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entrepreneurial ventures
Objectives
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But first
Entrepreneurial marketing
Proactive identification and exploitation of
opportunities for acquiring and retaining profitable
customers through innovative approaches to risk
management, resource leveraging and value creation.
Guerrilla marketing
Relationship marketing
Build longer term relationships with customers
Understand their life cycle needs
Provide a range of products/services to existing customers as
they need them
Use it when:
You offer relatively high-value consumer products
The costs of switching are high
Customer involvement is high
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Marketing research
Gather information about your market
Then analyse the information (make it meaningful)
Plan a comprehensive approach to research
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Marketing philosophy
Market segmentation
Consumer behaviour
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Marketing philosophy
1. Production-driven philosophy
2. Sales-driven philosophy
3. Consumer-driven philosophy
Marketing philosophy
The philosophy is influenced by:
Competitive pressure
Entrepreneurs background
Short-term focus (a risky aspect)
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Market segmentation
The process of identifying a specific set of
characteristics that differentiate one group of
consumers from the rest
A total market is often made up of sub-markets
(called segments)
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Market segmentation
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Hard
Soft
Structured
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Various variables
Demographic variables include age, marital status,
sex, occupation, income and location
Benefit variables identify unsatisfied needs within a
market
Psychographics statistical analysis of psychological
characteristics
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Consumer behaviour
Defined by the types and patterns of consumer
characteristics
Especially personal and psychological characteristics
Characteristics are linked to buying trends
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Market segmentation
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Marketing plan
A marketing plan is the process of determining a clear,
comprehensive approach to the creation of customers
It typically includes:
Current marketing research
Sales research and analysis
Marketing information system
Sales forecasting
Evaluation
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Data reliability
Data usefulness or intelligibility
Reporting timeliness
Data relevance
System cost
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Sales forecasting
Projecting future sales through historical sales
figures and statistical techniques
Important, but potentially flawed due to the use of
historical data
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Product research
Focus on competitors:
Evaluation
The final critical factor
Performance of the plan must be evaluated
Factors include:
Customer retention
Customer preferences and reactions
Sales volume , gross sales and market share
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Marketing stages
There are distinct stages of maturation
Marketing strategy and marketing goals are
closely aligned at each stage
Each stage requires a distinct marketing
organisation
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Marketing stages
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Internet marketing
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Company/brand
Marketing mix
Internet segmentation
Customers have different experiences at different
times
Customised experiences through usage-based
segmentation
A simple set of segments:
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Green marketing
A movement and a controversy
Green objectives, not just green theming (or
green washing)
Take a position!
But note: consumers prefer green product all
other things being equal
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Pricing strategies
Factors affecting the pricing decision
Competitive pressure
Availability of sufficient supply
Seasonal or cyclical changes in demand
Distribution costs
Products life cycle stage
Changes in production costs
Prevailing economic conditions
Customer services provided by the seller
Amount of promotion
The markets buying power
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Pricing strategies
Summary
Marketing plan: