Technology Ventures : From Idea to Enterprise Chapter 11: Summary What is the best way to attract, serve, and retain customers? Any new firm needs to build a marketing plan that describes how it will attract, serve, and retain the customers targeted for its products. Summary Successful salesmanship is 90 percent preparation and 10 percent presentation. Bertrand R. Canfield The Marketing and Sales Plan The Marketing and Sales Plan 11 11
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Nov 28, 2014
Chapter 11- Entrepreneurship lecture International University- HCMcity
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Technology Ventures: From Idea to EnterpriseChapter 11: Summary
What is the best way to attract, serve, and retain customers?
Any new firm needs to build a marketing plan that describes how it will attract, serve, and retain the customers targeted for its products.
Summary
Successful salesmanship is 90 percent preparation and 10 percent presentation.
Bertrand R. Canfield
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Chapter 11: Marketing
Marketing is a set of activities with the objective of securing, serving, and retaining customers for the firm’s product offerings.
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Chapter 11: Table 11.1
The Six Elements of the Marketing Plan
•Marketing Objectives
•Customer Target Segments
•Product Offering Description
•Marketing Research and Strategy
•Marketing Mix
•Customer Relationship Management
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Chapter 11: Figure 11.2
Opportunity
Mission & Strategy
Business Model
Target Market & Customer
Marketing Objectives
Marketing Research
Marketing Plan
Sales Plan
Building A Marketing Plan and a Sales Plan
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Chapter 11: Market segment
A market segment consists of a group with similar needs or wants and may include geographical location, purchasing power, and buying attitudes.
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Chapter 11: Table 11.2 – Crucial questions to ask about target markets
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Four crucial questions to ask about target markets (Mullins, 2006)
Technology Ventures: From Idea to Enterprise
Chapter 11: Positioning
Positioning is the act of designing the product offering and image to occupy a distinctive place in the target customer’s mind.
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A positioning map for personal computers showing the position of a new product, EasyPC.
Chapter 11: Figure 11.3 - Positioning Map
Low Medium High
Ease of Use
High
Medium
Low
X EasyPC
X Apple Mac X HP
X Dell
X Gateway
Performance Price
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Technology Ventures: From Idea to Enterprise
Chapter 11: Unique selling proposition
The unique selling proposition is a statement of the key customer benefit of a product that differentiates it from its competition.
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Chapter 11: Exercise
Create a positioning map for the airline industry and describe the position of a new product that provides regional service using a jet with 72 seats. Describe its unique selling proposition.
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Chapter 11: Positioning statement
The positioning statement describes the customer, the need, the product, the key benefit and the product differentiation.
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Chapter 11: Figure 11.4 (a)
Positioning Statement
• For (target customer)
• who (statement of need or opportunity)
• that (statement of benefit)
Differentiation
• Unlike (primary competitive alternative)
• our product (statement of primary differentiation
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Chapter 11: Figure 11.4 (b)
Positioning Statement for Tesla Motors
For wealthy individuals and car aficionados
Who want an environmentally friendly, high-end sports car
The Tesla Roadster is an electric automobile that delivers unprecedented performance without damaging the environment.
Differentiation
Unlike Ferraris and Porsches,
Our product has fantastic mileage, unparalleled performance, and no direct carbon emissions.
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Chapter 11: Market Research
Market research is the process of gathering the information that serves as the basis for a sound marketing plan.
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Chapter 11: Table 11.3 – Market research process
The Market Research Process
1. Define the product and its unique selling proposition. Identify the customer segment. Develop a set of questions that will provide the necessary data on customer preferences and behavior.
2. Collect the data using surveys, published sources, focus groups, interviews, and other means to secure it.
3. Analyze and interpret the data to determine if the product meets the needs or wants of the customers and determine whether they will pay the price you seek.
4. Draw conclusions on the customer and their needs, preferences and behavior.
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Chapter 11: Figure 11.5 – customer development process
Customer development process
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Technology Ventures: From Idea to Enterprise
Chapter 11: Table 11.4
The Four Elements of the Marketing Mix
Product Price
Product VarietyQualityDesignFeaturesBrand NamePackagingWarrantiesReturns Policy
List PriceDiscountsCredit TermsPayment Period
Promotion Place
Public RelationsAdvertisingSales ForceDirect Messages
ChannelsLocationsInventoryFulfillment
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Technology Ventures: From Idea to Enterprise
Chapter 11: Customer Relationship Mgmt.
Customer relationship management (CRM) consists of a set of conversations with the customer.
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Chapter 11: Figure 11.7
Conversations
Design Build Sell Service
Search Acquire Use Maintain Dispose
The Firm
The Customer
The Customer-Firm Relationship as Conversation
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Chapter 11: Table 11.8
Five Characteristics of an Innovation
Relative Advantage represents the perceived superiority of an innovation over the current product or solution it would replace. This advantage can take the form of economic benefits to the adopter or better performance.
Compatibility represents the perceived fit of an innovation with a potential adopter's existing values, know how, experiences, and practices.
Complexity describes the extent to which an innovation is perceived to be difficult to understand or use. The higher the degree of perceived complexity, the slower the rate of adoption.
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Chapter 11: Table 11.8
Five Characteristics of an Innovation (cont.)
Trialability represents the extent to which a potential adopter can experience or experiment with the innovation before adopting it. The greater the trialability, the higher the rate of adoption.
Observability represents the extent to which the adoption and benefits of an innovation are visible to others within the population of potential adopters. The greater the visibility, the higher the rate of adoption by those that follow.
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Chapter 11: Figure 11.10
The Chasm Model
CHASM
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Chapter 11: Selling
Selling is the transfer of products from one person or entity to another through an exchange mechanism.
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Chapter 11: Principle
A sound marketing plan enables a new firm to identify the target customer, set its marketing objectives, and implement the steps necessary to sell the product and build solid customer relationships.
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Chapter 11: Exercise
Describe a marketing mix for the regional jet airline designed earlier.
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Chapter 11: Venture Challenge
VENTURE CHALLENGE1) Describe the customer and the target segment you have identified.
2) Develop a positioning statement using the template in Figure 11.4.
3) Using the format of Table 11.3, describe the market research plan.
4) Briefly describe the marketing mix for your product.
5) How will your venture sell its product and develop customer relationships?
6) Research an industry and determine the length of the sales cycle in that industry.
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Chapter 11: DVD Videos
DVD Video
“Passion and the Customer”
Vic Verma (Savi Technology)
“Seed the Clouds and Watch the Sales Grow”
Guy Kawasaki (Garage Technology Ventures)
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