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Marvin Ryder Assistant Professor, Marketing & Entrepreneurship

MBA P715 Entrepreneurship Week 5. Marvin Ryder Assistant Professor, Marketing & Entrepreneurship. Definition of Marketing.

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Marvin Ryder Assistant Professor, Marketing & Entrepreneurship

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  1. MBA P715 Entrepreneurship Week 5 Marvin Ryder Assistant Professor, Marketing & Entrepreneurship

  2. Definition of Marketing • The art of finding out what consumers/customers want and then giving it to them in a way better than the competition while making a profit over the long term.

  3. Marketing Strategy – The Four P’s Product Price Consumer Promotion Distribution or Place

  4. Environmental Forces Affect Marketing Strategy Economic Political-Legal Socio-Cultural Competition Technological

  5. What is a Market? People who: • Are willing to buy • Have choice • Have purchasing/exchange power • Have authority to buy Can be B2C – business to consumer or B2B – business to business

  6. Market Segmentation Since a company cannot satisfy “all of the people, all of the time,” there is a need to divide the overall market into smaller, more homo-geneous chunks(in terms of needs and wants)and then develop a marketing strategy for the one or two niches that are chosen. • Demographic Segmentation • Geographic Segmentation • Psychographic Segmentation • Benefit Segmentation

  7. Market Segmentation Demographic Gender Age Education Income Family Size Psychographic Lifestyles Personality Self-Image Consumer Benefit Perceived Benefit Heavy vs. Light Users Geographic Urban/Rural City Size Climate Region Population Density

  8. Market Segmentation

  9. Market Segmentation Boom Echo

  10. Market Segmentations Strategies Three Different Strategies Possible Coke Diet Coke Five Alive Coke Coke Coke Tab Red Bull Barq’s Coke Coke Fanta Coke Mello Yello Coke Coke Coke Dasani Sprite Undifferentiated Marketing Differentiated Marketing Concentrated or Niche Marketing Austrian Red Bull GmbH 1987 to today Coca-Cola Company 1886 to 1982 Coca-Cola Company 1982 to today

  11. Product Life Cycle & Entrepreneurs Window of Opportunity Period of Low Success

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