MARKETING STRATEGY WORKSHOP
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MARKETING STRATEGY WORKSHOP Jennifer Chandler, PhD University of Hawaii at Manoa, Shidler College of Business PACE Entrepreneurs’ Bootcamp, 06 MARCH 2010 Email: [email protected] Twitter: jenHI Phone: (808) 956-7713
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MARKETING STRATEGY WORKSHOP. Jennifer Chandler, PhD University of Hawaii at Manoa, Shidler College of Business PACE Entrepreneurs’ Bootcamp, 06 MARCH 2010 Email: [email protected] Twitter: jenHI Phone: (808) 956-7713. What is strategy?. - PowerPoint PPT Presentation
Transcript of MARKETING STRATEGY WORKSHOP
MARKETINGSTRATEGYWORKSHOP
Jennifer Chandler, PhDUniversity of Hawaii at Manoa, Shidler College of BusinessPACE Entrepreneurs’ Bootcamp, 06 MARCH 2010
Email: [email protected]: jenHIPhone: (808) 956-7713
What is strategy?
“Strategy is the great work of the organization. In situations of life or death, it is the Tao of survival or extinction.”
Sun Tzu, The Art of War
Strategy is …
A unifying theme
Strategy is …
A unifying theme
that gives
coherence and direction
Strategy is …
A unifying theme that gives
coherence and direction to the actions and
decisions of an organization
What strategy is not
It is not a detailed plan It is not a program of instructions
Business Plan Outline
1. Cover Sheet2. Exec. Summary Overall Appeal (10%)
3. Overview of the Firm 4. Market Analysis Market Opportunity (15%)
5. Products/Services Offered Value Created (15%)
6. Marketing Plan/Strategy Competitive Advantage (15%)
7. Operations Plan Operational & Technical Viability (15%)
8. Management Team Team Capability (15%)
9. Financial Plan Capital Requirements & Projections (15%)
10. Appendices & Attachments
Business Plan Outline
1. Cover Sheet2. Exec. Summary Overall Appeal (10%)
3. Overview of the Firm 4. Market Analysis Market Opportunity (15%)
5. Products/Services Offered Value Created (15%)
6. Marketing Plan/Strategy Competitive Advantage (15%)
7. Operations Plan Operational & Technical Viability (15%)
8. Management Team Team Capability (15%)
9. Financial Plan Capital Requirements & Projections (15%)
10. Appendices & Attachments
Business Plan Outline
1. Cover Sheet2. Exec. Summary Overall Appeal (10%)
3. Overview of the Firm 4. Market Analysis Market Opportunity (15%)
5. Products/Services Offered Value Created (15%)
6. Marketing Plan/Strategy Competitive Advantage (15%)
7. Operations Plan Operational & Technical Viability (15%)
8. Management Team Team Capability (15%)
9. Financial Plan Capital Requirements & Projections (15%)
10. Appendices & Attachments
Think about it!
What is your core product or service? (10 words or less)
Think about it!
What is your core product or service?
(10 words or less)
Who are your 3 closest competitors? Who/what would customers choose if they didn’t have you?
Think about it!
What is your core product or service? (10 words or less)
Who are your 3 closest competitors? Who/what would customers choose if they didn’t have you?
Why should customers choose your product or service?
Steps to a Marketing Strategy for Entrepreneurs*
* Especially those involved in a business plan competition
Steps to a Marketing Strategy for Entrepreneurs*
1. Identify target market.2. Determine positioning.3. Analyze internal and external situations.4. Develop an exit strategy.5. Re-evaluate steps 1-4.6. Resist changing your strategy.
* Especially those involved in a business plan competition
What makes a good strategy
Constrains decisions, serves as a benchmark
Strategy by design or strategy by emergence?
Answers “where to compete?” What is my market?
Answers “how to compete?” How do I get my product or service to the market?
Steps to a Marketing Strategy for Entrepreneurs*
1. Identify target market.2. Determine positioning.3. Analyze internal and external situations.4. Develop an exit strategy.5. Re-evaluate steps 1-4.6. Resist changing your strategy.
* Especially those involved in a business plan competition
Target Market
TargetPositionAnalysisExitRe-evaluate
Target Market
Consumers (B2C) Other Businesses (B2B)
TargetPositionAnalysisExitRe-evaluate
Target Market
Consumers (B2C) Other Businesses (B2B)
TargetPositionAnalysisExitRe-evaluate
Present Status
Present Status
Preferred State
Preferred State
Cognitive Dissonance
Target Market
Consumers (B2C) Other Businesses (B2B)
TargetPositionAnalysisExitRe-evaluate
What customers do you want to serve?Or, who do you think wants to buy your offer?
Present Status
Present Status
Preferred State
Preferred State
Cognitive Dissonance
Target MarketFrom the buyers’ perspective
Need recognition Information search Evaluate Make a choice
B2C and B2B: similar choice processes
TargetPositionAnalysisExitRe-evaluate
Target MarketFrom the buyers’ perspective
Need recognition Information search Evaluate Make a choice
B2C and B2B: similar choice processes
TargetPositionAnalysisExitRe-evaluate
Evoked set
Target MarketFrom the buyers’ perspective
Need recognition Information search Evaluate Make a choice
B2C and B2B: similar choice processes
TargetPositionAnalysisExitRe-evaluate
Evoked set
What alternatives does your target market consider for fulfilling its needs to resolve its cognitive dissonance?
--- This is the evoked set.
The Evoked Set and its Target Market
Steps to a Marketing Strategy for Entrepreneurs*
1. Identify target market.2. Determine positioning.3. Analyze internal and external situations.4. Develop an exit strategy.5. Re-evaluate steps 1-4.6. Resist changing your strategy.
* Especially those involved in a business plan competition
Positioning
Not something you do to a product…
Positioning is
done to a mind.
We can differentiate products, but
we must position in the mind.TargetPositionAnalysisExitRe-evaluate
Positioning
Find the “hole” in the buyers’ mind.
What does your product/service offer relative to others in the market?
TargetPositionAnalysisExitRe-evaluate
The Evoked Set and its Target Market
Positioning
Why should I choose you? What is the value of your product? What makes you different?
What’s your value proposition?
TargetPositionAnalysisExitRe-evaluate
In 5-6 words
Example of positioning on a perceptual map
Analysis
Internal Competencies Expertise Technology Patents / IP Service
External Cost (upstream) Differentiation
(downstream) Partnerships
(horizontal) Environmental Competition Innovation
TargetPositionAnalysisExitRe-evaluate
Analysis
TargetPositionAnalysisExitRe-evaluate
• Build on internal competencies while…
• Leveraging accrued advantages based on connectivity
• Design vs. Emergence
Steps to a Marketing Strategy for Entrepreneurs*
1. Identify target market.2. Determine positioning.3. Analyze internal and external situations.4. Develop an exit strategy.5. Re-evaluate steps 1-4.6. Resist changing your strategy.
* Especially those involved in a business plan competition
Why an exit strategy?
WIIFM
Exit Strategy
Maximize ROI for your investors Maximize value proposition /
positioning Distribution Value is in the mind of the beholder!
TargetPositionAnalysisExitRe-evaluate
VALUE PROPOSITIONFrom the target market perspective: Why should I choose you…and not someone else from my evoked set?
INTERNAL STRENGTHS (and weaknesses)What competencies, technology, or resources do you have?
EXTERNAL OPPORTUNITIES (and threats)What is happening or existing in your world that you can tap as a resource?
EXIT STRATEGYWhat’s in it for your investors? Why should I let you borrow my resources?
VALUE PROPOSITIONFrom the target market perspective: Why should I choose you…and not someone else from my evoked set?
INTERNAL STRENGTHS (and weaknesses)What competencies, technology, or resources do you have?
EXTERNAL OPPORTUNITIES (and threats)What is happening or existing in your world that you can tap as a resource?
EXIT STRATEGYWhat’s in it for your investors? Why should I let you borrow my resources?
Com
peti
tive A
dvan
tag
e
Steps to a Marketing Strategy for Entrepreneurs*
1. Identify target market.2. Determine positioning.3. Analyze internal and external situations.4. Develop an exit strategy.5. Re-evaluate steps 1-4.6. Resist changing your strategy.
* Especially those involved in a business plan competition
Steps to a Marketing Strategy for Entrepreneurs*
1. Identify target market.2. Determine positioning.3. Analyze internal and external situations.4. Develop an exit strategy.5. Re-evaluate steps 1-4.6. Resist changing your strategy.
* Especially those involved in a business plan competition
