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MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP). RELEVANCE TO JAMAICA & ENTREPRENEURIAL DEVELOPMENT. WHAT IS ENTREPRENEURSHIP?. A new style of doing business An approach – way of seeing things and of doing things differently

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MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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  1. MARKETING TRENDS 2014… AND BEYOND(INCLUDING THE MARKETING OF ENTREPRENEURSHIP) RELEVANCE TO JAMAICA & ENTREPRENEURIAL DEVELOPMENT

  2. WHAT IS ENTREPRENEURSHIP? • A new style of doing business • An approach – way of seeing things and of doing things differently • Style of management ( Peter Drucker) • High risk activity • Ability to see change/ difficulties as a business opportunity

  3. WHAT IS ENTREPRENEURSHIP? Almost all definitions of entrepreneurship include: • Initiative taking • The organizing and reorganizing of social/economic mechanisms to turn resources and situations to practical account. • The acceptance of risk or failure

  4. ENTREPRENEURSHIP A process with seven (7) key principles (O. Reid 2011) • Creativity – thinking new things • Innovation – doing new things • Calculated risk taking – taking your product to market • Self belief – willingness to stand behind your ideas • Persistence and determination - Practice becomes perfect and failure produces learning, taking me ever closer to achievement of my ultimate goal. (The entrepreneur’s creed - O. Reid 2013) • Value creation – the purpose of entrepreneurship • Reaping / rewards – from the value created

  5. ENTREPRENEURSHIP–The fear of failure • What is failure? • Is it OK to fail? Many cultures, including ours stigmatize failure • A business may fail and many do • An entrepreneur only fails when he never tries again • Entrepreneurs use business failures as opportunities to start over again and to learn from them

  6. FACTORS INFLUENCING THE GROWTH OF ENTREPERNEURSHIP Social Factors Cont’d • The role of the schools & other training institutions • Entrepreneurship training is being introduced in schools especially at the tertiary level • All local universities have offerings in entrepreneurship • UTech’s School of Entrepreneurship offers a degree in entrepreneurship • HEART Trust/NTA ensures trainees are exposed to entrepreneurship

  7. THE BUSINESS MODEL CANVAS • The Business Model Canvas  developed by Alexander Osterwalder, is a strategic management and entrepreneurial tool which can be used to assess and evolve a the business model for a given business • It has nine basic building blocks which must be assessed and validated to ensure a viable business model • The Business Model Canvas allows you to describe, design, challenge, invent, and pivot your business model.http://www.businessmodelgeneration.com/canvas

  8. THE BUSINESS MODEL CANVAS

  9. CONSUMER & PRODUCT DEVELOPMENT • Business Model canvas will continue to be the preferred route for the development of small innovative firms as opposed to the business plan route • Forget engagement, consumer wants innovation, utility and simplicity (“solve my problem and I am fine”) • “Nail it then scale it” principle (value proposition) – Paul Ahlstrom

  10. CONSUMER & PRODUCT DEVELOPMENT • Creation of prototypes through what is called “pre-visualization” • The prototypes are not just for the products but is also a video representation of life style changes in a post-product launch era

  11. PROMOTION • Insourcing more advertising agency activities including concept development, and creative management • Consolidation of global agency relationships • Smaller internal creative department • Evaluation of more intrapreneurs within marketing departments

  12. DIGITAL MARKETING • Use of Game Technology to enhance product delivery • Content Marketing involves the use of a content distribution network (CDN) which is a large distributed system of servers deployed in multiple data centres across the Internet. The goal of CON is to serve content to end users with high availability and high performance

  13. DIGITAL MARKETING • CDN serves a large portion of Internet content today including web objects (texts, graphics and scripts); downloadable objects (media files, software, documents); applications (e-commerce, portals) live streaming media and social networks • Cloud Acceleration is another form of delivery web content and applications as quickly as possible from a user to a server but tend to route contents through a public or private managed network

  14. DIGITAL MARKETING • The Content Marketing trend suggests that marketing to the masses through techniques like television ads and radio ads are becoming less effective. Instead, it is better to concentrate on inbound marketing by producing valuable engaging content designed for a specific audience.

  15. SOCIAL MEDIA MARKETING • Just a few years ago, businesses were limited with regards to the social media networks • Primarily facebook, Linked In, Twitter • Now there is a ground swell of new ones Pinterest; Google +; Tumblr; Instagram • Their surge in popularity have provided businesses with a plethora of new options that allow them to produce ongoing content in a variety of media forms

  16. PRODUCT DEVELOPMENT • Some brands and technological products will call a “TECH-TIME-OUT” • Feedback is that some large enterprise marketing teams will be calling time out on new marketing technology and platforms during 2014/2015

  17. DISTRIBUTION • Logistic Hub Concept • Use of super ships • Concept of developing value-added services nearer to the end-user point of consumption rather than at the producer end is the way of the future in distribution strategies

  18. CONSUMER SATISFACTION • Back to basics (Example: development of a Jamaican Honey Wine by a laid off Bauxite Engineer) • Example of a blind person’s white cane (sensorized): developed by student entrepreneurs at UTech

  19. BLIND LEARNING • U-TOUCH • Ground breaking research leading to the development of multimedia software using Jamaican Sign Language and Standard English to teach young deaf and hard of hearing students

  20. BLIND LEARNING • Using animation, text and signing • Improve the status/use of Jamaican Sign Language • Guide educators in understanding the type of instruction most suited for the effective use of multimedia resources by DHH students • Guide research on how young DHH students use visual enhancements • Prepositions are not understood by deaf community • The software has the potential to assist all 75,000 to learn prepositions

  21. CONCLUSION • Perhaps an article by Forbes Magazine said it best: “There is a sense that from the hyper-connectivity of our highly digitized lives to the bright flashy, complicated sensory input we’re fed everyday, there is no way to continue at this pace. As a result, 2014 is likely to be a year where the most successful marketing strategies will be the ones that are not only simple in nature but promote goods and services that serve to simplify the consumers life or even just their customer experience

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