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MARKETING STRATEGY WORKSHOP

MARKETING STRATEGY WORKSHOP. Jennifer Chandler, PhD University of Hawaii at Manoa, Shidler College of Business PACE Entrepreneurs’ Bootcamp, 06 MARCH 2010 Email: jenc@hawaii.edu Twitter: jenHI Phone: (808) 956-7713. What is strategy?.

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MARKETING STRATEGY WORKSHOP

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  1. MARKETINGSTRATEGYWORKSHOP Jennifer Chandler, PhD University of Hawaii at Manoa, Shidler College of Business PACE Entrepreneurs’ Bootcamp, 06 MARCH 2010 Email: jenc@hawaii.edu Twitter: jenHI Phone: (808) 956-7713

  2. What is strategy?

  3. “Strategy is the great work of the organization. In situations of life or death, it is the Tao of survival or extinction.” • Sun Tzu, The Art of War

  4. Strategy is … A unifying theme

  5. Strategy is … A unifying theme that gives coherenceanddirection

  6. Strategy is … A unifying theme that gives coherenceanddirection to the actions and decisions of an organization

  7. What strategy is not • It is not a detailed plan • It is not a program of instructions

  8. Business Plan Outline 1. Cover Sheet 2. Exec. Summary Overall Appeal (10%) 3. Overview of the Firm 4.Market Analysis Market Opportunity (15%) 5. Products/Services Offered Value Created (15%) 6. Marketing Plan/StrategyCompetitive Advantage (15%) 7. Operations Plan Operational & Technical Viability (15%) 8. Management Team Team Capability (15%) 9. Financial Plan Capital Requirements & Projections (15%) 10. Appendices & Attachments

  9. Business Plan Outline 1. Cover Sheet 2. Exec. Summary Overall Appeal (10%) 3. Overview of the Firm 4.Market Analysis Market Opportunity (15%) 5. Products/Services Offered Value Created (15%) 6. Marketing Plan/StrategyCompetitive Advantage (15%) 7. Operations Plan Operational & Technical Viability (15%) 8. Management Team Team Capability (15%) 9. Financial Plan Capital Requirements & Projections (15%) 10. Appendices & Attachments

  10. Business Plan Outline 1. Cover Sheet 2. Exec. Summary Overall Appeal (10%) 3. Overview of the Firm 4.Market Analysis Market Opportunity (15%) 5. Products/Services Offered Value Created (15%) 6. Marketing Plan/StrategyCompetitive Advantage (15%) 7. Operations Plan Operational & Technical Viability (15%) 8. Management Team Team Capability (15%) 9. Financial Plan Capital Requirements & Projections (15%) 10. Appendices & Attachments

  11. Think about it! • What is your core product or service? (10 words or less)

  12. Think about it! • What is your core product or service? (10 words or less) • Who are your 3 closest competitors? Who/what would customers choose if they didn’t have you?

  13. Think about it! • What is your core product or service? (10 words or less) • Who are your 3 closest competitors? Who/what would customers choose if they didn’t have you? • Why should customers choose your product or service?

  14. Steps to a Marketing Strategy for Entrepreneurs* * Especially those involved in a business plan competition

  15. Steps to a Marketing Strategy for Entrepreneurs* • Identify target market. • Determine positioning. • Analyze internal and external situations. • Develop an exit strategy. • Re-evaluate steps 1-4. • Resist changing your strategy. * Especially those involved in a business plan competition

  16. What makes a good strategy • Constrains decisions, serves as a benchmark • Strategy by design or strategy by emergence? • Answers “where to compete?” • What is my market? • Answers “how to compete?” • How do I get my product or service to the market?

  17. Steps to a Marketing Strategy for Entrepreneurs* • Identify target market. • Determine positioning. • Analyze internal and external situations. • Develop an exit strategy. • Re-evaluate steps 1-4. • Resist changing your strategy. * Especially those involved in a business plan competition

  18. Target Market Target Position Analysis Exit Re-evaluate

  19. Target Market • Consumers (B2C) • Other Businesses (B2B) Target Position Analysis Exit Re-evaluate

  20. Preferred State Present Status Target Market • Consumers (B2C) • Other Businesses (B2B) Cognitive Dissonance Target Position Analysis Exit Re-evaluate

  21. Preferred State Present Status Target Market • Consumers (B2C) • Other Businesses (B2B) Cognitive Dissonance Target Position Analysis Exit Re-evaluate What customers do you want to serve? Or, who do you think wants to buy your offer?

  22. Target MarketFrom the buyers’ perspective B2C and B2B: similar choice processes • Need recognition • Information search • Evaluate • Make a choice Target Position Analysis Exit Re-evaluate

  23. Target MarketFrom the buyers’ perspective B2C and B2B: similar choice processes • Need recognition • Information search • Evaluate • Make a choice  Evoked set Target Position Analysis Exit Re-evaluate

  24. Target MarketFrom the buyers’ perspective B2C and B2B: similar choice processes • Need recognition • Information search • Evaluate • Make a choice  Evoked set Target Position Analysis Exit Re-evaluate What alternatives does your target market consider for fulfilling its needs to resolve its cognitive dissonance? --- This is the evoked set.

  25. The Evoked Set and its Target Market

  26. Steps to a Marketing Strategy for Entrepreneurs* • Identify target market. • Determine positioning. • Analyze internal and external situations. • Develop an exit strategy. • Re-evaluate steps 1-4. • Resist changing your strategy. * Especially those involved in a business plan competition

  27. Positioning • Not something you do to a product… Positioning is done to a mind. We can differentiate products, but we must position in the mind. Target Position Analysis Exit Re-evaluate

  28. Positioning • Find the “hole” in the buyers’ mind. • What does your product/service offer relative to others in the market? Target Position Analysis Exit Re-evaluate

  29. The Evoked Set and its Target Market

  30. Positioning • Why should I choose you? • What is the value of your product? • What makes you different? What’s your value proposition? Target Position Analysis Exit Re-evaluate In 5-6 words

  31. Example of positioning on a perceptual map

  32. Internal Competencies Expertise Technology Patents / IP Service External Cost (upstream) Differentiation (downstream) Partnerships (horizontal) Environmental Competition Innovation Analysis Target Position Analysis Exit Re-evaluate

  33. Analysis • Build on internal competencies while… • Leveraging accrued advantages based on connectivity • Design vs. Emergence Target Position Analysis Exit Re-evaluate

  34. Steps to a Marketing Strategy for Entrepreneurs* • Identify target market. • Determine positioning. • Analyze internal and external situations. • Develop an exit strategy. • Re-evaluate steps 1-4. • Resist changing your strategy. * Especially those involved in a business plan competition

  35. Why an exit strategy? WIIFM

  36. Exit Strategy • Maximize ROI for your investors • Maximize value proposition / positioning • Distribution • Value is in the mind of the beholder! Target Position Analysis Exit Re-evaluate

  37. VALUE PROPOSITION From the target market perspective: Why should I choose you…and not someone else from my evoked set? INTERNAL STRENGTHS (and weaknesses) What competencies, technology, or resources do you have? EXTERNAL OPPORTUNITIES (and threats) What is happening or existing in your world that you can tap as a resource? EXIT STRATEGY What’s in it for your investors? Why should I let you borrow my resources?

  38. VALUE PROPOSITION From the target market perspective: Why should I choose you…and not someone else from my evoked set? INTERNAL STRENGTHS (and weaknesses) What competencies, technology, or resources do you have? EXTERNAL OPPORTUNITIES (and threats) What is happening or existing in your world that you can tap as a resource? EXIT STRATEGY What’s in it for your investors? Why should I let you borrow my resources? Competitive Advantage

  39. Steps to a Marketing Strategy for Entrepreneurs* • Identify target market. • Determine positioning. • Analyze internal and external situations. • Develop an exit strategy. • Re-evaluate steps 1-4. • Resist changing your strategy. * Especially those involved in a business plan competition

  40. Steps to a Marketing Strategy for Entrepreneurs* • Identify target market. • Determine positioning. • Analyze internal and external situations. • Develop an exit strategy. • Re-evaluate steps 1-4. • Resist changing your strategy. * Especially those involved in a business plan competition

  41. Best of luck to everyone! Jennifer Chandler, PhD jenc@hawaii.edu jenHI (on twitter) (808) 956-7713

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