Chapter 11- Entrepreneurship lecture International University- HCMcity

1. Technology Ventures: From Idea to EnterpriseChapter 11: Summary
What is the best way to attract, serve,
and retain customers?
Any new firm needs to build a marketing
plan that describes how it will attract, serve,
and retain the customers targeted for its
products.
Summary
Successful salesmanship is 90 percent preparation and
10 percent presentation.
Bertrand R. Canfield
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2. Chapter 11: Marketing
Marketing is a set of activities with the objective
of securing, serving, and retaining customers for
the firm’s product offerings.
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Technology Ventures: From Idea to Enterprise

3. Chapter 11: Table 11.1
The Six Elements of the Marketing Plan
•Marketing Objectives
•Customer Target Segments
•Product Offering Description
•Marketing Research and Strategy
•Marketing Mix
•Customer Relationship Management
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4. Chapter 11: Figure 11.2
Building A Marketing
Plan and a Sales Plan
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Technology Ventures: From Idea to Enterprise

5. Chapter 11: Market segment
A market segment consists of a group with
similar needs or wants and may include
geographical location, purchasing power, and
buying attitudes.
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Technology Ventures: From Idea to Enterprise

6. Chapter 11: Table 11.2 – Crucial questions to ask about target markets
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Four crucial questions to ask about target markets
(Mullins, 2006)
Technology Ventures: From Idea to Enterprise

7. Chapter 11: Positioning
Positioning is the act of designing the product
offering and image to occupy a distinctive place in
the target customer’s mind.
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8. A positioning map
for personal
computers
showing the
position of a new
product, EasyPC.
Chapter 11: Figure 11.3 - Positioning Map
Low Medium High
Ease of Use
High
Medium
Low
X EasyPC
X Apple Mac
X HP
X Dell
X Gateway
Performance
Price
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9. Chapter 11: Unique selling proposition
The unique selling proposition is a statement
of the key customer benefit of a product that
differentiates it from its competition.
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Technology Ventures: From Idea to Enterprise

10. Chapter 11: Exercise
Create a positioning map for the airline industry
and describe the position of a new product that
provides regional service using a jet with 72
seats. Describe its unique selling proposition.
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Technology Ventures: From Idea to Enterprise

11. Chapter 11: Positioning statement
The positioning statement describes the
customer, the need, the product, the key benefit
and the product differentiation.
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Technology Ventures: From Idea to Enterprise

12. Chapter 11: Figure 11.4 (a)
Positioning Statement
• For (target customer)
• who (statement of need or opportunity)
• that (statement of benefit)
Differentiation
• Unlike (primary competitive alternative)
• our product (statement of primary differentiation
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Technology Ventures: From Idea to Enterprise

13. Chapter 11: Figure 11.4 (b)
Positioning Statement for Tesla Motors
• For wealthy individuals and car aficionados
• Who want an environmentally friendly, high-end sports car
• The Tesla Roadster is an electric automobile that delivers
unprecedented performance without damaging the
environment.
Differentiation
• Unlike Ferraris and Porsches,
• Our product has fantastic mileage, unparalleled performance,
and no direct carbon emissions.
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Technology Ventures: From Idea to Enterprise

14. Chapter 11: Market Research
Market research is the process of gathering the
information that serves as the basis for a sound
marketing plan.
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Technology Ventures: From Idea to Enterprise

15. Chapter 11: Table 11.3 – Market research process
The Market Research Process
1. Define the product and its unique selling proposition. Identify
the customer segment. Develop a set of questions that will
provide the necessary data on customer preferences and behavior.
2. Collect the data using surveys, published sources, focus groups,
interviews, and other means to secure it.
3. Analyze and interpret the data to determine if the product
meets the needs or wants of the customers and determine
whether they will pay the price you seek.
4. Draw conclusions on the customer and their needs, preferences
and behavior.
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Technology Ventures: From Idea to Enterprise

16. Chapter 11: Figure 11.5 – customer development process
Customer development process
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Technology Ventures: From Idea to Enterprise

17. Chapter 11: Table 11.4
The Four Elements of the Marketing Mix
Product Price
Product Variety
Quality
Design
Features
Brand Name
Packaging
Warranties
Returns Policy
List Price
Discounts
Credit Terms
Payment Period
Promotion Place
Public Relations
Advertising
Sales Force
Direct Messages
Channels
Locations
Inventory
Fulfillment
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Technology Ventures: From Idea to Enterprise

18. Chapter 11: Customer Relationship Mgmt.
Customer relationship management (CRM)
consists of a set of conversations with the customer.
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Technology Ventures: From Idea to Enterprise

19. Chapter 11: Figure 11.7
Conversations
Design Build Sell Service
Search Acquire Use Maintain Dispose
The Firm
The Customer
The Customer-Firm Relationship as Conversation
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Technology Ventures: From Idea to Enterprise

20. Chapter 11: Table 11.8
Five Characteristics of an Innovation
Relative Advantage represents the perceived
superiority of an innovation over the current product or
solution it would replace. This advantage can take the
form of economic benefits to the adopter or better
performance.
Compatibility represents the perceived fit of an
innovation with a potential adopter's existing values,
know how, experiences, and practices.
Complexity describes the extent to which an innovation
is perceived to be difficult to understand or use. The
higher the degree of perceived complexity, the slower the
rate of adoption.
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Technology Ventures: From Idea to Enterprise

21. Chapter 11: Table 11.8
Five Characteristics of an Innovation (cont.)
Trialability represents the extent to which a potential
adopter can experience or experiment with the
innovation before adopting it. The greater the trialability,
the higher the rate of adoption.
Observability represents the extent to which the
adoption and benefits of an innovation are visible to
others within the population of potential adopters. The
greater the visibility, the higher the rate of adoption by
those that follow.
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Technology Ventures: From Idea to Enterprise

22. Chapter 11: Figure 11.10
The Chasm Model
CHASM
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Technology Ventures: From Idea to Enterprise

23. Chapter 11: Selling
Selling is the transfer of products from one person
or entity to another through an exchange
mechanism.
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Technology Ventures: From Idea to Enterprise

24. Chapter 11: Principle
A sound marketing plan enables a new firm to
identify the target customer, set its marketing
objectives, and implement the steps necessary to
sell the product and build solid customer
relationships.
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Technology Ventures: From Idea to Enterprise

25. Chapter 11: Exercise
Describe a marketing mix for the regional jet
airline designed earlier.
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Technology Ventures: From Idea to Enterprise

26. Chapter 11: Venture Challenge
VENTURE CHALLENGE
1) Describe the customer and the target segment you have identified.
2) Develop a positioning statement using the template in Figure 11.4.
3) Using the format of Table 11.3, describe the market research plan.
4) Briefly describe the marketing mix for your product.
5) How will your venture sell its product and develop customer
relationships?
6) Research an industry and determine the length of the sales cycle in
that industry.
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Technology Ventures: From Idea to Enterprise

27. Chapter 11: DVD Videos
DVD Video
“Passion and the Customer”
Vic Verma (Savi Technology)
“Seed the Clouds and Watch the Sales Grow”
Guy Kawasaki (Garage Technology Ventures)
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Technology Ventures: From Idea to Enterprise