Sustainable technology entrepreneurship for scientists and engineers. The marketing and sales plan

Definition of Marketing

Getting the right message to the right customer segment

Definition of Market†

A set of actual or potential customers,
For a given

Market Segment†

“Consists of a group with similar needs or wants who

Market Segmentation Examples

†The Portable MBA in Marketing, Hiam & Schewe, p.

Characteristics of Market Segment

Measurable
Accessible
Different
Durable
Substantial
Illustrates Addressed and Unaddressed Market Segments

Segment along multiple axes…

†The Portable MBA in Marketing, Hiam & Schewe,

Segmentation Examples…

Name your segments

Illustrate addressed and unaddressed segments

Avoid technology-centric segmentation

Use Segmentation to map other characteristics

Let’s try it – Segment your Business

Low

Low

High

High

The Consumer Buying Process+

Problem or Need Recognition

+Business Essentials, Ebert & Griffin,

The Marketing Mix “The 4 P’s”

Product
A good, service, or idea designed to

Product Lifecycle

Find
Opportunities

Conduct
Research

Identify a
Target Market

Design Product
To Meet Need

Product
Testing

Branding,
Packaging,
Pricing

Select
Distribution
System

Design
Promotional
Program

Build

Pricing

Pricing Methods
Cost-oriented (markup)
Breakeven
Market-driven
Pricing Strategies
Above Market
At Market
Below Market
Value
Elasticity

Place

Distribution Mix
Direct
Retail
Wholesale/Distribution
Brokers/Agents
OEM
Intermediaries
Wholesaler
Retailer
Supply Chain (Value Chain) Management

Distribution Models

Multiple Channels
Dealing with Channel Conflict
Selling Models
Direct
…

Supplier’s
Plants

Manufacturers

Consumers

Supplier’s
Plants

Manufacturers

Wholesalers

Retailers

Consumers

Supplier’s
Plants

Manufacturers

Wholesalers

Retailers

Consumers

OEM

Promotion

Positioning
Target Audience
Advertising
Media
Direct-mail
Internet
Personal Selling
Public Relations

Positioning – The Battle for Your Mind1

“Positioning is not what you

Market Research

“The process of gathering the information that serves as the

Sources of Information†

Books & Periodicals
Consultants & Research Firms
Customers
Friends inside your company

Focus Groups

Small Group from Target Market
Discussion oriented
“Qualitative” Research
“Unanticipated” Input
Use a “Prototype”

Tie it all Together with a Model

Alex describing the tool on

Forecasting

Prediction is very hard, especially about the future.
Yogi Berra
Given your Target

Market Size Estimation
Be wary of “% of a % of a

Commonly used Forecasting Techniques†

Simple Trend Analysis
Market Share Analysis
Test Marketing
Market Buildup Factor
Market