Stern School of Business



Marketing for Entrepreneurs

MKTG-GB.2172.30

March 30 – May 4, 2016

Wednesday 6:00 – 9:00 PM

Jeffrey A. Carr

Tisch 802

Phone: 212-998-0073

E-mail: jeffrey.carr@stern.nyu.edu

This course provides a strategic decision-making perspective in entrepreneurial marketing. It is designed for MBA students who are interested in examining the marketing strategies and methods used by start-up, early-stage companies, and small-business enterprises. Comparing conventional marketing with entrepreneurial marketing, the course examines the marketing planning process for entrepreneurs and emphasizes creativity and innovation when developing marketing plans in an entrepreneurial situation.

The general topics covered are:

□ What are the major strategic constraints and issues confronted by entrepreneurs today?

□ How can one identify and evaluate market opportunities?

□ How do entrepreneurs achieve a competitive advantage given limited marketing resources?

□ What major marketing/sales tools are most useful in an entrepreneurial setting?

□ To provide a framework and process to help entrepreneurs create successful go-to-market strategies.

□ Getting the first customer

The emphasis in this course is placed on identifying, analyzing and solving marketing problems confronting the entrepreneur. We will use lectures/discussions, case studies, and group projects to explore these marketing issues. This will be an intensive and highly interactive course. Students are expected to question, argue and discuss everything that is presented. Requirements for this class are enthusiasm and a willingness to think and work. A sense of humor would also be greatly appreciated.

The major feature of the course is a group project where teams of students will develop and present a marketing plan for launching a new company. The steps in the project include:

1. Form company—you may have up to 5 members in your group

2. Choose a business/product to launch. Some suggestions—a consulting firm, internet retail, pop-up holiday store, food product or social/non-profit venture

3. Create brand name and positioning

4. Conduct market research

5. Set communication objectives

6. Determine communication vehicles—advertising, PR, sales promotions, social media, etc.

7. Distribution channel—method of selling

8. Price

9. Marketing budget

Course Materials

Case Packet

Course Requirements

Grading

1. Marketing Plan (80%)

Your plan will be graded on its:

• Creativity and innovation

• Targeted focus

• Consistency and integration

• Marketing budget and return on marketing investment

• If you actually capture a paying customer who is not related to you through blood or friendship you receive at least a B

2. Contribution to Class Discussion (20%).

Further details will be provided in class.

Course Schedule

3/30 Introduction

Course structure and requirements

The Challenges of Marketing for Start-ups

Corporate vs. Start-up Marketing: What’s the difference?

Form company teams

▪ Select team members

▪ Choose industry and product

Read: “Marketing Plan and Marketing Analysis for Start Ups”

4/6 Market Research

Read: “Cost-Conscious Marketing Research”

“Glaceau—Marketing Vitaminwater”

Team Elevator Pitches—90 seconds

4/13 Segmentation and Branding

Team Presentation--Market Research Plan

4/20 Communication Planning with Limited Resources

Guest Speaker: Joe Ferrara, president Ferrara Manufacturing, member New York Angels and the NYU Stern Mentor Network

Team Presentation—Segmentation

4/27 Pricing and New Products

Customer Value and Reference Points

Team Presentation—Communication Plan

5/4 Managing Customers—Channel Design and Sales

Read: “The Customer Has Escaped,” Harvard Business Review

“Massive Incorporated”

Team Presentation—Conversations and Contacts

Course Summary and Review

5/11 Marketing Plans Due

Start-Up Marketing Plan

Market Segmentation

➢ Describe the target segment

➢ Segment attractiveness

Key Customer Insights

➢ 1-3 Ahas!

➢ Contact list—10-20 names

Brand

➢ Name

➢ Promise

➢ Packaging

Positioning

➢ Mental image of your product and company relative to competition

Pricing

➢ Perceived value

➢ Competition

➢ Costs

Distribution

➢ Channel fit with segment needs

➢ How are you going to get your first sale!?

Communication Plan

➢ Market for Information (what does the customer need to know)

➢ Compelling Message (benefit)

➢ Media (how are you going to deliver the message)

➢ Time and Attention (cost to customer)

➢ Value added by communication (communication benefit)

Budget

➢ Marketing expenditures

Timeline

➢ Calendar

Sales and Profit Projection

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