week 3: marketing and entrepreneurship
Post on 13-Sep-2014
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WEEK 3
Business Strategy Decisions
Last Week’s Learnings
Competition Direct & Indirect Factors Affecting Competitiveness
Other Industry FactorsSWOT AnalysisBrand & Positioning
What energizes you?
Purpose, Vision & Values
Purpose/Mission: Main reason for being, other than profit; main objectives of the organization.
Vision: Communicated direction; end-stateValues: shared beliefs; drive culture, brand,
and strategy
This is your fuel and your destination.
To make quality products for a healthier
world.
To make quality products for a healthier
world.
To invoke the imagination, provoke the senses, and evoke the emotions of people
around the world.
To invoke the imagination, provoke the senses, and evoke the emotions of people
around the world.
Corporate Alignment
Corporate Purpose, Vision, Values
Business Problems & Objectives
Marketing Challenges and
Objectives
Marketing Strategy and Planning
Marketing Activities and Campaigns
Long Term Mid-Term Short Term
This is your map.
Business Objectives
How will you measure business success? Scale Market Share Profit # of Customers
Branding
A brand exists in the minds of your consumers It is the way they feel about you or your offering It is a result of every single interaction they’ve had with
your organization, your communications, and your products, as well shared stories and experiences with other customers
It is like a bank account – you can make deposits and withdrawals
Branding is the process of trying to manage your brand in the minds and hearts of your audience
Example
Suppose you are starting a shortbread business called Sunnydale Shortbread.
What would be your website address?
Branding Myths
1. It’s just for big companies with big budgets Everything can be a brand, including yourself It takes commitment and consistency – not cash
2. It’s a fad People have always used it to build strong reputations
3. It’s just a logo and tagline It’s a company’s most valuable asset It’s the sum of all actions, communications, and
offerings
4. It’s about creating an image Successful brands must deliver on their promise of
value
Brand Building
Be authentic – discover your core values and mission, along with your competitive advantages before defining your brand
Brand from the inside out – yourself, your employees, your processes, and every business decision should reinforce your brand
Be consistent across all mediums and in each instance
It’s about Culture
www.drawastickman.com/
Brand Statement
One possible format:
We [name of company] promise [customer group]
That they can count on us for [unique attribute or
benefit] delivered with [character, tone, mood].
Branding Benefits
The Result: Charge a premium for your products and services Increased market valuation Easily extend your service lines Sustainability Attract quality partners and employees
It is a decision making tool.It is a decision making tool.
Positioning
Brand Positioning Strategy: The intended image of a brand within a market
space relative to competition and by specified characteristics
What will set the company apart within the market segment?
Develop a Positioning StatementIdentify existing gaps and saturation – use a
Positioning Map
Elevator Pitches
A concise overview of an idea or prospect delivered within a short time frame (such as the span of an elevator ride)
Answer who, what & why Who you are What problem your business
solves What value your business offers Why your business will be a
success
Keep it under 1 minuteRelate to the
person/audienceEasy to understand
Audience Segmentation
The Marketing System
AUDIENCE
need
PROVIDER
value
convince
cultivate
connect
GAPGAP
Audience Segmentation
Audience Segmentation: a process by which you determine your target market
Target Market: the subset of the consumer market that you wish to sell your product or service to
Why Segment?
You perform segmentation all of the time! Who would you invite to a birthday party?
Focus Relevance && Efficiency
Segmentation Process
Segmentation Factors
Demographics (age, education, income)GeographicsPsychographics
Lifestyles (Activities, Interests, Opinions)
Behavioural/Usage Benefit sought, Usage Rate, Product Loyalty, Stage in
Sales Cycle
Tribes Concept
Group your consumer based on a common passion or identity “Hipsters” “Geeks” “Artists” “Soccer Moms” “Foodies”
Heightened word-of-mouth, loyalty, participation
Assessing a Market Segment
Ties into the Marketing ObjectivesCan have Primary and Secondary, etc.Look at
Market Size Competition Sales/Profit Potential Compatibility Growth Potential Risks Costs
Brand PositioningBrand Positioning Choosing your MarketChoosing your Market
Hit ‘em where they ain’t
Find a parade, and get in front of it
What it comes down to:
From “Zag” by Marty Neumeier
Exercise
You are starting a wedding-focused online publication
Each table uses a different method of segmentation Demographic Behavioural Psychographic Tribe
Explain how you will market to this audience: What are their unique needs? How will you connect with them?