emm 3 Class Three New products - Entrepreneurial Marketing...

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Entrepreneurial Marketing emm3 New Products and Services
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OVERVIEW class 3 3x5 cards(last call) Pass out last week’s case Grading scheme More on entrepreneurs Today’s lecture/discussion Subjects-Group Marketing Plans
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Topics lecture/discussion --Market Research -- Concept Testing -- Best Prospects-New Company -- Target Market , foundation for the marketing plan -- Discuss MPO, sect 1 “Summary” --Your group’s subject company -- Case discussion- Trakus
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Better off financially ! Entrepreneurs make up: 13% of total population 42% total household wealth
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Sizing Up Small Business cont’d Of those 23 million Small Business class 1 350,000 are “gazelles” -95% less than 100 employees -all business sectors not just high tech -create 95% all new jobs No Man’s Land Doug Tatum
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Sizing Up Small Business cont’d Successful Gazelles seem to be lead by - CEOs with deep knowledge of customer needs - CEOs that see around corners No Man’s Land Doug Tatum
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They make products no one wants study of tech failures
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3 ways to compete 1.Innovation Spend allot $ on R&D, high risk/high return , e.g . Apple 2. Operational Excellence Drive costs down, no changes for clients, customers usually criticize you but still buy, e.g. Walmart 3. Customer Intimacy Adapt for client, service focus , customers love you (Where emerging companies usually start)
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New products/Services 56% of all small business owners plan to introduce new products or services in the next year . Citibank survey 1000 small business owners 50% changing marketing strategies, or targeting different markets over next 6 months. Office Depot survey 1000 small to medium size business owners
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Market Research Two types Primary tailored to your product/service, expensive. e.g. concept test Secondary general study done by others, less costly, not specific
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Quick and dirty market research 1. get available stats on market size and use proxies, analogs 2. use tests on local people 3. observe your customers 4. ask around and listen!!
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Beware the tyranny of arithmetic Its 1970BG (Before Google)considering a product that sells in service stations ; boss asks for rough estimate no. of stations by 2012 . 1969 proj. 2012 Passenger cars 100 mil est 250 million Service stations 239,000 ?
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