Entrepreneurial Marketing ICS

Entrepreneurial Marketing ICS - Entrepreneurial Marketing...

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Entrepreneurial Marketing Chapter 11
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Marketing is one of the entrepreneur’s biggest problems
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Selecting a Market and Establishing a Position in the Market Who are our customers are how will we appeal to them? A well-managed start-up approaches this query by following a three-step process: Segmenting the market. Selecting a target market. Establishing a unique position in the target market
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The Process of Selecting a Target Market and Positioning Strategy
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Market Segmentation Segmenting the Market Involves studying a firm’s industry and determining the different target markets in that industry. Markets can be segmented in a number of different ways, including - Product type - Price point - Customers served
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Example (product type): Laptops Netbooks (new category) Desktops Tablets Mainframes
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Example (price): Ballys LPAC Curves David Barton Gym Cheetah Gym
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Selecting a Target Market Target Market Once a firm has segmented the market, a target market must be chosen. The market must be sufficiently attractive and the firm must have the capability to serve it. The Netbook segment - Eee PC. The Tablet segment - Apple
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Establishing a Unique Position Positioning After selecting a target market, the firm’s next step is to establish a “position” within the market that differentiates it from its rivals. A “position” is the part of a market that the firm is claiming as its own. A firm establishing a unique position in its customers’ minds by drawing attention to two or three of the product’s attributes.
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Establishing a Unique Position Firms often develop a “tagline” to reinforce the position they have staked out in their market, or a phrase that is used consistently in a company’s literature and thus becomes associated with the company. An example is Nike’s familiar tagline, “Just do it.” The beauty of this simple three-word expression is that it applies equally to a 21-year-old triathlete and a 65-year-old mall walker.
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Taglines—Developed to Reinforce a Firm’s Positioning Strategy Tagline Company Think Different Apple Broadcast Yourself YouTube It gives you wings Red Bull Got milk? California Milk Processor Board 773-202-_ _ _ _ or 588-2300 _______ LUNA Carpets EMPIRE TODAY
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Product Attribute Map Illustrates a Firm’s Positioning Strategy Relative to Rivals
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This note was uploaded on 09/26/2011 for the course ICS 394 taught by Professor Papabithini during the Winter '10 term at DePaul.

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Entrepreneurial Marketing ICS - Entrepreneurial Marketing...

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