Technology Ventures : From Idea to Opportunity

1. Successful salesmanship is 90 percent preparation and 10 percent presentation. Bertrand R. Canfield Summary What is the best way to attract, serve, and retain customers? Any new firm needs to build a marketing plan that describes how it will attract, serve, and retain the customers targeted for its products. Chapter 11: Summary Technology Ventures: From Idea to Opportunity

2. Marketing is a set of activities with the objective of securing, serving, and retaining customers for the firm’s product offerings. Chapter 11: Marketing Technology Ventures: From Idea to Opportunity

3. The Six Elements of the Marketing Plan • Marketing Objectives • Customer Target Segments • Product Offering Description • Marketing Research and Strategy • Marketing Mix • Customer Relationship Management Chapter 11: Table 11.1 Technology Ventures: From Idea to Opportunity

4. Building A Marketing Plan and a Sales Plan Chapter 11: Figure 11.2 Technology Ventures: From Idea to Opportunity

5. A market segment consists of a group with similar needs or wants and may include geographical location, purchasing power, and buying attitudes. Chapter 11: Market segment Technology Ventures: From Idea to Opportunity

6. Positioning is the act of designing the product offering and image to occupy a distinctive place in the target customer’s mind. Chapter 11: Positioning Technology Ventures: From Idea to Opportunity

7. A positioning map for personal computers showing the position of a new product, EasyPC. Chapter 11: Positioning Map

8. The unique selling proposition is a statement of the key customer benefit of a product that differentiates it from its competition. Chapter 11: Unique selling proposition Technology Ventures: From Idea to Opportunity

9. Create a positioning map for the airline industry and describe the position of a new product that provides regional service using a jet with 72 seats. Describe its unique selling proposition. Chapter 11: Exercise Technology Ventures: From Idea to Opportunity

10. The positioning statement describes the customer, the need, the product, the key benefit and the product differentiation. Chapter 11: Positioning statement Technology Ventures: From Idea to Opportunity

11. Positioning Statement • For (target customer) • who (statement of need or opportunity) • that (statement of benefit) • Differentiation • Unlike (primary competitive alternative) • our product (statement of primary differentiation Chapter 11: Figure 11.4 (a) Technology Ventures: From Idea to Opportunity

12. Chapter 11: Figure 11.4 (b) Technology Ventures: From Idea to Opportunity

13. Market research is the process of gathering the information that serves as the basis for a sound marketing plan. Chapter 11: Market Research Technology Ventures: From Idea to Opportunity

14. The Market Research Process 1. Define the product and its unique selling proposition. Identify the customer segment. Develop a set of questions that will provide the necessary data on customer preferences and behavior. 2. Collect the data using surveys, published sources, focus groups, interviews, and other means to secure it. 3. Analyze and interpret the data to determine if the product meets the needs or wants of the customers and determine whether they will pay the price you seek. 4. Draw conclusions on the customer and their needs, preferences and behavior. Chapter 11: Table 11.2 Technology Ventures: From Idea to Opportunity

15. The Four Elements of the Marketing Mix Chapter 11: Table 11.4 Technology Ventures: From Idea to Opportunity

16. Customer relationship management (CRM) consists of a set of conversations with the customer. Chapter 11: Customer Relationship Mgmt. Technology Ventures: From Idea to Opportunity

17. The Customer Search Acquire Use Maintain Dispose Conversations Design Build Sell Service The Firm The Customer-Firm Relationship as Conversation Chapter 11: Figure 11.6 Technology Ventures: From Idea to Opportunity

18. Five Characteristics of an Innovation RelativeAdvantage represents the perceived superiority of an innovation over the current product or solution it would replace. This advantage can take the form of economic benefits to the adopter or better performance. Compatibility represents the perceived fit of an innovation with a potential adopter's existing values, know how, experiences, and practices. Complexity describes the extent to which an innovation is perceived to be difficult to understand or use. The higher the degree of perceived complexity, the slower the rate of adoption. Chapter 11: Table 11.7 Technology Ventures: From Idea to Opportunity

19. Five Characteristics of an Innovation (cont.) Trialability represents the extent to which a potential adopter can experience or experiment with the innovation before adopting it. The greater the trialability, the higher the rate of adoption. Observability represents the extent to which the adoption and benefits of an innovation are visible to others within the population of potential adopters. The greater the visibility, the higher the rate of adoption by those that follow. Chapter 11: Table 11.7 Technology Ventures: From Idea to Opportunity

20. The Chasm Model CHASM Chapter 11: Figure 11.10 Technology Ventures: From Idea to Opportunity

21. Selling is the transfer of products from one person or entity to another through an exchange mechanism. Chapter 11: Selling Technology Ventures: From Idea to Opportunity

22. A sound marketing plan enables a new firm to identify the target customer, set its marketing objectives, and implement the steps necessary to sell the product and build solid customer relationships. Chapter 11: Principle Technology Ventures: From Idea to Opportunity

23. Describe a marketing mix for the regional jet airline designed earlier. Chapter 11: Exercise Technology Ventures: From Idea to Opportunity

24. VENTURE CHALLENGE • Describe the customer and the target segment you have identified. • Develop a positioning statement using the template in figure 11.4. • Using the format of table 11.2, describe the market research plan. • Briefly describe the marketing mix for your product. • How will your venture sell its product and develop customer relationships? • Research an industry and determine the length of the sales cycle in that industry. Chapter 11: Venture Challenge Technology Ventures: From Idea to Opportunity

25. DVD Video “Passion and the Customer” Vic Verma (Savi Technology) “Seed the Clouds and Watch the Sales Grow” Guy Kawasaki (Garage Technology Ventures) Chapter 11: DVD Videos Technology Ventures: From Idea to Opportunity