Transcript Week 5
MBA P715 Entrepreneurship Week 5 Marvin Ryder Assistant Professor, Marketing & Entrepreneurship Definition of Marketing The art of finding out what consumers/customers want and then giving it to them in a way better than the competition while making a profit over the long term. Marketing Strategy – The Four P’s Price Product Consumer Distribution or Place Promotion Environmental Forces Affect Marketing Strategy Economic Political-Legal Competition Socio-Cultural Technological What is a Market? People who: • Are willing to buy • Have choice • Have purchasing/exchange power • Have authority to buy Can be B2C – business to consumer or B2B – business to business Market Segmentation Since a company cannot satisfy “all of the people, all of the time,” there is a need to divide the overall market into smaller, more homogeneous chunks (in terms of needs and wants) and then develop a marketing strategy for the one or two niches that are chosen. Demographic Segmentation Geographic Segmentation Psychographic Segmentation Benefit Segmentation Market Segmentation Demographic Psychographic Gender Age Education Income Family Size Lifestyles Personality Self-Image Consumer Geographic Urban/Rural City Size Climate Region Population Density Benefit Perceived Benefit Heavy vs. Light Users Market Segmentation Market Segmentation Boom Echo Market Segmentations Strategies Three Different Strategies Possible Diet Coke Five Alive Coke Coke Coke Tab Coke Coke Coke Fanta Coke Barq’s Coke Coke Coke Dasani Sprite Mello Yello Red Bull Undifferentiated Marketing Differentiated Marketing Concentrated or Niche Marketing Coca-Cola Company 1886 to 1982 Coca-Cola Company 1982 to today Austrian Red Bull GmbH 1987 to today Product Life Cycle & Entrepreneurs Window of Opportunity Period of Low Success