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D5 – Ready to Start

Learn the importance of marketing in the business start-up process and develop a marketing strategy for your small business. Discover market segments and create a unique value proposition to differentiate yourself from competitors.

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D5 – Ready to Start

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  1. D5 – Ready to Start Entrepreneurial Marketing

  2. D5 – Entrepreneurial Marketing Aim: • To appreciate the importance of marketing throughout the business start up process Learning Outcomes: • To develop a marketing strategy for an small business • To identify key market segments for a Focus strategy

  3. Entrepreneurial Marketing • Defines the business • Aligns and counterbalances the internal and external requirements and forces • Creates sustainable business value • Highly responsive to market (close to customer) Mike Grandinetti MIT Sloan School of Mgt

  4. Entrepreneurial Marketing Framework • Market Discovery • (what is the customer’s ‘pain!’) • Product Development • Market Strategy • Product / Company Launch • Measurement and Refinement Mike Grandinetti MIT Sloan School of Mgt

  5. Market Discovery (1) • Market segmentation • Identify customer’s pain • Competitive environment • Market size / growth Mike Grandinetti MIT Sloan School of Mgt

  6. Spin out? “Great devices are invented in the lab, great products are created in the market” Bill Davidow MIT Sloan Management School. Mike Grandinetti MIT Sloan School of Mgt

  7. Market Discovery (2) • Market segmentation • FOCUS IS KEY • Pick 1-3 well defined, accessible markets and dominate “Marketing must create complete product offerings and drive them into commanding positions in defensible market segments” – Bill Davidow Mike Grandinetti MIT Sloan School of Mgt

  8. Market Discovery (3) • Markets will support several players • They are not as homogenous as they appear – define your segments • ‘Pain’ (need) is best identified through rigorous and systematic primary research • Articulate the voice of the customer to segment the market Mike Grandinetti MIT Sloan School of Mgt

  9. Unique Value Proposition • Compelling reason to purchase • Provides profit margin • Quantify these benefits (money saved; time not wasted; family happier; children well fed) • Position your product through your USP Mike Grandinetti MIT Sloan School of Mgt

  10. Most attractive markets • Segments with lots of demand • Accessible segments • Markets in which you offer USP / able to differentiate from competitors • Few substitutes • Markets in which suppliers and distributors do not have power FOCUS: on markets with lots of demand

  11. Positioning Template • For (target customers) • Who (has the problem/need/pain) • Our product ….*(is new) • Provides… *(results) • Unlike…*(competitors or substitutes) Mike Grandinetti MIT Sloan School of Mgt

  12. Fundamentals • Significant customer problem/need/desire to develop a sufficiently large market? • Is the customer ready to buy ? • Have you differentiated your value proposition?

  13. Distribution Channels • How does your product/service reach the customer? • Shops (how /when) • Internet • Mail • Multi- channel? Remember focused strategy to start with! Mike Grandinetti MIT Sloan School of Mgt

  14. Marketing Planning Process • Mission • Market Audit • SWOT analysis • Marketing Strategy • Marketing Objectives • Communication / advertising / P.R • Monitor and Control

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