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E140A Session 5: Entrepreneurial Marketing: What Can We Learn From CVT?

E140A Session 5: Entrepreneurial Marketing: What Can We Learn From CVT?. Professor Tom Byers Guest: Donna Novitsky. What is Marketing Anyway?. Marketing must be more than a sales support function (or a “brochure” factory).

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E140A Session 5: Entrepreneurial Marketing: What Can We Learn From CVT?

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  1. E140A Session 5:Entrepreneurial Marketing:What Can We Learn From CVT? Professor Tom Byers Guest: Donna Novitsky

  2. What is Marketing Anyway? Marketing must be more than a sales support function (or a “brochure” factory). It must satisfy “the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering, and finally consuming it.” Especially in high technology, marketing must “invent complete products and drive them to commanding positions in defensible market segments.” Reference: Ted Levitt and Bill Davidow

  3. Professor Tom Kosnik’s10 Step Outline for a Marketing Plan 1. Market Potential: How large is the market across its life cycle? 2. Segmentation: Who are our target customers? 3. Positioning: Why will they buy from us vs. our competition? 4. Partnerships: Who will help us to deliver a whole product? 5. Product: How does our whole product create value (includes branding)? 6. Pricing: What does our product cost across the supply chain? 7. Promotion: How will we communicate with stakeholders? 8. Place: How will we distribute our whole product? 9. Permission: How will we turn strangers into loyal customers? 10. Relationships: How will we turn trust and loyalty into profits? Reference: Tom Kosnik’s C&L Chapter 7

  4. Tornado Main Street Laggards LateMajority Bowling Alley Early Majority EarlyAdopters Innovators Source: Moore (1995), Inside the Tornado Most Famous Model … Geoff Moore’s“Technology Adoption Life Cycle”

  5. The “Positioning” Formula = Market Selection + Differentiation • Sentence #1: Market Selection • For (target customer) • who (statement of the need or opportunity), • the (product name) is a (product category) • that (statement of benefit). • Sentence #2: Differentiation • Unlike (primary competitive alternative), • our product (statement of primary differentiation). Reference: Ries & Trout, Geoff Moore, and Tom Kosnik (C&L Ch. 7)

  6. Congrats on our 1st Case - Takeaways? • Case Study: Individual Prep.  Team of 3  Class of 12+. • Chance to Examine What Is Marketing and Its Relationship to Other Critical Issues including Product Strategy, Sales and Market Development, and Competitive Positioning. • Battles Over Budgets Often Expose Deeper Problems in the Startup’s Vision and Strategy. • Relationships Need To Based on Mutual Respect, Not “Seize” Mentality. • Marketing Strategy and Organizations Must Adapt Over Time as Startups Navigate Technology Adoption Cycles.

  7. Thanks, Donna!

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