New+Venture+slides+day+8-+Chapter+11-+upload

New+Venture+slides+day+8-+Chapter+11-+upload - Unique...

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Professor Joshua Hernsberger The Paul Merage School of Business University of California, Irvine Unique Marketing Issues
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Selecting a Market and Establishing a Position in the Market Important Questions That All Startups Must Ask 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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Step 1: Market Segmentation Involves Studying A Firm’s Industry And Determining The Different Target Markets In That Industry. Markets Can Be Segmented In Different Ways Product Type Price Point Customers Served
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Example: Computer Industry by Product Type Notebooks Netbooks PCs Minicomputers Mainframes
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Step 2: Selecting a Target Market Once A Firm Has Segmented The Market, A Target Market Must Be Chosen. Target Market Characteristics Sufficiently Attractive Market Firm Is Capable Of Serving The Market
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Step 3: Establishing a Unique Position 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 Establishes A Unique Position In Its Customers’ Minds By Drawing Attention To Two Or Three Of The Product’s Attributes.
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Product Attribute Map Curves International
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Selling Benefits Rather Than Features Selling Benefits Rather Than Features Many Entrepreneur Make The Mistake Of Positioning Their Company’s Products Or Services On Features Rather Than Benefits. A Positioning Or Marketing Strategy That Focuses On The Features Of A Product, Such As Its Technical Merits, Is Usually Much Less Effective Than A Campaign Focusing On What The Merits Of The Product Can Do.
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Selling Benefits Rather Than Features- Example Two difference approaches to promoting a cell phone Approach Illustration Selling Features Selling Benefits
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This note was uploaded on 01/31/2012 for the course MGMT 190 taught by Professor Joshuahernsberger during the Summer '11 term at UC Irvine.

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New+Venture+slides+day+8-+Chapter+11-+upload - Unique...

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