department of business administration - chair for ...218d0dcf-c43c-4b55-8000-38c58754cb6… ·...
TRANSCRIPT
Department of Business Administration - Chair for Entrepreneurship
A Primer in Entrepreneurship
Prof. Dr. Ulrich Kaiser
Chair of Entrepreneurship
Universität Zürich
Fall 2016
Department of Business Administration - Chair for Entrepreneurship
Content
HS16 Seite 2 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
© 2008 Prentice-Hall
Department of Business Administration - Chair for Entrepreneurship
A Primer in Entrepreneurship
Prof. Dr. Ulrich Kaiser Chair of Entrepreneurship Universität Zürich Fall 2016
Part IV Managing and Growing an Entrepreneurial Firm Lecture 11 Unique Marketing Issues Confronting New Ventures
Department of Business Administration - Chair for Entrepreneurship
Agenda
HS16 Seite 4 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
1. The Three Step Process
1.1 Market Segmentation
1.2 Target Market
1.3 Positioning
2. Keys to Success
3. Marketing Mix
Department of Business Administration - Chair for Entrepreneurship
Questions
HS16 Seite 5 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
?
…to be answered in today‘s lecture.
?
? What are the two main keys to success ?
How does an entrepreneur define its target market and position its firm?
What is a Marketing Mix and which elements does it contain?
Department of Business Administration - Chair for Entrepreneurship
HS16 Seite 6 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
1 The Three Step Process
A firm must address two important questions in order to succeed.
Department of Business Administration - Chair for Entrepreneurship
HS16 Seite 7 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
1 The Three Step Process
Following the three step process, you need to segment the market, determine the target market and establish a unique position within the target market.
© 2008 Prentice-Hall
Department of Business Administration - Chair for Entrepreneurship
1.1 Market Segmentation
Seite 8 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
The market is divided into groups of customers which are similar enough that the same product/ service will appeal to them.
HS16
Department of Business Administration - Chair for Entrepreneurship
1.2 Target Market
Seite 9 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Since market segments are often too large to be targeted successfully most firms target a niche within a segment.
HS16
understand the market
meet its customers’ needs
become an expert
provide customers with high levels of value and service
Department of Business Administration - Chair for Entrepreneurship
1.3 Positioning
Seite 11 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
A firm establishes a position in order to differentiate itself from its competitors.
HS16
how the firm is situated relative to
its competitors
part of a market/ segment the firm is claiming as its own
Department of Business Administration - Chair for Entrepreneurship
1.3 Positioning
Seite 12 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Fictive example of the positioning of automobiles
HS16
Department of Business Administration - Chair for Entrepreneurship
1.3 Positioning
Seite 13 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Firms often develop a tagline to reinforce the position they have staked out in their market.
HS16
A phrase that is used consistently in a company’s literature, advertisements, promotions, stationery, and even invoices, and thus becomes associated with the company:
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 14 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Selling benefits rather than features.
HS16
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 the merits of the product.
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 15 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser HS16
While features are nice, they typically do not entice someone to buy a product.
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 16 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
A strong brand can be a very powerful asset.
HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 17 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
There are different ways of thinking about the meaning of a brand.
HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 18 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
A firm may develop a brand on a philosophical and a practical level.
HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 19 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser HS16
Source: http://www.ikea.com/ms/en_GB/about_ikea/press_room/student_info.html
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 20 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Co-branding refers to a relationship between two or more firms where the firm’s brands promote each other.
HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 21 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
BrandZ TOP 100 Global Brands 2012
HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 22 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 23 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 24 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
BrandZ TOP 100 Global Brands 2012
HS16
Department of Business Administration - Chair for Entrepreneurship
2 Keys to Success
Seite 25 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
There is a difference between positioning and branding.
HS16
The brand is all about the attributes and promises that people associate with a company.
The position is all about the details.
Department of Business Administration - Chair for Entrepreneurship
3 Marketing Mix
Seite 26 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
A marketing mix is the set of controllable, tactical marketing tools that is used to produce the desired response in the target market.
HS16
Department of Business Administration - Chair for Entrepreneurship
3.1 Product
Seite 27 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Determining the product/ service to be sold is central to the firm’s entire marketing effort.
HS16
Department of Business Administration - Chair for Entrepreneurship
3.2 Price
Seite 28 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
The price is the amount of money consumers pay to buy a product and is the only element of the marketing mix that produces revenue.
HS16
Department of Business Administration - Chair for Entrepreneurship
3.2 Price Regardless of the method of pricing, a company cannot charge a premium price without delivering on its positioning and branding promises, and unless circumstances are right.
Department of Business Administration - Chair for Entrepreneurship
3.3 Promotion
Seite 30 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
A firm needs to communicate the merits of its product to its target market in order to persuade people to buy the product.
HS16
Department of Business Administration - Chair for Entrepreneurship
Seite 31
3.3 Promotion
A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Advertising is used by entrepreneurs to promote their firms.
HS16
raise costumers’ awareness of a product
explain a product’s comparative benefits
create associations between a product and a certain lifestyle
© 2008 Prentice-Hall
! ! !
Department of Business Administration - Chair for Entrepreneurship
3.3 Promotion
Seite 32 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Public relations refers to a number of techniques.
HS16
Department of Business Administration - Chair for Entrepreneurship
3.3 Promotion
Seite 33 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
http://www.youtube.com/watch?v=XB12ityDQgM (WOZ/UBS) http://www.youtube.com/watch?v=aKIqGYRuvbk (Swiss Mountain Cleaners) https://youtu.be/ZUG9qYTJMsI (Dollar shave club) https://youtu.be/bU64GI0Aj3A (Dollar beard club)
HS16
Department of Business Administration - Chair for Entrepreneurship
3.4 Place
Seite 34 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
A firm’s product needs to move from its place of origin to the consumer by taking a distribution channel.
HS16
Department of Business Administration - Chair for Entrepreneurship
3.4 Place
Seite 35 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Many firm sell directly to costumers.
HS16
© 2008 Prentice-Hall
Department of Business Administration - Chair for Entrepreneurship
3.4 Place
Seite 36 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Firms that sell through intermediaries typically pass off their products to wholesalers who place them in retail outlets to be sold.
HS16 © 2008 Prentice-Hall
Department of Business Administration - Chair for Entrepreneurship
Do you know the answer ?
HS16 Seite 37 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
…test yourself.
?! What are the two main keys to success ?
How does an entrepreneur define its target market and position its firm? ?!
?! What is a Marketing Mix and which elements does it contain?
Department of Business Administration - Chair for Entrepreneurship
References
HS16 Seite 38 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser
Barringer, B. and D., Ireland (2008): Entrepreneurship - Successfully Launching New Ventures, Pearsons Prentice-Hall.