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03-05-23 Marketing - Doing it the entrepreneur's way!
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Marketing: Doing it the entrepreneur’s way!
A. H. Umwagarwa (2010)
03-05-23 Marketing - Doing it the entrepreneur's way!
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This presentation: ”Marketing – Doing it the entrepreneur’s way! is protected by copyright©2010 EllenBliss. All rights reserved. No part
of this publication may be reproduced, stored or transmitted in any
form or by any means without the prior permission in writing from the
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Copyright
03-05-23 Marketing - Doing it the entrepreneur's way!
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We developWe trainWe consultWe connect
EllenBliss is a management consulting company with expertise in a wide range of management focus
areas. We work with different companies all over the world mostly in Europe and Africa.
We consultWe connect We trainWe consultWe connect We developWe trainWe consultWe connect
03-05-23 Marketing - Doing it the entrepreneur's way!
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Defend
Develop
Devise
Define
Support, maintain, react to changes
Unfolding, expanding, changing for growing
Combination of ideas, new applications of principles, new scheme
Problem analysis, cause-effect analysis, 5Ws
Our style
EllenBliss 4Ds
Combination of ideas, new applications of principles, new scheme
Problem analysis, cause-effect analysis, 5Ws
Unfolding, expanding, changing for growing
Combination of ideas, new applications of principles, new scheme
Problem analysis, cause-effect analysis, 5Ws
Support, maintain, react to changes
Unfolding, expanding, changing for growing
Combination of ideas, new applications of principles, new scheme
Problem analysis, cause-effect analysis, 5Ws
03-05-23 Marketing - Doing it the entrepreneur's way!
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Marketing: Doing it the entrepreneur’s way!
DefendDevelopDeviseDefine
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1. Write down five words that describe what you understand by the word ”marketing”
2. Write down five words that describe what you understand by the word ”entrepreneurship”
3. Link every word on the marketing list to a word on entrepreneurship list that is close to it in terms of meaning.
3. Discuss
Session opener
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The 1st D
Define
The 1st D
Define
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Define
What’s Marketing?
”Marketing is about ensuring we provide fit for
purpose products and services, to our customers, at a profit better than the
competition.” (Harry Hellyer Associates)
ProductsCustomersProfitCompetitors
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Define
What’s Marketing?
”Marketing means solving customers’problems
profitably”. (Randall G. Chapman)
?
CustomersProblemsProfitably
”Marketing means solving customers’problems
profitably”. (Randall G. Chapman)
CustomersProblemsProfitably
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Define
What’s Marketing?
”The aim of marketing is to know & understand the
customer so well that the product or service fits…. And sells itself”. (Philip
Kotler)
CustomersProductsFitsell
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Define
What’s Entrepreneurship
”Entrepreneurship results in the creation,
enhancement, realisation and renewal of value not
just for the owners but for all participants &
stakeholders.” (Timmons & Spinelli)
CreationValueStakeholders
What’s Entrepreneurship
”Entrepreneurship results in the creation,
enhancement, realisation and renewal of value not
just for the owners but for all participants &
stakeholders.” (Timmons & Spinelli)
CreationValueStakeholders
What’s Entrepreneurship
”Entrepreneurship results in the creation,
enhancement, realisation and renewal of value not
just for the owners but for all participants &
stakeholders.” (Timmons & Spinelli)
03-05-23 Marketing - Doing it the entrepreneur's way!
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Define
PursueOpportunitiesWithoutResources
What’s Entrepreneurship
”Entrepreneurship is the process by which
individuals – either on their own or inside the
organizations – pursue opportunities without
regard to the resources they currently control.”
(Stevenson & Jarillo)
NO
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Define
Marketing – The entrepreneur’s way!
Customers
Profit
resources
Opportunities
Creation
value
Products
Fit Sell
Problems
CompetitorsPursueStakeholders
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Stop & Think
Form at least three sentences that define entrepreneurial marketing using the words in the previous slide.
N.B.: You can add some words as connectors
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Define
”Pursuing opportunities to create and sell value adding products; fit for customers’ problems; with a purpose to earn more profit than competitors, without regard to resources available.”
Prod
ucts
Cust
omer
s
Profi
tsOpportunities
OpportunitiesOpportunities
Competitors
Marketing – The entrepreneur’s way!
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Define
Points to consider
Know your customers’ needs, wants and demandsDevelop products & services with a purpose to satisy your customersKnow your competitorsMake profitsKeep adding value
Gra
b op
port
unit
es
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The 2nd D
Devise
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Customers
Devise
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Devise
Customers
Attracting customers
Keeping & growing
customers
Understanding customer needsMarket segmentationValue propositionPromotion & Advertising
Customer relationship managementCapturing value from customers
?
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Devise
Attracting customers The entrepreneur’s way
Remember the objective is to grab opportunities without regard to resources available
Market research – can be done online! Understand your customers’
needs, wants and demandsMaster the market segments – Choose your target
Attracting customers The entrepreneur’s wayAttracting customers
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
Market research – can be done online!
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
Market research – can be done online!
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
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Devise
For what customers?What do they value?What are you offering?What benefits?Do customers have an alternative?How are you going to prove that you do what you promise?
Choosing a value proposition
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers The entrepreneur’s wayAttracting customers The entrepreneur’s wayAttracting customers
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
Choosing a value proposition
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
Choosing a value proposition
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
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Devise
AdvertisingPersonal sellingSales promotion Public relations Direct marketing
Promotion – Different ways
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers The entrepreneur’s wayAttracting customers
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayAttracting customers
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Devise
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayKeeping customers
Customer relationship management
The entrepreneur’s wayKeeping customers
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayKeeping customers
Customer relationship management
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayKeeping customers
Customer relationship management
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayKeeping customers
Decide levels: Basic relationships vs full partnershipRight relationships for the right customers – Pareto analysis
Customer relationship management
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayKeeping customers
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Devise
Customer lifetime valueShare of customerCustomer equityRight relationships for the right customers
Capturing customer value
Remember the objective is to grab opportunities without regard to resources available
The entrepreneur’s wayKeeping customers
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Stop & Think
1. List who your customers are. If you don’t have customers for the moment, come up with a fictional company and think about who would be your potential customers.2. Identify at least three concrete ways you can take to attract your customers?3. List them from the cheapest to the most expensive4. Prepare scripts of your marketing communications5. Discuss with others
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Products
Devise
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Product development
The process
Idea generationIdea screeningProduct concept developmentMarketing strategy developmentBusiness analysisProduct developmentTest marketing
Devise
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Product lifecycle
The cycle
Devise
Introduce the productGrow its marketMaintain the marketHarvest the product
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Stop & Think
1. Identify five uses of an air freshner. E.g. for toilet2. For each use, decide different five scents. E.g. Lemon aromaNow you have 25 product ideas3. For each air freshner (e.g, Toilet air freshner with lemon
aroma), decide the shape of the container. E.g. cube Now you have 125 product ideas4. Merge your list with five other people to start a company
producing air freshners – You have a pool of 625 product ideas5. Screen your ideas, decide how you are going to earn money,
decide production and marketing strategies.6. Discuss
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Devise
Competitors
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Devise
Competitoranalysis
Identifying competitorsAssessing competitorsSelecting competitors to attack and avoidDesigning a competitive intelligence system
Competitors
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Devise
Competitivestrategy
Porter classification:
Treacy and Wiersema classification:
Overall cost leadershipDifferentiationFocus
Operational excellenceCustomer intimacyProduct leadership
No one strategy fits for all companies
Competitors
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Devise
Competitiveposition Market leader?
Market challenger?Market follower?Market nicher?
Competitors
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Stop & Think
1. Take an industry of your choice2. Write down three competitors in that industry3. Critically discuss their strategies4. Share with your team
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The 3rd D
Develop
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Develop
The aim is to make profits!
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Develop
The aim is to make profits!
Effectiveness Profitable customersProfitable productsProfitable businesses
The aim is to make profits!
Effectiveness Profitable customersProfitable productsProfitable businesses
The aim is to make profits!
Effectiveness Profitable customersProfitable productsProfitable businesses
The aim is to make profits!
Effectiveness Profitable customersProfitable productsProfitable businesses
The aim is to make profits!
Effectiveness
Develop
The aim is to make profits!
Develop
Profitable customersProfitable productsProfitable businesses
The aim is to make profits!
Develop
Effectiveness Profitable customersProfitable productsProfitable businesses
The aim is to make profits!
Develop
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Efficiency Cost-benefit analysisMinimize overheadsMaximize standards
The aim is to make profits!
Develop
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Unfold, expand, learn, change
Develop
Master the trends today: It is all about that!!!
Do-it-yourself business, Online business, Home-based business, Outsourcing, Mobile business
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What is particular about the following companies:
Stop & Think
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The 4th D
Defend
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Defend
Apply the rules of entrepreneurship:
1. Master your market, find a niche.
2. Know everything about your business
3. Offer high quality products and superior service
4. Be creative & innovative5. Listen to your customers
6. Know your competition and work to win
7. Plan for profits8. Keep your overheads low
and your standards high9. Use technology as a tool
for building your business
10. Ensure constant improvement
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Stop & Think
Case study: EasyJet
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Summary
Marketing the entrepreneur’s way!
”Pursuing opportunities to create and sell value adding products; fit for customers’ problems; with a purpose to earn more profit than competitors, without regard to resources available.”
Points to consider: How to attract and keep customers?, how to develop value adding products and manage their life cycle?, how to manage competition?
Grabing opportunities offered by the trends in marketsKeeping overheads low with high standards and maximizing profits
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