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Entrepreneurial Marketing

Entrepreneurial Marketing. Course Introduction College of Engineering University of California, Berkeley. Scope of Marketing Course. Module 1: Market Selection, Customer Segmentation & Competition. Entrepreneurial Marketing. Marketing is an Exchange Process. Company. Customer.

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Entrepreneurial Marketing

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  1. Entrepreneurial Marketing Course Introduction College of Engineering University of California, Berkeley

  2. Scope of Marketing Course

  3. Module 1: Market Selection, Customer Segmentation & Competition Entrepreneurial Marketing

  4. Marketing is an Exchange Process Company Customer

  5. Who are They? Personal characteristics Product usage patterns Why do They Buy? Needs Purchase Motivations How do They Buy? Decision-making unit (DMU) Decision-making process What do They Buy? “Whole” Product or Service Set of product and non-product capabilities that meet buying objective Set apart from competition Where do They Buy? Appropriate channel design Understanding the Customer

  6. Model for Marketing Decision-Making:5 C’s & 4 P’s Context Competition Competitive Advantage Collaborators Shared Interests Company Core Competencies Customer Unmet Needs Target Market Assess the Situation

  7. Segmentation • Concept • Customers differ in the benefit they expect to receive from a product/service • While not all customers are heterogeneous, there are often CLUSTERS of customers that are • Segmentation = cluster of (nearly) similar customers • Goal: Identify factors that separate CLUSTERS • Geographic – country, urban/rural, region, etc. • Demographic – age, sex, income, education, industry, size of organization • Psychographic – personality traits, perceptual style, attitudes, reference group, social role • Product Benefits/Usage – needs, frequency of use, loyalty, performance requirements • Decision Process – shopping patterns, info search, media habits, price sensitivity

  8. Positioning • Positioning = Managing the product and its presentation to fit a predetermined place in the mind of the customer • Positioning = Market + Competitive Segmentation Differentiation

  9. Positioning Statement For target market , COMPANY/PRODUCT is, among competitive set , single most important claim , because single most important support.

  10. Company Fit with company strategy Fit with company capabilities Fit with corporate culture Fit with product strategy Fit with physical product Fit with brand personality / brand essence Customer Credible Relevant Unique Durable Emotionally appealing Context Fit with trends Unique vs. Competition Elements of a “Great” Positioning

  11. Customer Decision-Making • Multiple players & roles (DMU) • Motivations, power, perceptions of each? Initiator Influencer Decider Purchaser Gatekeeper User

  12. Customer Decision-Making Process Decision-making Process DMU Identify Need Create Biz Case Case Approval RFI Vendor Review …. Initiator Gatekeeper Influencer Decider Purchaser Users Time

  13. Key Themes: • The 5 C’s & 4 P’s of marketing -- All • Customer behavior -- All • Customer segmentation – Wildfire, Sealed Air • Positioning – Wildfire, Sealed Air • Decision making unit (DMU) and decision making process (DMP) – MyTeam, Wildfire • Competitive landscape – Sealed Air

  14. Module 2: Product Policy, Positioning & Pricing Entrepreneurial Marketing

  15. Model for Marketing Decision-Making:5 C’s & 4 P’s Assess the Situation (5 C’s) Select TargetMarket Target Market DefineMarketingMix (4P’s) Product Place Price Promotion

  16. Product Adoption Lifecycle Conservatives Pragmatists Stick with the herd Move only when necessary Visionaries Move ahead of the herd Skeptics No way Techies “Try it” The Chasm

  17. Early Adopters Product innovation Build primary demand Market education Price skimming to fund growth Early Majority Product proliferation Stake out dominant market share Channel development Product line extensions Achieve economic scale Lifecycle Stages Late Majority • Market Maturity • Survive industry shakeout • Superior distribution / availability • Strong trade promotions • Penetration pricing • Low-cost producer The Chasm

  18. Horizontal Platform or toolkit for wide range of business problems Pursue full array of market opportunities Need technology partners to fill product gaps Sell to IT Sell to visionaries Each sale is starting from scratch (until cross the chasm) Vertical Solutions to specific business problems Decline deals outside of vertical Need system integrators to customize & integrate Sell to business person directly affected Sell to pragmatists Easier follow-on sales in vertical due to references Horizontal vs. Vertical Strategies

  19. Whole Product Augmented Product = Physical Product + All Associated Factors (services, partners,warranties, guarantees, image, training, etc.) = “The Whole Product”

  20. Pricing Concepts OurProduct / Service Capabilities Value of “Perfect Substitute” CompetitorProduct / ServiceCapabilities Gap Gap Marketing & Sales Efforts CustomerPerceived Value Input intoPricing Strategy

  21. Internal Factors Objectives of the Firm Marketing Mix strategy Costs External Factors Nature of the market Demand Competition Channel pressures Pricing: Internal & External Factors Pricing Decisions

  22. Market Skimming High-quality Image should support high price Enough buyers want to buy Variable cost is low at low volumes Competition cannot get in and undercut Market Penetration Costs go down with volume (economies of scale) Market is price sensitive High chance of competition entering quickly Have sufficient manufacturing capabilities Large immediate demand Pricing Strategies

  23. Bonoma’s Vegematic Pricing Model Competitors Prices Customer’sPerceivedValue Skim Pricing FeasiblePrice Range Penetration Pricing Company’s Variable Costs

  24. Key Themes: • Product adoption lifecycle -- All • Multi-product line management – Sealed Air, Biopure • Pricing economics & math -- Biopure • Whole Product – MarketSoft, Documentum • Product innovation & development process – MarketSoft • Horizontal vs. Vertical markets – Documentum • Product Development & Launch – guest speaker Gorman

  25. Modules 3 & 4: Promotion & Place Assess the Situation (5 C’s) Select TargetMarket Target Market DefineMarketingMix (4P’s) Product Place Price Promotion

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