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1
june
06
EmpreendedorismoEmpreendedorismo, Inova, Inovaçção e ão e
Transferência de TecnologiaTransferência de TecnologiaE
lsa H
en
riqu
es
Em
pre
en
ded
oris
mo, In
ovação
e
Tra
nsfe
rência
de T
ecnolo
gia
5º
an
o M
EE
C
june
06
EmpreendedorismoEmpreendedorismo, Inova, Inovaçção e ão e
Transferência de TecnologiaTransferência de Tecnologia
Els
a H
en
riqu
es
Em
pre
en
ded
oris
mo, In
ovação
e
Tra
nsfe
rência
de T
ecnolo
gia
Re
ad
Ch
ap
ter
7
Ma
rke
ting
Issu
es
2
june 06
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pre
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mpre
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Inova
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ovaçção e
ão e
Tra
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de T
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Tra
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rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
What is marketing?
� Marketing is the process by which a product or service is promoted and distributed for sale
� It refers to what a company must do every day to:
� Keep customers and attract new ones
� Increase efficiency and profits
� Cope with change and competition
� Expand or set-up new kinds of businesses
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Elsa Henriques
Marketing Issues
Fabulous idea Harry… but perhaps we should rethink your
target market, and narrow it down to something more
specific than anyone older than a newborn!...
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Marketing Issues
� Business range in size from computer manufacturers with many employees and millions of euros in equipment to lone window washers with noting but buckets and sponges.
� Knowledge and skills required to run such businesses are far apart but to be successful each must pinpoint who their best customers are.
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Elsa Henriques
Marketing Issues
� A company can market to the masses or market to a select group of individuals who have common identifiable needs and desires.
Mass market“firing a shotgun into
a flock of geese, hoping to hit a few”
Target market“using a high
powered rifle to crush the head of a pin“
What marketing approach is more likely to
lead the entrepreneur to success?
Discuss why…
Sales-driven Customer-driven
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Elsa Henriques
Marketing Issues
� From the entrepreneur point of view the prime objective of marketing is to pinpoint the company’s target market, the specific group of customers at whom the company aims its products or services.
� Without a clear image of its target market, a small company tries to reach almost everyone and ends up appealing to almost no one!
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Elsa Henriques
Marketing Issues
Market research
� Vehicle for systematically collect, analyze and interpret data about markets, customers and competitors to support an effective marketing plan.
� The goal is to reduce the risks associate to make business decisions
Who are my customers?Who are my customers?
How do the strengths of my product How do the strengths of my product
or service serve their needs and or service serve their needs and
wants? wants?
To which age group do they belong to?To which age group do they belong to?
Where do they live?Where do they live?
What are their dreams?What are their dreams?
What What colourscolours, sizes, , sizes, …… do they prefer?do they prefer?
What is their income level?What is their income level?
How do customers perceive my How do customers perceive my
business against competitors?business against competitors?
What type of persons are they?What type of persons are they?
How many?How many?
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Elsa Henriques
Marketing Issues
Market research
� When does a market research need to be done?
� Does it have to be expensive?
� What is the potential of web technology in market research?
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Elsa Henriques
Marketing Issues
Market research process:
Define the objectiveDefine the objective
Collect the dataCollect the data
Analyze and interpret the dataAnalyze and interpret the data
Put the information to workPut the information to work
6
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Marketing Issues
Market research process:
Characterize the target market• Identify competitors…• Identify customers needs and preferences…• Quantify the dimension of the market…
• How do customers contact you our products…• What are the buying decision factors…• …
Types of markets
� Industrial markets – produce or resell goods and services
� Consumers markets
Define the objectiveDefine the objective
Collect the dataCollect the data
Analyze and interpret the dataAnalyze and interpret the data
Put the information to workPut the information to work
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Elsa Henriques
Marketing Issues
Market research process:
Define the objectiveDefine the objective
Collect the dataCollect the data
Analyze and interpret the dataAnalyze and interpret the data
Put the information to workPut the information to work
Geographic segmentationGeographic segmentation
Demographic segmentationDemographic segmentation
PsycographicPsycographic segmentationsegmentation
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Marketing Issues
Market research process:
Define the objectiveDefine the objective
Collect the dataCollect the data
Analyze and interpret the dataAnalyze and interpret the data
Put the information to workPut the information to work
� Individualize or one to one marketinggathering data from individual customers to
attract new ones, keep the old ones and increase their purchases
� “Data mining”“most companies are data rich and information poor” – the key is to mine this data and turn it into useful information
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Enhance your products andEnhance your products and
services by giving information services by giving information
about them to customers about them to customers
Marketing Issues
Identify your best customers, Identify your best customers,
never pass up the never pass up the
opportunity to know themopportunity to know them
Collect information on Collect information on
these customers, these customers,
linking their identities linking their identities
to their transactions.to their transactions.
Calculate the longCalculate the long--term valueterm value
of customers to know whichof customers to know which
ones are most desirableones are most desirable
(and most profitable). (and most profitable).
SuccessfulSuccessful
OneOne--toto--OneOne
MarketingMarketing
Know your customers' buying cycle Know your customers' buying cycle
and time your marketing efforts to and time your marketing efforts to
coincide with it coincide with it –– ““justjust--inin--time time
marketing.marketing.””
Make sure the quality of Make sure the quality of
your products and services your products and services
astonish your customers.astonish your customers.
See customer See customer
complaints for what complaints for what
they are a chance they are a chance
to improve your to improve your
service and quality. service and quality.
Encourage Encourage
complaints and complaints and
then fix them!then fix them!
Source: Adapted from Susan Greco, “The Road to One-
to-One Marketing,” Inc., October 1995, pp. 56-66.
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Elsa Henriques
Marketing Issues
Market research process:
Define the objectiveDefine the objective
Collect the dataCollect the data
Analyze and interpret the dataAnalyze and interpret the data
Put the information to workPut the information to work
� Primary data collectiondata one collects and prepare
(questionnaires and surveys; focus groups; …)
� Secondary data collectiondata already collect and compiled and available at a very reasonable cost, often free
demographic and census data, business directories; forecasts; reports (INE;
government agencies; journals; industry associations; technological centers;
www);
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Marketing Issues
Market research process:
� How can I interpret the data collected
� What do the facts mean
� What opportunities do the fact highlight
There are no rules to interpret data; judgment and common sense are often the
only tools
Market research is only completed when one acts according to the interpretation given to data collected
Define the objectiveDefine the objective
Collect the dataCollect the data
Analyze and interpret dataAnalyze and interpret data
Put the information to workPut the information to work
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Marketing Issues
Market Positioning
� Choose the position you want your company to take in the marketplace
� Evaluate the competition and decide where they have positioned themselves
� Consider the consequences of the various choices of positioning available to your company
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A Guerrilla Marketing Plan
� Determines customer needs and wants through market research.
� Pinpoints the specific target markets the company will serve.
� Analyzes a firm’s competitive advantages and builds a marketing strategy around them.
� Creates a marketing mix that meets customer needs and wants.
Marketing Issues
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Guerrilla Marketing Strategies
� Find a niche and fill it
� Don’t just sell; entertain
� Strive to be unique
� Create an identity for your business
� Connect with customers on an emotional level
� developing and maintaining long-term relationships with customers to keep them coming back (repeated purchases)
� small companies have an advantage over their larger rivals at relationship marketing
� make customer service an all-encompassing part of its culture
� customers are part of all major issues the company faces
Marketing Issues
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Relationship Relationship
MarketingMarketing
ProcessProcess
Connect Connect
&&
CollectCollect
Conduct detailed analysis to pinpoint most valuable customers and learn
about them, including their lifetime value
Connect to most valuable customers, begin building a customer database
Learn from your customers by encouraging feedback from them; develop a customer profile and constantly refine it.
Contact customers with an offer designed for them. Make them feel special.
Superb customer
service is the best way to retain most
valuable customers.
LearnLearn
AnalyzeAnalyze
BuildBuild
RelationshipsRelationships
Sell, Sell,
Service, Service,
and Satisfyand Satisfy
Marketing Issues
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Building a Competitive Edge
� Focus on the customer
� Devotion to quality
� Attention to convenience
� Concentration on innovation
� Dedication to service and customer satisfaction
� Emphasis on speed
Marketing Issues
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Focus on the Customer
� 67% of customers who stop patronizing a business do so because an indifferent employee treated them poorly.
� 96% of dissatisfied customers never complain about rude or discourteous service to the company, but...
� 91% will not buy from that business again.
� 100% will tell their “horror stories” to at
least nine other people.
� 13% of those unhappy customers will tell their stories to at least 20 other people.
Marketing Issues
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Focus on the Customer
� Treating customers indifferently or poorly costs the
average company 15% to 30% of gross sales
� Replacing lost customers is expensive; it costs 5
times as much to attract a new customer as it does to
sell to an existing one
� About 70% of a company’s sales come from existing customers.
� Because 20% of a typical company’s customers account for about 80% of its sales, no business can afford to alienate its best and most profitable customers and survive
Marketing Issues
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Focus on the Customer
� Suppose a company increases its customer base by 25% each year but it retains only 85% of its existent customers
� In fact its effective growth rate is 5%
� If the company increasesits customer retention rate
to 95% its effective growth rate triples to 15%
Marketing Issues
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Focus on the Customer
� Companies that are successful at retaining their
customers constantly ask themselves (and their
customers) four questions:
1. What are we doing right?
2. How can we do that even better?
3. What have we done wrong?
4. What can we do in the future?
Marketing Issues
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Devotion to Quality
� More than just a slogan
� World-class companies treat quality as a strategic objective, an integral part of the company culture.
� This is the philosophy of Total Quality Management (TQM).
� Quality in the product or service itself
� Quality in every aspect of the business
and on its relationship with the customer
� Continuous improvement in quality
� Quality in the product or service itself
� Quality in every aspect of the business
and on its relationship with the customer
� Continuous improvement in quality
See the world from the
customers point of view
Marketing Issues
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� Reliability (average time between breakdowns)
� Durability (how long an item lasts)
� Ease of use
� Known or trusted brand name
� Low price
� Reliability (average time between breakdowns)
� Durability (how long an item lasts)
� Ease of use
� Known or trusted brand name
� Low price
Marketing Issues
Devotion to QualityHow do customers perceive quality?
� Tangibles (equipment, facilities, people)
� Reliability (doing what you say you will do)
� Responsiveness (promptness in helping customers)
� Assurance and empathy (conveying a caring attitude)
� Tangibles (equipment, facilities, people)
� Reliability (doing what you say you will do)
� Responsiveness (promptness in helping customers)
� Assurance and empathy (conveying a caring attitude)
In products
In services
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�The objective is 100% quality (0 defects, 0 dissatisfaction,…)
�But can we say that 99,9% of quality is good enough?
Marketing Issues
How much quality is good enough?
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� Lets assume 99,9% of quality is good enough…What do you think about…
� 110 babies delivered to the wrong parents in Portuguese maternities each year
� 55 unsafe landings at Lisbon airport each year
� 624 checks deducted from the wrong bank account each day
� 43 min of unsafe drinking water every month
Marketing Issues
How much quality is good enough?
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� Built quality into the process; don't rely on inspection to obtain quality
� Emphasize simplicity in the design of products and process to reduce the opportunity for errors
� Foster teamwork and dismantle barriers between departments
� Establish long term partnerships with select suppliers; don't award contracts based only on low price
� Provide training in quality improvement programmes for managers and employees
Marketing Issues
Quality as “get is right the first time”
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� How does that happen….
Marketing Issues
Quality as “get is right the first time”
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Concentration on Innovation
� Innovation – the key to future success
� Innovation – one of the greatest strengths of entrepreneurs. It shows up in the new products, techniques, and unusual approaches they introduce.
� Entrepreneurs often create new products and services by focusing their efforts on one area and by using their size and flexibility to their advantage.
Marketing Issues
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Dedication to Service
� Listen to customers.
� Define “superior service.”
� Set standards and measure performance.
� Examine your company’s service cycle.
� Hire the right employees.
� Train employees to deliver superior service.
achieve achieve customer astonishmentcustomer astonishment
Marketing Issues
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Dedication to Service
� “Empower” employees to offer superior service.
� Use technology to provide improved service.
� Reward superior service.
� Get top managers’ support.
� View customer service as an investment, not an expense.
achieve achieve customer astonishmentcustomer astonishment!!
Marketing Issues
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Emphasis on Speed
� Re-engineer the process rather than try to do the same thing – only faster.
� Create cross-functional teams of workers and empower them to attack and solve problems.
� Set aggressive goals for production and stick to the schedule.
Marketing Issues
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Emphasis on Speed
� Rethink the supply chain.
� Instill speed in the company culture.
� Use technology to find shortcuts wherever possible.
� Put the Internet to work for you.
Marketing Issues
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Marketing on the WWW
� Even the smallest companies can market their products and services around the globe
� The Web is growing rapidly
� The Web can be the “Great Equalizer” in a small company’s marketing program
� Web customers are demographically attractive: They are young, educated, and wealthy
Marketing Issues
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Small Businesses and the WWW
� Only 1/4 of small companies have Web sites. Why?
�Security concerns
�Site may not draw customers
� Although small companies make about 50% of U.S. retail sales, they account for just 9% of online sales.
Marketing Issues
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The Marketing Mix
� Product
� Place (method of distribution)
� Price
� Promotion
Marketing Issues
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Marketing Issues
Product – Entrepreneurs should understand where in the product life cycle their products are
Time
IntroductionIntroduction GrowthGrowth MaturityMaturity DeclineDecline
Volume
HighHigh
CostsCosts
SalesSales
ClimbClimb
ProfitsProfits
PeakPeak
SalesSales
PeakPeak
Sales &Sales &
ProfitsProfits
FallFall
Profit
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de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Product - Life Cycle
� Discuss the importance of understanding the
product life cycle to plan the introduction of new
products to the company product line
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Place (method of distribution) – Entrepreneurs should
choose the appropriate channel of distribution and use it most efficiently
ManufacturerManufacturer
ManufacturerManufacturer
ManufacturerManufacturer
ManufacturerManufacturer WholesalerWholesaler RetailerRetailer ConsumerConsumerWholesalerWholesaler
RetailerRetailer ConsumerConsumerWholesalerWholesaler
RetailerRetailer ConsumerConsumer
ConsumerConsumer
Channels of distribution: consumer goodsconsumer goods
Give examples of each distribution channel
22
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Place – Method of distribution
� Customers expect greater service and more convenience from business
� What is the impact of that on distribution
channels?
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Place – Method of distribution
ManufacturerManufacturer
ManufacturerManufacturer Industrial UserIndustrial UserWholesalerWholesaler
Channels of distribution: industrial goodsindustrial goods
Give examples of each distribution channel
Industrial UserIndustrial User
23
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Price – is an important factor in purchase decisions
but entrepreneurs find that nonprice competition can
be profitable
� Price affects both sales and profits
� Right price depends on the company cost
structure, on what market bears and on the image of the product in consumer's mind
� Why do entrepreneur prefer nonpricecompetition?
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Promotion (advertising and personal selling)
� promotional efforts aim to
� create a brand image,
� persuade customers
� develop a brand loyalty
� For the entrepreneur…?
24
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Competitive Advantage
Ta
rge
t M
ark
et
Industr
yIn
dustr
yN
ich
eN
ich
e
Uniqueness PerceivedUniqueness Perceived
by the Customerby the CustomerLow CostLow Cost
DifferentiationDifferentiation Low CostLow Cost
DifferentiationFocus
DifferentiationFocus
CostFocusCost
Focus
PositionPosition
Strategic Options
june 06
Em
pre
endedorism
oE
mpre
endedorism
o,
Inova
, In
ovaçção e
ão e
Tra
nsfe
rência
de T
ecnolo
gia
Tra
nsfe
rência
de T
ecnolo
gia
Elsa Henriques
Marketing Issues
Contributions for the Entrepreneurship Project Contributions for the Entrepreneurship Project
(Business Plan)(Business Plan)
� Perceive the importance of target markets in
entrepreneurship contexts
� Understand the process of market research and acquire
skills to develop small market research process
� Be able to discuss marketing opportunities and acquire skills to develop a marketing plan built on competitive advantages
� Be aware of the marketing issues of a business (market
identification and market access, market pain,…) and of
the design of marketing actions
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