EAS 545: Key Concepts and Skills

Posted on Feb 7, 2025 in Marketing

EAS 545: Course Materials

NOTE: Remember tonight to save all course materials

Topics

Topics not to forget:

1. Positioning

a. Market Segmentation:
      1. A market segment is a group of customers sharing common desires, needs, and buying patterns.
b. Differentiation:
1. Sustainable, competitive advantage that meets needs/delivers greater benefits to customer.
    1. Final product is the totality of what a customer buys.

2. Personal Innovation Skills (The Fish)

a. 5 Networking Practice Points
b. Medici Effect
      1. He’s pushing the student to make associations across conceptual boundaries with opposing types of information.
      2. Referenced in “Innovator’s DNA”

3. Management Skills by Drucker

      1. Focus on the market
      2. Financial foresight and planning for cash flow and capital needs ahead.
        1. While being wary with spending has its places, sustainable growth needs to be maintained by infusions of cash meant to preemptively structure and supply future growth.
      3. Third is building a top management team long before the new venture actually needs one and long before it can actually afford one.
        1. Management is needed at least 3 years prior to when its duties are needed;
        2. It takes several years for management to build trust and find a healthy groove within the company, need to have good fit.
      4. Lastly it requires of the founding entrepreneur a decision in respect to his or her own role, area of work, and relationships.

4. Sales Learning Curve Notes (Innovation Funnel?)

a. Push vs Pull Marketing
      1. Push:
        1. Take products to the customers, promotional.
        2. Common traits
          1. Sell merchandise directly to customers, Distribution channels, Direct salesman promotion/cold call
          2. More short-term
      2. Pull
        1. Goal is to get the customers to come to you;
          1. To create brand loyalty and keep customers coming back
        2. Common tactics:
          1. Mass media promotions, word-of-mouth referrals, advertised sales promotions
          2. Long term
b. Product Segment Estimation
      1. Population based estimates (for durables):
        1. Estimating the number of consumers in the market that will buy in a product category by year
        2. Predicting # of innovators, imitators, and the saturation point such that it resembles an S curve.
      2. Population usage based estimates:
        1. For short use products you estimate customers in the market and occasions to buy the product to predict sales potential.
        2. Makes a function that shows market size.
      3. Forecasting, by analogy:
        1. Estimating product market growth in early years by using an example of a similar, and often analogous market.
      4. Forecasting by percentage of complementary product sales:
        1. Tying product sales to its complementary product sales and using that to estimate market penetration.
        2. Ex: basing bicycle helmet sales on new bicycle sales.
      5. Forecasting based on past competitor performances:
        1. Using track records of all who have attempted to penetrate the market to see what your best and worst case scenarios are and what to avoid

Push vs. Pull marketing

Cross the chasm early adopters vs majority

Positioning statement and value prop

4 key criteria for segmentation

– Psychographic homogeneity (focus on behaviors)

– Identifiable

– Accessible

– Significant potential

Manufacturing curve

Build Measure learn

Review slides

8-30-18

8-30-18

Tuesday 9.11