Entrepreneurial Marketing SBENT PDF

ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. ○ SBU can be defined as an independent organization...

ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. ○ SBU can be defined as an independent organization W1: STRATEGIC PLANNING ★ environmental scanning ○ no firm can function in isolation TECHNICAL TERM/KEY TERM ○ it operates in an environment a systematic process of predicting the known as the business long term goals environment identifying the best approach for ○ can be divided into internal and achieving it external environment ○ INTERNAL - internal to the firm and would consist of the factors NOTE: ○ EXTERNAL- factors such as VMGO’s “vision → mission → goals competitors to the firm, market, → objectives consumers, technology, etc. ○ can further divided into micro and macro ★ strategy formulation TOPIC OVERVIEW ○ organizations have a hierarchy of A. STRATEGIC PLANNING interrelated strategies, with a. stages of strategic planning A1 different strategies for different b. functions of marketing A2 levels of the org. c. swot analysis A3 corporate strategy - d. pestle A4 concerned with meeting the stakeholders expectation A1 STAGES OF STRATEGIC PLANNING business unit strategy - concerned with strategic decision regarding choice ★ defining the business of products, delivering ○ focal planning of strategic customer value gaining planning competence, finding and ○ enable the firms in selecting exploring of generating appropriate opportunities for functional strategy - leading the firms in the right concerned with how each direction functional area is ★ defining the mission statement organized to deliver ○ define the purpose of company’s corporate and existence business-unit level ○ should be able to guide the strategic direction actions of the organization set (overall objectives, provide route A2 FUNCTION OF MARKETING map, guide decision making) ○ mission provides a framework, on basis of which companies planning strategies are formulated organizing ★ setting the strategic business units staffing (SBUs) directing ○ essentially for multi-product reviewing organizations controlling PAGE 1 KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. A3 SWOT ANALYSIS ★ executive summary ○ giving the management an strengths overall view of the major purpose weaknesses of marketing plan opportunities ★ situational analysis threat ○ the important data on sales, costs, profits, market competitors, etc. ★ objectives NOTE: ○ outlines of financial and strengths and weaknesses are internal, marketing objectives like sales, opportunities and threats are external volumes, market shares, etc ★ marketing strategic ○ target segments are defined for A4 PESTLE whom the market offering is focused on political ★ action program environmental ○ specified which would be used to sociological achieve the set objectives technological ★ financial forecast legal ○ general overall budgeting ecological ○ it would show estimated expenses and the difference between revenue and expenses MARKETING PLAN ★ controls ○ the final stage of marketing plan outlines controls for monitoring TOPIC OVERVIEW the implementation of the plan A. MARKETING PLAN a. contents of marketing plan A1 A2 MARKETING PLANNING PROCESS b. marketing planning process STEPS steps A2 c. 5 forces of marketing A3 ★ goal setting d. formulating marketing strategy ★ scanning the market environment A4 ★ external scanning e. types of marketing strategy A5 ★ developing marketing objectives f. consumer market A6 g. market segmentation A7 A3 5 FORCES OF MARKETING A MARKETING PLAN existing competition threats if new entrants TECHNICAL TERM/KEY TERM threats of substitute products a brief summary of objectives and bargaining power of customers recommendations bargaining power of supplies A1 CONTENTS OF MARKETING PLAN NOTE: INTERNAL SCANNING PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 2  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. ○ small differentiated markets done to analyze the firm's competencies and where no other firm have to weaknesses, whether it is the product design, thought if entering into service or contribution market follower it depends on its competitors to identify A4 FORMULATING MARKETING market STRATEGY as a follower, firm needs to be keen on its competitor’s weaknesses and try improving on them - is proper outlining of the game plan of the organizations A6 CONSUMER MARKET MAIN ELEMENTS INVOLVED selecting target market ○ the market that would want to - is one in which buyers of the product are cater to consumers themselves formulating marketing mix ○ the effective combination of the TYPES OF CONSUMER MARKET Ps of marketing to formulate a 1. B2B (business to business) unique selling proposition for the - a model which companies sell to products companies, not to individual customers 7 P’s OF MARKETING 2. PROFESSIONAL SERVICES 1. product - It needs training or consulting in 2. place 3. price multiple areas to achieve goals. 4. promotion - where professional services come 5. physical evidences in, the companies that provide 6. people various services to other 7. process companies in interesting areas such as market 3. INDUSTRIAL SALES A5 TYPES OF MARKETING STRATEGY - the sales of all the equipment that is permanent overtime and market leader has fairly long useful life ○ offensive or confrontation - It includes working machinery, strategy ○ employed by firms which are not chemical products, raw materials, currently leaders in the market etc. but aspiring to be one 4. B2C (business to consumer) market challenger - company sells its products to ○ focuses on gap analysis individuals, not to companies. ○ can then strives to bridge the gap 5. CONSUMER PRODUCTS by providing products as per - used on a massive scale customer’s expectation leading to higher customer satisfaction - constantly work to gain the loyalty levels of customers niche market 6. FOOD AND BEVERAGES PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 3  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. - all those products that are refers to the decisions and actions people intended for consumption by the undertake to buy products or services for body. they usually have multiple personal use consumer behavior observes how people regulations to ensure that the choose, use, and discard products and person acquires high quality services encompassing respective items. emotional cognitive and behavioral reactions A7 MARKET SEGMENTATION ★ insights into customer needs ○ consumer behavior analysis - is made to focus efforts on those niches provides valuable insights into that are interested in your products needs, desires, and preference of target audience ★ DEMOGRAPHIC ★ effective marketing strategies - it divides markets into specific valuables ○ knowing how consumers make ○ gender purchasing decisions allowing ○ age business to develop more ○ income effective marketing strategies ○ social class ★ product development and innovation ★ GEOGRAPHIC ○ by listening to consumer - divide a market into different geographic feedback and observing behavior, sections whether it is country, state, or business innovate and develop even neighborhood products that resonate with ★ CLIMATE target audience leading to ★ DENSITY greater customer satisfaction and - number of people living in a place loyalty influence their needs ★ competitive advantage ○ by staying ahead of consumer trends and preferences, you can anticipate market shifts and CONSUMER BUYING BEHAVIOR position your brand as a leader in your industry ★ customer engagement and retention TOPIC OVERVIEW ○ businesses can create personalized experiences that A. CONSUMER BUYING BEHAVIOR engage and retain customers. a. types of consumer behavior A1 business can foster long term b. factors that influences loyalty and advocacy by building consumer behavior A2 relationships based on trust c. stages of consumer buying process A3 A1 TYPES OF CONSUMER BEHAVIOR A CONSUMER BUYING BEHAVIOR ★ complex purchasing behavior ○ occurs when customers are buying TECHNICAL TERM/KEY TERM expensive, rarely purchased items PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 4  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. ○ people are deeply involved in the ★ time and frequency of purchase purchase process, conducting ○ shops must align their service research before making an investment with customer purchase patterns, ★ dissonance-reducing purchasing behavior meeting demands and various ○ this behavior is visible when times and frequencies. consumers struggle to differentiate between brands ○ there's no favorite brand and none of the option is attractive so consumers A3 6 STAGES OF CONSUMER BUYING fear they will regret their decisions PROCESS ★ habitual purchasing behavior ○ appears when consumers mindlessly buy something, with little to no 1. realizing there is a problem involvement in product or brand 2. conducting research category 3. comparing options ★ variety-seeking behavior 4. deciding to purchase ○ where consumers purchase a different 5. completing the purchase product not because they were 6. evaluating decisions dissatisfied with the previous one, but because they seek variety BUSINESS MARKET A2 FACTORS THAT INFLUENCE CONSUMER BEHAVIOR TOPIC OVERVIEW ★ marketing campaign ○ marketing tactics can prompt A. BUSINESS MARKET consumers to switch brands and a. types of business markets A1 even opt for higher priced b. business buyer behavior A2 alternatives c. characteristics of business ★ economic conditions d. buyer behavior A3 ○ positive economic conditions e. types of business buyer tend to strengthen consumer behavior A4 confidence and their willingness f. responsibilities of buyers A5 to make a purchase, regardless of g. sustainable development goals financial commitments A6 ★ group influence ○ opinions and actions of people around us can exert so A BUSINESS MARKET considerable influence on our decisions TECHNICAL TERM/KEY TERM ★ purchasing power method a company uses to sell products ○ financial capacity is a key or service to a specific group of determinant of our consumer consumers behavior, budget considerations often precede purchase decisions ★ place of purchase Additional Information ○ customers often split their a company that purchases goods and purchases among various stores services in a business market might even if all items are available in use items they purchased as materials one location to produce new products of their own PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 5  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. - business buyer behavior governed by distinct characteristics that shape how A1 5 TYPES OF BUSINESS MARKETS organizations approach and manage their procurement processes ★ business to consumer market ○ involves businesses advertising ★ collective decision-making ○ business purchase often involve products directly to customers input from multiple stakeholders, for purchase leading to collaborative ★ business to business market decision-making processes ○ companies advertised and sell involving many departments or respective goods and services individuals to other businesses instead of ★ large-scale transactions marketing directly to ○ business buying typically involves customers larger quantities and higher ★ industrial market financial stake than individual ○ a business sells products or consumer purchases, necessitating more careful services used in industrials or consideration and strategic productions projects planning ○ advertise and sell their goods ★ long-term supplier relationship and services to other ○ often seek to establish long term companies as well rather than relationships with suppliers for immediately to customers quantity, reliable supply, and ★ services market potential cost benefits ○ when a business advertises ★ potential and structured approach and sells services instead of ○ businesses follow more sensible, food or non food structured approach to purchasing focusing on ★ professional services market functionality, quality, and return ○ offers specialized work, their on investment businesses and employees ★ sensitivity to external factors have licensing and certification ○ influenced by external factors that permits them to work in such as market trends, economic their field conditions, and technological advancements, requiring businesses to stay informed and A2 BUSINESS BUYER BEHAVIOR adaptable ★ negotiation process - organizations that purchased goods and ○ negotiations are common aspects services for manufacturing other of business purchases, focusing products and services sold, leased, or on price, delivery schedules, supplied to others are business buyers payment terms, and after sales services ★ emphasis on supplier evaluation A3 CHARACTERISTICS OF BUSINESS ○ businesses thoroughly evaluate BUYING BEHAVIOR potential suppliers, considering factors like reputation, financial PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 6  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. stability, production capacity, and decision-making process can also equality control measures influence buying behavior ★ formal procurement policies and procedures NOTE: ○ business purchase are often nakalagay sa ppt ni manoy 4 types, governed by legal procurement pero 5 yung nakalagay so baka 5 talaga policies and procedures, ensuring sha compliances, transparency, and consistency in purchasing decisions ★ requirement-based purchasing A5 RESPONSIBILITIES OF BUYERS ○ business buying is primarily driven by specific organizational needs and requirements rather industrial marketer must recognize than impulse or personal people who are parts of purchasing preference decision process ★ focus on total cost of ownership (TCO) Initiators are individuals who place the ○ businesses consider not just the request for a purchase or acquisition purchase price but the total cost users are the starters of the purchasing of ownership, which includes process as they use the products expenses related to maintenance, deciders, like engineers are parts if the operation, and disposal of a organization that have the power to product make decisions regarding the purchase gatekeepers are parts of the organization with the authority to A4 4 TYPES OF BUYING BEHAVIOR prohibit sellers from reaching buying center members (receptionist, ❖ straight rebuy secretaries, or purchasing agents) most straightforward buying approvers are the individuals who behavior where a business approve the purchase reorders s product or service without any modification A6 17 SUSTAINABLE DEVELOPMENT ❖ modified rebuy GOALS business has experience with the product but is looking to make some changes 1. end poverty ❖ new task 2. zero hunger occurs when a business 3. good health and well-being purchases a product or service for 4. quality education the first time 5. gender equality ❖ competitive pressure 6. clean water and sanitation the need to stay competitive can 7. affordable and clean energy drive businesses to make 8. decent work and economic growth purchases that help them 9. industry, innovation, and infrastructures maintain or enhance their market 10. reduced inequalities position 11. sustainable cities and communities ❖ internal policies and procedures 12. responsible consumption and organizational procedures policies production and a structure of 13. climate action PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 7  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. 14. life below water - is this segment composed of enough 15. life on land potential customers to justify targeting? 16. peace, justice, and strong institution - is it measurably different from other 17. partnership for the goals segments? choosing what segments to target is a strategic decision. PESTLED+ can help better understand the viability of each segment 3. POSITIONING by understanding what thr target segment SEGMENTATION, TARGETING, AND deems most important for brand selection and POSITIONING where competitors succeed. it will be able to identify and open market opportunity and position its market to best fit the needs and A SEGMENTATION, TARGETING, goals of its audience POSITIONING A2 GROWTH STRATEGY TECHNICAL TERM/KEY TERM is a consumer-centric approach to marketing communications - a detailed outline that list the actions Examples: I once created a marketing businesses plan to take to expand strategy for a fitness apparel brand. operations, increase revenue, and boost rather than appeal to all fitness market reach. enthusiasts across the board, the brand components wanted to target a specific segment goal - what the company wants to within their target market: female yoga achieve fans in their 30s to 40s people - who is involved in the project Additional Information product - whether the company the marketing campaign was more has positioned a products to help efficient and cost effective because achieve its goal they already knew their target tactics - steps that the company audience can take to reach its goal ★ market expansion A1 CONDUCTING AN STP MARKETING ○ involves a company selling its ANALYSIS products or services to a new market 1. SEGMENTATION ★ market segmentation refers to the process of dividing your audience ○ divides customer market into into smaller groups based on certain smaller group characteristics ★ market penetration ➔ demographics - who your buyer is ○ the company lowers its product ➔ psychographics - why your buyer buys prices, this can increases market shares by attracting more 2. TARGETING repetitive sales you must decide which segments are worth ★ product expansion targeting PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 8  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. ○ company expands its product line - is the exact plan a business or companies or redesign products to increase use to bring their product to their sales and revenue audience ★ diversification ○ involves an organization WHY NEED A PRODUCT MARKETING developing and selling new STRATEGY? products to new customer - Learn what your customers need to see markets in your products to determine it is ★ forward acquisition and merging valuable to them, and their lives ○ involves buying component ❖ understand your competitors businesses that are a part of a look at your wider market and company’s distribution chain determine how your product or ○ example: food grocery buy up service is different from other additional properties to convert to existing options its grocer brand ❖ ensure teams are on the same page ★ horizontal acquisition when everyone in the team has ○ consist of buying another better understanding of the company or organization purpose of the product you’re ★ backward acquisition selling and why it’s so beneficial, ○ involves a company buying one of they’ll be more likely to its suppliers to better control its communicate this information supply chain correctly ★ new partnerships ❖ boost revenue and sales ○ forming new partnerships with position product as the best similar businesses that offer option for their needs similar products and services ★ viral loop strategy HOW TO DEVELOP YOUR OWN PRODUCT ○ involves several process to be MARKETING STRATEGY successful ❖ step 1: get to know product’s target A3 TIPS FOR DEVELOPING AN EFFECTIVE audience GROWTH STRATEGY you need to define a specific target audience and create a use growth strategy template buyer persona to understand pain establish value points, expectations, or define customer market requirements analyze competitors ❖ step 2: conduct market research determine where revenue comes from figure out where your product is monitor performance positioned in the context of the wider market look at the other products similar A4 PRODUCT MARKETING STRATEGY to yours that exist in the current market (what exactly can these - is the art and science of bringing a products offer?) product to market. ❖ step 3: determine positioning and - it involves various strategic marketing messaging and sales tactics as well as long term lead positioning involves thinking nurturing, up-selling, and cross-selling about where your products exist technique PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 9  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. in the market of other brands and proposition. This may include solution emphasizing features, pricing, ❖ step 4: create go-to-market strategy quality, or customer service to identify which personas you’re gain a competitive advantage. going to be targeting with your ★ Product Lifecycle Management product, and how you’re going to ○ This includes planning for product be capturing their attention with updates, enhancements, and your messaging strategy eventual replacements to ensure ❖ step 5: launch, monitor, optimize continued relevance and there are two aspects to the customer satisfaction. “launch” for most companies ★ Pricing and Revenue Model internal launch, involve ○ This involves analyzing market introducing everyone in your dynamics, cost structures, and team to your product’s main customer willingness to pay to set benefits and features, which you’ll optimal prices that maximize need to do before anything else profitability and customer value. external launch, bringing your ★ Go-to-Market Strategy content to market through the ○ A product strategy should outline various advertising and sales the approach for launching and channels you chose above promoting the product in the market. This includes defining the PRODUCT STRATEGY DEFINITION target audience, distribution - refers to a comprehensive plan that channels outlines the long-term goals and objectives of a company’s product or RELEVANT CONSIDERATIONS IN PRODUCT service offerings. STRATEGY - It involves making strategic decisions regarding the target market, positioning, Customer Feedback and Insight pricing, and product features, aiming to ○ : Incorporating customer achieve sustainable competitive feedback and insights into the advantage and maximize customer product strategy helps ensure the value. product meets their needs and expectations. This can be ELEMENTS OF PRODUCT STRATEGY achieved through market ★ market analysis research, user testing, and ○ a crucial element of product ongoing customer engagement. strategy is conducting a thorough Monitor and Measure analysis of the target ○ Establish metrics and key perform market,including customer ance indicators to monitor the needs, preferences, and trends. product’s performance and track this helps identify opportunities progress towards the defined and gaps in the market, guiding goals. Regularly review the data to the development of products that identify areas for improvement meet customer demands Continuous Innovation ★ competitive Positioning: ○ A successful product strategy ○ product strategy involves requires a commitment to positioning the product to continuous innovation and differentiate it from competitors adaptation. This involves and create a unique value monitoring market trends, PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 10  ENTREPRENEURIAL MARKETING SBENT - 1F 1ST SEMESTER – KYLA CHAN – ROBERTO DOCTOR, JR. technological advancements, and customer feedback to identify product improvement, expansion opportunities. PRODUCT STRATEGY EXAMPLES Apple Inc.: Apple’s product strategy revolves around creating innovative and user-friendly devices that seamlessly integrate with their software ecosystem. By focusing on premium quality, sleek design, and cutting-edge technology, Apple has successfully positioned itself as a leader in the consumer electronics industry. Coca-Cola: Coca-Cola’s product strategy centers on brand differentiation and diversification. They offer wide range of beverages, including carbonated soft drinks, juices, teas, and energy drinks, catering to various consumer preferences and market segments. This allows Coca-Cola to maintain strong market presence and capture larger share of beverage industry. Netflix: Netflix’s product strategy is built on providing a vast library of on-demand streaming content. They have become the leading online entertainment provider. This strategy enables Netflix to attract and retain subscribers, driving its growth and market dominance. PAGE KYLA CHAN – SBENT - 1F – BS IN ENTREPRENEURSHIP 11