Dan Turner

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Information about Dan Turner
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Published on January 9, 2009

Author: aSGuest9809

Source: authorstream.com

Marketing for Success : Marketing for Success Prof. Dan Turner Business Plan Competition Resource Night February 9, 2006 Marketing Defined : © UW Business School, University of Washington 2001 Marketing Defined Business function tasked with creating, communicating, and delivering unique/superior value to target segment(s) of customers Key Decisions Strategy Whom to target Unique/superior value proposition for each target segment Tactics: 4 Ps of the Marketing Mix shown to target customers that cause them to believe the value proposition Product Price Place Promotion Marketing AnalysisIdentifying Marketplace Opportunities : © UW Business School, University of Washington 2001 Marketing AnalysisIdentifying Marketplace Opportunities OPPORTUNITY! Customers Company & Collaborators Competitors Analyses Assets, core competencies, discipline, strategy, point & capability, etc. Analyses Assets, core competencies, discipline, resources, skills, etc. Analyses Cross-sectional, longitudinal Context Analyses Environmental scanning of technological, social, regulatory, etc. 1. Marketing Strategy: Targeting : © UW Business School, University of Washington 2001 1. Marketing Strategy: Targeting Who is my “perfect” customer? What does he/she want? How urgent is the need? How can I communicate with him/her and get the offer into his/her hands? Observe/Envision Hypothesize Experiment Analyze/Learn Conclude Revise Theory Perfect Customers for Entrepreneurs Strongly felt benefit requirement/need Large order per sale Small decision-making unit Short decision making process Pay cash/pay now 2. Marketing Strategy: Positioning : © UW Business School, University of Washington 2001 2. Marketing Strategy: Positioning The one-sentence belief you want to put in the head of the target segment that would motivate him/her to buy. Frame of Reference The mental classification upon which we want people to hang new information It’s like an X, but… Point of Difference Core Strategy: The benefits we intend to emphasize in our communications to our core customer targets (how we get customers to buy from us rather than competitors) Communicate key proprietary benefit in a clear, concise statement Should stress exclusivity (sole provider of benefit/benefit combination) or superlative (most of benefit or ____est) Marketing Strategy: Checklist : © UW Business School, University of Washington 2001 Marketing Strategy: Checklist Target segment Can you establish a beachhead in the first target segment? To what segments will you then expand? Positioning Is your value proposition for each target easy to understand? If understood and believed, does your value proposition motivate your target customer to buy? Is your value proposition defendable over the long run? Marketing Tactics : © UW Business School, University of Washington 2001 Marketing Tactics Product: Attribute levels, brand name, packaging Price: How customers pay as well as how much they pay Place (Channels): How you make product, information, financing, etc. available Promotion: Set of tools (PR, advertising, salesforce, consumer promotion, sales promotion, …) that provide information to customers or a direct economic incentive that motivates behavior Creates Value Communicates Value Delivers Value Lets you capture value back Marketing ImplementationPromotion Effects Model : © UW Business School, University of Washington 2001 Marketing ImplementationPromotion Effects Model Awareness Consideration Evaluation Trial Repeat Interest Suggestions for EntrepreneursThe Marketing Mix: Promotion : © UW Business School, University of Washington 2001 Suggestions for EntrepreneursThe Marketing Mix: Promotion Guerilla Promotion Reference installations Expert/Lead user commentary Product reviews Viral/buzz marketing (word of mouth) Networks and personal relationships Public relations Marketing AnalysisIdentifying Marketplace Opportunities : © UW Business School, University of Washington 2001 Marketing AnalysisIdentifying Marketplace Opportunities OPPORTUNITY! Customers Company & Collaborators Competitors Analyses Assets, core competencies, discipline, strategy, point & capability, etc. Analyses Assets, core competencies, discipline, resources, skills, etc. Analyses Cross-sectional, longitudinal Context Analyses Environmental scanning of technological, social, regulatory, etc.

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