Week 14 Notes
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This 6 page Class Notes was uploaded by JacksonB on Thursday December 3, 2015. The Class Notes belongs to 241 at Brigham Young University taught by Swenson in Summer 2015. Since its upload, it has received 25 views. For similar materials see Marketing Management in Business at Brigham Young University.
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Date Created: 12/03/15
BUS M 241 Swenson Tuesday 12115 Final exam reviews Dec 10 5 PM and Dec 11 9 AM Both sessions are held in 140 J SB The final is administered in the Richards Building throughout the entire week of finals Finding New Ideas FourStep Ideation Process PP Pi Select a problem area Explore a specific problem Propose and test alternative product ideas Perfect the top idea When testing potential products test the WOW factor do they say wow or something along those lines when they first see it with focus groups Six Thinking Hats 1 White hat facts Explanation of the product 2 Red hat emotions On a 110 scale 1 being they would never buy it 10 being they would buy it right away 3 Yellow hat positive judgment What do you like 4 Black hat critical judgment What do you not like 5 Green hat creativity What else would you like the product to do 6 Blue hat summary Evaluate the conversation and choose the most important points To prevent people from latching on to another participant s opinion have them write down their impressions before talking about them out loud Other topics to discuss are price range for the product how it will be distributed who do you think would buy it With the Red hat phase a 75 is the minimum score you need to move forward with your idea To perfect your top idea you can sharpen the product angle Unique Product Claim Does is have a unique product claim that no one else has Need to Believe What problem does the product solve Dominate Situations Which situations does the product dominate in Reason to Believe How good is your product at solving the problem U PP Pi Quantifiable Support What evidence do you have that supports the product claim Leveraging Leverage To make consumer insights actionable entrepreneurs Identify who s in need Targeting and segmentation Delineate the usage situation Market research Define the need What do they really want P9P Describe the hurdle What hurdle are consumers trying to cross Example Phone Soap Smartphone users addressable market want to clean their phone because they worry about them being unsanitary However normal cleaning tools don t seem to work Phone Soap solves this problem by scanning the phone with UV light uniqueness to sanitize it exceptional value The device resembles a mini tanning bed believability factors Data from lab tests have proven that it is effective quantifiable support The saying is if you want something done right do it yourself However this is not always the best idea for entrepreneurs Leveraging Methods 1 Unleash the horses Identify and work with people who have in uence in your target market Having an advocate with credibility can help ease people s doubts BUS M 241 Swenson Thursday 12315 Leveraging Leverage continued Power of horses advocates with credibility Empower early adopter customers Land an anchor customer Work with benefactors U PP Ni Build an advisory board The early adopter customers are the Love group They take a risk by trying new products In order to make them brand champions the product needs to 1 be better in some way than any other option 2 mesh with their current routines The Love group will provide feedback that will help with sharpening the competitive angle They can also provide ideas that increase sales Example a crafts company had a lot of leftover inventory that it wanted to get rid of One of their customers in the Love group suggested filling cool little cases with random selections of the inventory and selling them The cases sold out Anchor Customer customers who 1 provide instant credibility 2 attract other customers 3 accelerate product development and 4 offer a platform of growth Example Qualtrics Qualtrics reached out to universities across the country offering its research tools to students and professors As various schools started endorsing Qualtrics they gained more and more credibility When working With benefactors ask yourself Who benefits the most if I m successful The people Who come to mind could end up being key investors An advisory board should have members With experience and connections They should be able to help you get things done Think Big and Act Big Successful entrepreneurs have the confidence to act as if they belong in the industry With major competitors Touch Points Problem recognition Info search Evaluation of alternatives Purchase U PP Pi Postpurchase evaluation Small companies can better compete nowadays than ever before thanks to the Internet and technology The Internet gives everyone a voice Mark Zuckerberg Example Lauren Luke started a makeup tutorial business from her apartment posting videos on the Internet She became very successful With millions of people tuning into her videos In addition to technology entrepreneurs can choose big friends Important People for Entrepreneurs 1 Connectors Highly social people who love bringing other people together 2 Mavens People who keep up with developments with technology and share that news 3 Salespeople Persuasive charismatic people Acting big also applies to ideas Everyone has good ideas but most people never act on them or try to make them a reality Thinking big with the press can lead to major publicity Publishers and editors are always looking for interesting stories to tell Example Zia is a ski company that sells very expensive high quality skis In order to advertise their product they had stories written in magazines they knew their target market would be reading Newsweek Bentley etc
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