entrepreneurial marketing marketing in the 21 st century by guru tom lopez
TRANSCRIPT
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ENTREPRENEURIAL MARKETINGMarketing in the 21st
Century
By Guru Tom Lopez
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VALUE CREATIONWhy buyers buy? e.g. Paco Underhill
1.Buyer buy because of a need!
2.Hierarchy of needs – A. Maslow
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NEEDS WANTS
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NEEDS WANTS
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NEEDS WANTS
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Needs vs. Wants
NEEDS 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
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AT THE HEART OF VALUE CREATION
DIFFERENT
CUSTOMERS
HAVE
DIFFERENT
NEEDS AND
WANTS
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AT THE HEART OF VALUE CREATION
TREAT
DIFFERENT
CUSTOMERS
DIFFERENTLY
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FIT DEFINES VALUE
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FIT DEFINES VALUE
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VALUE ARCHITECTURE
-( nice to have)Area of differentation wants segment the market constantly changing
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NEW DEFINITION OF MARKETING – VALUE CREATION
Customer survey
Segmentation
Competitive
research
Marketing
Communication
logistics
Brand management
1. CSS
2. CRM
3. Repeat Sales
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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.
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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
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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
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THE TOOTHPASTE WARS
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The DOMINANT Toothpaste
95% of all toothpaste users used colgate!
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ANALYSIS:
a. Colgate has 95% of market
b. 60 % of toothpaste users also use
mouthwash
60 % of toothpaste users also use mouthwash
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VALUE MUST BE DELIVERED
o PRODUCT Brand name, packaging, features
o PROMOTIONS What to say, how to say, how
ofteno PRICE
Higher or lower than competitiono PLACE
where to sell
Logical Message – from left brainMagical Message – from right brain
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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.
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SEGMENTING THE MARKET
Cutting the market creates new markets where there are no competitors, no rules.
1.
Not just mere Demographic / Sociographic
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WHO ARE OUR CUSTOMERS?
Demographics-only segmentation
is NOT ACTIONABLE
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WHEN MARKETING MAGIC HAPPENS
Toothpaste and
Mouthwash in one
Toothpaste users
Who also use
mouthwash
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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
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e.g.
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VALUE ARCHITECTURE
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MEMORIAL PARK : OURS
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e.g.McDonald’s
The battle is not having more beef & lettuce , or fresh buns but in supplementary non food items!
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PETALS OF SERVICE
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SERVICE PETAL : INFORMATION
o Directions to site
o Schedules/service hours
o Prices
o Instructions on using core
Product/services
o Reminders
o Warnings
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SERVICE PETAL: CONSULTATIONo Advice
o Auditing
o Personal Consulting
o Management/ Technical
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SERVICE PETAL: ORDER-TAKING
o On-site
o Drive-in / Drive Through
o Phone-in; Delivery
o Mail Order
o On-line / Internet
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SERVICE PETAL : HOSPITALITYo Greeting
o Food and Beverage
o Gift packs
o Waiting facilities and amenities
o Transportation
o Security
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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
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SERVICE PETAL: EXCEPTIONS
o Special requests in advance of service
-Diet
-Children
-Religion
o Handling of complaints/ compliments
o Restitution (refunds, rain checks)
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SERVICE PETAL:BILLINGo Frequency of statements of
accounts
o Invoices
o Verbal statements of amount due
o Machine display
o Self-billing
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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
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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?
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THE MANY VALUES OF COFFEE
0
100
200
300
400
500
600
700
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THE MANY VALUES OF COFFEE
0
100
200
300
400
500
600
700
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VALUE ACCORDING TO STARBUCKS
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House of P’s
Positioning / USP
Passionate People
Persistence / Patience
Pla
cem
ent
Process thatfulfills a Promise
PrayerP
rom
oti
on
s
Pri
ce
Pro
du
ct
Primary Target
Market
PersistentProfits
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S – T – P
• SEGMENT
• TARGET
• POSITIONING
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S – T – P
• SEGMENT– Slice the market– Differentiate customers as to how
they• Buy• Use
– Differentiate Needs
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S – T – P
• TARGET– Which is the preferred market
segment?– Easy to reach, easy to satisfy?– Profitable segment– “MASA”
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S – T – P
• POSITIONING– Low cost or high cost?– Low quality or high quality?