Entreprenerial Marketing (revised version)
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ENTREPRENEURI AL MARKETING Marketing in the 21 st Century By Guru Tom Lopez
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Transcript of Entreprenerial Marketing (revised version)
ENTREPRENEURIAL MARKETINGMarketing in the 21st
Century
By Guru Tom Lopez
VALUE CREATIONWhy buyers buy? e.g. Paco Underhill
1.Buyer buy because of a need!
2.Hierarchy of needs – A. Maslow
NEEDS WANTS
NEEDS WANTS
NEEDS WANTS
Needs vs. WantsNEEDS WANTS
Why we buyWhy we buy one brand instead of another
Our being human
Time- and place-bound influences: Economy, Culture, Religion, Education, Media, Technology
Same for everybody Different for different people
Never change Always, always changing
AT THE HEART OF VALUE CREATION
DIFFERENT
CUSTOMERS
HAVE
DIFFERENT
NEEDS AND
WANTS
AT THE HEART OF VALUE CREATION
TREAT
DIFFERENT
CUSTOMERS
DIFFERENTLY
FIT DEFINES VALUE
FIT DEFINES VALUE
VALUE ARCHITECTURE
-( nice to have)Area of differentation wants segment the market constantly changing
NEW DEFINITION OF MARKETING – VALUE CREATION
Customer survey
Segmentation
Competitive
research
Marketing
Communication
logistics
Brand management
1. CSS
2. CRM
3. Repeat Sales
SEGMENTING, TARGETING AND POSITIONINGENTREPRENEURIAL MARKETING- Somebody owns the market position in the
mind of the customer.
1.POSITIONING
-Place occupied by product in
customers mind (Al Ries Jack
Trout)
- Defined by specific product
attributes.
2. a .ER – Beware Better ≠ Success Bigger / Faster
CONCORDE- Faster plane are gone because according to customers, it ain’t worth it!
b .ING – Is the operant wordEXCELLINGSATISFYINGDELIGHTINGSUPRISINGSELLING
3. EXAMPLE-Fighting Colgate
Steps:
a. Value must be defined
b. Go to the 4Ps
Product – Brand name, packaging features
Promotions – What to say, how to say, who says it
Logical Message – from left brain
Magical Message – from right brain
THE TOOTHPASTE WARS
The DOMINANT Toothpaste
95% of all toothpaste users used colgate!
ANALYSIS:
a. Colgate has 95% of market
b. 60 % of toothpaste users also use
mouthwash
60 % of toothpaste users also use mouthwash
VALUE MUST BE DELIVERED
o PRODUCT Brand name, packaging, features
o PROMOTIONS What to say, how to say, how often
o PRICE Higher or lower than competition
o PLACE where to sell
Logical Message – from left brainMagical Message – from right brain
VALUE MUST BE DELIVERED
Product – name “Close-up” why? - because you use mouthwash
in “Close-up moments (not white because you become common with Colgate)
New product
Toothpaste – mouthwash in ONE
Promotion – “toothpaste & mouthwash in one: courtship (magic) moment
Price – more expensive than Colgate
why? Because its 2 in 1
Placement – whenever or where ever there is toothpaste and mouthwash sold.
SEGMENTING THE MARKET
Cutting the market creates new markets where there are no competitors, no rules.
1.
Not just mere Demographic / Sociographic
WHO ARE OUR CUSTOMERS?
Demographics-only segmentation
is NOT ACTIONABLE
WHEN MARKETING MAGIC HAPPENS
Toothpaste and
Mouthwash in one
Toothpaste users
Who also use
mouthwash
e.g.Jolibee – “Langhap Sarap”
is magical message
Sweeter vs. the bland taste of McDonalds is logical message
Safeguard – who says it “recommended by PAMET”
is the magical message
Price – lower,equal or higherPlacement – where it is distributed
Safeguard kills 99% of Germs
Is the logical message
e.g.
VALUE ARCHITECTURE
MEMORIAL PARK : OURS
e.g.McDonald’s
The battle is not having more beef & lettuce , or fresh buns but in supplementary non food items!
PETALS OF SERVICE
SERVICE PETAL : INFORMATION
o Directions to site
o Schedules/service hours
o Prices
o Instructions on using core
Product/services
o Reminders
o Warnings
SERVICE PETAL: CONSULTATIONo Advice
o Auditing
o Personal Consulting
o Management/ Technical
SERVICE PETAL: ORDER-TAKING
o On-site
o Drive-in / Drive Through
o Phone-in; Delivery
o Mail Order
o On-line / Internet
SERVICE PETAL : HOSPITALITYo Greeting
o Food and Beverage
o Gift packs
o Waiting facilities and amenities
o Transportation
o Security
SERVICE PETAL: CARE-TAKING
o Caring for possessions brought by customers
Child care; Pet care, Valet parking,Baggage handling
o Caring for goods purchased
Packaging; delivery
Installation; upgrades
SERVICE PETAL: EXCEPTIONS
o Special requests in advance of service
-Diet
-Children
-Religion
o Handling of complaints/ compliments
o Restitution (refunds, rain checks)
SERVICE PETAL:BILLINGo Frequency of statements of
accounts
o Invoices
o Verbal statements of amount due
o Machine display
o Self-billing
SERVICE PETAL: PAYMENT
o Self service
o Customer interacts with service staff
o Automatic deduction from financial deposits
o Credit cards
o Control and verification
STARBUCKS
o What was the coffee industry like in the US before Starbucks came in and revolutionized it?
o What made Starbucks successful?
o Why is Starbucks thinking of all of the varied diversification moves instead of just concentrating on coffee shop expansion?
THE MANY VALUES OF COFFEE
0
100
200
300
400
500
600
700
THE MANY VALUES OF COFFEE
0
100
200
300
400
500
600
700
VALUE ACCORDING TO STARBUCKS
House of P’s
Positioning / USP
Passionate People
Persistence / Patience
Pla
ceme
nt
Process thatfulfills a Promise
PrayerP
rom
otio
ns
Price P
rod
uct
Primary Target
Market
PersistentProfits
S – T – P
• SEGMENT
• TARGET
• POSITIONING
S – T – P
• SEGMENT– Slice the market– Differentiate customers as to how
they• Buy• Use
– Differentiate Needs
S – T – P
• TARGET– Which is the preferred market
segment?– Easy to reach, easy to satisfy?– Profitable segment– “MASA”
S – T – P
• POSITIONING– Low cost or high cost?– Low quality or high quality?
