Entrepreneur Marketing Plan Flashcards
(44 cards)
1
Q
Tools in Target Market Analysis
A
Customer Interviews Industry, news articles KU library databases IBIS world ESRI data US Census data
2
Q
Target Market
A
The main customer
How does the company solve their problem
3
Q
Two types of Target Market
A
Primary and Secondary Target Market
4
Q
Define Market Segmentation
A
Breaking down a larger group of customers or potential customers into smaller groups (segments) based on shared characteristics
5
Q
Types of Market Segmentation
A
Geographic
Demographic
Psychographic
Behavioral
6
Q
Behavioral Variables
A
Price sensitivity Brand Loyalty Benefit expectations End use Volume usage
7
Q
Psychographic Variables
A
Personality Attributes
Motives
Lifestyles
8
Q
Geographic Variables
A
Region Urban, suburban, rural City size County size State size Market density Climate Terrain
9
Q
Demographic Variables
A
Age Gender Race Ethnicity Income Education Occupation Family Size Religion Social class Family life cycle
10
Q
Consumer Buying Roles
A
Initiator = suggests idea
Influencer = advice, views,
carry weight, tells friends, has power, brand/marketing strategy
Decider = final decision
Buyer = purchases, has money
User = consumer, use service
11
Q
Factors that influence Purchase
A
Personal = age, life-cycle,
occupation,
education,
income
Social = class, culture, friends
family roles, values
reference, colleague
Psychological = possession,
economy, motive, beliefs, attitude, perception, curiosity, dominance, pleasure, perception, motivation
12
Q
Tools for industry and Competitive Analysis
A
Perceptual mapping
13
Q
Entrepreneurial Marketing Dimensions
A
Proactive orientation
Opportunity driven
14
Q
Entrepreneurial Marketing
A
Marketing in the midst of uncertainty and unknowns
15
Q
Buyer behavior Theories
A
There are 2 theories
1). Customers are Rational beings:-
-purchase products that >satisfaction
>utility
2). Customers are Psychosocial beings:-
-influenced by work
family
culture
reference group
perceptions
aspiration
lifestyle
(customers buy for gain benefits)
16
Q
Technical Information
A
Easily understood
Customer can easily obtain the info:-
eg: web
store
adverts
brochures
17
Q
Competitive Analysis
A
1). Gather competitive info:- Trade /Industry Association Library data base Advertising and Marketing materials Customers Online reviews Direct Observation Experiment look at their facebook, follow on twitter Billboards 2). Analyze competitive environment size market share position strength/ weakness
18
Q
Customer Needs and Wants analysis
A
Competitors strength
geographically scattered
resources limited
19
Q
Satisfy Customer by?
A
Understand consumer buying behavior
provide appropriate goods, services
develop different activities
20
Q
Consumer Buying Behavior
A
Marketing Planners must understand:- 1). who buys their products 2). what they buy 3). where they buy 4). how they buy 5). why they buy Marketers need above info to satisfy customers buying decisions and activities
21
Q
Perceptual Map
A
1) . Used by firms to understand their image and positioning in the market place relative to competitors
2) . Visual technique to show how consumer understands the positioning of the competing products
3) . Consumers perceptions and understanding
4) . measures the way products are positioned in the minds of consumers
22
Q
Why use Perceptual Maps
A
Reality Campaign impact monitor new products monitor competition assess gaps understand segments track preference change
23
Q
Perceptual Map preparation
A
Management use:-
1) . Collective knowledge and experience of market
2) . Results of suitable market research study
24
Q
Determinant attributes
A
1) . Attributes consumer relies on in purchase decision
2) . important to consumer
3) . consumer uses them to help differentiate competitive offerings
25
Perceptual Mapping planning
choose important and differentiating determinant attributes
how would pple make decisions about my biz to come in
what criteria do consumers think, feel when choosing a clinic
26
Competitive Analysis criteria
1). Direct Substitute
infertility clinics traditional and herbal and acupuncture
2). Indirect Substitutes
Midwives, Community mobile clinics
3). Serving other markets now (but could move into my market)
Family practice, OB/GYN, hospitals
27
Primary Target
Perimenopause women
Married couples
career women
family bearing couples
28
Competitive Advantage (others weakness)
```
one stop shop
machines on site
lab on site
customer service world class
herbal, acupuncture and traditional services available
```
29
ESRI Business Analyst
```
bao.arcgis.com/esri BAO
great for education and research
GIS maps
Tapestry Segmentation
Market potential image
Spending potential image
```
30
Census Business Builder
www.census.gov/data
ipsci.ku.edu
revenue/income
potential customers
fertility age group
level geography (rural, county, state)
31
Marketing Plan Outline
1) . Objectives- specific performance goals
2) . Strategies - specific plans for achieving mission and objectives
3) . Tactics - implementation of strategies (raffles, competitions, free gifts, journal with freebies for mother and baby, free samples multivitamin
32
Value Proposition
Understand what value is to customer
Create value, deliver value, capture and grow value
(customers buy based on company motive, mission, purpose, big why?)
my business focus on why we are in business the heart of the business shows we care and this attracts customer:-
1). What is the customer problem and how is my business solving it in an unique way
2). Product value proposition
-features (how it works)
-benefits (what in it for customer)
-experience (how does it feel like- pain free)
3). Customer discovery value proposition
- wants (what emotional needs has customer)
- needs (what hidden needs has customer)
- fears ( what risks of switching)
- substitutes (currently do instead)
33
Define Entrepreneurial Marketing
1) . marketing activities in firms which are small and resource constrained
2) . rely on creative and unsophisticated marketing tactics. make use of personal network
3) . grass root marketing in early stages of company development
4) . proactive identification and exploitation of opportunities for acquiring and retaining profitable customers, through innovative approaches, resource leverage, value creation, risk management
34
Emerging Marketing Trends
1. Relationship Marketing
2. Expeditionary - speed, quality, cost
3. Guerrilla - limited budget
4. One to one - know the customer
5. Real time - software
6. Disruptive - discontinuities
7. Viral - like minded internet
8. Digital - IT interactivity
9. Permission - internet, email
10. Radical - strong ties with audience
11. Buzz - excitement by consumer
12. Customer centric - fulfil needs, wants of customer
13. Convergence - fusion, combination of channels
35
Marketing Big Picture Goals
Marketing funnel
Quad approach
Plan, execute ideas, goods, product, price, promotion, distribution
36
Marketing Director Qualities
```
Takes action
Strategy plans implemented right away
Innovate
Rapid new ways
Arise from failure and adjust quick
Build partnerships
storytellers
solve consumer problems
break rules, be creative, free and fly
get, keep, grow referrals
```
37
Dimensions of Entrepreneurship Marketing
1) . Proactive Orientation - action oriented. new market position. ongoing experiments, launch new products
2) . Opportunity Driven - continuous search discover unmet needs.
3) . Customer Intensity - build passion for customer. creative relationship tactics
4) . Innovation Focused - lead the firm, new products and services
5) . Risk management - control risks through alliances, test markets, trial launches
6) . Resource Leveraging - doing more with less, strategic alliances
7) . Value Creation - seek new sources, of customer value grow customer intimacy
38
Entrepreneurship Marketing definition
- approach to marketing under limited resources
- marketing regardless of the unknown
- companies thinking of change as a marketing strategy
- how do we market when facing change, complexity, chaos, contradiction, diminishing resources
- proactive, merge risk, create value
39
Marketing habits
connect with consumers, audience until they love the product and services
everything is marketing starting with phone etiquette, website design, business cards, office deco and attitude
create awareness of how they fill a need
40
Bouncing Baby Ob/Gyn and Infertility Clinic
Help couples who have given up on getting pregnant
| help couples fighting infertility give birth to a healthy bouncing baby
41
Marketing goals
```
Product
Price
Place
Promotion
Purple cow ( be remarkable, spark curiosity and interest every week)
```
42
Why products fail
company needs to find out whether they are solving a customer problem
company needs to communicate to the public how they are solving customer problem
43
Business Model Canvas
Key activities, Key partners, Key resources and Costs = Value proposition and channels, customer relationships and revenue
44
Quad Marketing Approach
(Pause, Pivot, Pursue)---marketing strategy-Pricing, Product, Positioning (Objectives -what is success, Budget, Define mktg plan)-----Execute (Metrics-measure what is working)----Optimization---(A-ha moment)-----Learn and Refine
