Group 2

Define
 Define

Marketing
Insert text here is the systematic process that
businesses use to advertise their goods and
services, both tangible and intangible.
Involves understanding client demands,
developing value propositions, and effectively
communicating benefits.
Distribution, pricing, advertising, and market
research are methods specifically designed to
reach and influence the target population.
But...
But...

Marketing is essential for entrepreneurs because:

- It raises awareness of goods
- Sparks interest in the public
- Facilitates client acquisition
- Strengthens brand identification
- Distinguishes itself from rivals
- Adjusts to shifting market conditions
Helps business owners stand out, generate revenue,
and prosper in fast-paced business climate:
- Educates potential clients about offers
- Builds credibility
- Emphasizing qualities
The 4Ps of marketing (Product, Price, Place, and
Promotion) plays a crucial role in marketing.
Entrepreneurial marketing is more about a marketing
mindset that sets itself apart from conventional marketing
techniques than it is about a specific marketing plan. Since
most marketing principles are intended for large, well-
established companies, it avoids many of them. To assist
young businesses establish themselves in crowded
markets, entrepreneurial marketing employs a toolkit of
innovative and unconventional marketing techniques.
Limited financial and managerial resources found in
startups.
Innovative and cost-effective strategies.
Low market share, restricted geographic presence,
and no access to distribution channels.
Overestimating demand, underestimating
competition.
Targeting multiple stakeholders.
 Market
Insert research helps entrepreneurs understand
text here
customer needs, buying behavior, and future
market trends.
Types of marketing data: secondary data
(published sources), and primary data (gathered
directly from surveys, focus groups, etc.)
Secondary data is quick and cost-effective,
providing general insights; primary data is specific
but careful planning to ensure reliability.
Entrepreneurs can conduct researches or hire
experts, balancing quality, time, and cost.
A comprehensive study of consumer behavior,
market trends, and the competitive environment is
necessary for market research on innovative new
products in order to find opportunities and verify
the viability of creative concepts.
Understanding the selection process for
customers involves analyzing how they
evaluate alternatives and make decisions based
on factors such as price, quality, and brand
reputation.
 Segmentation
Insert text here is the process of categorizing clients
based on shared factors such as demographic (age,
income, gender, etc.), psychographics (hobbies,
lifestyle, etc.), and behavior (willingness to adopt
new products, brand loyalty).
Targeting includes segment size, growth rate, profit
potential and company capabilities to target
market selection.
Positioning mainly focuses on how customers view a
company’s product in comparison to competitors.
It considers both customer preferences and
competitive landscape.
What are the...
What are the...

The Marketing MIx involes the Four Ps:

Product
Price
Place
Promotion

These four essential tools are utilized by companies in

marketing strategies, each intricately crafted to optimize
market penetration and engage consumers effectively.
Product
Tools used on this marketing strategy:

Variety
Quality
Design
Features
Brand name
Packaging
Services
PRODUCT DIFFERENTIATION

Product differentiation mobilizes the company's products

from competitors' products in the marketplace. Essential
for companies, this strategy creates a unique selling
proposition which is vital in attracting customers with
special things and makes brand loyalty leading to why
consumers choose one product instead of the other. Last
but not least, it positions firms uniquely amid stiff
competition thus propelling profits.
Increment Improvement VS
Radical Innovation

Instrumental innovation is like making small upgrades to your

product or service, like adding new features or improving its
design. It's about making things better bit by bit.

Radical innovation is like creating something totally new or

changing the game entirely. It's about coming up with
groundbreaking ideas that shake up the market and revolutionize
how things are done.
Price
Insert
Toolstext here
used on this marketing strategy:

List
Price
Discounts
Allowance
Payment period
Credit terms
An entrepreneur's pricing decision is a critical aspect of their
business strategy, impacting both revenue and market
positioning. It involves careful consideration of factors such
as production costs, competitor pricing, and customer
willingness to pay. Additionally, entrepreneurs must evaluate
pricing models, such as cost-plus pricing or value-based
pricing, to determine the most effective approach for their
product or service.
DISTRIBUTION
METHODS

Distribution methods in entrepreneurial ventures are critical

for reaching target markets and establishing a competitive
edge. By choosing the right distribution methods,
entrepreneurs can effectively manage costs, optimize
inventory, and deliver exceptional customer experiences.
Additionally, the flexibility of entrepreneurial ventures allows
for quick adjustments to distribution strategies based on
market feedback and changing consumer preferences.
Place
Tools used on this marketing strategy:

Channels
Coverage
Assortments
Locations
Inventory
Transportation
Logistics
 STANDARD
DISTRIBUTION
CHANNELS

Standard distribution channels in entrepreneurial

ventures typically involve the use of established
wholesalers, retailers, and distributors to reach
customers. Entrepreneurs may leverage these channels
for their reliability and wide market reach, but often
complement them with direct-to-consumer or online
strategies to maximize efficiency and profitability
MARKETING VS
SELLING

MARKETING: Customer needs should be understood, products developed

and services created as value is added attractively, while customer
relationships are built to attract and retain customers in marketing

SELLING: exchanging directly for currency by emphasizing persuasion and

closing deals so as to generate revenue.
Marketing is
like what?
PLAN FOR MARKETING
COMMUNICATION

In order to increase reputation and stimulate the

attraction of customers, the marketing
communication plan for entrepreneurial
endeavors takes a deliberate approach to
connecting and interacting with target audiences
using a variety of platforms and messaging.
Promotion

Insert text here

Tools used on this marketing strategy:

Advertising
Personal selling
Sales promotion
Public relations
 Product

Customer Value Proposition (CVP): This is a strategy that

companies employ to convince customers to choose their
product over others.
Incremental vs. Pioneering: Incremental refers to a
methodical progress of adding value over time, whereas
Pioneering involves the creation of innovative ideas,
exploring new possibilities and challenges with a higher
level of risk.
Price
Penetration pricing: It is about lowering the price of a
product to catch a customer's attention for its low
price and slowly turn back to its original price after a
product reaches its marketing goal
Skimming pricing: A product's initial price will be high,
but when competitors show themselves to oppose a
company's product it is then they will lower the price.
 Place
Intensive: This is about selling products in as many
places as possible
Selective: This is about selling products in a specific
location that entrepreneurs select
Exclusive: This is about selling products in a very few or
at least one place
Promotion

Push vs. Pull strategy: The push strategy is sending

promotional material towards your customers,
meanwhile Pull strategy is about letting your
customers come to you
Guerrilla marketing: It uses different kinds of
unconventional tactics to attract customers attention.
STRATEGIC USE

it is the purposeful application of resources, plans, and

activities aimed at attaining long-term objectives as well as
attaining a competitive edge. It enables them to navigate
difficulties, take advantage of new fashions thus getting
ready for expansion and success even in turbulent places.
MAKER’S MARK

A distinctive feature or quality that makes a product

or company different from others in a given
market. It might be an original design, name, or
excellent skills that highlight one’s own identity and
proficiency. In a word, this brings about benefit
development, raises awareness and stimulates
regular customer orders through demonstrating
the author’s care for quality and novelty.
Value Proposition

The Value Proposition entails the value

that comes with the product or service,
such as its benefits, functionality, the
access to it, and other marketable aspects
of the product or service.

Potential Customers look at more than

your product and its price when
consciously or subconsciously
determining its value.
 For entrepreneurs beginning to build their company,
discovering the venture’s value proposition takes work,
as it cannot always be captured in a single word...
Three-step approach in discovering the
unqiue value that entrepreneurs can deliver:

1) Examining the total benefits their venture could offer

2) Differentiating it from existing competitors
3) Validating it with their customers
Classic Forms of Value

Accessibility Newness
Brand/Status Performance
Convenience Price
Cost reduction Risk reduction
Customization Safety
Design Socially responsible
Environmental/Green Trust
Exclusivity Usability
Classic Forms of Value

Venture’s Total Benefits - A list that gives us a starting point

of all of the value we could provide into the marketplace.

Differentiated Value Grid - How we make ourselves distinct

from the competition

Superior Customer Value - To determine through your

work with customers and all stockholders across the entire
value which segments you can deliver value to above and
beyond anyone else
Social Media

Social media can improve your communication with

stakeholders, drive sales, increase brand awareness,
increase your traffic, and bolster your search engine
rankings.

Social media provides more opporutnities to market

your business venture.
Social Media options for
Entrepreneurs

Amazon ads LinkedIn

Blogging Pinterest
Facebook Reddit
Instagram Twitter
Google Adwords Youtube
SMART

S - be Specific about your goals

M - make your goal is Measurable
A - Attainable from both a cost and time
perspective
R - Relevant in that they connect to larger
objective and strategy of the venture
T - Timely
Guerilla Marketing

Guerilla
Insert text here Marketing is
marketing activities that are
nontraditional, grassroots,
and captivating - which gains
consumers’ attention and
builds awareness of the
company
Types of Guerilla
Marketing
1) Word-of-mouth marketing: Giving people a reason
to talk about your products and services and making it
Insert text here
easier for that conversation to take place.

2) Buzz marketing: Using high-profile entertainment or

news to get people to talk about your brand.

3) Viral marketing: Creating entertaining or

informative messages that are designed to be passed
along in an exponential fashion, often electronically or
by e-mail.
Understanding and
Listening to the
Customers
Understanding and
Listening to the
Customers

Insert text here

Customer understanding is foundational to the

success of any entrepreneurial venture. It guides
strategic decision-making, informs product
development and marketing efforts, and
ultimately drives business growth and
sustainability.
Understanding and
Listening to the
Customers

Customer insights help identify needs, preferences, and opportunities

for improvements or new business ideas.
Building trust through customer relationships boosts long-term
success and loyalty.
Feedback refines marketing strategies, messaging, and resonating
with the target audience.
Adapting to market changes and innovating based on customer
feedback helps stay competitive.
Mitigating risks by aligning offerings with customer needs and
expectations early in the development process.
Building the Brand
Building the Brand

Insert text
Building here is essential for entrepreneurs as it
a brand
helps establish identity and recognition, build trust
and credibility, increase customer loyalty,
command premium pricing, facilitate growth and
expansion, attract talent and partnerships, mitigate
risks, and enable consistent communication. A
strong brand is a valuable asset that can contribute
significantly to the success and longevity of an
entrepreneurial venture.
Building the Brand

Establishes identity and recognition in the

marketplace.
Increases customer loyalty through emotional
connections.
Facilitates growth and expansion into new
markets.
Helps mitigate risks during challenging times.
Enables consistent communication across all
touchpoints.
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