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Mission Statement
2 minute Team Mission Presentations Due on Thursday. Send in ppt 1 hour before class
Teams formed?
What is Marketing?
of ideas, goods and services to satisfy customers True for developing world as well
Importance of Marketing
Perhaps the single most important failure mode in the product development process
Sloppy research (confirm prejudices) In development, not really understanding the customer
Poor communication The Margaret Mead effect
Ephemeral nature
Not in an equilibrium state
(right wrong)
Can define market segment (to be discussed) Market growing Competitive advantage Others
Techniques
Interviewing Polling Working together to a common purpose Filming Other?
Consider in turn
P1 Product
Needs identification How product would actually be used Context discovery Brainstorming of concept Chilero or coolness Modification of existing product for new market
P2 Pricing
Consider in turn
What the customer can afford What value does the product bring What financing arrangements are possible? What is the price of a competitive product? What price is necessary to return a profit?
What is the reason for keeping the price as low as possible? How does the cost effect the price (dont confuse!)? Is it immoral to earn a fat profit?
P3 Promotion
Consider in turn
How do you make the customer aware of the existence of the product?
Word of mouth Brochures pictures? Demo at market Someone use it for free Product advertises itself Radio
Evangelical stations
Consider in turn
P4 Placement (Distribution)
How do you get the product to the customer? Consider where it will be manufactured Consider who will sell it? (effect on price!) Consider how you get it to the person who will sell it Consider how it will be maintained
Marketing Research
Primary Research
Original research - data collected from the target market
Secondary Research
Meta research- data collected from literature, internet
Marketing Research
Primary Research
Original research- data collected from the target market
Landivar students lead here
Use in-country contacts (NGOs, professors, other students)
Marketing Research
Meta research- data collected from literature
trade association data industry publications and databases Economist and other publications government databases (e.g., US Dept of Commerce, State Dept, Guatemalan trade) UN, NGO databases Other? Go quickly from general to particular
Marketing Research
Proxy research- data collected from people with first or second hand information
Mentors Returning Peace Corps volunteers Returning NGOs Landivar partners Others?
Target Markets
Who are the people who will use your product?
Geographic Location, climate, population size and growth rate Demographic
Age, sex, ethnicity, income, occupation, education
Psychographic Life-style, activities, interests, opinions How will they use product (use patterns)? What benefits will they derive?
Do for
Primary market- the first market addressed Secondary market- the next market(s)
Segmentation- continued
Psychographic variables life-style Activities Interests Opinions product use patterns and product benefits
Barriers
What are some of the reasons why your customer wont adopt your product? What can you do to mitigate this risk?
Script
Begin with Market hypotheses (3-6)
Examples?
Design questions to test these hypotheses Keep short- you are using up peoples time!! 30 minutes tops. 10 minutes better Can your customers use internet? http://www.surveymonkey.com/ http://www.zoomerang.com
Market segmentation
Market strategy
There are 1.3B Chinese. Even if we got only 1% of the market. . .
Early Adopters
Innovators
Laggards
Tim e adoption
The New Idea Adoption Model in the developing world as the Basis for Segment Focus
Early Majority Rate of Adoption Late Majority
Early Adopters
Innovators
Laggards
Tim e adoption
The New Idea Adoption Model in the developing world as the Basis for Segment Focus
Early Majority Rate of Adoption Late Majority
Early Adopters
Innovators
Laggards
Consider age, sex, leadership position in village, respect, income, political savvy, entrepreneurial spirit, etc.
Tim e
Quantify the State your problem you assumptions regarding what solve vs. alternatives in your product is, each target what it does, segment and the By Industry implications for By Application related (Use the product technologies to)
Quantify total cost of adoption/ switching vs. current methods or alternatives for each target segment Is it worth it to a customer? Consider the By other segment cultural issues that are barriers variable to change!
Why will solving What will it take to this problem be generate word-ofimportant to more mouth and customers over brand time? awareness? What will What kind of customers be distribution model willing to pay & does the business what are the model require? implications for What support will your business customers need model? to evaluate and use the product?
Interview
How do I approach them?
Use your 30-second pitch for in-person calls E-mail, follow-up phone calls work well Send them a 2-pager on what you know to date Provide agenda and general topics in advance -- gives the target a chance to think
Question DONTs
Dont you think if? Would you like it if? Black or white, yes or no? We think, what do you think? If we do this, will you do that? What do you want? What will you pay for it? What should we do?
Competition
The competitive landscape
Provide an overview of product competitors, their strengths and weaknesses Position each competitors product against new product No competition is also competition i.e., doing nothing is an alternative
Note: Size of circle can represent market share
Price
Performance
Competition
Why have previous attempts at development products failed in your marketplace How are you going to do better? Why should you succeed? Write as hypothesis and test in your market study
Stakeholders
Who has to touch the product and the process for it to be successful?
Consider everyone involved
Everyone who can help Everyone who can get in the way