week 3: marketing and entrepreneurship

WEEK 3

Business Strategy Decisions

Last Week’s Learnings

Competition Direct & Indirect Factors Affecting Competitiveness

Other Industry FactorsSWOT AnalysisBrand & Positioning

What energizes you?

Purpose, Vision & Values

Purpose/Mission: Main reason for being, other than profit; main objectives of the organization.

Vision: Communicated direction; end-stateValues: shared beliefs; drive culture, brand,

and strategy

This is your fuel and your destination.

To make quality products for a healthier

world.

To make quality products for a healthier

world.

To invoke the imagination, provoke the senses, and evoke the emotions of people

around the world.

To invoke the imagination, provoke the senses, and evoke the emotions of people

around the world.

Corporate Alignment

Corporate Purpose, Vision, Values

Business Problems & Objectives

Marketing Challenges and

Objectives

Marketing Strategy and Planning

Marketing Activities and Campaigns

Long Term Mid-Term Short Term

This is your map.

Business Objectives

How will you measure business success? Scale Market Share Profit # of Customers

Branding

A brand exists in the minds of your consumers It is the way they feel about you or your offering It is a result of every single interaction they’ve had with

your organization, your communications, and your products, as well shared stories and experiences with other customers

It is like a bank account – you can make deposits and withdrawals

Branding is the process of trying to manage your brand in the minds and hearts of your audience

Example

Suppose you are starting a shortbread business called Sunnydale Shortbread.

What would be your website address?

Branding Myths

1. It’s just for big companies with big budgets Everything can be a brand, including yourself It takes commitment and consistency – not cash

2. It’s a fad People have always used it to build strong reputations

3. It’s just a logo and tagline It’s a company’s most valuable asset It’s the sum of all actions, communications, and

offerings

4. It’s about creating an image Successful brands must deliver on their promise of

value

Brand Building

Be authentic – discover your core values and mission, along with your competitive advantages before defining your brand

Brand from the inside out – yourself, your employees, your processes, and every business decision should reinforce your brand

Be consistent across all mediums and in each instance

It’s about Culture

www.drawastickman.com/

Brand Statement

One possible format:

We [name of company] promise [customer group]

That they can count on us for [unique attribute or

benefit] delivered with [character, tone, mood].

Branding Benefits

The Result: Charge a premium for your products and services Increased market valuation Easily extend your service lines Sustainability Attract quality partners and employees

It is a decision making tool.It is a decision making tool.

Positioning

Brand Positioning Strategy: The intended image of a brand within a market

space relative to competition and by specified characteristics

What will set the company apart within the market segment?

Develop a Positioning StatementIdentify existing gaps and saturation – use a

Positioning Map

Elevator Pitches

A concise overview of an idea or prospect delivered within a short time frame (such as the span of an elevator ride)

Answer who, what & why Who you are What problem your business

solves What value your business offers Why your business will be a

success

Keep it under 1 minuteRelate to the

person/audienceEasy to understand

Audience Segmentation

The Marketing System

AUDIENCE

need

PROVIDER

value

convince

cultivate

connect

GAPGAP

Audience Segmentation

Audience Segmentation: a process by which you determine your target market

Target Market: the subset of the consumer market that you wish to sell your product or service to

Why Segment?

You perform segmentation all of the time! Who would you invite to a birthday party?

Focus Relevance && Efficiency

Segmentation Process

Segmentation Factors

Demographics (age, education, income)GeographicsPsychographics

Lifestyles (Activities, Interests, Opinions)

Behavioural/Usage Benefit sought, Usage Rate, Product Loyalty, Stage in

Sales Cycle

Tribes Concept

Group your consumer based on a common passion or identity “Hipsters” “Geeks” “Artists” “Soccer Moms” “Foodies”

Heightened word-of-mouth, loyalty, participation

Assessing a Market Segment

Ties into the Marketing ObjectivesCan have Primary and Secondary, etc.Look at

Market Size Competition Sales/Profit Potential Compatibility Growth Potential Risks Costs

Brand PositioningBrand Positioning Choosing your MarketChoosing your Market

Hit ‘em where they ain’t

Find a parade, and get in front of it

What it comes down to:

From “Zag” by Marty Neumeier

Exercise

You are starting a wedding-focused online publication

Each table uses a different method of segmentation Demographic Behavioural Psychographic Tribe

Explain how you will market to this audience: What are their unique needs? How will you connect with them?