Transcript Dream team
DREAM TEAM Start-up Entrepreneurship Project PRIMARY AIM OF THE PROJECT • Gain an understanding of the basic issues that have to be addressed when starting your own online business. THE TASK • Develop a proposal to create an online start-up company (report) • Develop a proposal strategy for launching an online start-up business/company that offers a product and/or service to consumers. • The launch needs to be international (the web knows few boundaries). • It does not need to be just one product/service, it may be a multiple product line. • You have a lot of freedom in picking your business – seize on your opportunity to pick wisely, have mercy on your fellow students and instructors and make it interesting, exciting. • Design a presentation outlining an overview of the strategy you would employ (team presentation) LOGISTICS • Students in Stam’s class and NOT in Troy’s class: those of you whose primary task is to develop the internet strategy of your start-up company. We’ll call you the CIOs (Chief Information Officers). • Students in Troy’s class and NOT in Stam’s class: those of you who are primarily in charge of the marketing strategy of your start-up company. We’ll call you the CMOs (Chief Marketing Officers). • Students in both Stam and Troy’s class: those of you who are primarily responsible for the affective communication between the CIOs and CMOs. We’ll call you the CCOs (Chief Communications Officers). STARTING THE PROJECT • The project will incorporate all of the stages a regular company would review when going through the process of setting up. GUIDING QUESTIONS • • • • • • • • • • What/Who is the company? What do they offer? What is your unique selling point (USP)? Who are your target market? How will your target market perceive your product? What is your marketing strategy? What is your communication strategy? How will you structure your website? How are you going to deliver your product? How will you sustain a competitive advantage? LETS GET STARTED! THINK ABOUT TRENDS TREND VERSUS FAD • Trend: Direction of consumer behaviour with long-term momentum and durability which has relevance across product and industry boundaries and to the mainstream market • Fad: Direction of consumer behaviour over a short period of time with relevance in specific product categories for a niche market – increased levels of popularity over a short period of time HOW TO CHOOSE A COMPANY • Needs –Food (is a must) • Wants (based on our experience) –Pizza • Demands (based on our willingness and desire to purchase) –We can, or cannot afford to purchase the pizza • Desire –Pizza in 5star hotel/specific brand TREND VERSUS FAD WHAT ABOUT A MEGATREND? TRANSFORMATION THROUGH TECHNOLOGY INCOME SEGMENTATION • Income polariseation • Shifting attitudes towards luxury products INCREASED AWARENESS • Environmental • Social CHANGING LIFESTYLES • Age complexity • Gender complexity • Lifestyle complexity TRAVEL AND HOLIDAYS • Connectivity • Comfort • Sensory ONLINE SHOPPING HEALTH AND WELLNESS •Holistic wellbeing –Organic/Natural/wholesome •Allergen/intolerance –Self-diagnosis –Fad/diet linkages •Lifestyle/non-communicable disease –Functional foods CONVENIENCE •New eating occasions –Time stressed –Product availability –Snacking habits –Readymade homemade •Technological advances –Packaging –Anywhere/anytime CHOOSING YOUR COMPANY • Which megatrends do they tap in to? To digitalise or not to digitalise, that is no longer the question. Remember the Market Trends? • How have these impacted upon the development of digital marketing? • How have the affected our daily lives? Think relationship marketing Werthers 1 Werthers 2 Integrated Marketing Communication Strategies allow us to take relationship marketing to the next level GAP ANALYSIS WHERE DO YOU FIT OR WHAT CAN YOU CHANGE Large gaps existed between consumer perception and scientific reality Small gaps existed between consumer perception and scientific reality General agreement existed between consumer perception and scientific reality CREATING/INVENTING A MARKET CATEGORY New Category/Re-invented category • Is this necessary? Customer Needs Sales/Stats CONSUMERS’ VIEWS ON THE DAIRY MARKET Three market segments within the dairy category • Commodity Commodity-type Products • Functional • Indulgent Products that clearly fit into a specific market segment allow for clear positioning strategies that will maximise consumer acceptance DETERMINING A PR STRATEGY The Strategy Large • Dairy fats are generally bad Gaps Small Gaps • Dairy has too much fat • Dairy affects allergies • Dairy is good for bone health Agreement • Dairy has natural benefits Long term PR Campaign Education of a category Differentiated message s around the positive and negatives of dairy General marketing and NPD (removal of fat but maintaining taste and texture) Emphasis on product Education at communication and product level product positioning So what does this mean for the three market segments? STRATEGIES FOR THE MARKET SEGMENTS Commodity Dairy Functional Dairy Indulgent Dairy • “natural” • “natural” • “natural” • NPD focused on fat reduction • NPD focused on removal of negative ingredients (fat) and/or addition of positive ingredients (probiotics, metabolic health, bone health) • NPD focused on tastiness of the product • Price-competitive • convenience • Indulgence in moderation DAIRY PRODUCT EXAMPLES: YOGURTS Commodity Dairy Functional Dairy Indulgent Dairy KNOW YOUR CONSUMER THE CONSUMER ACQUISITION PROCESS BACK TO YOUR QUESTIONS • • • • • • • • • • What/Who is the company? What do they offer? What is your unique selling point (USP)? Who are your target market? How will your target market perceive your product? What is your marketing strategy? What is your communication strategy? How will you structure your website? How are you going to deliver your product? How will you sustain a competitive advantage?