Entrepreneurial Marketing Prof. Dr. Steffen Schwarz

Prof. Dr. Steffen Schwarz

Entrepreneurial MarketingProf. Dr. Steffen Schwarz


Contents

• Generation Y

• Marketing Concept

– Marketing Targets

– Marketing Strategy

– Marketing-Mix

• Product

• Price

• Place

• Promotion

• Your Marketing Concept

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Context : The Generation Y

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Traditionalists1920 – 1943

Prefers formality, authority, social order, cost aware and value driven, laggards, not experimental

Baby Boomers1944 – 1968

Defined by post war optimism and values, hard working, conformist, cost aware and value driven.

Generation X1969 – 1981

Loyal, work focused, family oriented, information driven, followers, brand aware.

Generation Y1982 – 2001

Require balance, connected, self confident, entrepreneurial, goal oriented, independent, bored by routine, non family oriented, social


Generation Y – Some Facts

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Approximate Population % (2010)

• Canada 20.5%

• US 20.8%

• France 19.4%

• Germany 17.5%

• Italy 17.4%

• China 25%

• India 27.7%

• Japan 18.2%

• Russian Federation 24.5%

• UK 19%



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• Typically aged between 12 and 27 as at 2010

• Post 18 years old are less likely to leave the parental home – 30+!

• Spend more time sleeping than any other generation (male 9 hours per day, female 9.2 hours per day)

• Spend less time eating per day.



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• Spend almost 50% less on housework than previous generations and are more likely to pay for domestic help.

• Spend more time studying than previous generations and are career driven - ambitious

• Travel more than previous generations.

• Majority remain single until they are in their mid-late 30s.



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• Generation Y spend almost 50% more time per day on leisure activities than any other generation.

• 50% more time on social activities

• However, Generation Y are more culturally aware than previous groups and more likely to be interested in Theatre or live entertainment.


Analysis of Market and Competition

Marketing Conception

Realization

Marketing Targets

Marketing Strategy

Activities: Marketing-Mix

Product Price Place Promotion

Controlling

Informations from the analysis of market and competition are the basis of the marketing conception .

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Market and Competition Market and Competition Modules for Sales Planning Modules for Sales Planning

Conception

Market DemandTarget group and region

Number of customers

Demand

CompetitionNumber of competitors

Importance of competitors

Market-Potential Volume of Competition

Sales Planning

PLUS MINUS


1. Level Marketing Targets

Determinationof desired places

Marketing StrategiesDetermination of the right road

Marketing MixDetermination of the transport system

Levels of Marketing Conceptions

Where do we want to go?

2. Level

3. Level

How do we get there?

What do we have to do?

Conception Levels: Basic Questions:

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psychological

Brand Awareness Image Corporate Identity Trust Competence Customer Satisfaction

Strategic Corporate Targets

Marketing Targets

Operational Corporate Targets

economical

Sales figures Turnover Profit Growth Rate Market Share Costs Distribution

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1. Level: Marketing Targets1. Level: Marketing Targets


Marketing StrategyMarketing Strategy

Marketing Strategies define the path how to reach the Strategic Marketing Targets of a Company. They show the middle and and long term focusses in Marketing, especially concerning the behaviour towards customers, intermediaries (e.g. retailers, wholesalers) and competitors.

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2. Level: Marketing Strategy2. Level: Marketing Strategy


Four Strategic LevelsFour Strategic Levels Strategic CommitmentStrategic Commitment Strategic AlternativesStrategic Alternatives

1. 1.

Market Field StrategyMarket Field Strategy

Product / Market Combination (ANSOFF-Matrix)

Existing or new products in existing or new markets

2. 2.

Market Stimulation Market Stimulation StrategyStrategy

Decision on market manipulation

(PORTER)

Premium, discounting or „more for less“ strategy

3. 3.

Market Segmentation Market Segmentation StrategyStrategy

Decision on market segmentation Mass Marketing or segmented Marketing

4. 4.

Market Area StrategyMarket Area Strategy

Decision on market area National or international Marketing

Marketing Strategies – Customer Focussed Strategies

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Market Stimulation Strategies

Discounting Strategy:Discounting Strategy: Lowest cost structure in comparison to competitors, e.g. Southwest Airlines, Air Asia

Premium Strategy:Premium Strategy: Better quality and additional benefits which allow to charge a price premium, e.g.Bang & Olufsen, German premium car manufacturers.

More for Less:More for Less: You can either focus on a market niche, like German „hidden champions“ e.g. in engine construction do worldwide or you combine low prices with special quality features, e.g. H&M, Zara in retail clothing.

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http://www.thomassabo.com

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Premium Strategy

More for Less

www.avocadostore.de„Your market place for eco fashion and green lifestyle"

Discounting Strategy www.hotel.de

www.hotel.info


3. Level: Marketing Mix3. Level: Marketing Mix

The 4 P´s:The 4 P´s: PProduct

PPrice

PPlace

PPromotion

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„„4 Ps“ Company View --- „4 Cs“ Customer View4 Ps“ Company View --- „4 Cs“ Customer View

Customers wants & needs

Costs

Convenience Communication

Product Price

Place Promotion

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Product Policy in broader sense

Product policy

Quality Basic benefit Additional benefit Packaging Product image Design Prestige Brand policy

Product mix policy

Product mix breadth Product mix depth Product elimination Diversification

Service policy

Service before sales Service after sales Service within the product Commercial service Technical service Amount of service

Guarantee policy

Content Timing Kaufgarantie Complaint management

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High quality restaurant with online ordering and delivery via roller coaster with loopings. Growth via franchising.

http://www.sbaggers.de19

http://www.dyson.de

One product is not enough


Decisions in price policy:

Price fixing Methods to calculate the price

Price positioning Decision e.g. on premium or discount price

Price differentiation Different prices for target groups (e.g. students, seniors, B2B, B2C), quantities and usage times

Price strategy Prices before, during and after launch

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http://www.build-a-bear.de21


Place: Distribution- and sales-policy

Marketing instruments:

(Online-) shop, own sales force, agents, printed catalogues, phone sales,

franchising, type of transport, etc.

How to bring products/services to the customer in the right quality,

quantity and time

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www.designoffices.de

http://berlin.the-hub.net

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Promotion policy

Marketing instruments:

Public relations, advertising (-channels), sales promotion, sponsoring, events, product placement, etc.

What should I tell different target groups about me and my products/services via which channel?

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Sponsoring

Product Placement

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Sales Promotion:Trousers control of ALBERTO company„Police woman“ of ALBERTO checked man trousers. Minor qualities were „punished“ with a coupon for winning a pair of ALBERTO trousers in a local shop.

Event: Red Bull Air Race

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Internet banner advertising

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http://www.zalando.dehttp://www.zappos.com

Tony Hsieh: Delivering Happiness


Your Marketing Concept

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Describe your target group exactly

How does your market and competitor analysis look like ?

Describe your marketing targets

Describe your markteting strategy

Describe your marketing-mix (4-7 P´s) in detail

Renew your Marketing concept at least once per year

Entrepreneurial Marketing Prof. Dr. Steffen Schwarz

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