard – who says it “recommended by PAMET” is the magical message Safeguard kills 99% of Germs Is the logical message Price – lower,equal or higher Placement – where it is distributed

  26. e.g. CARS Quality MB Volkswagen Lexus Kia Pride Altis Price

  27. VALUE ARCHITECTURE WANTS WHY WE BUY ONE BRAND INSTEAD OF THE OTHER DEVELOPING THE FIT NEEDS WHY WE BUY

  28. MEMORIAL PARK : OURS Parking DEVELOPING THE FIT Playground Landscaping Chapel Rememorialization Trees Interment service BURIAL GROUND a. Memorial notice CR b.Memory display c.Convoy d.Tribute e.Motif f.Burial Ceremony g.Obit h. You tube

  29. e.g. McDonald’s Target for diners in a hurry! DEVELOPING THE FIT Fast and friendly service FOOD Drive thru facilities Convenient location -along the highway The battle is not having more beef & lettuce , or fresh buns but in supplementary non food items!

  30. PETALS OF SERVICE Information Consultation Billing/Payment Waiting Facilities Ordertaking core Exception Hospitality Caretaking

  31. SERVICE PETAL : INFORMATION • Directions to site • Schedules/service hours • Prices • Instructions on using core Product/services • Reminders • Warnings

  32. SERVICE PETAL: CONSULTATION • Advice • Auditing • Personal Consulting • Management/ Technical

  33. SERVICE PETAL: ORDER-TAKING • On-site • Drive-in / Drive Through • Phone-in; Delivery • Mail Order • On-line / Internet

  34. SERVICE PETAL : HOSPITALITY • Greeting • Food and Beverage • Gift packs • Waiting facilities and amenities • Transportation • Security

  35. SERVICE PETAL: CARE-TAKING • Caring for possessions brought by customers Child care; Pet care, Valet parking, Baggage handling • Caring for goods purchased Packaging; delivery Installation; upgrades

  36. SERVICE PETAL: EXCEPTIONS • Special requests in advance of service -Diet -Children -Religion • Handling of complaints/ compliments • Restitution (refunds, rain checks)

  37. SERVICE PETAL:BILLING • Frequency of statements of accounts • Invoices • Verbal statements of amount due • Machine display • Self-billing

  38. SERVICE PETAL: PAYMENT • Self service • Customer interacts with service staff • Automatic deduction from financial deposits • Credit cards • Control and verification

  39. STARBUCKS • What was the coffee industry like in the US before Starbucks came in and revolutionized it? • What made Starbucks successful? • Why is Starbucks thinking of all of the varied diversification moves instead of just concentrating on coffee shop expansion?

  40. THE MANY VALUES OF COFFEE 600x 80x 10x

  41. THE MANY VALUES OF COFFEE 600x 80x ? 10x GROWING + PROCESSING + SERVICE GROWING + PROCESSING GROWING

  42. VALUE ACCORDING TO STARBUCKS Great beans & Great roasting Wonderful Service Great Ambience Convenient Location A GREAT COFFEE- DRINKING EXPERIENCE

  43. House of P’s Prayer Primary Target Market Positioning / USP Placement Promotions Price Product Persistent Profits Process that fulfills a Promise Passionate People Persistence / Patience

  44. S – T – P • SEGMENT • TARGET • POSITIONING

  45. S – T – P • SEGMENT • Slice the market • Differentiate customers as to how they • Buy • Use • Differentiate Needs

  46. S – T – P • TARGET • Which is the preferred market segment? • Easy to reach, easy to satisfy? • Profitable segment • “MASA”

  47. S – T – P • POSITIONING • Low cost or high cost? • Low quality or high quality?

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