Session 4: January 17, 2008

Entrepreneurial Marketing

 

Quote of the Day

"I'm a great believer in luck, and I find the harder I work, the more I have of it." ~ Thomas Jefferson

Summary

The importance and implications of the technology adoption life cycle are examined. We also survey the key elements of entrepreneurial marketing including a compelling product/service strategy, a well-crafted positioning and competitive differentiation and a subsequent penetration strategy (including distribution, promotion and pricing). The concept of marketing as a set of relationships (i.e., partnerships and alliances) with customers, technology allies, distribution and promotion partners and even competitors will also be discussed. We also investigate the importance and critical elements of "thinking globally" from a startup's perspective.

Your team will soon submit your positioning statement for your opportunity analysis idea. In this session, we will also learn how to create a positioning statement using Geoff Moore's famous two-sentence positioning template:

Sentence #1

For (target customer)
who (statement of the need or opportunity),
the (product/service name) is a (product/service category)
that (statement of benefit).

Sentence #2

Unlike (primary competitive alternative),
our product (statement of primary differentiation).

Required Readings (Policy on Required Readings.)

• Readings from the Textbooks:
• Technology Ventures (Dorf and Byers): Ch 11 The Marketing and Sales Plan; Ch 15 Acquisitions, Mergers, and Global Business (Highlights: 11.1-11.4, 11.8, 11.9, 15.3)
• Watch the following short videos:
• Geoff Moore (MDV) - Market Maturity Life Cycle
• Judy Estrin (Packet Design) - Technology Cycles Start with a Breakthrough Innovation
• Guy Kawasaki (garage.com) - Know thyself, and niche thyself
• Elon Musk (PalPal , SpaceX) - Success through Viral Marketing: PayPal

Study Questions (Policy on Study Questions.)

• What makes marketing so difficult and important in a start-up? What is its relative importance to the product development and sales functions? Moreover, what is the difference between a market analysis and a marketing strategy?
• What is a discontinuous innovation? What is a disruptive technology? What are their implications for entrepreneurs?
• With respect to your term project topic ... How do you plan to segment your market and what is your target market? What is their compelling reason to buy your product? Who is your primary competitor and how is your product or service differentiated from them? What should be the key partnerships to focus on during the first year of operation?

 

Recommended Readings (Policy on Recommended Readings. List of readings)

• The Chasm Group web site, Geoff Moore's marketing strategy consulting firm.