marketing trends 2014 and beyond (including the marketing of entrepreneurship)

MARKETING TRENDS 2014 AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

MARKETING TRENDS 2014 AND BEYOND(INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

RELEVANCE TO JAMAICA & ENTREPRENEURIAL DEVELOPMENT1A new style of doing business

An approach way of seeing things and of doing things differently

Style of management ( Peter Drucker)

High risk activity

Ability to see change/ difficulties as a business opportunity

2WHAT IS ENTREPRENEURSHIP?

Almost all definitions of entrepreneurship include:

Initiative taking

The organizing and reorganizing of social/economic mechanisms to turn resources and situations to practical account.

The acceptance of risk or failure

WHAT IS ENTREPRENEURSHIP?

A process with seven (7) key principles (O. Reid 2011)

Creativity thinking new thingsInnovation doing new thingsCalculated risk taking taking your product to marketSelf belief willingness to stand behind your ideasPersistence and determination - Practice becomes perfect and failure produces learning, taking me ever closer to achievement of my ultimate goal. (The entrepreneurs creed - O. Reid 2013)Value creation the purpose of entrepreneurshipReaping / rewards from the value created

4ENTREPRENEURSHIPWhat is failure?

Is it OK to fail? Many cultures, including ours stigmatize failure

A business may fail and many do

An entrepreneur only fails when he never tries again

Entrepreneurs use business failures as opportunities to start over again and to learn from them5ENTREPRENEURSHIP The fear of failureFACTORS INFLUENCING THE GROWTH OF ENTREPERNEURSHIPSocial Factors ContdThe role of the schools & other training institutions Entrepreneurship training is being introduced in schools especially at the tertiary level All local universities have offerings in entrepreneurship UTechs School of Entrepreneurship offers a degree in entrepreneurship HEART Trust/NTA ensures trainees are exposed to entrepreneurship

67THE BUSINESS MODEL CANVASThe Business Model Canvas developed by Alexander Osterwalder, is a strategic management and entrepreneurial tool which can be used to assess and evolve a the business model for a given business

It has nine basic building blocks which must be assessed and validated to ensure a viable business model

The Business Model Canvas allows you to describe, design, challenge, invent, and pivot your business model. http://www.businessmodelgeneration.com/canvas

8THE BUSINESS MODEL CANVAS

Business Model canvas will continue to be the preferred route for the development of small innovative firms as opposed to the business plan route

Forget engagement, consumer wants innovation, utility and simplicity (solve my problem and I am fine)

Nail it then scale it principle (value proposition) Paul Ahlstrom CONSUMER & PRODUCT DEVELOPMENT9Creation of prototypes through what is called pre-visualization

The prototypes are not just for the products but is also a video representation of life style changes in a post-product launch eraCONSUMER & PRODUCT DEVELOPMENT10Insourcing more advertising agency activities including concept development, and creative management

Consolidation of global agency relationships

Smaller internal creative department

Evaluation of more intrapreneurs within marketing departmentsPROMOTION11Use of Game Technology to enhance product delivery

Content Marketing involves the use of a content distribution network (CDN) which is a large distributed system of servers deployed in multiple data centres across the Internet. The goal of CON is to serve content to end users with high availability and high performance

DIGITAL MARKETING12CDN serves a large portion of Internet content today including web objects (texts, graphics and scripts); downloadable objects (media files, software, documents); applications (e-commerce, portals) live streaming media and social networks

Cloud Acceleration is another form of delivery web content and applications as quickly as possible from a user to a server but tend to route contents through a public or private managed network

DIGITAL MARKETING13The Content Marketing trend suggests that marketing to the masses through techniques like television ads and radio ads are becoming less effective. Instead, it is better to concentrate on inbound marketing by producing valuable engaging content designed for a specific audience.DIGITAL MARKETING14

Just a few years ago, businesses were limited with regards to the social media networks

Primarily facebook, Linked In, Twitter

Now there is a ground swell of new ones Pinterest; Google +; Tumblr; Instagram

Their surge in popularity have provided businesses with a plethora of new options that allow them to produce ongoing content in a variety of media formsSOCIAL MEDIA MARKETING15

Some brands and technological products will call a TECH-TIME-OUT

Feedback is that some large enterprise marketing teams will be calling time out on new marketing technology and platforms during 2014/2015PRODUCT DEVELOPMENT16Logistic Hub Concept

Use of super ships

Concept of developing value-added services nearer to the end-user point of consumption rather than at the producer end is the way of the future in distribution strategies DISTRIBUTION17

Back to basics (Example: development of a Jamaican Honey Wine by a laid off Bauxite Engineer)

Example of a blind persons white cane (sensorized): developed by student entrepreneurs at UTechCONSUMER SATISFACTION18U-TOUCH Ground breaking research leading to the development of multimedia software using Jamaican Sign Language and Standard English to teach young deaf and hard of hearing studentsBLIND LEARNING

19Using animation, text and signing

Improve the status/use of Jamaican Sign Language

Guide educators in understanding the type of instruction most suited for the effective use of multimedia resources by DHH students

Guide research on how young DHH students use visual enhancements

Prepositions are not understood by deaf community

The software has the potential to assist all 75,000 to learn prepositionsBLIND LEARNING

2021

Perhaps an article by Forbes Magazine said it best: There is a sense that from the hyper-connectivity of our highly digitized lives to the bright flashy, complicated sensory input were fed everyday, there is no way to continue at this pace. As a result, 2014 is likely to be a year where the most successful marketing strategies will be the ones that are not only simple in nature but promote goods and services that serve to simplify the consumers life or even just their customer experienceCONCLUSION2223