Persentation

Marketing challenges for entrepreneurial ventures

Component: Market segmentation
• A total market is often made up of sub-
markets (called segments)
• Example: Wine-related lifestyle
– ritual-oriented conspicuous wine
enthusiasts
– purposeful inconspicuous premium wine
drinkers
– fashion/image-oriented wine drinkers
– basic wine drinkers
– enjoyment-oriented social wine drinkers.
 Component: Marketing segmentation
• Example: What segment of

?
Social Media Behavior do
you personally fit in?
– Are you a commenter or a
climber?
• Can you give other examples
of market segmentation?
• What do you suppose this
artist at
theconversationprism sells? theconversationprism
 Component: Segmentation variables
• Demographics • Product usage
– age group, gender, education level, ethnicity, income, – how used, situation when used
occupation, social class, marital status • Purchase conditions
• Geographics – time of day/month/year when purchased, credit terms,
– location (e.g. national, regional, urban/suburban/rural, trade-in option
international), climate • Characteristics of individual buyer
• Current purchasing situation – purchase experience, how purchase imade,
– brands used, purchase frequency, current suppliers influencers
• Purchase ready on purchase decision
– possess necessary equipment, property, knowledge and • Psychographics
skill sets – personality,
• Local environment attitudes and
lifestyle combined
– cultural, political, legal
with demographics
• Benefits sought
– price, overall value, specific feature, ease-of-use
 Component: Consumer behaviour

• Defined by the types

and patterns of consumer
characteristics
• Especially personal and
psychological characteristics
• Characteristics are linked to
buying trends
 Where were you in the adoption lifecycle?

?
Lifecycle
 Component: Marketing research

Purpose & objectives

Secondary research

Primary research
 Component: Purpose of research
• Research purpose and objectives
– Where do potential customers go to purchase
your good/service?
– Why do they choose to go there?
– What is the size of the market? How much of it
can you
capture?
– How does the business compare with
competitors?
– What impact does the business’s promotion have on
customers?
– What types of products or services are desired by
potential customers?
 Component: Secondary research
• Information that has been compiled by
others.
• The entrepreneur should exhaust all the
available sources of secondary data.
• Several problems with using secondary
data.
– Data may be outdated and, therefore, less
useful.
– Units of measure may not fit the
current problem.
– Some sources of secondary data are less
valid than others.
 Component: Primary research
• Observational methods avoid
contact with respondents
• Survey methods contact
respondents
in varying degrees
– Develop an information-gathering instrument
(questionnaire)

See TABLE 10.5 COMPARISON OF

MAJOR SURVEY RESEARCH TECHNIQUES
 Component: Primary research
• These are the actual
GEM questions used
in eighty countries that
determine if you are
an entrepreneur?
Comparison of
major survey
techniques
 Component: Primary research
• Experimentation – model your
marketing messages and try them
out
• Consumer “research panels”
manipulate one variable, for
example taste, and attempt to hold
other variables constant and
observe changes in preference.
• Marketers can model marketing
messages accurately and efficiently –
and they can adjust their messages
accordingly.
 Component: Interpretation
• A lot of data has no meaning until it has
been examined, and possibly depicted
graphically
• Tables, charts and other graphic methods
are useful
• Descriptive statistics – mean, mode and
median are useful too

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 Typical marketing research questions – sales
• Sales
• 1 Do you know all you need to know about your competitors’ sales performance by type of product
and territory?
• 2 Do you know which accounts are profitable and how to recognise a potentially profitable one?
• 3 Is your sales power deployed where it can do the most good, maximising your investment in
selling costs?
• Distribution
• 1 If you are considering introducing a new product or line of products, do you know all you
should
about distributors’ and dealers’ attitudes towards it?
• 2 Are your distributors’ and dealers’ salespeople saying the right things about your products or
services?
• 3 Has your distribution pattern changed along with the geographic shifts of your markets?