2.  Assignments › Meet at the Hale Library – Room 208 › Tuesday – Jan. 29, Read MfE Chapter 1 -3 › Thursday, Jan 31, One-page opportunity analysis  Learning Objectives › Identify and define marketing and how it is different for entrepreneurs › Investigate the process of marketing for both products and services › Determine how opportunities are identified (including environmental scanning) and what makes a good opportunity

3.  Frederick G. Crane (2012), Marketing for Entrepreneurs: New Concepts & Applications, 2 nd edition, Sage Publications  Gail F. Goodman (2012), Engagement Marketing: How Small Business Wins in a Socially Connected World, John Wiley & Sons.  Articles posted on K-State Online

4. Participation in Next Big Thing50 points Lectures or other events (2 for 15 points each)30 points Exercises, project updates and participation100 points Quizzes over reading, lecture, discussion (4 quizzes @ 50 points )200 points One-page opportunity explanation & justification25 points Competitor/Target Market Analysis & Market Research Plan50 points Draft of Market Research Questionnaire25 points Research Results, Value Proposition, Positioning, Initial Marketing Strategy 50 points Initial Sales Forecast and Financial Statement\50 points Engagement Plan50 points Final paper100 points Presentation of Marketing Plans for New Ventures50 points Total775 points

5.  Everyone in the group contributes and is included – each person will be “responsible” for one assignment  Use footnotes or endnotes to document the sources of your information, tables, charts, etc.  Writing should be integrate information, draw conclusions, be concise and well – organized.  Grammar, spelling and re-writing are important (see course outline for grading written work).

6.  Due: Thursday, January 31, 2013  One page, typed  Trends: Identify, document and describe trends relevant to the opportunity  Opportunity: Describe the opportunity, including industry, business model and target market  Justification: Expand on trends and how the trends suggest this opportunity

7.  What marketing is not! › Advertising › Selling  So What is it? › Organizational function and set of processes to create, communicate and deliver value to customers in a way that benefits stakeholders and shareholders -- and customers !  Why is marketing for entrepreneurs different from marketing for existing organizations?

8.  Identify and understand changes in the external environment that creates opportunities  Identify and understand customer needs › Identify customer segments (groups of customers with similar needs and response to marketing offer) › Identify target market segments – segments chosen/where you offer the most value › Develop value statement and position relative to competition  Develop Marketing Mix › Develop the products, services or experiences to meet those needs › Price the products, services or experiences to create value for target customers

9. › Inform customers that these products, services, or experiences exist – and how they satisfy customer problems or needs › Deliver the products, services, or experiences efficiently and conveniently for customers › Identify the right people to create or deliver your product, service or experience  Ensure customer satisfaction during and after the exchange process (sale).  Build long term relationships with customers

10.  5 P’s of Product- based Ventures › Product › Price › Promotion › Place › People  8 P’s of Service- based Ventures › Product › Price › Place › Promotion › People › Physical evidence › Process › Productivity

11.  Market fulfillment (existing opportunity) vs. market creation  Environmental Scanning - process of continually acquiring information about the external marketing environment to identify and interpret potential trends (inclination, tendency, general direction) that may lead to entrepreneurial opportunities › Reading, listening and viewing habits › Network with right people › Be self-observant › Challenge your assumptions (to take for granted) › Spend time watching and talking with customers

12.  Social Forces – characteristics, values and behavior of population  Economic Forces – macro- and micro-levels of economy  Technological Forces – type and pace of change in technology  Competitive Forces – the number, type and approaches of others satisfying the same or similar needs (product vs. total-budget competition)  Regulatory Forces (Political or legal) – restrictions placed on business relative to conduct of activities

13.  Primary Research › Collected for a specific project  Secondary Research › Collected for other projects and published by government, market research organizations, associations, publications and companies  Initial Industry Research › Industry research  SIC Codes – Standard Industrial Codes  NAICS – North American Industrial Code System  www.uscensus.gov www.uscensus.gov  Industry publications  Industry associations