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

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MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP) RELEVANCE TO JAMAICA & ENTREPRENEURIAL DEVELOPMENT 1

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MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP). RELEVANCE TO JAMAICA & ENTREPRENEURIAL DEVELOPMENT. WHAT IS ENTREPRENEURSHIP?. A new style of doing business An approach – way of seeing things and of doing things differently - PowerPoint PPT Presentation

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Page 1: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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

RELEVANCE TO JAMAICA & ENTREPRENEURIAL DEVELOPMENT

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Page 2: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

A 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

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WHAT IS ENTREPRENEURSHIP?

Page 3: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF 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?

Page 4: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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

Creativity – thinking new things Innovation – doing new things Calculated risk taking – taking your product to

market Self belief – willingness to stand behind your ideas Persistence and determination - Practice becomes perfect

and failure produces learning, taking me ever closer to achievement of my ultimate goal. (The entrepreneur’s creed - O. Reid 2013)

Value creation – the purpose of entrepreneurship Reaping / rewards – from the value created

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ENTREPRENEURSHIP

Page 5: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

What 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 them 5

ENTREPRENEURSHIP – The fear of failure

Page 6: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

FACTORS INFLUENCING THE GROWTH OF ENTREPERNEURSHIP

Social Factors Cont’dThe 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• UTech’s School of Entrepreneurship offers a degree in entrepreneurship• HEART Trust/NTA ensures trainees are exposed to entrepreneurship

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Page 7: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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THE BUSINESS MODEL CANVAS The 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

Page 8: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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THE BUSINESS MODEL CANVAS

Page 9: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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 DEVELOPMENT

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Page 10: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

Creation 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 era

CONSUMER & PRODUCT DEVELOPMENT

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Page 11: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

Insourcing 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 departments

PROMOTION

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Page 12: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

Use 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 MARKETING

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Page 13: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

CDN 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 MARKETING

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Page 14: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

The 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 MARKETING

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Page 15: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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 forms

SOCIAL MEDIA MARKETING

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Page 16: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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 2014/2015

PRODUCT DEVELOPMENT

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Page 18: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

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

Example of a blind person’s white cane (sensorized): developed by student entrepreneurs at UTech

CONSUMER SATISFACTION

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Page 19: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

U-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

students

BLIND LEARNING

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Page 20: MARKETING TRENDS 2014… AND BEYOND (INCLUDING THE MARKETING OF ENTREPRENEURSHIP)

Using 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 prepositions

BLIND LEARNING

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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 we’re 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 experience

CONCLUSION

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