Lecture 1: Introduction to Entrepreneurial Marketing & Segmentation, Targeting, Positioning

Question 1

What is the question for downstream activities?

Answer 1

What else can we do for our customers?

Question 2

What is NOT marketing?

Answer 2

Marketing is what you do when your product is no good.

Question 3

What is marketing?

Answer 3

Marketing is the activity, set of institutions,
and processes for creating, communicating,
delivering, and exchanging offerings that
have value for customers, clients, partners,
and society at large.

(Serving consumer needs, profitably)

Question 4

What are the two components of positioning?

Answer 4

Segmentation and differentiation.

Question 5

What is segmentation?

Answer 5

What group of consumers are you targeting?

Question 6

What are the bases for segmentiation?

Answer 6

Geographic, Demographic, Psychographic, Behavioral.

Question 7

What is differentiation?

Answer 7

What is unique about my product as

perceived by the consumer?

Question 8

What is vertical/horizontal differentiation?

Answer 8

Vertical = More/Better/Smaller/Cheaper/Faster
Horizontal = Offering different attributes,

Question 9

Difference between features vs benefits.

Answer 9

People buy benefits, they don’t buy features.