AEM1230-0928-ToPost

AEM1230-0928-ToPost - AEM1230 Principles of...

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AEM1230 Principles of Entrepreneurship and Business Monday 9/28 Marketing for Entrepreneurs New products, new markets Crossing the chasm Becoming the leader
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Why are Entrepreneurs Innovative? The Entrepreneur’s Disadvantage When markets or new products are known, existing companies have the advantage with An existing customer base A large amount of information about customer preferences The Entrepreneur’s Advantage When the market or solution is novel, existing companies face three major disadvantages: Core rigidities Tyranny of the current market User myopia
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Entrepreneurs do better when they launch products based on novel solutions to customer needs in new markets.
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For Novel Markets and Solutions Talk with industry experts Create future scenarios Extrapolate trends to determine product and service features
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For a New Market or Solution When either the target market or solution is known, but the other is not, blend traditional market research with futurist approaches. Anthropological expeditions In-depth interviews with early adopters Partnerships with customers to develop products
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Market Dynamics Market Size The size of the market determines: Ease of recouping start-up costs Ability to go in “under the radar” Market Growth Rate of Growth The rate of market growth determines: Ease of capturing new customers Potential volume of customers Benefits of volume purchasing and scale economies Evolution (stage in life cycle)
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The S-Curve Initially, improvement is slow Improvements come faster Improvements slow down again
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Timing the Market Implications of the S-Curve: Capital is required to sustain early
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This note was uploaded on 08/12/2010 for the course AEM 1230 at Cornell.

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AEM1230-0928-ToPost - AEM1230 Principles of...

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